Upside case
Bull case
$314+54.9%
PRIM would need investors to value it at roughly 53x earnings — about 19x more generous than today's 34x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Primoris Services Corporation (PRIM) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
22
analysts
14 bullish · 1 bearish · 22 covering PRIM
Strong Buy
0
Buy
14
Hold
7
Sell
1
Strong Sell
0
Consensus Target
$161
-20.8% vs today
Scenario Range
$114 – $314
Model bear to bull value window
Coverage
22
Published analyst ratings
Valuation Context
33.9x
Forward P/E · Market cap $11.0B
PRIM price targets
Three scenarios for where PRIM stock could go
Current
~$203
Confidence
79 / 100
Updated
May 1, 2026
Where we are now
Current · $203
Bear
$114
Base
$278
Bull
$314
Market caseClosest to today
Base case
$278+37.2%
At 47x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$114-43.9%
If investor confidence fades or macro conditions deteriorate, a 15x multiple contraction could push PRIM down roughly 44% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Primoris Services Corporation
PRIM · NASDAQIndustrialsEngineering & ConstructionDecember year-end
Primoris Services is a specialty construction and engineering contractor serving utility, energy, and pipeline infrastructure markets across North America. It generates revenue through three main segments: Utilities (gas, electric, and communications infrastructure), Energy/Renewables (engineering and construction for renewable energy and traditional energy projects), and Pipeline Services (construction and maintenance for petroleum and petrochemical pipelines). The company's competitive advantage lies in its diversified service portfolio across critical infrastructure sectors and its established reputation for complex, large-scale industrial projects.
Market Cap
$11.0B
Revenue TTM
$7.5B
Net Income TTM
$248M
Net Margin
3.3%
PRIM Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
100%Exceptional
12 quarters tracked
Revenue Beat Rate
58%Exceptional
vs consensus estimates
Avg EPS Surprise
+64.7%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 4 of 4Q2 2025
EPS
$0.98/$0.72
Revenue
$1.6B/$1.7B
Q3 2025
EPS
$1.68/$1.06
Revenue
$1.9B/$1.8B
Q4 2025
EPS
$1.88/$1.32
Revenue
$2.2B/$1.8B
Q1 2026
EPS
$1.08/$0.95
Revenue
$1.9B/$1.8B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $0.98/$0.72 | +36.1% | $1.6B/$1.7B | -1.6% |
| Q3 2025 | $1.68/$1.06 | +58.5% | $1.9B/$1.8B | +7.3% |
| Q4 2025 | $1.88/$1.32 | +42.4% | $2.2B/$1.8B | +19.9% |
| Q1 2026 | $1.08/$0.95 | +13.7% | $1.9B/$1.8B | +2.3% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$8.9B
+17.0% YoY
FY2
$10.4B
+17.5% YoY
EPS Outlook
FY1
$5.89
+17.5% YoY
FY2
$6.89
+16.9% YoY
Trailing FCF (TTM)$165M
FCF Margin: 2.2%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
PRIM beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
PRIM Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $7.7B
Product Mix
Latest annual revenue by segment or product family
Energy
65.1%
+24.5% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Energy is the largest disclosed segment at 65.1% of FY 2025 revenue, up 24.5% YoY.
PRIM Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Undervalued
Fair value est. $201 — implies +11.7% from today's price.
