Primoris Services (PRIM) Financials

$203.18 +17.63 (+9.50%)

Closing price 03:59 PM Eastern

Extended Trading

$150.01 -53.17 (-26.17%)

As of 07:59 PM Eastern

Annual Income Statements for Primoris Services

This table shows Primoris Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	37	27	72	77	82	105	116	133	126	181	275
Consolidated Net Income / (Loss)	37	28	77	88	84	105	116	133	126	181	275
Net Income / (Loss) Continuing Operations	37	28	77	88	84	105	116	133	126	181	275
Total Pre-Tax Income	61	49	105	113	118	146	152	159	178	255	384
Total Operating Income	68	58	106	130	141	164	170	195	253	317	412
Total Gross Profit	220	201	278	326	331	370	417	457	588	703	813
Total Revenue	1,929	1,997	2,380	2,939	3,106	3,491	3,498	4,421	5,715	6,367	7,575
Operating Revenue	1,929	1,997	2,380	2,939	3,106	3,491	3,498	4,421	5,715	6,367	7,575
Total Cost of Revenue	1,710	1,796	2,102	2,614	2,775	3,121	3,081	3,964	5,128	5,664	6,762
Operating Cost of Revenue	1,710	1,796	2,102	2,614	2,775	3,121	3,081	3,964	5,128	5,664	6,762
Total Operating Expenses	152	144	172	195	190	206	247	262	334	386	402
Selling, General & Admin Expense	152	140	170	182	189	203	230	282	329	383	399
Restructuring Charge	-	0.82	1.77	13	0.92	3.43	16	20	5.70	2.50	2.40
Total Other Income / (Expense), net	-6.67	-8.88	-1.01	-17	-23	-18	-18	-36	-76	-63	-28
Interest & Investment Income	0.06	0.15	6.40	1.75	-19	-20	-18	-39	-78	-65	-29
Other Income / (Expense), net	0.96	-0.11	0.74	-0.12	-3.82	1.61	0.20	3.16	2.70	2.80	1.20
Income Tax Expense	24	21	28	26	34	41	36	26	52	74	109
Basic Earnings per Share	$0.71	$0.52	$1.41	$1.51	$1.62	$2.17	$2.19	$2.50	$2.37	$3.37	$5.09
Weighted Average Basic Shares Outstanding	51.65M	51.76M	51.48M	51.35M	50.78M	48.30M	52.67M	53.20M	53.30M	53.60M	54M
Diluted Earnings per Share	$0.71	$0.51	$1.40	$1.50	$1.61	$2.16	$2.17	$2.47	$2.33	$3.31	$5.02
Weighted Average Diluted Shares Outstanding	51.80M	51.99M	51.74M	51.67M	51.08M	48.63M	53.16M	53.76M	54.20M	54.60M	54.80M
Weighted Average Basic & Diluted Shares Outstanding	51.90M	51.40M	51.30M	50.72M	48.67M	49.15M	53.22M	53.14M	53.44M	53.75M	54.06M
Cash Dividends to Common per Share	$0.21	$0.22	$0.23	$0.24	$0.24	$0.24	$0.24	$0.24	$0.24	$0.26	$0.32

This table shows Primoris Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	39	48	38	19	50	58	54	44	84	95	52
Consolidated Net Income / (Loss)	39	48	38	19	50	58	54	44	84	95	52
Net Income / (Loss) Continuing Operations	39	48	38	19	50	58	54	44	84	95	52
Total Pre-Tax Income	55	68	53	27	70	82	76	62	119	131	72
Total Operating Income	71	88	75	44	86	100	88	70	127	137	77
Total Gross Profit	157	174	157	133	187	199	185	171	232	236	175
Total Revenue	1,413	1,529	1,516	1,413	1,564	1,649	1,741	1,648	1,891	2,178	1,858
Operating Revenue	1,413	1,529	1,516	1,413	1,564	1,649	1,741	1,648	1,891	2,178	1,858
Total Cost of Revenue	1,256	1,356	1,359	1,279	1,377	1,451	1,557	1,477	1,659	1,943	1,683
Operating Cost of Revenue	1,256	1,356	1,359	1,279	1,377	1,451	1,557	1,477	1,659	1,943	1,683
Total Operating Expenses	86	85	82	89	101	99	97	100	105	99	98
Selling, General & Admin Expense	86	84	81	89	100	98	97	100	105	98	97
Restructuring Charge	0.90	1.08	1.01	0.55	0.52	0.91	0.47	0.79	0.54	1.02	0.05
Total Other Income / (Expense), net	-16	-21	-22	-18	-16	-17	-11	-8.06	-7.89	-5.94	-5.63
Interest & Investment Income	-17	-21	-22	-18	-17	-18	-12	-7.79	-7.55	-6.96	-6.40
Other Income / (Expense), net	1.09	0.47	-0.05	0.43	0.84	0.61	0.89	-0.27	-0.33	1.02	0.78
Income Tax Expense	16	20	15	7.74	20	24	22	18	34	36	20
Basic Earnings per Share	$0.73	$0.90	$0.72	$0.35	$0.92	$1.09	$1.01	$0.82	$1.56	$1.75	$0.96
Weighted Average Basic Shares Outstanding	53.30M	53.34M	53.30M	53.49M	53.64M	53.69M	53.64M	53.81M	54.00M	54.02M	54M
Diluted Earnings per Share	$0.72	$0.89	$0.70	$0.35	$0.91	$1.07	$0.98	$0.81	$1.54	$1.73	$0.94
Weighted Average Diluted Shares Outstanding	54.32M	54.35M	54.22M	54.41M	54.65M	54.68M	54.58M	54.71M	54.81M	54.80M	54.80M
Weighted Average Basic & Diluted Shares Outstanding	53.33M	53.36M	53.44M	53.64M	53.67M	53.71M	53.75M	54.00M	54.01M	54.03M	54.06M
Cash Dividends to Common per Share	$0.06	$0.06	$0.06	$0.06	$0.06	$0.06	$0.08	$0.08	$0.08	$0.08	$0.08

