Sterling Infrastructure, Inc. (STRL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$5.18	$5.8	+12.0%	—	$1.2B	—
Q1 26	$2.19	$3.59	+63.9%	—	$825.7M	—
Q4 25	$2.63	$3.08	+17.1%	—	$755.6M	—
Q3 25	$2.84	$3.48	+22.5%	—	$689M	—
Q2 25	$2.25	$2.51	+11.6%	—	$614.5M	—
Q1 25	$1.45	$1.63	+12.4%	—	$430.9M	—
Q4 24	$1.33	$1.46	+9.8%	—	$498.8M	—
Q3 24	$1.68	$1.98	+17.9%	—	$593.7M	—
Q2 24	$1.43	$1.67	+16.8%	—	$582.8M	—
Q1 24	$0.82	$1	+22.0%	—	$440.4M	—
Q4 23	$1	$1.3	+30.0%	—	$486M	—
Q3 23	$1.25	$1.26	+0.8%	—	$560.3M	—
Q2 23	$0.93	$1.27	+36.6%	—	$522.3M	—
Q1 23	$0.56	$0.64	+14.3%	—	$403.6M	—
Q4 22	$0.68	$1.03	+51.5%	—	$291.6M	—
Q3 22	$0.87	$0.97	+11.5%	—	$493M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$9.5	—	—	$2.5B	—
FY24	—	$8.35	—	—	$2.1B	—
FY23	—	$4.51	—	—	$2B	—
FY22	—	$3.53	—	—	$1.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$690.1M	$958M	$1B	$1.1B	$1.2B	$1.4B	$1.8B	$2B	$2.1B	$2.5B
YoY change	+10.7%	+38.8%	+8.32%	+8.54%	+8.92%	+15.3%	+25.1%	+11.5%	+7.28%	+17.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	690.1M	958M	1B	1.1B	1.2B	1.4B	1.8B	2B	2.1B	2.5B
Cost of revenue	648.1M	868.9M	927.3M	1B	1B	1.2B	1.5B	1.6B	1.7B	1.9B
Gross profit	42.1M	89.1M	110.3M	107.8M	179.6M	203.5M	274.6M	337.6M	426.1M	572.3M
Gross margin	6.09%	9.3%	10.6%	9.57%	14.6%	14.4%	15.5%	17.1%	20.1%	23%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	36.8M	46.6M	48.2M	49.2M	64.3M	69.2M	86.5M	98.7M	118.4M	154.8M
Operating expenses	46.8M	61.1M	65.3M	61M	74.6M	81.2M	99.8M	115.7M	144M	136.6M
Operating income	-4.7M	26.2M	42.6M	42.1M	93.6M	110.9M	160.7M	206.7M	265M	413.5M
Operating margin	-0.69%	2.73%	4.11%	3.73%	7.63%	7.84%	9.08%	10.5%	12.5%	16.6%
Non-operating income, net	-10M	-755K	—	-12M	-1.3M	-2.8M	-827K	-873K	90.9M	-7.6M
Pretax income	-7.3M	15.9M	31.3M	14.5M	63.1M	88.8M	140.2M	190.6M	358.3M	408.5M
Income tax	88K	118K	1.7M	-26.2M	19.4M	24.9M	41.7M	47.8M	87.4M	98.8M
Net income	-7.4M	15.8M	29.5M	40.7M	42.9M	65.1M	108.2M	142.8M	270.9M	309.7M
Net margin	-1.07%	1.65%	2.85%	3.61%	3.5%	4.6%	6.11%	7.24%	12.8%	12.4%
EBITDA	11M	43.5M	60.4M	63.9M	126.6M	145.1M	213.6M	278.2M	361.1M	513M
EPS	-0.4	0.44	0.94	1.5	1.52	2.19	3.53	4.51	8.35	9.5
Diluted EPS	-0.4	0.43	0.93	1.47	1.5	2.15	3.48	4.44	8.27	9.38

