Primoris Services Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Primoris Services Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,997	2,380	2,939	3,106	3,491	3,498	4,421	5,715	6,367	7,575
Cost of revenue	1,796	2,102	2,614	2,775	3,121	3,081	3,964	5,128	5,664	6,762
Gross profit	201	278	326	331	370	417	457	588	703	813
Selling, general and administrative	140	170	182	189	203	230	282	329	383	399
Operating income	57.7	106	130	141	164	170	195	253	317	412
Interest expense	8.91	8.15	18.7	20.1	20.3
Other non-operating income	-0.32	0.48	-0.81	-3.13	1.23	0.3	2.07	1.6	0.1	1.3
Pre-tax income	48.9	105	113	118	146	152	159	178	255	384
Income tax	21.1	28.4	25.8	33.8	40.7	36.1	26.3	51.5	74	109
Net income to minority interests	1	4.5	10.1	1.77	0.01	0.13
Net income	26.7	72.4	77.5	82.3	105	116	133	126	181	275
EBITDA	119	164	210	226	246	276	294	360	413	503
EPS, basic	0.52	1.41	1.51	1.62	2.17	2.19	2.50	2.37	3.37	5.09
EPS, diluted	0.51	1.40	1.50	1.61	2.16	2.17	2.47	2.33	3.31	5.02
Shares, basic (weighted)	51.8	51.5	51.4	50.8	48.3	52.7	53.2	53.3	53.6	54
Shares, diluted (weighted)	52	51.7	51.7	51.1	48.6	53.2	53.8	54.2	54.6	54.8
Dividend per share	0.22	0.23	0.24	0.24	0.24	0.24	0.24	0.24	0.26	0.32

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	136	170	151	120	327	201	249	218	456	536
Short-term investments	0
Receivables	388	292	373	405	432	472	663	112	834	723
Inventory	49.2	40.9
Other current assets	19	15.3	36.4	42.7	30.2	86.3	176	136	95.6	138
Total current assets	731	743	924	913	1,115	1,182	1,704	1,885	2,160	2,334
Property, plant and equipment	277	312	376	376	356	433	494	476	488	531
Lease right-of-use assets				242	207	159	203	361	461	489
Goodwill	127	153	206	206	215	582	872	858	857	857
Intangible assets	32.8	44.8	81.2	69.8	61	171	249	228	208	190
Other non-current assets	2.05	2.58	5	13.5	12.8	15.1	21.8	20.5	22.4	7
Total assets	1,171	1,256	1,594	1,830	1,970	2,543	3,544	3,827	4,196	4,408
Accounts payable	168	141	249	236	246	273	535	629	624	744
Accrued liabilities	108	76	118	184	201	175	246	263	350	405
Deferred revenue		169	190	192	267	240	276	367	617	634
Short-term debt	58.2	65.5	62.5	55.7	47.7	67.2	78.1	72.9	74.6	60.9
Total current liabilities	450	455	622	670	764	759	1,138	1,335	1,671	1,849
Long-term debt	203	193	306	296	269	594	1,065	885	660	409
Lease liabilities				171	138	98.1	131	263	333	326
Other non-current liabilities	9.06	31.7	51.5	45.8	70.1	63.4	43.9	47.9	58.1	72.3
Total liabilities	672	694	987	1,201	1,255	1,553	2,435	2,591	2,786	2,727
Total debt	261	259	368	351	317	661	1,143	958	735	470
Paid-in capital	162	161	144	97.1	89.1	262	264	276	286	297
Retained earnings	335	396	461	531	625	727	848	961	1,128	1,386
Other comprehensive income			-0.91	0.08	0.96	0.7	-2.62	-0.79	-4.2	-1.5
Shareholders' equity				630	715	990	1,109	1,236	1,410	1,681
Minority interests	1.22	5.72	2.76	1.03	0.04
Total equity	499	562	607	630	715	990	1,109	1,236	1,410	1,681
Total liabilities and equity	1,171	1,256	1,594	1,830	1,970	2,543	3,544	3,827	4,196	4,408
Shares outstanding	51.6	51.4	50.7	48.7	48.1	53.2	53.1	53.4	53.7	54

