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U.S. Construction Industry Analysis

UpdatedSep 02, 2026
DataAggregated Company Financials
Companies66
  • 7D-2.0%
  • 3M-21.2%
  • 1Y37.9%
  • YTD19.5%

Over the last 7 days, the Construction industry has dropped 2.0%, driven by Dycom Industries declining 18%. This takes the industry's 12 month performance to a gain of 38%. Looking forward, earnings are forecast to grow by 26% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 02 Sep 2026US$342.5bUS$190.2bUS$5.6b30.9x61.3x1.8x
Fri, 31 Jul 2026US$342.3bUS$181.7bUS$8.1b34.9x42.4x1.9x
Sun, 28 Jun 2026US$425.0bUS$180.4bUS$7.6b47.1x55.9x2.4x
Tue, 26 May 2026US$416.3bUS$179.6bUS$7.6b49x54.6x2.3x
Thu, 23 Apr 2026US$383.2bUS$172.6bUS$6.7b43.4x57.3x2.2x
Sat, 21 Mar 2026US$342.7bUS$174.1bUS$6.7b31.9x51.2x2x
Mon, 16 Feb 2026US$341.8bUS$168.3bUS$10.2b38.3x33.6x2x
Wed, 14 Jan 2026US$284.3bUS$165.7bUS$10.0b34.4x28.4x1.7x
Fri, 12 Dec 2025US$285.7bUS$165.8bUS$10.0b34.3x28.6x1.7x
Sun, 09 Nov 2025US$275.1bUS$164.5bUS$9.9b33.6x27.8x1.7x
Tue, 07 Oct 2025US$265.2bUS$160.0bUS$9.9b36x26.7x1.7x
Thu, 04 Sep 2025US$238.1bUS$157.7bUS$10.0b34.5x23.8x1.5x
Sat, 02 Aug 2025US$242.5bUS$155.2bUS$7.4b32.9x32.9x1.6x
Mon, 30 Jun 2025US$220.4bUS$153.2bUS$7.2b32.2x30.8x1.4x
Wed, 28 May 2025US$195.7bUS$153.2bUS$7.2b30.8x27.3x1.3x
Fri, 25 Apr 2025US$159.0bUS$149.6bUS$6.8b22.9x23.4x1.1x
Sun, 23 Mar 2025US$160.7bUS$149.6bUS$6.8b24.8x23.7x1.1x
Tue, 18 Feb 2025US$177.2bUS$146.8bUS$4.0b29.6x43.8x1.2x
Thu, 16 Jan 2025US$194.6bUS$146.2bUS$3.9b36x49.5x1.3x
Sat, 14 Dec 2024US$199.6bUS$146.2bUS$3.9b31.2x50.8x1.4x
Mon, 11 Nov 2024US$201.2bUS$145.6bUS$3.8b35x52.9x1.4x
Wed, 09 Oct 2024US$181.8bUS$144.7bUS$4.0b33.3x45.7x1.3x
Fri, 06 Sep 2024US$156.0bUS$144.7bUS$4.0b25.6x39.2x1.1x
Sun, 04 Aug 2024US$151.9bUS$144.2bUS$3.8b24.4x40.2x1.1x
Tue, 02 Jul 2024US$156.1bUS$141.8bUS$3.4b23.6x45.4x1.1x
Thu, 30 May 2024US$164.4bUS$141.8bUS$3.4b25.6x47.8x1.2x
Sat, 27 Apr 2024US$152.3bUS$140.4bUS$3.5b24.4x43.5x1.1x
Mon, 25 Mar 2024US$152.8bUS$136.3bUS$3.5b25.5x44.1x1.1x
Wed, 21 Feb 2024US$128.4bUS$133.0bUS$3.7b26.2x35.1x1x
Fri, 19 Jan 2024US$121.4bUS$135.2bUS$3.6b23x34x0.9x
Sun, 17 Dec 2023US$125.9bUS$135.2bUS$3.6b24.6x35.4x0.9x
Tue, 14 Nov 2023US$108.2bUS$134.5bUS$3.6b20x29.8x0.8x
Thu, 12 Oct 2023US$112.7bUS$130.5bUS$3.4b20.7x33.6x0.9x
Sat, 09 Sep 2023US$120.6bUS$130.5bUS$3.4b21.8x35.8x0.9x
Price to Earnings Ratio

35.8x


Total Market Cap: US$120.6bTotal Earnings: US$3.4bTotal Revenue: US$130.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Construction Industry Price to Earnings3Y Average 39.3x202420252026
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 61.3x which is higher than its 3-year average PE of 39.3x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Construction industry have grown 18% 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-0.92%
Industrials-3.38%
Construction-2.04%
Construction and Engineering-2.04%
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
FLR FluorUS$56.608.8%
+US$611.2m		32.0%PS0.5x
ACM AECOMUS$66.462.1%
+US$173.5m		-46.4%PE22.9x
LMB Limbach HoldingsUS$48.5814.5%
+US$73.5m		-55.3%PE19.2x
ITG ITGUS$12.883.5%
+US$20.8m		n/aPS0.5x
JFB JFB Construction HoldingsUS$4.7417.6%
+US$14.4m		32.0%PS2.2x