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	560.3M	486M	440.4M	582.8M	593.7M	498.8M	430.9M	614.5M	689M	755.6M	825.7M	1.2B
Cost of revenue	468.5M	394.2M	363.5M	470.1M	463.9M	392.2M	336.1M	471.3M	518.8M	591.5M	631.4M	878.2M
Gross profit	91.9M	91.8M	76.9M	112.7M	129.8M	106.7M	94.8M	143.1M	170.2M	164.1M	194.3M	290M
Gross margin	16.4%	18.9%	17.5%	19.3%	21.9%	21.4%	22%	23.3%	24.7%	21.7%	23.5%	24.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	25.2M	26.1M	27.3M	27.9M	30.7M	32.6M	34.6M	34M	37.6M	48.6M	47.9M	53.1M
Operating expenses	30.9M	31.4M	30.4M	35.6M	38M	40M	32.7M	30.2M	32.2M	41.5M	45.5M	48.2M
Operating income	57.2M	56.3M	42.2M	72.8M	87.6M	62.5M	57.6M	108.4M	132M	115.5M	141.7M	234.3M
Operating margin	10.2%	11.6%	9.57%	12.5%	14.7%	12.5%	13.4%	17.6%	19.2%	15.3%	17.2%	20.1%
Non-operating income, net	-103K	-521K	-36K	-101K	-72K	91.1M	-1.5M	-3.8M	-6.7M	4.5M	-3.9M	-15M
Pretax income	54M	54.8M	41.4M	72.5M	88.8M	155.6M	57.7M	106.5M	126.8M	117.5M	137.4M	220M
Income tax	13.9M	12.3M	7.6M	18M	23.4M	38.4M	15.1M	27.4M	30.5M	25.8M	33.7M	51.3M
Net income	40.1M	42.4M	33.8M	54.6M	65.4M	117.2M	42.6M	79.1M	96.3M	91.7M	103.8M	168.6M
Net margin	7.16%	8.73%	7.67%	9.36%	11%	23.5%	9.88%	12.9%	14%	12.1%	12.6%	14.4%
EBITDA	76.2M	77M	64.3M	96.1M	112.5M	88.2M	81.4M	132.9M	157.6M	141M	168.4M	263.1M
EPS	1.28	1.3	1	1.68	2	3.69	1.29	2.33	3.02	2.85	3.13	5.08
Diluted EPS	1.26	1.28	1	1.67	1.97	3.64	1.28	2.31	2.97	2.81	3.09	5

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	293M	375.5M	518.5M	752.2M	990.5M	2.7B	5.2B	9.4B	15.2B
Enterprise value	—	—	280.9M	777M	837.5M	1.2B	1.3B	2.6B	4.9B	9.3B	15.6B
Shares outstanding	23.1M	26.3M	26.9M	26.7M	27.9M	28.6M	30.2M	30.8M	30.8M	30.5M	30.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	9.92	9.23	12.1	11.6	9.15	18.9	19.2	30.2	36.8
P/S	—	—	0.28	0.33	0.42	0.53	0.56	1.37	2.45	3.76	4.56
P/B	—	—	1.7	1.7	1.93	2.09	2.07	4.33	6.28	8.45	11.6
EV/EBITDA	—	—	4.65	12.2	6.62	8.01	6.09	9.46	13.6	18.2	21.8
EV/Sales	—	—	0.27	0.69	0.68	0.82	0.73	1.33	2.32	3.74	4.53
Earnings yield	—	—	10.1%	10.8%	8.28%	8.66%	10.9%	5.28%	5.22%	3.31%	2.72%
FCF yield	—	—	8.98%	7.1%	17.4%	14.9%	16%	15.3%	8.01%	3.88%	2.29%
PEG	—	—	—	—	—	—	—	—	—	—	0.31

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	6.09%	9.3%	10.6%	9.57%	14.6%	14.4%	15.5%	17.1%	20.1%	23%	24.8%
Operating margin	-0.69%	2.73%	4.11%	3.73%	7.63%	7.84%	9.08%	10.5%	12.5%	16.6%	20.1%
Net margin	-1.07%	1.65%	2.85%	3.61%	3.5%	4.6%	6.11%	7.24%	12.8%	12.4%	12.5%
ROE	-6.86%	10.8%	17.1%	18.4%	16%	18.1%	22.6%	22.9%	32.8%	28%	40%
ROA	-2.46%	3.41%	6.12%	4.35%	4.5%	5.27%	7.51%	8.04%	13.4%	11.8%	14.6%
ROIC	-6.69%	17.1%	25.1%	6.76%	11%	10.4%	14.3%	28.1%	37.7%	29.4%	37.8%
Return on tangible assets	-3.86%	7.78%	13%	106.4%	54.4%	58.3%	34%	25.6%	31.7%	87.5%	71.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.2	1.53	1.69	1.24	1.12	1.24	1.34	1.25	1.38	1.01	1.11
Quick ratio	1.17	1.5	1.67	1.24	1.12	1.24	1.34	1.25	1.38	1.01	1.11
Debt / equity	0.05	0.62	0.48	2.02	1.43	1.31	1.03	0.64	0.45	0.32	0.24
Debt / assets	0.02	0.19	0.17	0.48	0.4	0.38	0.34	0.22	0.18	0.13	0.11
Net debt / EBITDA	-3.4	0.14	-0.2	6.28	2.52	2.83	1.45	-0.26	-0.82	-0.08	-0.17
Interest coverage	-1.79	2.63	3.53	1.87	3.15	5.6	7.81	7.5	15.2	21.6	37.1
Effective tax rate	0%	0.74%	5.56%	0%	30.7%	28%	29.8%	25.1%	24.4%	24.2%	23.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	29.8	36.5	38.6	42.2	44	49.5	58.6	64.1	68.6	81.5	112.2
EPS (basic)	-0.4	0.44	0.94	1.5	1.52	2.19	3.53	4.51	8.35	9.5	9.5
EPS (diluted)	-0.4	0.43	0.93	1.47	1.5	2.15	3.48	4.44	8.27	9.38	13.9
Book value per share	4.67	5.56	6.4	8.29	9.65	12.6	15.8	20.3	26.8	36.2	44.2
FCF per share	1.44	0.58	0.98	1	3.23	3.93	5.24	13.5	13.5	11.9	15.5
Cash per share	1.85	3.2	3.5	1.71	2.38	2.13	6.01	15.3	21.5	12.8	15.2
Capex per share	0.35	0.32	0.07	0.05	0.09	0.14	0.16	0.45	0.33	2.53	3.71

