STERLING INFRASTRUCTURE, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data STERLING INFRASTRUCTURE, INC. 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	690	958	1,038	1,126	1,227	1,414	1,769	1,972	2,116	2,490
Cost of revenue	648	869	927	1,018	1,047	1,211	1,495	1,635	1,690	1,918
Gross profit	42.1	89.1	110	108	180	204	275	338	426	572
General and administrative	36.8	46.6	48.2	49.2	64.3	69.2	86.5	98.7	118	155
Operating income	-4.73	26.2	42.6	37.8	92.6	107	160	206	265	406
Interest income	0.03	0.31	1.02	1.14	0.15	0.05	0.89	14.1	27.6	22.3
Pre-tax income	-7.32	15.9
Income tax	0.09	0.12	1.74	-26.2	19.4	24.9	41.7	47.8	87.4	98.8
Income from continuing operations					43.1	61.5	96.7	139	257
Net income to minority interests	1.83	4.2	4.35
Net income	-9.24	11.6	25.2	39.9	42.3	62.6	106	139	257	290
EBITDA	11	43.2	59.4	58.5	125	141	212	263	333	483
EPS, basic	-0.40	0.44	0.94	1.50	1.52	2.19	3.53	4.51	8.35	9.50
EPS, diluted	-0.40	0.43	0.93	1.47	1.50	2.15	3.48	4.44	8.27	9.38
Shares, basic (weighted)	23.1	26.3	26.9	26.7	27.9	28.6	30.2	30.8	30.8	30.5
Shares, diluted (weighted)	23.1	26.7	27.2	27.1	28.2	29.1	30.6	31.2	31.1	30.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	42.8	84	94.1	45.7	47.7	60.9	182	472	664	391
Inventory	3.71	4.62	3.16
Other current assets	5.45	7.53	11.2	11.8	16.3	16	29.1	17.9	17.4	35.2
Total current assets	176	279	303	330	362	435	597	848	1,022	1,034
Property, plant and equipment	68.1	54.4	52	116	127	194	215	244	237	278
Lease right-of-use assets				14	16.5	19.5	59.4	57.2	52.7	58.2
Goodwill	54.8	85.2	85.2	192	192	258	263	281	265	585
Intangible assets	0	44.8	42.4	256	245	303	299	328	316	555
Other non-current assets	2.97	0.32	0.31	0.18	11.1	4.46	7.65	18.8	17	17.2
Total assets	302	463	483	935	953	1,235	1,442	1,777	2,017	2,634
Accounts payable	67.1	97.5	99.4	138	95.2	113	122	146	130	227
Accrued liabilities	6.15	9.35	4.68	13.7	18	20.4	24.1	27.8	36.8	62.7
Deferred revenue		62.4	62.4	57.8	114	119	239	444	509	652
Short-term debt	3.85	3.98	2.9	42.5	77.4	23.4	32.6	26.5	26.4	15.1
Total current liabilities	147	182	179	266	322	352	447	678	742	1,022
Long-term debt	1.55	86.2	79.1	391	291	429	399	315	290	276
Lease liabilities				6.98	8.96	13.1	40.1	37.7	32.5	40.2
Other non-current liabilities		1.27	1.23	0.62	10.6	4.82	5.12	16.6	16.6	65.7
Total liabilities	194	317	310	713	684	875	964	1,153	1,190	1,527
Total debt	5.39	99	88.8	433	369	452	431	342	316	291
Paid-in capital	209	231	234	251	256	280	288	294	288	366
Retained earnings	-102	-90.1	-64.9	-25	17.3	79.9	186	325	582	873
Treasury stock		0	-4.73	-6.14	-1.45	0		0	-63.1	-131
Other comprehensive income				-0.21	-5.26	-1.72	0
Shareholders' equity	107	141	164	220	267	359	475	619	808	1,109
Minority interests	0.66	4.86	7.86	1.29	1.46	1.46	3.2	4.94	18.4	-2.08
Total equity	108	146	172	221	269	360	478	624	826	1,106
Total liabilities and equity	302	463	483	935	953	1,235	1,442	1,777	2,017	2,634
Shares outstanding		27.1	26.6	27.8	28.2	29.8	30.6	30.9	30.7	30.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-7.41	15.8	29.5	40.7	42.9	65.1	108	143	271	310
Depreciation and amortization	15.7	17	16.8	20.7	32.8	34.2	52.1	57.4	68.4	77.1
Stock-based compensation	1.81	2.84	3.06	3.79	11.6	11.8	12.7	14.6	19	24.2
Deferred income tax	0	0	1.45	-27.4	16.4	21.4	32.5	12.7	28.7	13.6
Change in receivables	-2.02	-29.9	-11.1		-8.55	-54.7
Change in inventory	-1.17	0.31
Change in payables	8.14	13.6	1.97	11	-42.4	26.6	11.9	10.3	-9.34	33.1
Cash from operations	44.3	24.8	39.5	42.1	123	159	219	479	497	440
Capital expenditures	-10.9	-9.42	-13.2	-15.4	-32.9	-46.7	-60.9	-64.4	-81	-77.3
Acquisitions	0	-54.9	0	-396	0	-181	-18	-51.2	-11.2	-482
Cash from investing	-8.17	-55.9	-11.4	-410	-30.5	-223	-89.8	-87.8	-186	-552
Debt repaid		-4.71	-11.6	-87.6	-77.7	-48.3	-23.4	-93.5	-26.5	-24.9
Stock issued	19.1	0	0
Share buybacks	0	0	-4.73	-3.2	0	0	0	0	-70.6	-74.2
Cash from financing	2.26	72.3	-18	321	-70.3	80.6	-32.8	-105	-119	-162
Net change in cash	38.4	41.2	10.1	-47.4	22.1	16.1	96.6	286	193	-273
Free cash flow	33.4	15.3	26.3	26.7	90	112	158	414	416	363
Interest paid	2.63	9.8	10.8	11.6	26.9	17.2	19.3	27	23.4	17.8
Income taxes paid	0.07	0.28	0.28	0.09	4.75	3.06	5.6	36.9	53.1	81.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $512.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.8%	Gross profit / revenue.
Operating margin	17.5%	Operating income / revenue.
EBITDA margin	19.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	12.5%	Net income / revenue.
