Primoris Services CorporationPRIM
NYSE•Industrials•Engineering & Construction
Primoris Services Corporation provides infrastructure services primarily in the United States and Canada. The company operates in two segments: Utilities and Energy. The Utilities segment offers installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems, and communications systems. The Energy segment provides engineering, procurement, construction, and maintenance services for entities in the energy, renewable energy and energy storage, renewable fuels, and petroleum and petrochemical industries, as well as state departments of transportation. The company also provides replacement services. Primoris Services Corporation was founded in 1960 and is headquartered in Dallas, Texas.
Primoris Services Corporation (PRIM) reported trailing twelve months revenue of $7.49B as of March 2026, a 13.4% increase year-over-year. Quarterly revenue reached $1.56B, reflecting continued top-line momentum.
Primoris Services Corporation generated $248.06M in TTM net income, with quarterly EBITDA of $48.20M. The operating margin contracted from 4.3% to 1.6%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (1.6%) and net margin (1.1%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 2.7% a year ago, reflecting increased costs or interest expense.
PRIM trades at a P/E of 22.2x (in line with broad market averages) and a P/S of 0.7x. The price-to-book ratio of 3.3x reflects a moderate premium to book value.
The company reported negative free cash flow of $-150.40M, indicating cash consumption over the period. The balance sheet shows $4.21B in total assets with $396.30M in long-term debt against $1.68B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~4.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~14.4% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~24.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 10.2% — watch for continued compression, which may signal competitive or cost pressure.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.