Sterling Infrastructure, Inc.STRL
NasdaqGS•Industrials•Engineering & Construction
Sterling Infrastructure, Inc. engages in the provision of e-infrastructure, transportation, and building solutions in the United States. It operates through three segments: E-Infrastructure, Transportation, and Building Solutions. The E-Infrastructure Solutions segment provides site development services for the blue-chip end users in the e-commerce distribution center, data center, manufacturing, warehousing, and power generation sectors. Its Transportation Solutions segment is involved in the development of infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail, and storm drainage systems for the departments of transportation, regional transit, airport, port, water, and railroads authorities. The Building Solutions segment offers residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, and other concrete work for developers and general contractors, as well as plumbing and surveys services for residential builds. It operates in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions, and the Pacific Islands. The company was formerly known as Sterling Construction Company, Inc. and changed its name to Sterling Infrastructure, Inc. in June 2022. Sterling Infrastructure, Inc. was founded in 1955 and is headquartered in The Woodlands, Texas.
Sterling Infrastructure, Inc. (STRL) reported trailing twelve months revenue of $2.88B as of March 2026, a 37.0% increase year-over-year. Quarterly revenue reached $825.67M, reflecting continued top-line momentum.
Sterling Infrastructure, Inc. generated $346.64M in TTM net income, with quarterly EBITDA of $160.47M. The operating margin expanded from 13.4% to 16.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (16.6%) and net margin (11.6%) indicates moderate non-operating costs. Net margin has improved from 9.2% a year ago, signaling stronger bottom-line efficiency.
STRL trades at a P/E of 33.8x (a premium multiple) and a P/S of 4.1x. The price-to-book ratio of 9.9x indicates a significant premium over book value.
The company generated $145.94M in free cash flow over the trailing twelve months, a 118.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.78B in total assets with $272.32M in long-term debt against $1.19B 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 ~17.5% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 29.1% suggests a durable competitive advantage and efficient capital allocation.
8 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 ~39.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 5.6% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.5x on average — earnings are well-supported by cash generation.
D/E ratio is 0.2 — 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.
Share count is stable — no significant dilution or buyback activity.