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U.S. Construction Industry Analysis

UpdatedDec 27, 2025
DataAggregated Company Financials
Companies71
  • 7D1.6%
  • 3M5.1%
  • 1Y42.7%
  • YTD43.8%

Over the last 7 days, the Construction industry has risen 1.6%, and Quanta Services contributed the most with a gain of 1.4%. This means that the industry has gained 43% over the past year. 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
Sat, 27 Dec 2025US$275.2bUS$165.7bUS$10.0b31.9x27.5x1.7x
Mon, 24 Nov 2025US$259.6bUS$165.4bUS$10.0b31.2x26x1.6x
Wed, 22 Oct 2025US$274.4bUS$160.0bUS$10.0b34.1x27.5x1.7x
Fri, 19 Sep 2025US$248.2bUS$160.0bUS$9.9b37.2x25x1.6x
Sun, 17 Aug 2025US$236.5bUS$157.6bUS$10.0b33x23.7x1.5x
Tue, 15 Jul 2025US$224.4bUS$153.2bUS$7.2b33.1x31.3x1.5x
Thu, 12 Jun 2025US$203.7bUS$153.2bUS$7.2b30.6x28.4x1.3x
Sat, 10 May 2025US$187.1bUS$152.9bUS$7.2b26.4x26.1x1.2x
Mon, 07 Apr 2025US$141.5bUS$149.6bUS$6.8b20.2x20.8x0.9x
Wed, 05 Mar 2025US$159.6bUS$149.6bUS$6.7b24.8x23.7x1.1x
Fri, 31 Jan 2025US$184.0bUS$146.2bUS$3.9b32.5x46.6x1.3x
Sun, 29 Dec 2024US$188.9bUS$146.2bUS$3.9b32.7x48.1x1.3x
Tue, 26 Nov 2024US$204.7bUS$146.1bUS$3.9b36.8x52.4x1.4x
Thu, 24 Oct 2024US$186.9bUS$144.8bUS$4.1b33.4x45.4x1.3x
Sat, 21 Sep 2024US$176.9bUS$144.8bUS$4.0b30.9x44.5x1.2x
Mon, 19 Aug 2024US$160.7bUS$144.5bUS$4.0b25.6x40.4x1.1x
Wed, 17 Jul 2024US$161.2bUS$141.8bUS$3.4b27.9x46.8x1.1x
Fri, 14 Jun 2024US$163.7bUS$141.8bUS$3.4b25.9x47.6x1.2x
Sun, 12 May 2024US$162.6bUS$141.8bUS$3.5b26x46.9x1.1x
Tue, 09 Apr 2024US$154.7bUS$136.2bUS$3.5b25.2x44.7x1.1x
Thu, 07 Mar 2024US$142.8bUS$136.2bUS$3.5b25.8x41x1x
Sat, 03 Feb 2024US$126.8bUS$135.2bUS$3.6b24.7x35.3x0.9x
Mon, 01 Jan 2024US$127.2bUS$135.1bUS$3.6b25.5x35.6x0.9x
Wed, 29 Nov 2023US$114.9bUS$135.0bUS$3.5b21.6x32.6x0.9x
Fri, 27 Oct 2023US$104.0bUS$131.0bUS$3.3b19.9x31.5x0.8x
Sun, 24 Sep 2023US$114.1bUS$130.5bUS$3.4b20.3x34x0.9x
Tue, 22 Aug 2023US$119.9bUS$130.4bUS$3.3b20.9x36x0.9x
Thu, 20 Jul 2023US$122.5bUS$126.6bUS$3.2b21.2x37.9x1x
Sat, 17 Jun 2023US$115.1bUS$126.6bUS$3.2b19.7x35.6x0.9x
Mon, 15 May 2023US$108.1bUS$126.3bUS$3.2b18.7x33.9x0.9x
Wed, 12 Apr 2023US$104.5bUS$122.8bUS$3.2b24.3x32.4x0.9x
Fri, 10 Mar 2023US$111.1bUS$122.9bUS$3.3b22.8x33.4x0.9x
Sun, 05 Feb 2023US$108.2bUS$115.2bUS$2.8b25.7x38x0.9x
Tue, 03 Jan 2023US$103.5bUS$115.9bUS$2.9b23.7x35.7x0.9x
Price to Earnings Ratio

35.7x


Total Market Cap: US$103.5bTotal Earnings: US$2.9bTotal Revenue: US$115.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Construction Industry Price to Earnings3Y Average 36x20242025
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 27.5x which is lower than its 3-year average PE of 36.0x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
  • The earnings for companies in the Construction industry have grown 51% 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 Market1.24%
Industrials1.15%
Construction1.57%
Construction and Engineering1.57%
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$432.671.4%
+US$896.2m		33.9%PE63.4x
FIX Comfort Systems USAUS$963.832.5%
+US$812.6m		123.1%PE40.5x
EME EMCOR GroupUS$627.092.6%
+US$701.9m		36.5%PE24.8x
MTZ MasTecUS$224.402.9%
+US$482.9m		65.3%PE52.6x
APG APi GroupUS$39.571.8%
+US$287.0m		64.9%PE105.5x

Latest News

PWR
US$432.67
Quanta Services
7D
1.4%
1Y
33.9%
PRIM
US$129.16
Primoris Services
7D
3.2%
1Y
66.2%
AGRZ
US$0.80
Agroz
7D
-58.4%
1Y
n/a
FIX
US$963.83
Comfort Systems USA
7D
2.5%
1Y
123.1%

