Everus Construction Group

ECG · NYSE · Industrials · Financials, fiscal 2022 to 2025

ECG · Last close · November 6, 2026

$76.60

Value Everus Construction Group yourself

Everus Construction Group's revenue rose 31.5% to $3.7 billion in fiscal 2025. Its operating margin was 7.1%, up from 6.7% a year earlier. Free cash flow was $90 million, down 21.8%. The diluted share count rose 0.1%.

Everus Construction Group, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0002015845-26-000010 Updated November 7, 2026

Revenue

$3.7B

31.5%

Operating margin

7.1%

0.4 pts

Net income

$202M

40.7%

Free cash flow

$90M

21.8%

Return on capital

27.8%

Market cap

$3.9B

Nov 6 close

P/E

13.6x

On $5.65 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Everus Construction Group does

Everus Construction Group is a specialty contractor based in Bismarck, North Dakota, with work across most of the United States. It was the construction services segment of MDU Resources until October 2024, when MDU Resources spun it off to its shareholders and it became an independent public company.

It reports two segments: Electrical & Mechanical (E&M) and Transmission & Distribution (T&D). Its services are delivered through wholly owned operating companies that use local brand names, so each can stand apart in the markets it serves. Its business dates to 1997, and it has expanded into new areas and through acquisitions.

Everus says a significant part of its revenue comes from fixed-price contracts and from data center and similar customers, and it competes with other contractors in a crowded field.

Its biggest risks, as it describes them

Fixed-price contracts mean cost overruns come out of its own pocket.
A big share of revenue comes from data center and related projects, so a slowdown there would hurt.
Losing one or more significant customers could materially hurt its business.
It may fail to recover payment on contract change orders or claims.
Customers or partners may not pay or perform as agreed.

From Everus Construction Group's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2022 to 2025, earnings per share grew 17.3% a year and net income 17.4% a year, with the share count about the same.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25
Cash and short-term investments	2	2	86	170
Debt incl. finance leases	—	—	296	282
Net debt (negative means net cash)	—	—	210	111
Net debt to EBITDA	—	—	1.0x	0.4x
Debt to equity	—	—	0.7x	0.5x
Interest coverage	25.9x	11.2x	13.5x	12.3x
Current ratio	—	1.9x	1.8x	1.8x
Quick ratio	—	1.7x	1.7x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Everus Construction Group's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Everus Construction Group's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $167,995 of Everus Construction Group shares on the open market, and 1 insider sold $451,077.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 17, 2026	David M SparbyDirector	Bought	1,000	$144.95	$144,950	Form 4
Aug 7, 2026	Paul R. SandersonVP, CLO & Corporate Secretary	Sold	3,300	$136.69	$451,077	Form 4
Dec 8, 2025	Helena Mercedes HernandezDirector	Bought	250	$92.18	$23,045	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	6 of 9
Rule of 40	10.5%	3.9%	33.9%
Altman Z''	5.06	4.28	4.67
Accruals ratio	—	−1.7%	3.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	—	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	—	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	—	—	Pass
Current ratio rose	—	Fail	Fail
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	—	—	Pass
F-score	—	—	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Everus Construction Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Everus Construction Group	FY25	31.5%	7.1%	2.4%	27.8%	0.4x	6
MYR Group	FY25	8.8%	4.6%	6.3%	19.7%	−0.4x	8	Compare
IES	FY25	16.9%	11.4%	6.5%	50.5%	−0.5x	6	Compare
Granite Construction	FY25	10.4%	6.4%	7.5%	13.5%	1.7x	6	Compare
Arcosa	FY25	12.2%	11.9%	6.1%	7.5%	2.3x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

4 years of figures

Fiscal year	FY22	FY23	FY24	FY25
Income statement
Revenue	2,699	2,854	2,850	3,746
Revenue growth	—	5.8%	−0.2%	31.5%
Gross profit	276	322	340	454
Research and development	—	—	—	—
Operating income	165	190	190	265
Net income	125	137	143	202
Diluted EPS (US$)	2.45	2.69	2.81	3.95
Diluted shares (millions)	51	51	51	51
Cash flow
Cash from operations	−26	171	163	157
Capital expenditure	36	36	48	67
Free cash flow	−61	136	115	90
Dividends paid	0	0	0	0
Share buybacks	0	0	0	0
Acquisitions	0	0	0	0
Stock-based compensation	1	1	2	6
Balance sheet at fiscal year end
Cash and short-term investments	2	2	86	170
Debt incl. finance leases	—	—	296	282
Total assets	—	1,052	1,288	1,729
Total liabilities	—	604	866	1,099
Shareholders' equity	382	449	423	630
Margins and ratios
Gross margin	10.2%	11.3%	11.9%	12.1%
Operating margin	6.1%	6.7%	6.7%	7.1%
Net margin	4.6%	4.8%	5.0%	5.4%
Free cash flow margin	−2.3%	4.8%	4.0%	2.4%
Rule of 40 (growth + FCF margin)	—	10.5%	3.9%	33.9%
Return on capital	—	—	—	27.8%
Return on equity	—	—	32.9%	38.3%
Return on assets	—	—	12.2%	13.4%
Net debt to EBITDA	—	—	1.0x	0.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Everus Construction Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Everus Construction Group.