Primoris Services Corp

Industrials
Water, Sewer, Pipeline, Comm & Power Line Construction
www.prim.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $4.43B
PE 27
Debt $985.62M
Cash $358.28M
EV $5.05B
FCF $296.91M

Earnings

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Sales & Net Margins

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Earnings	$164.58M
EBIT	$304.70M
ROE	12%
ROA	7%
FCF	$296.91M
Equity	$1.36B
Growth Stability	100%
PE	26.89
PEG	2.12
PB	3.26
P/FCF	14.91
P/S	0.72
Price/Cash	0.08
Debt/Equity	0.73
Debt/FCF	3.32
Net Margins	3%
Gross Margins	11%
Op. Margins	5%
Earnings CAGR	20%
Sales Growth YoY	8%
Sales Growth QoQ	5%
Sales CAGR	14%
FCF CAGR	4%
Equity CAGR	13%
Earnings Stability	0.86
Earnings Growth YoY	21%
Earnings Growth QoQ	18%
Earnings CAGR 5Y	13%

Sales CAGR 5Y	17%
FCF CAGR 5Y	2%
Equity CAGR 5Y	18%
Earnings CAGR 3Y	27%
Sales CAGR 3Y	27%
FCF CAGR 3Y	96%
Equity CAGR 3Y	12%
Market Cap	$4.43B
Revenue	$6.14B
Dividend Yield	0%
Payout Ratio	8%
Assets	$4.24B
Total Debt	$985.62M
Cash	$358.28M
Shares Outstanding	53.55M
EV	5.05B
Earnings Score	94%
Moat Score	80%
Safety Score	89%
Final Score	88%
Working Capital	610.16M
Current Ratio	1.38
Gross Profit	$675.25M
Shares Growth 3y	0%
Equity Growth QoQ	5%
Equity Growth YoY	13%

Assets & ROA

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Stockholders Equity & ROE

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Primoris Services is a specialty contractor and infrastructure company in the United States. It has three operating segments. The Utility segment specializes in a range of services, including the installation and maintenance of new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems. The pipeline segment constructs and maintains pipelines for the petroleum and petrochemical industries. The Energy/Renewables segment includes engineering, procurement, construction, retrofits, highway and bridge construction, demolition, and other services. The Utility segment earns the majority of the revenue.

SEC Filings

Direct access to Primoris Services Corp (PRIM) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Primoris Services Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Primoris Services Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 20%

Stability 86%

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Primoris Services Corp Discounted Cash Flow

Fully customizable DCF calculator online for Primoris Services Corp.

Years

Calculation mode

= $4B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$297M	$309M	$323M	$336M	$350M	$365M	$381M	$397M	$414M	$431M	$449M	$4.5B
DCF		$281M	$267M	$253M	$239M	$227M	$215M	$204M	$193M	$183M	$173M	$1.7B
Value	$4B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	3%	2%	1%	3%	3%	3%	3%	3%	3%	2%	3%
ROA	-	6%	5%	8%	8%	8%	8%	7%	6%	7%	7%
ROE	-	8%	5%	13%	13%	13%	15%	12%	12%	10%	12%

Bad Net Margins (2.74%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-17.56	70.28	2.97	25.96	17.36	1.47	-13.55	-108.42	10.86	3.32
Debt over Equity	0.62	0.68	0.64	0.58	0.71	0.65	0.51	0.74	1.11	0.84	0.73
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	100%	100%

Neutral Debt/FCF ratio (3.32)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.73)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-8%	4%	19%	24%	6%	12%	0%	26%	29%	17%
Earnings YoY growth	-	-42%	-28%	171%	7%	6%	28%	10%	15%	-5%	13%
Equity YoY growth	-	7%	3%	13%	8%	4%	14%	39%	12%	11%	18%
FCF YoY growth	-	-64%	-124%	2K%	-85%	41%	954%	-122%	-79%	-942%	2%