# Tutor Perini Corporation (TPC)

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

**Price:** USD 76.88 (-4.09% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 80.16 · day 75.94–78.49 · 52w 57.9–102.3 · market cap $4.05B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.95B, net income $124M (2.1% margin), free cash flow $621M (SEC filings).
- Valuation: P/E 32.6x (avg 44.5x at the last 1 fiscal year-ends), EV/EBITDA 11.2x, net cash $542M.
- 1 of 80 tracked superinvestors hold TPC (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $219M; 5 not under a Rule 10b5-1 plan ($219M); 1 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) (4 analysts), mean target USD 116.25 (range 105–125).
- Total return with dividends: 1Y +14.0% vs S&P 500 +14.9%; 5Y +460.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.34, revenue estimate $1.63B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.64B | $3.79B | $3.88B | $4.33B | $5.54B | $5.95B |
| Gross profit | $466M | $29.6M | $141M | $197M | $648M | — |
| Operating income | $227M | -$205M | -$115M | -$104M | $232M | $267M |
| Net income | $91.9M | -$210M | -$171M | -$164M | $80.4M | $124M |
| EPS (diluted) | $1.79 | -$4.09 | -$3.30 | -$3.13 | $1.51 | — |
| Free cash flow | -$187M | $147M | $256M | $466M | $567M | $621M |
| Gross margin | 10.0% | 0.8% | 3.6% | 4.6% | 11.7% | — |
| Operating margin | 4.9% | -5.4% | -3.0% | -2.4% | 4.2% | 4.5% |
| Net margin | 2.0% | -5.5% | -4.4% | -3.8% | 1.5% | 2.1% |
| Revenue growth | -12.7% | -18.3% | +2.4% | +11.5% | +28.1% | — |
| Cash + short-term investments | $202M | $259M | $381M | $455M | $735M | — |
| Total debt | $994M | $958M | $900M | $534M | $407M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 32.6x · P/S 0.7x · EV/EBITDA 11.2x · EV/Sales 0.6x · P/FCF 6.5x · P/B 3.2x · FCF yield 15.36% · Earnings yield 3.06% · Net cash $542M · EV $3.50B
P/E at fiscal year-ends: Dec 2025 44.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TPC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 0.05% | $205K | Reduced -11.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-31 | Tutor Ronald N | Director | 2,310,000 | $198M | 36.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-27 | Reiss Dale Anne | Director | 13,400 | $1.2M | 13.2% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-07 | Feltenstein Sidney J | Director | 184,209 | $17.9M | 96.5% | No | Too little history (no open-market trades in 2024) |
| 2026-05-27 | Lieber Robert C | Director | 17,500 | $1.3M | 11% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-19 | Lieber Robert C | Director | 10,000 | $743K | 5.7% | 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 2.00 on a 1–5 scale), 4 analysts; mean target USD 116.25 (low 105, high 125).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | UBS | Target raised | Buy | $98 → $105 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +14.0% | +460.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +14.1% | +41.0% |
| Volatility (annualized) | 49.6% | 54.9% |
| Max drawdown | -29.3% (May 2026→Jun 2026) | -67.5% (Nov 2021→Apr 2023) |

## Peers (Engineering & Construction)
AGX (Argan, Inc.) USD 330.3 -4.50% · ROAD (Construction Partners, Inc.) USD 83.93 -1.19% · GVA (Granite Construction Incorporat) USD 107.45 -2.08% · ECG (Everus Construction Group, Inc.) USD 97.05 -8.44% · KBR (KBR, Inc.) USD 39.53 +5.95% · FLR (Fluor Corporation) USD 43.42 -6.44%

## More
Full page: https://nexqual.com/TPC · 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 |
|---|---|---|---|---|---|
| Civil | $816.2M | 49.9% | +11.2% | $124.5M | 15.3% |
| Building | $559.6M | 34.2% | +21.1% | $31.3M | 5.6% |
| Specialty Contractors | $261.3M | 16.0% | +47.3% | $5.7M | 2.2% |
| Corporate costs (not allocated) | — | — | — | -$43.8M | — |
| Total revenue | $1.64B | 100% | — | $117.7M | 7.2% |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Mass transit (includes certain transportation and tunneling projects) | $476.4M | 29.1% | +13.2% |
| — Healthcare facilities (part of Mass transit (includes certain transportation and tunneling projects)) | $295.5M | 18.0% | +26.6% |
| — Bridges (part of Mass transit (includes certain transportation and tunneling projects)) | $109.5M | 6.7% | +5.2% |
| — Detention facilities (part of Mass transit (includes certain transportation and tunneling projects)) | $40.1M | 2.5% | +3.6% |
| — Power and energy (part of Mass transit (includes certain transportation and tunneling projects)) | $32.2M | 2.0% | -15.4% |
| Military facilities | $101.3M | 6.2% | -0.3% |
| Other | $56.7M | 3.5% | +82.4% |
| Government | $44.8M | 2.7% | -28.9% |
| Commercial and industrial facilities | $38.1M | 2.3% | +13.6% |
| Education facilities | $28.8M | 1.8% | -21.6% |
| Multi-unit residential | $22.4M | 1.4% | -2.3% |
| Total revenue | $1.64B | 100% | — |
The lines above cover 46.9% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.49B | 90.8% | +20.5% |
| Foreign and U.S. territories | $150.6M | 9.2% | +7.3% |
| Total revenue | $1.64B | 100% | — |

## Customer concentration

Period ended 2026-06-30: 14.4%, 10.2% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-08-05)

- "Over the first six months of 2026, the Company has delivered double-digit year-over-year growth across all three segments, with growing and sustainable business momentum driven by increased project execution activities on various large projects, all of which have significant scope of work remaining."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.34 | $1.45 | -7.9% | $1.63B | 2 |
| Next quarter (ends 2026-12-31) | $1.28 | $1.41 | -8.6% | $1.68B | 2 |
| Current fiscal year (ends 2026-12-31) | $5.38 | $5.10 | +5.4% | $6.38B | 3 |
| Next fiscal year (ends 2027-12-31) | $6.07 | $6.09 | -0.3% | $7.19B | 3 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±14.6%; last 8 reports averaged ±16.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 64.9% | ±14.6% |
| 2026-12-18 | 56 | 58.1% | ±18.3% |
| 2027-01-15 | 84 | 50.2% | ±19.3% |
| 2027-04-16 | 175 | 50.2% | ±27.5% |