Latest Ratios: P/E Ratio -21.1x · EV/EBITDA 11.3x · ROE 16.8%. (1996–2025 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.3B | $6.1B | $4.6B | $2.7B | $1.8B | $1.8B | $1.2B | $1.3B | $1.8B | $2.6B | $2.2B |
| Enterprise Value | $6.4B | $7.2B | $4.9B | $3.0B | $1.9B | $1.7B | $1.2B | $1.4B | $1.9B | $2.6B | $2.3B |
| P/E Ratio → | -21.07 | 31.78 | 33.48 | 61.28 | 20.63 | 175.91 | — | — | 41.96 | 75.51 | 38.73 |
| P/S Ratio | 0.99 | 1.39 | 1.15 | 0.76 | 0.56 | 0.51 | 0.34 | 0.44 | 0.53 | 0.86 | 0.88 |
| P/B Ratio | 5.24 | 5.02 | 4.27 | 2.60 | 1.86 | 1.78 | 1.23 | 1.09 | 1.27 | 2.58 | 2.40 |
| P/FCF | 11.90 | 18.54 | 14.40 | 61.71 | — | — | 6.95 | 279.45 | — | 32.62 | — |
| P/OCF | 11.24 | 13.07 | 10.09 | 14.55 | 32.98 | 80.80 | 4.54 | 11.56 | 20.53 | 17.52 | 30.25 |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.63 | 1.21 | 0.85 | 0.57 | 0.50 | 0.33 | 0.50 | 0.57 | 0.85 | 0.90 |
| EV / EBITDA | 11.26 | 17.01 | 14.57 | 17.36 | 12.10 | 13.08 | — | 18.05 | 15.72 | 15.46 | 14.47 |
| EV / EBIT | 24.28 | 21.49 | 21.57 | 38.19 | 18.00 | 40.81 | — | — | 30.34 | 32.27 | 20.93 |
| EV / FCF | — | 21.84 | 15.19 | 69.04 | — | — | 6.69 | 314.31 | — | 32.50 | — |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.1% | 16.1% | 14.3% | 11.3% | 11.2% | 10.4% | 9.7% | 6.5% | 11.7% | 10.5% | 12.0% |
| Operating Margin | 5.9% | 5.9% | 5.2% | 2.3% | 2.2% | 0.7% | -4.4% | -1.4% | 0.2% | 3.3% | 3.7% |
| Net Profit Margin | 4.4% | 4.4% | 3.2% | 1.2% | 2.5% | 0.3% | -4.1% | -2.1% | 0.0% | 1.1% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.8% | 16.8% | 12.0% | 4.3% | 8.4% | 1.0% | -13.4% | -4.7% | 0.0% | 3.6% | 6.4% |
| ROA | 5.5% | 5.5% | 4.3% | 1.8% | 3.6% | 0.4% | -5.9% | -2.4% | 0.0% | 1.9% | 3.4% |
| ROIC | 10.8% | 10.8% | 11.6% | 5.1% | 5.4% | 1.9% | -10.4% | -2.2% | 0.5% | 7.6% | 7.5% |
| ROCE | 11.5% | 11.5% | 11.0% | 5.1% | 5.2% | 1.7% | -10.2% | -2.5% | 0.6% | 8.2% | 7.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.33 | 1.33 | 0.77 | 0.72 | 0.34 | 0.37 | 0.38 | 0.36 | 0.27 | 0.23 | 0.26 |
| Debt / EBITDA | 3.82 | 3.82 | 2.50 | 4.27 | 2.18 | 2.79 | — | 5.27 | 3.19 | 1.36 | 1.56 |
| Net Debt / Equity | — | 0.90 | 0.24 | 0.31 | 0.05 | -0.02 | -0.05 | 0.14 | 0.08 | -0.01 | 0.06 |
| Net Debt / EBITDA | 2.58 | 2.58 | 0.76 | 1.84 | 0.29 | -0.17 | — | 2.00 | 0.92 | -0.06 | 0.35 |
| Debt / FCF | — | 3.31 | 0.80 | 7.33 | — | — | -0.27 | 34.86 | — | -0.12 | — |
| Interest Coverage | 7.12 | 7.12 | 7.72 | 4.24 | 8.27 | 2.07 | -5.88 | -1.23 | 4.26 | 7.32 | 8.76 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.66 | 1.60 | 1.69 | 1.71 | 1.54 | 1.64 | 1.82 | 1.88 | 2.05 |
| Quick Ratio | 1.13 | 1.13 | 1.56 | 1.49 | 1.58 | 1.65 | 1.48 | 1.53 | 1.70 | 1.78 | 1.95 |
| Cash Ratio | 0.41 | 0.41 | 0.70 | 0.61 | 0.65 | 0.55 | 0.65 | 0.57 | 0.79 | 0.84 | 0.95 |
| Asset Turnover | — | 1.10 | 1.32 | 1.25 | 1.52 | 1.40 | 1.50 | 1.16 | 1.34 | 1.60 | 1.45 |
| Inventory Turnover | 25.94 | 25.94 | 31.75 | 29.96 | 33.77 | 50.66 | 51.51 | 30.66 | 33.05 | 42.80 | 40.06 |
| Days Sales Outstanding | — | 71.55 | 76.51 | 89.63 | 78.05 | 63.58 | 58.37 | 95.02 | 73.58 | 71.27 | 71.48 |
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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.4% | 0.5% | 0.9% | 1.3% | 1.3% | 1.9% | 1.9% | 1.3% | 0.8% | 0.9% |
| Payout Ratio | 11.8% | 11.8% | 18.1% | 52.3% | 27.9% | 235.8% | — | — | 3852.9% | 60.6% | 36.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 3.1% | 3.0% | 1.6% | 4.8% | 0.6% | — | — | 2.4% | 1.3% | 2.6% |
| FCF Yield | 8.4% | 5.4% | 6.9% | 1.6% | — | — | 14.4% | 0.4% | — | 3.1% | — |
| Buyback Yield | 0.9% | 0.8% | 1.1% | 0.2% | 3.9% | 0.2% | 0.1% | 2.9% | 0.9% | 0.3% | 0.2% |
| Total Shareholder Yield | 1.3% | 1.2% | 1.6% | 1.0% | 5.1% | 1.5% | 2.0% | 4.8% | 2.2% | 1.1% | 1.2% |
| Shares Outstanding | — | $53M | $53M | $53M | $52M | $46M | $46M | $47M | $44M | $40M | $40M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GVA stock.
