Latest Ratios: P/E Ratio 80.7x · EV/EBITDA 12.3x · ROE 3.1%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $2.3B | $1.6B | — | — | — |
| Enterprise Value | $2.8B | $3.2B | $2.6B | — | — | — |
| P/E Ratio → | 80.68 | 103.76 | — | — | — | — |
| P/S Ratio | 0.71 | 0.81 | 0.62 | — | — | — |
| P/B Ratio | 2.07 | 2.67 | 2.94 | — | — | — |
| P/FCF | — | — | 27.94 | — | — | — |
| P/OCF | 26.07 | 29.98 | 10.40 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.09 | 0.99 | — | — | — |
| EV / EBITDA | 12.30 | 13.62 | 10.73 | — | — | — |
| EV / EBIT | 30.68 | 33.91 | 29.89 | — | — | — |
| EV / FCF | — | — | 44.24 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 8.5% | 8.5% | 8.4% | 9.4% | 7.8% | 8.6% |
| Operating Margin | 3.2% | 3.2% | 3.3% | -2.7% | -3.7% | 4.6% |
| Net Profit Margin | 0.8% | 0.8% | -0.3% | -6.4% | -6.1% | 1.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 3.1% | 3.1% | -1.5% | -42.9% | -27.6% | 6.0% |
| ROA | 1.0% | 1.0% | -0.3% | -8.0% | -6.7% | 1.6% |
| ROIC | 4.3% | 4.3% | 4.2% | -3.4% | -4.1% | 3.9% |
| ROCE | 5.2% | 5.2% | 5.0% | -4.1% | -4.8% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 1.07 | 1.07 | 1.80 | 4.03 | 2.45 | 2.01 |
| Debt / EBITDA | 4.05 | 4.05 | 4.15 | 15.38 | 19.50 | 5.95 |
| Net Debt / Equity | — | 0.92 | 1.71 | 3.93 | 2.34 | 1.84 |
| Net Debt / EBITDA | 3.50 | 3.50 | 3.95 | 14.99 | 18.57 | 5.45 |
| Debt / FCF | — | — | 16.29 | 21.01 | — | — |
| Interest Coverage | 1.19 | 1.19 | 0.96 | -0.99 | -1.67 | 4.12 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.78 | 1.78 | 1.57 | 1.62 | 1.72 | 1.93 |
| Quick Ratio | 1.78 | 1.78 | 1.57 | 1.62 | 1.72 | 1.93 |
| Cash Ratio | 0.26 | 0.26 | 0.13 | 0.08 | 0.15 | 0.33 |
| Asset Turnover | — | 1.20 | 1.27 | 1.32 | 1.12 | 0.84 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | 76.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.0% | — | — | — | — |
| FCF Yield | — | — | 3.6% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $90M | $83M | $89M | $89M | $89M |
Includes 30+ ratios · 5 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CTRI stock.
Centuri Holdings, Inc.'s current P/E ratio is 80.7x. The historical average is 103.8x.
Centuri Holdings, Inc.'s current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.2x.
Centuri Holdings, Inc.'s return on equity (ROE) is 3.1%. The historical average is -12.6%.
Based on historical data, Centuri Holdings, Inc. is trading at a P/E of 80.7x. Compare with industry peers and growth rates for a complete picture.
Centuri Holdings, Inc. has 8.5% gross margin and 3.2% operating margin.
Centuri Holdings, Inc.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Thin margins and cost inflation
Metrics are mathematically derived from official filings.
Premium Priced for Turnaround
CTRI trades at 92.4x trailing earnings and 33.8x forward, a steep premium to peers like PRIM at 16.1x, reflecting expectations of margin recovery, per current market data.
The P/E multiple is far above the peer average, implying the market is pricing in a significant earnings rebound from the current 0.8% net margin. The forward P/E of 33.8x suggests investors expect EPS to nearly triple, which would require operating leverage and cost pass-through improvements. Given the thin margins and historical volatility, this valuation appears to leave little room for error, and any miss on margin expansion could trigger multiple compression.
Earned ROE Far Below Authorized
Centuri's earned ROE was 0.7% in Q2 2026, versus a typical authorized ROE of 9-10% for regulated utilities, indicating severe regulatory lag, as per quarterly financials.
The gap between earned and allowed ROE is stark, but Centuri is not a traditional rate-regulated utility; it is a service contractor. Still, the comparison highlights that current returns are inadequate to support the capital base. The low ROE is driven by thin margins and high equity from the IPO, and unless margins expand, the company will struggle to earn its cost of capital. Investors should monitor whether the 21% base gross profit growth translates into ROE improvement over the next few quarters.
Margin Compression Undermines Growth
Operating margin fell to 2.6% in Q2 2026 from 4.7% a year earlier, despite record revenue, suggesting cost inflation is outpacing contract escalators, as reported in the latest earnings release.
The decline in operating margin despite a 28.7% revenue increase indicates that Centuri is not fully passing through labor and material costs. The gross margin of 8.5% is thin, and the 21% base gross profit growth is encouraging but not enough to offset cost pressures. If this trend continues, the company may face negative earnings, as seen in Q1 2025 and Q1 2026. The ability to renegotiate MSA terms or shift to higher-margin electric work will be critical.
Leverage Normalizes Post-IPO
Debt-to-capital improved to 0.51 in Q2 2026 from 0.87 in Q1 2024, and interest coverage rose to 1.97x, reflecting the equity infusion, per balance sheet data.
The deleveraging is a positive development, but interest coverage of 1.97x remains low, leaving little cushion for earnings volatility. The FFO/debt ratio of 4.9% is weak, indicating that cash flow generation is insufficient to service debt comfortably. While the balance sheet is adequate, the thin margins mean that any downturn could quickly strain credit metrics. Investors should monitor whether the company can sustain coverage above 2x as it grows.
No Dividend, Full Reinvestment
Centuri pays no dividend, with a payout ratio of zero, as it reinvests all cash flow into growth, consistent with its asset-light service model, per cash flow statements.
The absence of a dividend is typical for a growth-oriented contractor, but it means investors rely solely on capital appreciation. The company's free cash flow has been negative in six of the last ten quarters, so internal funding is insufficient for its capex program. The recent equity raise provided liquidity, but future growth will depend on generating positive FCF. Without a dividend, the stock's appeal is tied to earnings growth, which is currently uncertain.
Misapplied Utility P/E
Comparing CTRI's P/E to regulated utilities is misleading because its earnings are contract-based, not rate-based, and its thin margins amplify cyclicality, as per financial data.
Investors may mistakenly apply a utility framework to CTRI, expecting stable earnings and a bond-proxy yield. However, CTRI's earnings are highly volatile, with net margins swinging from -4.7% to 4.0% over the past ten quarters. The appropriate valuation metric is EV/EBITDA, which at 13.6x is more reasonable relative to peers like PRIM at 10.1x. Additionally, the P/E is distorted by the low earnings base; as margins recover, the P/E will normalize. Investors should focus on cash flow and backlog rather than P/E.