Tutor Perini Corp (TPC)

Price$88.21Cached quoteAs of 2026-09-05 09:32 UTC

AI: Fair-priced

Price checkThe valuation looks fair because stronger expected earnings offset an expensive look at recent reported profits.

At the observed market level, Tutor Perini trades at about 38 times reported earnings from the last four quarters, roughly $2.31 per share. Using management’s $5.15–$5.45 adjusted 2026 earnings guidance, which excludes share-based compensation and certain other items, the ratio falls to about 16.6 times the midpoint. The company’s stock-market value is roughly $4.6 billion, about eight times 2025 free cash flow, meaning cash left after running and investing in the business. Recent cash flow also benefited from favorable billing and collection movements.

Big pictureProfitability has improved sharply, but earlier losses show the turnaround has not survived a full business cycle.

The turnaround is real but still young. Revenue rose to $5.54 billion in 2025 from $4.33 billion in 2024, while operating income swung to $232 million from a $104 million loss. First-half 2026 operating cash flow reached $334 million; after about $52 million of capital spending, free cash flow was roughly $282 million. However, the company lost money in 2022 through 2024, and $92 million of first-half 2026 operating cash came from changes in project receivables, billing, and other short-term items, so cash generation can remain uneven.

Business strengthCash, cheaper debt, and share repurchases improve resilience, although much reported cash is tied to shared projects.

At June 2026, reported cash was $938 million against $465 million of debt, but only $424 million was immediately available for general corporate purposes because much cash sat in shared project ventures. The July refinancing replaced $400 million of 11.875% notes with 6.625% notes, cutting annual pretax interest by roughly $21 million. Tutor Perini also repurchased $30 million of shares in the first half and raised its dividend, yet shares outstanding remain about 3.4% above 2020 levels and first-half share-based compensation was $58 million.

What could change the storyFuture project profits, legal outcomes, and cash generation will decide whether today’s valuation proves attractive.

The bull case is converting the $19.9 billion backlog, meaning signed work not yet completed, into higher-profit revenue; management expects 2027 adjusted earnings to exceed the top of its increased 2026 range. The bear case is weaker project profitability or legal losses that consume cash. The Philadelphia W/Element dispute includes an approximately $175 million trial-court award that Tutor Perini is appealing, which is material beside its cash cushion. The thesis strengthens if reported earnings move closer to adjusted earnings and cash stays strong without large billing or collection boosts.

AI: News

Record quarter and raiseSecond-quarter results beat expectations, raised the year’s profit outlook, and lifted the dividend, reinforcing the turnaround.

On August 5, Tutor Perini reported record quarterly revenue of $1.64 billion, up 19%, and record construction operating income of $117.7 million, up 54%. Adjusted earnings per share were $1.74, while full-year guidance rose to $5.15–$5.45 and the quarterly dividend increased 50% to $0.09. Shares finished about 13% higher the next trading day than the earnings-day close, consistent with investors rewarding the stronger outlook.

Small-cap index inclusionS&P SmallCap 600 inclusion broadened index ownership and likely increased passive demand for the shares.

S&P Dow Jones Indices announced on July 20 that Tutor Perini would join the S&P SmallCap 600 before trading opened July 24. Shares rose about 7.8% in the next session after the announcement. Index inclusion can create automatic buying from funds that track the benchmark and can broaden ownership. The timing is consistent with an index-related boost, although the move cannot be attributed to that announcement with certainty.

Guam power contractA large Guam power project added future work and strengthened the company’s defense-infrastructure growth story.

On June 11, Tutor Perini announced a $651.8 million Naval Base Guam electrical-infrastructure task order, adding a large, multi-year project to future work. Design was scheduled to begin in August 2026, with construction planned from April 2027 through June 2031. The shares rose about 3.5% before the market opened and remained higher in morning trading, suggesting investors viewed the award as meaningful support for future revenue and project mix.

Hotel judgment pressureAnother Philadelphia hotel judgment increased potential cash exposure and highlighted the downside of legacy project disputes.

