# Tutor Perini (TPC.US)

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

Analysis as of: 2026-10-16T07:32:28.052Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $78.65 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 4

- Operating margin variation: 6.21×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: -0.08×

- FY2020: 0.05×

- FY2021: 0.05×

- FY2022: -0.05×

- FY2023: -0.03×

- FY2024: -0.02×

- FY2025: 0.04×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 4.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.9%

- ROIC, second-lowest year: -8.3%

- Typical minus recent gross margin: 4.6 pp

- Typical gross margin (annual median): 9.2%

- Recent gross margin (lower of latest and 3-year median): 4.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.7%

- FY2018: 7.6%

- FY2019: -15.4%

- FY2020: 11.5%

- FY2021: 8.5%

- FY2022: -8.3%

- FY2023: -5.6%

- FY2024: -8.1%

- FY2025: 33.4%

- LTM to Jun 2026: 59.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$274M

- Net income, five-year total: -$373M

- Return on incremental invested capital: 56.9%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 40.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $172M

- FY2022: -$205M

- FY2023: -$171M

- FY2024: -$147M

- FY2025: $78M

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.3% vs -5.6%

- Per-share earnings: 1.92 to -3.13 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: 0.9%

- Market cap gain: $2.2B

- Cumulative retained earnings: -$427M

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$5.05

- Per-share value, starting three-year median: $1.92

- Per-share value, ending three-year median: -$3.13

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 4.2%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $0

- Cumulative net income, 10 years: -$324M

- ROIC, first three-year median: 8.3%

- ROIC, last three-year median: -5.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.92

- FY2017: $2.92

- FY2018: $1.66

- FY2019: -$7.72

- FY2020: $2.12

- FY2021: $1.79

- FY2022: -$4.09

- FY2023: -$3.30

- FY2024: -$3.13

- FY2025: $1.51

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -12.9%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 20.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 9.30×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.4%

- FY2017: -0.4%

- FY2018: 1.4%

- FY2019: -11.7%

- FY2020: -1.3%

- FY2021: 5.1%

- FY2022: -9.2%

- FY2023: -10.8%

- FY2024: -15.7%

- FY2025: -12.9%

## Holders

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

## Price story

Up 991% since Oct 2023 · "Tutor Perini raises 2025 EPS guidance to $1.70–$2.00 as record $21.1B backlog supports outlook" (seekingalpha.com, Aug 2025) · sales +7.3%

Story as of 2026-10-16T09:59:42.740Z; price observation 2026-10-15.

- 2025-05-07: Tutor Perini Reports Strong First Quarter 2025 Results; Raises 2025 EPS Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/tutor-perini-reports-strong-first-201500963.html))

- 2025-06-30: Tutor Perini awarded $1.87B NYC contract for Midtown bus terminal work ([seekingalpha.com](https://seekingalpha.com/news/4463994-tutor-perini-awarded-1_87b-nyc-contract-for-midtown-bus-terminal-work?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-08-06: Tutor Perini Reports Strong Second Quarter 2025 Results; Raises 2025 EPS Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/tutor-perini-reports-strong-second-201500054.html))

- 2025-09-08: Tutor Perini subsidiary secures ~$20M contract ([seekingalpha.com](https://seekingalpha.com/news/4492956-tutor-perini-subsidiary-secures-20m-contract?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-08: Tutor Perini (TPC) Lands $69.5 Million Death Valley Water Rehab Contract ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/tutor-perini-tpc-lands-69-141032893.html))

- 2026-10-05: Tutor Perini unit wins $315M U.S. Coast Guard contract ([seekingalpha.com](https://seekingalpha.com/news/4650095-tutor-perini-unit-wins-315m-us-coast-guard-contract?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +7.3%; source https://www.sec.gov/Archives/edgar/data/77543/000007754326000028/tpc-20251231.htm; observed 2026-02-26.

- FY2017: $4.8B 

- FY2018: $4.5B 

- FY2019: $4.5B 

- FY2020: $5.3B 

- FY2021: $4.6B 

- FY2022: $3.8B 

- FY2023: $3.9B 

- FY2024: $4.3B 

- FY2025: $5.5B 

- FY2026: $5.9B 

### Gross margin · FY2025

gross margin 11.7%; source https://www.sec.gov/Archives/edgar/data/77543/000007754326000028/tpc-20251231.htm; observed 2026-02-26.

- FY2016: 9.2% 

- FY2017: 9.6% 

- FY2018: 10.2% 

- FY2019: 5.4% 

- FY2020: 9.1% 

- FY2021: 10.0% 

- FY2022: 0.8% 

- FY2023: 3.6% 

- FY2024: 4.6% 

- FY2025: 11.7% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are USD 5.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/77543/000007754326000028/tpc-20251231.htm (filed 2026-02-26); FY2025: revenue 5543039000; grossProfit 647515000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TPC.US: Tutor Perini Corporation, a construction company, provides diversified general contracting, construction management, and design-build services to private customers and public agencies in the United States and internationally. It operates through three segments: Civil, Building, and Specialty Contractors. The Civil segment engages in public works construction and the replacement and reconstruction of infrastructure; and offers civil contracting services, including construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military and other government facilities, and water management and wastewater treatment facilities, as well as provides drilling, foundation, and excavation support for shoring, bridges, piers, roads, and highway projects. The Building segment offers various specialized building markets, such as hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial, and technology. The Specialty Contractors segment provides electrical, mechanical, plumbing, and fire protection systems, as well as heating, ventilation, and air conditioning services (HVAC) for civil and building construction projects in industrial, commercial, hospitality and gaming, and mass-transit end markets. It also offers pre-construction planning and project management services comprising planning and scheduling of the manpower, equipment, materials, and subcontractor services; and self-performed construction services consisting of site work, concrete forming and placement, and steel erection. The company was formerly known as Perini Corporation and changed its name to Tutor Perini Corporation in May 2009. Tutor Perini Corporation was founded in 1894 and is headquartered in Sylmar, California.

### Why customers stay

Margins ranged from 3.6% to 11.7% during 2023–25; it earns 7.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 3.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 4.6%.

- Source: https://www.sec.gov/Archives/edgar/data/77543/000007754326000028/tpc-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 11.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.08299276797903682],[2017,0.1073634440146033],[2018,0.07567289194184805],[2019,-0.15372484659796673],[2020,0.1146636028776935],[2021,0.08496227596892646],[2022,-0.0832261353948704],[2023,-0.05638400848018156],[2024,-0.08126324315856892],[2025,0.3344367032633086]]; median 0.07933282996044244. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 56.9% on new investment; paid dividends in 4 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 15743000; owner earnings 147381000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 30280000; owner earnings 170032000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 77069000; owner earnings 53634000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 54781000; owner earnings 160647000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 38594000; cash acquisitions 0; owner earnings 171560000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/77543/000007754326000028/tpc-20251231.htm (filed 2026-02-26); FY2025: growth capex 128484212.24262126; upkeep 52369787.75737874; owner earnings 77885212.24262126. Growth capex / owner earnings = 1.6496611942505643.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Incremental return on capital 0.5693463496733189, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,1554479000],[2017,17499000],[2018,29000000],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,3167000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TPC.US SharesStats.PercentInsiders = 9.932 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 78.65 USD; reporting-to-trading FX 1; FY2025 annual sales per share 103.77696440941344; price multiple 0.7578753189360566. FY2025 cash earnings/share 1.4581695887259891. Closing-price date 2026-10-15.

