Everus Construction Group, Inc. (ECG)

Price$117.24Cached quoteAs of 2026-09-05 02:34 UTC

AI: Fair-priced

Price checkThe valuation looks balanced because rapid growth is already reflected in a premium multiple.

The market value is roughly $5.8 billion, equal to about 23 times trailing diluted earnings and about 23 times recent free cash flow. Including net debt, the company trades near 14 times the midpoint of management's 2026 forecast for earnings before interest, taxes, depreciation and amortization. Those are not bargain multiples for a construction contractor, but revenue, margins and backlog are expanding unusually quickly. The current valuation therefore looks reasonable only if strong growth continues rather than immediately returning to historical rates.

Big pictureData-center demand is driving exceptional growth, though construction earnings still depend heavily on project timing.

Second-quarter revenue rose 33.7% year over year, including about 30% organic growth excluding the SE&M acquisition, while net income increased 58.9%. Backlog reached $4.55 billion, up 52.8% from a year earlier, with most of the increase in electrical and mechanical work tied partly to data centers and other commercial projects. That provides strong revenue visibility, but backlog is not guaranteed revenue: projects can be delayed, resized or cancelled, and unusually favorable project execution and timing helped recent margins.

Business strengthThe balance sheet is manageable, while acquisitions now consume more capital than shareholder payouts.

The supplied history shows about $177 million of cash and $364 million of debt at June 2026, leaving roughly $187 million of net debt, while shares outstanding remained close to 51 million and dilution was minimal. First-half operating cash flow was about $197 million against $36 million of capital spending, although working-capital movements made cash generation unusually strong. Everus spent about $148 million acquiring SE&M and plans a $295 million Epsilon purchase funded with cash and borrowings, increasing acquisition execution and leverage risk.

What could change the storyContinued backlog conversion could justify the multiple, while slower growth would quickly make it look expensive.

Management raised 2026 revenue guidance to $4.5-$4.7 billion and its earnings-before-interest-tax-depreciation-and-amortization forecast to $410-$425 million after the strong first half. Epsilon could add roughly $250 million of annual revenue with a low-double-digit margin and is expected to increase cash generation after closing. The bull case requires continued data-center and advanced-manufacturing demand plus disciplined acquisition integration. If organic growth falls sharply, project margins normalize, or the $4.55 billion backlog converts more slowly, a roughly 23-times earnings valuation would offer little protection.

AI: News

Record quarter and raised outlookRecord second-quarter results and higher guidance strengthened evidence that current demand is translating into profits.

On August 4, Everus reported record quarterly revenue of $1.23 billion, up 33.7%, net income of $83.9 million, up 58.9%, and backlog of $4.55 billion. Management raised full-year revenue guidance to $4.5-$4.7 billion and its earnings-before-interest-tax-depreciation-and-amortization forecast to $410-$425 million. Shares closed about 3.4% higher the following trading day. That reaction is consistent with improved earnings expectations, though market timing alone cannot prove the results caused the move.

Epsilon acquisition announcedThe Epsilon deal expands modular construction exposure but commits substantial cash and borrowing capacity to growth.

On July 31, Everus agreed to acquire Epsilon Industries for $295 million in cash, funded through cash on hand and credit facilities. Epsilon expects about $250 million of 2026 revenue with a low-double-digit earnings-before-interest-tax-depreciation-and-amortization margin and serves data-center, advanced-manufacturing and healthcare customers. Shares finished roughly 2% higher that day, while contemporaneous reporting noted a larger intraday rise. The deal can broaden capabilities and margins, but also raises leverage and integration risk.

Loading local price history

Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$3.75B	$2.85B	$2.85B	$2.70B
Gross profit	$454.1M	$339.5M	$321.9M	$276.0M
Gross margin	12.12%	11.91%	11.28%	10.23%
Operating expenses	$189.3M	$149.5M	$131.4M	$111.4M
Operating income	$264.8M	$189.9M	$190.5M	$164.6M
Operating margin	7.07%	6.66%	6.68%	6.10%
EBITDA	$293.6M	$215.2M	$213.7M	$186.1M
EBITDA margin	7.84%	7.55%	7.49%	6.89%
Net income	$201.8M	$143.4M	$137.2M	$124.8M
Net profit margin	5.39%	5.03%	4.81%	4.62%
Basic EPSper basic share	$3.95	$2.81	$2.69	$2.45
Diluted EPSper diluted share	$3.95	$2.81	$2.69	$2.45

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

12.91%of listed shares

BlackRock, Inc.6.59M shares · Jun 30, 2026

View holders

Top 20 reported holders of ECG
Holder	% owned
BlackRock, Inc.	12.91%6.59M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.17%2.64M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.51%2.3M shares
STATE STREET CORP	3.32%1.69M shares
Invesco Ltd.	3.07%1.57M shares
GEODE CAPITAL MANAGEMENT, LLC	2.85%1.46M shares
WASATCH ADVISORS LP	2.34%1.2M shares
Capital International Investors	2.15%1.1M shares
DIMENSIONAL FUND ADVISORS LP	2.05%1.05M shares
Capital World Investors	2.01%1.03M shares
FIRST TRUST ADVISORS LP	1.90%967.69K shares
Forest Avenue Capital Management LP	1.62%826.51K shares
FULLER & THALER ASSET MANAGEMENT, INC.	1.58%808.96K shares
EARNEST PARTNERS LLC	1.47%753.09K shares
MORGAN STANLEY	1.46%746.21K shares
GOLDMAN SACHS GROUP INC	1.20%614.24K shares
ALLIANCEBERNSTEIN L.P.	1.03%527.72K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.99%506.72K shares
JANE STREET GROUP, LLC	0.89%455.36K shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	0.88%450.76K shares

Percentages use 51.06M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$176.9K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Dec 8, 2025Form 4	Hernandez Helena MercedesDirector	BuyCommon Stock	250	$92.18	$23.0K	2.1K
Feb 25, 2025Form 4	Marcy Maximillian JVP, CFO & Treasurer	BuyCommon Stock	1.3K	$39.00	$50.7K	5.5K
Feb 25, 2025Form 4	Ryan Edward ADirector	BuyCommon Stock	1.4K	$38.03	$53.2K	14.9K
Feb 18, 2025Form 4	DELLA ROCCA MICHAELDirector	BuyCommon Stock	1.1K	$47.57	$49.9K	2.0K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about ECG yet. Start the conversation.

Write the first post

Everus Construction Group, Inc. (ECG)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.