# Quanta Services (PWR.US)

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

Analysis as of: 2026-10-16T07:33:41.795Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $642.21 per share; close as of 2026-10-15.

Estimated value: low $130.60 per share, central $186.56 per share, high $219.15 per share. Buy at or below the central value $186.56 per share. Valuation as of 2026-10-16T07:33:41.795Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% 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: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.06×

- FY2023: 0.05×

- FY2024: 0.06×

- FY2025: 0.06×

- LTM to Jun 2026: 0.06×

### moat: pass

- ROIC, median of available years: 15.1%

- ROIC, second-lowest year: 11.8%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 12.9%

- Recent gross margin (lower of latest and 3-year median): 13.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 7.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.8%

- FY2018: 14.0%

- FY2019: 11.8%

- FY2020: 14.4%

- FY2021: 10.0%

- FY2022: 13.0%

- FY2023: 16.3%

- FY2024: 17.8%

- FY2025: 15.9%

- LTM to Jun 2026: 19.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.24×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.6B

- Net income, five-year total: $4.5B

- Return on incremental invested capital: 30.1%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.2 pp

- Working capital / revenue, final three-year average: 20.5%

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

- FY2022: 1.44×

- FY2023: 1.24×

- FY2024: 1.15×

- FY2025: 1.29×

- LTM to Jun 2026: 1.18×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.0% vs 16.3%

- Per-share earnings: 1.59 to 6.03 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.5%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: $58B

- Cumulative retained earnings: $4.8B

- Diluted shares, 10-year annual growth: -2.5%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.1%

- Per-share value change: $4.44

- Per-share value, starting three-year median: $1.59

- Per-share value, ending three-year median: $6.03

- Buybacks concentrated in cheaper years (correlation): 0.59

- Average buyback yield: 1.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $8.8B

- Cumulative net income, 10 years: $5.3B

- ROIC, first three-year median: 14.0%

- ROIC, last three-year median: 16.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.26

- FY2017: $2.00

- FY2018: $1.90

- FY2019: $2.73

- FY2020: $3.07

- FY2021: $3.34

- FY2022: $3.32

- FY2023: $5.00

- FY2024: $6.03

- FY2025: $6.80

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 8.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -0.9%

- FY2018: -0.9%

- FY2019: -1.5%

- FY2020: -8.0%

- FY2021: -0.8%

- FY2022: -4.7%

- FY2023: -5.1%

- FY2024: -6.3%

- FY2025: -4.8%

## Holders

## Price story

Price needs cash profits to grow 22.5% a year for ten years · sales +15.6%

Story as of 2026-10-16T09:59:57.256Z; price observation 2026-10-15.

Price needs cash profits to grow 22.5% a year for ten years

- 2025-05-07: Quanta Services (NYSE:PWR) Wins Part Of US$1.7 Billion Contract For HVDC Line Project ([finance.yahoo.com](https://finance.yahoo.com/news/quanta-services-nyse-pwr-wins-173809831.html))

- 2025-06-27: Power Demand For Data Centers, AI Fuels 870% Rally For Quanta Services ([finance.yahoo.com](https://finance.yahoo.com/m/0853be6e-98bd-3a07-8f94-37e9c3aac3e5/power-demand-for-data.html))

- 2025-07-31: Quanta (NYSE:PWR) Beats Expectations in Strong Q2, Guides for Strong Full-Year Sales ([finance.yahoo.com](https://finance.yahoo.com/news/quanta-nyse-pwr-beats-expectations-113308618.html))

- 2026-02-19: Quanta Services forecasts 2026 profit above estimates on strong AI data center-led demand ([finance.yahoo.com](https://finance.yahoo.com/news/quanta-services-forecasts-2026-profit-123404981.html))

- 2026-04-30: PWR Q1 Earnings Top Estimates on Strong Execution, 2026 View Raised ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pwr-q1-earnings-top-estimates-164700662.html))

- 2026-10-10: Is Quanta Services (PWR) Overvalued As AI Demand Lifts Growth Hopes? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/quanta-services-pwr-overvalued-ai-021336606.html))

### Sales · FY2025–2026

sales +15.6%; source https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm; observed 2026-02-19.

- FY2017: $9.5B 

- FY2018: $11B 

- FY2019: $12B 

- FY2020: $11B 

- FY2021: $13B 

- FY2022: $17B 

- FY2023: $21B 

- FY2024: $24B 

- FY2025: $28B 

- FY2026: $33B 

### Gross margin · FY2026

gross margin 14.4%; source https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm; observed 2026-02-19.

