PWR
Quanta Services · Industrials · Construction & Engineering
$616.78
52w 363.01 – 788.75
20y monthly, adjusted
Mkt cap
$92.7B
P/E
96.8
P/FCF
61.4
FCF yield
1.6%
ROE
11.5%
Shldr yield
0.2%
div 0.1% + bb 0.1%
What today's price assumes
At $92.7B, the market is pricing in 23.1% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth). Over the last ten years, FCF actually grew 27.8% per year — expectations are roughly in line with history.
Simple DCF per-share range: $164 · $369 · $531 (4% / base / optimistic growth). An estimate, not a target.
Historical multiple lens
At its own median P/OCF of 17.1× across 10 years, PWR would trade near $254/share (25th–75th percentile: $213–$320); it trades at 41.6× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+18.6%
Rev 5y
+20.5%
Rev 10y
+15.7%
EPS 5y
+17.2%
EPS 10y
+20.6%
FCF 5y
+13.6%
FCF 10y
+27.8%
Fundamentals
Fiscal 2016–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $9.6B | +41.1% | $451.4M | +96.9% | 2.96 | $1.1B |
| Q1'26 | $7.9B | +26.3% | $220.6M | +52.9% | 1.45 | $391.7M |
| Q4'25 * | $7.8B | +19.7% | $315.4M | +3.4% | 2.08 | $1.1B |
| Q3'25 | $7.6B | +17.5% | $339.4M | +15.8% | 2.24 | $563.5M |
| Q2'25 | $6.8B | +21.1% | $229.3M | +21.8% | 1.52 | $295.7M |
| Q1'25 | $6.2B | +23.9% | $144.3M | +21.9% | 0.96 | $243.2M |
| Q4'24 * | $6.6B | +13.3% | $305.1M | +44.7% | 2.03 | $712.0M |
| Q3'24 | $6.5B | +15.5% | $293.2M | +7.5% | 1.95 | $739.9M |
| Q2'24 | $5.6B | +10.8% | $188.2M | +13.4% | 1.26 | $391.3M |
| Q1'24 | $5.0B | +13.6% | $118.4M | +24.5% | 0.79 | $238.0M |
| Q4'23 * | $5.8B | +31.0% | $210.9M | +29.7% | 1.41 | $1.0B |
| Q3'23 | $5.6B | +26.0% | $272.8M | +74.9% | 1.83 | $406.6M |
| Q2'23 | $5.0B | +19.3% | $165.9M | +88.5% | 1.12 | $127.4M |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +18.6% | +20.5% | — | — |
| Operating cash flow | +25.4% | +14.8% | — | — |
| Free cash flow | +32.1% | +13.6% | — | — |
| EPS (diluted) | +27.0% | +17.2% | — | — |
| Equity | +18.4% | +15.5% | — | — |
| LT debt | +12.3% | +34.8% | — | — |
| Diluted shares | +0.7% | +0.8% | — | — |
| Stock price | +43.4% | +43.5% | +37.7% | +26.2% |
$100, 3 years ago
$295vs $176 in SPY
43.4% vs 20.7%/yr
$100, 5 years ago
$609vs $181 in SPY
43.5% vs 12.6%/yr
$100, 10 years ago
$2,445vs $412 in SPY
37.7% vs 15.2%/yr
$100, 15 years ago
$3,278vs $813 in SPY
26.2% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$18.04
$61.6B created / $3.4B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
15.7%
OCF ÷ (equity + debt)
OCF / EV yield
2.1%
MC vs 10× OCF
4.47
≤1 = priced under 10× OCF
Debt / FCF
3.2y
SBC / FCF
11.2%
Owner earnings
$1.4B
OCF − capex − SBC
OE yield
1.4%
Share count 5y
−0.4%
per year; negative = buybacks
Capital intensity
—
net PP&E ÷ revenue
Sales efficiency
$0.03
new PP&E per $1 new revenue, 5y
Growth engine (5y): reinvested 110.5% of operating cash flow at an incremental return of 13.3% — an organically fundable growth rate of about 14.7% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
17 of 27 checks pass · 63%. Checks with structurally missing inputs are excluded.
