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U.S. Construction Industry Analysis

UpdatedMay 26, 2026
DataAggregated Company Financials
Companies66
  • 7D-1.0%
  • 3M16.8%
  • 1Y103.1%
  • YTD46.9%

Over the last 7 days, the Construction industry has dropped 1.0%, driven by pullbacks in EMCOR Group and MasTec of 0.6% and 0.8%, respectively. Over the past 12 months, the industry was up 103%. As for the next few years, earnings are expected to grow by 23% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 26 May 2026US$416.3bUS$179.6bUS$7.6b49x54.6x2.3x
Thu, 23 Apr 2026US$383.2bUS$172.6bUS$6.7b43.4x57.3x2.2x
Sat, 21 Mar 2026US$342.7bUS$174.1bUS$6.7b31.9x51.2x2x
Mon, 16 Feb 2026US$341.8bUS$168.3bUS$10.2b38.3x33.6x2x
Wed, 14 Jan 2026US$284.3bUS$165.7bUS$10.0b34.4x28.4x1.7x
Fri, 12 Dec 2025US$285.7bUS$165.8bUS$10.0b34.3x28.6x1.7x
Sun, 09 Nov 2025US$275.1bUS$164.5bUS$9.9b33.6x27.8x1.7x
Tue, 07 Oct 2025US$265.2bUS$160.0bUS$9.9b36x26.7x1.7x
Thu, 04 Sep 2025US$238.1bUS$157.7bUS$10.0b34.5x23.8x1.5x
Sat, 02 Aug 2025US$242.5bUS$155.2bUS$7.4b32.9x32.9x1.6x
Mon, 30 Jun 2025US$220.4bUS$153.2bUS$7.2b32.2x30.8x1.4x
Wed, 28 May 2025US$195.7bUS$153.2bUS$7.2b30.8x27.3x1.3x
Fri, 25 Apr 2025US$159.0bUS$149.6bUS$6.8b22.9x23.4x1.1x
Sun, 23 Mar 2025US$160.7bUS$149.6bUS$6.8b24.8x23.7x1.1x
Tue, 18 Feb 2025US$177.2bUS$146.8bUS$4.0b29.6x43.8x1.2x
Thu, 16 Jan 2025US$194.6bUS$146.2bUS$3.9b36x49.5x1.3x
Sat, 14 Dec 2024US$199.6bUS$146.2bUS$3.9b31.2x50.8x1.4x
Mon, 11 Nov 2024US$201.2bUS$145.6bUS$3.8b35x52.9x1.4x
Wed, 09 Oct 2024US$181.8bUS$144.7bUS$4.0b33.3x45.7x1.3x
Fri, 06 Sep 2024US$156.0bUS$144.7bUS$4.0b25.6x39.2x1.1x
Sun, 04 Aug 2024US$151.9bUS$144.2bUS$3.8b24.4x40.2x1.1x
Tue, 02 Jul 2024US$156.1bUS$141.8bUS$3.4b23.6x45.4x1.1x
Thu, 30 May 2024US$164.4bUS$141.8bUS$3.4b25.6x47.8x1.2x
Sat, 27 Apr 2024US$152.3bUS$140.4bUS$3.5b24.4x43.5x1.1x
Mon, 25 Mar 2024US$152.8bUS$136.3bUS$3.5b25.5x44.1x1.1x
Wed, 21 Feb 2024US$128.4bUS$133.0bUS$3.7b26.2x35.1x1x
Fri, 19 Jan 2024US$121.4bUS$135.2bUS$3.6b23x34x0.9x
Sun, 17 Dec 2023US$125.9bUS$135.2bUS$3.6b24.6x35.4x0.9x
Tue, 14 Nov 2023US$108.2bUS$134.5bUS$3.6b20x29.8x0.8x
Thu, 12 Oct 2023US$112.7bUS$130.5bUS$3.4b20.7x33.6x0.9x
Sat, 09 Sep 2023US$120.6bUS$130.5bUS$3.4b21.8x35.8x0.9x
Mon, 07 Aug 2023US$121.0bUS$129.9bUS$3.6b19.2x33.3x0.9x
Wed, 05 Jul 2023US$119.2bUS$126.6bUS$3.2b20x36.9x0.9x
Fri, 02 Jun 2023US$106.4bUS$126.5bUS$3.2b18.1x32.9x0.8x
Price to Earnings Ratio

32.9x


Total Market Cap: US$106.4bTotal Earnings: US$3.2bTotal Revenue: US$126.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Construction Industry Price to Earnings3Y Average 37.5x202420252026
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 54.6x which is higher than its 3-year average PE of 37.5x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Construction industry have grown 33% 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 Market1.21%
Industrials1.14%
Construction-1.02%
Construction and Engineering-1.02%
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$723.441.3%
+US$1.4b		111.3%PE98.3x
PRIM Primoris ServicesUS$117.5512.3%
+US$697.2m		61.0%PE25.7x
VMI Valmont IndustriesUS$513.434.5%
+US$432.5m		60.2%PE28x
IESC IES HoldingsUS$659.653.2%
+US$402.7m		155.9%PE34.8x
WSC WillScot HoldingsUS$24.788.4%
+US$347.5m		-11.6%PS2x