FCF margin	14.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.4%	Cash from operations / revenue.
Return on equity (ROE)	31.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.5%	Net income / average total assets.
Return on invested capital (ROIC)	40.4%	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%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	34.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	27.7%	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	26.1%	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	53.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	36.4%	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	34.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	45.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	31.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	31.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	39.7%	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	47.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	39.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	44.3%	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	-11.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.2%	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	29.1%	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	-12.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	31.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	32.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	37.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	32.7%	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	32.9%	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	30.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.2%	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	22.6%	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	-0.6%	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	0.4%	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	1.9%	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	1.11x	Current assets / current liabilities.
Quick ratio	0.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.36x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.9%	Total debt / total assets.
Liabilities / assets	56.5%	Total liabilities / total assets.
Net debt	-$180.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.27x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$137.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	40.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$81.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.08x	Revenue / average total assets.
Fixed asset turnover	10.6x	Revenue / average property, plant and equipment.
Days payables	44 days	365 x average accounts payable / cost of revenue.
FCF conversion	111.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$13.85	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	$110.41	Revenue / diluted weighted shares.
FCF per share	$15.48	Free cash flow / diluted weighted shares.
Operating cash flow per share	$19.19	Cash from operations / diluted weighted shares.
Book value per share	$44.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.64	Tangible book value / shares outstanding.
Cash per share	$15.13	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	13.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$15.67B	Share price x shares outstanding.
Enterprise value	$15.49B	Market cap + total debt - cash - short-term investments.
P/E	36.3x	Market cap / net income. Only when net income is positive.
P/S	4.56x	Market cap / revenue.
P/B	11.5x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	193x	Market cap / tangible book value, when positive.
P/FCF	32.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	26.2x	Market cap / cash from operations, when positive.
EV/Sales	4.50x	Enterprise value / revenue.
EV/EBIT	25.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.93x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was STERLING INFRASTRUCTURE, INC.'s revenue in fiscal 2025?

STERLING INFRASTRUCTURE, INC. reported revenue of $2.49B for fiscal 2025, 17.7% higher than the year before.

Was STERLING INFRASTRUCTURE, INC. profitable in fiscal 2025?

Yes. Net income was $290.2M, a net margin of 11.7%.

How much free cash flow did STERLING INFRASTRUCTURE, INC. generate in fiscal 2025?

Cash from operations of $440.0M minus capital expenditures of $77.3M left free cash flow of $362.7M.

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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