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U.S. Construction Industry Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies66
  • 7D-3.1%
  • 3M23.6%
  • 1Y107.7%
  • YTD18.3%

Over the last 7 days, the Construction industry has dropped 5.6%, driven by Quanta Services declining 5.1%. In contrast, Argan has gained 22%. This takes the industry's 12 month performance to a gain of 104%. Looking forward, earnings are forecast to grow by 23% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Apr 2026US$321.6bUS$173.4bUS$6.7b33.7x47.7x1.9x
Fri, 27 Feb 2026US$356.9bUS$172.2bUS$6.5b32.5x55.2x2.1x
Sun, 25 Jan 2026US$300.5bUS$165.7bUS$10.0b37.1x30x1.8x
Tue, 23 Dec 2025US$271.1bUS$165.7bUS$10.0b32.1x27.1x1.6x
Thu, 20 Nov 2025US$266.9bUS$164.7bUS$9.8b32.7x27.1x1.6x
Sat, 18 Oct 2025US$271.9bUS$160.0bUS$9.9b35.9x27.4x1.7x
Mon, 15 Sep 2025US$249.2bUS$160.0bUS$10.0b35.3x25x1.6x
Wed, 13 Aug 2025US$238.2bUS$157.4bUS$9.9b34.6x24x1.5x
Fri, 11 Jul 2025US$222.8bUS$153.2bUS$7.2b33.3x31.1x1.5x
Sun, 08 Jun 2025US$210.1bUS$153.2bUS$7.2b32.5x29.3x1.4x
Tue, 06 May 2025US$181.8bUS$152.2bUS$7.1b24.4x25.8x1.2x
Thu, 03 Apr 2025US$154.6bUS$149.6bUS$6.8b21.9x22.8x1x
Sat, 01 Mar 2025US$163.7bUS$149.6bUS$6.7b26.8x24.3x1.1x
Mon, 27 Jan 2025US$211.5bUS$146.3bUS$3.9b36.1x53.8x1.4x
Wed, 25 Dec 2024US$191.8bUS$146.2bUS$3.9b31.4x48.9x1.3x
Fri, 22 Nov 2024US$199.0bUS$145.9bUS$3.9b36.1x51.3x1.4x
Sun, 20 Oct 2024US$188.4bUS$144.7bUS$4.0b35.1x47.4x1.3x
Tue, 17 Sep 2024US$166.2bUS$144.8bUS$4.0b29.2x41.8x1.1x
Thu, 15 Aug 2024US$158.2bUS$145.1bUS$3.9b25x40.1x1.1x
Sat, 13 Jul 2024US$159.7bUS$141.8bUS$3.4b26.3x46.4x1.1x
Mon, 10 Jun 2024US$159.1bUS$141.8bUS$3.4b25x46.2x1.1x
Wed, 08 May 2024US$159.7bUS$141.6bUS$3.4b25.5x46.5x1.1x
Fri, 05 Apr 2024US$154.3bUS$136.2bUS$3.5b24.5x44.6x1.1x
Sun, 03 Mar 2024US$143.1bUS$136.2bUS$3.5b26.7x40.8x1.1x
Tue, 30 Jan 2024US$121.6bUS$135.2bUS$3.6b24.6x34x0.9x
Thu, 28 Dec 2023US$127.8bUS$135.1bUS$3.6b25.7x35.8x0.9x
Sat, 25 Nov 2023US$114.1bUS$135.0bUS$3.5b21.8x32.4x0.8x
Mon, 23 Oct 2023US$104.3bUS$130.5bUS$3.4b19.2x31.1x0.8x
Wed, 20 Sep 2023US$117.9bUS$130.5bUS$3.4b20.9x35.2x0.9x
Fri, 18 Aug 2023US$119.9bUS$130.4bUS$3.3b20.6x36x0.9x
Sun, 16 Jul 2023US$119.5bUS$126.6bUS$3.2b20.3x37x0.9x
Tue, 13 Jun 2023US$114.8bUS$126.6bUS$3.2b19.5x35.5x0.9x
Thu, 11 May 2023US$107.8bUS$126.3bUS$3.2b18.8x33.7x0.9x
Sat, 08 Apr 2023US$102.4bUS$122.7bUS$3.2b24.1x31.8x0.8x
Price to Earnings Ratio

31.8x


Total Market Cap: US$102.4bTotal Earnings: US$3.2bTotal Revenue: US$122.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Construction Industry Price to Earnings3Y Average 36.3x202420252026
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 49.5x which is higher than its 3-year average PE of 36.3x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.9x.
Past Earnings Growth
  • The earnings for companies in the Construction industry have grown 28% 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-0.61%
Industrials-1.44%
Construction-3.11%
Construction and Engineering-3.11%
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
AGX ArganUS$544.6522.4%
+US$1.4b		305.2%PE55.1x
LGN LegenceUS$56.466.1%
+US$545.7m		n/aPS1.5x
MWH SOLV EnergyUS$30.033.6%
+US$120.0m		n/aPE23.2x
TPC Tutor PeriniUS$77.192.6%
+US$102.4m		233.0%PE50.7x
CDNL Cardinal Infrastructure GroupUS$39.6614.2%
+US$75.5m		n/aPE702.2x

