Granite Construction

GVA · NYSE · Industrials · Financials, fiscal 2016 to 2025

GVA · Last close · November 6, 2026

$120.52

Granite Construction's revenue rose 10.4% to $4.4 billion in fiscal 2025. Its operating margin was 6.4%, up from 5.2% a year earlier. Free cash flow was $331 million, up 3.4%. It paid out $71 million in dividends and buybacks, 21% of free cash flow. The diluted share count rose 1.2%.

GRANITE CONSTRUCTION INC Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0000861459-26-000004 Updated November 5, 2026

Revenue

$4.4B

10.4%

Operating margin

6.4%

1.2 pts

Net income

$193M

52.8%

Free cash flow

$331M

3.4%

Return on capital

13.5%

1.4 pts

Market cap

$5.6B

Nov 6 close

P/E

—

Loss: no P/E

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 Granite Construction does

Granite Construction builds infrastructure and produces construction materials, mainly in the United States. It works for public clients on streets, roads, highways, mass transit, airports, bridges, dams, utilities, tunnels and water well drilling, and for private clients on site preparation, mining services and energy and industrial sites. It was incorporated in 1922.

It earns money from construction contracts and from selling construction materials. It owns aggregate reserves and processing plants that feed its own construction work, and it also sells materials to others. It operates in several states, such as California, Utah and Washington, and in regional home markets in the Midwest, Florida and Texas.

Its Construction segment also has national businesses: Tunnel, Federal, Industrial & Energy, which mostly builds commercial solar projects, and Layne, which does water well drilling and mineral exploration. It says it has competitors in every area it works, some larger and with more resources.

Its biggest risks, as it describes them

Weak economic conditions, and government funding for public works that is limited or delayed.
Competition from rivals that are larger and have more resources.
Selling or closing businesses and getting fewer benefits than it expects.
Problems with subcontractors, joint venture partners and its workforce.
Legal, regulatory, accounting and tax risks.

From Granite Construction's annual report on Form 10-K, filed February 13, 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 2016 to 2025, earnings per share grew 11.8% a year and net income 14.5% a year, as new shares raised the share count by 32% and diluted each share's earnings.

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	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	396	333	454	586	600
Debt incl. finance leases	340	288	655	739	1,339
Net debt (negative means net cash)	−56	−45	201	153	739
Net debt to EBITDA	−0.4x	−0.3x	1.2x	0.5x	1.7x
Debt to equity	0.3x	0.3x	0.7x	0.7x	1.1x
Interest coverage	1.2x	6.8x	4.3x	7.1x	6.0x
Current ratio	1.7x	1.7x	1.6x	1.7x	1.2x
Quick ratio	1.6x	1.6x	1.5x	1.6x	1.1x

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 Granite Construction'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 Granite Construction's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $156,636 of Granite Construction shares on the open market, and 6 insiders sold $9.7 million, $6.7 million of it under trading plans set up in advance.

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 6, 2026	Carlos M HernandezDirector	Bought	400	$123.99	$49,596	Form 4
Jun 15, 2026	John Timothy RomerDirector	Bought	375	$143.65	$53,869	Form 4
Jun 12, 2026	John Timothy RomerDirector	Bought	375	$141.79	$53,171	Form 4
Jun 8, 2026	Michael G TatuskoSenior Vice President	Sold	7,500	$141.00	$1.1 million	Form 4
Jun 8, 2026	Bradley Jay WilliamsSenior Vice President	Sold	6,734	$141.00	$949,494	Form 4
Mar 30, 2026	Kyle T LarkinPresident & CEO, Director	Sold plan	12,024	$116.49	$1.4 million	Form 4
Mar 27, 2026	Kyle T LarkinPresident & CEO, Director	Sold plan	26,651	$118.12	$3.1 million	Form 4
Mar 27, 2026	Brian R DowdSenior Vice President	Sold plan	6,075	$119.53	$726,124	Form 4
Mar 27, 2026	Staci M WoolseyChief Financial Officer	Sold plan	3,501	$118.58	$415,149	Form 4
Mar 19, 2026	Kyle T LarkinPresident & CEO, Director	Sold plan	7,314	$119.84	$876,510	Form 4
Mar 19, 2026	Staci M WoolseyChief Financial Officer	Sold plan	1,523	$119.84	$182,516	Form 4
Nov 24, 2025	Celeste Beeks MastinDirector	Sold	7,614	$105.24	$801,297	Form 4