- FY2017: 12.8% 

- FY2018: 12.9% 

- FY2019: 12.7% 

- FY2020: 14.1% 

- FY2021: 13.8% 

- FY2022: 12.7% 

- FY2023: 12.7% 

- FY2024: 13.2% 

- FY2025: 13.0% 

- FY2026: 14.4% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are USD 28.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm (filed 2026-02-19); FY2025: revenue 28351482000; grossProfit 3694038000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PWR.US: Quanta Services, Inc. offers infrastructure solutions for the electric and gas utility, power generation, load center, manufacturing, communications, pipeline, and energy industries. The company's Electric Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings. This segment offers aviation; emergency aerial firefighting services; emergency restoration; and other engineering and technical services; design and construction solutions to wireline and wireless communications, cable multi-system operators, technology companies, and other customers; engineering, procurement, new construction, and repair and maintenance services for renewable generation facilities; and training for electric workers, as well as training for the gas distribution and communications industries. Its Underground Utility and Infrastructure Solutions segment is involved in the transportation, distribution, storage, development, and processing of natural gas, oil, and other products, as well as owns and operates large load centers. This segment also engages in the design, engineering, procurement, construction, upgrade, and repair and maintenance services for natural gas systems; pipeline protection, integrity testing, rehabilitation, and replacement services; and catalyst replacement, high-pressure and critical-path turnaround, instrumentation and electrical, piping, fabrication, and storage tank services. The company was formerly known as Fabal Construction, Inc. and changed its name to Quanta Services, Inc. in November 1997. The company was incorporated in 1997 and is headquartered in Houston, Texas.

### Why customers stay

Margins ranged from 12.7% to 13.2% during 2023–25; it earns 15.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 12.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 13.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 13%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2017,0.15809105211357816],[2018,0.1395275811918349],[2019,0.11760575262797261],[2020,0.1440200179892247],[2021,0.10016217435916516],[2022,0.12992940659421653],[2023,0.16257370119947365],[2024,0.17831259880036515],[2025,0.1590130570191032],[2026,0.1962085745938637]]; median 0.15105553505140143. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 13% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm (filed 2026-02-19); Gross margin observations: [[2021,0.13773988146419477],[2022,0.12739805304036225],[2023,0.1268099740037044]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 134.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 10630000; upkeep 201925000; owner earnings 198383000. Growth capex / owner earnings = 0.053583220336419955.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 28638000; upkeep 216013000; owner earnings 314978000. Growth capex / owner earnings = 0.09092063572693966.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 61530000; upkeep 246513000; owner earnings 293346000. Growth capex / owner earnings = 0.20975230615041623.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 262270000; owner earnings 419972000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 260574000; owner earnings 486982000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 386719000; owner earnings 520132000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 428782000; owner earnings 707027000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 434803000; owner earnings 923686000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 604078000; owner earnings 1043068000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 609154000; owner earnings 1329607000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,761000],[2017,2001000],[2018,4038000],[2019,23236000],[2020,28891000],[2021,34022000],[2022,41058000],[2023,47752000],[2024,54196000],[2025,60416000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 134555000 USD.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PWR.US SharesStats.PercentInsiders = 0.668 percentage points; cache date 2026-10-16.

### What could break it

"Our business is subject to operational hazards" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm (filed 2026-02-19); Our business is subject to operational hazards

### What the price says

The price assumes cash profits grow 22.5% yearly over ten years; actual growth was 19.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.3143792980691926. Price 642.21; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.5294229192291924 → FY2025 8.788407770455612. Closing-price date 2026-10-15.

