# MYR Group (MYRG.US)

Canonical: https://gigainvestors.com/s/MYRG

Analysis as of: 2026-10-16T07:30:31.139Z. Financial observations: FY2006–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $285.57 per share; close as of 2026-10-15.

Estimated value: low $100.66 per share, central $142.20 per share, high $166.39 per share. Buy at or below the central value $142.20 per share. Valuation as of 2026-10-16T07:30:31.139Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.04×

- FY2024: 0.02×

- FY2025: 0.04×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.0%

- ROIC, second-lowest year: 8.0%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 11.2%

- Recent gross margin (lower of latest and 3-year median): 11.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 11.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 8.0%

- FY2018: 10.4%

- FY2019: 8.6%

- FY2020: 15.9%

- FY2021: 21.9%

- FY2022: 17.9%

- FY2023: 16.1%

- FY2024: 5.8%

- FY2025: 23.9%

- LTM to Jun 2026: 29.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $396M

- Net income, five-year total: $408M

- Return on incremental invested capital: 22.7%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -4.2 pp

- Working capital / revenue, final three-year average: 17.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.64×

- FY2025: 0.99×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 16.1%

- Per-share earnings: 1.28 to 5.40 (three-year endpoint medians)

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.9%

- Ordinary dilution, 5-year annual growth: -1.4%

- Market cap gain: $2.8B

- Cumulative retained earnings: $380M

- Diluted shares, 10-year annual growth: -2.9%

- Diluted shares, 5-year annual growth: -1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.7%

- Per-share value change: $4.12

- Per-share value, starting three-year median: $1.28

- Per-share value, ending three-year median: $5.40

- Buybacks concentrated in cheaper years (correlation): -0.67

- Average buyback yield: 2.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $186M

- Cumulative net income, 10 years: $578M

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 16.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.23

- FY2017: $1.28

- FY2018: $1.87

- FY2019: $2.26

- FY2020: $3.48

- FY2021: $4.95

- FY2022: $4.91

- FY2023: $5.40

- FY2024: $1.83

- FY2025: $7.53

### accounting: pass

- Sloan accruals: -12.7%

- Receivables to sales index (DSRI): 0.81×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: 5.0%

- FY2018: -7.2%

- FY2019: -2.7%

- FY2020: -11.7%

- FY2021: -4.7%

- FY2022: -6.0%

- FY2023: 1.3%

- FY2024: -3.6%

- FY2025: -12.7%

## Holders

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 43% since Jun 2026 · "MYR Group Confronts Contract Headwinds And Rising Costs Test Capital Returns" (finance.yahoo.com, Feb 2026) · sales +9.5%

Story as of 2026-10-16T09:59:14.302Z; price observation 2026-10-15.

Price needs cash profits to grow 15.5% a year for ten years

- 2025-07-30: MYR Group earnings beat by $0.18, revenue topped estimates ([investing.com](https://www.investing.com/news/earnings/myr-group-earnings-beat-by-018-revenue-topped-estimates-4161214))

- 2026-02-12: MYR Group Confronts Contract Headwinds And Rising Costs Test Capital Returns ([finance.yahoo.com](https://finance.yahoo.com/news/myr-group-confronts-contract-headwinds-191626133.html))

- 2026-04-25: Assessing MYR Group (MYRG) Valuation After Margin Gains And Optimistic Market Expansion Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/assessing-myr-group-myrg-valuation-100419133.html))

- 2026-05-02: MYR Group’s Record Quarter And Raised Outlook Highlight Grid And Data Center Demand ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/myr-group-record-quarter-raised-131507362.html))

### Sales · FY2025–2026

sales +9.5%; source https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm; observed 2026-02-25.

- FY2017: $1.4B 

- FY2018: $1.5B 

- FY2019: $2.1B 

- FY2020: $2.2B 

- FY2021: $2.5B 

- FY2022: $3.0B 

- FY2023: $3.6B 

- FY2024: $3.4B 

- FY2025: $3.7B 

- FY2026: $4.0B 

### Gross margin · FY2026

gross margin 12.4%; source https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm; observed 2026-02-25.