FIX: Future Index Inclusion And Buybacks Will Support Bullish Outlook

Analysts have raised their price target on Comfort Systems USA sharply, from about $500 to roughly $1,100 per share, citing stronger than expected Q3 revenue growth, robust pricing and hiring trends, and an improved multi year outlook for same store sales and profitability. Analyst Commentary While the latest price target increase reflects confidence in Comfort Systems USA's near term growth trajectory, some bearish analysts remain cautious on the sustainability of current trends and the implied valuation.
TPC
US$69.06
Tutor Perini
7D
-1.3%
1Y
190.2%

TPC: Cleaner Balance Sheet Will Drive Transit And Infrastructure Upside

Analysts have raised their price target on Tutor Perini from $67 to $85 per share, citing improved balance sheet strength, a cleaner litigation backdrop, and the company’s strong positioning for future transit and infrastructure growth. Analyst Commentary While the latest Buy initiation highlights meaningful upside tied to Tutor Perini’s strengthened balance sheet and reduced litigation overhang, commentary across the Street remains mixed, with some observers urging caution on the pace and durability of the recovery.
EME
US$627.09
EMCOR Group
7D
2.6%
1Y
36.5%

EME: Normalized U.S. Electrical Margins Will Support Higher Long-Term Profitability

Analysts have raised their fair value estimate for EMCOR Group from $750 to $900 per share. This reflects confidence that underlying U.S. Electrical margins, which analysts note would be 14% or higher absent temporary project and acquisition headwinds, can support higher long term profitability despite a slightly higher discount rate and more moderate revenue growth assumptions.
IMSR
US$6.86
Terrestrial Energy
7D
-11.4%
1Y
-31.6%
ROAD
US$113.07
Construction Partners
7D
3.6%
1Y
25.8%

ROAD: Houston Expansion And FY26 Outlook Will Drive Future Upside

Analysts have modestly trimmed their price target for Construction Partners, with the consensus estimate easing from about $131 to roughly $124 per share as they balance optimism around stronger than expected FY26 guidance with a more cautious view on project activity in select markets. Analyst Commentary Bullish analysts highlight that the updated FY26 outlook, including stronger than anticipated revenue and margin assumptions, supports a premium valuation multiple versus regional peers, despite the modest price target reduction.
STRL
US$316.55
Sterling Infrastructure
7D
2.6%
1Y
83.5%

STRL: Expanding E-Infrastructure Backlog Will Drive Mission-Critical Project Upside

Analysts trimmed their 12 month price target for Sterling Infrastructure by $105 to $348, citing the companys impressive multi year revenue and EPS growth, expanding e infrastructure backlog, and evolving role as a diversified infrastructure provider that together support a more balanced risk reward profile. Analyst Commentary Bullish Takeaways Bullish analysts note that Sterling has transitioned from a low margin heavy civil contractor into a diversified infrastructure platform, supporting a structurally higher earnings base and justifying a premium to historical valuation multiples.
ACA
US$110.28
Arcosa
7D
-0.8%
1Y
11.9%

ACA: Lower 2025 Guidance Will Still Support Measured Upside Ahead

Analysts have modestly adjusted their price target on Arcosa upward to approximately $120.00, reflecting slightly lower discount rate assumptions and steady expectations for long term revenue growth, profit margins, and future valuation multiples. What's in the News Arcosa, Inc.
MTZ
US$224.40
MasTec
7D
2.9%
1Y
65.3%

MTZ: Clean Energy And Grid Projects Will Drive Stronger Backlog And Earnings Visibility

MasTec's fair value estimate has been raised from $214.00 to approximately $294.11 as analysts factor in a wave of higher price targets, driven by accelerating transmission and distribution activity, a strengthening clean energy and data center pipeline, and increased backlog visibility across diversified end markets. Analyst Commentary Recent research updates highlight a clear shift in sentiment toward a more constructive outlook on MasTec, with bullish analysts steadily lifting price targets and emphasizing improving fundamentals across the business.
FLR
US$40.82
Fluor
7D
-0.2%
1Y
-18.5%

FLR: Activist Pressure And Asset Monetization Will Drive Share Price Higher

Analysts have trimmed their fair value estimate for Fluor to approximately $57, down about $3, as they balance stronger revenue growth expectations and recent price target increases in the mid $50s with higher perceived risk and a more muted long term margin outlook. Analyst Commentary Bullish analysts have responded positively to Fluor's latest quarterly results, pointing to a combination of stronger segment profitability and improving project execution as key factors behind recent price target increases into the mid $50s.
SLND
US$3.43
Southland Holdings
7D
-9.7%
1Y
0%

SLND: New Project Backlog Is Expected To Drive Future Upside

Narrative Update on Southland Holdings Analysts have modestly raised their price target on Southland Holdings to approximately $5.00 from $4.00, citing a slightly higher assumed discount rate, lower long term revenue growth expectations, improved profit margin outlook, and a marginally cheaper future price to earnings multiple. What's in the News Southland Holdings, Inc.
APG
US$39.57
APi Group
7D
1.8%
1Y
64.9%

APG: Long Term Margin Upside And Softer Revenues Will Keep Shares Rangebound

Analysts have nudged their price target on APi Group slightly higher to approximately $42.90 per share from about $42.30. This reflects updated assumptions of modestly higher future valuation multiples and significantly improved long term profitability, despite more conservative revenue growth expectations.
CTRI
US$25.94
Centuri Holdings
7D
-0.7%
1Y
31.3%

Investors Appear Satisfied With Centuri Holdings, Inc.'s (NYSE:CTRI) Prospects As Shares Rocket 28%

Dec 05
Investors Appear Satisfied With Centuri Holdings, Inc.'s (NYSE:CTRI) Prospects As Shares Rocket 28%
IESC
US$403.18
IES Holdings
7D
-1.7%
1Y
91.5%