Latest Ratios: P/E Ratio 14.8x · EV/EBITDA 9.4x · ROE 17.8%. (2007–2025 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 | $4.0B | $6.8B | $4.2B | $1.8B | $1.2B | $1.3B | $1.3B | $1.1B | $988M | $1.4B | $1.2B |
| Enterprise Value | $4.8B | $7.5B | $4.9B | $2.9B | $2.3B | $1.9B | $1.5B | $1.6B | $1.2B | $1.5B | $1.3B |
| P/E Ratio → | 14.76 | 24.73 | 23.08 | 14.25 | 8.88 | 11.05 | 12.78 | 13.81 | 12.75 | 19.42 | 44.67 |
| P/S Ratio | 0.53 | 0.90 | 0.65 | 0.32 | 0.27 | 0.36 | 0.38 | 0.37 | 0.34 | 0.59 | 0.59 |
| P/B Ratio | 2.42 | 4.05 | 2.96 | 1.46 | 1.06 | 1.29 | 1.88 | 1.80 | 1.63 | 2.50 | 2.38 |
| P/FCF | 11.81 | 19.98 | 10.92 | 18.85 | — | — | 5.42 | 46.46 | 59.45 | 12.89 | 260.29 |
| P/OCF | 8.55 | 14.46 | 8.20 | 9.07 | 14.15 | 15.99 | 4.30 | 9.55 | 7.79 | 7.45 | 18.93 |
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 | — | 1.00 | 0.77 | 0.51 | 0.52 | 0.54 | 0.44 | 0.52 | 0.41 | 0.63 | 0.66 |
| EV / EBITDA | 9.40 | 14.90 | 11.87 | 8.06 | 7.73 | 6.87 | 6.26 | 7.13 | 5.75 | 8.67 | 10.42 |
| EV / EBIT | 11.49 | 18.27 | 15.31 | 11.34 | 11.47 | 11.13 | 9.32 | 11.76 | 9.13 | 13.19 | 22.67 |
| EV / FCF | — | 22.14 | 12.85 | 30.36 | — | — | 6.23 | 65.94 | 72.51 | 13.70 | 287.97 |
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 | 10.7% | 10.7% | 11.0% | 10.3% | 10.3% | 11.9% | 10.6% | 10.7% | 11.1% | 11.7% | 10.1% |
| Operating Margin | 5.5% | 5.5% | 5.0% | 4.4% | 4.4% | 4.9% | 4.7% | 4.5% | 4.4% | 4.5% | 2.9% |
| Net Profit Margin | 3.6% | 3.6% | 2.8% | 2.2% | 3.0% | 3.3% | 3.0% | 2.7% | 2.6% | 3.0% | 1.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.8% | 17.8% | 13.7% | 10.8% | 12.7% | 13.6% | 15.6% | 13.3% | 13.3% | 13.6% | 5.4% |
| ROA | 6.4% | 6.4% | 4.5% | 3.4% | 4.4% | 5.1% | 5.5% | 4.8% | 5.4% | 6.0% | 2.3% |
| ROIC | 13.6% | 13.6% | 10.6% | 8.4% | 7.7% | 10.1% | 12.2% | 10.9% | 13.3% | 12.5% | 7.1% |
| ROCE | 16.3% | 16.3% | 12.7% | 10.3% | 9.3% | 11.4% | 13.9% | 13.2% | 14.9% | 14.2% | 8.0% |
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 | 0.76 | 0.76 | 0.84 | 1.07 | 1.21 | 0.83 | 0.74 | 0.95 | 0.61 | 0.46 | 0.53 |
| Debt / EBITDA | 2.52 | 2.52 | 2.88 | 3.66 | 4.57 | 2.98 | 2.14 | 2.64 | 1.76 | 1.50 | 2.08 |
| Net Debt / Equity | — | 0.44 | 0.52 | 0.89 | 0.99 | 0.63 | 0.28 | 0.76 | 0.36 | 0.16 | 0.25 |
| Net Debt / EBITDA | 1.45 | 1.45 | 1.78 | 3.06 | 3.73 | 2.25 | 0.81 | 2.10 | 1.04 | 0.51 | 1.00 |
| Debt / FCF | — | 2.16 | 1.92 | 11.52 | — | — | 0.81 | 19.48 | 13.06 | 0.81 | 27.68 |
| Interest Coverage | 14.38 | 14.38 | 4.90 | 3.27 | 5.06 | 9.21 | 11.75 | 7.16 | 7.05 | 13.92 | 6.48 |
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 | 1.26 | 1.26 | 1.29 | 1.41 | 1.50 | 1.56 | 1.46 | 1.36 | 1.49 | 1.55 | 1.63 |
| Quick Ratio | 1.23 | 1.23 | 1.26 | 1.41 | 1.48 | 1.54 | 1.46 | 1.36 | 1.49 | 1.46 | 1.52 |
| Cash Ratio | 0.29 | 0.29 | 0.27 | 0.16 | 0.22 | 0.26 | 0.43 | 0.18 | 0.24 | 0.35 | 0.30 |
| Asset Turnover | — | 1.72 | 1.52 | 1.49 | 1.25 | 1.38 | 1.77 | 1.70 | 1.84 | 1.90 | 1.71 |
| Inventory Turnover | 120.75 | 120.75 | 115.44 | — | 183.81 | 206.75 | — | — | — | 51.36 | 36.50 |
| Days Sales Outstanding | — | 77.30 | 92.19 | 97.81 | 54.75 | 91.88 | 79.27 | 88.09 | 88.31 | 79.48 | 96.25 |
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% | 0.3% | 0.3% | 0.7% | 1.1% | 1.0% | 0.9% | 1.1% | 1.2% | 0.8% | 1.0% |
| Payout Ratio | 6.3% | 6.3% | 7.1% | 10.1% | 9.6% | 10.9% | 11.0% | 14.8% | 15.9% | 15.7% | 42.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.8% | 4.0% | 4.3% | 7.0% | 11.3% | 9.0% | 7.8% | 7.2% | 7.8% | 5.1% | 2.2% |
| FCF Yield | 8.5% | 5.0% | 9.2% | 5.3% | — | — | 18.4% | 2.2% | 1.7% | 7.8% | 0.4% |
| Buyback Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.5% | 1.2% | 0.9% | 4.4% | 2.0% | 0.4% | 0.4% |
| Total Shareholder Yield | 0.7% | 0.4% | 0.3% | 0.7% | 1.6% | 2.1% | 1.7% | 5.5% | 3.3% | 1.2% | 1.4% |
| Shares Outstanding | — | $55M | $55M | $54M | $54M | $53M | $49M | $51M | $52M | $52M | $52M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying PRIM stock.
Primoris Services Corporation's current P/E ratio is 14.8x. The historical average is 22.1x. This places it at the 58th percentile of its historical range.
Primoris Services Corporation's current EV/EBITDA is 9.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.0x.
Primoris Services Corporation's return on equity (ROE) is 17.8%. The historical average is 18.1%.
Based on historical data, Primoris Services Corporation is trading at a P/E of 14.8x. This is at the 58th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Primoris Services Corporation's current dividend yield is 0.43% with a payout ratio of 6.3%.
Primoris Services Corporation has 10.7% gross margin and 5.5% operating margin.
Primoris Services Corporation's Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Renewables project execution risk
Metrics are mathematically derived from official filings.
Margin Collapse Signals Execution Woes
Gross margin plunged to 4.9% in 2026Q2 from 12.3% a year earlier, as reported in financial statements, indicating severe cost overruns on renewables projects and eroding pricing power.
The sequential deterioration from 8.6% in 2026Q1 to 4.9% in 2026Q2 suggests the cost overruns are accelerating, not stabilizing. Operating margin turned negative at -1.6%, a stark reversal from the 6.7% peak in 2025Q2, implying that overhead absorption has broken down as revenue decelerates. This margin profile is far below the peer average net margin of around 5-8%, highlighting that PRIM's earning power is currently impaired by project-specific issues rather than a sector-wide downturn.
Return on Capital Decays Sharply
ROIC fell to -0.8% in 2026Q2 from 4.7% in 2025Q3, based on reported figures, indicating that recent capital investments are not generating adequate returns.
The collapse in ROIC from a peak of 4.7% to negative territory within three quarters suggests that the capital deployed into renewables projects is currently destroying value. ROE similarly dropped to -1.5% from 6.0% in 2025Q3, reflecting the net loss and the drag from goodwill-intensive acquisitions. This trend implies that the company's historical returns on capital are not being sustained, and investors should monitor whether the record backlog can be converted into profitable returns or if the capital base has become too heavy.
Working Capital Efficiency Deteriorates
DSO rose to 68 days in 2026Q2 from 82 days in 2025Q3, as per SEC filings, while CCC data remains incomplete, suggesting strained cash conversion.
The sharp drop in DSO from 95 days in 2026Q1 to 68 days in 2026Q2 may indicate faster collections, but the negative FCF margin of -1.8% and the volatile working capital swings suggest that cash conversion is not improving. The absence of DIO data for most quarters limits a full CCC analysis, but the available data points to a business that is absorbing cash as it scales. Asset turnover fell to 0.38x in 2026Q2 from 0.47x in 2025Q3, implying that the expanded asset base from acquisitions is not yet generating proportional revenue.
Leverage Comfortable but Coverage Thin
Debt-to-equity improved to 0.69 in 2026Q2 from 1.07 in 2024Q1, but interest coverage turned negative at -2.6x, as reported in financial statements.
The improvement in D/E is partly due to a larger equity base from retained earnings, but the negative interest coverage in 2026Q2 indicates that operating income is insufficient to cover interest expenses, a stark reversal from the 19.84x coverage in 2025Q3. D/EBITDA spiked to 285x in 2026Q2 from 5.94x in 2025Q3, reflecting the collapse in EBITDA, which makes the leverage ratio misleading. This suggests that while the balance sheet is not over-leveraged on a book basis, the earnings cushion has eroded, and refinancing risk could emerge if the renewables issues persist.
Liquidity Cushion Thins Rapidly
Current ratio fell to 1.18 in 2026Q2 from 1.38 in 2024Q3, while cash dropped to $218.2M from $541.3M in 2025Q4, per recent filings.
The quick ratio of 1.18 in 2026Q2 is nearly identical to the current ratio, indicating that inventory is not a significant liquidity buffer, which is typical for a services business. The rapid depletion of cash, driven by acquisitions and negative free cash flow, suggests that the company's liquidity position is becoming tighter. Under stress, the current ratio of 1.18 provides a modest cushion, but the reliance on debt markets for refinancing could become a concern if earnings do not recover.
P/E Misleads on Cyclical Earnings
The trailing P/E of 16.46 appears cheap, but forward P/E of 37.75, based on reported data, reveals the market expects a sharp earnings rebound that may not materialize.
The most commonly misapplied ratio for PRIM is the P/E, because the company's earnings are highly cyclical and subject to project-specific shocks. The trailing P/E of 16.46 is distorted by the recent loss, while the forward P/E of 37.75 implies that the market is pricing in a full recovery to normalized earnings, which is uncertain given the execution issues. A more appropriate metric is EV/EBITDA, which at 10.32x is more stable and reflects the company's cash-generating ability before non-cash charges. Investors should focus on EV/EBITDA and the sustainability of backlog conversion rather than P/E, which can mislead in a period of earnings volatility.