Latest Ratios: P/E Ratio 48.8x · EV/EBITDA 23.9x · ROE 12.6%. (1997–2025 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 | $81.2B | $64.0B | $47.4B | $32.1B | $21.1B | $16.7B | $10.5B | $6.0B | $4.6B | $6.1B | $5.5B |
| Enterprise Value | $87.1B | $70.0B | $51.2B | $35.3B | $24.6B | $20.4B | $11.7B | $7.5B | $5.7B | $6.7B | $5.7B |
| P/E Ratio → | 48.78 | 62.07 | 52.41 | 43.16 | 42.92 | 34.33 | 23.46 | 14.91 | 15.84 | 19.55 | 27.66 |
| P/S Ratio | 2.18 | 2.26 | 2.00 | 1.54 | 1.24 | 1.28 | 0.93 | 0.50 | 0.42 | 0.65 | 0.72 |
| P/B Ratio | 9.09 | 7.09 | 6.47 | 5.11 | 3.91 | 3.26 | 2.41 | 1.48 | 1.29 | 1.62 | 1.64 |
| P/FCF | 25.72 | 39.50 | 32.11 | 28.14 | 30.06 | 85.19 | 12.23 | 22.73 | 91.48 | 48.08 | 32.71 |
| P/OCF | 36.40 | 28.71 | 22.79 | 20.38 | 18.66 | 28.62 | 9.37 | 11.41 | 12.94 | 16.50 | 14.42 |
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 | — | 2.47 | 2.16 | 1.69 | 1.44 | 1.57 | 1.05 | 0.62 | 0.51 | 0.71 | 0.75 |
| EV / EBITDA | 23.92 | 27.48 | 24.60 | 20.19 | 15.40 | 18.58 | 12.51 | 8.69 | 6.81 | 10.31 | 10.67 |
| EV / EBIT | 53.23 | 41.88 | 36.16 | 30.50 | 29.74 | 29.55 | 19.03 | 11.73 | 11.46 | 17.83 | 17.76 |
| EV / FCF | — | 43.19 | 34.64 | 30.92 | 35.12 | 104.47 | 13.71 | 28.37 | 111.73 | 52.26 | 34.19 |
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 | 13.0% | 13.0% | 13.2% | 12.7% | 12.7% | 13.8% | 14.1% | 12.7% | 12.9% | 12.8% | 12.8% |
| Operating Margin | 5.8% | 5.8% | 5.6% | 5.4% | 5.6% | 5.2% | 5.7% | 4.8% | 5.2% | 4.6% | 4.4% |
| Net Profit Margin | 3.6% | 3.6% | 3.8% | 3.6% | 2.9% | 3.7% | 4.0% | 3.3% | 2.6% | 3.3% | 2.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.6% | 12.6% | 13.3% | 12.7% | 9.3% | 10.3% | 10.6% | 10.5% | 7.9% | 8.8% | 6.2% |
| ROA | 4.7% | 4.7% | 5.2% | 5.0% | 3.7% | 4.6% | 5.3% | 5.2% | 4.3% | 5.3% | 3.8% |
| ROIC | 9.4% | 9.4% | 9.8% | 9.2% | 8.0% | 7.0% | 8.5% | 8.6% | 9.8% | 8.2% | 7.1% |
| ROCE | 11.3% | 11.3% | 11.3% | 10.8% | 9.7% | 8.5% | 10.3% | 10.3% | 11.4% | 9.5% | 8.2% |
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 | 0.71 | 0.71 | 0.61 | 0.71 | 0.74 | 0.78 | 0.33 | 0.41 | 0.31 | 0.18 | 0.11 |
| Debt / EBITDA | 2.52 | 2.52 | 2.15 | 2.55 | 2.48 | 3.64 | 1.55 | 1.92 | 1.33 | 1.04 | 0.67 |
| Net Debt / Equity | — | 0.66 | 0.51 | 0.51 | 0.66 | 0.74 | 0.29 | 0.37 | 0.28 | 0.14 | 0.07 |
| Net Debt / EBITDA | 2.35 | 2.35 | 1.80 | 1.82 | 2.22 | 3.43 | 1.35 | 1.73 | 1.23 | 0.82 | 0.46 |
| Debt / FCF | — | 3.69 | 2.53 | 2.78 | 5.06 | 19.28 | 1.48 | 5.64 | 20.25 | 4.17 | 1.49 |
| Interest Coverage | 6.39 | 6.39 | 6.98 | 6.19 | 6.66 | 10.04 | 13.69 | 9.56 | 13.39 | 17.89 | 21.67 |
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 | 1.14 | 1.14 | 1.30 | 1.47 | 1.63 | 1.50 | 1.68 | 1.69 | 1.84 | 1.92 | 1.90 |
| Quick Ratio | 1.09 | 1.09 | 1.26 | 1.44 | 1.59 | 1.47 | 1.65 | 1.67 | 1.78 | 1.87 | 1.83 |
| Cash Ratio | 0.05 | 0.05 | 0.12 | 0.25 | 0.13 | 0.07 | 0.09 | 0.07 | 0.04 | 0.09 | 0.09 |
| Asset Turnover | — | 1.14 | 1.27 | 1.29 | 1.27 | 1.01 | 1.33 | 1.45 | 1.58 | 1.46 | 1.43 |
| Inventory Turnover | 66.57 | 66.57 | 78.96 | 103.80 | 144.28 | 132.20 | 190.57 | 189.77 | 90.37 | 102.07 | 75.32 |
| Days Sales Outstanding | — | 107.75 | 98.36 | 101.80 | 101.64 | 118.21 | 103.28 | 100.93 | 95.78 | 95.71 | 94.14 |
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 | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.3% | 0.4% | — | — | — |
| Payout Ratio | 5.9% | 5.9% | 6.0% | 6.4% | 8.4% | 7.0% | 6.5% | 5.8% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 1.6% | 1.9% | 2.3% | 2.3% | 2.9% | 4.3% | 6.7% | 6.3% | 5.1% | 3.6% |
| FCF Yield | 3.9% | 2.5% | 3.1% | 3.6% | 3.3% | 1.2% | 8.2% | 4.4% | 1.1% | 2.1% | 3.1% |
| Buyback Yield | 0.2% | 0.2% | 0.3% | 0.0% | 0.6% | 0.4% | 2.4% | 0.3% | 9.5% | 0.8% | 0.2% |
| Total Shareholder Yield | 0.2% | 0.3% | 0.4% | 0.1% | 0.8% | 0.6% | 2.6% | 0.7% | 9.5% | 0.8% | 0.2% |
| Shares Outstanding | — | $152M | $150M | $149M | $148M | $145M | $145M | $148M | $154M | $157M | $157M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying PWR stock.