- FY2017: 8.9% 

- FY2018: 10.9% 

- FY2019: 10.3% 

- FY2020: 12.3% 

- FY2021: 13.0% 

- FY2022: 11.4% 

- FY2023: 10.0% 

- FY2024: 8.6% 

- FY2025: 11.5% 

- FY2026: 12.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in engineering & construction; annual sales are USD 3.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm (filed 2026-02-25); FY2025: revenue 3657889000; grossProfit 418968000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MYRG.US: MYR Group Inc., through its subsidiaries, provides electrical construction services in the United States and Canada. The company operates through two segments: Transmission and Distribution, and Commercial and Industrial. Its Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice storm, or other related damages. This segment serves as prime contractor to customers, such as investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners, and other contractors. The Commercial and Industrial segment provides a range of services, including design, installation, maintenance, and repair of commercial and industrial wiring; and installation of intelligent transportation systems, roadway lighting, and signalization for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization, and electric vehicle charging infrastructure. This segment serves general contractors, commercial and industrial facility owners, governmental agencies, and developers. MYR Group Inc. was founded in 1891 and is headquartered in Thornton, Colorado.

### Why customers stay

Margins ranged from 8.6% to 11.5% during 2023–25; it earns 16% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 10%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 8.6%.

- Source: https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 11.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2017,0.07995606100230096],[2018,0.10405968301618851],[2019,0.08616708614903865],[2020,0.1591413361002548],[2021,0.21857721984378506],[2022,0.17931412331043683],[2023,0.16118947165167122],[2024,0.058291749207333446],[2025,0.23949428093864603],[2026,0.28951941945093373]]; median 0.160165403875963. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 22.7% of cash earnings on expansion; earns 22.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 25371000; cash acquisitions 12056000; owner earnings 35182000. Growth capex plus acquisitions / owner earnings = 0.3426752316525496.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 30843000; cash acquisitions 0; owner earnings 28887000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 10791000; upkeep 39913000; owner earnings 31087000. Growth capex / owner earnings = 0.3471225914369351.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 13312000; upkeep 44516000; owner earnings 37690000. Growth capex / owner earnings = 0.3531971345184399.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 0; upkeep 44355000; cash acquisitions 0; owner earnings 60857000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 6156000; upkeep 46205000; cash acquisitions 0; owner earnings 85010000. Growth capex plus acquisitions / owner earnings = 0.07241500999882367.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 18886000; upkeep 58170000; cash acquisitions 110660000; owner earnings 83381000. Growth capex plus acquisitions / owner earnings = 1.5536633045897748.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 25598000; upkeep 59138000; cash acquisitions 0; owner earnings 90990000. Growth capex plus acquisitions / owner earnings = 0.2813276184196066.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 75938000; cash acquisitions 0; owner earnings 19514000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm (filed 2026-02-25); FY2025: growth capex 26530817.828159243; upkeep 67841182.17184076; owner earnings 117086817.82815924. Growth capex / owner earnings = 0.2265909888088069.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 0.227434269993509, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,341000],[2020,749000],[2021,2854000],[2022,0],[2023,10065000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 75000000 USD.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MYRG.US SharesStats.PercentInsiders = 1.855 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.5% yearly over ten years; actual growth was 19.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate 0.2119469886709905. Price 285.57; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.297746934119213 → FY2025 7.444009016985138. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $29.84 per share