This table details how cash moves in and out of Primoris Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	22	-25	35	-18	-30	208	-125	53	-36	238	80
Net Cash From Operating Activities	48	63	189	127	119	313	80	83	199	508	470
Net Cash From Continuing Operating Activities	48	63	189	127	119	313	80	83	199	508	470
Net Income / (Loss) Continuing Operations	37	28	77	88	84	105	116	133	126	181	275
Consolidated Net Income / (Loss)	37	28	77	88	84	105	116	133	126	181	275
Depreciation Expense	58	61	58	79	85	82	106	99	107	96	92
Non-Cash Adjustments To Reconcile Net Income	-2.62	-40	2.03	-70	9.63	14	-71	-183	-264	37	-161
Changes in Operating Assets and Liabilities, net	-51	7.04	44	30	-60	112	-70	34	229	195	265
Net Cash From Investing Activities	-49	-59	-131	-209	-66	-43	-691	-482	-30	-27	-94
Net Cash From Continuing Investing Activities	-49	-59	-131	-209	-66	-43	-691	-482	-30	-27	-94
Purchase of Property, Plant & Equipment	-67	-58	-80	-110	-94	-64	-134	-95	-103	-127	-130
Acquisitions	-22	-11	-66	-111	0.00	0.00	-607	-478	9.30	0.00	0.00
Sale of Property, Plant & Equipment	9.89	9.60	8.74	27	29	22	50	41	64	99	33
Sale and/or Maturity of Investments	31	-	19	-	-	-	-	-	0.00	0.00	3.50
Net Cash From Financing Activities	22	-28	-23	64	-83	-63	486	452	-205	-244	-296
Net Cash From Continuing Financing Activities	22	-28	-23	64	-83	-63	486	452	-205	-244	-296
Repayment of Debt	-45	-59	-63	-337	-291	-74	-227	-186	-641	-224	-330
Payment of Dividends	-9.84	-11	-11	-25	-12	-12	-13	-13	-13	-13	-17
Issuance of Debt	75	45	55	446	268	34	562	658	450	0.00	63
Other Financing Activities, net	-	-	-	-1.20	-50	-	-	-1.32	-1.70	-7.50	-12
Effect of Exchange Rate Changes	-	-	-	-	0.40	-0.14	0.46	-0.10	1.30	1.20	-0.30
Cash Interest Paid	7.69	8.82	7.97	16	16	17	22	37	82	61	22
Cash Income Taxes Paid	19	8.62	26	14	17	27	39	3.57	5.10	65	87

This table details how cash moves in and out of Primoris Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	28	38	57	-40	29	145	103	-104	39	41	104
Net Cash From Operating Activities	35	74	206	-28	16	222	298	66	78	183	143
Net Cash From Continuing Operating Activities	35	74	206	-28	16	222	298	66	78	183	143
Net Income / (Loss) Continuing Operations	39	48	38	19	50	58	54	44	84	95	52
Consolidated Net Income / (Loss)	39	48	38	19	50	58	54	44	84	95	52
Depreciation Expense	27	27	26	25	26	23	23	21	23	24	24
Non-Cash Adjustments To Reconcile Net Income	-92	31	-116	-31	-13	65	23	-166	21	-42	26
Changes in Operating Assets and Liabilities, net	60	-33	259	-41	-46	77	199	166	-50	107	41
Net Cash From Investing Activities	-3.16	-16	-4.39	4.19	35	-40	-26	-33	-26	-19	-16
Net Cash From Continuing Investing Activities	-3.16	-16	-4.39	4.19	35	-40	-26	-33	-26	-19	-16
Purchase of Property, Plant & Equipment	-29	-40	-21	-10	-24	-64	-28	-41	-33	-34	-22
Sale of Property, Plant & Equipment	16	24	16	15	59	24	1.88	7.41	7.18	12	5.48
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	-	-	0.55
Net Cash From Financing Activities	-4.51	-19	-145	-15	-24	-35	-170	-137	-14	-123	-22
Net Cash From Continuing Financing Activities	-4.51	-19	-145	-15	-24	-35	-170	-137	-14	-123	-22
Repayment of Debt	-316	-66	-152	-7.89	-20	-30	-166	-124	-59	-130	-17
Payment of Dividends	-3.20	-3.20	-3.20	-3.20	-3.22	-3.22	-3.23	-4.30	-4.32	-4.32	-4.36
Other Financing Activities, net	-0.05	-0.25	-0.10	-4.64	-0.13	-1.82	-0.88	-9.91	-0.29	-0.79	-0.81
Effect of Exchange Rate Changes	1.03	-0.60	0.94	-0.31	1.97	-2.05	1.56	0.01	0.98	0.18	-1.47
Cash Interest Paid	20	20	25	6.83	27	16	12	7.30	-0.04	13	1.84
Cash Income Taxes Paid	0.33	9.67	12	-0.02	9.22	6.27	50	-0.42	26	15	46

This table presents Primoris Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,132	1,171	1,256	1,594	1,830	1,970	2,543	3,544	3,827	4,196	4,408
Total Current Assets	687	731	743	924	913	1,115	1,182	1,704	1,885	2,160	2,334
Cash & Equivalents	161	136	170	151	120	327	201	249	218	456	536
Accounts Receivable	437	527	292	373	405	432	472	663	685	834	723
Prepaid Expenses	18	19	15	36	43	30	86	176	136	96	138
Other Current Assets	-	-	266	364	345	326	424	616	846	774	937
Plant, Property, & Equipment, net	284	277	312	376	0.00	356	433	494	476	488	531
Total Noncurrent Assets	162	162	201	294	918	498	928	1,346	1,466	1,548	1,543
Goodwill	124	127	153	206	215	215	582	872	858	857	857
Intangible Assets	36	33	45	81	70	61	171	249	228	208	190
Other Noncurrent Operating Assets	0.21	2.05	2.58	5.00	632	220	174	225	381	483	496
Total Liabilities & Shareholders' Equity	1,132	1,171	1,256	1,594	1,830	1,970	2,543	3,544	3,827	4,196	4,408
Total Liabilities	649	672	694	987	1,201	1,255	1,553	2,435	2,591	2,786	2,727
Total Current Liabilities	416	450	455	622	670	764	759	1,138	1,335	1,671	1,849
Short-Term Debt	55	58	65	62	56	48	67	78	73	75	61
Accounts Payable	124	168	141	249	236	246	273	535	629	624	744
Accrued Expenses	94	108	76	118	184	201	175	246	263	350	405
Dividends Payable	2.84	2.84	3.09	3.04	2.92	2.89	3.19	3.19	3.20	4.30	4.30
Other Current Liabilities	-	-	169	190	192	267	240	276	366	617	634
Total Noncurrent Liabilities	233	222	239	365	530	490	794	1,297	1,256	1,116	878
Long-Term Debt	220	203	193	306	296	269	594	1,065	885	660	409
Noncurrent Deferred & Payable Income Tax Liabilities	-	9.83	14	8.17	18	14	39	57	60	64	71
Other Noncurrent Operating Liabilities	13	9.06	32	52	217	208	161	175	311	392	398
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	483	499	562	607	630	715	990	1,109	1,236	1,410	1,681
Total Preferred & Common Equity	483	497	556	604	629	715	990	1,109	1,236	1,410	1,681
Total Common Equity	483	497	556	604	629	715	990	1,109	1,236	1,410	1,681
Common Stock	163	162	161	144	97	89	262	264	276	286	297
Retained Earnings	320	335	396	461	531	625	727	848	961	1,128	1,386
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-0.91	0.08	0.96	0.70	-2.62	-0.79	-4.20	-1.50

