Latest Ratios: P/E Ratio 55.9x · EV/EBITDA 14.7x · ROE 6.6%. (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 | $4.4B | $3.6B | $1.3B | $472M | $387M | $635M | $661M | $646M | $803M | $1.3B | $1.4B |
| Enterprise Value | $4.2B | $3.3B | $1.3B | $991M | $1.1B | $1.4B | $1.3B | $1.3B | $1.4B | $1.8B | $2.0B |
| P/E Ratio → | 55.87 | 44.38 | — | — | — | 4.74 | 4.35 | — | 9.62 | 8.68 | 14.58 |
| P/S Ratio | 0.80 | 0.65 | 0.29 | 0.12 | 0.10 | 0.14 | 0.12 | 0.15 | 0.18 | 0.27 | 0.28 |
| P/B Ratio | 3.57 | 2.84 | 1.09 | 0.37 | 0.27 | 0.38 | 0.43 | 0.45 | 0.45 | 0.75 | 0.90 |
| P/FCF | 7.84 | 6.31 | 2.72 | 1.85 | 2.63 | — | 5.61 | 12.34 | — | 9.66 | 14.31 |
| P/OCF | 5.95 | 4.79 | 2.51 | 1.53 | 1.87 | — | 3.83 | 4.73 | 37.53 | 7.87 | 12.32 |
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 | — | 0.59 | 0.31 | 0.26 | 0.29 | 0.31 | 0.25 | 0.29 | 0.33 | 0.38 | 0.40 |
| EV / EBITDA | 14.73 | 11.64 | — | — | — | 4.14 | 3.55 | — | 6.06 | 7.91 | 7.46 |
| EV / EBIT | 17.89 | 12.64 | — | — | — | 6.28 | 5.49 | — | 7.47 | 8.51 | 9.88 |
| EV / FCF | — | 5.78 | 2.89 | 3.88 | 7.38 | — | 11.12 | 24.58 | — | 13.73 | 20.59 |
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 | 11.7% | 11.7% | 4.6% | 3.6% | 0.8% | 10.0% | 9.1% | 5.4% | 10.2% | 9.6% | 9.2% |
| Operating Margin | 4.2% | 4.2% | -2.4% | -3.0% | -5.4% | 4.9% | 4.9% | -8.2% | 4.3% | 3.8% | 4.1% |
| Net Profit Margin | 1.5% | 1.5% | -3.8% | -4.4% | -5.5% | 2.0% | 2.0% | -8.7% | 1.9% | 3.1% | 1.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.6% | 6.6% | -13.4% | -12.6% | -13.5% | 5.7% | 7.3% | -24.1% | 4.8% | 9.1% | 6.4% |
| ROA | 1.7% | 1.7% | -3.8% | -3.8% | -4.5% | 1.9% | 2.3% | -8.7% | 1.9% | 3.6% | 2.4% |
| ROIC | 15.8% | 15.8% | -5.1% | -4.4% | -6.7% | 7.3% | 9.2% | -12.2% | 6.1% | 6.1% | 7.0% |
| ROCE | 12.1% | 12.1% | -4.9% | -4.7% | -7.4% | 7.9% | 10.2% | -14.1% | 7.0% | 6.9% | 7.9% |
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 | 0.37 | 0.37 | 0.46 | 0.70 | 0.66 | 0.59 | 0.66 | 0.58 | 0.43 | 0.43 | 0.49 |
| Debt / EBITDA | 1.67 | 1.67 | — | — | — | 2.88 | 2.78 | — | 3.18 | 3.18 | 2.82 |
| Net Debt / Equity | — | -0.24 | 0.07 | 0.40 | 0.48 | 0.47 | 0.42 | 0.45 | 0.36 | 0.32 | 0.39 |
| Net Debt / EBITDA | -1.06 | -1.06 | — | — | — | 2.29 | 1.76 | — | 2.70 | 2.35 | 2.28 |
| Debt / FCF | — | -0.53 | 0.17 | 2.03 | 4.75 | — | 5.52 | 12.24 | — | 4.08 | 6.29 |
| Interest Coverage | 4.72 | 4.72 | -0.99 | -1.17 | -2.93 | 3.37 | 3.14 | -5.34 | 3.05 | 3.10 | 3.40 |
Net cash position: cash ($770M) exceeds total debt ($471M)
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 | 1.27 | 1.27 | 1.41 | 1.66 | 1.87 | 2.17 | 1.80 | 1.66 | 1.99 | 1.94 | 1.87 |
| Quick Ratio | 1.27 | 1.27 | 1.41 | 1.66 | 1.87 | 2.17 | 1.80 | 1.63 | 1.95 | 1.91 | 1.83 |
| Cash Ratio | 0.31 | 0.31 | 0.20 | 0.18 | 0.13 | 0.11 | 0.17 | 0.09 | 0.07 | 0.12 | 0.10 |
| Asset Turnover | — | 1.07 | 1.02 | 0.88 | 0.83 | 0.98 | 1.05 | 0.99 | 1.02 | 1.12 | 1.23 |
| Inventory Turnover | — | — | — | — | — | — | — | 53.02 | 64.59 | 74.45 | 89.42 |
| Days Sales Outstanding | — | 178.23 | 210.01 | 261.39 | 301.78 | 265.78 | 226.48 | 249.34 | 236.15 | 209.80 | 189.00 |
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% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 3.9% | 3.9% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 2.3% | — | — | — | 21.1% | 23.0% | — | 10.4% | 11.5% | 6.9% |
| FCF Yield | 12.7% | 15.8% | 36.8% | 54.2% | 38.0% | — | 17.8% | 8.1% | — | 10.4% | 7.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $53M | $52M | $52M | $51M | $51M | $51M | $50M | $50M | $51M | $50M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TPC stock.