Latest News

LMB
US$48.58
Limbach Holdings
7D
14.5%
1Y
-55.3%
ROAD
US$101.13
Construction Partners
7D
-11.7%
1Y
-12.7%
FLR
US$56.60
Fluor
7D
8.8%
1Y
32.0%
MTRX
US$10.86
Matrix Service
7D
1.1%
1Y
-23.7%
FIX
US$1,560.13
Comfort Systems USA
7D
-3.4%
1Y
122.7%
MTZ
US$235.33
MasTec
7D
-5.4%
1Y
31.1%
Seeking Alpha • Aug 28

MasTec: Superior Adds Another Growth Engine As Earnings Accelerate

Summary I'm reiterating MasTec as a Strong Buy with a new $337 price target, implying 37% upside. MTZ's backlog reached a record $21.4 billion, and management now guides for $9.30 adjusted EPS in 2026, up 42% y/y. Q2 2026 results showed 23% revenue growth, 40% adjusted EBITDA growth, and 100 bps margin expansion to 8.8%. Communications is weaker than I originally expected, but the softness looks manageable given the strength elsewhere and the possibility of improving fiber and hyperscaler activity in 2027. With management guiding for $9.30 of adjusted EPS in 2026 and consensus expecting $12.49 in 2027, I believe a 27x multiple is reasonable and supports my $337 price target and Strong Buy rating. Read the full article on Seeking Alpha
PWR
US$610.78
Quanta Services
7D
-1.0%
1Y
63.1%
Seeking Alpha • Aug 27

Quanta Services Dropped But Earnings Just Changed The Narrative

Summary Quanta Services delivered a robust Q2, with 41% revenue growth, 71% adjusted EPS growth, and a record backlog, highlighting strong operational momentum. PWR raised its 2026 guidance significantly, now projecting $39.3–$39.7B in revenue and $16.45–$16.95 in adjusted EPS, driven by organic growth and recent acquisitions. Valuation has improved after a 16% stock price decline, now at 36x 2026 earnings, but remains elevated; I maintain a Hold rating with a more constructive outlook. I see PWR as attractive for a Buy in the $500–$550 range, contingent on sustaining its current earnings outlook and growth trajectory. Read the full article on Seeking Alpha
AGX
US$410.40
Argan
7D
-9.8%
1Y
80.8%
Seeking Alpha • Aug 26

Argan: The Demand Story Is Real, The Valuation Story Is Still A Stretch

Summary Argan's valuation remains overheated, even after the recent pullback. AGX’s backlog has grown to $2.8B, supported by major new contracts, while gross margins have improved to over 20%. Justifying the current valuation requires sustained backlog growth, efficient capacity expansion, and maintaining gross margins in the 20s. Failure to deliver expected growth or margin expansion could lead to further downside. Read the full article on Seeking Alpha
STRL
US$457.62
Sterling Infrastructure
7D
-8.0%
1Y
67.1%
ACM
US$66.46
AECOM
7D
2.1%
1Y
-46.4%
Narrative Update • Aug 21

ACM: Record Backlog And Margin Targets Will Support Future Upside

Analysts have reduced their AECOM price target from about $99.21 to $86.92 as they factor in updated assumptions around revenue growth, profit margins, and a lower future P/E multiple. What's in the News for AECOM AECOM reported a $337 million pretax charge related to delays in a large construction management project caused by subcontractor productivity issues, while also highlighting a record backlog of $27.8b and a book to burn ratio of 1.6x.
EME
US$734.26
EMCOR Group
7D
-3.8%
1Y
17.1%
Narrative Update • Aug 19

EME: High Tech And Data Center Margins Will Shape Compounding Potential

Analysts have adjusted the EMCOR Group fair value estimate to $885 from $825, reflecting updated assumptions on discount rate, growth, margins, and future P/E that are broadly aligned with recent Street research highlighting sustainable margin strength and exposure to high-tech manufacturing and data center projects. Analyst Commentary Recent Street research on EMCOR Group points to a generally constructive view on the business model and margin profile, while also signaling that expectations have tightened as the share price has moved higher.
JFB
US$4.74
JFB Construction Holdings
7D
17.6%
1Y
32.0%
ITG
US$12.88
ITG
7D
3.5%
1Y
n/a
New Narrative • Aug 13

Broadband Expansion And Data Center Demand Will Support This Infrastructure Provider’s Long-Term Outlook

Catalysts About ITG ITG provides engineering, maintenance and infrastructure deployment services that support broadband and digital connectivity networks across the United States. What are the underlying business or industry changes driving this perspective?
ACA
US$145.45
Arcosa
7D
0.1%
1Y
52.0%
APG
US$39.36
APi Group
7D
-4.5%
1Y
13.8%
KAZR
US$2.09
Skyline Builders Group Holding
7D
4.5%
1Y
91.7%