Great Lakes Dredge & Dock Corporation (GLDD) 10-Year Financial Performance & Capital Metrics

GLDD • • Industrial / General

IndustrialsEngineering & ConstructionHeavy Civil ConstructionMarine & Water Infrastructure

AboutGreat Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages in capital dredging that consists of port expansion projects; coastal restoration and land reclamations; trench digging for pipelines, tunnels, and cables; and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures. It is also involved in coastal protection projects that comprises of moving sand from the ocean floor to shoreline locations where erosion threatens shoreline assets; maintenance dredging, which consists of the re-dredging of previously deepened waterways and harbors to remove silt, sand, and other accumulated sediments; land reclamations, channel deepening, and port infrastructure development; and lake and river dredging, inland levee and construction dredging, environmental restoration and habitat improvement, and other marine construction projects. The company serves federal, state, and local governments; foreign governments; and domestic and foreign private concerns, such as utilities, oil, and other energy companies. It operates a fleet of 18 dredges, 17 material transportation barges, 1 drillboat, and various other support vessels. The company was formerly known as Lydon & Drews Partnership and changed its name to Great Lakes Dredge & Dock Corporation in 1905. Great Lakes Dredge & Dock Corporation was founded in 1890 and is headquartered in Houston, Texas.Show more

Revenue $763M +29.4%
EBITDA $136M +91.5%
Net Income $57M +311.8%
EPS (Diluted) 0.84 +300.0%
Gross Margin 21.05% +59.7%
EBITDA Margin 17.77% +48.1%
Operating Margin 12.17% +154.2%
Net Margin 7.51% +218.4%
ROE 13.73% +272.0%
ROIC 7.49% +191.0%
Debt/Equity 1.23 -6.6%
Interest Coverage 5.19 +123.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 2.8%
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-0.56%

5Y1.4%

3Y1.65%

TTM12.53%

Profit (Net Income) CAGR

10Y18.72%

5Y3.02%

3Y5.03%

TTM36.28%

EPS CAGR

10Y17.32%

5Y2.02%

3Y3.85%

TTM35.63%

ROCE

10Y Avg6.29%

5Y Avg6.9%

3Y Avg3.02%

Latest9.18%

Peer Comparison

Marine & Water Infrastructure

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
GLDDGreat Lakes Dredge & Dock Corporation	1.05B	15.44	18.38	29.35%	9.65%	16.04%	1.23
MGNMegan Holdings Limited Ordinary Shares	28.36M	1.75	3.71	17.88%	9.72%	32.34%	0.01
SHIMShimmick Corporation Common Stock	131.08M	3.66	-0.89	-24.11%	-12.33%	-6.97%
SLNDSouthland Holdings, Inc.	177.49M	3.28	-1.50	-15.53%	-10.08%	-107.82%	1.83
ORNOrion Group Holdings, Inc.	447.69M	11.22	-237.21	11.89%	1.13%	6.01%	0.63

