Feed / PWR

Quanta Services, Inc.

PWR

Industrials · 647.56 +3.2% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:10 GMT-4

Market read

Quanta Services, Inc.'s current read is isolated; its market group is not confirming.

The latest filing evidence is available. 0 of 13 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.

What changed
  • Revenue increased 26.3% versus the comparable filing period.
Company+3.2% todayVolume comparison unavailable
Market group0 of 13 activeDefensive Income · unavailable
Disclosed network0 of 3 confirmingNo filing-linked name is confirming now
What would change this read
  • PWR's market-adjusted activity becomes unusual and at least one connected name confirms.

Invalidation: The isolated read changes if PWR's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Industrials · Engineering & Construction

The latest filing evidence is available. 0 of 13 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.

Evidence that supports
  • Revenue increased 26.3% versus the comparable filing period.
  • Net income increased 52.9% versus the comparable filing period.
  • Operating cash flow covered net income at 1.78x, improving versus the comparable period.
Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • PWR's market-adjusted activity becomes unusual and at least one connected name confirms.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements140
Verified relationships3
Evidence supporting the case
  • Latest annual revenue changed +20.3% year over year.
  • Demand and volume has repeated favorable evidence across 4 filings.
Evidence challenging the case

No qualifying adverse evidence was identified; that is not proof there is no downside.

Questions before a position
  • P/E is 243% above the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 70% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

618.83
6m+9.0%12m+65.7%24m+146.2%
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$13.0B+15.9%$3.34+0.1%
2022-12-31$17.1B+31.5%$3.32+1.8%
2023-12-31$20.9B+22.3%$5.00+0.6%
2024-12-31$23.7B+13.4%$6.03+0.8%
2025-12-31$28.5B+20.3%$6.80+0.8%

What management says matters

Persistent and emerging business drivers

Demand and volumepositive · 4 filings
4 Estimated orders under MSAs and short-term, non-fixed price contracts 10,228,261 22,228,912 10,159,490 20,213,394 Backlog $ 28,232,699 $ 48,471,389 $ 25,866,287 $ 43,976,408 The increases in both remaining performance obligations and backlog from December 3…
10-Q · Apr 30, 2026
Legal and regulatory exposuremixed · 4 filings
As a result, estimates for remaining performance obligations and backlog are subject to change based on, among other things, project accelerations; project cancellations or 34 delays, including but not limited to those caused by commercial issues, regulatory…
10-Q · Apr 30, 2026
Credit and interest ratesmixed · 3 filings
Net cash provided by financing activities in the three months ended March 31, 2025 was primarily due to borrowings under our commercial paper program.
10-Q · Apr 30, 2026
Capital investment and capacitymixed · 1 filings
Investing Activities Net cash used in investing activities in the three months ended March 31, 2026 included $220.1 million of capital expenditures, partially offset by $12.8 million of proceeds from the sale of, and insurance settlements related to, property…
10-Q · Apr 30, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 3.3× · EV/sales 3.3×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

647.56+3.2% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:10 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for PWR. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment · baseline

Fundamentals strengthened in the latest filing

10-Q filed 2026-04-30 against the comparable filing from 2025-05-01.

constructive
OperationsconstructiveEvidence score +3
liquidityconstructiveEvidence score +1
valuationpremium

What improved

  • Revenue increased 26.3% versus the comparable filing period.
  • Net income increased 52.9% versus the comparable filing period.
  • Operating cash flow covered net income at 1.78x, improving versus the comparable period.

What weakened

No thresholded deterioration was identified.

Filing receipts

Also contributing to the increase was a $29.8 million increase in compensation expense, which was primarily attributable to increased non-cash stock compensation expense in support of business growth.

The increase in revenues for the three months ended March 31, 2026 was primarily due to increased demand for our services, as well as approximately $460 million in revenues attributable to acquired businesses.

4 Estimated orders under MSAs and short-term, non-fixed price contracts 10,228,261 22,228,912 10,159,490 20,213,394 Backlog $ 28,232,699 $ 48,471,389 $ 25,866,287 $ 43,976,408 The increases in both remaining performance obligations and backlog from December 31, 2025 to March 31, 2026 were primarily due to new project awards with existing customers.

Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.

Business ecosystem

The relationships behind PWR

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depended on by

CTRICenturi Holdings, Inc.competitorFeb 26, 2026

These competitors include Quanta Services, Inc., MYR Group, Mastec, Inc., Primoris Services Corporation and Everus Construction Group, Inc.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

PWR is currently a Leader in the organic co-movement group Defensive Income. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for PWR; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.