Growth & Consistency
6/7
- pass
Revenue growth
20.5% · 5y CAGR ≥ 5%
- pass
EPS growth
17.2% · 5y CAGR ≥ 5%
- pass
FCF growth
13.6% · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
8 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
10 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
14.8% vs 20.5% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
4/7
- fail
Net margin
3.6% · ≥ 8%
- fail
Operating margin
5.7% · ≥ 10%
- pass
Gross margin stable or rising
15.0% vs 14.8% · no drop > 2 pts over 3y
- fail
Return on equity
11.5% · ≥ 12%
- pass
Cash ROIC
15.7% · ≥ 12%
- pass
FCF margin
5.7% · ≥ 5%
- pass
Earnings back their cash
OCF $2.2B vs NI $1.0B · OCF ≥ net income (latest FY)
Balance Sheet
2/5
- fail
Debt payable from cash flow
3.2y · LT debt ≤ 3× FCF
- fail
Cash cushion
8% · cash ≥ 50% of LT debt
- pass
Leverage
0.59 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$8.9B · equity > 0 and grew over ~5y
- fail
Interest burden
16% · interest ≤ 15% of operating income
Capital Allocation
4/4
- pass
Share count flat or shrinking
-0.4% · ≤ +0.5%/yr over ~5y
- pass
Stock comp restrained
11% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
12% · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
8 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
1/4
- fail
FCF yield
1.6% · ≥ 3%
- fail
Earnings multiple
96.8 · P/E ≤ 25
- pass
Price asks less than history delivered
23.1% vs 27.8% · implied FCF growth ≤ historical FCF CAGR
- fail
Shareholder yield
0.2% · dividends + buybacks ≥ 2% of market cap
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 28,480 | 4,275 | 1,612 | 1,028 | 6.80 | 2,230 | 609 | 1,621 | 60 | 135 | 182 | 440 | 5,231 | 8,938 | 151 |
| 2024 | 23,673 | 3,511 | 1,346 | 905 | 6.03 | 2,081 | 604 | 1,477 | 54 | 0 | 151 | 742 | 4,100 | 7,318 | 150 |
| 2023 | 20,882 | 2,937 | 1,128 | 745 | 5.00 | 1,576 | 435 | 1,141 | 48 | 0 | 127 | 1,290 | 3,664 | 6,272 | 149 |
| 2022 | 17,074 | 2,529 | 872 | 491 | 3.32 | 1,130 | 428 | 703 | 41 | 128 | 106 | 429 | 3,692 | 5,383 | 148 |
| 2021 | 12,980 | 1,953 | 664 | 486 | 3.34 | 582 | 386 | 197 | 34 | 67 | 88 | 229 | 3,724 | 5,112 | 145 |
| 2020 | 11,203 | 1,661 | 611 | 446 | 3.07 | 1,116 | 260 | 856 | 29 | 247 | 92 | 185 | 1,174 | 4,344 | 145 |
| 2019 | 12,112 | 1,600 | 555 | 402 | 2.73 | 527 | 262 | 265 | 23 | 20 | 52 | 165 | 1,292 | 4,050 | 148 |
| 2018 | 11,171 | 1,480 | 540 | 293 | 1.90 | 359 | 294 | 65 | 0 | 443 | 52 | 79 | 1,041 | 3,604 | 154 |
| 2017 | 9,466 | 1,242 | 379 | 315 | 2.00 | 372 | 245 | 127 | 0 | 50 | 46 | 138 | 671 | 3,792 | 157 |
| 2016 | 7,651 | 1,014 | 321 | 200 | 1.26 | 391 | 213 | 178 | — | 0 | 43 | 112 | 354 | 3,339 | 157 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.