Debt-to-equity improved dramatically from 6.65 in 2024Q1 to 1.06 in 2026Q2, with total debt reduced to $929.2M, though PPE net declined 33% to $465.4M, indicating an asset-light model.
Centuri Holdings, Inc. (CTRI) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Assets | 2.4B | 2.41B | 2.07B | 2.19B | 2.45B | 2.57B |
| Asset Growth % | 49.66% | 16.07% | -5.27% | -10.76% | -4.43% | - |
| PP&E (Net) | 465.37M | 667.74M | 649.24M | 707.41M | 685.45M | 651.87M |
| PP&E / Total Assets % | 19.36% | 27.73% | 31.3% | 32.3% | 27.93% | 25.39% |
| Total Current Assets | 890.02M | 881.38M | 601.38M | 682.93M | 733.43M | 663.52M |
| Cash & Equivalents | 40.46M | 126.63M | 49.02M | 33.41M | 63.97M | 114.71M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 379.56M | 44.95M | 32.76M | 32.26M | 37.38M | 38.03M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 393.32M | 395.67M | 368.3M | 375.89M | 587.68M | 772.95M |
| Intangible Assets | 326.26M | 343.24M | 340.9M | 369.05M | 395.25M | 426.5M |
| Other Assets | 328.25M | 119.68M | 114.56M | 54.63M | 52.05M | 52.8M |
| Total Liabilities | 1.53B | 1.53B | 1.51B | 1.86B | 1.91B | 1.89B |
| Total Debt | 929.22M | 938.11M | 1.01B | 1.31B | 1.33B | 1.36B |
| Net Debt | 888.76M | 811.48M | 959.64M | 1.28B | 1.27B | 1.25B |
| Long-Term Debt | 694.83M | 708.07M | 843.86M | 1.11B | 1.15B | 1.23B |
| Short-Term Borrowings | 22.91M | 29.54M | 30.02M | 42.55M | 44.56M | 22.32M |
| Capital Lease Obligations | 743.01M | 200.49M | 134.77M | 160.28M | 137.25M | 114.56M |
| Total Current Liabilities | 490.16M | 496.39M | 382.33M | 420.61M | 425.52M | 343.52M |
| Accounts Payable | 162.34M | 193.57M | 125.73M | 116.58M | 144.57M | 93.64M |
| Accrued Expenses | 356.07M | 75.02M | 81.16M | 81.55M | 78.47M | 66.63M |
| Deferred Revenue | 66.8M | 50.51M | 24.98M | 43.69M | 35.77M | 11.86M |
| Other Current Liabilities | 81.26M | 90.57M | 77.26M | 92.2M | 72.97M | 102.38M |
| Deferred Taxes | 308.1M | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 94.67M | 83.79M | 66.11M | 71.08M | 76.66M | 73.92M |
| Total Equity | 875.52M | 878.39M | 560.22M | 325.25M | 543.65M | 676.33M |
| Equity Growth % | 181.32% | 56.79% | 72.24% | -40.17% | -19.62% | - |
| Shareholders Equity | 868.95M | 872.97M | 555.55M | 225.99M | 386.75M | 479.61M |
| Minority Interest | 6.58M | 5.42M | 4.67M | 99.26M | 156.9M | 196.72M |
| Common Stock | 1.01M | 1.01M | 885K | 0 | 0 | 0 |
| Additional Paid-in Capital | 1.01B | 1.01B | 718.6M | 374.12M | 370.13M | 277.61M |
| Retained Earnings | -131.84M | -128.41M | -150.72M | -144.11M | 23.11M | 203.13M |
| Accumulated OCI | -12.51M | -7.37M | -13.21M | -4.03M | -6.49M | -1.14M |
| Return on Assets (ROA) | 1.24% | 1% | -0.32% | -8.02% | -6.7% | 1.58% |
| Return on Equity (ROE) | 3.59% | 3.11% | -1.52% | -42.85% | -27.57% | 5.99% |
| Debt / Equity | 1.06x | 1.07x | 1.80x | 4.03x | 2.45x | 2.01x |
| Debt / Assets | 38.67% | 38.96% | 48.62% | 59.87% | 54.36% | 53.05% |
| Net Debt / EBITDA | 3.87x | 3.50x | 3.95x | 14.99x | 18.57x | 5.45x |
| Book Value per Share | 8.63 | 9.73 | 6.73 | 3.67 | 6.14 | 7.64 |
Quick answers to the most common questions about buying CTRI stock.