Quanta Services, Inc.'s current P/E ratio is 48.8x. The historical average is 33.3x. This places it at the 84th percentile of its historical range.
Quanta Services, Inc.'s current EV/EBITDA is 23.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.0x.
Quanta Services, Inc.'s return on equity (ROE) is 12.6%. The historical average is 5.8%.
Based on historical data, Quanta Services, Inc. is trading at a P/E of 48.8x. This is at the 84th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Quanta Services, Inc.'s current dividend yield is 0.07% with a payout ratio of 5.9%.
Quanta Services, Inc. has 13.0% gross margin and 5.8% operating margin.
Quanta Services, Inc.'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
Margin sensitivity to project mix
Metrics are mathematically derived from official filings.
Premium Multiples Price in Sustained Growth
Based on reported figures, PWR trades at 74.86 times trailing earnings and 29.35 times forward earnings, a steep compression that implies the market expects earnings to roughly double on the strength of recent quarterly momentum.
The gap between trailing and forward P/E suggests investors are capitalizing a sharp earnings ramp rather than current profitability, which is a meaningful bet given that trailing operating margin of 8.5% remains thin for an engineering contractor. A PEG of 4.34 indicates the price already embeds growth well beyond what the trailing trajectory alone supports, so investors should monitor whether forward estimates hold as the 2026 revenue surge normalizes. Relative to peers, PWR's 18.00 forward EV/EBITDA sits above DY's 8.37 and PRIM's 7.84, though closer to EME's 14.20, suggesting the premium is pricing a quality and scale profile rather than a discount to sector comparables.
Margin Recovery Still Short of Earning Power
As reported in quarterly statements, PWR's operating margin expanded from 3.9% in 2025Q1 to 8.5% in 2026Q3, yet its net margin of 5.8% remains well below EME's 7.5%, indicating the recovery is incomplete.
Operating margin improvement appears to be outpacing net margin gains, which may reflect interest and tax drag from the expanded debt load rather than operating weakness alone. Gross margin has moved from 11.6% to 16.7%, and the recent band of 14.5% to 16.7% suggests the company is approaching, but has not clearly established, a higher earning plateau. Investors should treat the 2026Q3 operating margin as an upper-range observation until several additional quarters confirm it is durable against project cost variability.
ROIC Recovering but Diluted by Acquisitions
Based on PWR's reported figures, ROIC climbed from 1.6% in 2025Q1 to 4.9% in 2026Q3, yet remains far below the 16.4% to 46.8% returns posted by DY and EME, suggesting acquired capital is not yet earning its keep.
The rise in ROIC appears driven by margin recovery rather than improved capital efficiency, since asset turnover has stayed near 0.31 to 0.39 across the window, which suggests the enlarged asset base from acquisitions is compounding slowly. Because goodwill has roughly doubled while equity grew more modestly, the denominator expansion may be muting the return signal, and investors should monitor whether incremental invested capital generates returns that exceed the cost of capital. ROE at 6.8% in the latest quarter is also modest against peer levels, which may indicate the company is currently accreting returns more slowly than its growth narrative implies.
Debt Rising Alongside Improving Coverage
According to recent filings, PWR's debt-to-equity held between 0.58 and 0.72 while interest coverage improved from 8.09 to 12.25 times, suggesting debt service is becoming more comfortable even as absolute borrowings climb.
Coverage improvement appears to reflect rising operating earnings outpacing interest expense, though the debt-to-EBITDA ratio of 5.62 in 2026Q3 remains elevated relative to the sub-2x levels typical of stronger peers, which may constrain flexibility if earnings soften. Because total debt rose from roughly $3.8B to $7.5B over the period, investors should monitor refinancing exposure and the mix of fixed versus floating obligations, which are not detailed in the supplied data. The trend is directionally favorable on coverage but warrants further investigation on absolute leverage given the acquisition-led expansion.
Working Capital Flatters Current Liquidity Metrics
Based on reported figures, PWR's current ratio of 1.16 and quick ratio of 1.13 in 2026Q3 benefit from deferred revenue that rose from $1.5B to $5.5B, a dependency that may reverse if billing timing shifts.
The most commonly misapplied metric for a contractor like PWR is the current ratio, because customer prepayments and billings in excess of costs inflate current liabilities and current assets in ways that do not reflect cash-generating capacity. Cash conversion cycle has compressed to 29 days from 68 days in 2026Q1, which appears driven by collections timing rather than structural efficiency, and investors should consider backlog-adjusted working capital and free cash flow conversion as more reliable indicators. Without disclosed contract-level detail, the durability of these working capital inflows remains an open question that warrants monitoring.