This table presents Primoris Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	3,454	3,523	3,722	3,803	3,954	4,050	4,240	4,217	4,536	4,650
Total Current Assets	1,662	1,682	1,871	1,891	1,999	2,091	2,223	2,174	2,459	2,566
Cash & Equivalents	112	95	123	161	178	207	353	352	390	431
Accounts Receivable	688	746	818	852	812	888	941	757	1,020	1,041
Prepaid Expenses	217	119	143	135	138	123	123	127	128	134
Other Current Assets	646	722	787	744	872	873	806	939	921	959
Plant, Property, & Equipment, net	509	484	481	489	463	446	484	507	526	530
Total Noncurrent Assets	1,284	1,357	1,371	1,423	1,492	1,512	1,533	1,537	1,551	1,554
Goodwill	820	872	858	858	858	858	858	857	857	857
Intangible Assets	270	243	238	233	222	217	213	203	199	194
Other Noncurrent Operating Assets	186	242	275	332	412	437	463	477	495	503
Total Liabilities & Shareholders' Equity	3,454	3,523	3,722	3,803	3,954	4,050	4,240	4,217	4,536	4,650
Total Liabilities	2,386	2,414	2,572	2,606	2,705	2,751	2,882	2,772	3,001	3,022
Total Current Liabilities	1,086	1,134	1,289	1,298	1,448	1,485	1,612	1,783	2,020	2,141
Short-Term Debt	80	78	76	85	90	89	77	68	78	64
Accounts Payable	477	561	513	500	632	584	489	795	826	946
Accrued Expenses	269	224	278	322	283	325	386	360	437	500
Dividends Payable	3.20	3.20	3.20	3.20	3.22	3.22	3.22	4.32	4.32	4.32
Other Current Liabilities	256	268	418	388	440	484	657	555	674	627
Total Noncurrent Liabilities	1,301	1,279	1,283	1,308	1,257	1,266	1,270	988	982	881
Long-Term Debt	1,122	1,035	1,037	1,014	862	844	827	544	525	422
Noncurrent Deferred & Payable Income Tax Liabilities	42	55	30	29	59	59	59	64	65	65
Other Noncurrent Operating Liabilities	136	190	216	266	335	363	383	381	392	395
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,068	1,109	1,150	1,197	1,249	1,299	1,358	1,446	1,535	1,628
Total Preferred & Common Equity	1,068	1,109	1,150	1,197	1,249	1,299	1,358	1,446	1,535	1,628
Total Common Equity	1,068	1,109	1,150	1,197	1,249	1,299	1,358	1,446	1,535	1,628
Common Stock	262	266	269	273	275	279	282	282	287	292
Retained Earnings	809	846	882	927	977	1,023	1,078	1,168	1,248	1,338
Accumulated Other Comprehensive Income / (Loss)	-3.18	-2.51	-1.13	-2.57	-2.06	-2.68	-1.86	-4.14	-0.74	-2.05

