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U.S. Construction Industry Analysis

UpdatedJul 24, 2026
DataAggregated Company Financials
Companies66
  • 7D4.4%
  • 3M0.3%
  • 1Y62.6%
  • YTD39.7%

The Construction industry is up 4.4% in the last week, with Comfort Systems USA up 9.0%. During this same period, the Valmont Industries underperformed, falling 9.3%. This takes the industry's 12 month performance to a gain of 63%. As for the next few years, earnings are expected to grow by 25% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 24 Jul 2026US$393.8bUS$180.4bUS$7.8b39.8x50.2x2.2x
Sun, 21 Jun 2026US$431.9bUS$180.4bUS$7.6b48.4x56.8x2.4x
Tue, 19 May 2026US$443.8bUS$179.6bUS$7.6b49.4x58.2x2.5x
Thu, 16 Apr 2026US$374.7bUS$172.5bUS$6.7b38.2x56.3x2.2x
Sat, 14 Mar 2026US$333.4bUS$173.7bUS$6.7b32.9x50.1x1.9x
Mon, 09 Feb 2026US$323.2bUS$166.1bUS$10.1b38.3x32.1x1.9x
Wed, 07 Jan 2026US$282.8bUS$165.7bUS$10.0b32.5x28.3x1.7x
Fri, 05 Dec 2025US$278.2bUS$165.4bUS$10.0b34.5x27.9x1.7x
Sun, 02 Nov 2025US$281.4bUS$163.6bUS$10.3b34.5x27.3x1.7x
Tue, 30 Sep 2025US$260.8bUS$160.0bUS$9.9b34.7x26.3x1.6x
Thu, 28 Aug 2025US$242.4bUS$157.7bUS$10.0b34x24.2x1.5x
Sat, 26 Jul 2025US$233.3bUS$153.6bUS$7.1b33.9x32.7x1.5x
Mon, 23 Jun 2025US$208.8bUS$153.2bUS$7.2b29.6x29.2x1.4x
Wed, 21 May 2025US$197.9bUS$153.1bUS$7.2b30.3x27.6x1.3x
Fri, 18 Apr 2025US$156.6bUS$149.6bUS$6.8b21.3x23.1x1x
Sun, 16 Mar 2025US$158.8bUS$149.6bUS$6.8b24.6x23.5x1.1x
Tue, 11 Feb 2025US$192.2bUS$146.6bUS$4.0b35.2x47.7x1.3x
Thu, 09 Jan 2025US$191.4bUS$146.2bUS$3.9b32x48.7x1.3x
Sat, 07 Dec 2024US$205.9bUS$146.2bUS$3.9b32.6x52.4x1.4x
Mon, 04 Nov 2024US$185.2bUS$146.8bUS$4.2b33.1x43.8x1.3x
Wed, 02 Oct 2024US$178.0bUS$144.7bUS$4.0b31.7x44.8x1.2x
Fri, 30 Aug 2024US$163.7bUS$144.7bUS$4.0b27.6x41.1x1.1x
Sun, 28 Jul 2024US$162.0bUS$142.9bUS$3.6b25.8x44.8x1.1x
Tue, 25 Jun 2024US$162.5bUS$141.8bUS$3.4b25x47.2x1.1x
Thu, 23 May 2024US$162.8bUS$141.7bUS$3.4b25.7x47.4x1.1x
Sat, 20 Apr 2024US$145.4bUS$139.2bUS$3.3b24.1x44x1x
Mon, 18 Mar 2024US$144.6bUS$136.3bUS$3.5b24.4x41.7x1.1x
Wed, 14 Feb 2024US$127.3bUS$132.9bUS$3.6b24.6x35.1x1x
Fri, 12 Jan 2024US$122.5bUS$135.1bUS$3.6b23.4x34.3x0.9x
Sun, 10 Dec 2023US$119.6bUS$135.2bUS$3.6b22.8x33.6x0.9x
Tue, 07 Nov 2023US$106.7bUS$134.3bUS$3.6b20.9x29.5x0.8x
Thu, 05 Oct 2023US$111.5bUS$130.5bUS$3.4b20.2x33.2x0.9x
Sat, 02 Sep 2023US$124.3bUS$130.4bUS$3.4b22x37.1x1x
Mon, 31 Jul 2023US$122.0bUS$127.5bUS$3.2b20x37.7x1x
Price to Earnings Ratio

37.7x


Total Market Cap: US$122.0bTotal Earnings: US$3.2bTotal Revenue: US$127.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Construction Industry Price to Earnings3Y Average 38.5x202420252026
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 50.2x which is higher than its 3-year average PE of 38.5x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Construction industry have grown 34% per year over the last three years.
  • Revenues for these companies have grown 12% 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-1.98%
Industrials0.90%
Construction4.37%
Construction and Engineering4.37%
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$1.83k9.0%
+US$5.3b		225.3%PE52.6x
PWR Quanta ServicesUS$653.803.6%
+US$3.4b		60.6%PE88.8x
STRL Sterling InfrastructureUS$717.3411.8%
+US$2.3b		183.9%PE63.5x
MTZ MasTecUS$358.865.3%
+US$1.4b		97.4%PE62.2x
IESC IES HoldingsUS$663.708.9%
+US$1.1b		102.2%PE35x