Upside to Fair Value
11.7%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
PRIM
40.4x
vs
S&P 500
25.1x
+61% premium
vs Industrials Trailing P/E
PRIM
40.4x
vs
Industrials
25.7x
+58% premium
vs PRIM 5Y Avg P/E
Today
40.4x
vs
5Y Average
16.4x
+146% premium
Forward PE
33.9x
S&P 500
19.1x
+78%
Industrials
20.7x
+64%
5Y Avg
—
—
Trailing PE
40.4x
S&P 500
25.1x
+61%
Industrials
25.7x
+58%
5Y Avg
16.4x
+146%
PEG Ratio
2.20x
S&P 500
1.72x
+28%
Industrials
1.64x
+34%
5Y Avg
—
—
EV/EBITDA
23.2x
S&P 500
15.2x
+52%
Industrials
13.7x
+70%
5Y Avg
9.9x
+135%
Price/FCF
32.3x
S&P 500
21.1x
+53%
Industrials
21.2x
+53%
5Y Avg
16.6x
+95%
Price/Sales
1.5x
S&P 500
3.1x
-54%
Industrials
1.6x
-8%
5Y Avg
0.5x
+191%
Dividend Yield
0.16%
S&P 500
1.87%
-92%
Industrials
1.27%
-88%
5Y Avg
0.67%
-77%
| Metric | PRIM | S&P 500 | Industrials | 5Y Avg PRIM |
|---|---|---|---|---|
| Forward PE | 33.9x | 19.1x+78% | 20.7x+64% | — |
| Trailing PE | 40.4x | 25.1x+61% | 25.7x+58% | 16.4x+146% |
| PEG Ratio | 2.20x | 1.72x+28% | 1.64x+34% | — |
| EV/EBITDA | 23.2x | 15.2x+52% | 13.7x+70% | 9.9x+135% |
| Price/FCF | 32.3x | 21.1x+53% | 21.2x+53% | 16.6x+95% |
| Price/Sales | 1.5x | 3.1x-54% | 1.6x | 0.5x+191% |
| Dividend Yield | 0.16% | 1.87% | 1.27% | 0.67% |
PRIM trades above S&P 500 benchmarks on 5 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolPRIM Financial Health
Verdict
Adequate
PRIM 13.6% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$7.5B
Revenue Growth
TTM vs prior year
+13.4%
Gross Margin
Gross profit as a share of revenue
10.4%
Operating Margin
Operating income divided by revenue
4.9%
Net Margin
Net income divided by revenue
3.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$4.53
Free Cash Flow (TTM)
Cash generation after capex
$165M
FCF Margin
FCF as share of revenue — the primary cash quality signal
2.2%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
13.6%
ROA
Return on assets, trailing twelve months
5.6%
Cash & Equivalents
Liquid assets on the balance sheet
$541M
Net Debt
Total debt minus cash
$735M
Debt Serviceability
Net debt as a multiple of annual free cash flow
4.5× FCF
~4.5 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
15.2%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.3%
Dividend
0.2%
Buyback
0.1%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$12M
Dividend / Share
Annualized trailing dividend per share
$0.32
Payout Ratio
Share of earnings distributed as dividends
6.3%
Shares Outstanding
Declining as buybacks retire shares
54M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pagePRIM Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Economic Downturns
Potential economic downturns could significantly impact the demand for Primoris Services' infrastructure services. A downturn may lead to reduced spending from clients, particularly in the Utilities and Energy segments, which could adversely affect revenue.
High Risk
Project Timing and Execution
The timing and execution of projects are critical to Primoris Services' earnings and cash balances. Delays or inefficiencies in project execution can lead to significant financial losses and impact overall profitability.
Medium
Subcontractor Delays
Delays in project timelines can occur due to issues with subcontractors, which may hinder the company's ability to meet deadlines. Such delays can result in increased costs and potential penalties, affecting the bottom line.
Medium
Fluctuating Demand
Primoris Services relies on demand from midstream companies, which can be volatile. Fluctuations in demand may lead to unpredictable revenue streams and impact the company's financial stability.
Medium
Acquisitions
The company faces risks associated with potential acquisitions, including integration challenges and financial strain. Poorly executed acquisitions could negatively impact shareholder value.
Lower
Technical Indicators
Some technical indicators suggest potential downward trends or sell signals for Primoris Services' stock. While certain indicators indicate a buy signal, the mixed signals could lead to investor uncertainty.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why PRIM Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strong Backlog and Revenue Visibility
Primoris has a substantial backlog, providing visibility into future revenue streams. This backlog is driven by recurring Master Service Agreements (MSAs) and is expected to de-risk growth for the coming years.
Growth in Key Segments
The Utilities segment is performing strongly, with significant growth expected in natural gas generation and data center infrastructure. The company has also seen strong growth in renewables and power delivery.
Operational Performance
Primoris has demonstrated strong operational momentum, with record revenues and margin expansion. In Q2 2025, revenue grew 20.9% year-over-year, with both Energy and Utilities segments contributing positively.
Capital Allocation
The company's $150 million share buyback program and consistent cash generation support the idea of efficient capital deployment. This strategy is expected to lead to potential earnings per share (EPS) accretion.
