# Granite Construction Incorporated (GVA)

> Source: Nexqual · https://nexqual.com/GVA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Granite Construction Incorporated (GVA), nexqual.com/GVA" · informational, not investment advice.

**Price:** USD 107.45 (-2.08% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 109.73 · day 106.77–108.6 · 52w 97.26–162.08 · market cap $4.77B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.97B, net income -$165M (-3.3% margin), free cash flow $472M (SEC filings).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $2.0M; 2 not under a Rule 10b5-1 plan ($2.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $157K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +4.3% vs S&P 500 +14.9%; 5Y +184.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 3.33, revenue estimate $1.70B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.50B | $3.30B | $3.51B | $4.01B | $4.42B | $4.97B |
| Gross profit | $363M | $369M | $396M | $573M | $711M | — |
| Operating income | $24.7M | $85.4M | $80.1M | $207M | $282M | $314M |
| Net income | $10.1M | $83.3M | $43.6M | $126M | $193M | -$165M |
| EPS (diluted) | $0.21 | $1.70 | $0.97 | $2.62 | $3.86 | — |
| Free cash flow | -$72.9M | -$66.0M | $43.3M | $320M | $331M | $472M |
| Gross margin | 10.4% | 11.2% | 11.3% | 14.3% | 16.1% | — |
| Operating margin | 0.7% | 2.6% | 2.3% | 5.2% | 6.4% | 6.3% |
| Net margin | 0.3% | 2.5% | 1.2% | 3.2% | 4.4% | -3.3% |
| Revenue growth | -1.7% | -5.7% | +6.3% | +14.2% | +10.4% | — |
| Cash + short-term investments | $396M | $333M | $454M | $586M | $600M | — |
| Total debt | $340M | $288M | $655M | $739M | $1.34B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.0x · EV/EBITDA 10.9x · EV/Sales 1.1x · P/FCF 10.1x · P/B 6.3x · FCF yield 9.89% · Earnings yield -3.45% · Dividend yield (paid, TTM) 0.48% · Buyback yield (TTM) 1.08% · Net debt $645M · EV $5.42B
P/E at fiscal year-ends: Dec 2025 31.8x, Dec 2024 36.5x, Dec 2023 61.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-08 | Tatusko Michael G | Senior Vice President | 7,500 | $1.1M | 17.5% | No | Too little history (no open-market trades in 2023) |
| 2026-06-08 | Williams Bradley Jay | Senior Vice President | 6,734 | $949K | 30.6% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
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.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $157K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-06 | Hernandez Carlos M | Director | 400 | $50K | 123.99 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12…2026-06-15 | Romer John Timothy | Director | 750 | $107K | 142.72 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-31 | Goldman Sachs | Target lowered | Sell | $139 → $119 |
| 2026-07-31 | Oppenheimer | Target raised | Outperform | $170 → $180 |
| 2026-07-09 | Goldman Sachs | Downgrade | Neutral → Sell | $141 → $139 |
| 2026-06-26 | Stephens & Co. | Initiated | Overweight | $180 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +4.3% | +184.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +4.3% | +23.2% |
| Volatility (annualized) | 33.1% | 33.6% |
| Max drawdown | -32.9% (Jun 2026→Oct 2026) | -39.3% (Nov 2021→Sep 2022) |

## Peers (Engineering & Construction)
AGX (Argan, Inc.) USD 330.3 -4.50% · ROAD (Construction Partners, Inc.) USD 83.93 -1.19% · KBR (KBR, Inc.) USD 39.53 +5.95% · ECG (Everus Construction Group, Inc.) USD 97.05 -8.44% · MYRG (MYR Group, Inc.) USD 254.97 -7.35% · FLR (Fluor Corporation) USD 43.42 -6.44%

## More
Full page: https://nexqual.com/GVA · 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

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Construction | $1.21B | 82.9% | +28.8% | $139.5M | 11.6% |
| Materials | $248.4M | 17.1% | +31.7% | $31.1M | 12.5% |
| Total revenue | $1.46B | 100% | — | $126.8M | 8.7% |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.33 | $3.21 | +3.7% | $1.70B | 5 |
| Next quarter (ends 2026-12-31) | $1.51 | $1.39 | +8.6% | $1.33B | 5 |
| Current fiscal year (ends 2026-12-31) | $7.03 | $6.74 | +4.3% | $5.40B | 6 |
| Next fiscal year (ends 2027-12-31) | $7.95 | $7.64 | +4.1% | $5.91B | 6 |