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U.S. Construction Industry Analysis

UpdatedJan 22, 2026
DataAggregated Company Financials
Companies69
  • 7D6.7%
  • 3M12.4%
  • 1Y39.7%
  • YTD9.3%

In the last week, the Construction industry is up 6.7%, with Quanta Services up 8.3%. In the last 12 months, the industry was up 40%. Earnings are forecast to grow by 20% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 22 Jan 2026US$298.5bUS$165.7bUS$10.0b37.4x29.8x1.8x
Sat, 20 Dec 2025US$267.9bUS$165.7bUS$10.0b32x26.8x1.6x
Mon, 17 Nov 2025US$267.2bUS$164.7bUS$9.9b33.1x27x1.6x
Wed, 15 Oct 2025US$269.8bUS$160.0bUS$9.9b36.3x27.2x1.7x
Fri, 12 Sep 2025US$246.9bUS$160.0bUS$10.0b35.7x24.8x1.5x
Sun, 10 Aug 2025US$239.2bUS$157.4bUS$9.9b33.4x24.1x1.5x
Tue, 08 Jul 2025US$224.5bUS$153.2bUS$7.2b32.5x31.3x1.5x
Thu, 05 Jun 2025US$205.6bUS$153.2bUS$7.2b31.7x28.7x1.3x
Sat, 03 May 2025US$177.2bUS$151.9bUS$7.3b24.3x24.2x1.2x
Mon, 31 Mar 2025US$153.2bUS$149.6bUS$6.8b22.7x22.6x1x
Wed, 26 Feb 2025US$162.9bUS$148.7bUS$6.1b25.8x26.5x1.1x
Fri, 24 Jan 2025US$213.6bUS$146.2bUS$3.9b36.5x54.4x1.5x
Sun, 22 Dec 2024US$191.2bUS$146.2bUS$3.9b29.2x48.7x1.3x
Tue, 19 Nov 2024US$193.5bUS$145.5bUS$3.8b34.9x51.5x1.3x
Thu, 17 Oct 2024US$186.4bUS$144.7bUS$4.0b35.3x46.9x1.3x
Sat, 14 Sep 2024US$164.1bUS$144.8bUS$4.0b29x41.2x1.1x
Mon, 12 Aug 2024US$156.7bUS$145.1bUS$4.0b24.6x39.4x1.1x
Wed, 10 Jul 2024US$153.7bUS$141.8bUS$3.4b23.8x44.6x1.1x
Fri, 07 Jun 2024US$162.2bUS$141.8bUS$3.4b24.8x47.2x1.1x
Sun, 05 May 2024US$154.1bUS$141.1bUS$3.4b24.9x45.3x1.1x
Tue, 02 Apr 2024US$153.7bUS$136.2bUS$3.5b24.7x44.4x1.1x
Thu, 29 Feb 2024US$137.1bUS$135.0bUS$3.6b27x38x1x
Sat, 27 Jan 2024US$121.0bUS$135.2bUS$3.6b24.4x33.9x0.9x
Mon, 25 Dec 2023US$126.8bUS$135.1bUS$3.6b25.4x35.5x0.9x
Wed, 22 Nov 2023US$113.0bUS$134.9bUS$3.5b22.4x32.2x0.8x
Fri, 20 Oct 2023US$105.9bUS$130.5bUS$3.4b19.6x31.6x0.8x
Sun, 17 Sep 2023US$118.1bUS$130.5bUS$3.4b20.7x35.2x0.9x
Tue, 15 Aug 2023US$122.3bUS$130.7bUS$3.4b21.8x36.5x0.9x
Thu, 13 Jul 2023US$120.8bUS$126.6bUS$3.2b20.5x37.4x1x
Sat, 10 Jun 2023US$113.9bUS$126.6bUS$3.2b19.3x35.3x0.9x
Mon, 08 May 2023US$108.3bUS$125.5bUS$3.1b22.6x35x0.9x
Wed, 05 Apr 2023US$105.1bUS$122.8bUS$3.2b24.7x32.5x0.9x
Fri, 03 Mar 2023US$113.1bUS$122.9bUS$3.3b22.6x33.9x0.9x
Sun, 29 Jan 2023US$107.0bUS$115.2bUS$2.8b23.9x37.6x0.9x
Price to Earnings Ratio

37.6x


Total Market Cap: US$107.0bTotal Earnings: US$2.8bTotal Revenue: US$115.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Construction Industry Price to Earnings3Y Average 35.8x202420252026
Current Industry PE
  • Investors are pessimistic on the American Construction industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 29.8x which is lower than its 3-year average PE of 35.8x.
  • The 3-year average PS ratio of 1.2x 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 52% 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-0.93%
Industrials1.21%
Construction6.71%
Construction and Engineering6.71%
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
PWR Quanta ServicesUS$473.248.3%
+US$5.4b		32.4%PE69.3x
FIX Comfort Systems USAUS$1.15k9.0%
+US$3.3b		108.6%PE48.2x
EME EMCOR GroupUS$708.717.3%
+US$2.1b		32.2%PE28.1x
MTZ MasTecUS$243.807.9%
+US$1.4b		53.2%PE57.2x
STRL Sterling InfrastructureUS$362.5313.5%
+US$1.3b		80.8%PE35.3x

Latest News

WSC
US$21.62
WillScot Holdings
7D
-2.0%
1Y
-44.8%

Is WillScot Holdings Corporation (NASDAQ:WSC) Trading At A 20% Discount?