This table displays calculated financial ratios and metrics derived from Primoris Services' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.52%	3.50%	19.18%	23.51%	5.68%	12.40%	0.18%	26.39%	29.29%	11.40%	18.98%
EBITDA Growth	-17.24%	-6.17%	37.93%	20.93%	6.13%	11.51%	11.23%	7.88%	21.91%	14.57%	21.39%
EBIT Growth	-33.54%	-16.14%	85.69%	21.79%	5.14%	20.80%	2.90%	16.52%	28.89%	25.17%	28.89%
NOPAT Growth	-36.20%	-20.50%	136.81%	29.95%	-0.34%	17.62%	9.73%	25.79%	10.15%	25.37%	30.78%
Net Income Growth	-41.66%	-25.37%	177.19%	13.98%	-3.99%	24.84%	10.25%	14.93%	-5.17%	43.40%	51.96%
EPS Growth	-41.80%	-28.17%	174.51%	7.14%	7.33%	34.16%	0.46%	13.82%	-5.67%	42.06%	51.66%
Operating Cash Flow Growth	34.00%	29.35%	201.94%	-32.88%	-6.21%	163.15%	-74.52%	4.51%	138.23%	156.01%	-7.46%
Free Cash Flow Firm Growth	66.31%	119.34%	1,167.52%	-243.68%	188.33%	327.48%	-325.06%	36.88%	153.07%	147.83%	-28.22%
Invested Capital Growth	11.53%	4.81%	4.32%	26.53%	4.39%	-18.06%	105.54%	38.00%	-1.35%	-14.49%	-4.32%
Revenue Q/Q Growth	0.50%	5.53%	-0.95%	11.31%	-2.75%	3.18%	-0.37%	11.18%	3.37%	3.68%	1.56%
EBITDA Q/Q Growth	6.31%	4.26%	-1.77%	18.95%	-9.05%	3.41%	-2.12%	11.13%	1.84%	2.63%	-1.68%
EBIT Q/Q Growth	11.24%	9.95%	-3.25%	26.37%	-7.71%	5.81%	-6.96%	15.54%	4.40%	4.46%	-2.42%
NOPAT Q/Q Growth	8.59%	8.73%	12.20%	17.39%	-10.06%	3.68%	0.06%	15.23%	-1.68%	4.13%	-2.11%
Net Income Q/Q Growth	11.01%	8.02%	13.33%	13.73%	-7.55%	4.27%	-1.93%	9.88%	-2.96%	9.91%	-0.81%
EPS Q/Q Growth	10.94%	6.25%	12.90%	15.38%	-6.40%	6.93%	-3.98%	8.81%	-2.92%	9.24%	-0.79%
Operating Cash Flow Q/Q Growth	124.46%	-45.91%	8.97%	766.40%	19.46%	-10.71%	-41.85%	319.86%	11.40%	22.26%	-24.83%
Free Cash Flow Firm Q/Q Growth	64.54%	-93.35%	19.50%	60.26%	76.29%	-10.97%	-13.50%	30.41%	0.26%	15.87%	-30.16%
Invested Capital Q/Q Growth	-6.58%	2.71%	2.63%	-8.66%	-11.97%	-10.09%	-0.41%	-7.15%	-7.40%	-11.48%	-3.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.40%	10.08%	11.70%	11.08%	10.65%	10.60%	11.91%	10.34%	10.28%	11.05%	10.73%
EBITDA Margin	6.94%	6.29%	7.28%	7.13%	7.16%	7.10%	7.89%	6.73%	6.35%	6.53%	6.66%
Operating Margin	3.51%	2.89%	4.47%	4.44%	4.54%	4.70%	4.86%	4.42%	4.43%	4.99%	5.43%
EBIT Margin	3.56%	2.89%	4.50%	4.43%	4.41%	4.74%	4.87%	4.49%	4.48%	5.03%	5.45%
Profit (Net Income) Margin	1.93%	1.39%	3.23%	2.98%	2.71%	3.01%	3.31%	3.01%	2.21%	2.84%	3.63%
Tax Burden Percent	60.81%	56.73%	72.99%	77.27%	71.32%	72.08%	76.22%	83.51%	71.00%	70.96%	71.59%
Interest Burden Percent	88.90%	84.79%	98.37%	86.96%	86.03%	87.97%	89.14%	80.25%	69.45%	79.60%	93.05%
Effective Tax Rate	39.19%	43.27%	27.01%	22.73%	28.68%	27.92%	23.78%	16.49%	29.00%	29.04%	28.41%
Return on Invested Capital (ROIC)	7.27%	5.35%	12.12%	13.62%	11.89%	15.05%	12.00%	9.43%	9.01%	12.27%	17.79%
ROIC Less NNEP Spread (ROIC-NNEP)	3.14%	1.20%	11.45%	5.13%	4.67%	3.40%	5.89%	5.01%	2.49%	3.63%	0.05%
Return on Net Nonoperating Assets (RNNOA)	0.66%	0.30%	2.37%	1.37%	1.72%	0.57%	1.58%	3.25%	1.74%	1.41%	0.00%
Return on Equity (ROE)	7.93%	5.65%	14.49%	14.98%	13.60%	15.62%	13.58%	12.68%	10.76%	13.67%	17.79%
Cash Return on Invested Capital (CROIC)	-3.63%	0.65%	7.89%	-9.81%	7.59%	34.90%	-57.09%	-22.51%	10.37%	27.89%	22.20%
Operating Return on Assets (OROA)	6.16%	5.01%	8.82%	9.15%	8.00%	8.71%	7.55%	6.52%	6.94%	7.98%	9.59%
Return on Assets (ROA)	3.33%	2.41%	6.33%	6.15%	4.91%	5.53%	5.13%	4.37%	3.42%	4.51%	6.39%
Return on Common Equity (ROCE)	7.93%	5.64%	14.40%	14.88%	13.56%	15.61%	13.58%	12.68%	10.76%	13.67%	17.79%
Return on Equity Simple (ROE_SIMPLE)	7.69%	5.57%	13.81%	14.50%	13.38%	14.69%	11.69%	12.00%	10.21%	12.83%	0.00%
Net Operating Profit after Tax (NOPAT)	41	33	78	101	100	118	130	163	180	225	295
NOPAT Margin	2.14%	1.64%	3.26%	3.43%	3.23%	3.38%	3.71%	3.69%	3.14%	3.54%	3.89%
Net Nonoperating Expense Percent (NNEP)	4.13%	4.15%	0.67%	8.49%	7.21%	11.65%	6.10%	4.42%	6.52%	8.64%	17.74%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.24%	8.19%	10.50%	13.70%
Cost of Revenue to Revenue	88.60%	89.92%	88.30%	88.92%	89.35%	89.40%	88.09%	89.66%	89.72%	88.95%	89.27%
SG&A Expenses to Revenue	7.86%	7.01%	7.16%	6.19%	6.09%	5.81%	6.58%	6.37%	5.75%	6.02%	5.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.88%	7.19%	7.23%	6.64%	6.12%	5.91%	7.05%	5.92%	5.85%	6.06%	5.30%
Earnings before Interest and Taxes (EBIT)	69	58	107	130	137	166	170	198	256	320	413
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	134	126	173	210	222	248	276	298	363	416	505
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.16	2.20	2.35	1.53	1.73	1.80	1.28	1.04	1.43	2.91	3.99
Price to Tangible Book Value (P/TBV)	3.24	3.25	3.65	2.92	3.16	2.94	5.33	0.00	11.69	11.90	10.58
Price to Revenue (P/Rev)	0.54	0.55	0.55	0.32	0.35	0.37	0.36	0.26	0.31	0.64	0.89
Price to Earnings (P/E)	28.36	40.97	18.10	11.96	13.18	12.26	10.91	8.65	13.98	22.69	24.40
Dividend Yield	1.01%	1.04%	0.88%	1.33%	1.13%	0.90%	1.02%	1.11%	0.73%	0.34%	0.26%
Earnings Yield	3.53%	2.44%	5.53%	8.36%	7.59%	8.15%	9.17%	11.56%	7.15%	4.41%	4.10%
Enterprise Value to Invested Capital (EV/IC)	1.94	1.95	2.15	1.39	1.53	1.81	1.19	1.02	1.26	2.59	4.10
Enterprise Value to Revenue (EV/Rev)	0.60	0.61	0.59	0.39	0.42	0.37	0.49	0.46	0.44	0.69	0.88
Enterprise Value to EBITDA (EV/EBITDA)	8.64	9.72	8.10	5.47	5.92	5.15	6.25	6.87	6.90	10.54	13.16
Enterprise Value to EBIT (EV/EBIT)	16.84	21.19	13.12	8.79	9.61	7.72	10.12	10.30	9.79	13.69	16.09
Enterprise Value to NOPAT (EV/NOPAT)	28.09	37.28	18.09	11.37	13.11	10.81	13.29	12.54	13.94	19.46	22.55
Enterprise Value to Operating Cash Flow (EV/OCF)	23.92	19.52	7.43	9.04	11.07	4.08	21.61	24.54	12.61	8.62	14.12
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	306.33	27.78	0.00	20.53	4.66	0.00	0.00	12.12	8.56	18.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.57	0.52	0.46	0.61	0.56	0.44	0.67	1.03	0.78	0.52	0.28
Long-Term Debt to Equity	0.45	0.41	0.34	0.50	0.47	0.38	0.60	0.96	0.72	0.47	0.24
Financial Leverage	0.21	0.25	0.21	0.27	0.37	0.17	0.27	0.65	0.70	0.39	0.07
Leverage Ratio	2.38	2.34	2.29	2.44	2.77	2.83	2.65	2.90	3.14	3.03	2.78
Compound Leverage Factor	2.12	1.99	2.25	2.12	2.38	2.49	2.36	2.33	2.18	2.41	2.59
Debt to Total Capital	36.28%	34.41%	31.52%	37.75%	35.82%	30.69%	40.05%	50.77%	43.67%	34.27%	21.85%
Short-Term Debt to Total Capital	7.30%	7.68%	7.97%	6.41%	5.67%	4.63%	4.07%	3.47%	3.32%	3.48%	2.83%
Long-Term Debt to Total Capital	28.98%	26.73%	23.55%	31.35%	30.14%	26.07%	35.98%	47.30%	40.35%	30.79%	19.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.03%	0.16%	0.70%	0.28%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	63.69%	65.43%	67.78%	61.96%	64.08%	69.30%	59.95%	49.23%	56.33%	65.73%	78.15%
Debt to EBITDA	2.06	2.08	1.49	1.76	1.58	1.28	2.40	3.84	2.64	1.77	0.93
Net Debt to EBITDA	0.83	1.00	0.51	1.04	1.04	-0.04	1.67	3.01	2.04	0.67	-0.13
Long-Term Debt to EBITDA	1.64	1.62	1.12	1.46	1.33	1.08	2.15	3.58	2.44	1.59	0.81
Debt to NOPAT	6.68	7.98	3.34	3.65	3.50	2.68	5.10	7.01	5.33	3.26	1.60
Net Debt to NOPAT	2.71	3.82	1.14	2.15	2.30	-0.09	3.55	5.49	4.12	1.24	-0.22
Long-Term Debt to NOPAT	5.34	6.20	2.49	3.03	2.94	2.27	4.58	6.53	4.93	2.93	1.39
Altman Z-Score	3.55	3.54	4.03	3.31	3.05	3.32	2.68	2.24	2.65	3.17	4.08
Noncontrolling Interest Sharing Ratio	0.02%	0.15%	0.65%	0.73%	0.31%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.65	1.62	1.63	1.49	1.36	1.46	1.56	1.50	1.41	1.29	1.26
Quick Ratio	1.44	1.47	1.02	0.84	0.78	0.99	0.89	0.80	0.68	0.77	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-21	3.99	51	-73	64	274	-617	-389	207	512	368
Operating Cash Flow to CapEx	84.56%	129.23%	265.94%	151.82%	180.57%	736.37%	94.61%	156.11%	505.09%	1,866.60%	482.96%
Free Cash Flow to Firm to Interest Expense	-2.68	0.45	6.20	-3.87	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	6.29	7.02	23.19	6.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-1.15	1.59	14.47	2.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.73	1.73	1.96	2.06	1.81	1.84	1.55	1.45	1.55	1.59	1.76
Accounts Receivable Turnover	4.58	4.14	5.82	8.85	7.99	8.34	7.74	7.79	8.48	8.38	9.73
Inventory Turnover	27.15	30.70	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	6.95	7.12	8.08	8.55	0.00	0.00	8.86	9.54	11.79	13.21	14.86
Accounts Payable Turnover	13.50	12.28	13.60	13.40	11.44	12.95	11.86	9.81	8.81	9.04	9.88
Days Sales Outstanding (DSO)	79.75	88.07	62.74	41.24	45.69	43.77	47.17	46.85	43.06	43.56	37.53
Days Inventory Outstanding (DIO)	13.44	11.89	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	27.03	29.73	26.84	27.24	31.90	28.18	30.76	37.22	41.42	40.38	36.94
Cash Conversion Cycle (CCC)	66.15	70.23	35.90	14.00	13.78	15.59	16.41	9.63	1.64	3.18	0.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	598	627	654	827	863	707	1,454	2,007	1,980	1,693	1,620
Invested Capital Turnover	3.40	3.26	3.72	3.97	3.67	4.45	3.24	2.55	2.87	3.47	4.57
Increase / (Decrease) in Invested Capital	62	29	27	173	36	-156	747	553	-27	-287	-73
Enterprise Value (EV)	1,157	1,221	1,404	1,146	1,317	1,277	1,723	2,045	2,504	4,383	6,642
Market Capitalization	1,046	1,095	1,309	926	1,085	1,287	1,262	1,150	1,764	4,104	6,708
Book Value per Share	$9.35	$9.60	$10.82	$11.80	$12.33	$14.86	$18.40	$20.88	$23.17	$26.24	$31.11
Tangible Book Value per Share	$6.24	$6.51	$6.96	$6.19	$6.74	$9.12	$4.40	($0.23)	$2.83	$6.42	$11.73
Total Capital	759	760	821	975	981	1,031	1,652	2,252	2,194	2,144	2,151
Total Debt	275	262	259	368	351	317	661	1,143	958	735	470
Total Long-Term Debt	220	203	193	306	296	269	594	1,065	885	660	409
Net Debt	112	125	88	217	231	-10	461	895	740	279	-66
Capital Expenditures (CapEx)	57	48	71	84	66	43	84	53	39	27	97
Debt-free, Cash-free Net Working Capital (DFCFNWC)	162	203	183	214	178	72	290	396	405	108	11
Debt-free Net Working Capital (DFNWC)	326	340	354	365	298	399	490	644	623	563	546
Net Working Capital (NWC)	271	281	288	303	242	351	423	566	550	489	485
Net Nonoperating Expense (NNE)	4.06	5.04	0.73	13	16	13	14	30	54	44	20
Net Nonoperating Obligations (NNO)	114	128	92	220	234	-7.30	464	898	744	283	-61
Total Depreciation and Amortization (D&A)	65	68	66	79	85	82	106	99	107	96	92
Debt-free, Cash-free Net Working Capital to Revenue	8.41%	10.18%	7.71%	7.28%	5.72%	2.06%	8.28%	8.95%	7.09%	1.69%	0.14%
Debt-free Net Working Capital to Revenue	16.90%	17.00%	14.86%	12.42%	9.59%	11.42%	14.02%	14.58%	10.90%	8.85%	7.21%
Net Working Capital to Revenue	14.03%	14.08%	12.11%	10.30%	7.80%	10.05%	12.09%	12.81%	9.63%	7.68%	6.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.71	$0.52	$1.41	$1.51	$1.62	$2.17	$2.19	$2.50	$2.37	$3.37	$5.09
Adjusted Weighted Average Basic Shares Outstanding	51.65M	51.76M	51.48M	51.35M	50.78M	48.30M	52.67M	53.20M	53.30M	53.64M	54M
Adjusted Diluted Earnings per Share	$0.71	$0.51	$1.40	$1.50	$1.61	$2.16	$2.17	$2.47	$2.33	$3.31	$5.02
Adjusted Weighted Average Diluted Shares Outstanding	51.80M	51.99M	51.74M	51.67M	51.08M	48.63M	53.16M	53.76M	54.22M	54.58M	54.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	51.75M	51.56M	51.53M	50.72M	48.67M	49.15M	53.22M	53.14M	53.44M	53.75M	54.06M
Normalized Net Operating Profit after Tax (NOPAT)	41	35	79	111	101	121	142	180	184	227	296
Normalized NOPAT Margin	2.15%	1.74%	3.31%	3.78%	3.26%	3.46%	4.07%	4.07%	3.21%	3.57%	3.91%
Pre Tax Income Margin	3.17%	2.45%	4.42%	3.86%	3.80%	4.17%	4.34%	3.60%	3.11%	4.00%	5.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.94	6.47	13.14	6.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	5.36	3.68	9.52	5.38	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	1.50	1.03	4.42	2.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-2.08	-1.76	0.80	0.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	26.48%	41.06%	14.74%	29.03%	14.52%	11.04%	10.86%	9.61%	10.13%	7.11%	6.29%
Augmented Payout Ratio	26.48%	59.09%	21.24%	51.86%	14.52%	21.95%	23.57%	14.11%	10.13%	7.11%	6.29%