Latest News

WSC
US$26.88
WillScot Holdings
7D
-0.3%
1Y
-14.0%
FIX
US$1,831.15
Comfort Systems USA
7D
9.0%
1Y
225.3%
STRL
US$717.34
Sterling Infrastructure
7D
11.8%
1Y
183.9%
VMI
US$488.60
Valmont Industries
7D
-9.3%
1Y
36.7%
Narrative Update • Jul 22

VMI: Infrastructure Pipeline And Grid Investment Will Drive Future Upside Potential

Analysts have nudged their price target on Valmont Industries higher to $624.50 from $611.25 as they factor in updated assumptions around discount rates, revenue growth, profit margins, and future P/E. What’s in the News for Valmont Industries Valmont Industries’ stock price moved up 36.7%, with recent performance linked to growth in the Infrastructure segment, which reported a 14.1% revenue increase in Q1 FY2026, supported by North American utility demand and data center projects.
EME
US$769.07
EMCOR Group
7D
2.5%
1Y
32.9%
Narrative Update • Jul 22

EME: Data Center And Infrastructure Pipeline Will Test Compounding Story

Analysts have revised their fair value estimate for EMCOR Group to $825 from $885, citing updated assumptions about revenue growth, profit margins, and long-term P/E expectations as they incorporate recent Street research highlighting the company’s exposure to high-tech manufacturing and data center projects. Analyst Commentary Recent Street research on EMCOR Group highlights both optimism around the company exposure to high-tech manufacturing and data center projects and a more measured stance on how much of that opportunity is already reflected in the stock price.
MTZ
US$358.86
MasTec
7D
5.3%
1Y
97.4%
PWR
US$653.80
Quanta Services
7D
3.6%
1Y
60.6%
Seeking Alpha • Jul 18

Quanta Services: Buy The Bottleneck Between AI And Energized Power

Summary Quanta Services is evolving from a construction contractor to a capacity brokerage firm, uniquely positioned across critical-path power delivery elements. PWR's integrated platform, in-house labor, and transformer capacity expansion underpin its ability to capture long-duration, high-value infrastructure projects amid industry constraints. 2026 guidance implies 22.7% revenue and 29.3% adjusted EPS growth, but valuation reflects a significant scarcity premium with a forward EV/EBITDA of 28.3x. I recommend buying PWR for investors seeking high-quality, long-duration infrastructure growth, acknowledging the considerable risks embedded in its premium valuation. Read the full article on Seeking Alpha
JLHL
US$6.21
Julong Holding
7D
-26.4%
1Y
26.7%
APG
US$39.56
APi Group
7D
-3.1%
1Y
14.0%
IESC
US$663.70
IES Holdings
7D
8.9%
1Y
102.2%
Seeking Alpha • Jul 16

IES Holdings: The Investment Cycle Looks Longer Than I Expected

Summary IES Holdings is upgraded to Buy as record backlog and capacity expansion signal sustained demand, especially from AI-driven infrastructure. Communications and Infrastructure Solutions segments, with higher margins and growth, now comprise a larger revenue share, supporting a structurally stronger earnings outlook. Backlog surged 63% to $3.9 billion, with management expecting new capacity to meaningfully boost revenue and earnings from H2 2026 onward. Read the full article on Seeking Alpha
AGX
US$602.30
Argan
7D
10.0%
1Y
168.4%
Narrative Update • Jul 16

AGX: Rich Multiple May Struggle To Justify AI Power Backlog

Analysts have lifted their price target on Argan from $375 to $500, citing a premium P/E multiple that reflects the company's unique market position, strong execution, and a solid pipeline of new projects supported by favorable industry tailwinds. What's in the News Argan reported record Q1 fiscal 2027 results with revenue of US$291 million, net income of US$46.1 million, and adjusted EPS of US$3.24, supported by a project backlog of about US$2.77b and net liquidity above US$421 million.
NWPX
US$132.76
NWPX Infrastructure
7D
-4.6%
1Y
221.7%
Narrative Update • Jul 15

NWPX: Curved Microtunneling Breakthrough Will Likely Leave Shares Priced For Perfection

Analysts have lifted their fair value estimate for NWPX Infrastructure from $50.00 to $90.00, citing updated assumptions on revenue growth, profit margins, discount rate, and future P/E multiples. These assumptions align with recent Street research that points to a compelling multi-year cycle already reflected in the stock's valuation.
ACM
US$67.65
AECOM
7D
-3.3%
1Y
-40.2%
Seeking Alpha • Jul 14

AECOM: Why I Believe The Recent Selloff Is Overdone

Summary AECOM is rated Buy with a fair value range of $88–$94, reflecting a 33% upside from current levels. Despite a 50% stock drop, ACM’s Q2 FY26 showed resilient margins, a record $26.2B backlog, and AI-driven contract wins. ACM trades at a steep discount (10.2x forward P/E) versus peers, despite 20% Americas segment margins and robust capital returns. Risks include Middle East collections, lumpy FCF, and $1.64B net debt, but buybacks and dividend policy support per-share growth. Read the full article on Seeking Alpha
DY
US$440.39
Dycom Industries
7D
6.7%
1Y
67.8%
VATE
US$8.44
INNOVATE
7D
-9.7%
1Y
48.1%
PHOE
US$22.57
Phoenix Asia Holdings
7D
-8.8%
1Y
110.3%