Jan 22
Is WillScot Holdings Corporation (NASDAQ:WSC) Trading At A 20% Discount?
ACM
US$96.75
AECOM
7D
-1.5%
1Y
-12.5%
LMB
US$83.27
Limbach Holdings
7D
-0.8%
1Y
-20.4%

LMB: Share Repurchase Plan Will Support Bullish Long-Term Earnings Outlook

Analysts have kept their price target for Limbach Holdings steady at US$111.00, as small tweaks to discount rate, revenue growth, profit margin, and future P/E assumptions did not materially change their overall view of the stock’s valuation. What's in the News The Board of Directors authorized a share buyback plan on December 15, 2025, indicating approval for Limbach Holdings to repurchase its own stock over time (Key Developments).
BBCP
US$6.00
Concrete Pumping Holdings
7D
-10.2%
1Y
-33.6%
EME
US$708.71
EMCOR Group
7D
7.3%
1Y
32.2%

EME: Normalized U.S. Electrical Margins And 2025 Guidance Will Support Profitability

Narrative Update Overview Analysts have trimmed their EMCOR Group price target by US$5 to US$713, citing slightly better than expected Q3 results and higher 2025 guidance, as well as near term U.S. Electrical margin pressure from Miller amortization and project specific earnings reversals. Analyst Commentary Bullish analysts acknowledge the trimmed price target to US$713 but still frame the call within an overall constructive view on EMCOR Group, pointing to operating execution and updated guidance as key supports for their outlook.
PWR
US$473.24
Quanta Services
7D
8.3%
1Y
32.4%

PWR: Power Supercycle And New Generation Platform Will Support Balanced Outlook

Analysts have nudged their fair value estimate for Quanta Services higher, with the price target moving from about US$474 to roughly US$477, citing stronger margin assumptions, a slightly higher future P/E, and continued support from research firms highlighting benefits from the U.S. power supercycle, growth in the Electric division, and the new Total Solutions Power Generation Platform. Analyst Commentary Bullish Takeaways Bullish analysts highlight Quanta Services as a key beneficiary of the U.S. power supercycle, pointing to the Electric division and power related work as important drivers for revenue visibility and long term growth opportunities.
PRIM
US$151.69
Primoris Services
7D
10.1%
1Y
72.4%

PRIM: Renewables And Tax Credit Tailwinds Will Support 2026 Upside Potential

Narrative Update on Primoris Services Analysts have lifted their fair value estimate for Primoris Services to $175 from $110, citing a higher assumed revenue growth rate of 9.62%, modestly stronger profit margins, and a richer future P/E of about 29.95x that they link to ongoing renewables, solar and storage, and data center related opportunities discussed in recent research. Analyst Commentary Recent Street research on Primoris Services highlights a mix of enthusiasm around growth drivers in renewables, solar and storage, and data center related work, balanced against more neutral commentary on valuation after the share price re-rated.
MTZ
US$243.80
MasTec
7D
7.9%
1Y
53.2%

MTZ: Backlog And Margin Hopes Will Increase Risk Of Future Disappointment

Narrative Update The analyst price target for MasTec in our framework has moved from about US$139 to about US$200, reflecting analysts' higher assumed margins, slightly stronger revenue growth expectations, and an outlook that is supported by recent Street research citing potential margin expansion across communications, pipeline, and clean energy work as well as a healthier multi year project backlog. Analyst Commentary Recent Street research has pushed MasTec price targets into a higher range, with firms citing a mix of margin potential, communications and pipeline work, and a solid multi year project backlog as key supports for their updated views.
AGX
US$397.42
Argan
7D
25.1%
1Y
116.0%

Optimistic Investors Push Argan, Inc. (NYSE:AGX) Shares Up 29% But Growth Is Lacking

Jan 17
Optimistic Investors Push Argan, Inc. (NYSE:AGX) Shares Up 29% But Growth Is Lacking
FIX
US$1,148.00
Comfort Systems USA
7D
9.0%
1Y
108.6%

Comfort Systems USA, Inc.'s (NYSE:FIX) 27% Jump Shows Its Popularity With Investors

Jan 17
Comfort Systems USA, Inc.'s (NYSE:FIX) 27% Jump Shows Its Popularity With Investors
IESC
US$474.43
IES Holdings
7D
13.0%
1Y
50.0%
ROAD
US$111.45
Construction Partners
7D
-2.0%
1Y
20.1%
STRL
US$362.53
Sterling Infrastructure
7D
13.5%
1Y
80.8%

STRL: Share Repurchases And Index Inclusion Will Support Mission-Critical Project Upside

Analysts have slightly adjusted their price target on Sterling Infrastructure to US$453.33, reflecting updated assumptions around discount rate, revenue growth, profit margin and future P/E. These updates keep their overall valuation view broadly intact.
NCRA
US$0.73
Nocera
7D
-18.9%
1Y
-27.7%
BWMN
US$35.70
Bowman Consulting Group
7D
-1.7%
1Y
38.0%
PHOE
US$13.68
Phoenix Asia Holdings
7D
-3.8%
1Y
n/a