Industrials · Construction & Engineering · US stock · price as of 16 Oct 2026
Key indicators
Price
$631.86
52-week range
$404.19 – $788.49
Market cap
$96.3B
P/E (trailing)
71.6×
EV / EBITDA
50.1×
Free-cash-flow yield
2.5%
Dividend yield
0.1%
Revenue (last 12 months)
$32.9B
Revenue growth (3y a year)
18.6%
Operating margin
6.2%
Return on invested capital
10.3%
Net debt / EBITDA
2.8×
Fair value
Blended fair value$280.29 range $263 – $298
Versus priceOvervalued−56% to fair value
Peer multiples
$253.55
Fundamentals-adjusted multiple
$336.54
10-year DCF (market-scaled)
$250.79
Earnings power value (floor, not blended)
$54.00
Model uncertainty
Medium
X-Ray Score
41/ 100 · High confidence · ahead of 19% of sector peers
Valuation9
Growth88
Profitability46
Financial health16
Dividends62
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Quanta Services is a specialty contractor that builds and maintains infrastructure for energy and communications. Its crews design and install power transmission and distribution lines, substations, pipelines, wind and solar projects and telecommunications networks, and they restore services after storms. Customers are mainly electric and gas utilities, renewable energy developers, communications companies and pipeline operators. The company is organised in operating groups covering electric power, underground utility and renewable energy work.
Quanta is paid through construction and maintenance contracts, some under long-running master service agreements and others on large projects. Revenue is $32.9 billion over the last twelve months, and revenue growth over three years is 18.6% a year. The operating margin is 6.2%, and the business earns a profit of 10% on the capital invested in it. It carries net debt of 2.8 times EBITDA and offers a dividend yield of 0.1%.
StocksXray gives Quanta Services, Inc. an X-Ray Score of 41 out of 100 (high confidence), ahead of 19% of the S&P 500 stocks in its sector. Its strongest lens is growth (88) and its weakest is valuation (9).
Our fair value blend is $280.29 (range $262.55 to $297.69). At $631.86 the stock trades 125% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Quanta Services, Inc. (PWR)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$113.80
$141.83
$215.16
$315.42
$421.73
$631.86
Market cap
$16.5B
$21.0B
$32.0B
$47.3B
$63.8B
$96.3B
P/E
34.1×
42.7×
43.0×
52.3×
62.0×
71.6×
EV / revenue
1.5×
1.4×
1.7×
2.1×
2.4×
3.1×
EV / EBITDA
30.3×
27.9×
31.0×
37.7×
43.1×
50.1×
Price / free cash flow
84.2×
29.9×
28.1×
32.0×
39.4×
40.3×
Free-cash-flow yield
1.2%
3.3%
3.6%
3.1%
2.5%
2.5%
Price / book
3.2×
3.9×
5.1×
6.5×
7.1×
10.0×
Dividend yield
0.22%
0.20%
0.15%
0.12%
0.10%
0.07%
Fundamentals checklist ● 5 Good · ● 0 Average · ● 11 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−6.5%Good
Free-cash-flow yield2.5%Bad
Risk models
Altman Z score2.1×Bad
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)27.0%Good
Free-cash-flow growth (3y)32.1%Good
Revenue growth (3y)18.6%Good
Growth consistency100%Good
Balance sheet
Current ratio1.1×Bad
Net debt / EBITDA2.8×Bad
Interest cover6.9×Bad
Valuation
Fair value vs price0.4×Bad
EBIT / EV yield2.0%Bad
Profitability
Return on invested capital10.3%Bad
Operating margin6.2%Bad
Gross profitability18.0%Bad
XStocksXray
Quanta Services, Inc. (PWR)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
12,980
17,074
20,882
23,673
28,480
32,905
Gross profit
1,953
2,529
2,937
3,511
4,275
5,086
Operating income
664
872
1,128
1,346
1,612
2,036
Net income
492
512
751
927
1,042
1,340
Diluted EPS ($)
3.34
3.32
5.00
6.03
6.80
8.83
Free cash flow
197
703
1,141
1,477
1,621
2,391
Gross margin
15.0%
14.8%
14.1%
14.8%
15.0%
15.5%
Operating margin
5.1%
5.1%
5.4%
5.7%
5.7%
6.2%
Net margin
3.8%
3.0%
3.6%
3.9%
3.7%
4.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
12,855
13,464
16,237
18,684
24,927
28,292
Cash
229
429
1,290
742
440
506
Total debt
3,754
3,730
4,199
4,162
5,995
6,105
Equity
5,112
5,383
6,272
7,318
8,938
9,638
Dividend per share ($)
0.25
0.29
0.33
0.37
0.41
0.43
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.