Tutor Perini Corporation's current P/E ratio is 55.9x. The historical average is 16.5x. This places it at the 95th percentile of its historical range.
Tutor Perini Corporation's current EV/EBITDA is 14.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.7x.
Tutor Perini Corporation's return on equity (ROE) is 6.6%. The historical average is -4.0%.
Based on historical data, Tutor Perini Corporation is trading at a P/E of 55.9x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tutor Perini Corporation's current dividend yield is 0.07% with a payout ratio of 3.9%.
Tutor Perini Corporation has 11.7% gross margin and 4.2% operating margin.
Tutor Perini Corporation's Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Project execution and margin volatility
Metrics are mathematically derived from official filings.
Margin Recovery from Losses
Gross margin rebounded from -2.4% in 2024Q3 to 12.9% in 2026Q2, as reported in financial statements, yet remains below the 14.3% peak in 2025Q2, indicating incomplete recovery.
The sharp swing from negative to positive margins reflects the resolution of problematic projects, but the sequential dip from 14.3% to 12.9% suggests ongoing cost pressures. Operating margin at 7.2% in 2026Q2 is the highest in the series, implying operating leverage is finally materializing. However, net margin of 4.0% is tempered by stock-based compensation, which at $57.9M nearly equals net income, so reported profitability overstates cash earnings.
ROIC Recovery from Negative Territory
ROIC swung from -4.8% in 2024Q3 to 10.0% in 2026Q2, according to recent SEC filings, surpassing the peer median of 9.4%, signaling a return to value creation.
The recovery is driven by margin expansion rather than asset efficiency, as asset turnover remains low at 0.31. ROE at 5.1% is still below peers like KBR (27.3%) and STRL (36.1%), reflecting a thinner equity base and higher capital intensity. The sustainability of this ROIC hinges on maintaining gross margins above 12%, which is not yet proven given the volatility in prior quarters.
Working Capital Drag Persists
DSO improved from 240 days in 2024Q1 to 134 days in 2026Q2, as per quarterly data, but the cash conversion cycle remains elevated at 135 days, indicating ongoing capital lockup.
The improvement in DSO is significant, yet the CCC of 135 days is still high, reflecting the project-based nature of construction where receivables and inventory tie up cash. DPO has been stable around 54-76 days, suggesting limited supplier leverage. The working capital releases that drove cash flow in 2026Q2 may not be repeatable, so investors should monitor whether DSO can stay below 150 days.
Deleveraging Improves Coverage
Debt-to-equity fell from 0.61 in 2024Q1 to 0.35 in 2026Q2, while interest coverage rose to 7.79, based on reported figures, indicating a more comfortable debt service position.
The reduction in debt from $801M to $465M, combined with rising EBITDA, has cut D/EBITDA from over 12 in 2024 to 3.63 in 2026Q2. Interest coverage of 7.79 is the strongest in the series, providing ample cushion. However, the forward EV/EBITDA of 53.1 suggests the market expects a significant EBITDA decline, which could pressure coverage if realized.
Liquidity Buffer Strengthens Absolutely
Current ratio eased to 1.29 in 2026Q2 from 1.70 in 2024Q1, but cash nearly tripled to $938M, as reported in financial statements, indicating a stronger absolute liquidity position.
The decline in the current ratio is due to a rise in current liabilities, likely from increased deferred revenue (backlog), which is a positive signal. The quick ratio of 1.03 suggests minimal reliance on inventory, which is typical for construction. With $938M in cash and a manageable debt load, TPC appears well-positioned to weather project delays, though the ratio dip warrants monitoring if cash generation slows.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 65.25 is misleading given the earnings recovery from losses, as per recent filings; forward P/E of 31.31 better reflects normalized earnings but still embeds high expectations.
P/E is often misapplied to construction firms because earnings are highly cyclical and can swing to losses, as seen in 2024. The trailing P/E is distorted by the low earnings base, while EV/EBITDA at 17.38 is more meaningful, though still above peers like KBR (10.15) and GVA (15.55). Investors should use EV/EBITDA or P/FCF (9.16) to value TPC, as cash flow is more stable than earnings, but the forward EV/EBITDA of 53.1 implies a sharp EBITDA contraction that may not materialize.