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U.S. Construction Industry Analysis

UpdatedJun 08, 2026
DataAggregated Company Financials
Companies66
  • 7D1.0%
  • 3M24.8%
  • 1Y92.5%
  • YTD48.0%

Last week, the Construction industry hasn't moved much but Comfort Systems USA is up 3.1% in that time. As for the the longer term, the industry is up 93% over the past 12 months. Earnings are forecast to grow by 24% annually.

Industry Valuation and Performance

Has the U.S. Construction Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 08 Jun 2026US$419.4bUS$180.4bUS$7.7b47.5x54.6x2.3x
Wed, 06 May 2026US$437.8bUS$177.9bUS$7.2b48.2x61.1x2.5x
Fri, 03 Apr 2026US$344.4bUS$172.5bUS$6.7b34.8x51.7x2x
Sun, 01 Mar 2026US$350.3bUS$173.3bUS$6.7b32.1x52.3x2x
Tue, 27 Jan 2026US$300.5bUS$165.7bUS$10.0b37.6x30x1.8x
Thu, 25 Dec 2025US$275.2bUS$165.7bUS$10.0b30.2x27.5x1.7x
Sat, 22 Nov 2025US$258.0bUS$165.3bUS$9.9b31.2x26x1.6x
Mon, 20 Oct 2025US$269.5bUS$160.0bUS$9.9b35.9x27.2x1.7x
Wed, 17 Sep 2025US$252.0bUS$160.0bUS$10.0b34.9x25.3x1.6x
Fri, 15 Aug 2025US$241.3bUS$157.6bUS$10.0b33.7x24.2x1.5x
Sun, 13 Jul 2025US$224.4bUS$153.2bUS$7.2b33.2x31.3x1.5x
Tue, 10 Jun 2025US$210.1bUS$153.2bUS$7.2b29.7x29.3x1.4x
Thu, 08 May 2025US$182.1bUS$152.5bUS$7.1b26.1x25.5x1.2x
Sat, 05 Apr 2025US$148.4bUS$149.6bUS$6.8b20.2x21.9x1x
Mon, 03 Mar 2025US$165.6bUS$149.6bUS$6.7b26.8x24.6x1.1x
Wed, 29 Jan 2025US$180.9bUS$146.3bUS$3.9b31.2x46x1.2x
Fri, 27 Dec 2024US$191.8bUS$146.2bUS$3.9b33.3x48.9x1.3x
Sun, 24 Nov 2024US$204.6bUS$146.1bUS$3.9b36.8x52.4x1.4x
Tue, 22 Oct 2024US$188.4bUS$144.7bUS$4.0b35.5x47.4x1.3x
Thu, 19 Sep 2024US$169.1bUS$144.8bUS$4.0b29.7x42.5x1.2x
Sat, 17 Aug 2024US$162.1bUS$145.1bUS$3.9b25.6x41.1x1.1x
Mon, 15 Jul 2024US$162.2bUS$141.8bUS$3.4b26.3x47.1x1.1x
Wed, 12 Jun 2024US$160.6bUS$141.8bUS$3.4b24.8x46.6x1.1x
Fri, 10 May 2024US$160.1bUS$141.8bUS$3.5b25.8x46.2x1.1x
Sun, 07 Apr 2024US$154.7bUS$136.2bUS$3.5b25.2x44.7x1.1x
Tue, 05 Mar 2024US$144.5bUS$136.2bUS$3.5b26.5x41.2x1.1x
Thu, 01 Feb 2024US$123.8bUS$135.2bUS$3.6b24.5x34.6x0.9x
Sat, 30 Dec 2023US$127.9bUS$135.1bUS$3.6b25.5x35.8x0.9x
Mon, 27 Nov 2023US$114.1bUS$135.0bUS$3.5b21.8x32.4x0.8x
Wed, 25 Oct 2023US$104.2bUS$130.5bUS$3.4b19.3x31x0.8x
Fri, 22 Sep 2023US$113.9bUS$130.5bUS$3.4b20.2x34x0.9x
Sun, 20 Aug 2023US$119.9bUS$130.4bUS$3.3b20.9x36x0.9x
Tue, 18 Jul 2023US$119.5bUS$126.6bUS$3.2b20.5x37x0.9x
Thu, 15 Jun 2023US$114.8bUS$126.6bUS$3.2b19.7x35.5x0.9x
Price to Earnings Ratio

35.5x


Total Market Cap: US$114.8bTotal Earnings: US$3.2bTotal Revenue: US$126.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Construction Industry Price to Earnings3Y Average 37.7x202420252026
Current Industry PE
  • Investors are optimistic on the American Construction industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 54.6x which is higher than its 3-year average PE of 37.7x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Construction industry have grown 33% per year over the last three years.
  • Revenues for these companies have grown 13% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Industrials industry?

US Market-2.49%
Industrials-0.34%
Construction0.95%
Construction and Engineering0.95%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
FIX Comfort Systems USAUS$1.84k3.1%
+US$2.0b		267.8%PE53x
PWR Quanta ServicesUS$695.111.1%
+US$1.1b		95.4%PE94.4x
STRL Sterling InfrastructureUS$882.434.4%
+US$1.1b		334.9%PE78.1x
IESC IES HoldingsUS$720.726.4%
+US$862.5m		160.5%PE38x
AGX ArganUS$694.727.4%
+US$708.6m		218.7%PE60.4x

Latest News

AGX
US$694.72
Argan
7D
7.4%
1Y
218.7%
Seeking Alpha • Jun 07

Argan: Still Fueling America's AI

Summary Argan is a premier beneficiary of surging U.S. power infrastructure demand driven by AI, data centers, and electrification. AGX delivered robust quarterly results: revenue and EPS handily beat estimates, margins expanded, and backlog remains 3.5x higher than two years ago. The company boasts a capital-light model with a 38% FCF margin, zero debt, nearly $1B in cash, and increased buyback authorization. Despite a premium valuation (P/E > 50x), I maintain a buy rating, citing operational excellence, backlog visibility, and unique market positioning. Read the full article on Seeking Alpha
IMSR
US$7.55
Terrestrial Energy
7D
-20.4%
1Y
-34.3%
LGN
US$83.69
Legence
7D
-3.3%
1Y
n/a
Seeking Alpha • Jun 07

Legence: A Home Run

Summary Legence has delivered >50% organic growth and strong M&A-driven expansion, fueling a rapid share price ascent since its IPO. Despite 105% sales growth and a doubling backlog, margin accretion has lagged, with gross margins at 18% and adjusted EBITDA margins at 11.4%. Legence trades at over 20x EBITDA and 2.5x sales, with current multiples reflecting high expectations for further margin gains and sustained growth. I remain impressed by Legence's growth and M&A, but exercise caution at ~$90/share due to demanding valuation and momentum-driven price action. Read the full article on Seeking Alpha
APG
US$41.98
APi Group
7D
3.4%
1Y
32.0%
PWR
US$695.11
Quanta Services
7D
1.1%
1Y
95.4%
Seeking Alpha • Jun 06

Quanta Services: The Grid Integration Needs Builders, Not Just More Power

Summary I'm rating Quanta Services a strong buy because I believe PWR is an important platform in North America. Its scale, expertise, and record backlog position it to benefit from grid-modernization. The key growth drivers are record backlog, utility grid modernization, large-load interconnections, and hyperscale data center power demand. Together, I estimate these drivers can grow revenue from approximately $35Bn in 2026 to $43.5Bn in 2028, while EBITDA expands from $3.6Bn to $4.7Bn. My blended price target of $1,017 represents a 46% upside potential from the current price of $695. I arrive at PT by applying a 31.64x FWD-EBITDA and 51.04x FWD-P/E multiples. The biggest risks are valuation compression, project execution delays, and labor constraints. Nevertheless, record backlog, rising utility investment, and accelerating AI-related power demand provide a substantial cushion that supports my continued strong buy rating. Read the full article on Seeking Alpha
FIX
US$1,843.94
Comfort Systems USA
7D
3.1%
1Y
267.8%
Narrative Update • Jun 06

FIX: Data Center And Modular Backlog Strength Will Test Concentration And Execution Risks

Analysts have adjusted the price target for Comfort Systems USA to $1,910, reflecting updated assumptions for slightly higher revenue growth and profit margins, supported by new Buy and Outperform initiations that cite strong expected demand from complex, technology-driven projects. Analyst Commentary Recent research coverage on Comfort Systems USA highlights a mix of optimism about end market demand and caution around how much good news is already reflected in the stock.
DY
US$466.28
Dycom Industries
7D
-5.6%
1Y
95.7%
Narrative Update • Jun 06

DY: Data Center And Training Investments Will Support Future Cash Generation

Analysts have raised their price target for Dycom Industries to $637.27 from $473.82 as they refine discount rate and margin assumptions and apply a higher future P/E multiple to updated growth estimates. What's in the News Dycom reported fiscal 2027 Q1 revenue of US$1.96b, up 56% year over year, with adjusted EPS above Wall Street estimates by over 60%, and a move in the stock to a 52 week high, according to recent earnings coverage.
ROAD
US$110.57
Construction Partners
7D
-3.6%
1Y
5.6%
Narrative Update • Jun 05

ROAD: Highway Funding And Earnings Guidance Will Support Further Upside

Analysts have raised their fair value estimate for Construction Partners stock from $139 to $150, reflecting updated assumptions around slightly higher profit margins, a lower future P/E multiple, and recent Street research that highlights solid organic growth but a more balanced near-term risk-reward after the stock's strong run. Analyst Commentary Street research around Construction Partners is fairly balanced, with bullish analysts pointing to solid organic growth and highway funding support, while more cautious voices focus on valuation and input cost risks after a strong share price move.
TPC
US$70.53
Tutor Perini
7D
-5.0%
1Y
73.9%
Narrative Update • Jun 04

TPC: Data Center Pipeline Will Drive Future Re Rating

Analysts now set their price target for Tutor Perini at $125, up from $120. This reflects updated assumptions for revenue growth, profit margins and a higher future P/E multiple, all under a slightly higher discount rate.
MWH
US$32.81
SOLV Energy
7D
-5.3%
1Y
n/a
STRL
US$882.43
Sterling Infrastructure
7D
4.4%
1Y
334.9%
ECG
US$150.29
Everus Construction Group
7D
3.6%
1Y
146.3%
EME
US$817.44
EMCOR Group
7D
-1.6%
1Y
72.5%
AMRC
US$28.46
Ameresco
7D
-17.7%
1Y
78.2%
Narrative Update • Jun 02

AMRC: Neogenyx Earnings Translation And Cash Flow Strains Will Pressure 2026 Outlook

Ameresco's analyst price targets have moved in a mixed but generally higher range, with recent revisions stretching from $28 to $47 as analysts factor in accounting driven EPS and EBITDA changes, management's reiterated operating outlook, and updated guidance tied to the Neogenyx joint venture and long term project pipeline. Analyst Commentary Recent research shows a split view on Ameresco, with some firms lifting price targets on the back of reported Q4 results, updated 2026 guidance, and the Neogenyx joint venture, while others are more reserved.
IESC
US$720.72
IES Holdings
7D
6.4%
1Y
160.5%
JLHL
US$44.80
Julong Holding
7D
137.0%
1Y
n/a