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

- 2016-10: $28.75 per share

- 2016-11: $33.72 per share

- 2016-12: $34.85 per share

- 2017-01: $35.89 per share

- 2017-02: $37.32 per share

- 2017-03: $37.11 per share

- 2017-04: $35.44 per share

- 2017-05: $30.66 per share

- 2017-06: $32.92 per share

- 2017-07: $33.73 per share

- 2017-08: $35.93 per share

- 2017-09: $37.37 per share

- 2017-10: $37.73 per share

- 2017-11: $37.90 per share

- 2017-12: $39.11 per share

- 2018-01: $38.49 per share

- 2018-02: $34.44 per share

- 2018-03: $34.35 per share

- 2018-04: $32.50 per share

- 2018-05: $36.01 per share

- 2018-06: $33.40 per share

- 2018-07: $34.07 per share

- 2018-08: $34.59 per share

- 2018-09: $33.38 per share

- 2018-10: $31.20 per share

- 2018-11: $35.10 per share

- 2018-12: $30.10 per share

- 2019-01: $35.34 per share

- 2019-02: $35.64 per share

- 2019-03: $37.74 per share

- 2019-04: $40.60 per share

- 2019-05: $34.76 per share

- 2019-06: $38.19 per share

- 2019-07: $37.42 per share

- 2019-08: $33.90 per share

- 2019-09: $37.80 per share

- 2019-10: $42.05 per share

- 2019-11: $41.64 per share

- 2019-12: $40.71 per share

- 2020-01: $39.15 per share

- 2020-02: $38.13 per share

- 2020-03: $31.73 per share

- 2020-04: $36.36 per share

- 2020-05: $36.93 per share

- 2020-06: $39.23 per share

- 2020-07: $39.97 per share

- 2020-08: $51.25 per share

- 2020-09: $52.86 per share

- 2020-10: $62.43 per share

- 2020-11: $68.34 per share

- 2020-12: $72.02 per share

- 2021-01: $70.47 per share

- 2021-02: $83.85 per share

- 2021-03: $87.98 per share

- 2021-04: $96.64 per share

- 2021-05: $95.35 per share

- 2021-06: $90.57 per share

- 2021-07: $90.90 per share

- 2021-08: $102.10 per share

- 2021-09: $113.82 per share

- 2021-10: $121.28 per share

- 2021-11: $113.78 per share

- 2021-12: $114.66 per share

- 2022-01: $102.72 per share

- 2022-02: $108.94 per share

- 2022-03: $131.61 per share

- 2022-04: $115.98 per share

- 2022-05: $119.00 per share

- 2022-06: $125.34 per share

- 2022-07: $138.73 per share

- 2022-08: $141.30 per share

- 2022-09: $127.39 per share

- 2022-10: $142.04 per share

- 2022-11: $149.88 per share

- 2022-12: $142.50 per share

- 2023-01: $152.19 per share

- 2023-02: $161.40 per share

- 2023-03: $166.64 per share

- 2023-04: $169.64 per share

- 2023-05: $177.58 per share

- 2023-06: $196.45 per share

- 2023-07: $201.62 per share

- 2023-08: $209.87 per share

- 2023-09: $187.07 per share

- 2023-10: $167.12 per share

- 2023-11: $188.31 per share

- 2023-12: $215.80 per share

- 2024-01: $194.05 per share

- 2024-02: $241.51 per share

- 2024-03: $259.80 per share

- 2024-04: $258.56 per share

- 2024-05: $275.94 per share

- 2024-06: $254.09 per share

- 2024-07: $265.38 per share

- 2024-08: $275.13 per share

- 2024-09: $298.15 per share

- 2024-10: $301.63 per share

- 2024-11: $344.52 per share

- 2024-12: $316.05 per share

- 2025-01: $307.61 per share

- 2025-02: $259.63 per share

- 2025-03: $254.18 per share

- 2025-04: $292.69 per share

- 2025-05: $342.56 per share

- 2025-06: $378.08 per share

- 2025-07: $406.13 per share

- 2025-08: $377.96 per share

- 2025-09: $414.42 per share

- 2025-10: $449.13 per share

- 2025-11: $464.88 per share

- 2025-12: $422.06 per share

- 2026-01: $474.63 per share

- 2026-02: $563.08 per share

- 2026-03: $549.02 per share

- 2026-04: $727.77 per share

- 2026-05: $711.73 per share

- 2026-06: $720.04 per share

- 2026-07: $667.36 per share

- 2026-08: $607.09 per share

- 2026-09: $642.51 per share

- 2026-10: $688.88 per share

## Annual estimated value (USD per share)

- FY2016: low $24.67 per share, central $33.31 per share, high $39.03 per share

- FY2017: low $30.95 per share, central $44.21 per share, high $51.93 per share

- FY2018: low $32.10 per share, central $44.91 per share, high $52.70 per share

- FY2019: low $37.14 per share, central $53.05 per share, high $62.32 per share

- FY2020: low $34.89 per share, central $49.84 per share, high $58.55 per share

- FY2021: low $42.09 per share, central $60.13 per share, high $70.63 per share

- FY2022: low $63.44 per share, central $90.37 per share, high $106.05 per share

- FY2023: low $84.86 per share, central $118.71 per share, high $138.42 per share

- FY2024: low $95.02 per share, central $134.97 per share, high $158.24 per share

- FY2025: low $112.25 per share, central $160.36 per share, high $188.37 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

Prior published observations retained from 2026-10-15T06:39:26.585Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm); period 2025-12-31, filed 2026-02-19.

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.

## Reported holder observations



# PWR — Quanta Services

Held by 1 investor · USD 15,743,212 total · 2020 Q4 · reported price USD 72.02 (split-adjusted).
Page: https://gigainvestors.com/s/PWR

## Holders (2020 Q4)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Edgar Wachenheim (https://gigainvestors.com/GA) | USD 15,743,212 | 0.3% | reduce -33.76% |

## Total held by quarter

- 2019 Q1: USD 105,164,397 · 1 holder · USD 37.74
- 2019 Q2: USD 105,865,201 · 1 holder · USD 38.19
- 2019 Q3: USD 93,031,319 · 1 holder · USD 37.80
- 2019 Q4: USD 71,415,477 · 1 holder · USD 40.71
- 2020 Q1: USD 26,990,871 · 1 holder · USD 31.73
- 2020 Q2: USD 32,679,022 · 1 holder · USD 39.23
- 2020 Q3: USD 17,444,857 · 1 holder · USD 52.86
- 2020 Q4: USD 15,743,212 · 1 holder · USD 72.02
- 2021 Q1: USD 0 · 0 holders