# Centuri Holdings, Inc. (CTRI)

> Source: Nexqual · https://nexqual.com/CTRI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Centuri Holdings, Inc. (CTRI), nexqual.com/CTRI" · informational, not investment advice.

**Price:** USD 19.32 (-2.37% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 19.79 · day 18.77–19.55 · 52w 18.76–42.99 · market cap $1.95B · NYQ

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $3.39B, net income $28.9M (0.9% margin), free cash flow -$15.2M (SEC filings).
- Valuation: P/E 67.6x (avg 101.8x at the last 1 fiscal year-ends), EV/EBITDA 12.9x, net debt $677M.
- 1 of 80 tracked superinvestors hold CTRI (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $100K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -5.1% vs S&P 500 +14.9%; 5Y -19.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.24, revenue estimate $1.03B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $2.76B | $2.90B | $2.64B | $2.98B | $3.39B |
| Gross profit | $215M | $273M | $221M | $247M | — |
| Operating income | -$101M | -$77.6M | $86.8M | $92.8M | $92.8M |
| Net income | -$168M | -$186M | -$6.7M | $22.4M | $28.9M |
| EPS (diluted) | -$2.35 | -$2.60 | -$0.08 | $0.25 | — |
| Free cash flow | -$35.0M | $60.8M | $58.9M | -$8.2M | -$15.2M |
| Gross margin | 7.8% | 9.4% | 8.4% | 8.3% | — |
| Operating margin | -3.7% | -2.7% | 3.3% | 3.1% | 2.7% |
| Net margin | -6.1% | -6.4% | -0.3% | 0.8% | 0.9% |
| Revenue growth | — | +5.0% | -9.0% | +13.1% | — |
| Cash + short-term investments | $64.0M | $33.4M | $49.0M | $127M | — |
| Total debt | — | $1.15B | $874M | $738M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 67.6x · P/S 0.6x · EV/EBITDA 12.9x · EV/Sales 0.8x · P/B 2.2x · FCF yield -0.78% · Earnings yield 1.48% · Net debt $677M · EV $2.63B
P/E at fiscal year-ends: Dec 2025 101.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CTRI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Carl Icahn | Icahn Capital Management | 5.25% | $434M | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $100K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-18 | Demaria Dustin | Director | 5,200 | $100K | 19.27 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | JP Morgan | Target lowered | Underweight | $23 → $22 |
| 2026-09-29 | Baird | Target lowered | Outperform | $33 → $26 |
| 2026-09-04 | B of A Securities | Target lowered | Underperform | $33.5 → $21 |
| 2026-08-19 | Cantor Fitzgerald | Target raised | Overweight | $35 → $36 |
| 2026-08-05 | Wells Fargo | Target lowered | Overweight | $37 → $29 |
| 2026-08-05 | Cantor Fitzgerald | Target lowered | Overweight | $46 → $35 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-04-15) |
|---|---|---|
| Total return | -5.1% | -19.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.1% | -8.2% |
| Volatility (annualized) | 53.7% | 47.6% |
| Max drawdown | -54.4% (May 2026→Sep 2026) | -50.8% (Apr 2026→Oct 2026) |

## Peers (Utilities - Regulated Gas)
NWN (Northwest Natural Holding Compa) USD 49.93 +2.32% · SPH (Suburban Propane Partners, L.P.) USD 17.73 +2.49% · CPK (Chesapeake Utilities Corporatio) USD 134.17 +3.27% · MDU (MDU Resources Group, Inc.) USD 19.37 +1.31% · BIPC (Brookfield Infrastructure Corpo) USD 37.63 +2.53% · OGS (ONE Gas, Inc.) USD 78.25 +3.57%

## More
Full page: https://nexqual.com/CTRI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name CTRI in their own reports (relationship from CTRI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Southwest Gas Holdings, Inc. (SWX) | 10-K 2026-02-25 | "On February 24, 2025, the Company entered into a Tax Assets Agreement with Centuri." |

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. Gas | $489.5M | 50.9% | +45.3% |
| Union Electric | $224.2M | 23.3% | +23.0% |
| Non-Union Electric | $166.9M | 17.3% | +11.3% |
| Canadian Operations | $81.4M | 8.5% | +47.8% |
| Total revenue | $962.0M | 100% | — |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Master service agreements | $721.4M | 75.0% | +21.5% |
| Bid contracts | $240.5M | 25.0% | +84.7% |
| Total revenue | $962.0M | 100% | — |

## Customer concentration

Period ended 2026-06-28: 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-08-04)

- "The Company has updated full year 2026 guidance, which includes anticipated contributions from JJ White and approximately $5 million of incremental expense associated with elevated fuel prices, assuming current fuel price levels persist through the third quarter."
- "Please review the second quarter investor presentation for more information related to our full year 2026 Guidance and historical storm restoration services contributions. 3 Centuri Holdings, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.24 | $0.28 | -16.0% | $1.03B | 4 |
| Next quarter (ends 2026-12-31) | $0.21 | $0.24 | -11.9% | $971.0M | 4 |
| Current fiscal year (ends 2026-12-31) | $0.68 | $0.71 | -4.0% | $3.69B | 5 |
| Next fiscal year (ends 2027-12-31) | $0.97 | $0.97 | -0.0% | $4.17B | 5 |