“The Company’s Contract Capital fluctuations are impacted by the mix of projects in Backlog, seasonality, the timing of new awards and related payments for work performed and the contract billings to the customer as projects are completed.”10-Q · Aug 4, 2026 ↗
Sterling Infrastructure, Inc.
STRL
Market read
Sterling Infrastructure, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 25 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
- Revenue increased 90.1% versus the comparable filing period.
- Management linked higher operating income to volume from large mission-critical projects and contributions from the acquired electrical and mechanical business.
Invalidation: The isolated read changes if STRL's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 25 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
- Revenue increased 90.1% versus the comparable filing period.
- Operating margin improved 1.8 percentage points.
- Net income increased 119.5% versus the comparable filing period.
No thresholded adverse filing evidence is available yet.
- Management linked higher operating income to volume from large mission-critical projects and contributions from the acquired electrical and mechanical business.
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 +17.7% year over year.
- Operating margin changed +3.8 percentage points in the latest annual period.
- Demand and volume has repeated favorable evidence across 5 filings.
No qualifying adverse evidence was identified; that is not proof there is no downside.
- P/E is 28% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 210% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 11, 2026
510.90Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“The obligations under the Credit Facility were secured by substantially all assets of the Company and the subsidiary guarantors, subject to certain permitted liens and other customary exceptions.”10-Q · Aug 4, 2026 ↗
“During the year ended December 31, 2024, approximately $ 25,000 of accumulated impairment was written off due to the deconsolidation of our 50 % owned RHB subsidiary.”10-K · Feb 26, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 6.3× · EV/sales 6.3×. 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, 15:55 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 STRL. 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
Fundamentals strengthened in the latest filing
10-Q filed 2026-08-04 against the comparable filing from 2025-08-05.
Capital and cash conversion
Investment load increased
Capital spending consumed more revenue while free-cash-flow margin declined.
- Capital spending YoY
- +122.8%
- Capital spending / revenue
- +3.5%
- Free-cash-flow margin
- +13.0%
- FCF margin change
- -0.3 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 90.1% versus the comparable filing period.
- Operating margin improved 1.8 percentage points.
- Net income increased 119.5% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“The increases in operating income were primarily driven by higher volume from large mission-critical projects, and partly attributable to $25.2 million (inclusive of $2.3 million of intangible amortization) and $37.5 million (inclusive of $4.6 million of intangible amortization) of contributions for the three and six months ended June 30, 2026, respectively, from the electrical and mechanical business acquired late in the third quarter of 2025.”
“The financing cash outflow during the period was primarily driven by $35.3 million for the repurchase of common stock, $11.9 million for withholding taxes paid on 28 the net share settlement of vested equity awards, $7.8 million of earn-out payments, and $7.5 million of repayments on the Term Loan Facility, partly offset by $14.7 million of capital contributions from noncontrolling interest owners.”
“Cash flows provided by operating activities were primarily driven by higher operating income, the collection of receivables from affiliate, distributions of earnings from our unconsolidated subsidiary, and changes in our accounts receivable, net contracts in progress and accounts payable balances (collectively, “Contract Capital”), as discussed below.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind STRL
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
IRVRFFiling-linked nameinvesteeMay 5, 2026 ▾
“SIGNIFICANT TRANSACTIONS CEC Acquisition— On September 1, 2025, the Company acquired substantially all of the assets of Irving, Texas-based CEC Facilities Group, LLC (“CEC”) a leading specialty electrical and mechanical contractor.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 4 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
STRL is currently a Follower in the organic co-movement group Engineering & Construction. 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.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.