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	856.88M	767.59M	592.16M	620.79M	711.52M	733.6M	726.15M	648.78M	589.63M	762.69M
Revenue Growth %	0.06%	-0.1%	-0.23%	0.05%	0.15%	0.03%	-0.01%	-0.11%	-0.09%	0.29%
Cost of Goods Sold+	760.96M	552.13M	526.47M	500.28M	557.76M	562.37M	580.88M	617.61M	511.89M	602.12M
COGS % of Revenue	0.89%	0.72%	0.89%	0.81%	0.78%	0.77%	0.8%	0.95%	0.87%	0.79%
Gross Profit+	95.92M	86.39M	65.69M	120.51M	153.76M	171.23M	145.27M	31.17M	77.73M	160.58M
Gross Margin %	0.11%	0.11%	0.11%	0.19%	0.22%	0.23%	0.2%	0.05%	0.13%	0.21%
Gross Profit Growth %	0.04%	-0.1%	-0.24%	0.83%	0.28%	0.11%	-0.15%	-0.79%	1.49%	1.07%
Operating Expenses+	72.96M	58.36M	84.98M	67.89M	55.63M	59.46M	61.84M	58.91M	49.51M	67.77M
OpEx % of Revenue	0.09%	0.08%	0.14%	0.11%	0.08%	0.08%	0.09%	0.09%	0.08%	0.09%
Selling, General & Admin	71.07M	55.27M	57.23M	55.11M	59.11M	62.76M	62.13M	51.12M	57.06M	70.77M
SG&A % of Revenue	0.08%	0.07%	0.1%	0.09%	0.08%	0.09%	0.09%	0.08%	0.1%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.9M	3.09M	28.94M	12.78M	-3.48M	-3.29M	-294K	7.79M	-7.54M	-3M
Operating Income+	22.96M	26.98M	-19.29M	52.62M	98.13M	111.77M	83.43M	-27.74M	28.22M	92.81M
Operating Margin %	0.03%	0.04%	-0.03%	0.08%	0.14%	0.15%	0.11%	-0.04%	0.05%	0.12%
Operating Income Growth %	-0.04%	0.18%	-1.72%	3.73%	0.86%	0.14%	-0.25%	-1.33%	2.02%	2.29%
EBITDA+	87.54M	81.8M	36.67M	103.01M	135.27M	149.95M	126.45M	18.54M	70.74M	135.5M
EBITDA Margin %	0.1%	0.11%	0.06%	0.17%	0.19%	0.2%	0.17%	0.03%	0.12%	0.18%
EBITDA Growth %	0.18%	-0.07%	-0.55%	1.81%	0.31%	0.11%	-0.16%	-0.85%	2.82%	0.92%
D&A (Non-Cash Add-back)	64.58M	54.83M	55.96M	50.39M	37.15M	38.18M	43.02M	46.27M	42.52M	42.7M
EBIT	15.68M	23.84M	-20.77M	50.03M	96.21M	111.26M	84.42M	-29.31M	30.45M	93.27M
Net Interest Income+	-24.36M	-23.47M	-28.36M	-33.58M	-27.52M	-26.59M	-21.6M	-14.11M	-12.14M	-17.88M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	24.36M	23.47M	28.36M	33.58M	27.52M	26.59M	21.6M	14.11M	12.14M	17.88M
Other Income/Expense	-31.64M	-26.61M	-29.84M	-36.17M	-27.21M	-25.48M	-20.61M	-15.68M	-9.91M	-17.42M
Pretax Income+	-8.69M	365K	-49.13M	16.45M	70.92M	86.29M	62.82M	-43.41M	18.31M	75.39M
Pretax Margin %	-0.01%	0%	-0.08%	0.03%	0.1%	0.12%	0.09%	-0.07%	0.03%	0.1%
Income Tax+	-2.5M	-177K	-33.76M	5.44M	15.25M	20.19M	13.39M	-9.36M	4.41M	18.12M
Effective Tax Rate %	0.71%	-22.4%	0.64%	-0.38%	0.7%	0.77%	0.79%	0.78%	0.76%	0.76%
Net Income+	-6.19M	-8.18M	-31.26M	-6.29M	49.34M	66.1M	49.43M	-34.05M	13.91M	57.27M
Net Margin %	-0.01%	-0.01%	-0.05%	-0.01%	0.07%	0.09%	0.07%	-0.05%	0.02%	0.08%
Net Income Growth %	-1.6%	-0.32%	-2.82%	0.8%	8.84%	0.34%	-0.25%	-1.69%	1.41%	3.12%
Net Income (Continuing)	-6.19M	542K	-15.37M	11.02M	55.67M	66.1M	49.43M	-34.05M	13.91M	57.27M
Discontinued Operations	0	-8.72M	-15.89M	0	-6.33M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.10	-0.13	-0.51	-0.10	0.76	1.00	0.75	-0.52	0.21	0.84
EPS Growth %	-1.59%	-0.3%	-2.92%	0.8%	8.6%	0.32%	-0.25%	-1.69%	1.4%	3%
EPS (Basic)	-0.10	-0.13	-0.51	-0.10	0.78	1.02	0.75	-0.52	0.21	0.85
Diluted Shares Outstanding	60.41M	61.37M	61.37M	63.61M	65.04M	65.87M	66.3M	66.05M	66.96M	67.84M
Basic Shares Outstanding	60.41M	60.74M	61.37M	62.24M	63.6M	64.74M	65.59M	66.05M	66.47M	67.07M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	329.73M	307.23M	262.18M	206.7M	300.71M	362.69M	327.43M	182.84M	226.33M	253.12M
Cash & Short-Term Investments	14.18M	11.17M	15.85M	34.46M	187M	216.51M	145.46M	6.55M	22.84M	10.22M
Cash Only	14.18M	11.17M	15.85M	34.46M	187M	216.51M	145.46M	6.55M	22.84M	10.22M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	211.97M	183.1M	129.85M	82.73M	42.34M	71.1M	122.8M	110.81M	123.55M	192.23M
Days Sales Outstanding	90.29	87.07	80.04	48.64	21.72	35.37	61.72	62.34	76.48	91.99
Inventory	35.96M	37.14M	34.6M	28.11M	30.19M	34.69M	30.76M	29.23M	33.91M	29.87M
Days Inventory Outstanding	17.25	24.55	23.99	20.51	19.76	22.51	19.33	17.27	24.18	18.1
Other Current Assets	59.69M	63.41M	76.85M	56.69M	39.66M	37.31M	26.4M	34.69M	44.54M	17.98M
Total Non-Current Assets+	571.89M	586.36M	570.17M	523.57M	596.84M	595.33M	670.24M	798.94M	884.51M	1.05B
Property, Plant & Equipment	430.21M	413.01M	407.29M	369.86M	447.21M	448.23M	517.34M	633.64M	706.67M	803.48M
Fixed Asset Turnover	1.99x	1.86x	1.45x	1.68x	1.59x	1.64x	1.40x	1.02x	0.83x	0.95x
Goodwill	83.58M	83.58M	83.58M	76.58M	76.58M	76.58M	76.58M	76.58M	76.58M	76.58M
Intangible Assets	2.43M	1.5M	908K	0	0	0	0	0	0	0
Long-Term Investments	3.76M	4.73M	2.71M	-56.12M	-64.93M	0	0	0	0	0
Other Non-Current Assets	52.7M	85.38M	10.58M	77.13M	73.06M	70.53M	76.33M	88.72M	101.27M	121.92M
Total Assets+	901.63M	893.59M	832.36M	730.27M	897.55M	958.02M	997.67M	981.78M	1.11B	1.31B
Asset Turnover	0.95x	0.86x	0.71x	0.85x	0.79x	0.77x	0.73x	0.66x	0.53x	0.58x
Asset Growth %	0.01%	-0.01%	-0.07%	-0.12%	0.23%	0.07%	0.04%	-0.02%	0.13%	0.18%
Total Current Liabilities+	205.69M	179.83M	150.25M	163.12M	203.93M	176.29M	154.74M	160.33M	179.44M	216.01M
Accounts Payable	118.85M	103.19M	65.15M	71.54M	76.09M	71.31M	85.57M	94.08M	83.83M	101.31M
Days Payables Outstanding	57.01	68.21	45.17	52.19	49.79	46.28	53.77	55.6	59.78	61.41
Short-Term Debt	7.51M	2.46M	1.21M	11.5M	0	0	0	0	0	49.1M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	0	0	0	0	1000K
Other Current Liabilities	55.23M	55.81M	32.09M	45.82M	32.77M	37.26M	18.2M	12.94M	38.34M	17.54M
Current Ratio	1.60x	1.71x	1.74x	1.27x	1.47x	2.06x	2.12x	1.14x	1.26x	1.17x
Quick Ratio	1.43x	1.50x	1.51x	1.09x	1.33x	1.86x	1.92x	0.96x	1.07x	1.03x
Cash Conversion Cycle	50.54	43.41	58.85	16.96	-8.32	11.61	27.29	24.02	40.88	48.69
Total Non-Current Liabilities+	440.26M	465.86M	460.81M	352.22M	414.22M	435.07M	443.94M	453.23M	545.85M	641.2M
Long-Term Debt	345.79M	390.4M	428.14M	321.95M	322.84M	323.74M	320.97M	321.52M	412.07M	448.22M
Capital Lease Obligations	2.68M	1.36M	0	0	51.13M	45.88M	45.99M	65.01M	64.07M	52.9M
Deferred Tax Liabilities	0	0	25.56M	22.85M	35.74M	0	0	0	0	130.01M
Other Non-Current Liabilities	20.46M	74.1M	7.11M	7.43M	4.51M	65.45M	76.98M	66.7M	69.71M	10.08M
Total Liabilities	649.45M	645.7M	611.06M	515.34M	618.15M	611.36M	598.67M	613.56M	725.29M	857.21M
Total Debt+	356.8M	392.87M	430.9M	333.45M	395.32M	389.09M	383.69M	413.4M	505.87M	550.21M
Net Debt	342.61M	381.7M	415.05M	298.99M	208.33M	172.58M	238.23M	406.86M	483.03M	539.99M
Debt / Equity	1.41x	1.58x	1.95x	1.55x	1.41x	1.12x	0.96x	1.12x	1.31x	1.23x
Debt / EBITDA	4.08x	4.80x	11.75x	3.24x	2.92x	2.59x	3.03x	22.30x	7.15x	4.06x
Net Debt / EBITDA	3.91x	4.67x	11.32x	2.90x	1.54x	1.15x	1.88x	21.95x	6.83x	3.99x
Interest Coverage	0.94x	1.15x	-0.68x	1.57x	3.57x	4.20x	3.86x	-1.97x	2.32x	5.19x
Total Equity+	252.17M	247.89M	221.3M	214.93M	279.4M	346.67M	399M	368.22M	385.55M	448.91M
Equity Growth %	-0.01%	-0.02%	-0.11%	-0.03%	0.3%	0.24%	0.15%	-0.08%	0.05%	0.16%
Book Value per Share	4.17	4.04	3.61	3.38	4.30	5.26	6.02	5.57	5.76	6.62
Total Shareholders' Equity	252.17M	247.89M	221.3M	214.93M	279.4M	346.67M	399M	368.22M	385.55M	448.91M
Common Stock	6K	6K	6K	6K	6K	6K	6K	6K	6K	7K
Retained Earnings	-27.66M	-35.84M	-67.1M	-74.97M	-23.09M	40.94M	90.37M	56.31M	70.22M	127.48M
Treasury Stock	-1.43M	-1.43M	-1.43M	-1.43M	0	0	0	0	0	0
Accumulated OCI	-1.98M	-1.15M	3K	-3.81M	295K	968K	140K	-191K	-2.01M	-965K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	29.12M	38.67M	21.52M	137.65M	190.16M	78.95M	44.61M	672K	47.42M	70.06M
Operating CF Margin %	0.03%	0.05%	0.04%	0.22%	0.27%	0.11%	0.06%	0%	0.08%	0.09%
Operating CF Growth %	-0.4%	0.33%	-0.44%	5.4%	0.38%	-0.58%	-0.43%	-0.98%	69.57%	0.48%
Net Income	-6.19M	-8.18M	-18.56M	11.02M	55.67M	66.1M	49.43M	-34.05M	13.91M	57.27M
Depreciation & Amortization	64.58M	63.02M	60.52M	50.39M	37.15M	38.18M	43.02M	46.27M	42.52M	68.97M
Stock-Based Compensation	4.04M	2.46M	2.96M	4.64M	0	6.75M	0	0	0	8.58M
Deferred Taxes	-2.69M	-6.11M	-34.68M	5.76M	15.13M	20.51M	12.31M	-9.27M	3.73M	0
Other Non-Cash Items	5.73M	-4.73M	10.48M	5.32M	-834K	40K	2.85M	12.4M	6.8M	16.63M
Working Capital Changes	-36.36M	-7.79M	798K	60.52M	83.05M	-52.64M	-62.99M	-14.67M	-19.54M	-81.38M
Change in Receivables	-20.19M	41.27M	12.54M	-8.36M	40.39M	-19.2M	-51.7M	11.99M	-12.73M	-68.68M
Change in Inventory	-6.61M	-6.24M	-2.24M	-921K	-1.94M	-2.38M	-2.71M	-14.26M	-11M	-4.9M
Change in Payables	-9.38M	-36.63M	-6.5M	65.38M	12.55M	-11.41M	-698K	-1.97M	1.38M	0
Cash from Investing+	-73.13M	-72.58M	-51.12M	-35.12M	-25.76M	-43.17M	-112.2M	-140.91M	-120.14M	-115.69M
Capital Expenditures	-74.45M	-83.8M	-68.23M	-49.42M	-49.41M	-47.62M	-116.66M	-143.01M	-150.84M	-125.14M
CapEx % of Revenue	0.09%	0.11%	0.12%	0.08%	0.07%	0.06%	0.16%	0.22%	0.26%	0.16%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	1.17M	8.53M	425K	18.06M	0	0	0	0	9.45M
Cash from Financing+	15.9M	30.81M	34.17M	-85.46M	-11.86M	-6.26M	-1.46M	-679K	89.93M	32.09M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	930K	-7.64M	-5.57M	-1.66M	-5.2M	-2.39M	-3.79M	-1.83M	-1.02M	-9.94M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-45.33M	-45.13M	-46.71M	88.23M	140.75M	31.33M	-72.05M	-142.33M	-103.42M	-55.08M
FCF Margin %	-0.05%	-0.06%	-0.08%	0.14%	0.2%	0.04%	-0.1%	-0.22%	-0.18%	-0.07%
FCF Growth %	-0.05%	0%	-0.04%	2.89%	0.6%	-0.78%	-3.3%	-0.98%	0.27%	0.47%
FCF per Share	-0.75	-0.74	-0.76	1.39	2.16	0.48	-1.09	-2.15	-1.54	-0.81
FCF Conversion (FCF/Net Income)	-4.71x	-4.73x	-0.69x	-21.87x	3.85x	1.19x	0.90x	-0.02x	3.41x	1.22x
Interest Paid	25.39M	26.56M	34.79M	30.86M	0	26.43M	0	0	0	29.73M
Taxes Paid	586K	200K	365K	290K	0	392K	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2.44%	-3.27%	-13.33%	-2.89%	19.96%	21.12%	13.26%	-8.88%	3.69%	13.73%
Return on Invested Capital (ROIC)	3.02%	3.31%	-2.29%	6.86%	14.7%	16.65%	10.82%	-2.95%	2.58%	7.49%
Gross Margin	11.19%	11.25%	11.09%	19.41%	21.61%	23.34%	20.01%	4.8%	13.18%	21.05%
Net Margin	-0.72%	-1.07%	-5.28%	-1.01%	6.93%	9.01%	6.81%	-5.25%	2.36%	7.51%
Debt / Equity	1.41x	1.58x	1.95x	1.55x	1.41x	1.12x	0.96x	1.12x	1.31x	1.23x
Interest Coverage	0.94x	1.15x	-0.68x	1.57x	3.57x	4.20x	3.86x	-1.97x	2.32x	5.19x
FCF Conversion	-4.71x	-4.73x	-0.69x	-21.87x	3.85x	1.19x	0.90x	-0.02x	3.41x	1.22x
Revenue Growth	6.2%	-10.42%	-22.85%	4.84%	14.61%	3.1%	-1.02%	-10.65%	-9.12%	29.35%

Revenue by Segment

	2012	2015	2016	2017	2018	2019	2020	2021	2022	2024
Dredging	1.37M	-	-	-	14.09M	2.1M	616K	716K	-	27.7M
Dredging Growth	-	-	-	-	-	-85.07%	-70.71%	16.23%	-	-
Dredging	-	681.25M	637.47M	592.16M	-	-	-	-	-	-
Dredging Growth	-	-	-6.43%	-7.11%	-	-	-	-	-	-
Environmental And Infrastructure	-	-	133.64M	112.61M	-	-	-	-	-	-
Environmental And Infrastructure Growth	-	-	-	-15.74%	-	-	-	-	-	-
Environmental And Remediation	-	181.71M	-	-	-	-	-	-	-	-
Environmental And Remediation Growth	-	-	-	-	-	-	-	-	-	-
Demolition	75K	-	-	-	-	-	-	-	-	-
Demolition Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2012	2015	2016	2017	2018	2019	2020	2021	2022	2024
Foreign	-	245.9M	126.14M	116.26M	-	48.62M	25.89M	6.6M	149K	-
Foreign Growth	-	-	-48.70%	-7.83%	-	-	-46.75%	-74.52%	-97.74%	-

Frequently Asked Questions

Valuation & Price

Great Lakes Dredge & Dock Corporation (GLDD) has a price-to-earnings (P/E) ratio of 18.4x. This is roughly in line with market averages.

Growth & Financials

Great Lakes Dredge & Dock Corporation (GLDD) reported $834.6M in revenue for fiscal year 2024. This represents a 34% increase from $624.5M in 2011.

Great Lakes Dredge & Dock Corporation (GLDD) grew revenue by 29.4% over the past year. This is strong growth.

Yes, Great Lakes Dredge & Dock Corporation (GLDD) is profitable, generating $80.6M in net income for fiscal year 2024 (7.5% net margin).

Dividend & Returns

Great Lakes Dredge & Dock Corporation (GLDD) has a return on equity (ROE) of 13.7%. This is reasonable for most industries.

Great Lakes Dredge & Dock Corporation (GLDD) generated $23.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...