ECG Research | Milton Maxwell

ECG

Everus Construction Group, Inc.

89.22

-0.35-0.39%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q4 '25

Reaffirms guidance, details M&A pipeline

2/24/26Feb 24, 2026

Q&A largely reaffirmed prepared remarks on robust backlog and 2026 guidance, but clarified 2025's exceptional margin upside from diversified projects won't fully repeat, yet management is confident in nearly 8% EBITDA margins. They detailed a deep M&A pipeline at 9-10x multiples, targeting 1.5-2x net leverage while staying disciplined on fit. Labor costs are no risk, fully priced in; backlog burns 80% within 12 months amid no capacity constraints. New satellite expansions add 2026 contributions. Watch M&A execution and T&D selectivity.

Key Stats

Market Cap

4.55B

P/E (TTM)

25.13

Basic EPS (TTM)

3.55

Dividend Yield

Recent Filings

10-K

FY2025 results

2/25/26Feb 25, 2026

Everus Construction Group crushed FY2025 with $3.75B revenues, up 31.5% y/y, fueled by E&M's 43.8% surge to $2.92B on data center and hospitality booms while T&D ticked up 1.4% to $849M; operating income jumped 39.4% to $265M (7.1% margin), with E&M margins expanding to 7.5% from 6.7% and T&D to 10.6% from 10.2%. Q4 momentum shone through backlog growth to $3.23B, supporting $90M-$100M capex in 2026 amid strong project pipelines. Cash swelled to $171M, Term Loan at $285M with ample $228M revolver capacity. Yet customer concentration risks loom large.

8-K

Record 2025 results, 2026 guidance

2/24/26Feb 24, 2026

Everus crushed 2025 with record $3.75B revenues, up 31.5%, and $319.8M EBITDA, up 37.7%, fueled by E&M's 44% Q4 surge in data centers. Backlog hit $3.23B, up 16%. Guidance calls for $4.1B-$4.2B revenues, $320M-$335M EBITDA in 2026. Net leverage dropped to 0.4x.

8-K

Switches auditors post-2025 audit

1/21/26Jan 21, 2026

Everus Construction Group dismissed Deloitte as its auditor after completing the 2025 audit, with no disagreements or reportable events noted. The Audit Committee swiftly appointed KPMG for the 2026 fiscal year, starting with Q1 review. Clean handover. No prior consultations with KPMG.

10-Q

Q3 FY2025 results

11/5/25Nov 5, 2025

Everus crushed Q3 with operating revenues up 29.7% y/y to $986.8M, driven by E&M's 42.9% surge on data centers and commercial work, while T&D dipped 2.2%. Gross margin expanded to 12.6% from 11.8%, lifting operating income 34.8% y/y to $72.4M and diluted EPS to $1.11 from $0.82—reconciles cleanly to 51.1M shares. Cash swelled to $149.2M on $108.6M operating cash flow (YTD), yielding $74.8M free cash flow after $42.1M capex, against $285M term debt at 6% (due 2029) with $207M revolver availability. Post-spinoff, standalone costs ticked up, yet margins held. Backlog sits at $2.9B. Surety bonds expose project delays.

8-K

Crushed Q3, raised guidance

11/4/25Nov 4, 2025

Everus crushed Q3 with record $986.8M revenue, up 29.7%, and $89.0M EBITDA, up 36.9%, fueled by 43% E&M growth in data centers while T&D dipped slightly. Backlog hit $2.95B. It raised 2025 guidance to $3.55B-$3.65B revenue, $290M-$300M EBITDA. Net leverage fell to 0.5x.

About

Everus Construction Group, Inc. provides contracting services in the United States. It operates through two segments, Electrical & Mechanical and Transmission & Distribution. The Electrical & Mechanical segment provides construction and maintenance services of electrical and communication wiring, and infrastructure; fire suppression systems; and mechanical piping and services in public and private sectors. The Transmission & Distribution segment offers construction and maintenance of overhead and underground electrical; and gas and communication infrastructure, as well as design, manufacturing, and distribution of overhead and underground transmission line construction equipment and tools. It serves utilities, manufacturing, transportation, commercial, industrial, institutional, renewables, and governmental customers. The company was incorporated in 2024 and is headquartered in Bismarck, North Dakota.

CEO

Mr. Jeffrey S. Thiede

IPO

10/28/2024

Website

https://www.everus.com

Employees

8,700

Sector

Industrials

Industry

Engineering & Construction