Quanta Services Inc.
PWRFinancial Snapshot
ticker: PWR step: 04 generated: 2026-05-12 source: quick-research
Quanta Services Inc. (PWR) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$17.1B | ~$20.9B | $23.67B | +13.3% |
| EBITDA Margin | ~8.5% | ~8.7% | ~8.6% | flat |
| Operating Margin | ~4.8% | ~5.0% | ~5.0% | flat |
| Net Margin | ~3.5% | ~3.7% | ~3.6% | flat |
| Adj. Diluted EPS | ~$5.50 | $7.16 | $8.97 | +25% |
FY2025 revenue raised guidance: $27.8–28.2B (+18% YoY at midpoint); Q3 2025 EBITDA margin 10.2% (improving). FY2026 adj. EPS target $12.00 (management guidance, and management now expects to exceed it). Revenue growth driven by electric infrastructure demand surge from grid modernization, renewable integration, and data center power buildout.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Free Cash Flow | $1.6B (FY2024); $1.2–1.7B guided FY2025 |
| FCF Margin | ~7% of revenue |
| Total Backlog | $39.2B (Q3 2025 record); $34.5B at YE 2024 |
| Remaining Performance Obligations | $21.0B (Q3 2025) |
| Total Debt | ~$6.0–7.0B |
| Net Debt / EBITDA | ~2.0–2.5x |
Key Ratios (approximate, FY2025–2026)
- P/E (adj., FY2026 $12 EPS): ~38–42x | EV/EBITDA: ~22–24x | FCF Yield: ~3%
- Revenue Growth (FY2025E): +18% | Adj. EPS Growth (FY2024): +25%
- Backlog / Revenue: ~1.4x (exceptional forward visibility for a cyclical industrial)
- Dividend: Small (~0.3% yield); capital returned primarily via buybacks
Growth Profile
Quanta is growing revenue at double-digits and adj. EPS at 20–25% annually — extraordinary for a $28B revenue industrial services company. The growth is structural, not cyclical: U.S. transmission infrastructure requires ~$1 trillion in investment over the next decade (grid modernization, renewable interconnection, resilience hardening), and Quanta is the premier contractor for this work. The data center demand wave (AI infrastructure requiring massive new power supply and transmission capacity) is layering incremental backlog on top of the already-unprecedented utility capex cycle. EBITDA margins are gradually expanding from ~8.6% toward 10%+ as more complex, higher-margin projects (765kV transmission, large substation EPC) dominate the mix.
Forward Estimates
- FY2026: Revenue ~$30–32B; adj. EPS ~$12.00+ (management expects to exceed); FCF ~$1.8–2.0B
- 5-Year Plan: Quanta's management unveiled an ambitious 5-year plan targeting mid-teens revenue CAGR and 20%+ EPS CAGR through 2029; backlog expected to reach $50B+
- Strategic AEP Partnership: 765kV transmission tied to AEP's $72B capital plan provides multi-year contract visibility
- NiSource 3GW Data Center Campus: Single contract illustrates the scale of new data center power infrastructure wins
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $PWR.