Latest News

HUHU
US$8.55
HUHUTECH International Group
7D
34.6%
1Y
92.1%
VATE
US$5.68
INNOVATE
7D
34.9%
1Y
-22.3%
LGN
US$56.46
Legence
7D
6.1%
1Y
n/a
APG
US$40.52
APi Group
7D
-3.7%
1Y
69.4%

APG: Recurring Facility Services And Data Centers Will Support Future Upside

Analysts have lifted the average price target for APi Group to $52, supported by recent research that highlights solid Q4 results, conservative but constructive guidance, growing exposure to data center construction, and the company's role as an M&A compounder within facility and business services. Analyst Commentary Recent research paints a mostly constructive picture, with several bullish analysts lifting price targets into the low to mid US$50s after Q4 results and updated guidance.
ACM
US$84.82
AECOM
7D
-4.5%
1Y
-9.9%

ACM: Major Infrastructure Contracts Will Support Future Share Price Upside

Analysts have maintained their AECOM fair value estimate at $128.25, making only minor adjustments to underlying assumptions such as the discount rate and future P/E. These changes reflect updated views on the company’s risk profile rather than a shift in overall conviction.
AGX
US$544.65
Argan
7D
22.4%
1Y
305.2%

Electrification And Aging Power Infrastructure Will Support Long Term Earnings Strength

Catalysts About Argan Argan provides engineering, procurement and construction services for large, complex power generation, industrial and data infrastructure projects across its Power, Industrial and Teledata segments. What are the underlying business or industry changes driving this perspective?
STRL
US$407.27
Sterling Infrastructure
7D
-8.7%
1Y
252.2%

STRL: Data Center Backlog And Short Seller Scrutiny Will Shape Future Outcomes

Sterling Infrastructure's fair value estimate has shifted from $481.60 to $495.40 as analysts factor in higher price targets around $482 and $500, citing solid recent results, mission critical data center demand, and visibility supported by backlog and high probability future phases. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets into the $482 to $500 range, signaling that recent information is being incorporated into higher fair value assumptions.
CDNL
US$39.66
Cardinal Infrastructure Group
7D
14.2%
1Y
n/a
DY
US$338.82
Dycom Industries
7D
-3.4%
1Y
118.5%

DY: Immersive Training Investment Will Support Future Cash Generation Upside

Analysts have kept their price target for Dycom Industries broadly steady around $461, with only small adjustments to inputs such as the discount rate and assumed future P/E multiple shaping this narrative update. What's in the News Dycom plans to build a 49 acre flagship immersive workforce training center in Monroe, Georgia, with support from the Development Authority of Walton County, targeting an opening in mid 2027 (Key Developments).
IESC
US$476.47
IES Holdings
7D
-4.9%
1Y
165.3%

IES Holdings (IESC): The Infrastructure Backbone of the AI Era

IES Holdings (IESC) is currently trading at $472.00 USD on the NASDAQ as of March 23, 2026, marking an 8.02% surge during today's session. The company has a market capitalization of $9.41 billion , following a series of stellar earnings reports that have repositioned the firm from a traditional electrical contractor to a critical player in the global data center build-out.
PWR
US$549.02
Quanta Services
7D
-5.1%
1Y
112.9%
ROAD
US$111.12
Construction Partners
7D
0.8%
1Y
51.7%

ROAD: Q1 Resilience And Buybacks Will Support Compounding Earnings Power

The analyst price target for Construction Partners has increased to $147, up from $115, as analysts highlight recent fiscal Q1 results as a relative bright spot in a tougher aggregates season and view the business model as continuing to compound despite a mixed macro backdrop. Analyst Commentary Recent Street research reflects a generally constructive tone on Construction Partners, with some differences in how aggressively analysts frame the upside and the level of caution around valuation and execution risks.
FIX
US$1,378.99
Comfort Systems USA
7D
-5.6%
1Y
317.9%

FIX: Texas Data Centers And Modular Execution Will Drive Future Upside

Analysts have lifted the price target for Comfort Systems USA to $1,611 from $1,196, citing its exposure to Texas data center construction, its modular capabilities, and support from Kodiak in scaling its workforce. Analyst Commentary Recent research points to a group of analysts who remain optimistic on Comfort Systems USA, highlighting its exposure to Texas data center projects, modular construction capabilities, and support from Kodiak in scaling its workforce.
EME
US$738.31
EMCOR Group
7D
-3.0%
1Y
96.6%
MWH
US$30.03
SOLV Energy
7D
3.6%
1Y
n/a
TPC
US$77.19
Tutor Perini
7D
2.6%
1Y
233.0%

TPC: Backlog And Rail Extension Pipeline Will Drive Future Re Rating

Narrative Update on Tutor Perini The updated analyst price target for Tutor Perini has moved from $95 to $120. Analysts point to recent Street research that highlights Q4 revenue of $1.51b, adjusted EBITDA of $62.3m, EPS of $0.54, and a 10% year over year increase in backlog, along with identified future projects and ongoing construction demand, as key supports for the higher valuation range.