# Primoris Services Corporation (PRIM)

> Source: Nexqual · https://nexqual.com/PRIM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Primoris Services Corporation (PRIM), nexqual.com/PRIM" · informational, not investment advice.

**Price:** USD 66.94 (-7.88% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 72.67 · day 66.45–71.46 · 52w 65–205.5 · market cap $3.63B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $7.28B, net income $140M (1.9% margin), free cash flow $88.0M (SEC filings).
- Valuation: P/E 26.0x (avg 20.7x at the last 3 fiscal year-ends), EV/EBITDA 13.4x, net debt $579M.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $6.2M; 2 not under a Rule 10b5-1 plan ($6.2M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (16 analysts), mean target USD 115.13 (range 85–165).
- Total return with dividends: 1Y -50.7% vs S&P 500 +14.9%; 5Y +153.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.78, revenue estimate $2.00B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.50B | $4.42B | $5.72B | $6.37B | $7.57B | $7.28B |
| Gross profit | $417M | $457M | $588M | $703M | $813M | — |
| Operating income | $170M | $195M | $253M | $317M | $412M | $212M |
| Net income | $116M | $133M | $126M | $181M | $275M | $140M |
| EPS (diluted) | $2.17 | $2.47 | $2.33 | $3.31 | $5.02 | — |
| Free cash flow | -$54.1M | -$11.3M | $95.5M | $382M | $341M | $88.0M |
| Gross margin | 11.9% | 10.3% | 10.3% | 11.0% | 10.7% | — |
| Operating margin | 4.9% | 4.4% | 4.4% | 5.0% | 5.4% | 2.9% |
| Net margin | 3.3% | 3.0% | 2.2% | 2.8% | 3.6% | 1.9% |
| Revenue growth | +0.2% | +26.4% | +29.3% | +11.4% | +19.0% | — |
| Cash + short-term investments | $201M | $249M | $218M | $456M | $536M | — |
| Total debt | $661M | $1.14B | $958M | $735M | $470M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 26.0x · P/S 0.5x · EV/EBITDA 13.4x · EV/Sales 0.6x · P/FCF 41.3x · P/B 2.3x · FCF yield 2.42% · Earnings yield 3.84% · Dividend yield (paid, TTM) 0.48% · Net debt $579M · EV $4.21B
P/E at fiscal year-ends: Dec 2025 24.7x, Dec 2024 23.1x, Dec 2023 14.3x.

## 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 |
|---|---|---|---|---|---|---|---|
| 2026-05-28 | Perisich John M. | CHIEF LEGAL AND ADMIN OFFICER | 29,707 | $3.8M | 18.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | King David Lee | Director | 20,000 | $2.4M | 57.2% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
% 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.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 16 analysts; mean target USD 115.13 (low 85, high 165).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | Cantor Fitzgerald | Reiterated | Neutral | $105 |
| 2026-09-09 | Piper Sandler | Initiated | Neutral | $90 |
| 2026-08-10 | UBS | Target lowered | Buy | $186 → $138 |
| 2026-08-10 | Cantor Fitzgerald | Target raised | Neutral | $100 → $105 |
| 2026-08-06 | Guggenheim | Target lowered | Buy | $162 → $127 |
| 2026-08-05 | Cantor Fitzgerald | Reiterated | Neutral | $100 |
| 2026-07-20 | Roth Capital | Reiterated | Buy | $100 |
| 2026-07-13 | Needham | Target lowered | Buy | $188 → $172 |
| 2026-07-07 | Oppenheimer | Initiated | Outperform | $135 |
| 2026-06-29 | JP Morgan | Upgrade | Neutral → Overweight | $105 → $116 |
| 2026-06-25 | Goldman Sachs | Upgrade | Sell → Neutral | $107 → $102 |
| 2026-06-25 | Cantor Fitzgerald | Target lowered | Neutral | $124 → $100 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -50.7% | +153.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -50.8% | +20.4% |
| Volatility (annualized) | 94.2% | 48.2% |
| Max drawdown | -67.0% (May 2026→Oct 2026) | -62.8% (Apr 2026→Oct 2026) |

## Peers (Engineering & Construction)
TPC (Tutor Perini Corporation) USD 76.88 -4.09% · AGX (Argan, Inc.) USD 330.3 -4.50% · GVA (Granite Construction Incorporat) USD 107.45 -2.08% · 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%

## More
Full page: https://nexqual.com/PRIM · 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 |
|---|---|---|---|---|---|
| Energy | $999.9M | 59.2% | -19.2% | -$56.4M | -5.6% |
| U & D | $712.6M | 42.2% | +2.8% | $54.5M | 7.6% |
| Total revenue | $1.69B | 100% | — | -$26.8M | -1.6% |

## Customer concentration

Period ended 2025-12-31: 12.1% of revenue from unnamed direct customers (10-K, filed 2026-02-24).

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

- "Net income is expected to be between $71.0 million and $101.0 million, or $1.30 and $1.85 per fully diluted share."
- "Adjusted EBITDA for the full year 2026 is expected to range from $275 million to $325 million. ​ The Company is targeting SG&A expense as a percentage of revenue to be in the low 6% range for the full year 2026."
- "The Company expects its effective tax rate for 2026 to be approximately 30% to 32.0%, but it may vary depending on the mix of states in which the Company operates. ​ Adjusted EPS and Adjusted EBITDA are non-GAAP financial measures."
- "The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting or unusual items."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.78 | $0.75 | +3.9% | $2.00B | 13 |
| Next quarter (ends 2026-12-31) | $1.02 | $1.18 | -13.6% | $2.01B | 12 |
| Current fiscal year (ends 2026-12-31) | $2.14 | $2.19 | -2.4% | $7.25B | 15 |
| Next fiscal year (ends 2027-12-31) | $5.19 | $5.40 | -3.8% | $8.08B | 14 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±18.1%; last 8 reports averaged ±14.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 80.1% | ±18.1% |
| 2026-12-18 | 56 | 68.2% | ±21.6% |
| 2027-03-19 | 147 | 64.7% | ±32.9% |
| 2027-06-17 | 237 | 64.6% | ±41.3% |