Latest News

AGX
US$656.35
Argan
7D
2.6%
1Y
211.8%
EME
US$848.91
EMCOR Group
7D
-0.6%
1Y
78.5%
PWR
US$723.44
Quanta Services
7D
1.3%
1Y
111.3%
FLR
US$44.87
Fluor
7D
5.5%
1Y
3.1%
Seeking Alpha • 6h

Fluor: A Buyback Opportunity And FCF Upside Setup

Summary Fluor (FLR) is a diversified EPC company undergoing a strategic turnaround, with recent asset sales funding a major buyback and improving backlog quality. NuScale and China fabrication yard divestitures have generated over $2.5 billion in cash, enabling a $1.4 billion buyback targeting a 14% share reduction in 2026. Backlog is now 82% reimbursable, substantially reducing project risk; Q1 2026 awards were 98% reimbursable, supporting a cleaner, lower-risk business model. My base case values FLR at $58–$62 per share (30–40% upside), contingent on normalized FCF of $400–$450 million and successful buyback execution. Read the full article on Seeking Alpha
VMI
US$513.43
Valmont Industries
7D
4.5%
1Y
60.2%
Narrative Update • May 25

VMI: Buybacks And Earnings Guidance Will Support Measured Future Returns

Analysts have adjusted their price target for Valmont Industries to $527. The change is linked to updated assumptions for the discount rate and future P/E, while revenue growth and profit margin expectations remain steady.
MTZ
US$382.11
MasTec
7D
-0.8%
1Y
145.8%
LMB
US$71.36
Limbach Holdings
7D
-4.4%
1Y
-47.1%
Seeking Alpha • May 24

Limbach Holdings: Cheap Valuation Amid Temporary Pressure

Summary Limbach Holdings' Q1 2026 topline growth moderated due to organic revenue decline across both segments. Continued contribution from acquisitions and a healthy order book are expected to benefit the top line in the coming quarters. While margins contracted significantly in Q1, pressure appears temporary and is expected to improve through FY26 with margin initiatives. The recent correction looks overdone, and the current multiple makes LMB stock a compelling long-term investment opportunity. Read the full article on Seeking Alpha
TPC
US$72.76
Tutor Perini
7D
-2.9%
1Y
97.2%
Seeking Alpha • May 23

Tutor Perini: Hold While Backlog Accumulates Three Quarters Of Contraction

Summary Tutor Perini is rated Hold, reflecting a solid balance sheet, peer-average FCF margin, and internal levers, but backlog contraction and award declines warrant caution. TPC's current $19.84B backlog is down 8% over three quarters, with Q1 awards falling 66.5% YoY to $670M, below the $1.8B–$1.9B quarterly pace needed. Key 2027 EPS guidance depends on winning major new projects; recent high-profile bid losses and intense competition raise execution risk. Upside catalysts include successful refinancing below 8.5% coupon, execution of the $180M buyback, and a return to historical award levels; downside triggers are further award shortfalls or guidance cuts. Read the full article on Seeking Alpha
GVA
US$129.95
Granite Construction
7D
-1.9%
1Y
42.1%
DY
US$411.20
Dycom Industries
7D
-0.5%
1Y
80.5%
Narrative Update • May 22

DY: Training Campus Investment Will Support Future Cash Generation

Analysts have lifted their price target on Dycom Industries slightly, pointing to a modestly higher fair value of about $474 per share as they factor in updated views on growth, margins, discount rate, and future P/E assumptions. What's in the News Dycom plans to build a flagship, immersive workforce training center on a 49 acre campus in Monroe, Georgia, with a simulated town environment, mission critical facility mock up, and on site housing to support technical training for fiber deployment and utility work, with ground breaking targeted for early April (Key Developments).
APG
US$41.63
APi Group
7D
1.2%
1Y
33.3%
IESC
US$659.65
IES Holdings
7D
3.2%
1Y
155.9%
PRIM
US$117.55
Primoris Services
7D
12.3%
1Y
61.0%
WSC
US$24.78
WillScot Holdings
7D
8.4%
1Y
-11.6%
Narrative Update • May 16

WSC: Tighter Construction Outlook And Mixed Fleet Signals Will Shape Future Returns

Analysts lifted the fair value estimate for WillScot Holdings to $24 from $18, pointing to updated assumptions for revenue growth, profit margins, and a lower future P/E as key drivers behind recent price target increases across several research firms. Analyst Commentary Recent Street research around WillScot has centered on refining fair value assumptions rather than making sweeping calls on the stock.
HUHU
US$9.46
HUHUTECH International Group
7D
-18.8%
1Y
93.9%
JLHL
US$19.50
Julong Holding
7D
-20.7%
1Y
n/a