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	27.7	76.9	87.6	84.1	105	116	133	126	181	275
Depreciation and amortization	61.4	57.6	79.3	85.4	82.5	106	99.2	107	95.5	91.9
Stock-based compensation	1.63	1.13	1.25	1.58	2.27	10.5	7.44	11.8	15.1	20.6
Deferred income tax	10.9	3.14	16.5	13.9	-5.08	25.6	14.7	29.3	4.5	14.6
Change in receivables	-50.8	60.7	20.9	-28.2	-30	10.5	-98.7	-16.9	-168	111
Change in payables	42.9	-30.5	32.3	-13.9	9.58	15.7	192	93.4	11.4	121
Cash from operations	62.6	189	127	119	313	79.7	83.3	199	508	470
Capital expenditures	-58	-79.8	-110	-94.5	-64.4	-134	-94.7	-103	-127	-130
Acquisitions	-11	-66.2	-111			-607	-478	9.3
Purchases of investments		-13.6
Cash from investing	-59.4	-131	-209	-65.9	-42.5	-691	-482	-30	-27.2	-93.9
Debt issued	45	55	256	55	33.9	462	470	10
Debt repaid	-57.7	-61.8	-146	-72.1	-68.9	-114	-86.8	-97	-225	-329
Stock issued	1.44	1.15	1.5	1.8	0.58	179	0.59	0.68
Share buybacks	-5	-5	-20		-11.5	-14.7	-5.99
Dividends paid	-11.4	-11.3	-12.3	-12.2	-11.6	-12.6	-12.8	-12.8	-12.9	-17.3
Cash from financing	-28.5	-22.9	63.9	-83.3	-62.8	486	452	-205	-244	-296
Exchange rate effect			-0.92	0.4	-0.14	0.46
Net change in cash	-25.3	34.6	-19.3	-29.8	208	-125	53.3	-35.5	238	79.9
Free cash flow	4.55	109	16.6	24.5	249	-54.1	-11.3	95.5	382	341
Interest paid	8.82	7.97	16.1	16.2	17.2	22.2	37.2	82.3	61.3	22.1
Income taxes paid	8.62	26	14.2	16.6	26.6	39.3	3.57	5.1	65.3	86.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $69.88 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	8.5%	Gross profit / revenue.
Operating margin	2.4%	Operating income / revenue.
EBITDA margin	4.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.9%	Pre-tax income / revenue.
Net margin	1.4%	Net income / revenue.
FCF margin	0.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.2%	Cash from operations / revenue.
Effective tax rate	29.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.
Return on invested capital (ROIC)	5.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	5.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	21.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	29.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	28.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	21.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	52.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	27.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	51.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	26.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	18.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	78.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-10.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	6.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	23.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	19.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.14x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.9%	Total debt / total assets.
Liabilities / assets	66.4%	Total liabilities / total assets.
Net debt	$580.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$269.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	30.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$142.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.53x	Revenue / average total assets.
Fixed asset turnover	12.6x	Revenue / average property, plant and equipment.
Receivables turnover	7.55x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.
FCF conversion	39.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	75.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$130.47	Revenue / diluted weighted shares.
FCF per share	$0.70	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.81	Cash from operations / diluted weighted shares.
Book value per share	$29.62	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.71	Tangible book value / shares outstanding.
Cash per share	$3.87	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	46.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.76B	Share price x shares outstanding.
Enterprise value	$4.34B	Market cap + total debt - cash - short-term investments.
P/E	39.1x	Market cap / net income. Only when net income is positive.
P/S	0.53x	Market cap / revenue.
P/B	2.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	26.4x	Market cap / tangible book value, when positive.
P/FCF	99.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	24.8x	Market cap / cash from operations, when positive.
EV/Sales	0.62x	Enterprise value / revenue.
EV/EBIT	25.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	115x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.0%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.46x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Primoris Services Corp's revenue in fiscal 2025?

Primoris Services Corp reported revenue of $7.57B for fiscal 2025, 19% higher than the year before.

Was Primoris Services Corp profitable in fiscal 2025?

Yes. Net income was $274.9M, a net margin of 3.6%.

How much free cash flow did Primoris Services Corp generate in fiscal 2025?

Cash from operations of $470.4M minus capital expenditures of $129.9M left free cash flow of $340.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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