This table displays calculated financial ratios and metrics derived from Primoris Services' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	38.17%	19.11%	14.02%	12.40%	10.64%	7.82%	14.90%	16.66%	20.91%	32.10%	6.68%
EBITDA Growth	11.65%	22.31%	7.00%	44.22%	13.85%	6.29%	10.63%	32.12%	32.15%	31.76%	-7.71%
EBIT Growth	5.74%	34.81%	16.85%	120.22%	20.91%	12.70%	18.30%	56.92%	45.33%	37.80%	-11.51%
NOPAT Growth	-5.77%	15.94%	-4.41%	129.33%	21.63%	12.60%	16.82%	59.06%	47.14%	39.93%	-10.14%
Net Income Growth	-22.18%	11.86%	-9.26%	1,346.03%	26.93%	21.38%	43.30%	133.54%	70.19%	61.92%	-4.18%
EPS Growth	-22.58%	11.25%	-9.09%	1,650.00%	26.39%	20.22%	40.00%	131.43%	69.23%	61.68%	-4.08%
Operating Cash Flow Growth	135.32%	774.65%	10.96%	75.32%	-53.44%	201.89%	45.00%	332.48%	388.29%	-17.78%	-52.09%
Free Cash Flow Firm Growth	-154.19%	113.32%	116.12%	121.24%	139.40%	243.98%	335.55%	172.15%	107.96%	9.46%	-63.08%
Invested Capital Growth	30.22%	-1.08%	-1.35%	-4.84%	-5.37%	-10.56%	-14.49%	-15.61%	-13.63%	-11.79%	-4.32%
Revenue Q/Q Growth	12.45%	8.22%	-0.91%	-6.79%	10.69%	5.46%	5.59%	-5.35%	14.72%	15.22%	-14.73%
EBITDA Q/Q Growth	105.97%	16.85%	-13.14%	-31.01%	62.60%	9.09%	-9.59%	-17.62%	62.65%	8.76%	-36.70%
EBIT Q/Q Growth	254.37%	23.63%	-15.84%	-40.28%	94.56%	15.25%	-11.66%	-20.78%	80.19%	9.27%	-43.29%
NOPAT Q/Q Growth	266.83%	24.94%	-15.34%	-40.89%	94.56%	15.66%	-12.18%	-19.52%	79.98%	9.99%	-43.61%
Net Income Q/Q Growth	2,879.54%	23.34%	-21.78%	-49.70%	161.54%	17.95%	-7.65%	-18.02%	90.59%	12.21%	-45.33%
EPS Q/Q Growth	3,500.00%	23.61%	-21.35%	-50.00%	160.00%	17.58%	-8.41%	-17.35%	90.12%	12.34%	-45.66%
Operating Cash Flow Q/Q Growth	129.92%	113.55%	179.16%	-113.84%	156.45%	1,284.52%	34.08%	-77.81%	18.56%	133.13%	-21.88%
Free Cash Flow Firm Q/Q Growth	29.42%	119.27%	-7.00%	67.94%	30.90%	68.25%	17.76%	4.94%	0.02%	-11.44%	-60.28%
Invested Capital Q/Q Growth	0.62%	-0.24%	-7.40%	2.37%	0.07%	-5.71%	-11.48%	1.04%	2.41%	-3.71%	-3.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.13%	11.37%	10.33%	9.44%	11.94%	12.04%	10.60%	10.35%	12.26%	10.82%	9.42%
EBITDA Margin	7.00%	7.56%	6.62%	4.90%	7.20%	7.45%	6.38%	5.55%	7.87%	7.43%	5.51%
Operating Margin	5.01%	5.78%	4.94%	3.13%	5.50%	6.04%	5.03%	4.27%	6.70%	6.29%	4.17%
EBIT Margin	5.09%	5.81%	4.94%	3.16%	5.56%	6.07%	5.08%	4.25%	6.68%	6.34%	4.21%
Profit (Net Income) Margin	2.76%	3.15%	2.48%	1.34%	3.17%	3.54%	3.10%	2.68%	4.46%	4.34%	2.78%
Tax Burden Percent	70.97%	71.00%	71.00%	71.00%	71.00%	71.00%	70.87%	71.00%	71.00%	72.19%	71.97%
Interest Burden Percent	76.51%	76.30%	70.91%	59.72%	80.29%	82.17%	86.06%	88.89%	94.02%	94.96%	91.82%
Effective Tax Rate	29.03%	29.00%	29.00%	29.00%	29.00%	29.00%	29.13%	29.00%	29.00%	27.81%	28.03%
Return on Invested Capital (ROIC)	9.91%	10.56%	10.05%	6.28%	11.28%	13.00%	12.36%	10.71%	17.44%	18.82%	13.73%
ROIC Less NNEP Spread (ROIC-NNEP)	8.52%	9.12%	8.17%	4.89%	9.94%	11.36%	10.78%	9.61%	16.25%	17.42%	10.08%
Return on Net Nonoperating Assets (RNNOA)	6.27%	8.19%	5.72%	3.73%	6.99%	6.65%	4.18%	3.72%	5.43%	3.58%	0.72%
Return on Equity (ROE)	16.18%	18.75%	15.77%	10.01%	18.27%	19.65%	16.54%	14.43%	22.86%	22.40%	14.46%
Cash Return on Invested Capital (CROIC)	-17.03%	9.59%	10.37%	14.47%	15.51%	21.83%	27.89%	29.98%	29.05%	29.25%	22.20%
Operating Return on Assets (OROA)	8.35%	8.85%	7.65%	4.97%	8.61%	9.27%	8.06%	6.87%	10.78%	10.63%	7.42%
Return on Assets (ROA)	4.53%	4.80%	3.85%	2.11%	4.91%	5.41%	4.92%	4.34%	7.20%	7.29%	4.90%
Return on Common Equity (ROCE)	16.18%	18.75%	15.77%	10.01%	18.27%	19.65%	16.54%	14.43%	22.86%	22.40%	14.46%
Return on Equity Simple (ROE_SIMPLE)	10.86%	10.86%	0.00%	11.51%	11.88%	12.12%	0.00%	14.26%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	50	63	53	31	61	71	62	50	90	99	56
NOPAT Margin	3.55%	4.10%	3.51%	2.22%	3.91%	4.29%	3.56%	3.03%	4.76%	4.54%	3.00%
Net Nonoperating Expense Percent (NNEP)	1.40%	1.44%	1.89%	1.39%	1.34%	1.64%	1.58%	1.10%	1.18%	1.40%	3.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	2.42%	-	-	-	2.89%	2.43%	4.21%	4.68%	2.59%
Cost of Revenue to Revenue	88.87%	88.63%	89.67%	90.56%	88.06%	87.96%	89.40%	89.65%	87.74%	89.18%	90.58%
SG&A Expenses to Revenue	6.05%	5.52%	5.33%	6.27%	6.40%	5.95%	5.54%	6.04%	5.53%	4.48%	5.25%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.12%	5.59%	5.39%	6.31%	6.44%	6.00%	5.57%	6.09%	5.56%	4.53%	5.25%
Earnings before Interest and Taxes (EBIT)	72	89	75	45	87	100	88	70	126	138	78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	99	116	100	69	113	123	111	91	149	162	102
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.40	1.45	1.43	1.82	2.06	2.30	2.91	2.13	2.74	4.56	3.99
Price to Tangible Book Value (P/TBV)	29.91	16.31	11.69	13.39	11.93	10.83	11.90	8.00	8.79	12.86	10.58
Price to Revenue (P/Rev)	0.31	0.31	0.31	0.39	0.44	0.51	0.64	0.47	0.61	0.99	0.89
Price to Earnings (P/E)	12.92	13.35	13.98	15.78	17.34	18.94	22.69	14.97	17.47	26.76	24.40
Dividend Yield	0.79%	0.74%	0.73%	0.56%	0.48%	0.41%	0.34%	0.49%	0.38%	0.23%	0.26%
Earnings Yield	7.74%	7.49%	7.15%	6.34%	5.77%	5.28%	4.41%	6.68%	5.73%	3.74%	4.10%
Enterprise Value to Invested Capital (EV/IC)	1.21	1.25	1.26	1.50	1.68	1.92	2.59	1.96	2.52	4.43	4.10
Enterprise Value to Revenue (EV/Rev)	0.49	0.48	0.44	0.52	0.56	0.60	0.69	0.51	0.64	1.00	0.88
Enterprise Value to EBITDA (EV/EBITDA)	7.77	7.50	6.90	7.92	8.55	9.06	10.54	7.64	9.32	14.56	13.16
Enterprise Value to EBIT (EV/EBIT)	11.72	10.91	9.79	10.86	11.52	11.97	13.69	9.68	11.48	17.67	16.09
Enterprise Value to NOPAT (EV/NOPAT)	14.89	14.63	13.94	15.40	16.32	16.96	19.46	13.72	16.22	24.83	22.55