Strategic Initiatives for Future Growth
Primoris is developing an in-house eBOS system and investing in manufacturing capacity, which are expected to drive future performance. The company's ability to secure and execute large-scale contracts across diverse projects underpins its robust market presence.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
PRIM Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$202.86
52W Range Position
98%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$63.36
+220.2% from the low
52-Week High
$205.50
-1.3% from the high
1 Month
+38.30%
3 Month
+37.10%
YTD
+55.3%
1 Year
+202.5%
3Y CAGR
+102.5%
5Y CAGR
+43.9%
10Y CAGR
+24.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
PRIM vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
33.9x
vs 48.3x median
-30% below peer median
Revenue Growth
+17.0%
vs +14.2% median
+20% above peer median
Net Margin
3.3%
vs 4.0% median
-17% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
PRI PRIM Primoris Services Corporation | $11.0B | 33.9x | +17.0% | 3.3% | Buy | -20.8% |
PWR PWR Quanta Services, Inc. | $115.8B | 59.0x | +14.9% | 3.7% | Buy | -16.1% |
MYR MYRG MYR Group Inc. | $7.3B | 48.3x | +8.0% | 3.7% | Hold | -22.7% |
WLD WLDN Willdan Group, Inc. | $1.1B | 18.6x | +8.0% | 7.7% | Buy | +53.3% |
ROA ROAD Construction Partners, Inc. | $7.3B | 46.7x | +37.8% | 4.0% | Buy | +4.3% |
STR STRL Sterling Infrastructure, Inc. | $24.7B | 58.7x | +14.2% | 12.0% | Buy | -39.4% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
PRIM Dividend and Capital Return
PRIM returns 0.3% total yield, led by a 0.16% dividend.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
0.3%
Dividend + buyback return per year
Buyback Yield
0.1%
Dividend Yield
0.16%
Payout Ratio
6.3%
How PRIM Splits Its Return
Div 0.16%
Buyback 0.1%
Dividend 0.16%Buybacks 0.1%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.32
Growth Streak
Consecutive years of dividend increases
2Y
3Y Div CAGR
10.1%
5Y Div CAGR
5.9%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$12M
Estimated Shares Retired
58.2K
Approx. Share Reduction
0.1%
Shares Outstanding
Current diluted share count from the screening snapshot
54M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.08 | — | — | — |
| 2025 | $0.32 | +23.1% | 0.2% | 0.4% |
| 2024 | $0.26 | +8.3% | 0.0% | 0.3% |
| 2023 | $0.24 | 0.0% | 0.0% | 0.7% |
| 2022 | $0.24 | 0.0% | 0.5% | 1.6% |
FAQ
7 questionsPRIM Investor Questions
Common questions answered from live analyst data and company financials.
01Is Primoris Services Corporation (PRIM) stock a buy or sell in 2026?
Primoris Services Corporation (PRIM) is rated Buy by Wall Street analysts as of 2026. Of 22 analysts covering the stock, 14 rate it Buy or Strong Buy, 7 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $161, implying -20.8% from the current price of $203. The bear case scenario is $114 and the bull case is $314.
02What is the PRIM stock price target for 2026?
The Wall Street consensus price target for PRIM is $161 based on 22 analyst estimates. The high-end target is $195 (-3.9% from today), and the low-end target is $133 (-34.4%). The base case model target is $278.
03Is Primoris Services Corporation (PRIM) stock overvalued in 2026?
PRIM trades at 33.9x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals slightly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Primoris Services Corporation (PRIM) stock in 2026?
The primary risks for PRIM in 2026 are: (1) Economic Downturns — Potential economic downturns could significantly impact the demand for Primoris Services' infrastructure services. (2) Project Timing and Execution — The timing and execution of projects are critical to Primoris Services' earnings and cash balances. (3) Subcontractor Delays — Delays in project timelines can occur due to issues with subcontractors, which may hinder the company's ability to meet deadlines. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Primoris Services Corporation's revenue and earnings forecast?
Analyst consensus estimates PRIM will report consensus revenue of $8.9B (+17.0% year-over-year) and EPS of $5.89 (+17.5% year-over-year) for the upcoming fiscal year. The following year, analysts project $10.4B in revenue.
06When does Primoris Services Corporation (PRIM) report its next earnings?
A confirmed upcoming earnings date for PRIM is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Primoris Services Corporation generate?
Primoris Services Corporation (PRIM) generated $165M in free cash flow over the trailing twelve months — a free cash flow margin of 2.2%. PRIM returns capital to shareholders through dividends (0.2% yield) and share repurchases ($12M TTM).