- 2016-11: $37.46 per share

- 2016-12: $37.68 per share

- 2017-01: $38.47 per share

- 2017-02: $37.51 per share

- 2017-03: $41.00 per share

- 2017-04: $42.26 per share

- 2017-05: $29.36 per share

- 2017-06: $31.02 per share

- 2017-07: $31.81 per share

- 2017-08: $25.81 per share

- 2017-09: $29.14 per share

- 2017-10: $31.89 per share

- 2017-11: $35.56 per share

- 2017-12: $35.73 per share

- 2018-01: $33.88 per share

- 2018-02: $32.35 per share

- 2018-03: $30.82 per share

- 2018-04: $30.00 per share

- 2018-05: $39.04 per share

- 2018-06: $35.46 per share

- 2018-07: $36.89 per share

- 2018-08: $34.77 per share

- 2018-09: $32.64 per share

- 2018-10: $33.39 per share

- 2018-11: $31.30 per share

- 2018-12: $28.17 per share

- 2019-01: $30.47 per share

- 2019-02: $33.54 per share

- 2019-03: $34.63 per share

- 2019-04: $36.15 per share

- 2019-05: $32.29 per share

- 2019-06: $37.35 per share

- 2019-07: $36.12 per share

- 2019-08: $28.67 per share

- 2019-09: $31.29 per share

- 2019-10: $34.41 per share

- 2019-11: $34.36 per share

- 2019-12: $32.59 per share

- 2020-01: $28.72 per share

- 2020-02: $25.51 per share

- 2020-03: $26.19 per share

- 2020-04: $30.00 per share

- 2020-05: $28.81 per share

- 2020-06: $31.91 per share

- 2020-07: $36.67 per share

- 2020-08: $38.81 per share

- 2020-09: $37.18 per share

- 2020-10: $42.75 per share

- 2020-11: $51.13 per share

- 2020-12: $60.10 per share

- 2021-01: $55.61 per share

- 2021-02: $58.95 per share

- 2021-03: $71.67 per share

- 2021-04: $77.90 per share

- 2021-05: $87.04 per share

- 2021-06: $90.92 per share

- 2021-07: $95.63 per share

- 2021-08: $104.01 per share

- 2021-09: $99.50 per share

- 2021-10: $102.15 per share

- 2021-11: $110.71 per share

- 2021-12: $110.55 per share

- 2022-01: $94.03 per share

- 2022-02: $89.75 per share

- 2022-03: $94.04 per share

- 2022-04: $79.09 per share

- 2022-05: $91.61 per share

- 2022-06: $88.13 per share

- 2022-07: $95.23 per share

- 2022-08: $92.94 per share

- 2022-09: $84.73 per share

- 2022-10: $87.51 per share

- 2022-11: $95.53 per share

- 2022-12: $92.07 per share

- 2023-01: $99.06 per share

- 2023-02: $120.61 per share

- 2023-03: $126.01 per share

- 2023-04: $127.99 per share

- 2023-05: $127.50 per share

- 2023-06: $138.34 per share

- 2023-07: $142.56 per share

- 2023-08: $142.07 per share

- 2023-09: $134.76 per share

- 2023-10: $115.83 per share

- 2023-11: $124.42 per share

- 2023-12: $144.63 per share

- 2024-01: $143.85 per share

- 2024-02: $162.46 per share

- 2024-03: $176.75 per share

- 2024-04: $166.25 per share

- 2024-05: $155.06 per share

- 2024-06: $135.71 per share

- 2024-07: $140.48 per share

- 2024-08: $100.80 per share

- 2024-09: $102.23 per share

- 2024-10: $131.00 per share

- 2024-11: $157.90 per share

- 2024-12: $148.77 per share

- 2025-01: $141.57 per share

- 2025-02: $122.72 per share

- 2025-03: $113.09 per share

- 2025-04: $122.32 per share

- 2025-05: $156.85 per share

- 2025-06: $181.45 per share

- 2025-07: $193.50 per share

- 2025-08: $187.27 per share

- 2025-09: $208.03 per share

- 2025-10: $217.70 per share

- 2025-11: $224.32 per share

- 2025-12: $218.50 per share

- 2026-01: $250.04 per share

- 2026-02: $269.96 per share

- 2026-03: $282.32 per share

- 2026-04: $404.81 per share

- 2026-05: $465.06 per share

- 2026-06: $500.40 per share

- 2026-07: $333.22 per share

- 2026-08: $291.42 per share

- 2026-09: $292.46 per share

- 2026-10: $285.57 per share

## Annual estimated value (USD per share)

- FY2016: low $25.54 per share, central $33.85 per share, high $39.61 per share

- FY2017: low $25.70 per share, central $31.54 per share, high $36.78 per share

- FY2018: low $28.75 per share, central $36.42 per share, high $42.54 per share

- FY2019: low $34.35 per share, central $48.54 per share, high $56.99 per share

- FY2020: low $37.24 per share, central $53.19 per share, high $62.49 per share

- FY2021: low $42.61 per share, central $60.07 per share, high $70.24 per share

- FY2022: low $65.23 per share, central $93.18 per share, high $109.46 per share

- FY2023: low $79.67 per share, central $113.82 per share, high $133.70 per share

- FY2024: low $60.22 per share, central $68.52 per share, high $79.57 per share

- FY2025: low $92.52 per share, central $130.07 per share, high $151.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/700923/000070092326000007/myrg-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.