Enterprise Value to Operating Cash Flow (EV/OCF)	27.81	15.00	12.61	10.66	12.74	8.82	8.62	5.55	6.65	11.94	14.12
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	12.97	12.12	10.12	10.52	8.30	8.56	5.97	8.05	14.19	18.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.97	0.92	0.78	0.76	0.72	0.67	0.52	0.42	0.39	0.30	0.28
Long-Term Debt to Equity	0.90	0.85	0.72	0.69	0.65	0.61	0.47	0.38	0.34	0.26	0.24
Financial Leverage	0.74	0.90	0.70	0.76	0.70	0.59	0.39	0.39	0.33	0.21	0.07
Leverage Ratio	2.95	3.20	3.14	3.17	3.17	3.15	3.03	3.03	3.03	2.98	2.78
Compound Leverage Factor	2.26	2.44	2.23	1.89	2.55	2.59	2.61	2.70	2.85	2.83	2.56
Debt to Total Capital	49.20%	47.86%	43.67%	43.24%	41.80%	39.96%	34.27%	29.74%	28.21%	22.99%	21.85%
Short-Term Debt to Total Capital	3.37%	3.71%	3.32%	4.07%	4.00%	3.39%	3.48%	3.31%	3.65%	3.02%	2.83%
Long-Term Debt to Total Capital	45.83%	44.15%	40.35%	39.17%	37.80%	36.56%	30.79%	26.43%	24.56%	19.97%	19.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.80%	52.14%	56.33%	56.76%	58.20%	60.04%	65.73%	70.26%	71.79%	77.01%	78.15%
Debt to EBITDA	3.32	3.08	2.64	2.48	2.35	2.23	1.77	1.40	1.27	0.95	0.93
Net Debt to EBITDA	2.95	2.63	2.04	2.02	1.82	1.36	0.67	0.59	0.45	0.11	-0.13
Long-Term Debt to EBITDA	3.09	2.84	2.44	2.24	2.12	2.04	1.59	1.24	1.11	0.82	0.81
Debt to NOPAT	6.37	6.01	5.33	4.82	4.48	4.18	3.26	2.51	2.21	1.62	1.60
Net Debt to NOPAT	5.66	5.13	4.12	3.92	3.48	2.55	1.24	1.07	0.78	0.18	-0.22
Long-Term Debt to NOPAT	5.93	5.55	4.93	4.36	4.05	3.82	2.93	2.23	1.93	1.40	1.39
Altman Z-Score	2.38	2.46	2.49	2.54	2.67	2.70	2.99	2.79	2.96	3.69	3.83
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.45	1.46	1.41	1.38	1.41	1.38	1.29	1.22	1.22	1.20	1.26
Quick Ratio	0.73	0.78	0.68	0.68	0.74	0.80	0.77	0.62	0.70	0.69	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-447	86	80	135	176	296	349	366	366	324	129
Operating Cash Flow to CapEx	276.99%	460.70%	4,686.69%	0.00%	0.00%	553.58%	1,132.30%	199.45%	302.52%	829.89%	879.23%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.64	1.52	1.55	1.57	1.55	1.53	1.59	1.62	1.61	1.68	1.76
Accounts Receivable Turnover	7.47	7.18	8.48	7.53	7.06	6.85	8.38	8.42	7.26	7.53	9.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.20	11.08	11.79	12.40	12.99	12.61	13.21	13.62	14.25	14.70	14.86
Accounts Payable Turnover	10.99	10.12	8.81	8.80	9.79	11.05	9.04	8.21	8.71	9.25	9.88
Days Sales Outstanding (DSO)	48.89	50.82	43.06	48.44	51.72	53.27	43.56	43.36	50.27	48.50	37.53
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	33.22	36.08	41.42	41.50	37.28	33.03	40.38	44.45	41.88	39.46	36.94
Cash Conversion Cycle (CCC)	15.67	14.74	1.64	6.95	14.44	20.25	3.18	-1.10	8.39	9.04	0.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,143	2,138	1,980	2,027	2,028	1,912	1,693	1,710	1,752	1,687	1,620
Invested Capital Turnover	2.79	2.57	2.87	2.82	2.89	3.03	3.47	3.53	3.67	4.14	4.57
Increase / (Decrease) in Invested Capital	497	-23	-27	-103	-115	-226	-287	-316	-276	-226	-73
Enterprise Value (EV)	2,604	2,674	2,504	3,043	3,402	3,668	4,383	3,346	4,422	7,472	6,642
Market Capitalization	1,613	1,736	1,764	2,269	2,676	3,117	4,104	3,086	4,209	7,418	6,708
Book Value per Share	$21.57	$22.44	$23.17	$23.36	$24.22	$25.30	$26.24	$26.90	$28.42	$30.14	$31.11
Tangible Book Value per Share	$1.01	$2.00	$2.83	$3.17	$4.18	$5.36	$6.42	$7.17	$8.87	$10.67	$11.73
Total Capital	2,263	2,296	2,194	2,201	2,232	2,262	2,144	2,058	2,138	2,114	2,151
Total Debt	1,113	1,099	958	952	933	904	735	612	603	486	470
Total Long-Term Debt	1,037	1,014	885	862	844	827	660	544	525	422	409
Net Debt	990	938	740	774	726	551	279	260	213	55	-66
Capital Expenditures (CapEx)	12	16	4.39	-4.19	-35	40	26	33	26	22	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	535	518	405	463	488	334	108	107	127	58	11
Debt-free Net Working Capital (DFNWC)	658	678	623	641	696	687	563	459	517	489	546
Net Working Capital (NWC)	582	593	550	551	606	610	489	391	439	425	485
Net Nonoperating Expense (NNE)	11	15	15	12	12	12	8.11	5.72	5.60	4.28	4.05
Net Nonoperating Obligations (NNO)	994	941	744	777	729	554	283	265	217	59	-61
Total Depreciation and Amortization (D&A)	27	27	26	25	26	23	23	21	23	24	24
Debt-free, Cash-free Net Working Capital to Revenue	10.13%	9.36%	7.09%	7.89%	8.11%	5.44%	1.69%	1.62%	1.83%	0.77%	0.14%
Debt-free Net Working Capital to Revenue	12.45%	12.27%	10.90%	10.91%	11.55%	11.19%	8.85%	6.95%	7.47%	6.56%	7.21%
Net Working Capital to Revenue	11.01%	10.73%	9.63%	9.39%	10.07%	9.94%	7.68%	5.92%	6.34%	5.70%	6.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.73	$0.90	$0.72	$0.35	$0.92	$1.09	$1.01	$0.82	$1.56	$1.75	$0.96
Adjusted Weighted Average Basic Shares Outstanding	53.30M	53.34M	53.30M	53.49M	53.64M	53.69M	53.64M	53.81M	54.00M	54.02M	54M
Adjusted Diluted Earnings per Share	$0.72	$0.89	$0.70	$0.35	$0.91	$1.07	$0.98	$0.81	$1.54	$1.73	$0.94
Adjusted Weighted Average Diluted Shares Outstanding	54.32M	54.35M	54.22M	54.41M	54.65M	54.68M	54.58M	54.71M	54.81M	54.80M	54.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.33M	53.36M	53.44M	53.64M	53.67M	53.71M	53.75M	54.00M	54.01M	54.03M	54.06M
Normalized Net Operating Profit after Tax (NOPAT)	51	64	54	32	61	71	62	51	90	100	56
Normalized NOPAT Margin	3.60%	4.15%	3.55%	2.25%	3.93%	4.33%	3.58%	3.07%	4.78%	4.57%	3.00%
Pre Tax Income Margin	3.89%	4.43%	3.50%	1.89%	4.46%	4.99%	4.37%	3.78%	6.28%	6.02%	3.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	10.23%	9.83%	10.13%	8.90%	8.31%	7.80%	7.11%	6.77%	6.25%	5.83%	6.29%
Augmented Payout Ratio	10.23%	9.83%	10.13%	8.90%	8.31%	7.80%	7.11%	6.77%	6.25%	5.83%	6.29%

