Sterling Infrastructure
ConvictionModerate
Project-based, backlog-driven construction services across three segments (E-Infrastructure Solutions, Transportation Solutions, Building Solutions). Asset-light relative to heavy-civil peers; grows organically plus via M&A (CEC Facilities Group acquired Sep 1 2025). Revenue recognized over time on cost-plus, unit-price, and fixed-price contracts; margin mix shifting toward negotiated high-value data-center work.
Revenue
$2.49B FY20252026 guide $3.70B-$3.80B (~51% growth at midpointRev growth
+18% FY2025 YoY GAAP+32% ex-RHB deconsolidation); +92% Q1 2026 YoY (CEC + organic E-Infra, organic >55%Gross margin
~22.9% FY2025up from >20% FY2024 and ~17% FY2023Op margin
16.3% FY2025operating income $405.9MCapex intensity
~3% of revenue2026 capex guide $100M-$110M; Q1 2026 capex $19.6MMarket cap
~$21.5BNasdaq: STRL; $706.62 x ~30.4M basic sh / 31.04M diluted, 2026-07-05). Down from a ~$30B peak; sharp early-July drawdown amid a sector-wide AI/data-center selloff.The read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence