Upside case
Bull case
$737-6.2%
The bull case prices PWR at 56x on FY1 earnings, assuming continued execution and no meaningful deceleration in the core business.
Analysis OverviewBuyUpdated May 1, 2026
Quanta Services, Inc. (PWR) 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
35
analysts
26 bullish · 0 bearish · 35 covering PWR
Strong Buy
0
Buy
26
Hold
9
Sell
0
Strong Sell
0
Consensus Target
$647
-17.6% vs today
Scenario Range
$383 – $737
Model bear to bull value window
Coverage
35
Published analyst ratings
Valuation Context
60.0x
Forward P/E · Market cap $117.8B
PWR price targets
Three scenarios for where PWR stock could go
Current
~$785
Confidence
79 / 100
Updated
May 1, 2026
Where we are now
Current · $785
Bear
$383
Base
$785
Bull
$737
Market caseClosest to today
Base case
$785+0.0%
This is close to how the market is already pricing PWR — at roughly 60x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
$383-51.3%
If investor confidence fades or macro conditions deteriorate, a 31x multiple contraction could push PWR down roughly 51% 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.
Quanta Services, Inc.
PWR · NYSEIndustrialsEngineering & ConstructionDecember year-end
Quanta Services is a leading specialty contractor that builds and maintains critical energy infrastructure — primarily electric power transmission and distribution networks, as well as renewable energy facilities. It generates revenue through two main segments: Electric Power Infrastructure Solutions (~70% of revenue) and Renewable Energy Infrastructure Solutions (~30%), both providing engineering, procurement, and construction services. The company's competitive advantage lies in its scale, specialized expertise in complex infrastructure projects, and long-standing relationships with major utilities and energy companies.
Market Cap
$117.8B
Revenue TTM
$30.0B
Net Income TTM
$1.1B
Net Margin
3.7%
PWR 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
92%Exceptional
12 quarters tracked
Revenue Beat Rate
83%Exceptional
vs consensus estimates
Avg EPS Surprise
+6.5%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$2.48/$2.44
Revenue
$6.8B/$6.6B
Q4 2025
EPS
$3.33/$3.25
Revenue
$7.5B/$7.4B
Q1 2026
EPS
$3.16/$3.02
Revenue
$7.8B/$7.4B
Q2 2026
EPS
$2.68/$2.04
Revenue
$7.9B/$7.0B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $2.48/$2.44 | +1.6% | $6.8B/$6.6B | +3.2% |
| Q4 2025 | $3.33/$3.25 | +2.5% | $7.5B/$7.4B | +1.3% |
| Q1 2026 | $3.16/$3.02 | +4.6% | $7.8B/$7.4B | +6.5% |
| Q2 2026 | $2.68/$2.04 | +31.4% | $7.9B/$7.0B | +12.5% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$34.5B
+14.9% YoY
FY2
$40.5B
+17.5% YoY
EPS Outlook
FY1
$11.23
+53.1% YoY
FY2
$12.64
+12.6% YoY
Trailing FCF (TTM)$1.7B
FCF Margin: 5.6%
Next Earnings
May 7, 2026
Expected EPS
$2.06
Expected Revenue
$7.0B
PWR beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
PWR 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 $28.5B
Product Mix
Latest annual revenue by segment or product family
Electric Power Infrastructure
80.8%
+106.0% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
93.0%
+22.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Electric Power Infrastructure is the largest disclosed segment at 80.8% of FY 2025 revenue, up 106.0% YoY.
UNITED STATES is the largest reported region at 93.0%, up 22.6% YoY.
PWR Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Overvalued
Fair value est. $324 — implies -56.4% from today's price.
Premium to Fair Value
56.4%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
PWR
115.5x
vs
S&P 500
25.2x
+358% premium
vs Industrials Trailing P/E
PWR
115.5x
vs
Industrials
25.9x
+346% premium
vs PWR 5Y Avg P/E
Today
115.5x
vs
5Y Average
47.0x
+146% premium
Forward PE
60.0x
S&P 500
19.1x
+215%
Industrials
20.8x
+188%
5Y Avg
—
—
Trailing PE
115.5x
S&P 500
25.2x
+358%
Industrials
25.9x
+346%
5Y Avg
47.0x
+146%
PEG Ratio
6.70x
S&P 500
1.75x
+284%
Industrials
1.59x
+322%
5Y Avg
—
—
EV/EBITDA
47.8x
S&P 500
15.3x
+213%
Industrials
13.9x
+244%
5Y Avg
21.0x
+128%
Price/FCF
72.7x
S&P 500
21.3x
+241%
Industrials
20.6x
+252%
5Y Avg
43.0x
+69%
Price/Sales
4.2x
S&P 500
3.1x
+33%
Industrials
1.6x
+161%
5Y Avg
1.7x
+150%
Dividend Yield
0.05%
S&P 500
1.88%
-97%
Industrials
1.24%
-96%
5Y Avg
0.15%
-66%
| Metric | PWR | S&P 500 | Industrials | 5Y Avg PWR |
|---|---|---|---|---|
| Forward PE | 60.0x | 19.1x+215% | 20.8x+188% | — |
| Trailing PE | 115.5x | 25.2x+358% | 25.9x+346% | 47.0x+146% |
| PEG Ratio | 6.70x | 1.75x+284% | 1.59x+322% | — |
| EV/EBITDA | 47.8x | 15.3x+213% | 13.9x+244% | 21.0x+128% |
| Price/FCF | 72.7x | 21.3x+241% | 20.6x+252% | 43.0x+69% |
| Price/Sales | 4.2x | 3.1x+33% | 1.6x+161% | 1.7x+150% |
| Dividend Yield | 0.05% | 1.88% | 1.24% | 0.15% |
PWR trades above S&P 500 benchmarks on 6 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 toolPWR Financial Health
Verdict
Strong
PWR 11.8% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$30.0B
Revenue Growth
TTM vs prior year
+20.6%
Gross Margin
Gross profit as a share of revenue
13.6%
Operating Margin
Operating income divided by revenue
5.8%
Net Margin
Net income divided by revenue
3.7%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$7.34
Free Cash Flow (TTM)
Cash generation after capex
$1.7B
FCF Margin
FCF as share of revenue — the primary cash quality signal
5.6%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
11.8%
ROA
Return on assets, trailing twelve months
4.8%
Cash & Equivalents
Liquid assets on the balance sheet
$440M
Net Debt
Total debt minus cash
$748M
Debt Serviceability
Net debt as a multiple of annual free cash flow
0.4× FCF
~0.4 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
13.0%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.2%
Dividend
0.1%
Buyback
0.1%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$135M
Dividend / Share
Annualized trailing dividend per share
$0.40
Payout Ratio
Share of earnings distributed as dividends
5.9%
Shares Outstanding
Declining as buybacks retire shares
150M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pagePWR Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Debt & Financing
Quanta Services carries a substantial debt load, with variable‑rate borrowings that expose it to rising interest costs. A credit rating downgrade could restrict access to capital markets or force refinancing at higher rates, squeezing net income and cash flow.
Medium
Project Execution & Timing
Delays in project schedules can erode margins and postpone cash inflows. Macroeconomic headwinds, trade policy shifts, and inflationary pressures may further disrupt 2026 project timelines.
Medium
Interest Rate Risk
The company’s variable‑rate debt subjects it to interest rate fluctuations; a rise in rates would increase debt service obligations and compress profitability.
Medium
Supply Chain & Labor Issues
Ongoing labor shortages and supply chain bottlenecks can hamper operational efficiency, driving up costs and delaying project completion.
Medium
Customer Capital Expenditure
A slowdown in capital spending by data center and large‑load customers could reduce Quanta’s program volume, impacting revenue and margin profiles.
Lower
Climate & Sustainability
Pending regulatory changes related to climate and sustainability could impose additional compliance costs or operational constraints.
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 PWR Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
AI‑Driven Power Infrastructure Demand
Quanta Services is positioned to benefit from the AI boom as data centers’ explosive power needs strain existing grids. The company’s expertise in building and upgrading transmission lines and substations directly addresses this bottleneck, supporting long, multi‑year project pipelines in grid modernization, renewables, and data‑center power.
Strong Revenue & Earnings Growth
2025 revenue is projected to rise 20.31% to $28.48 billion, while net income climbs 13.66% to $1.03 billion. Net income is expected to grow at a 38% CAGR over the next three years, with management forecasting continued double‑digit increases in revenue, EBITDA, and earnings.
Robust Backlog & Pipeline
The backlog reached $34.54 billion at the end of 2024, up 14.7% year‑over‑year, providing a cushion for future work and reinforcing the company’s long‑term project pipeline.
Strategic Market Position & Operational Flexibility
Quanta offers a diversified portfolio and long‑term customer relationships, mitigating market uncertainty. Its solution‑based offerings—engineering, procurement, technology—and strategic acquisitions target higher‑margin work, while a decentralized model with in‑house manufacturing helps manage supply‑chain risks.
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.
PWR 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
$785.24
52W Range Position
99%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$315.45
+148.9% from the low
52-Week High
$788.72
-0.4% from the high
1 Month
+41.64%
3 Month
+54.54%
YTD
+78.6%
1 Year
+147.2%
3Y CAGR
+66.9%
5Y CAGR
+51.4%
10Y CAGR
+42.0%
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.
PWR vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
60.0x
vs 32.2x median
+86% above peer median
Revenue Growth
+14.9%
vs +13.9% median
+7% above peer median
Net Margin
3.7%
vs 5.8% median
-35% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
PWR PWR Quanta Services, Inc. | $117.8B | 60.0x | +14.9% | 3.7% | Buy | -17.6% |
EME EME EMCOR Group, Inc. | $42.0B | 32.2x | +13.9% | 7.5% | Buy | -1.3% |
MYR MYRG MYR Group Inc. | $7.1B | 46.8x | +8.0% | 3.7% | Hold | -20.4% |
WLD WLDN Willdan Group, Inc. | $1.1B | 18.4x | +8.0% | 7.7% | Buy | +55.2% |
DY DY Dycom Industries, Inc. | $13.3B | 32.5x | +17.7% | 5.8% | Buy | -5.5% |
PRI PRIM Primoris Services Corporation | $5.5B | 16.9x | +17.2% | 3.3% | Buy | +58.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
PWR Dividend and Capital Return
PWR returns capital mainly through $135M/year in buybacks (0.1% buyback yield), with a modest 0.05% dividend — combining for 0.2% total shareholder yield. The dividend has grown for 7 consecutive years.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
0.2%
Dividend + buyback return per year
Buyback Yield
0.1%
Dividend Yield
0.05%
Payout Ratio
5.9%
How PWR Splits Its Return
Div 0.05%
Buyback 0.1%
Dividend 0.05%Buybacks 0.1%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.40
Growth Streak
Consecutive years of dividend increases
7Y
3Y Div CAGR
3.6%
5Y Div CAGR
13.8%
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
$135M
Estimated Shares Retired
171.4K
Approx. Share Reduction
0.1%
Shares Outstanding
Current diluted share count from the screening snapshot
150M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.22 | — | — | — |
| 2025 | $0.40 | +48.1% | 0.2% | 0.3% |
| 2024 | $0.27 | -18.2% | 0.3% | 0.4% |
| 2023 | $0.33 | -8.3% | 0.0% | 0.1% |
| 2022 | $0.36 | +100.0% | 0.6% | 0.8% |
FAQ
7 questionsPWR Investor Questions
Common questions answered from live analyst data and company financials.
01Is Quanta Services, Inc. (PWR) stock a buy or sell in 2026?
Quanta Services, Inc. (PWR) is rated Buy by Wall Street analysts as of 2026. Of 35 analysts covering the stock, 26 rate it Buy or Strong Buy, 9 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $647, implying -17.6% from the current price of $785. The bear case scenario is $383 and the bull case is $737.
02What is the PWR stock price target for 2026?
The Wall Street consensus price target for PWR is $647 based on 35 analyst estimates. The high-end target is $851 (+8.4% from today), and the low-end target is $428 (-45.5%). The base case model target is $785.
03Is Quanta Services, Inc. (PWR) stock overvalued in 2026?
PWR trades at 60.0x 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 significantly overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Quanta Services, Inc. (PWR) stock in 2026?
The primary risks for PWR in 2026 are: (1) Debt & Financing — Quanta Services carries a substantial debt load, with variable‑rate borrowings that expose it to rising interest costs. (2) Project Execution & Timing — Delays in project schedules can erode margins and postpone cash inflows. (3) Interest Rate Risk — The company’s variable‑rate debt subjects it to interest rate fluctuations; a rise in rates would increase debt service obligations and compress profitability. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Quanta Services, Inc.'s revenue and earnings forecast?
Analyst consensus estimates PWR will report consensus revenue of $34.5B (+14.9% year-over-year) and EPS of $11.23 (+53.1% year-over-year) for the upcoming fiscal year. The following year, analysts project $40.5B in revenue.
06When does Quanta Services, Inc. (PWR) report its next earnings?
Quanta Services, Inc. is expected to report its next earnings on approximately 2026-05-07. Consensus expects EPS of $2.06 and revenue of $7.0B. Over recent quarters, PWR has beaten EPS estimates 92% of the time.
07How much free cash flow does Quanta Services, Inc. generate?
Quanta Services, Inc. (PWR) generated $1.7B in free cash flow over the trailing twelve months — a free cash flow margin of 5.6%. PWR returns capital to shareholders through dividends (0.1% yield) and share repurchases ($135M TTM).