Financials Breakdown Chart

Key Financial Trends

Primoris Services (PRIM) has shown positive revenue growth and improving cash flow over the last four years, with some quarterly volatility in 2025. Here are the most important takeaways for investors, based on quarterly income statements, cash flow statements, and balance sheets from 2022 through 2025.

Revenue momentum: quarterly operating revenue rose from about $1.33B in 2022 to roughly $2.18B in Q3 2025, indicating strong top-line growth across the period.
Net income improvement: net income climbed from roughly $43M in 2022 to about $94.6M in Q3 2025, signaling earnings expansion even as quarterly results vary by quarter.
Solid cash flow from operations: quarterly net cash from continuing operating activities was positive and generally rising in 2025 (e.g., ~$183M in Q3 2025, ~ $143M in Q4 2025), showing healthy operating cash generation.
Free cash flow generation in late 2025: with operating cash flow around $143M and capital expenditures around $21.7M in Q4 2025, estimated free cash flow was about $121M, supporting potential dividends, debt reduction, or backlog funding.
Gross margin remains solid: gross margins have trended around the 9–11% range in late 2024–2025, supported by roughly $185–$236M gross profit on $1.6–$2.2B revenue in recent quarters.
Balanced balance sheet: total equity around $1.3–$1.6B over 2023–2025, with total liabilities and equity near $4.6B, indicating a solid capitalization without excessive leverage for the business mix shown.
Steady dividend policy: cash dividends per share are reported at $0.08, offering an income component for investors, though the yield is modest in the context of growth.
Debt posture: long‑term debt in mid-2025 sits around $420–$525M and short‑term debt around $60–$100M, which appears manageable given positive operating cash flow, but debt levels should be monitored as backlog activity continues.
Quarterly volatility in 2025: Q4 2025 showed softer bottom-line results vs. Q3 2025 (net income and margins dipped), highlighting cyclical or mix-related swings to watch going forward.
Recurring non-operating headwinds: interest income and other non-operating items sometimes dampen pretax income (for example, negative interest & investment income in several quarters), suggesting profits can be sensitive to non-core financial results in certain periods.

05/05/26 07:30 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Primoris Services' Financials

When does Primoris Services' financial year end?

According to the most recent income statement we have on file, Primoris Services' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Primoris Services' net income changed over the last 10 years?

Primoris Services' net income appears to be on an upward trend, with a most recent value of $274.90 million in 2025, rising from $37.15 million in 2015. The previous period was $180.90 million in 2024. See where experts think Primoris Services is headed by visiting Primoris Services' forecast page.

What is Primoris Services' operating income?

Primoris Services' total operating income in 2025 was $411.50 million, based on the following breakdown:

Total Gross Profit: $813.10 million
Total Operating Expenses: $401.60 million

How has Primoris Services' revenue changed over the last 10 years?

Over the last 10 years, Primoris Services' total revenue changed from $1.93 billion in 2015 to $7.57 billion in 2025, a change of 292.6%.

How much debt does Primoris Services have?

Primoris Services' total liabilities were at $2.73 billion at the end of 2025, a 2.1% decrease from 2024, and a 320.3% increase since 2015.

How much cash does Primoris Services have?

In the past 10 years, Primoris Services' cash and equivalents has ranged from $120.29 million in 2019 to $535.50 million in 2025, and is currently $535.50 million as of their latest financial filing in 2025.

How has Primoris Services' book value per share changed over the last 10 years?

Over the last 10 years, Primoris Services' book value per share changed from 9.35 in 2015 to 31.11 in 2025, a change of 232.7%.

Related Companies

Financial statements for NYSE:PRIM last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Primoris Services (PRIM) Financials

Financials Breakdown Chart

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Frequently Asked Questions About Primoris Services' Financials

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Primoris Services (PRIM) Financials

Annual Income Statements for Primoris Services

Quarterly Income Statements for Primoris Services

Annual Cash Flow Statements for Primoris Services

Quarterly Cash Flow Statements for Primoris Services

Annual Balance Sheets for Primoris Services

Quarterly Balance Sheets for Primoris Services

Annual Metrics And Ratios for Primoris Services

Quarterly Metrics And Ratios for Primoris Services

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Primoris Services' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools