“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 ↗
Quanta Services, Inc.
PWR
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.
- Revenue increased 26.3% versus the comparable filing period.
- 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.
Research brief
The story so far
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.
- 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.
No thresholded adverse filing evidence is available yet.
- PWR's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +20.3% year over year.
- Demand and volume has repeated favorable evidence across 4 filings.
No qualifying adverse evidence was identified; that is not proof there is no downside.
- 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.
Price as of Sep 10, 2026
618.83Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“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 ↗
“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 ↗
“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.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
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.
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.