$78.79+2.54 (+3.34%)
At close: Oct 2, 2026, 3:59 PM ET
Primoris Services Corp · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineGrowing fast: revenue compounds ~21.3%/yr (FY21→FY25), net margin 3.6%, and free cash flow (~$340.5M) tracks net income. Earnings are cash, not paper.
The four lines that matter · FY21–FY25
Revenue ($M)▲19.0%
7,574.9
FY21→FY25CAGR +21.3%/yr
Net income ($M)▲52.0%
274.9
one-off year: see footnoteCAGR +24.1%/yr
Free cash flow ($M)▼10.8%
340.5
FY21→FY25CAGR —
Diluted EPS▲51.7%
5.02
FY21→FY25CAGR +23.3%/yr
What the receipts whisper · what a headline number hides
Share count
+3.1%
53.2mn → 54.8mn diluted shares since FY21. Broadly flat, so EPS moves with net income rather than with the share count.
Capex
$129.9M
steady at 1.7% of revenue (+2.7% YoY).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
4¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 11.9% → 10.7%. Net margin 3.6% is below the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 7,284.2 | 7,574.9 | 6,366.8 | 5,715.3 | 4,420.6 | 3,497.6 | ▲19.0% | +21.3% |
Cost of revenue | 6,656.4 | 6,761.8 | 5,663.6 | 5,127.8 | 3,963.7 | 3,081.0 | ▲19.4% | +21.7% |
Gross profit | 627.8 | 813.1 | 703.2 | 587.5 | 456.9 | 416.7 | ▲15.6% | +18.2% |
Selling, general & admin | 407.2 | 399.2 | 383.3 | 328.7 | 281.6 | 230.1 | ▲4.1% | +14.8% |
Total operating expenses | 415.7 | 401.6 | 385.8 | 334.4 | 261.5 | 246.5 | ▲4.1% | +13.0% |
Operating incomefeeds ROC rank | 212.1 | 411.5 | 317.4 | 253.1 | 195.3 | 170.2 | ▲29.6% | +24.7% |
Other income, net | −25.8 | −27.5 | −62.5 | −75.5 | −36.1 | −18.3 | — | — |
Pretax income | 186.3 | 384.0 | 254.9 | 177.6 | 159.3 | 151.9 | ▲50.6% | +26.1% |
Income tax | 46.7 | 109.1 | 74.0 | 51.5 | 26.3 | 36.1 | ▲47.4% | +31.8% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 139.6 | 274.9 | 180.9 | 126.1 | 133.0 | 115.7 | ▲52.0% | +24.1% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 2.54 | 5.02 | 3.31 | 2.33 | 2.47 | 2.17 | ▲51.7% | +23.3% |
Diluted shares (mn) | 54.00 | 54.80 | 54.58 | 54.22 | 53.76 | 53.16 | ▲0.4% | +0.8% |
| Margins | ||||||||
Gross margin6th pct in Industrials | 8.6% | 10.7% | 11.0% | 10.3% | 10.3% | 11.9% | ▼0.3pp | −1.2pp |
Operating margin | 2.9% | 5.4% | 5.0% | 4.4% | 4.4% | 4.9% | ▲0.4pp | +0.6pp |
Net margin31st pct in Industrials | 1.9% | 3.6% | 2.8% | 2.2% | 3.0% | 3.3% | ▲0.8pp | +0.3pp |
† TTM = trailing four quarters through 2026-06-30.FY22 effective tax rate was 16% vs a 28% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-23 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.