The latest 12 of 13 trades. 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	5 of 9	8 of 9	6 of 9
Rule of 40	7.5%	22.2%	17.9%
Altman Z''	2.81	3.18	2.09
Accruals ratio	−5.6%	−11.3%	−7.8%

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	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	5 of 9	8 of 9	6 of 9

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

Compare

Put Granite Construction 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
Granite Construction	FY25	10.4%	6.4%	7.5%	13.5%	1.7x	6
Everus Construction Group	FY25	31.5%	7.1%	2.4%	27.8%	0.4x	6	Compare
MYR Group	FY25	8.8%	4.6%	6.3%	19.7%	−0.4x	8	Compare
Tetra Tech	FY25	4.7%	7.5%	8.1%	11.2%	1.3x	6	Compare
Tutor Perini	FY25	28.1%	4.2%	10.2%	14.9%	−1.2x	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.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,515	2,958	3,287	2,915	3,562	3,502	3,301	3,509	4,008	4,424
Revenue growth	6.1%	17.6%	11.1%	−11.3%	22.2%	−1.7%	−5.7%	6.3%	14.2%	10.4%
Gross profit	301	279	335	190	345	363	370	396	573	711
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	92	62	8	−42	−158	25	85	80	207	282
Net income	57	34	1	−60	−145	10	83	44	126	193
Diluted EPS (US$)	1.42	0.84	0.01	−1.29	−3.18	0.21	1.70	0.97	2.62	3.86
Diluted shares (millions)	40	40	44	47	46	48	52	53	52	53
Cash flow
Cash from operations	73	146	86	111	268	22	56	184	456	469
Capital expenditure	91	68	111	107	93	95	122	140	136	138
Free cash flow	−18	78	−25	5	175	−73	−66	43	320	331
Dividends paid	21	21	22	24	24	24	23	23	23	23
Share buybacks	5	7	17	37	1	3	71	4	51	48
Acquisitions	0	0	55	6	0	0	0	294	134	778
Stock-based compensation	13	16	15	10	6	6	8	10	20	39
Balance sheet at fiscal year end
Cash and short-term investments	254	302	—	252	425	396	333	454	586	600
Debt incl. finance leases	244	224	382	364	339	340	288	655	739	1,339
Total assets	1,734	1,872	2,427	2,502	2,380	2,495	2,168	2,814	3,026	4,030
Total liabilities	849	951	1,138	1,324	1,388	1,499	1,183	1,787	1,946	2,809
Shareholders' equity	886	945	1,244	1,142	976	968	953	977	1,015	1,179
Margins and ratios
Gross margin	12.0%	9.4%	10.2%	6.5%	9.7%	10.4%	11.2%	11.3%	14.3%	16.1%
Operating margin	3.7%	2.1%	0.2%	−1.4%	−4.4%	0.7%	2.6%	2.3%	5.2%	6.4%
Net margin	2.3%	1.1%	0.0%	−2.1%	−4.1%	0.3%	2.5%	1.2%	3.1%	4.4%
Free cash flow margin	−0.7%	2.6%	−0.8%	0.2%	4.9%	−2.1%	−2.0%	1.2%	8.0%	7.5%
Rule of 40 (growth + FCF margin)	5.3%	20.3%	10.4%	−11.2%	27.1%	−3.8%	−7.7%	7.5%	22.2%	17.9%
Return on capital	7.3%	4.5%	—	—	−11.4%	1.3%	7.8%	3.7%	12.1%	13.5%
Return on equity	6.6%	3.7%	0.1%	−5.0%	−13.7%	1.0%	8.7%	4.5%	12.7%	17.6%
Return on assets	3.4%	1.9%	0.0%	−2.4%	−5.9%	0.4%	3.6%	1.8%	4.3%	5.5%
Net debt to EBITDA	−0.1x	−0.6x	—	1.4x	—	−0.4x	−0.3x	1.2x	0.5x	1.7x

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