# Quanta Services, Inc. (PWR)

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

**Price:** USD 552.44 (-8.10% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 601.14 · day 543.06–588.38 · 52w 408.36–788.75 · market cap $83.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $32.9B, net income $1.33B (4.0% margin), free cash flow $2.39B (SEC filings).
- Valuation: P/E 62.6x (avg 52.5x at the last 3 fiscal year-ends), EV/EBITDA 35.7x, net debt $5.59B.
- 1 of 80 tracked superinvestors hold PWR (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $123M; 2 not under a Rule 10b5-1 plan ($123M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.23 on a 1–5 scale) (31 analysts), mean target USD 760.39 (range 410–945).
- Total return with dividends: 1Y +29.4% vs S&P 500 +14.9%; 5Y +371.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 4.99, revenue estimate $10.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.0B | $17.1B | $20.9B | $23.7B | $28.5B | $32.9B |
| Gross profit | $1.95B | $2.53B | $2.94B | $3.51B | $4.28B | — |
| Operating income | $664M | $872M | $1.13B | $1.35B | $1.61B | $2.04B |
| Net income | $486M | $491M | $745M | $905M | $1.03B | $1.33B |
| EPS (diluted) | $3.34 | $3.32 | $5.00 | $6.03 | $6.80 | — |
| Free cash flow | $197M | $703M | $1.14B | $1.48B | $1.62B | $2.39B |
| Gross margin | 15.0% | 14.8% | 14.1% | 14.8% | 15.0% | — |
| Operating margin | 5.1% | 5.1% | 5.4% | 5.7% | 5.7% | 6.2% |
| Net margin | 3.7% | 2.9% | 3.6% | 3.8% | 3.6% | 4.0% |
| Revenue growth | +15.9% | +31.5% | +22.3% | +13.4% | +20.3% | — |
| Cash + short-term investments | $229M | $429M | $1.29B | $742M | $440M | — |
| Total debt | $3.74B | $3.73B | $4.20B | $4.16B | $5.99B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 62.6x · P/S 2.5x · EV/EBITDA 35.7x · EV/Sales 2.7x · P/FCF 34.7x · P/B 8.6x · FCF yield 2.88% · Earnings yield 1.60% · Dividend yield (paid, TTM) 0.08% · Buyback yield (TTM) 0.00% · Net debt $5.59B · EV $88.6B
P/E at fiscal year-ends: Dec 2025 62.1x, Dec 2024 52.4x, Dec 2023 43.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PWR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.3M | Unchanged |

## 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 |
|---|---|---|---|---|---|---|---|
| 2026-05-05 | Austin Earl C. Jr. | President and CEO | 155,992 | $120M | 21.5% | No | Too little history (no open-market trades in 2025) |
| 2026-05-04 | Nobel Paul | Chief Accounting Officer & SVP | 4,000 | $3.0M | 33.2% | No | Too little history (no open-market trades in 2023–2025) |
% 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 2.23 on a 1–5 scale), 31 analysts; mean target USD 760.39 (low 410, high 945).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | Truist Securities | Target lowered | Buy | $976 → $945 |
| 2026-09-28 | Piper Sandler | Target lowered | Overweight | $731 → $714 |
| 2026-09-24 | Bernstein | Upgrade | Market Perform → Outperform | $748 → $775 |
| 2026-09-09 | Piper Sandler | Initiated | Overweight | $731 |
| 2026-08-07 | Keybanc | Upgrade | Sector Weight → Overweight | $807 |
| 2026-08-03 | TD Cowen | Target raised | Buy | $775 → $785 |
| 2026-08-03 | Truist Securities | Target raised | Buy | $940 → $976 |
| 2026-08-03 | Mizuho | Target raised | Neutral | $659 → $741 |
| 2026-07-31 | Citigroup | Target raised | Buy | $837 → $871 |
| 2026-07-21 | JP Morgan | Downgrade | Overweight → Neutral | $714 |
| 2026-07-10 | Jefferies | Target lowered | Buy | $857 → $784 |
| 2026-07-02 | Truist Securities | Target raised | Buy | $851 → $940 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +29.4% | +371.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +29.5% | +36.3% |
| Volatility (annualized) | 44.5% | 32.4% |
| Max drawdown | -29.6% (May 2026→Oct 2026) | -33.1% (Jan 2025→Mar 2025) |

