Latest Ratios: P/E Ratio 14.2x · EV/EBITDA 8.8x · ROE 30.0%. (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 | $7.8B | $9.5B | $5.2B | $2.7B | $1.0B | $765M | $525M | $382M | $296M | $435M | $196M |
| Enterprise Value | $7.7B | $9.4B | $5.0B | $2.7B | $1.3B | $1.2B | $837M | $778M | $280M | $438M | $156M |
| P/E Ratio → | 14.17 | 32.65 | 20.37 | 19.80 | 9.43 | 12.23 | 12.41 | 9.58 | 11.71 | 37.86 | — |
| P/S Ratio | 1.80 | 3.81 | 2.48 | 1.39 | 0.57 | 0.54 | 0.43 | 0.34 | 0.29 | 0.45 | 0.28 |
| P/B Ratio | 7.07 | 8.57 | 6.35 | 4.40 | 2.10 | 2.12 | 1.95 | 1.73 | 1.72 | 2.97 | 1.81 |
| P/FCF | 16.51 | 26.13 | 12.61 | 6.63 | 6.34 | 6.82 | 5.83 | 14.86 | 11.26 | 32.00 | 5.82 |
| P/OCF | 17.63 | 21.54 | 10.55 | 5.73 | 4.58 | 4.82 | 4.27 | 9.29 | 7.50 | 18.90 | 4.40 |
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 | — | 3.79 | 2.34 | 1.35 | 0.74 | 0.83 | 0.68 | 0.69 | 0.27 | 0.46 | 0.23 |
| EV / EBITDA | 8.75 | 19.23 | 14.64 | 10.14 | 6.15 | 8.30 | 6.68 | 13.31 | 4.72 | 10.16 | 13.82 |
| EV / EBIT | 18.66 | 22.03 | 12.91 | 12.15 | 8.14 | 10.84 | 9.06 | 24.98 | 6.42 | 15.73 | — |
| EV / FCF | — | 26.02 | 11.90 | 6.45 | 8.27 | 10.44 | 9.30 | 30.30 | 10.65 | 32.27 | 4.65 |
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 | 23.0% | 23.0% | 20.1% | 17.1% | 15.5% | 14.4% | 14.6% | 9.6% | 10.6% | 9.3% | 6.4% |
| Operating Margin | 16.6% | 16.6% | 12.8% | 10.4% | 9.1% | 7.6% | 7.5% | 3.4% | 4.1% | 2.7% | -0.7% |
| Net Profit Margin | 11.7% | 11.7% | 12.2% | 7.0% | 6.0% | 4.4% | 3.4% | 3.5% | 2.4% | 1.2% | -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 | 30.0% | 30.0% | 35.5% | 25.2% | 25.4% | 19.9% | 17.3% | 20.3% | 15.8% | 9.1% | -9.1% |
| ROA | 12.4% | 12.4% | 13.4% | 8.5% | 7.8% | 5.6% | 4.4% | 5.6% | 5.3% | 3.0% | -3.3% |
| ROIC | 38.8% | 38.8% | 37.4% | 23.1% | 15.5% | 11.9% | 11.6% | 7.3% | 20.9% | 18.0% | -4.0% |
| ROCE | 28.5% | 28.5% | 22.3% | 19.2% | 16.6% | 13.6% | 14.1% | 7.9% | 14.6% | 12.0% | -3.0% |
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 | 0.32 | 0.32 | 0.45 | 0.64 | 1.03 | 1.31 | 1.43 | 2.02 | 0.48 | 0.62 | 0.05 |
| Debt / EBITDA | 0.71 | 0.71 | 1.09 | 1.51 | 2.31 | 3.34 | 3.07 | 7.65 | 1.38 | 2.09 | 0.48 |
| Net Debt / Equity | — | -0.04 | -0.36 | -0.12 | 0.64 | 1.13 | 1.16 | 1.79 | -0.09 | 0.02 | -0.36 |
| Net Debt / EBITDA | -0.08 | -0.08 | -0.87 | -0.28 | 1.44 | 2.88 | 2.49 | 6.78 | -0.27 | 0.08 | -3.48 |
| Debt / FCF | — | -0.11 | -0.71 | -0.18 | 1.93 | 3.62 | 3.47 | 15.44 | -0.61 | 0.26 | -1.17 |
| Interest Coverage | 21.64 | 21.64 | 15.19 | 7.50 | 7.81 | 5.60 | 3.15 | 1.87 | 3.53 | 2.84 | -1.79 |
Net cash position: cash ($391M) exceeds total debt ($350M)
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 | 1.01 | 1.01 | 1.38 | 1.25 | 1.34 | 1.24 | 1.12 | 1.22 | 1.69 | 1.53 | 1.20 |
| Quick Ratio | 1.01 | 1.01 | 1.38 | 1.25 | 1.34 | 1.24 | 1.12 | 1.22 | 1.67 | 1.50 | 1.17 |
| Cash Ratio | 0.38 | 0.38 | 0.90 | 0.70 | 0.41 | 0.18 | 0.23 | 0.17 | 0.55 | 0.47 | 0.31 |
| Asset Turnover | — | 0.95 | 1.04 | 1.09 | 1.20 | 1.12 | 1.25 | 1.19 | 2.15 | 2.07 | 2.29 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 293.55 | 188.03 | 174.29 |
| Days Sales Outstanding | — | 73.46 | 58.71 | 66.36 | 79.74 | 73.76 | 83.03 | 88.39 | 69.40 | 69.51 | 65.57 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 3.1% | 4.9% | 5.0% | 10.6% | 8.2% | 8.1% | 10.4% | 8.5% | 2.6% | — |
| FCF Yield | 6.1% | 3.8% | 7.9% | 15.1% | 15.8% | 14.7% | 17.2% | 6.7% | 8.9% | 3.1% | 17.2% |
| Buyback Yield | 1.0% | 0.8% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 1.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.0% | 0.8% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 1.6% | 0.0% | 0.0% |
| Shares Outstanding | — | $31M | $31M | $31M | $31M | $29M | $28M | $27M | $27M | $27M | $23M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying STRL stock.
