Quanta Services, Inc.PWR
NYSE•Industrials•Engineering & Construction
Quanta Services, Inc. offers infrastructure solutions for the electric and gas utility, power generation, load center, manufacturing, communications, pipeline, and energy industries. The company's Electric Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings. This segment offers aviation; emergency aerial firefighting services; emergency restoration; and other engineering and technical services; design and construction solutions to wireline and wireless communications, cable multi-system operators, technology companies, and other customers; engineering, procurement, new construction, and repair and maintenance services for renewable generation facilities; and training for electric workers, as well as training for the gas distribution and communications industries. Its Underground Utility and Infrastructure Solutions segment is involved in the transportation, distribution, storage, development, and processing of natural gas, oil, and other products, as well as owns and operates large load centers. This segment also engages in the design, engineering, procurement, construction, upgrade, and repair and maintenance services for natural gas systems; pipeline protection, integrity testing, rehabilitation, and replacement services; and catalyst replacement, high-pressure and critical-path turnaround, instrumentation and electrical, piping, fabrication, and storage tank services. The company was formerly known as Fabal Construction, Inc. and changed its name to Quanta Services, Inc. in November 1997. The company was incorporated in 1997 and is headquartered in Houston, Texas.
as of March 2026
Are revenues and earnings expanding?
$30.12B in TTM revenue grew 21.1% YoY, reaching $7.87B last quarter. TTM EBITDA of $2.68B on operating income of $338.78M shows growth is flowing through. Net income of $1.10B TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of 4.3% is up 0.5% YoY — cost efficiency is improving. Net margin at 2.8% and gross margin of 14.1%. ROE of 12.2% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 95.2x P/E, the stock trades at a premium — the market expects above-average growth. P/S of 3.5x and P/B of 11.6x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
With $25.75B in assets and $5.20B in long-term debt, the D/E of 0.6 shows a conservative capital structure — the company has a strong financial cushion to weather downturns.
Is the business self-funding?
FCF of $171.65M on $391.74M in operating cash flow. The FCF / Net Income ratio of 0.2x indicates partial cash conversion — earnings quality needs attention. Cash reserves of $364.76M provide financial flexibility.
Competitive analysis based on 68 quarters of fundamental data
Operating margins are positive at ~5.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~12.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~36.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 68 quarters
Margins are stable or improving at ~5.7% — no sign of cost or pricing stress.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 2.2% — mild dilution. Compare to earnings growth to assess net per-share impact.