On July 7, a Philadelphia judge ordered Tutor Perini Building to pay $42.4 million to a hotel-project subcontractor. This came alongside the much larger roughly $175 million developer award that Tutor Perini is appealing. The shares fell about 6.3% that session, but the news report appeared after regular trading, so timing alone does not show that the judgment caused the decline. The main value risk is future cash payment if adverse rulings survive appeal.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$5.54B	$4.33B	$3.88B	$3.79B	$4.64B	$5.32B	$4.45B	$4.45B	$4.76B	$4.97B	$4.92B	$4.49B	$4.18B	$4.11B	$3.72B	$3.20B	$5.15B
Gross profit	$647.5M	$197.0M	$140.6M	$29.6M	$466.4M	$486.2M	$241.8M	$454.5M	$454.4M	$457.2M	$356.3M	$505.4M	$466.9M	$415.1M	$395.3M	$337.8M	$388.0M
Gross margin	11.68%	4.55%	3.62%	0.78%	10.05%	9.14%	5.43%	10.20%	9.55%	9.19%	7.24%	11.25%	11.18%	10.10%	10.64%	10.56%	7.53%
Operating expenses	$415.6M	$300.8M	$255.2M	$234.4M	$239.6M	$223.8M	$606.8M	$262.6M	$274.9M	$255.3M	$250.8M	$263.8M	$263.1M	$636.9M	$227.0M	$165.5M	$176.5M
Operating income	$232.0M	−$103.8M	−$114.6M	−$204.8M	$226.8M	$262.3M	−$365.0M	$191.9M	$179.5M	$201.9M	$105.4M	$241.7M	$203.8M	−$221.8M	$168.4M	$172.3M	$211.5M
Operating margin	4.18%	−2.40%	−2.95%	−5.40%	4.89%	4.93%	−8.20%	4.31%	3.77%	4.06%	2.14%	5.38%	4.88%	−5.39%	4.53%	5.39%	4.11%
EBITDA	$281.8M	−$50.0M	−$69.4M	−$140.4M	$345.0M	$369.4M	−$300.0M	$239.1M	$231.4M	$269.2M	$147.0M	$295.4M	$263.2M	−$160.4M	$216.0M	$203.6M	$232.8M
EBITDA margin	5.08%	−1.15%	−1.79%	−3.70%	7.43%	6.94%	−6.74%	5.37%	4.86%	5.41%	2.99%	6.58%	6.30%	−3.90%	5.81%	6.37%	4.52%
Net income	$80.4M	−$163.7M	−$171.2M	−$210.0M	$91.9M	$108.4M	−$387.7M	$83.4M	$148.4M	$95.8M	$45.3M	$107.9M	$87.3M	−$265.4M	$86.1M	$103.5M	$137.1M
Net profit margin	1.45%	−3.78%	−4.41%	−5.54%	1.98%	2.04%	−8.71%	1.87%	3.12%	1.93%	0.92%	2.40%	2.09%	−6.46%	2.32%	3.24%	2.66%
Basic EPSper basic share	$1.53	-$3.13	-$3.30	-$4.09	$1.80	$2.14	-$7.72	$1.67	$2.99	$1.95	$0.92	$2.22	$1.82	-$5.59	$1.82	$2.15	$2.82
Diluted EPSper diluted share	$1.51	-$3.13	-$3.30	-$4.09	$1.79	$2.12	-$7.72	$1.66	$2.92	$1.92	$0.91	$2.20	$1.80	-$5.59	$1.80	$2.13	$2.79

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.21%of listed shares

BlackRock, Inc.4.32M shares · Jun 30, 2026

View holders

Top 20 reported holders of TPC
Holder	% owned
BlackRock, Inc.	8.21%4.32M shares
AMERICAN CENTURY COMPANIES INC	4.34%2.28M shares
Capital International Investors	4.30%2.26M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.76%1.98M shares
FIRST TRUST ADVISORS LP	3.45%1.81M shares
DIMENSIONAL FUND ADVISORS LP	3.21%1.69M shares
GENDELL JEFFREY L	2.93%1.54M shares
GEODE CAPITAL MANAGEMENT, LLC	2.47%1.3M shares
STATE STREET CORP	2.05%1.08M shares
PRINCIPAL FINANCIAL GROUP INC	1.81%950.11K shares
SG Americas Securities, LLC	1.53%803.62K shares
RENAISSANCE TECHNOLOGIES LLC	1.52%800.28K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.50%786.58K shares
FMR LLC	1.38%726.97K shares
MORGAN STANLEY	1.36%717.12K shares
JACOBS LEVY EQUITY MANAGEMENT, INC	1.15%604.66K shares
FRED ALGER MANAGEMENT, LLC	1.14%599.19K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.07%561.83K shares
Boston Partners	1.07%560.94K shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	1.04%548.51K shares

Percentages use 52.57M 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

Buys12$5.43M disclosed value

Sells (SEC code S)31$75.35M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 27, 2026Form 4	Lieber Robert CDirector	SellCommon Stock	17.5K	$75.36	$1.32M	149.4K
May 19, 2026Form 4	Lieber Robert CDirector	SellCommon Stock	10.0K	$74.25	$742.5K	164.6K
Mar 6, 2026Form 4	ARKLEY PETERDirector	BuyCommon Stock	3.2K	$73.28	$234.8K	216.7K
Mar 6, 2026Form 4	ARKLEY PETERDirector	BuyCommon Stock	4.9K	$72.85	$357.9K	213.5K
Mar 5, 2026Form 4	ARKLEY PETERDirector	BuyCommon Stock	11.0K	$72.44	$796.8K	208.6K

Review ownership filings at SEC.gov ↗

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Tutor Perini Corp (TPC)

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