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U.S. Construction Industry Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies68
  • 7D1.3%
  • 3M17.0%
  • 1Y100.4%
  • YTD16.0%

Comfort Systems USA is up 6.7%, leading the way for the Construction industry, which has gained 1.3%. In the last 12 months, the industry was up 100%. Earnings are forecast to grow by 24% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Wed, 28 Jun 2023US$118.1bUS$126.6bUS$3.2b19.7x36.6x0.9x
Fri, 26 May 2023US$106.7bUS$126.4bUS$3.2b19.7x33.2x0.8x
Sun, 23 Apr 2023US$105.3bUS$122.8bUS$3.2b22.2x32.8x0.9x
Tue, 21 Mar 2023US$105.4bUS$122.8bUS$3.2b22.5x32.7x0.9x
Price to Earnings Ratio

32.7x


Total Market Cap: US$105.4bTotal Earnings: US$3.2bTotal Revenue: US$122.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Construction Industry Price to Earnings3Y Average 36x202420252026
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 50.1x which is higher than its 3-year average PE of 36.0x.
  • 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 27% 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-1.64%
Industrials-2.94%
Construction1.30%
Construction and Engineering1.30%
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$1.37k6.7%
+US$3.0b		300.2%PE46.9x
PWR Quanta ServicesUS$559.023.5%
+US$2.8b		114.3%PE81.3x
AGX ArganUS$458.3110.6%
+US$612.0m		281.9%PE53x
MTZ MasTecUS$290.001.5%
+US$341.8m		140.7%PE56.6x
IESC IES HoldingsUS$442.762.8%
+US$241.3m		143.4%PE26x

Latest News

FLR
US$43.02
Fluor
7D
-4.6%
1Y
16.9%
TPC
US$67.76
Tutor Perini
7D
-6.9%
1Y
164.7%
ACM
US$91.06
AECOM
7D
-3.2%
1Y
-4.2%

ACM: Major Global Infrastructure Wins Will Support Future Share Returns

Analysts have maintained their AECOM fair value estimate at $128.25, making only modest adjustments to assumptions around the discount rate, revenue growth, profit margin, and future P/E. These changes support a price target narrative that remains largely unchanged.
AGX
US$458.31
Argan
7D
10.6%
1Y
281.9%

AGX: AI Power Demand Reliance Will Sustain Excessive Optimism

Analysts have nudged their fair value estimate for Argan from $361.0 to $373.8, citing updated assumptions for revenue growth, profit margins and future P/E, alongside fresh Street research that highlights potential benefits from rising power demand tied to AI and data centers. Analyst Commentary Recent Street research frames Argan as a company with clear exposure to rising power demand tied to AI and data centers, but also as a name where investors need to weigh execution risk and valuation discipline.
DY
US$347.23
Dycom Industries
7D
-2.8%
1Y
123.2%

DY: Stronger Cash Generation And M&A Capacity Will Support Upside Potential

The analyst price target for Dycom Industries has been revised higher from $420.55 to $461.42 as analysts adjust their assumptions to reflect updated views on the discount rate, revenue growth, profit margins, and future P/E. What's in the News Dycom Industries issued earnings guidance for the first quarter of fiscal 2027, with expected contract revenues between US$1.64b and US$1.71b for the period ending May 2, 2026 (Key Developments).
ROAD
US$113.97
Construction Partners
7D
-3.5%
1Y
59.2%
VMI
US$409.62
Valmont Industries
7D
-3.4%
1Y
25.0%

VMI: Dividend Hike And Buybacks Will Support Stronger Future Returns

Analysts kept their $490.25 price target for Valmont Industries intact, reflecting only small adjustments to inputs such as a slightly lower discount rate and a marginally lower assumed future P/E multiple in their updated models. What's in the News The board approves a 13% increase in the quarterly cash dividend to $0.77 per share, payable on April 15, 2026 to shareholders of record on March 27, 2026, implying an annualized dividend of $3.08 per share (Key Developments).
MTZ
US$290.00
MasTec
7D
1.5%
1Y
140.7%
FIX
US$1,365.34
Comfort Systems USA
7D
6.7%
1Y
300.2%

FIX: Texas Data Center Exposure And Modular Strength Will Support Future P/E Repricing

Analysts have raised their price target on Comfort Systems USA to $1,800 from $1,200, citing the company's exposure to Texas data center construction, its modular capabilities, and support from recent earnings as key drivers behind the reassessment. Analyst Commentary Bullish analysts are clustering around higher valuation ranges for Comfort Systems USA, pointing to recent earnings, data center exposure in Texas, and the company’s modular capabilities as the core reasons for revisiting their models.
EME
US$709.91
EMCOR Group
7D
0.6%
1Y
82.7%
WSC
US$17.99
WillScot Holdings
7D
-6.6%
1Y
-39.9%

WSC: Shares Will Re Rate As 2026 Initiatives Reshape Earnings Power

The analyst price target for WillScot has risen by $0.25 to $24.85, as analysts factor in updated expectations around 2026 earnings potential and progress on the company's longer term initiatives. Analyst Commentary Recent research on WillScot highlights a mix of optimism around the company’s multi year plans and some concern around the pace of revenue growth, which helps explain the modest lift in the average price target.
PWR
US$559.02
Quanta Services
7D
3.5%
1Y
114.3%

PWR: Power Supercycle And Record Backlog Will Drive Future Infrastructure Wins

Our updated fair value estimate for Quanta Services rises from $548 to $685, reflecting analysts' higher price targets following strong Q4 results, record backlog, and expectations for sustained earnings growth across key power infrastructure markets. Analyst Commentary Recent research updates show a wave of higher valuation work on Quanta Services following Q4 results, with several bullish analysts lifting price targets and, in some cases, ratings, as they factor in the latest guidance, record backlog, and earnings trajectory.
ECG
US$112.60
Everus Construction Group
7D
2.1%
1Y
195.9%

Data Center And Semiconductor Exposure Will Eventually Pressure Margins And Earnings Stability

Catalysts About Everus Construction Group Everus Construction Group provides electrical, mechanical and transmission and distribution construction services across data center, hospitality, semiconductor, utility and transportation markets. What are the underlying business or industry changes driving this perspective?
MWH
US$27.86
SOLV Energy
7D
3.0%
1Y
n/a
APG
US$39.92
APi Group
7D
-4.7%
1Y
61.1%

APG: Recurring Facility Services And Data Center Exposure Will Shape Future Upside

Analysts have lifted their average price target on APi Group to $51.36 from $44.90, reflecting updated models after recent Q4 results, conservative guidance, and growing focus on recurring facility services exposure and data center related opportunities. Analyst Commentary Recent research highlights a cluster of upward price target revisions on APi Group, with analysts updating their models after Q4 results and company guidance.
IESC
US$442.76
IES Holdings
7D
2.8%
1Y
143.4%

There's Reason For Concern Over IES Holdings, Inc.'s (NASDAQ:IESC) Massive 26% Price Jump

Feb 10
There's Reason For Concern Over IES Holdings, Inc.'s (NASDAQ:IESC) Massive 26% Price Jump