Granite Construction Incorporated's current P/E ratio is -21.1x. The historical average is 32.3x.
Granite Construction Incorporated's current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.3x.
Granite Construction Incorporated's return on equity (ROE) is 16.8%. The historical average is 7.7%.
Based on historical data, Granite Construction Incorporated is trading at a P/E of -21.1x. Compare with industry peers and growth rates for a complete picture.
Granite Construction Incorporated's current dividend yield is 0.35% with a payout ratio of 11.8%.
Granite Construction Incorporated has 16.1% gross margin and 5.9% operating margin.
Granite Construction Incorporated's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Volatile earnings and leverage swings
Metrics are mathematically derived from official filings.
Premium Multiples on Thin Earnings Base
Based on GVA's reported figures, the 33.3x trailing P/E and 15.0x EV/EBITDA sit above the 11.9x to 17.3x P/E range of lower-multiple peers such as PRIM and CRH, a premium that appears difficult to justify on a 0.2% latest-quarter net margin.
The elevated P/E is largely a function of depressed trailing earnings rather than strong profitability, since net income swung from a large loss in 2026Q2 to near breakeven in 2026Q3. Compared with PRIM at 11.9x and CRH at 17.3x, GVA's multiple appears to price in a recovery that the reported quarterly figures have not yet demonstrated. Investors should monitor whether operating margin improvement can be sustained before treating the current multiple as a reasonable base.
Margin Recovery Remains Below Peer Range
As reported in income statements, GVA's gross margin rose from 12.0% in 2025Q1 to 19.0% in 2026Q3, yet an operating margin of 12.7% and net margin of 0.2% suggest that earnings power is still being eroded below the operating line.
The gap between the 12.7% operating margin and 0.2% net margin indicates that non-operating charges, interest expense, or tax effects are absorbing most of the operating gain. The 2026Q2 net margin of -19.1% against a positive operating margin reinforces that single-period charges can dominate reported profitability. Recent gross margin improvement is encouraging, but it warrants further investigation to determine whether it reflects project mix or durable pricing.
Returns Recovering But Not Yet Compounding
Based on GVA's reported figures, ROIC rebounded from -2.1% in 2025Q1 to 8.7% in 2026Q3, but the trailing series remains volatile and below the 10.3% to 38.8% ROIC reported by peers such as ROAD and STRL.
The ROIC recovery is encouraging, but a single strong quarter does not establish a compounding trend across the 10-quarter window. Returns have oscillated between positive and negative territory, which suggests that capital deployment is not yet generating consistent economic profit. ROE of 0.4% in the latest quarter sits against a backdrop of substantially higher leverage, implying that equity returns are being held down by the large balance sheet expansion.
Leverage Peaked Before Partial Normalization
According to reported quarterly figures, GVA's debt-to-equity ratio climbed from 0.77 in 2024Q4 to 2.11 in 2026Q2 before easing to 1.71 in 2026Q3, while interest coverage swung between -4.17x and 14.85x across the period.
The rise in debt-to-equity alongside a sharp drop in retained earnings suggests that leverage expanded faster than the equity base during the loss period. Interest coverage readings are distorted by the operating loss quarters and should not be read as a stable debt-service signal. Debt-to-EBITDA at 6.2x in the latest quarter remains elevated relative to the 0.3x to 0.8x range for PRIM and CRH, warranting continued monitoring of refinancing exposure.
Quarterly Cash Strength May Not Persist
Based on reported figures, GVA's strongest free cash flow quarters in 2025Q3 and 2026Q3 coincided with large working capital inflows, suggesting headline cash generation may overstate sustainable cash conversion.
If the 12.9% free cash flow margin in 2026Q3 is driven by receivable and contract balance collections rather than recurring operating earnings, the multiple-based valuation case weakens considerably. Investors should monitor whether cash conversion holds once working capital normalizes. The reliance on timing-driven inflows warrants further investigation before treating recent cash strength as a durable base.