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

- 2016-10: $19.05 per share

- 2016-11: $26.10 per share

- 2016-12: $28.00 per share

- 2017-01: $29.80 per share

- 2017-02: $30.45 per share

- 2017-03: $31.80 per share

- 2017-04: $30.85 per share

- 2017-05: $25.95 per share

- 2017-06: $28.75 per share

- 2017-07: $26.60 per share

- 2017-08: $26.15 per share

- 2017-09: $28.40 per share

- 2017-10: $28.20 per share

- 2017-11: $25.20 per share

- 2017-12: $25.35 per share

- 2018-01: $24.75 per share

- 2018-02: $24.15 per share

- 2018-03: $22.05 per share

- 2018-04: $20.65 per share

- 2018-05: $19.80 per share

- 2018-06: $18.45 per share

- 2018-07: $18.50 per share

- 2018-08: $20.35 per share

- 2018-09: $18.80 per share

- 2018-10: $15.50 per share

- 2018-11: $18.61 per share

- 2018-12: $15.97 per share

- 2019-01: $17.21 per share

- 2019-02: $18.82 per share

- 2019-03: $17.12 per share

- 2019-04: $19.97 per share

- 2019-05: $14.54 per share

- 2019-06: $13.87 per share

- 2019-07: $13.06 per share

- 2019-08: $9.99 per share

- 2019-09: $14.33 per share

- 2019-10: $15.47 per share

- 2019-11: $15.93 per share

- 2019-12: $12.86 per share

- 2020-01: $11.26 per share

- 2020-02: $14.50 per share

- 2020-03: $6.72 per share

- 2020-04: $7.00 per share

- 2020-05: $10.50 per share

- 2020-06: $12.18 per share

- 2020-07: $11.77 per share

- 2020-08: $12.55 per share

- 2020-09: $11.13 per share

- 2020-10: $13.51 per share

- 2020-11: $13.52 per share

- 2020-12: $12.95 per share

- 2021-01: $14.90 per share

- 2021-02: $14.70 per share

- 2021-03: $18.95 per share

- 2021-04: $16.10 per share

- 2021-05: $15.48 per share

- 2021-06: $13.85 per share

- 2021-07: $14.07 per share

- 2021-08: $14.42 per share

- 2021-09: $12.98 per share

- 2021-10: $13.62 per share

- 2021-11: $12.86 per share

- 2021-12: $12.37 per share

- 2022-01: $11.90 per share

- 2022-02: $9.80 per share

- 2022-03: $10.80 per share

- 2022-04: $9.27 per share

- 2022-05: $10.14 per share

- 2022-06: $8.78 per share

- 2022-07: $9.08 per share

- 2022-08: $6.78 per share

- 2022-09: $5.52 per share

- 2022-10: $7.42 per share

- 2022-11: $7.15 per share

- 2022-12: $7.55 per share

- 2023-01: $9.17 per share

- 2023-02: $8.11 per share

- 2023-03: $6.17 per share

- 2023-04: $5.30 per share

- 2023-05: $5.40 per share

- 2023-06: $7.15 per share

- 2023-07: $8.45 per share

- 2023-08: $8.89 per share

- 2023-09: $7.83 per share

- 2023-10: $7.21 per share

- 2023-11: $8.37 per share

- 2023-12: $9.10 per share

- 2024-01: $8.96 per share

- 2024-02: $11.33 per share

- 2024-03: $14.46 per share

- 2024-04: $16.63 per share

- 2024-05: $22.06 per share

- 2024-06: $21.78 per share

- 2024-07: $24.89 per share

- 2024-08: $23.97 per share

- 2024-09: $27.16 per share

- 2024-10: $25.92 per share

- 2024-11: $27.18 per share

- 2024-12: $24.20 per share

- 2025-01: $24.09 per share

- 2025-02: $29.39 per share

- 2025-03: $23.18 per share

- 2025-04: $21.46 per share

- 2025-05: $36.88 per share

- 2025-06: $46.78 per share

- 2025-07: $48.15 per share

- 2025-08: $58.94 per share

- 2025-09: $65.59 per share

- 2025-10: $67.36 per share

- 2025-11: $68.55 per share

- 2025-12: $67.02 per share

- 2026-01: $78.89 per share

- 2026-02: $75.37 per share

- 2026-03: $77.19 per share

- 2026-04: $92.92 per share

- 2026-05: $71.49 per share

- 2026-06: $82.97 per share

- 2026-07: $83.75 per share

- 2026-08: $88.52 per share

- 2026-09: $82.52 per share

- 2026-10: $78.65 per share

## Annual estimated value (USD per share)

- FY2016: low $27.13 per share, central $30.74 per share, high $35.55 per share

- FY2017: low $27.52 per share, central $31.05 per share, high $35.75 per share

- FY2018: low $23.79 per share, central $27.00 per share, high $31.27 per share

- FY2019: low $13.75 per share, central $15.36 per share, high $17.50 per share

- FY2020: low $42.25 per share, central $51.65 per share, high $59.42 per share

- FY2021: low $33.24 per share, central $39.13 per share, high $45.20 per share

- FY2022: low $13.30 per share, central $14.64 per share, high $16.42 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 2026-10-15T06:38:13.419Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/77543/000007754326000028/tpc-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.