# Sterling Infrastructure, Inc. (STRL)

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

**Price:** USD 372.83 (-9.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 412.96 · day 365.35–396 · 52w 281.58–1,005.68 · market cap $11.4B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.44B, net income $431M (12.5% margin), free cash flow $482M (SEC filings).
- Valuation: P/E 26.4x (avg 24.3x at the last 3 fiscal year-ends), EV/EBITDA 16.5x, net cash $181M.
- 1 of 80 tracked superinvestors hold STRL (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $27.1M; 1 not under a Rule 10b5-1 plan ($2.2M); 2 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (8 analysts), mean target USD 836.71 (range 700–1,000).
- Total return with dividends: 1Y +5.4% vs S&P 500 +14.9%; 5Y +1538.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 6.17, revenue estimate $1.19B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.41B | $1.77B | $1.97B | $2.12B | $2.49B | $3.44B |
| Gross profit | $204M | $275M | $338M | $426M | $572M | — |
| Operating income | $107M | $160M | $206M | $265M | $406M | $602M |
| Net income | $62.6M | $106M | $139M | $257M | $290M | $431M |
| EPS (diluted) | $2.15 | $3.48 | $4.44 | $8.27 | $9.38 | — |
| Free cash flow | $112M | $158M | $414M | $416M | $363M | $482M |
| Gross margin | 14.4% | 15.5% | 17.1% | 20.1% | 23.0% | — |
| Operating margin | 7.6% | 9.0% | 10.4% | 12.5% | 16.3% | 17.5% |
| Net margin | 4.4% | 6.0% | 7.0% | 12.2% | 11.7% | 12.5% |
| Revenue growth | +15.3% | +25.1% | +11.5% | +7.3% | +17.7% | — |
| Cash + short-term investments | $60.9M | $182M | $472M | $664M | $391M | — |
| Total debt | $452M | $431M | $342M | $316M | $291M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 26.4x · P/S 3.3x · EV/EBITDA 16.5x · EV/Sales 3.3x · P/FCF 23.7x · P/B 8.4x · FCF yield 4.23% · Earnings yield 3.78% · Buyback yield (TTM) 0.58% · Net cash $181M · EV $11.2B
P/E at fiscal year-ends: Dec 2025 32.7x, Dec 2024 20.4x, Dec 2023 19.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold STRL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 3.13% | $512M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 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 |
|---|---|---|---|---|---|---|---|
| 2026-06-25 | Wolf Mark D. | General Counsel, Corporate Sec | 2,500 | $2.2M | 8.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-23 | Cutillo Joseph A | Chief Executive Officer | 50,000 | $24.9M | 14.7% | Yes (adopted December 8, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% 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 2.00 on a 1–5 scale), 8 analysts; mean target USD 836.71 (low 700, high 1,000).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Keybanc | Target raised | Overweight | $754 → $755 |
| 2026-10-14 | Cantor Fitzgerald | Reiterated | Overweight | $742 |
| 2026-10-08 | Stifel | Target lowered | Buy | $804 → $742 |
| 2026-09-30 | Cantor Fitzgerald | Reiterated | Overweight | $742 |
| 2026-08-21 | DA Davidson | Initiated | Buy | $700 |
| 2026-08-05 | Keybanc | Target lowered | Overweight | $922 → $754 |
| 2026-08-05 | Cantor Fitzgerald | Target lowered | Overweight | $956 → $742 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.4% | +1538.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.4% | +74.7% |
| Volatility (annualized) | 85.6% | 55.5% |
| Max drawdown | -62.5% (Jun 2026→Oct 2026) | -57.8% (Jun 2026→Oct 2026) |

## Peers (Engineering & Construction)
IESC (IES Holdings, Inc.) USD 220.75 -6.70% · MTZ (MasTec, Inc.) USD 171.55 -5.20% · TTEK (Tetra Tech, Inc.) USD 36.81 +5.02% · STN (Stantec Inc) USD 72.77 +3.63% · J (Jacobs Solutions Inc.) USD 146.26 +2.65% · APG (APi Group Corporation) USD 38.8 -3.51%

## More
Full page: https://nexqual.com/STRL · 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 |
|---|---|---|---|---|---|
| E-Infrastructure Solutions Revenues | $905.0M | 77.5% | +191.6% | $210.8M | 23.3% |
| Transportation Solutions Revenues | $156.7M | 13.4% | -20.4% | $28.2M | 18.0% |
| Building Solutions Revenues | $106.5M | 9.1% | -0.7% | $8.5M | 8.0% |
| Corporate costs (not allocated) | — | — | — | $13.2M | — |
| Total revenue | $1.17B | 100% | — | $219.3M | 18.8% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Heavy Highway | $112.7M | 9.6% | -15.3% |
| Residential Construction | $89.7M | 7.7% | -2.2% |
| Aviation | $22.8M | 1.9% | +44.1% |
| Other Revenue | $21.2M | 1.8% | -55.6% |
| Commercial | $16.7M | 1.4% | +8.3% |
| Total revenue | $1.17B | 100% | — |
The lines above cover 22.5% of total revenue.

## Company outlook (8-K filed 2026-08-03)

- "CEO Remarks and Outlook "We delivered an outstanding second quarter, with adjusted net income increasing 118% to deliver adjusted diluted EPS of $5.80."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.17 | $5.95 | +3.8% | $1.19B | 7 |
| Next quarter (ends 2026-12-31) | $4.49 | $4.40 | +2.1% | $940.9M | 6 |
| Current fiscal year (ends 2026-12-31) | $20.03 | $19.10 | +4.9% | $4.12B | 8 |
| Next fiscal year (ends 2027-12-31) | $25.84 | $26.14 | -1.2% | $5.02B | 8 |