Sterling Infrastructure, Inc.'s current P/E ratio is 14.2x. The historical average is 15.0x. This places it at the 61th percentile of its historical range.
Sterling Infrastructure, Inc.'s current EV/EBITDA is 8.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
Sterling Infrastructure, Inc.'s return on equity (ROE) is 30.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -13.4%.
Based on historical data, Sterling Infrastructure, Inc. is trading at a P/E of 14.2x. This is at the 61th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sterling Infrastructure, Inc. has 23.0% gross margin and 16.6% operating margin. Operating margin between 10-20% is typical for established companies.
Sterling Infrastructure, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Working capital and receivables exposure
Metrics are mathematically derived from official filings.
Forward Multiples Imply Sharp Earnings Step-Up
Based on EDBL's reported figures, STRL trades at 26.05 times trailing earnings but only 12.20 times forward earnings, a gap that suggests the market is pricing in sustained earnings growth well beyond the recent trailing base.
The compression from a trailing P/E of 26.05 to a forward P/E of 12.20, paired with a PEG of 0.59, indicates that investors are capitalizing a meaningful earnings ramp rather than paying for past results. Relative to the peer group, where MYRG and ROAD trade at 32.75 and 42.14 times earnings, STRL appears inexpensive on a growth-adjusted basis, though the forward multiple depends heavily on sustaining data center demand. Investors should treat the forward figure as contingent on estimate delivery, since a slowdown in E-Infrastructure awards would quickly erode the discount.
Margin Reset Anchors Earning Power
As reported in the quarterly statements, STRL's gross margin moved from 19.3% in 2024Q2 to 24.1% in 2026Q3 while operating margin reached 19.6%, well above the single-digit to low-teens range typical of traditional heavy civil peers.
The step-up in operating margin from roughly 12.5% to 19.6% over ten quarters suggests a durable shift toward negotiated, higher-value work rather than a one-period spike. Net margin of 13.7% trails operating margin by a wide gap, which appears to reflect tax and below-the-line items that warrant reconciliation before treating the net figure as recurring. Operating margin is the more reliable gauge of earning power here, since it isolates the segment mix effect from financing and tax noise.
Return Trajectory Recovers After Dilutive Period
According to the reported figures, STRL's ROIC climbed to 16.6% in 2026Q3 from a trough near 7.9% in 2025Q4, while ROE reached 14.6% after sitting below 5% in early 2025, indicating returns are rebuilding on a much larger capital base.
The recovery in ROIC from its late-2025 trough reflects both margin expansion and a rising earnings contribution from acquired assets, but the quarterly volatility makes single-period readings unreliable for judgment. Because goodwill has risen to roughly 18% of total assets, a portion of the return improvement may reflect acquisition accounting rather than organic capital efficiency. Investors should track whether ROIC holds above 14% as acquired intangibles are absorbed into the base.
Liquidity Thinned by Working Capital Build
As reported in the balance sheets, STRL's current ratio fell to 1.04 in 2026Q3 from 1.42 in 2025Q2, and quick ratio matches the current ratio at the same level, indicating limited cushion against rising working capital requirements.
Because quick and current ratios are identical, inventory is not a meaningful component of current assets, so liquidity depends entirely on receivables and cash conversion rather than inventory liquidation. The decline to near-parity coincides with a sharp working capital outflow, which suggests the company is tying up cash in unbilled work and receivables that have not yet converted. Under a stress scenario in which receivable collection slows, the thin current ratio would leave little margin before liquidity becomes a constraint.
Receivables Discipline Stays Tight Despite Growth
Based on EDBL's reported figures, STRL's asset turnover rose to 0.47 in 2026Q3 from 0.21 in 2025Q1, while days sales outstanding held near 62 to 68 days, suggesting collections have kept pace with the revenue ramp.
Asset turnover has more than doubled over the period, indicating the revenue expansion is outrunning the growth of the asset base, which is a positive efficiency signal. However, DSO has drifted from 56 days in 2025Q2 to 64 days in 2026Q3, a modest lengthening that may reflect the mix shift toward larger, slower-paying private clients. Investors should monitor whether DSO continues to rise, since further deterioration would compound the working capital pressure already visible in cash flow.
Leverage Low but Cash Reserves Drawn Down
According to reported quarterly statements, STRL's debt-to-equity fell to 0.11 in 2026Q3 from 0.57 in 2024Q2, yet cash fell from roughly $511.9M to $216.9M, so the low leverage ratio may understate the company's reduced financial flexibility.
The debt-to-equity and debt-to-EBITDA ratios both point to a conservative balance sheet, with interest coverage at 164 times signaling no near-term debt service concern. The more relevant counter-signal is that liquid reserves have been consumed by working capital needs and buybacks, which narrows the buffer if operating cash flow remains below net income. This suggests the strong leverage metrics should be weighed alongside the cash trajectory rather than read in isolation.