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.18%	0.88%	0.17%	0.12%	0.19%	0.29%	0.28%	0.7%	0.48%	3.1%	3.36%
Capex / operating cash flow	10.6%	54.1%	4.06%	3.41%	2.09%	2.53%	2.12%	2.88%	1.78%	17.6%	19.4%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$0.001

ex-dividend Dec 23, 1998

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 23, 1998	$0.001

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$560.3M	$486M	$440.4M	$582.8M	$593.7M	$498.8M	$430.9M	$614.5M	$689M	$755.6M	$825.7M	$1.2B
YoY change	+13.7%	+66.7%	+9.11%	+11.6%	+5.96%	+2.65%	-2.14%	+5.43%	+16%	+51.5%	+91.6%	+90.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	42.8M	84M	94.1M	45.7M	66.2M	60.9M	181.5M	471.6M	664.2M	390.7M
Receivables	84.1M	133.9M	145M	168.9M	177.4M	200.2M	262.6M	252.4M	247.1M	501.2M
Inventory	3.7M	4.6M	3.2M	—	—	—	—	—	—	—
Total current assets	175.9M	278.5M	302.6M	330.3M	361.5M	434.7M	597.3M	848M	1B	1B
Property, plant & equipment	55.4M	44.8M	186.5M	115.4M	122.2M	194.3M	254.4M	279.6M	269M	306.2M
Goodwill & intangibles	109.6M	260.1M	255.3M	896.4M	873.8M	1.1B	1.1B	1.2B	1.2B	2.3B
Total assets	301.8M	463.3M	482.6M	934.7M	952.7M	1.2B	1.4B	1.8B	2B	2.6B
Accounts payable	67.1M	97.5M	99.4M	137.6M	95.2M	112.7M	121.9M	146M	130.4M	226.8M
Short-term debt	3.8M	4M	2.9M	49.6M	85M	29.9M	52.3M	46.2M	46.9M	33.8M
Total current liabilities	146.6M	182.3M	179.2M	266.3M	321.9M	351.8M	446.6M	678.2M	742M	1B
Long-term debt	1.5M	86.2M	79.1M	397.6M	300.2M	441.6M	438.8M	352.7M	322.4M	316.1M
Total liabilities	193.7M	317.1M	310.3M	713.5M	684M	874.5M	963.8M	1.2B	1.2B	1.5B
Shareholders' equity	108.1M	146.2M	172.3M	221.2M	268.7M	360.2M	477.8M	623.9M	826.5M	1.1B
Total debt	5.4M	90.1M	82M	447.2M	385.2M	471.5M	491.2M	398.9M	369.3M	349.9M
Net debt	-37.4M	6.2M	-12.1M	401.4M	319M	410.6M	309.6M	-72.7M	-294.9M	-40.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	409.4M	471.6M	480.4M	540M	648.1M	664.2M	638.6M	699.4M	306.4M	390.7M	511.9M	464.5M
Receivables	326.3M	252.4M	274M	374.8M	329.9M	247.1M	285.8M	347.7M	496.1M	501.2M	513.9M	770.7M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	876M	848M	878.9M	1B	1.1B	1B	997.7M	1.1B	963.1M	1B	1.2B	1.4B
Property, plant & equipment	268.3M	279.6M	292.6M	303.4M	301.3M	269M	272.3M	268.6M	302.1M	306.2M	306.5M	342.4M
Goodwill & intangibles	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	2.3B	2.3B	2.3B	2.6B
Total assets	1.7B	1.8B	1.8B	2B	2B	2B	2B	2.2B	2.6B	2.6B	2.8B	3.2B
Accounts payable	150.2M	146M	135.4M	163.8M	160.2M	130.4M	128.9M	159.3M	198.3M	226.8M	234.5M	316M
Short-term debt	53.5M	46.2M	45.6M	46.3M	46M	46.9M	45.8M	33.4M	36.1M	33.8M	31.3M	29.8M
