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Granite Construction Incorporated (GVA) 10-Year Financial Performance & Capital Metrics

GVA • • Industrial / General
IndustrialsEngineering & ConstructionHeavy Civil ConstructionRoad & Highway Construction
AboutGranite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. It operates through two segments, Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public. It also focuses on water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies. The company also constructs various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar, and power projects. The Materials segment is involved in the production of aggregates and asphalt for internal use, as well as for sale to third parties. In addition, it offers site preparation, mining, and infrastructure services for residential development, energy development, commercial and industrial sites, and other facilities; and provides construction management professional services. The company serves federal agencies, state departments of transportation, local transit authorities, county and city public works departments, school districts and developers, utilities, contractors, landscapers, manufacturers of products requiring aggregate materials, retailers, homeowners, farmers, brokers, and private owners of industrial, commercial, and residential sites. Granite Construction Incorporated was founded in 1922 and is headquartered in Watsonville, California.Show more
  • Revenue $4.01B +14.2%
  • EBITDA $334M +93.6%
  • Net Income $126M +189.8%
  • EPS (Diluted) 2.62 +215.7%
  • Gross Margin 14.29% +26.5%
  • EBITDA Margin 8.33% +69.6%
  • Operating Margin 5.17% +126.8%
  • Net Margin 3.15% +153.8%
  • ROE 12% +176.8%
  • ROIC 11.61% +129.6%
  • Debt/Equity 0.77 +7.8%
  • Interest Coverage 7.10 +63.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 8/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Trading near 52-week high
  • ✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

  • ✗Thin 5Y average net margin of 0.6%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.82%
5Y6.57%
3Y4.6%
TTM6.87%

Profit (Net Income) CAGR

10Y17.43%
5Y-
3Y132.17%
TTM64.58%

EPS CAGR

10Y15.14%
5Y-
3Y128.36%
TTM65.53%

ROCE

10Y Avg3.72%
5Y Avg2.73%
3Y Avg7.39%
Latest10.98%

Peer Comparison

Road & Highway Construction
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Size & Scale
Valuation
Per Share
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Quality & Returns
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Technical
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Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
ROADConstruction Partners, Inc.5.38B112.1360.9454.2%3.62%11.16%2.85%1.85
GVAGranite Construction Incorporated5.28B120.9846.1814.2%4.31%15.14%6.06%0.77
STRLSterling Infrastructure, Inc.10.33B336.3140.677.28%14.14%29.1%4.03%0.45
ONEGOneConstruction Group Limited32.48M2.0325.44-16.16%1.69%10.11%2.00
VATEINNOVATE Corp.74.83M5.48-2.01-22.2%-7.7%
TPCTutor Perini Corporation3.96B75.17-24.0211.51%-0.25%-1.01%11.76%0.46
SKBLSkyline Builders Group Holding Limited44.08M3.73-5.76%1.58%12.51%1.42

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+2.37B2.51B2.99B3.32B2.91B3.56B3.5B3.3B3.51B4.01B
Revenue Growth %0.04%0.06%0.19%0.11%-0.12%0.22%-0.02%-0.06%0.06%0.14%
Cost of Goods Sold+2.07B2.21B2.67B2.93B2.73B3.22B3.14B2.93B3.11B3.43B
COGS % of Revenue0.87%0.88%0.89%0.88%0.93%0.9%0.9%0.89%0.89%0.86%
Gross Profit+303.36M301.37M314.93M389.19M189.78M344.79M362.64M369.49M396.4M572.7M
Gross Margin %0.13%0.12%0.11%0.12%0.07%0.1%0.1%0.11%0.11%0.14%
Gross Profit Growth %0.21%-0.01%0.05%0.24%-0.51%0.82%0.05%0.02%0.07%0.44%
Operating Expenses+207.34M209.02M216.22M272.78M231.51M503.13M337.93M284.11M316.34M365.33M
OpEx % of Revenue0.09%0.08%0.07%0.08%0.08%0.14%0.1%0.09%0.09%0.09%
Selling, General & Admin203.82M217.37M220.4M272.78M238.15M316.28M303.01M272.61M294.47M334.16M
SG&A % of Revenue0.09%0.09%0.07%0.08%0.08%0.09%0.09%0.08%0.08%0.08%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses2.03M-8.36M-4.18M1.67M-6.64M186.85M34.91M11.5M21.87M31.17M
Operating Income+110.31M92.35M98.72M8.22M-41.72M-158.34M24.72M85.38M80.06M207.36M
Operating Margin %0.05%0.04%0.03%0%-0.01%-0.04%0.01%0.03%0.02%0.05%
Operating Income Growth %0.69%-0.16%0.07%-0.92%-6.08%-2.8%1.16%2.45%-0.06%1.59%
EBITDA+174.62M155.35M165.06M119.76M80.27M-45.39M133.77M167.95M172.33M333.69M
EBITDA Margin %0.07%0.06%0.06%0.04%0.03%-0.01%0.04%0.05%0.05%0.08%
EBITDA Growth %0.31%-0.11%0.06%-0.27%-0.33%-1.57%3.95%0.26%0.03%0.94%
D&A (Non-Cash Add-back)64.31M63M66.34M111.54M121.99M112.96M109.05M82.57M92.27M126.33M
EBIT117.68M108.33M79.07M62.06M-22.17M-142.26M42.87M104.44M78.32M225.38M
Net Interest Income+-12.12M-9.14M-6.06M-8.49M-10.8M-21.1M-19.56M-6.1M-924K-4.84M
Interest Income2.13M3.23M4.74M6.08M7.26M3.1M1.18M6.53M17.54M24.35M
Interest Expense14.26M12.37M10.8M14.57M18.05M24.2M20.74M12.62M18.46M29.19M
Other Income/Expense-6.88M4.01M5.75M112K1.5M-8.12M-2.59M6.44M-20.21M-11.17M
Pretax Income+103.43M96.36M104.46M8.33M-40.22M-166.46M22.13M91.82M59.85M196.19M
Pretax Margin %0.04%0.04%0.03%0%-0.01%-0.05%0.01%0.03%0.02%0.05%
Income Tax+35.18M30.16M28.66M10.41M-12.29M-282K19.71M12.96M30.27M55.75M
Effective Tax Rate %0.58%0.59%0.33%0.07%1.5%0.87%0.46%0.91%0.73%0.64%
Net Income+60.48M57.12M34.12M582K-60.19M-145.12M10.1M83.3M43.6M126.35M
Net Margin %0.03%0.02%0.01%0%-0.02%-0.04%0%0.03%0.01%0.03%
Net Income Growth %1.39%-0.06%-0.4%-0.98%-104.42%-1.41%1.07%7.25%-0.48%1.9%
Net Income (Continuing)68.25M66.2M42.46M11.54M-27.94M-166.18M2.41M78.86M29.59M140.44M
Discontinued Operations0000-28.77M-164.4M10.67M000
Minority Interest30.88M36.6M47.7M46M36.95M15.95M27.88M32.13M49.67M64.14M
EPS (Diluted)+1.521.420.840.96-1.29-3.180.221.700.832.62
EPS Growth %1.38%-0.07%-0.41%0.14%-2.34%-1.47%1.07%6.73%-0.51%2.16%
EPS (Basic)1.541.440.860.97-1.29-3.180.221.870.992.88
Diluted Shares Outstanding39.87M40.23M40.37M44.02M46.56M45.61M45.79M52.33M52.56M52.51M
Basic Shares Outstanding39.34M39.56M39.8M43.56M46.56M45.61M45.79M44.48M43.88M43.85M
Dividend Payout Ratio0.34%0.36%0.61%38.53%--2.36%0.28%0.52%0.18%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+985.22M1.09B1.23B1.34B1.38B1.46B1.83B1.35B1.64B1.72B
Cash & Short-Term Investments502.57M254.21M301.49M302.81M483.18M614.09M585.56M517.17M624.76M726.57M
Cash Only252.84M189.33M233.71M272.8M262.27M425.29M395.65M293.99M417.66M578.33M
Short-Term Investments249.73M312.07M315.6M312.23M220.91M188.8M189.91M223.18M207.1M148.24M
Accounts Receivable399.89M492.45M583.76M669M758.86M569.65M610.02M705.9M861.69M840.1M
Days Sales Outstanding61.5671.4871.2773.5895.0258.3763.5878.0589.6376.51
Inventory55.55M55.24M62.5M88.62M88.89M62.47M61.97M86.81M103.9M108.17M
Days Inventory Outstanding9.819.118.5311.0411.917.097.210.8112.1811.49
Other Current Assets26.98M287.09M284.34M280.07M46.02M209.03M569.85M37.41M53.1M41.82M
Total Non-Current Assets+642.64M644.46M639.9M1.06B1.13B924.75M667.53M820.64M1.17B1.31B
Property, Plant & Equipment385.13M406.65M407.42M549.69M614.83M474.14M482.82M558.29M741.04M805.98M
Fixed Asset Turnover6.16x6.18x7.34x6.04x4.74x7.51x7.25x5.91x4.74x4.97x
Goodwill53.8M53.8M53.8M259.47M264.28M53.72M53.72M73.7M155M214.47M
Intangible Assets20.33M17.9M16.18M65.72M47.49M10.6M9.5M9.21M117.32M127.89M
Long-Term Investments113.83M98.56M103.48M120.45M89.18M32.84M38.97M107.29M92.91M94.03M
Other Non-Current Assets85.55M62.11M73.84M127.28M59.21M310.35M58.39M49.93M55.63M66.64M
Total Assets+1.63B1.73B1.87B2.48B2.5B2.38B2.49B2.17B2.81B3.03B
Asset Turnover1.46x1.45x1.60x1.34x1.16x1.50x1.40x1.52x1.25x1.32x
Asset Growth %0%0.06%0.08%0.32%0.01%-0.05%0.05%-0.13%0.3%0.08%
Total Current Liabilities+466.05M529.93M655.27M737.44M842.06M943.26M1.07B797.59M1.03B1.03B
Accounts Payable157.57M199.03M237.67M256.76M400.77M321.35M324.31M334.39M408.36M407.22M
Days Payables Outstanding27.8232.8232.4331.9953.6836.4537.7141.6347.8843.27
Short-Term Debt14.8M14.8M46.05M47.29M8.24M8.28M8.73M1.45M39.93M1.11M
Deferred Revenue (Current)1000K1000K1000K01000K1000K1000K1000K1000K1000K
Other Current Liabilities144.07M91.01M168.2M295.09M124.38M220.56M219.49M112.69M215.5M163.85M
Current Ratio2.11x2.05x1.88x1.82x1.64x1.54x1.71x1.69x1.60x1.66x
Quick Ratio1.99x1.95x1.78x1.70x1.53x1.48x1.65x1.58x1.49x1.56x
Cash Conversion Cycle43.5547.7747.3652.6353.252933.0847.2253.9344.74
Total Non-Current Liabilities+291.69M280.93M223.9M401.13M481.62M445.13M430.05M385.19M756.69M914.33M
Long-Term Debt244.32M229.5M178.45M335.12M356.11M330.52M331.19M286.93M614.78M737.94M
Capital Lease Obligations000058.62M39.82M32.93M32.17M63.55M73.64M
Deferred Tax Liabilities05.44M1.36M4.32M3.75M2.02M1.86M1.89M3.71M13.87M
Other Non-Current Liabilities46.61M45.99M44.09M65.24M63.14M72.77M64.07M64.2M74.65M88.88M
Total Liabilities757.74M810.86M879.17M1.08B1.32B1.39B1.5B1.18B1.79B1.95B
Total Debt+260.11M244.29M224.5M382.4M422.97M378.62M372.85M339.21M735.09M832.85M
Net Debt7.27M54.97M-9.21M109.6M160.7M-46.68M-22.8M45.22M317.42M254.52M
Debt / Equity0.30x0.26x0.23x0.27x0.36x0.38x0.37x0.34x0.72x0.77x
Debt / EBITDA1.49x1.57x1.36x3.19x5.27x-2.79x2.02x4.27x2.50x
Net Debt / EBITDA0.04x0.35x-0.06x0.92x2.00x--0.17x0.27x1.84x0.76x
Interest Coverage7.74x7.47x9.14x0.56x-2.31x-6.54x1.19x6.76x4.34x7.10x
Total Equity+870.12M922.59M992.8M1.4B1.18B991.61M995.56M985.14M1.03B1.08B
Equity Growth %0.06%0.06%0.08%0.41%-0.16%-0.16%0%-0.01%0.04%0.05%
Book Value per Share21.8322.9424.5931.7525.3121.7421.7418.8319.5420.55
Total Shareholders' Equity839.24M885.99M945.11M1.35B1.14B975.66M967.68M953.02M977.3M1.02B
Common Stock394K396K399K467K456K457K458K437K439K434K
Retained Earnings699.43M735.63M783.7M787.36M594.35M424.83M410.83M481.38M501.84M604.63M
Treasury Stock0000000000
Accumulated OCI-2M-371K634K-749K-2.65M-5.04M-3.36M788K881K-582K
Minority Interest30.88M36.6M47.7M46M36.95M15.95M27.88M32.13M49.67M64.14M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+66.98M73.15M146.19M86.39M111.44M268.46M21.93M55.65M183.71M456.34M
Operating CF Margin %0.03%0.03%0.05%0.03%0.04%0.08%0.01%0.02%0.05%0.11%
Operating CF Growth %0.55%0.09%1%-0.41%0.29%1.41%-0.92%1.54%2.3%1.48%
Net Income68.25M66.2M75.8M53.74M-56.7M-166.18M2.41M78.86M43.6M140.44M
Depreciation & Amortization12.65M50.12M69.69M122.39M213.89M112.96M30.79M82.57M92.27M126.33M
Stock-Based Compensation8.76M13.38M15.76M14.78M10.21M6.38M6.41M7.76M10.48M19.59M
Deferred Taxes28.26M9.84M-4.82M20.01M-22.92M8.82M16.6M5.45M26.56M13.65M
Other Non-Cash Items-1.04M-12.79M-939K4.92M4.02M163.07M9.45M-3.92M9.65M41.48M
Working Capital Changes-49.9M-53.6M-9.3M-129.45M-37.06M143.42M-43.73M-115.07M1.16M114.83M
Change in Receivables-32.88M-75.76M-60.27M-4.58M-58.95M130.51M-11.32M59.62M-78.41M91.42M
Change in Inventory13.37M308K-7.25M-2.12M380K5.14M774K-14.31M-1.43M-2.86M
Change in Payables8.36M37.73M36.72M-26.73M140.03M-41M7.4M-9.78M66.83M420K
Cash from Investing+-30.71M-96.39M-59.19M-39.6M-40.32M-41.26M-21.48M-11M-359.29M-228.56M
Capital Expenditures-44.18M-90.97M-67.69M-111.1M-106.83M-93.25M-94.81M-121.61M-140.38M-136.41M
CapEx % of Revenue0.02%0.04%0.02%0.03%0.04%0.03%0.03%0.04%0.04%0.03%
Acquisitions----------
Investments----------
Other Investing1.03M6.32M2.85M13.67M5.64M21.99M83.33M19.13M44.85M15.19M
Cash from Financing+-39.4M-40.27M-42.62M-1.87M-81.64M-57.66M-24.45M-164.31M299.25M-67.12M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-20.45M-20.56M-20.69M-22.42M-24.32M-23.71M-23.8M-23.27M-22.81M-22.81M
Share Repurchases----------
Other Financing1.59M549K5.04M-12.22M193.66M372K11.01M5.02M-47.44M-56.93M
Net Change in Cash----------
Free Cash Flow+22.8M-17.82M78.5M-24.71M4.61M175.21M-72.88M-65.97M43.32M319.94M
FCF Margin %0.01%-0.01%0.03%-0.01%0%0.05%-0.02%-0.02%0.01%0.08%
FCF Growth %80.72%-1.78%5.4%-1.31%1.19%37.01%-1.42%0.09%1.66%6.38%
FCF per Share0.57-0.441.94-0.560.103.84-1.59-1.260.826.09
FCF Conversion (FCF/Net Income)1.11x1.28x4.29x148.44x-1.85x-1.85x2.17x0.67x4.21x3.61x
Interest Paid14.6M13.39M11.45M14.86M17.32M18.75M14.59M11.51M15.64M26.07M
Taxes Paid4.3M29.87M33.95M19.07M11.9M2.81M2.07M3.77M15.38M31.94M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)7.17%6.37%3.56%0.05%-4.67%-13.37%1.02%8.41%4.33%12%
Return on Invested Capital (ROIC)9.65%7.47%7.55%0.49%-2.2%-10.4%1.93%6.39%5.06%11.61%
Gross Margin12.79%11.98%10.53%11.73%6.51%9.68%10.36%11.19%11.3%14.29%
Net Margin2.55%2.27%1.14%0.02%-2.07%-4.07%0.29%2.52%1.24%3.15%
Debt / Equity0.30x0.26x0.23x0.27x0.36x0.38x0.37x0.34x0.72x0.77x
Interest Coverage7.74x7.47x9.14x0.56x-2.31x-6.54x1.19x6.76x4.34x7.10x
FCF Conversion1.11x1.28x4.29x148.44x-1.85x-1.85x2.17x0.67x4.21x3.61x
Revenue Growth4.21%6.06%18.89%10.99%-12.16%22.22%-1.7%-5.73%6.3%14.2%

Revenue by Segment

2015201620172018201920202021202220232024
Construction-2.9B3.55B---3.08B2.8B2.99B3.42B
Construction Growth--22.23%-----8.85%6.72%14.14%
Materials------425.68M497.32M516.88M592.35M
Materials Growth-------16.83%3.93%14.60%
Performance Obligations----152.9M173.5M----
Performance Obligations Growth-----13.47%----
Transportation---1.98B------
Transportation Growth----------
Specialty---626.62M------
Specialty Growth----------
Materials---376.8M------
Materials Growth----------
Water---338.25M------
Water Growth----------
Large Project Construction-1.83B2.12B-------
Large Project Construction Growth--16.25%-------
Construction Materials-686.25M764.52M-------
Construction Materials Growth--11.40%-------
Construction And Large Project Contruction1.7B---------
Construction And Large Project Contruction Growth----------

Revenue by Geography

2015201620172018201920202021202220232024
Mountain------1.35B1.32B1.4B-
Mountain Growth--------2.02%6.24%-
CALIFORNIA------1.06B1.08B1.22B-
CALIFORNIA Growth-------1.87%12.52%-
Central------1.09B898.31M820.68M-
Central Growth--------17.72%-8.64%-

Frequently Asked Questions

Valuation & Price

Granite Construction Incorporated (GVA) has a price-to-earnings (P/E) ratio of 46.2x. This suggests investors expect higher future growth.

Growth & Financials

Granite Construction Incorporated (GVA) reported $4.24B in revenue for fiscal year 2024. This represents a 111% increase from $2.01B in 2011.

Granite Construction Incorporated (GVA) grew revenue by 14.2% over the past year. This is steady growth.

Yes, Granite Construction Incorporated (GVA) is profitable, generating $182.5M in net income for fiscal year 2024 (3.2% net margin).

Dividend & Returns

Yes, Granite Construction Incorporated (GVA) pays a dividend with a yield of 0.36%. This makes it attractive for income-focused investors.

Granite Construction Incorporated (GVA) has a return on equity (ROE) of 12.0%. This is reasonable for most industries.

Granite Construction Incorporated (GVA) generated $346.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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