## Peers (Engineering & Construction)
FIX (Comfort Systems USA, Inc.) USD 1,279.37 -8.70% · FER (Ferrovial N.V.) USD 49.71 -0.62% · EME (EMCOR Group, Inc.) USD 660.41 -5.54% · APG (APi Group Corporation) USD 38.8 -3.51% · J (Jacobs Solutions Inc.) USD 146.26 +2.65% · MTZ (MasTec, Inc.) USD 171.55 -5.20%

## More
Full page: https://nexqual.com/PWR · 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)

Named in PWR's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/pwr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | LUMA Energy | "For example, our joint venture LUMA is exposed to various of these risks operating in Puerto Rico." |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Cipher Digital Inc. (CIFR) | 10-K 2026-02-24 | "We have also secured a key partnership with Quanta Services, Inc. (NYSE:PWR), a key engineering, construction and procurement partner for our development of sites like Black Pearl and Barber Lake." |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electric | $7.84B | 82.0% | +43.6% |
| Underground and Infrastructure | $1.72B | 18.0% | +30.7% |
| Total revenue | $9.56B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $9.10B | 95.3% | +45.0% |
| Canada | $215.8M | 2.3% | -9.5% |
| Australia | $206.6M | 2.2% | +4.3% |
| Others | $31.2M | 0.3% | -45.8% |
| Total revenue | $9.56B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "Adjusted diluted earnings per share attributable to common stock was $4.24 for the second quarter of 2026 compared to $2.48 for the second quarter of 2025. "Quanta delivered an exceptional first half of the year, highlighted by second-quarter results that meaningfully exceeded expectations and reflect the compounding strength and momentum of our operating model."
- "Given this outperformance, our improved visibility into the back half of the year, and the expected contribution from recently completed acquisitions that strengthen our platform, we are significantly increasing our full-year 2026 financial expectations across all metrics."
- "For the full year of 2026, in the aggregate, Quanta expects these acquisitions to contribute approximately $1.2 billion - $1.4 billion of revenues and approximately $120 million to $140 million of adjusted EBITDA."
- "FULL-YEAR 2026 OUTLOOK Prior to the Company's conference call, management will post a summary of Quanta's updated 2026 guidance expectations with additional commentary in the "News and Events" and "Financial Info" areas of the Investor Relations section of Quanta's website at http://investors.quantaservices.com . -MORE- The long-term outlook for Quanta's business is positive."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.99 | $4.24 | +17.7% | $10.91B | 22 |
| Next quarter (ends 2026-12-31) | $4.83 | $3.78 | +27.8% | $11.22B | 20 |
| Current fiscal year (ends 2026-12-31) | $16.75 | $14.02 | +19.5% | $39.58B | 26 |
| Next fiscal year (ends 2027-12-31) | $19.89 | $16.49 | +20.6% | $45.80B | 25 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±13.3%; last 8 reports averaged ±8.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 59.0% | ±13.3% |
| 2026-12-18 | 56 | 52.3% | ±16.5% |
| 2027-01-15 | 84 | 49.1% | ±18.9% |
| 2027-02-19 | 119 | 49.1% | ±22.4% |
| 2027-03-19 | 147 | 48.4% | ±24.4% |
| 2027-05-21 | 210 | 47.9% | ±28.9% |
| 2027-06-17 | 237 | 47.5% | ±30.3% |
| 2027-09-17 | 329 | 46.7% | ±34.9% |