As of 2025, Centuri Holdings, Inc. (CTRI) had total assets of $2.41B including $881.4M in current assets.
Centuri Holdings, Inc. (CTRI) carries total debt of $938.1M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Centuri Holdings, Inc. (CTRI) has total shareholders' equity (book value) of $873.0M ($9.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Centuri Holdings, Inc. (CTRI) reported a current ratio of 1.78x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Thin margins and cost inflation
Metrics are mathematically derived from official filings.
Rate Base Growth Outpacing Equity
Centuri's PPE net declined from $696.6M in 2024Q1 to $465.4M in 2026Q2, yet equity rose from $197.8M to $868.9M, per balance sheet data, indicating asset turnover and equity infusion.
The sharp decline in PPE net, despite ongoing capex, suggests that the company is not accumulating rate base in the traditional utility sense; rather, it is a service contractor with assets that are being depreciated and replaced. The equity surge, driven by the IPO proceeds, has improved the equity-to-assets ratio from 0.10 to 0.36, but the underlying asset base is not expanding, which may limit the company's ability to generate regulated returns on a growing capital base.
PPE Decline Signals Service Model
PPE net fell from $696.6M in 2024Q1 to $465.4M in 2026Q2, a 33% drop, while revenue grew, indicating a shift toward asset-light operations, as per quarterly balance sheets.
The consistent decline in PPE net, despite quarterly capex averaging around $25M, suggests that depreciation and asset disposals are outpacing new investments. This is consistent with a utility services contractor that does not own regulated rate base but rather deploys equipment and tools for projects. The low PPE relative to revenue (PPE turnover of ~2x) underscores the service-oriented nature, where the balance sheet is not the primary driver of value creation.
Leverage Normalizes Post-IPO
Debt-to-equity improved from 6.65 in 2024Q1 to 1.06 in 2026Q2, with total debt down from $1.3B to $929.2M, reflecting the equity raise and debt reduction, as per balance sheet data.
The dramatic deleveraging, driven by the IPO proceeds, has brought the capital structure in line with peers like Primoris (D/E 0.76) and Dycom (1.61). However, the absolute debt level remains high at $929.2M, and with a thin net margin of 0.78%, interest coverage is likely tight. The current ratio of 1.82 provides some liquidity cushion, but the company's ability to service debt depends on maintaining positive operating cash flow, which has been volatile.
Equity Infusion Bolsters Balance Sheet
Equity surged from $197.8M in 2024Q1 to $868.9M in 2026Q2, a 339% increase, primarily from the IPO, while retained earnings remain thin, as reported in financial statements.
The equity raise has transformed the balance sheet, but the quality of equity is a concern: retained earnings are minimal, and the company has not paid dividends, indicating a full reinvestment strategy. The negative ROE in some quarters (e.g., -1.1% in 2026Q1) suggests that the new equity is not yet generating adequate returns, which may pressure the stock price if profitability does not improve.
Liquidity Cushion from Cash and Revolver
Cash increased from $18.4M in 2024Q1 to $40.5M in 2026Q2, with a current ratio of 1.82, indicating adequate short-term liquidity, per balance sheet data.
The current ratio has improved from 1.39 to 1.82, and cash levels, while modest, are supplemented by an undrawn revolver (not disclosed). However, the company's operating cash flow has been volatile, with negative quarters, so reliance on external liquidity is a risk. The $929.2M in total debt, with a significant portion likely short-term, requires careful management of working capital to avoid liquidity crunches.
Asset-Light Model Masks Rate Base Risk
Despite a utility services label, Centuri's PPE net is only 19% of total assets, suggesting limited rate base, and its thin margins leave little room for error, per balance sheet data.
The balance sheet reveals that Centuri is not a traditional regulated utility with a large rate base; instead, it is a contractor with modest fixed assets. This means that the company's earnings are more sensitive to project execution and cost inflation than to regulatory mechanisms. The low PPE and high debt levels, combined with a net margin of 0.78%, imply that any adverse cost shock or project delay could quickly erode equity, making the stock highly risky despite the recent IPO.