Total current liabilities	685.8M	678.2M	705.7M	820.9M	839M	742M	756.8M	796.2M	966.8M	1B	1.1B	1.3B
Long-term debt	361.8M	352.7M	344.9M	341.6M	331.6M	322.4M	312.9M	309.8M	323.1M	316.1M	310.8M	307.1M
Total liabilities	1.1B	1.2B	1.2B	1.3B	1.3B	1.2B	1.2B	1.2B	1.5B	1.5B	1.6B	1.8B
Shareholders' equity	585.5M	623.9M	652.2M	681M	730.9M	826.5M	826.9M	911.4M	1.1B	1.1B	1.2B	1.4B
Total debt	415.3M	398.9M	390.5M	387.9M	377.6M	369.3M	358.7M	343.1M	359.2M	349.9M	342.2M	336.8M
Net debt	5.9M	-72.7M	-89.9M	-152.1M	-270.5M	-294.9M	-280M	-356.2M	52.8M	-40.8M	-169.7M	-127.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-7.4M	15.8M	29.5M	40.7M	42.9M	65.1M	108.2M	142.8M	270.9M	309.7M
Depreciation & amortization	15.7M	17M	16.8M	20.7M	32.8M	34.2M	52.1M	57.4M	68.4M	77.1M
Stock-based compensation	1.8M	2.8M	3.1M	3.8M	11.6M	11.8M	12.7M	14.6M	19M	24.2M
Change in working capital	66.6M	-22.7M	-10M	-2.1M	3.6M	27.8M	22.2M	247.7M	179.1M	-28.8M
Operating cash flow	77M	15.5M	44.1M	39.1M	113.6M	162.6M	233.8M	479M	571.2M	440M
Capital expenditure	-8.2M	8.4M	1.8M	1.3M	2.4M	4.1M	4.9M	13.8M	10.2M	-77.3M
Investing cash flow	-8.2M	-46.5M	1.8M	-395M	2.4M	-176.8M	-28.8M	-23.4M	-104.9M	-557.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-4.7M	-3.2M	0	0	—	—	-70.6M	-74.2M
Financing cash flow	2.3M	153.8M	-17.9M	750.9M	-70.3M	220.6M	-32.8M	-104.5M	-118.6M	-161.5M
Net change in cash	71.1M	122.8M	27.9M	395.1M	45.6M	206.3M	172.2M	351.1M	347.6M	-279.2M
Free cash flow	33.4M	15.3M	26.3M	26.7M	90M	112.3M	158.2M	414.2M	416.1M	362.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	40.1M	42.4M	33.8M	54.6M	65.4M	117.2M	42.6M	79.1M	96.3M	91.7M	103.8M	168.6M
Depreciation & amortization	14.9M	14.9M	16.3M	16.9M	17.4M	17.9M	17M	17.6M	19.9M	22.6M	23M	25M
Stock-based compensation	4M	3.6M	4.6M	4.8M	4.4M	5.3M	6.7M	5.6M	6M	5.9M	7.5M	8.1M
Change in working capital	76.6M	96.6M	-8.3M	30.7M	47.7M	108.9M	24.5M	24.8M	-20.3M	33.9M	9.4M	-79.1M
Operating cash flow	139.4M	162.5M	48.2M	109.3M	137.7M	276M	91.7M	85.4M	83.6M	186.1M	165.6M	162.5M
Capital expenditure	1.1M	4.2M	2.4M	4.5M	890K	2.3M	1.6M	-13.3M	-19.7M	-26.4M	-19.6M	-50M
Investing cash flow	1.1M	-47M	1.4M	4.5M	-2.9M	-107.9M	-36.3M	-13.3M	-466M	-22.6M	-19.6M	-190M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	—	—	-30.1M	-20.5M	-20M	-43.8M	0	-4.7M	-25.7M	-12.3M	-23M
Financing cash flow	-9.5M	-25.7M	-19.7M	-37.1M	-27.2M	-34.7M	-56.2M	-12.4M	-12M	-80.9M	-26.7M	-21M
Net change in cash	131M	89.9M	29.9M	76.8M	107.6M	133.4M	-822K	59.7M	-394.3M	82.6M	119.2M	-48.6M
Free cash flow	139.7M	132.2M	27.2M	92.1M	138.3M	158.6M	67M	72.1M	64M	159.7M	145.9M	112.4M

Sterling Infrastructure, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement