# Engineering & Construction — company-by-company sector analysis

> Engineering & Construction: Quanta Services, Inc. owns the largest revenue base; Cadeler A/S has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Engineering & Construction has outperformed S&P 500 by 17.5% over 52 weeks and 15.2% over 13 weeks. 12 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 28 beat the sector itself. Quanta Services, Inc. leads with revenue of $30,121 million, based on 26 of 30 comparable companies through Mar 2026.

### Is the Engineering & Construction sector outperforming S&P 500?

Engineering & Construction has outperformed S&P 500 by 17.5% over 52 weeks and 15.2% over 13 weeks. 12 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 28 beat the sector itself.

### Which Engineering & Construction company is largest by revenue?

Quanta Services, Inc. leads with revenue of $30,121 million, based on 26 of 30 comparable companies through Mar 2026.

### Which Engineering & Construction company is growing fastest?

Cadeler A/S has the fastest current revenue growth at 100%, across 23 of 30 comparable companies.

### Which Engineering & Construction company has the strongest 4-Factor Sector Score?

Sterling Infrastructure, Inc. ranks first at 70.8/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Engineering & Construction company reports the most CAPEX?

Ferrovial N.V. reports the largest latest CAPEX at $382 million, with 30 of 30 companies comparable.

### Which Engineering & Construction company has the least gross debt?

Argan, Inc. has the lowest comparable gross debt at $0 million. Quanta Services, Inc. has the highest at $6,320 million.

### Which Engineering & Construction company has the lowest comparable PEG?

Cadeler A/S has the lowest comparable Guarded PEG at 0.11, among 18 of 30 companies that pass the metric’s comparability rules.

### How much history does this Engineering & Construction comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Engineering & Construction has outperformed S&P 500 by 17.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 15.2%. 12 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Comfort Systems USA, Inc. is the strongest against the sector itself at +24.2%.

13-week sector return versus NIFTY 500: -15%
52-week sector return versus NIFTY 500: 18%
Stocks leading NIFTY: 12/28
Stocks leading sector: 12/28

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 30
Combined market value: ₹4.3 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Sterling Infrastructure, Inc. (STRL): 71/100 — Favorable setup; evidence 82%
   - Growth & earnings 28.1/35 | Capital efficiency 17.1/25 | Valuation 11.5/20 | Relative strength 14.1/20
   - Exact sum: 28.1 + 17.1 + 11.5 + 14.1 = 70.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Argan, Inc. (AGX): 70/100 — Favorable setup; evidence 86%
   - Growth & earnings 26.8/35 | Capital efficiency 18.3/25 | Valuation 11.6/20 | Relative strength 13.5/20
   - Exact sum: 26.8 + 18.3 + 11.6 + 13.5 = 70.2
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Comfort Systems USA, Inc. (FIX): 69/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 24.6/35 | Capital efficiency 20.6/25 | Valuation 9.2/20 | Relative strength 14.6/20
   - Exact sum: 24.6 + 20.6 + 9.2 + 14.6 = 69
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Everus Construction Group, Inc. (ECG): 66/100 — Favorable setup; evidence 82%
   - Growth & earnings 25.5/35 | Capital efficiency 14.7/25 | Valuation 15.2/20 | Relative strength 10.2/20
   - Exact sum: 25.5 + 14.7 + 15.2 + 10.2 = 65.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Tetra Tech, Inc. (TTEK): 64/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 24.4/35 | Capital efficiency 14.1/25 | Valuation 15.6/20 | Relative strength 10.3/20
   - Exact sum: 24.4 + 14.1 + 15.6 + 10.3 = 64.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. MYR Group Inc. (MYRG): 61/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 26.0/35 | Capital efficiency 15.2/25 | Valuation 6.5/20 | Relative strength 13.5/20
   - Exact sum: 26 + 15.2 + 6.5 + 13.5 = 61.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Arcosa, Inc. (ACA): 60/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.8/35 | Capital efficiency 10.4/25 | Valuation 8.7/20 | Relative strength 19.7/20
   - Exact sum: 20.8 + 10.4 + 8.7 + 19.7 = 59.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Dycom Industries, Inc. (DY): 59/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 23.2/35 | Capital efficiency 10.4/25 | Valuation 10.9/20 | Relative strength 14.5/20
   - Exact sum: 23.2 + 10.4 + 10.9 + 14.5 = 59
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. EMCOR Group, Inc. (EME): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.2/35 | Capital efficiency 16.9/25 | Valuation 14.4/20 | Relative strength 5.2/20
   - Exact sum: 21.2 + 16.9 + 14.4 + 5.2 = 57.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. IES Holdings, Inc. (IESC): 57/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 16.4/35 | Capital efficiency 17.4/25 | Valuation 10.8/20 | Relative strength 12.2/20
   - Exact sum: 16.4 + 17.4 + 10.8 + 12.2 = 56.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. MasTec, Inc. (MTZ): 56/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 25.1/35 | Capital efficiency 8.9/25 | Valuation 9.0/20 | Relative strength 12.6/20
   - Exact sum: 25.1 + 8.9 + 9 + 12.6 = 55.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Tutor Perini Corporation (TPC): 51/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 16.8/35 | Capital efficiency 10.3/25 | Valuation 9.1/20 | Relative strength 14.3/20
   - Exact sum: 16.8 + 10.3 + 9.1 + 14.3 = 50.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Cadeler A/S (CDLR): 50/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.1/35 | Capital efficiency 7.3/25 | Valuation 16.5/20 | Relative strength 5.2/20
   - Exact sum: 21.1 + 7.3 + 16.5 + 5.2 = 50.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Stantec Inc. (STN): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 17.7/35 | Capital efficiency 12.1/25 | Valuation 12.8/20 | Relative strength 6.3/20
   - Exact sum: 17.7 + 12.1 + 12.8 + 6.3 = 48.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Exponent, Inc. (EXPO): 49/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.6/35 | Capital efficiency 16.8/25 | Valuation 10.3/20 | Relative strength 8.2/20
   - Exact sum: 13.6 + 16.8 + 10.3 + 8.2 = 48.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Quanta Services, Inc. (PWR): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 20.0/35 | Capital efficiency 11.2/25 | Valuation 3.8/20 | Relative strength 12.7/20
   - Exact sum: 20 + 11.2 + 3.8 + 12.7 = 47.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Granite Construction Incorporated (GVA): 47/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 20.3/35 | Capital efficiency 4.7/25 | Valuation 14.5/20 | Relative strength 7.9/20
   - Exact sum: 20.3 + 4.7 + 14.5 + 7.9 = 47.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. APi Group Corporation (APG): 46/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 20.3/35 | Capital efficiency 9.2/25 | Valuation 8.7/20 | Relative strength 8.0/20
   - Exact sum: 20.3 + 9.2 + 8.7 + 8 = 46.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Construction Partners, Inc. (ROAD): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 21.5/35 | Capital efficiency 5.7/25 | Valuation 8.2/20 | Relative strength 6.9/20
   - Exact sum: 21.5 + 5.7 + 8.2 + 6.9 = 42.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Fluor Corporation (FLR): 42/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 9.0/35 | Capital efficiency 9.1/25 | Valuation 10.6/20 | Relative strength 13.3/20
   - Exact sum: 9 + 9.1 + 10.6 + 13.3 = 42
   - Decision use: Price leads the evidence: RS versus the benchmark is 0.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
21. KBR, Inc. (KBR): 42/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.9/35 | Capital efficiency 9.0/25 | Valuation 11.4/20 | Relative strength 7.5/20
   - Exact sum: 13.9 + 9 + 11.4 + 7.5 = 41.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22. AECOM (ACM): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 10.3/35 | Capital efficiency 10.4/25 | Valuation 15.0/20 | Relative strength 6.0/20
   - Exact sum: 10.3 + 10.4 + 15 + 6 = 41.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
23. Willdan Group, Inc. (WLDN): 41/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 15.4/35 | Capital efficiency 10.8/25 | Valuation 11.1/20 | Relative strength 3.7/20
   - Exact sum: 15.4 + 10.8 + 11.1 + 3.7 = 41
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. TopBuild Corp. (BLD): 32/100 — Adverse evidence; evidence 76%
   - Growth & earnings 9.0/35 | Capital efficiency 11.6/25 | Valuation 6.5/20 | Relative strength 4.5/20
   - Exact sum: 9 + 11.6 + 6.5 + 4.5 = 31.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Ameresco, Inc. (AMRC): 31/100 — Adverse evidence; evidence 69%
   - Growth & earnings 13.0/35 | Capital efficiency 4.8/25 | Valuation 9.8/20 | Relative strength 3.3/20
   - Exact sum: 13 + 4.8 + 9.8 + 3.3 = 30.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26. Primoris Services Corporation (PRIM): 31/100 — Adverse evidence; evidence 82%
   - Growth & earnings 11.6/35 | Capital efficiency 9.2/25 | Valuation 9.9/20 | Relative strength 0.0/20
   - Exact sum: 11.6 + 9.2 + 9.9 + 0 = 30.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27. Jacobs Solutions Inc. (J): 31/100 — Adverse evidence; evidence 82%
   - Growth & earnings 7.4/35 | Capital efficiency 5.3/25 | Valuation 7.1/20 | Relative strength 10.9/20
   - Exact sum: 7.4 + 5.3 + 7.1 + 10.9 = 30.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28. Cardinal Infrastructure Group Inc. (CDNL): 51/100 — Thin evidence · provisional; evidence 30%
   - Growth & earnings 18.9/35 | Capital efficiency 13.3/25 | Valuation 8.5/20 | Relative strength 10.0/20
   - Exact sum: 18.9 + 13.3 + 8.5 + 10 = 50.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
29. Ferrovial N.V. (FER): 45/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 16.6/35 | Capital efficiency 10.8/25 | Valuation 9.4/20 | Relative strength 7.8/20
   - Exact sum: 16.6 + 10.8 + 9.4 + 7.8 = 44.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
30. Legence Corp. (LGN): 40/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 15.3/35 | Capital efficiency 5.8/25 | Valuation 8.6/20 | Relative strength 10.0/20
   - Exact sum: 15.3 + 5.8 + 8.6 + 10 = 39.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Quanta Services, Inc. is the scale leader at $30,121 million, 69.7% ahead of EMCOR Group, Inc.. Cadeler A/S's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 130.5% from a $680 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Quanta Services, Inc. is the scale benchmark; Cadeler A/S is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Quanta Services, Inc.'s growth falls below Cadeler A/S's for two consecutive comparable reports while operating margin also compresses.

Evidence: Quanta Services, Inc. · $30,121 million | 69.7% versus #2 · EMCOR Group, Inc. | 8/8 recent comparable periods | 26/30 companies · 525 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Quanta Services, Inc. (PWR): ₹30.1K Cr
2. EMCOR Group, Inc. (EME): ₹17.7K Cr
3. AECOM (ACM): ₹16.0K Cr
4. MasTec, Inc. (MTZ): ₹15.3K Cr
5. Fluor Corporation (FLR): ₹15.2K Cr

### Revenue growth — fastest growers
1. Cadeler A/S (CDLR): 100%
2. Construction Partners, Inc. (ROAD): 49%
3. Legence Corp. (LGN): 44%
4. Sterling Infrastructure, Inc. (STRL): 37%
5. Dycom Industries, Inc. (DY): 30%

### 20-quarter Revenue history
- PWR: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹6.6K Cr | Mar 2025 ₹6.2K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹7.8K Cr | Mar 2026 ₹7.9K Cr | Jun 2026 —
- FIX: Sep 2021 ₹834 Cr | Dec 2021 ₹856 Cr | Mar 2022 ₹885 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- FER: Sep 2021 — | Dec 2021 ₹3.8K Cr | Mar 2022 — | Jun 2022 ₹3.5K Cr | Sep 2022 — | Dec 2022 ₹4.1K Cr | Mar 2023 — | Jun 2023 ₹3.9K Cr | Sep 2023 — | Dec 2023 ₹4.6K Cr | Mar 2024 — | Jun 2024 ₹4.3K Cr | Sep 2024 — | Dec 2024 ₹4.9K Cr | Mar 2025 — | Jun 2025 ₹4.5K Cr | Sep 2025 — | Dec 2025 ₹5.2K Cr | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- MTZ: Sep 2021 ₹2.4K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- APG: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- J: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 — | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- STRL: Sep 2021 ₹463 Cr | Dec 2021 ₹401 Cr | Mar 2022 ₹366 Cr | Jun 2022 ₹462 Cr | Sep 2022 ₹493 Cr | Dec 2022 ₹449 Cr | Mar 2023 ₹404 Cr | Jun 2023 ₹522 Cr | Sep 2023 ₹560 Cr | Dec 2023 ₹486 Cr | Mar 2024 ₹440 Cr | Jun 2024 ₹583 Cr | Sep 2024 ₹594 Cr | Dec 2024 ₹499 Cr | Mar 2025 ₹431 Cr | Jun 2025 ₹614 Cr | Sep 2025 ₹689 Cr | Dec 2025 ₹756 Cr | Mar 2026 ₹826 Cr | Jun 2026 —
- DY: Sep 2021 ₹788 Cr | Dec 2021 ₹854 Cr | Mar 2022 ₹761 Cr | Jun 2022 ₹876 Cr | Sep 2022 ₹972 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹917 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹952 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹2.0K Cr
- IESC: Sep 2021 ₹484 Cr | Dec 2021 ₹481 Cr | Mar 2022 ₹502 Cr | Jun 2022 ₹567 Cr | Sep 2022 ₹617 Cr | Dec 2022 ₹575 Cr | Mar 2023 ₹569 Cr | Jun 2023 ₹584 Cr | Sep 2023 ₹649 Cr | Dec 2023 ₹634 Cr | Mar 2024 ₹706 Cr | Jun 2024 ₹768 Cr | Sep 2024 ₹776 Cr | Dec 2024 ₹750 Cr | Mar 2025 ₹834 Cr | Jun 2025 ₹890 Cr | Sep 2025 ₹898 Cr | Dec 2025 ₹871 Cr | Mar 2026 — | Jun 2026 —
- BLD: Sep 2021 ₹846 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- ACM: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 ₹892 Cr | Mar 2022 ₹859 Cr | Jun 2022 ₹853 Cr | Sep 2022 ₹890 Cr | Dec 2022 ₹903 Cr | Mar 2023 ₹895 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- STN: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- AGX: Sep 2021 ₹133 Cr | Dec 2021 ₹124 Cr | Mar 2022 ₹126 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹164 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹227 Cr | Dec 2024 ₹257 Cr | Mar 2025 ₹232 Cr | Jun 2025 ₹194 Cr | Sep 2025 ₹238 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹262 Cr | Jun 2026 ₹291 Cr
- ACA: Sep 2021 ₹559 Cr | Dec 2021 ₹522 Cr | Mar 2022 ₹536 Cr | Jun 2022 ₹603 Cr | Sep 2022 ₹604 Cr | Dec 2022 ₹500 Cr | Mar 2023 ₹549 Cr | Jun 2023 ₹585 Cr | Sep 2023 ₹592 Cr | Dec 2023 ₹582 Cr | Mar 2024 ₹599 Cr | Jun 2024 ₹665 Cr | Sep 2024 ₹640 Cr | Dec 2024 ₹666 Cr | Mar 2025 ₹548 Cr | Jun 2025 ₹737 Cr | Sep 2025 ₹798 Cr | Dec 2025 ₹717 Cr | Mar 2026 ₹572 Cr | Jun 2026 —
- FLR: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹469 Cr | Jun 2024 ₹521 Cr | Sep 2024 ₹561 Cr | Dec 2024 ₹548 Cr | Mar 2025 ₹506 Cr | Jun 2025 ₹599 Cr | Sep 2025 ₹708 Cr | Dec 2025 ₹738 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- ROAD: Sep 2021 ₹279 Cr | Dec 2021 ₹285 Cr | Mar 2022 ₹243 Cr | Jun 2022 ₹380 Cr | Sep 2022 ₹393 Cr | Dec 2022 ₹342 Cr | Mar 2023 ₹325 Cr | Jun 2023 ₹422 Cr | Sep 2023 ₹475 Cr | Dec 2023 ₹397 Cr | Mar 2024 ₹371 Cr | Jun 2024 ₹518 Cr | Sep 2024 ₹538 Cr | Dec 2024 ₹562 Cr | Mar 2025 ₹572 Cr | Jun 2025 ₹779 Cr | Sep 2025 ₹900 Cr | Dec 2025 ₹809 Cr | Mar 2026 ₹769 Cr | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹754 Cr | Jun 2023 ₹747 Cr | Sep 2023 ₹717 Cr | Dec 2023 ₹636 Cr | Mar 2024 ₹626 Cr | Jun 2024 ₹703 Cr | Sep 2024 ₹761 Cr | Dec 2024 ₹760 Cr | Mar 2025 ₹827 Cr | Jun 2025 ₹921 Cr | Sep 2025 ₹987 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- GVA: Sep 2021 ₹1.1K Cr | Dec 2021 ₹314 Cr | Mar 2022 ₹654 Cr | Jun 2022 ₹849 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹789 Cr | Mar 2023 ₹560 Cr | Jun 2023 ₹899 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹934 Cr | Mar 2024 ₹672 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹977 Cr | Mar 2025 ₹700 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹912 Cr | Jun 2026 —
- MYRG: Sep 2021 ₹610 Cr | Dec 2021 ₹646 Cr | Mar 2022 ₹637 Cr | Jun 2022 ₹708 Cr | Sep 2022 ₹800 Cr | Dec 2022 ₹864 Cr | Mar 2023 ₹812 Cr | Jun 2023 ₹889 Cr | Sep 2023 ₹939 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹816 Cr | Jun 2024 ₹829 Cr | Sep 2024 ₹888 Cr | Dec 2024 ₹830 Cr | Mar 2025 ₹834 Cr | Jun 2025 ₹900 Cr | Sep 2025 ₹950 Cr | Dec 2025 ₹974 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- KBR: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 — | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹1.9K Cr
- TPC: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹952 Cr | Jun 2022 ₹861 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹907 Cr | Mar 2023 ₹776 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- PRIM: Sep 2021 ₹913 Cr | Dec 2021 ₹884 Cr | Mar 2022 ₹784 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- EXPO: Sep 2021 ₹120 Cr | Dec 2021 ₹116 Cr | Mar 2022 — | Jun 2022 ₹128 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹140 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹123 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹136 Cr | Dec 2024 — | Mar 2025 ₹137 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹147 Cr | Mar 2026 ₹147 Cr | Jun 2026 ₹166 Cr
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹82 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹419 Cr | Mar 2026 ₹168 Cr | Jun 2026 —
- CDLR: Sep 2021 ₹14 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹233 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹125 Cr | Jun 2026 —
- WLDN: Sep 2021 ₹84 Cr | Dec 2021 ₹98 Cr | Mar 2022 — | Jun 2022 ₹92 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹156 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹158 Cr | Dec 2024 ₹144 Cr | Mar 2025 — | Jun 2025 ₹152 Cr | Sep 2025 ₹173 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹174 Cr | Jun 2026 ₹155 Cr
- AMRC: Sep 2021 ₹274 Cr | Dec 2021 ₹416 Cr | Mar 2022 ₹474 Cr | Jun 2022 ₹577 Cr | Sep 2022 ₹441 Cr | Dec 2022 ₹332 Cr | Mar 2023 ₹271 Cr | Jun 2023 ₹327 Cr | Sep 2023 ₹335 Cr | Dec 2023 ₹441 Cr | Mar 2024 ₹298 Cr | Jun 2024 ₹438 Cr | Sep 2024 ₹501 Cr | Dec 2024 ₹533 Cr | Mar 2025 ₹353 Cr | Jun 2025 ₹472 Cr | Sep 2025 ₹526 Cr | Dec 2025 ₹581 Cr | Mar 2026 ₹401 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- PWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 33% | Dec 2022 13% | Mar 2023 12% | Jun 2023 19% | Sep 2023 26% | Dec 2023 31% | Mar 2024 14% | Jun 2024 11% | Sep 2024 16% | Dec 2024 13% | Mar 2025 24% | Jun 2025 21% | Sep 2025 18% | Dec 2025 20% | Mar 2026 26% | Jun 2026 —
- FIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 34% | Dec 2022 30% | Mar 2023 33% | Jun 2023 27% | Sep 2023 23% | Dec 2023 22% | Mar 2024 31% | Jun 2024 40% | Sep 2024 31% | Dec 2024 38% | Mar 2025 19% | Jun 2025 20% | Sep 2025 35% | Dec 2025 42% | Mar 2026 56% | Jun 2026 —
- FER: Sep 2021 — | Dec 2021 10% | Mar 2022 — | Jun 2022 13% | Sep 2022 — | Dec 2022 8.2% | Mar 2023 — | Jun 2023 11% | Sep 2023 — | Dec 2023 12% | Mar 2024 — | Jun 2024 8.3% | Sep 2024 — | Dec 2024 6.7% | Mar 2025 — | Jun 2025 4.7% | Sep 2025 — | Dec 2025 5.7% | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 12% | Dec 2022 12% | Mar 2023 11% | Jun 2023 13% | Sep 2023 14% | Dec 2023 17% | Mar 2024 19% | Jun 2024 20% | Sep 2024 15% | Dec 2024 9.6% | Mar 2025 13% | Jun 2025 17% | Sep 2025 16% | Dec 2025 20% | Mar 2026 20% | Jun 2026 —
- MTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 4.5% | Dec 2022 66% | Mar 2023 32% | Jun 2023 25% | Sep 2023 30% | Dec 2023 9.0% | Mar 2024 4.0% | Jun 2024 3.0% | Sep 2024 -0.2% | Dec 2024 3.8% | Mar 2025 6.0% | Jun 2025 20% | Sep 2025 22% | Dec 2025 16% | Mar 2026 34% | Jun 2026 —
- APG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 66% | Dec 2022 53% | Mar 2023 9.7% | Jun 2023 7.4% | Sep 2023 2.8% | Dec 2023 3.3% | Mar 2024 -0.8% | Jun 2024 -2.3% | Sep 2024 2.4% | Dec 2024 5.8% | Mar 2025 7.4% | Jun 2025 15% | Sep 2025 14% | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- J: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.0% | Dec 2022 5.9% | Mar 2023 — | Jun 2023 9.2% | Sep 2023 12% | Dec 2023 -26% | Mar 2024 -30% | Jun 2024 -31% | Sep 2024 -31% | Dec 2024 4.4% | Mar 2025 2.2% | Jun 2025 5.2% | Sep 2025 6.6% | Dec 2025 12% | Mar 2026 27% | Jun 2026 —
- STRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 6.5% | Dec 2022 12% | Mar 2023 10% | Jun 2023 13% | Sep 2023 14% | Dec 2023 8.2% | Mar 2024 8.9% | Jun 2024 12% | Sep 2024 6.1% | Dec 2024 2.7% | Mar 2025 -2.1% | Jun 2025 5.3% | Sep 2025 16% | Dec 2025 52% | Mar 2026 92% | Jun 2026 —
- DY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 23% | Dec 2022 22% | Mar 2023 21% | Jun 2023 19% | Sep 2023 7.2% | Dec 2023 9.0% | Mar 2024 3.8% | Jun 2024 9.3% | Sep 2024 15% | Dec 2024 12% | Mar 2025 14% | Jun 2025 10% | Sep 2025 15% | Dec 2025 14% | Mar 2026 34% | Jun 2026 56%
- IESC: Sep 2021 — | Dec 2021 — | Mar 2022 51% | Jun 2022 40% | Sep 2022 27% | Dec 2022 20% | Mar 2023 13% | Jun 2023 3.0% | Sep 2023 5.2% | Dec 2023 10% | Mar 2024 24% | Jun 2024 32% | Sep 2024 20% | Dec 2024 18% | Mar 2025 18% | Jun 2025 16% | Sep 2025 16% | Dec 2025 16% | Mar 2026 — | Jun 2026 —
- BLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 54% | Dec 2022 19% | Mar 2023 8.2% | Jun 2023 3.4% | Sep 2023 1.9% | Dec 2023 1.7% | Mar 2024 1.1% | Jun 2024 3.7% | Sep 2024 3.5% | Dec 2024 2.0% | Mar 2025 -3.6% | Jun 2025 -5.1% | Sep 2025 1.5% | Dec 2025 13% | Mar 2026 17% | Jun 2026 —
- ACM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.9% | Sep 2022 2.2% | Dec 2022 3.5% | Mar 2023 8.6% | Jun 2023 13% | Sep 2023 12% | Dec 2023 15% | Mar 2024 13% | Jun 2024 13% | Sep 2024 7.0% | Dec 2024 2.9% | Mar 2025 -4.4% | Jun 2025 0.7% | Sep 2025 1.6% | Dec 2025 -4.6% | Mar 2026 0.8% | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.4% | Sep 2022 — | Dec 2022 1.2% | Mar 2023 4.2% | Jun 2023 36% | Sep 2023 36% | Dec 2023 40% | Mar 2024 40% | Jun 2024 16% | Sep 2024 14% | Dec 2024 13% | Mar 2025 5.6% | Jun 2025 1.9% | Sep 2025 -3.2% | Dec 2025 -15% | Mar 2026 -7.7% | Jun 2026 —
- STN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 26% | Dec 2022 28% | Mar 2023 17% | Jun 2023 19% | Sep 2023 15% | Dec 2023 6.3% | Mar 2024 12% | Jun 2024 15% | Sep 2024 14% | Dec 2024 22% | Mar 2025 12% | Jun 2025 3.9% | Sep 2025 11% | Dec 2025 8.0% | Mar 2026 7.5% | Jun 2026 —
- AGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -29% | Dec 2022 -4.8% | Mar 2023 -5.6% | Jun 2023 4.0% | Sep 2023 50% | Dec 2023 39% | Mar 2024 39% | Jun 2024 52% | Sep 2024 61% | Dec 2024 57% | Mar 2025 41% | Jun 2025 23% | Sep 2025 4.9% | Dec 2025 -2.3% | Mar 2026 13% | Jun 2026 50%
- ACA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 8.1% | Dec 2022 -4.2% | Mar 2023 2.4% | Jun 2023 -3.0% | Sep 2023 -2.0% | Dec 2023 16% | Mar 2024 9.1% | Jun 2024 14% | Sep 2024 8.1% | Dec 2024 14% | Mar 2025 -8.5% | Jun 2025 11% | Sep 2025 25% | Dec 2025 7.7% | Mar 2026 4.4% | Jun 2026 —
- FLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 3.1% | Dec 2022 2.4% | Mar 2023 20% | Jun 2023 19% | Sep 2023 9.7% | Dec 2023 3.0% | Mar 2024 -0.5% | Jun 2024 7.3% | Sep 2024 3.3% | Dec 2024 12% | Mar 2025 6.6% | Jun 2025 -5.9% | Sep 2025 -18% | Dec 2025 -2.0% | Mar 2026 -8.0% | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 7.9% | Jun 2025 15% | Sep 2025 26% | Dec 2025 35% | Mar 2026 105% | Jun 2026 —
- ROAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 41% | Dec 2022 20% | Mar 2023 34% | Jun 2023 11% | Sep 2023 21% | Dec 2023 16% | Mar 2024 14% | Jun 2024 23% | Sep 2024 13% | Dec 2024 42% | Mar 2025 54% | Jun 2025 50% | Sep 2025 67% | Dec 2025 44% | Mar 2026 34% | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -17% | Jun 2024 -5.9% | Sep 2024 6.1% | Dec 2024 20% | Mar 2025 32% | Jun 2025 31% | Sep 2025 30% | Dec 2025 33% | Mar 2026 25% | Jun 2026 —
- GVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.7% | Sep 2022 -5.0% | Dec 2022 151% | Mar 2023 -14% | Jun 2023 5.9% | Sep 2023 11% | Dec 2023 18% | Mar 2024 20% | Jun 2024 20% | Sep 2024 14% | Dec 2024 4.6% | Mar 2025 4.2% | Jun 2025 4.1% | Sep 2025 12% | Dec 2025 19% | Mar 2026 30% | Jun 2026 —
- MYRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.9% | Sep 2022 31% | Dec 2022 34% | Mar 2023 27% | Jun 2023 26% | Sep 2023 17% | Dec 2023 16% | Mar 2024 0.5% | Jun 2024 -6.8% | Sep 2024 -5.4% | Dec 2024 -17% | Mar 2025 2.2% | Jun 2025 8.6% | Sep 2025 7.0% | Dec 2025 17% | Mar 2026 20% | Jun 2026 —
- KBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 -12% | Dec 2022 -36% | Mar 2023 -0.6% | Jun 2023 8.5% | Sep 2023 8.9% | Dec 2023 7.6% | Mar 2024 6.8% | Jun 2024 5.4% | Sep 2024 9.4% | Dec 2024 — | Mar 2025 16% | Jun 2025 9.3% | Sep 2025 0.8% | Dec 2025 — | Mar 2026 -11% | Jun 2026 -4.7%
- TPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 -9.1% | Dec 2022 -13% | Mar 2023 -18% | Jun 2023 19% | Sep 2023 -0.9% | Dec 2023 13% | Mar 2024 35% | Jun 2024 10% | Sep 2024 2.1% | Dec 2024 4.6% | Mar 2025 19% | Jun 2025 22% | Sep 2025 31% | Dec 2025 41% | Mar 2026 11% | Jun 2026 —
- PRIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 41% | Dec 2022 50% | Mar 2023 60% | Jun 2023 38% | Sep 2023 19% | Dec 2023 14% | Mar 2024 12% | Jun 2024 11% | Sep 2024 7.9% | Dec 2024 15% | Mar 2025 17% | Jun 2025 21% | Sep 2025 32% | Dec 2025 6.7% | Mar 2026 -5.3% | Jun 2026 —
- EXPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.3% | Dec 2022 9.5% | Mar 2023 — | Jun 2023 9.4% | Sep 2023 2.3% | Dec 2023 -3.2% | Mar 2024 3.6% | Jun 2024 0.7% | Sep 2024 2.3% | Dec 2024 — | Mar 2025 -5.5% | Jun 2025 3.6% | Sep 2025 4.4% | Dec 2025 — | Mar 2026 7.3% | Jun 2026 14%
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 105% | Jun 2026 —
- CDLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 129% | Dec 2022 129% | Mar 2023 -14% | Jun 2023 123% | Sep 2023 -28% | Dec 2023 -47% | Mar 2024 0.0% | Jun 2024 29% | Sep 2024 252% | Dec 2024 406% | Mar 2025 242% | Jun 2025 270% | Sep 2025 90% | Dec 2025 95% | Mar 2026 92% | Jun 2026 —
- WLDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 23% | Dec 2022 15% | Mar 2023 — | Jun 2023 29% | Sep 2023 29% | Dec 2023 38% | Mar 2024 18% | Jun 2024 18% | Sep 2024 19% | Dec 2024 -7.7% | Mar 2025 — | Jun 2025 7.8% | Sep 2025 9.5% | Dec 2025 26% | Mar 2026 — | Jun 2026 2.0%
- AMRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 111% | Sep 2022 61% | Dec 2022 -20% | Mar 2023 -43% | Jun 2023 -43% | Sep 2023 -24% | Dec 2023 33% | Mar 2024 10.0% | Jun 2024 34% | Sep 2024 50% | Dec 2024 21% | Mar 2025 18% | Jun 2025 7.8% | Sep 2025 5.0% | Dec 2025 9.0% | Mar 2026 14% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Exponent, Inc. leads opm at 24.9%; Tetra Tech, Inc. leads margin change at +7.8 percentage points.

Investor read: Exponent, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Exponent, Inc. · 24.9% | 46.5% versus #2 · Comfort Systems USA, Inc. | 3/8 recent comparable periods | 29/30 companies · 516 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Exponent, Inc. (EXPO): 25%
2. Comfort Systems USA, Inc. (FIX): 17%
3. Sterling Infrastructure, Inc. (STRL): 17%
4. Argan, Inc. (AGX): 16%
5. TopBuild Corp. (BLD): 12%

### Margin change — fastest expanders
1. Tetra Tech, Inc. (TTEK): +7.8 pp
2. Comfort Systems USA, Inc. (FIX): +5.6 pp
3. Sterling Infrastructure, Inc. (STRL): +3.7 pp
4. Argan, Inc. (AGX): +3.0 pp
5. MasTec, Inc. (MTZ): +2.4 pp

### 20-quarter OPM history
- PWR: Sep 2021 7.4% | Dec 2021 3.6% | Mar 2022 3.0% | Jun 2022 4.9% | Sep 2022 6.4% | Dec 2022 5.9% | Mar 2023 2.8% | Jun 2023 5.5% | Sep 2023 7.1% | Dec 2023 5.6% | Mar 2024 3.1% | Jun 2024 5.5% | Sep 2024 6.6% | Dec 2024 6.9% | Mar 2025 3.8% | Jun 2025 5.5% | Sep 2025 6.8% | Dec 2025 6.2% | Mar 2026 4.3% | Jun 2026 —
- FIX: Sep 2021 7.7% | Dec 2021 5.8% | Mar 2022 4.0% | Jun 2022 5.6% | Sep 2022 7.3% | Dec 2022 7.2% | Mar 2023 6.0% | Jun 2023 7.1% | Sep 2023 9.8% | Dec 2023 8.9% | Mar 2024 8.8% | Jun 2024 10% | Sep 2024 11% | Dec 2024 12% | Mar 2025 11% | Jun 2025 14% | Sep 2025 16% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —
- EME: Sep 2021 5.4% | Dec 2021 5.4% | Mar 2022 3.9% | Jun 2022 5.1% | Sep 2022 5.3% | Dec 2022 6.0% | Mar 2023 5.4% | Jun 2023 6.5% | Sep 2023 7.3% | Dec 2023 8.4% | Mar 2024 7.6% | Jun 2024 9.1% | Sep 2024 9.8% | Dec 2024 10% | Mar 2025 8.2% | Jun 2025 9.6% | Sep 2025 9.4% | Dec 2025 13% | Mar 2026 8.7% | Jun 2026 —
- MTZ: Sep 2021 5.9% | Dec 2021 4.2% | Mar 2022 -1.8% | Jun 2022 1.1% | Sep 2022 3.2% | Dec 2022 1.8% | Mar 2023 -3.4% | Jun 2023 2.4% | Sep 2023 1.9% | Dec 2023 1.2% | Mar 2024 0.0% | Jun 2024 4.0% | Sep 2024 5.5% | Dec 2024 4.1% | Mar 2025 1.3% | Jun 2025 4.4% | Sep 2025 6.4% | Dec 2025 5.3% | Mar 2026 3.7% | Jun 2026 —
- APG: Sep 2021 3.9% | Dec 2021 4.5% | Mar 2022 -0.5% | Jun 2022 3.6% | Sep 2022 3.5% | Dec 2022 2.9% | Mar 2023 4.5% | Jun 2023 6.0% | Sep 2023 5.8% | Dec 2023 4.3% | Mar 2024 6.2% | Jun 2024 7.3% | Sep 2024 7.8% | Dec 2024 6.2% | Mar 2025 4.9% | Jun 2025 7.2% | Sep 2025 7.8% | Dec 2025 7.7% | Mar 2026 5.2% | Jun 2026 —
- J: Sep 2021 7.4% | Dec 2021 7.0% | Mar 2022 — | Jun 2022 4.3% | Sep 2022 6.9% | Dec 2022 6.3% | Mar 2023 7.1% | Jun 2023 6.4% | Sep 2023 6.5% | Dec 2023 5.1% | Mar 2024 6.4% | Jun 2024 5.9% | Sep 2024 6.6% | Dec 2024 7.1% | Mar 2025 7.2% | Jun 2025 7.8% | Sep 2025 6.7% | Dec 2025 7.1% | Mar 2026 -2.2% | Jun 2026 —
- STRL: Sep 2021 6.9% | Dec 2021 4.9% | Mar 2022 8.0% | Jun 2022 9.5% | Sep 2022 10% | Dec 2022 8.3% | Mar 2023 8.1% | Jun 2023 12% | Sep 2023 10% | Dec 2023 12% | Mar 2024 9.6% | Jun 2024 13% | Sep 2024 15% | Dec 2024 13% | Mar 2025 13% | Jun 2025 17% | Sep 2025 18% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —
- DY: Sep 2021 4.2% | Dec 2021 5.1% | Mar 2022 0.5% | Jun 2022 2.8% | Sep 2022 6.7% | Dec 2022 7.4% | Mar 2023 4.7% | Jun 2023 6.9% | Sep 2023 8.5% | Dec 2023 11% | Mar 2024 4.5% | Jun 2024 7.1% | Sep 2024 8.6% | Dec 2024 8.0% | Mar 2025 4.9% | Jun 2025 6.8% | Sep 2025 10% | Dec 2025 10% | Mar 2026 3.4% | Jun 2026 7.3%
- IESC: Sep 2021 6.2% | Dec 2021 4.2% | Mar 2022 -1.0% | Jun 2022 2.8% | Sep 2022 4.1% | Dec 2022 7.1% | Mar 2023 5.6% | Jun 2023 5.9% | Sep 2023 8.2% | Dec 2023 9.1% | Mar 2024 11% | Jun 2024 12% | Sep 2024 9.7% | Dec 2024 10% | Mar 2025 11% | Jun 2025 13% | Sep 2025 12% | Dec 2025 11% | Mar 2026 — | Jun 2026 —
- BLD: Sep 2021 16% | Dec 2021 11% | Mar 2022 14% | Jun 2022 16% | Sep 2022 17% | Dec 2022 16% | Mar 2023 16% | Jun 2023 18% | Sep 2023 18% | Dec 2023 16% | Mar 2024 17% | Jun 2024 15% | Sep 2024 18% | Dec 2024 17% | Mar 2025 14% | Jun 2025 17% | Sep 2025 15% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- ACM: Sep 2021 5.1% | Dec 2021 5.2% | Mar 2022 3.5% | Jun 2022 5.6% | Sep 2022 5.4% | Dec 2022 4.5% | Mar 2023 5.7% | Jun 2023 -2.9% | Sep 2023 2.1% | Dec 2023 4.2% | Mar 2024 5.1% | Jun 2024 5.5% | Sep 2024 5.8% | Dec 2024 5.9% | Mar 2025 6.8% | Jun 2025 7.0% | Sep 2025 5.7% | Dec 2025 5.8% | Mar 2026 6.5% | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 9.2% | Mar 2022 10% | Jun 2022 8.7% | Sep 2022 9.4% | Dec 2022 11% | Mar 2023 10% | Jun 2023 5.3% | Sep 2023 8.1% | Dec 2023 8.5% | Mar 2024 9.4% | Jun 2024 9.6% | Sep 2024 10% | Dec 2024 1.6% | Mar 2025 3.0% | Jun 2025 12% | Sep 2025 14% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- STN: Sep 2021 8.6% | Dec 2021 2.5% | Mar 2022 5.5% | Jun 2022 7.5% | Sep 2022 7.6% | Dec 2022 7.1% | Mar 2023 6.4% | Jun 2023 8.2% | Sep 2023 9.5% | Dec 2023 6.8% | Mar 2024 6.9% | Jun 2024 7.2% | Sep 2024 8.1% | Dec 2024 7.4% | Mar 2025 7.9% | Jun 2025 9.5% | Sep 2025 10% | Dec 2025 7.1% | Mar 2026 8.3% | Jun 2026 —
- AGX: Sep 2021 13% | Dec 2021 12% | Mar 2022 -0.9% | Jun 2022 9.1% | Sep 2022 14% | Dec 2022 8.1% | Mar 2023 8.1% | Jun 2023 3.5% | Sep 2023 9.4% | Dec 2023 4.8% | Mar 2024 7.1% | Jun 2024 4.1% | Sep 2024 8.2% | Dec 2024 12% | Mar 2025 14% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 18% | Jun 2026 16%
- ACA: Sep 2021 6.7% | Dec 2021 3.0% | Mar 2022 6.5% | Jun 2022 9.5% | Sep 2022 8.1% | Dec 2022 42% | Mar 2023 14% | Jun 2023 8.7% | Sep 2023 8.2% | Dec 2023 7.4% | Mar 2024 8.9% | Jun 2024 10% | Sep 2024 5.3% | Dec 2024 6.5% | Mar 2025 7.5% | Jun 2025 13% | Sep 2025 14% | Dec 2025 11% | Mar 2026 8.2% | Jun 2026 —
- FLR: Sep 2021 2.9% | Dec 2021 -7.3% | Mar 2022 3.1% | Jun 2022 3.2% | Sep 2022 -0.3% | Dec 2022 0.5% | Mar 2023 -3.8% | Jun 2023 2.4% | Sep 2023 5.5% | Dec 2023 -0.7% | Mar 2024 1.4% | Jun 2024 4.2% | Sep 2024 1.2% | Dec 2024 4.4% | Mar 2025 2.3% | Jun 2025 -0.7% | Sep 2025 -15% | Dec 2025 1.3% | Mar 2026 2.5% | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.5% | Jun 2024 5.9% | Sep 2024 4.8% | Dec 2024 4.3% | Mar 2025 3.3% | Jun 2025 5.2% | Sep 2025 5.3% | Dec 2025 0.5% | Mar 2026 2.2% | Jun 2026 —
- ROAD: Sep 2021 4.1% | Dec 2021 3.0% | Mar 2022 -4.7% | Jun 2022 4.7% | Sep 2022 5.2% | Dec 2022 1.9% | Mar 2023 -0.8% | Jun 2023 7.9% | Sep 2023 9.4% | Dec 2023 4.2% | Mar 2024 0.8% | Jun 2024 8.8% | Sep 2024 8.5% | Dec 2024 2.5% | Mar 2025 4.8% | Jun 2025 11% | Sep 2025 11% | Dec 2025 6.2% | Mar 2026 4.9% | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.7% | Jun 2023 7.3% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 6.2% | Jun 2024 7.3% | Sep 2024 7.1% | Dec 2024 6.1% | Mar 2025 6.2% | Jun 2025 7.9% | Sep 2025 7.3% | Dec 2025 6.8% | Mar 2026 7.5% | Jun 2026 —
- GVA: Sep 2021 4.1% | Dec 2021 -8.1% | Mar 2022 -2.4% | Jun 2022 3.5% | Sep 2022 5.4% | Dec 2022 2.1% | Mar 2023 -7.7% | Jun 2023 3.2% | Sep 2023 6.6% | Dec 2023 2.2% | Mar 2024 -6.4% | Jun 2024 7.9% | Sep 2024 8.2% | Dec 2024 6.2% | Mar 2025 -5.7% | Jun 2025 9.2% | Sep 2025 10% | Dec 2025 6.4% | Mar 2026 -3.4% | Jun 2026 —
- MYRG: Sep 2021 5.1% | Dec 2021 4.7% | Mar 2022 3.9% | Jun 2022 3.7% | Sep 2022 3.4% | Dec 2022 4.3% | Mar 2023 3.4% | Jun 2023 3.7% | Sep 2023 3.4% | Dec 2023 3.7% | Mar 2024 3.0% | Jun 2024 -2.5% | Sep 2024 2.3% | Dec 2024 3.6% | Mar 2025 4.1% | Jun 2025 4.4% | Sep 2025 4.9% | Dec 2025 4.8% | Mar 2026 6.5% | Jun 2026 —
- KBR: Sep 2021 5.5% | Dec 2021 5.2% | Mar 2022 5.1% | Jun 2022 7.9% | Sep 2022 7.7% | Dec 2022 7.6% | Mar 2023 8.5% | Jun 2023 0.6% | Sep 2023 8.3% | Dec 2023 8.6% | Mar 2024 9.1% | Jun 2024 9.7% | Sep 2024 8.9% | Dec 2024 — | Mar 2025 6.6% | Jun 2025 10% | Sep 2025 9.9% | Dec 2025 9.9% | Mar 2026 10% | Jun 2026 9.4%
- TPC: Sep 2021 4.4% | Dec 2021 5.4% | Mar 2022 -1.0% | Jun 2022 -11% | Sep 2022 -0.6% | Dec 2022 -11% | Mar 2023 -11% | Jun 2023 0.2% | Sep 2023 -1.2% | Dec 2023 -2.2% | Mar 2024 4.7% | Jun 2024 3.6% | Sep 2024 -9.9% | Dec 2024 -8.1% | Mar 2025 5.2% | Jun 2025 5.6% | Sep 2025 2.8% | Dec 2025 3.3% | Mar 2026 4.3% | Jun 2026 —
- PRIM: Sep 2021 7.1% | Dec 2021 4.2% | Mar 2022 0.1% | Jun 2022 6.6% | Sep 2022 5.2% | Dec 2022 4.6% | Mar 2023 1.5% | Jun 2023 5.0% | Sep 2023 5.8% | Dec 2023 4.9% | Mar 2024 3.1% | Jun 2024 5.5% | Sep 2024 6.0% | Dec 2024 5.0% | Mar 2025 4.3% | Jun 2025 6.7% | Sep 2025 6.3% | Dec 2025 4.2% | Mar 2026 1.6% | Jun 2026 —
- EXPO: Sep 2021 25% | Dec 2021 28% | Mar 2022 — | Jun 2022 29% | Sep 2022 35% | Dec 2022 17% | Mar 2023 21% | Jun 2023 21% | Sep 2023 25% | Dec 2023 15% | Mar 2024 21% | Jun 2024 25% | Sep 2024 19% | Dec 2024 — | Mar 2025 20% | Jun 2025 31% | Sep 2025 12% | Dec 2025 20% | Mar 2026 20% | Jun 2026 25%
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 9.7% | Jun 2025 — | Sep 2025 — | Dec 2025 9.2% | Mar 2026 8.8% | Jun 2026 —
- CDLR: Sep 2021 12% | Dec 2021 12% | Mar 2022 29% | Jun 2022 29% | Sep 2022 45% | Dec 2022 45% | Mar 2023 11% | Jun 2023 56% | Sep 2023 2.8% | Dec 2023 -90% | Mar 2024 -105% | Jun 2024 30% | Sep 2024 41% | Dec 2024 44% | Mar 2025 7.4% | Jun 2025 70% | Sep 2025 52% | Dec 2025 42% | Mar 2026 6.2% | Jun 2026 —
- WLDN: Sep 2021 -8.4% | Dec 2021 1.5% | Mar 2022 — | Jun 2022 -6.1% | Sep 2022 -5.2% | Dec 2022 4.1% | Mar 2023 3.9% | Jun 2023 2.1% | Sep 2023 2.9% | Dec 2023 7.5% | Mar 2024 4.4% | Jun 2024 4.6% | Sep 2024 5.5% | Dec 2024 7.5% | Mar 2025 — | Jun 2025 4.6% | Sep 2025 6.8% | Dec 2025 8.2% | Mar 2026 6.0% | Jun 2026 4.7%
- AMRC: Sep 2021 8.6% | Dec 2021 7.7% | Mar 2022 6.1% | Jun 2022 7.5% | Sep 2022 8.8% | Dec 2022 6.7% | Mar 2023 3.4% | Jun 2023 5.4% | Sep 2023 6.4% | Dec 2023 7.7% | Mar 2024 2.7% | Jun 2024 4.8% | Sep 2024 7.0% | Dec 2024 8.4% | Mar 2025 3.9% | Jun 2025 5.9% | Sep 2025 8.1% | Dec 2025 6.8% | Mar 2026 2.6% | Jun 2026 —

### 20-quarter Margin change history
- PWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 −1.0 pp | Dec 2022 +2.3 pp | Mar 2023 −0.2 pp | Jun 2023 +0.6 pp | Sep 2023 +0.7 pp | Dec 2023 −0.3 pp | Mar 2024 +0.3 pp | Jun 2024 0.0 pp | Sep 2024 −0.5 pp | Dec 2024 +1.3 pp | Mar 2025 +0.7 pp | Jun 2025 0.0 pp | Sep 2025 +0.2 pp | Dec 2025 −0.7 pp | Mar 2026 +0.5 pp | Jun 2026 —
- FIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −0.4 pp | Dec 2022 +1.4 pp | Mar 2023 +2.0 pp | Jun 2023 +1.5 pp | Sep 2023 +2.5 pp | Dec 2023 +1.7 pp | Mar 2024 +2.8 pp | Jun 2024 +3.1 pp | Sep 2024 +1.4 pp | Dec 2024 +3.2 pp | Mar 2025 +2.6 pp | Jun 2025 +3.6 pp | Sep 2025 +4.3 pp | Dec 2025 +4.0 pp | Mar 2026 +5.6 pp | Jun 2026 —
- EME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 −0.1 pp | Dec 2022 +0.6 pp | Mar 2023 +1.5 pp | Jun 2023 +1.4 pp | Sep 2023 +2.0 pp | Dec 2023 +2.4 pp | Mar 2024 +2.2 pp | Jun 2024 +2.6 pp | Sep 2024 +2.5 pp | Dec 2024 +1.9 pp | Mar 2025 +0.6 pp | Jun 2025 +0.5 pp | Sep 2025 −0.4 pp | Dec 2025 +2.4 pp | Mar 2026 +0.5 pp | Jun 2026 —
- MTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.9 pp | Sep 2022 −2.7 pp | Dec 2022 −2.4 pp | Mar 2023 −1.6 pp | Jun 2023 +1.3 pp | Sep 2023 −1.3 pp | Dec 2023 −0.6 pp | Mar 2024 +3.4 pp | Jun 2024 +1.6 pp | Sep 2024 +3.6 pp | Dec 2024 +2.9 pp | Mar 2025 +1.3 pp | Jun 2025 +0.4 pp | Sep 2025 +0.9 pp | Dec 2025 +1.2 pp | Mar 2026 +2.4 pp | Jun 2026 —
- APG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.2 pp | Sep 2022 −0.4 pp | Dec 2022 −1.6 pp | Mar 2023 +5.0 pp | Jun 2023 +2.4 pp | Sep 2023 +2.3 pp | Dec 2023 +1.4 pp | Mar 2024 +1.7 pp | Jun 2024 +1.3 pp | Sep 2024 +2.0 pp | Dec 2024 +1.9 pp | Mar 2025 −1.3 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 +1.5 pp | Mar 2026 +0.3 pp | Jun 2026 —
- J: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −0.7 pp | Mar 2023 — | Jun 2023 +2.1 pp | Sep 2023 −0.4 pp | Dec 2023 −1.2 pp | Mar 2024 −0.7 pp | Jun 2024 −0.5 pp | Sep 2024 +0.1 pp | Dec 2024 +2.0 pp | Mar 2025 +0.8 pp | Jun 2025 +1.9 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 −9.4 pp | Jun 2026 —
- STRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +3.1 pp | Dec 2022 +3.4 pp | Mar 2023 +0.1 pp | Jun 2023 +2.0 pp | Sep 2023 +0.2 pp | Dec 2023 +3.2 pp | Mar 2024 +1.5 pp | Jun 2024 +1.0 pp | Sep 2024 +4.5 pp | Dec 2024 +1.0 pp | Mar 2025 +3.4 pp | Jun 2025 +4.5 pp | Sep 2025 +3.5 pp | Dec 2025 +3.4 pp | Mar 2026 +3.7 pp | Jun 2026 —
- DY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +2.3 pp | Mar 2023 +4.2 pp | Jun 2023 +4.1 pp | Sep 2023 +1.8 pp | Dec 2023 +3.1 pp | Mar 2024 −0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 −2.5 pp | Mar 2025 +0.4 pp | Jun 2025 −0.3 pp | Sep 2025 +1.5 pp | Dec 2025 +2.4 pp | Mar 2026 −1.5 pp | Jun 2026 +0.5 pp
- IESC: Sep 2021 — | Dec 2021 — | Mar 2022 −6.2 pp | Jun 2022 −2.7 pp | Sep 2022 −2.1 pp | Dec 2022 +2.9 pp | Mar 2023 +6.6 pp | Jun 2023 +3.1 pp | Sep 2023 +4.1 pp | Dec 2023 +2.0 pp | Mar 2024 +5.4 pp | Jun 2024 +5.8 pp | Sep 2024 +1.5 pp | Dec 2024 +0.9 pp | Mar 2025 +0.1 pp | Jun 2025 +0.9 pp | Sep 2025 +1.9 pp | Dec 2025 +1.2 pp | Mar 2026 — | Jun 2026 —
- BLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 +1.3 pp | Dec 2022 +5.0 pp | Mar 2023 +1.8 pp | Jun 2023 +1.7 pp | Sep 2023 +0.8 pp | Dec 2023 −0.2 pp | Mar 2024 +1.0 pp | Jun 2024 −2.6 pp | Sep 2024 −0.1 pp | Dec 2024 +0.7 pp | Mar 2025 −2.4 pp | Jun 2025 +1.5 pp | Sep 2025 −2.4 pp | Dec 2025 −4.5 pp | Mar 2026 −2.3 pp | Jun 2026 —
- ACM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 +0.3 pp | Dec 2022 −0.7 pp | Mar 2023 +2.2 pp | Jun 2023 −8.5 pp | Sep 2023 −3.3 pp | Dec 2023 −0.3 pp | Mar 2024 −0.6 pp | Jun 2024 +8.4 pp | Sep 2024 +3.7 pp | Dec 2024 +1.7 pp | Mar 2025 +1.7 pp | Jun 2025 +1.5 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.3 pp | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 pp | Sep 2022 — | Dec 2022 +1.3 pp | Mar 2023 +0.1 pp | Jun 2023 −3.4 pp | Sep 2023 −1.3 pp | Dec 2023 −2.0 pp | Mar 2024 −0.9 pp | Jun 2024 +4.3 pp | Sep 2024 +2.3 pp | Dec 2024 −6.9 pp | Mar 2025 −6.4 pp | Jun 2025 +2.4 pp | Sep 2025 +3.2 pp | Dec 2025 +10.0 pp | Mar 2026 +7.8 pp | Jun 2026 —
- STN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 −1.0 pp | Dec 2022 +4.6 pp | Mar 2023 +0.9 pp | Jun 2023 +0.7 pp | Sep 2023 +1.9 pp | Dec 2023 −0.3 pp | Mar 2024 +0.5 pp | Jun 2024 −1.0 pp | Sep 2024 −1.4 pp | Dec 2024 +0.6 pp | Mar 2025 +1.0 pp | Jun 2025 +2.3 pp | Sep 2025 +2.3 pp | Dec 2025 −0.3 pp | Mar 2026 +0.4 pp | Jun 2026 —
- AGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 −3.6 pp | Mar 2023 +9.0 pp | Jun 2023 −5.6 pp | Sep 2023 −4.9 pp | Dec 2023 −3.3 pp | Mar 2024 −1.0 pp | Jun 2024 +0.6 pp | Sep 2024 −1.2 pp | Dec 2024 +7.0 pp | Mar 2025 +7.0 pp | Jun 2025 +8.5 pp | Sep 2025 +4.4 pp | Dec 2025 +1.2 pp | Mar 2026 +4.1 pp | Jun 2026 +3.0 pp
- ACA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.4 pp | Sep 2022 +1.4 pp | Dec 2022 +38.6 pp | Mar 2023 +7.2 pp | Jun 2023 −0.8 pp | Sep 2023 +0.1 pp | Dec 2023 −34.2 pp | Mar 2024 −4.8 pp | Jun 2024 +1.4 pp | Sep 2024 −2.9 pp | Dec 2024 −0.9 pp | Mar 2025 −1.4 pp | Jun 2025 +2.8 pp | Sep 2025 +8.8 pp | Dec 2025 +4.5 pp | Mar 2026 +0.7 pp | Jun 2026 —
- FLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.3 pp | Sep 2022 −3.2 pp | Dec 2022 +7.8 pp | Mar 2023 −6.9 pp | Jun 2023 −0.8 pp | Sep 2023 +5.8 pp | Dec 2023 −1.2 pp | Mar 2024 +5.2 pp | Jun 2024 +1.8 pp | Sep 2024 −4.3 pp | Dec 2024 +5.1 pp | Mar 2025 +0.9 pp | Jun 2025 −4.9 pp | Sep 2025 −15.9 pp | Dec 2025 −3.1 pp | Mar 2026 +0.2 pp | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +1.8 pp | Jun 2025 −0.7 pp | Sep 2025 +0.5 pp | Dec 2025 −3.8 pp | Mar 2026 −1.1 pp | Jun 2026 —
- ROAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 +1.1 pp | Dec 2022 −1.1 pp | Mar 2023 +3.9 pp | Jun 2023 +3.2 pp | Sep 2023 +4.2 pp | Dec 2023 +2.3 pp | Mar 2024 +1.6 pp | Jun 2024 +0.9 pp | Sep 2024 −0.9 pp | Dec 2024 −1.7 pp | Mar 2025 +4.0 pp | Jun 2025 +1.8 pp | Sep 2025 +2.7 pp | Dec 2025 +3.7 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 −1.9 pp | Mar 2025 0.0 pp | Jun 2025 +0.6 pp | Sep 2025 +0.2 pp | Dec 2025 +0.7 pp | Mar 2026 +1.3 pp | Jun 2026 —
- GVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 +1.3 pp | Dec 2022 +10.2 pp | Mar 2023 −5.3 pp | Jun 2023 −0.3 pp | Sep 2023 +1.2 pp | Dec 2023 +0.1 pp | Mar 2024 +1.3 pp | Jun 2024 +4.7 pp | Sep 2024 +1.6 pp | Dec 2024 +4.0 pp | Mar 2025 +0.7 pp | Jun 2025 +1.3 pp | Sep 2025 +1.8 pp | Dec 2025 +0.2 pp | Mar 2026 +2.3 pp | Jun 2026 —
- MYRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.9 pp | Sep 2022 −1.7 pp | Dec 2022 −0.4 pp | Mar 2023 −0.5 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.6 pp | Mar 2024 −0.4 pp | Jun 2024 −6.2 pp | Sep 2024 −1.1 pp | Dec 2024 −0.1 pp | Mar 2025 +1.1 pp | Jun 2025 +6.9 pp | Sep 2025 +2.6 pp | Dec 2025 +1.2 pp | Mar 2026 +2.4 pp | Jun 2026 —
- KBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +2.2 pp | Dec 2022 +2.4 pp | Mar 2023 +3.4 pp | Jun 2023 −7.3 pp | Sep 2023 +0.6 pp | Dec 2023 +1.0 pp | Mar 2024 +0.6 pp | Jun 2024 +9.1 pp | Sep 2024 +0.6 pp | Dec 2024 — | Mar 2025 −2.5 pp | Jun 2025 +0.3 pp | Sep 2025 +1.0 pp | Dec 2025 — | Mar 2026 +3.5 pp | Jun 2026 −0.6 pp
- TPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −16.1 pp | Sep 2022 −5.0 pp | Dec 2022 −16.1 pp | Mar 2023 −9.6 pp | Jun 2023 +10.7 pp | Sep 2023 −0.6 pp | Dec 2023 +8.5 pp | Mar 2024 +15.3 pp | Jun 2024 +3.4 pp | Sep 2024 −8.7 pp | Dec 2024 −5.9 pp | Mar 2025 +0.5 pp | Jun 2025 +2.0 pp | Sep 2025 +12.7 pp | Dec 2025 +11.4 pp | Mar 2026 −0.9 pp | Jun 2026 —
- PRIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 −1.9 pp | Dec 2022 +0.4 pp | Mar 2023 +1.4 pp | Jun 2023 −1.6 pp | Sep 2023 +0.6 pp | Dec 2023 +0.3 pp | Mar 2024 +1.6 pp | Jun 2024 +0.5 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 +1.2 pp | Jun 2025 +1.2 pp | Sep 2025 +0.3 pp | Dec 2025 −0.8 pp | Mar 2026 −2.7 pp | Jun 2026 —
- EXPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.3 pp | Dec 2022 −10.3 pp | Mar 2023 — | Jun 2023 −7.3 pp | Sep 2023 −9.4 pp | Dec 2023 −2.3 pp | Mar 2024 +0.4 pp | Jun 2024 +4.1 pp | Sep 2024 −6.4 pp | Dec 2024 — | Mar 2025 −1.3 pp | Jun 2025 +5.1 pp | Sep 2025 −6.9 pp | Dec 2025 — | Mar 2026 −0.1 pp | Jun 2026 −5.6 pp
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −0.9 pp | Jun 2026 —
- CDLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.3 pp | Sep 2022 +33.3 pp | Dec 2022 +33.3 pp | Mar 2023 −18.4 pp | Jun 2023 +26.7 pp | Sep 2023 −42.3 pp | Dec 2023 −134.9 pp | Mar 2024 −116.3 pp | Jun 2024 −26.3 pp | Sep 2024 +38.4 pp | Dec 2024 +133.5 pp | Mar 2025 +112.8 pp | Jun 2025 +40.3 pp | Sep 2025 +10.5 pp | Dec 2025 −1.9 pp | Mar 2026 −1.2 pp | Jun 2026 —
- WLDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.2 pp | Dec 2022 +2.6 pp | Mar 2023 — | Jun 2023 +8.2 pp | Sep 2023 +8.1 pp | Dec 2023 +3.4 pp | Mar 2024 +0.5 pp | Jun 2024 +2.5 pp | Sep 2024 +2.6 pp | Dec 2024 0.0 pp | Mar 2025 — | Jun 2025 0.0 pp | Sep 2025 +1.3 pp | Dec 2025 +0.7 pp | Mar 2026 — | Jun 2026 +0.1 pp
- AMRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 +0.2 pp | Dec 2022 −1.0 pp | Mar 2023 −2.7 pp | Jun 2023 −2.1 pp | Sep 2023 −2.4 pp | Dec 2023 +1.0 pp | Mar 2024 −0.7 pp | Jun 2024 −0.6 pp | Sep 2024 +0.6 pp | Dec 2024 +0.7 pp | Mar 2025 +1.2 pp | Jun 2025 +1.1 pp | Sep 2025 +1.1 pp | Dec 2025 −1.6 pp | Mar 2026 −1.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: EMCOR Group, Inc. leads with $1,337 million of TTM profit, 18.8% above Quanta Services, Inc.. Arcosa, Inc. shows ≥100% on the scoring scale (182.3% uncapped) growth from a $223 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: EMCOR Group, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: EMCOR Group, Inc. · $1,337 million | 18.8% versus #2 · Quanta Services, Inc. | 8/8 recent comparable periods | 26/30 companies · 525 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. EMCOR Group, Inc. (EME): ₹1.3K Cr
2. Quanta Services, Inc. (PWR): ₹1.1K Cr
3. AECOM (ACM): ₹707 Cr
4. TopBuild Corp. (BLD): ₹504 Cr
5. Stantec Inc. (STN): ₹490 Cr

### Profit growth — fastest growers
1. Arcosa, Inc. (ACA): 100%
2. Cadeler A/S (CDLR): 100%
3. MYR Group Inc. (MYRG): 100%
4. Construction Partners, Inc. (ROAD): 100%
5. Tetra Tech, Inc. (TTEK): 100%

### 20-quarter Net profit history
- PWR: Sep 2021 ₹175 Cr | Dec 2021 ₹106 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹96 Cr | Sep 2022 ₹156 Cr | Dec 2022 ₹174 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹167 Cr | Sep 2023 ₹274 Cr | Dec 2023 ₹214 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹192 Cr | Sep 2024 ₹299 Cr | Dec 2024 ₹310 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹234 Cr | Sep 2025 ₹343 Cr | Dec 2025 ₹317 Cr | Mar 2026 ₹231 Cr | Jun 2026 —
- FIX: Sep 2021 ₹46 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹146 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹231 Cr | Sep 2025 ₹292 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹370 Cr | Jun 2026 —
- FER: Sep 2021 — | Dec 2021 ₹1.3K Cr | Mar 2022 — | Jun 2022 ₹85 Cr | Sep 2022 — | Dec 2022 ₹156 Cr | Mar 2023 — | Jun 2023 ₹163 Cr | Sep 2023 — | Dec 2023 ₹451 Cr | Mar 2024 — | Jun 2024 ₹509 Cr | Sep 2024 — | Dec 2024 ₹3.0K Cr | Mar 2025 — | Jun 2025 ₹649 Cr | Sep 2025 — | Dec 2025 ₹481 Cr | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 ₹100 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹141 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹248 Cr | Sep 2024 ₹270 Cr | Dec 2024 ₹292 Cr | Mar 2025 ₹241 Cr | Jun 2025 ₹302 Cr | Sep 2025 ₹295 Cr | Dec 2025 ₹435 Cr | Mar 2026 ₹305 Cr | Jun 2026 —
- MTZ: Sep 2021 ₹112 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-81 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹-34 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- APG: Sep 2021 ₹19 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- J: Sep 2021 ₹174 Cr | Dec 2021 ₹71 Cr | Mar 2022 — | Jun 2022 ₹109 Cr | Sep 2022 ₹213 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹101 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹319 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹191 Cr | Sep 2025 ₹135 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹-86 Cr | Jun 2026 —
- STRL: Sep 2021 ₹22 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹104 Cr | Jun 2026 —
- DY: Sep 2021 ₹18 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹91 Cr
- IESC: Sep 2021 ₹23 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹144 Cr | Mar 2026 — | Jun 2026 —
- BLD: Sep 2021 ₹95 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹115 Cr | Jun 2022 ₹144 Cr | Sep 2022 ₹154 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹136 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹168 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹105 Cr | Jun 2026 —
- ACM: Sep 2021 ₹104 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹-114 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹183 Cr | Dec 2024 ₹189 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹149 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹195 Cr | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 ₹83 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹94 Cr | Jun 2026 —
- STN: Sep 2021 ₹70 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹150 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹111 Cr | Jun 2026 —
- AGX: Sep 2021 ₹13 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹49 Cr | Jun 2026 ₹46 Cr
- ACA: Sep 2021 ₹24 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹155 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- FLR: Sep 2021 ₹39 Cr | Dec 2021 ₹-261 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-32 Cr | Mar 2023 ₹-130 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹-40 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹153 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹-240 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹-774 Cr | Sep 2025 ₹-306 Cr | Dec 2025 ₹647 Cr | Mar 2026 ₹114 Cr | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-15 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹-19 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- ROAD: Sep 2021 ₹8 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹-9 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹26 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- GVA: Sep 2021 ₹32 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹-25 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹-26 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹-29 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹-28 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹-36 Cr | Jun 2026 —
- MYRG: Sep 2021 ₹31 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- KBR: Sep 2021 ₹60 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹-70 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹-350 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹102 Cr | Dec 2024 — | Mar 2025 ₹77 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹113 Cr | Jun 2026 ₹103 Cr
- TPC: Sep 2021 ₹26 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹-19 Cr | Jun 2022 ₹-62 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-88 Cr | Mar 2023 ₹-49 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-26 Cr | Dec 2023 ₹-36 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹-90 Cr | Dec 2024 ₹-76 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹40 Cr | Jun 2026 —
- PRIM: Sep 2021 ₹44 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- EXPO: Sep 2021 ₹25 Cr | Dec 2021 ₹25 Cr | Mar 2022 — | Jun 2022 ₹30 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹26 Cr | Dec 2024 — | Mar 2025 ₹24 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹25 Cr | Jun 2026 ₹30 Cr
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹30 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- CDLR: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹166 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —
- WLDN: Sep 2021 ₹-5 Cr | Dec 2021 ₹1 Cr | Mar 2022 — | Jun 2022 ₹-4 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹8 Cr | Mar 2025 — | Jun 2025 ₹5 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹19 Cr | Jun 2026 ₹9 Cr
- AMRC: Sep 2021 ₹20 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹-14 Cr | Jun 2026 —

### 20-quarter Profit growth history
- PWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -11% | Dec 2022 64% | Mar 2023 14% | Jun 2023 74% | Sep 2023 76% | Dec 2023 23% | Mar 2024 30% | Jun 2024 15% | Sep 2024 9.1% | Dec 2024 45% | Mar 2025 18% | Jun 2025 22% | Sep 2025 15% | Dec 2025 2.3% | Mar 2026 55% | Jun 2026 —
- FIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 35% | Dec 2022 45% | Mar 2023 -34% | Jun 2023 64% | Sep 2023 69% | Dec 2023 67% | Mar 2024 68% | Jun 2024 94% | Sep 2024 39% | Dec 2024 59% | Mar 2025 76% | Jun 2025 72% | Sep 2025 100% | Dec 2025 127% | Mar 2026 119% | Jun 2026 —
- FER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -88% | Mar 2023 — | Jun 2023 92% | Sep 2023 — | Dec 2023 189% | Mar 2024 — | Jun 2024 212% | Sep 2024 — | Dec 2024 558% | Mar 2025 — | Jun 2025 28% | Sep 2025 — | Dec 2025 -84% | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.1% | Sep 2022 6.0% | Dec 2022 24% | Mar 2023 52% | Jun 2023 40% | Sep 2023 60% | Dec 2023 68% | Mar 2024 77% | Jun 2024 76% | Sep 2024 59% | Dec 2024 38% | Mar 2025 22% | Jun 2025 22% | Sep 2025 9.3% | Dec 2025 49% | Mar 2026 27% | Jun 2026 —
- MTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -79% | Sep 2022 -56% | Dec 2022 -96% | Mar 2023 — | Jun 2023 6.3% | Sep 2023 -69% | Dec 2023 -67% | Mar 2024 — | Jun 2024 159% | Sep 2024 600% | Dec 2024 8,400% | Mar 2025 — | Jun 2025 105% | Sep 2025 58% | Dec 2025 80% | Mar 2026 483% | Jun 2026 —
- APG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 47% | Dec 2022 47% | Mar 2023 — | Jun 2023 60% | Sep 2023 93% | Dec 2023 14% | Mar 2024 73% | Jun 2024 44% | Sep 2024 28% | Dec 2024 168% | Mar 2025 -22% | Jun 2025 12% | Sep 2025 35% | Dec 2025 45% | Mar 2026 63% | Jun 2026 —
- J: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 107% | Mar 2023 — | Jun 2023 59% | Sep 2023 -22% | Dec 2023 -8.2% | Mar 2024 -57% | Jun 2024 -47% | Sep 2024 91% | Dec 2024 -103% | Mar 2025 -95% | Jun 2025 110% | Sep 2025 -58% | Dec 2025 — | Mar 2026 -1,820% | Jun 2026 —
- STRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 41% | Dec 2022 91% | Mar 2023 11% | Jun 2023 38% | Sep 2023 29% | Dec 2023 100% | Mar 2024 70% | Jun 2024 38% | Sep 2024 63% | Dec 2024 179% | Mar 2025 26% | Jun 2025 44% | Sep 2025 48% | Dec 2025 -21% | Mar 2026 142% | Jun 2026 —
- DY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 144% | Dec 2022 86% | Mar 2023 2,400% | Jun 2023 160% | Sep 2023 36% | Dec 2023 56% | Mar 2024 -8.0% | Jun 2024 21% | Sep 2024 13% | Dec 2024 -17% | Mar 2025 39% | Jun 2025 -3.2% | Sep 2025 43% | Dec 2025 51% | Mar 2026 -50% | Jun 2026 49%
- IESC: Sep 2021 — | Dec 2021 — | Mar 2022 -131% | Jun 2022 -45% | Sep 2022 -22% | Dec 2022 93% | Mar 2023 — | Jun 2023 136% | Sep 2023 128% | Dec 2023 52% | Mar 2024 138% | Jun 2024 158% | Sep 2024 59% | Dec 2024 123% | Mar 2025 28% | Jun 2025 18% | Sep 2025 35% | Dec 2025 47% | Mar 2026 — | Jun 2026 —
- BLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60% | Sep 2022 62% | Dec 2022 85% | Mar 2023 18% | Jun 2023 14% | Sep 2023 9.1% | Dec 2023 1.4% | Mar 2024 12% | Jun 2024 -7.9% | Sep 2024 0.6% | Dec 2024 3.4% | Mar 2025 -19% | Jun 2025 0.7% | Sep 2025 -16% | Dec 2025 -30% | Mar 2026 -15% | Jun 2026 —
- ACM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 238% | Sep 2022 16% | Dec 2022 -21% | Mar 2023 129% | Jun 2023 -199% | Sep 2023 -60% | Dec 2023 13% | Mar 2024 -0.8% | Jun 2024 — | Sep 2024 281% | Dec 2024 72% | Mar 2025 36% | Jun 2025 39% | Sep 2025 -19% | Dec 2025 -16% | Mar 2026 15% | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.9% | Sep 2022 — | Dec 2022 0.0% | Mar 2023 72% | Jun 2023 -19% | Sep 2023 1.7% | Dec 2023 -35% | Mar 2024 -35% | Jun 2024 100% | Sep 2024 60% | Dec 2024 -98% | Mar 2025 -93% | Jun 2025 33% | Sep 2025 33% | Dec 2025 10,400% | Mar 2026 1,780% | Jun 2026 —
- STN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.2% | Sep 2022 -2.9% | Dec 2022 335% | Mar 2023 44% | Jun 2023 44% | Sep 2023 49% | Dec 2023 -4.1% | Mar 2024 18% | Jun 2024 -5.7% | Sep 2024 2.0% | Dec 2024 38% | Mar 2025 30% | Jun 2025 63% | Sep 2025 46% | Dec 2025 -4.1% | Mar 2026 11% | Jun 2026 —
- AGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -69% | Dec 2022 -33% | Mar 2023 — | Jun 2023 -71% | Sep 2023 225% | Dec 2023 -38% | Mar 2024 -20% | Jun 2024 300% | Sep 2024 38% | Dec 2024 460% | Mar 2025 158% | Jun 2025 188% | Sep 2025 94% | Dec 2025 11% | Mar 2026 58% | Jun 2026 100%
- ACA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 33% | Dec 2022 1,622% | Mar 2023 180% | Jun 2023 5.1% | Sep 2023 13% | Dec 2023 -83% | Mar 2024 -30% | Jun 2024 12% | Sep 2024 -53% | Dec 2024 -130% | Mar 2025 -38% | Jun 2025 30% | Sep 2025 329% | Dec 2025 — | Mar 2026 58% | Jun 2026 —
- FLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -162% | Dec 2022 — | Mar 2023 -332% | Jun 2023 -6.9% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 125% | Sep 2024 -86% | Dec 2024 — | Mar 2025 303% | Jun 2025 -606% | Sep 2025 -1,324% | Dec 2025 — | Mar 2026 -29% | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -167% | Sep 2025 — | Dec 2025 -6.6% | Mar 2026 — | Jun 2026 —
- ROAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 63% | Dec 2022 -67% | Mar 2023 — | Jun 2023 83% | Sep 2023 138% | Dec 2023 400% | Mar 2024 — | Jun 2024 41% | Sep 2024 -6.5% | Dec 2024 -130% | Mar 2025 — | Jun 2025 42% | Sep 2025 97% | Dec 2025 — | Mar 2026 125% | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.7% | Jun 2024 0.0% | Sep 2024 17% | Dec 2024 -5.6% | Mar 2025 32% | Jun 2025 36% | Sep 2025 36% | Dec 2025 62% | Mar 2026 57% | Jun 2026 —
- GVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -64% | Sep 2022 103% | Dec 2022 — | Mar 2023 — | Jun 2023 -220% | Sep 2023 -12% | Dec 2023 16% | Mar 2024 — | Jun 2024 — | Sep 2024 47% | Dec 2024 114% | Mar 2025 — | Jun 2025 105% | Sep 2025 30% | Dec 2025 26% | Mar 2026 — | Jun 2026 —
- MYRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.5% | Sep 2022 -16% | Dec 2022 24% | Mar 2023 13% | Jun 2023 -21% | Sep 2023 19% | Dec 2023 -2.8% | Mar 2024 -15% | Jun 2024 -168% | Sep 2024 -39% | Dec 2024 -23% | Mar 2025 0.0% | Jun 2025 — | Sep 2025 137% | Dec 2025 70% | Mar 2026 104% | Jun 2026 —
- KBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 34% | Mar 2023 — | Jun 2023 -472% | Sep 2023 -125% | Dec 2023 -77% | Mar 2024 9.3% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -18% | Jun 2025 13% | Sep 2025 -43% | Dec 2025 — | Mar 2026 47% | Jun 2026 -15%
- TPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -248% | Sep 2022 -192% | Dec 2022 -315% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 54% | Jun 2025 194% | Sep 2025 — | Dec 2025 — | Mar 2026 -7.0% | Jun 2026 —
- PRIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 -2.3% | Dec 2022 40% | Mar 2023 — | Jun 2023 -22% | Sep 2023 12% | Dec 2023 -9.5% | Mar 2024 1,800% | Jun 2024 28% | Sep 2024 21% | Dec 2024 42% | Mar 2025 132% | Jun 2025 68% | Sep 2025 64% | Dec 2025 -3.7% | Mar 2026 -61% | Jun 2026 —
- EXPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.0% | Dec 2022 -8.0% | Mar 2023 — | Jun 2023 -13% | Sep 2023 -3.9% | Dec 2023 -8.7% | Mar 2024 3.5% | Jun 2024 12% | Sep 2024 4.0% | Dec 2024 — | Mar 2025 -20% | Jun 2025 -6.9% | Sep 2025 3.9% | Dec 2025 — | Mar 2026 4.2% | Jun 2026 11%
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 57% | Jun 2026 —
- CDLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 150% | Sep 2022 1,200% | Dec 2022 1,200% | Mar 2023 -60% | Jun 2023 460% | Sep 2023 -92% | Dec 2023 -246% | Mar 2024 -1,150% | Jun 2024 -25% | Sep 2024 2,700% | Dec 2024 — | Mar 2025 — | Jun 2025 690% | Sep 2025 132% | Dec 2025 30% | Mar 2026 -450% | Jun 2026 —
- WLDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -100% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 200% | Jun 2024 — | Sep 2024 250% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 114% | Dec 2025 75% | Mar 2026 — | Jun 2026 80%
- AMRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 40% | Dec 2022 -37% | Mar 2023 -89% | Jun 2023 -76% | Sep 2023 -25% | Dec 2023 74% | Mar 2024 -400% | Jun 2024 -38% | Sep 2024 -19% | Dec 2024 15% | Mar 2025 — | Jun 2025 220% | Sep 2025 29% | Dec 2025 -34% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Ferrovial N.V. reports $382 million of CAPEX; Cadeler A/S has the highest covered intensity at 72.8%. Coverage is only 30 of 30 companies and 524 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Ferrovial N.V. · $382 million | 73.6% versus #2 · Quanta Services, Inc. | 8/8 recent comparable periods | 30/30 companies · 524 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Ferrovial N.V. (FER): ₹382 Cr — older report
2. Quanta Services, Inc. (PWR): ₹220 Cr
3. Comfort Systems USA, Inc. (FIX): ₹141 Cr
4. Ameresco, Inc. (AMRC): ₹97 Cr
5. MasTec, Inc. (MTZ): ₹97 Cr

### CAPEX intensity — highest reinvestment intensity
1. Cadeler A/S (CDLR): 73%
2. Ameresco, Inc. (AMRC): 24%
3. Arcosa, Inc. (ACA): 7.7%
4. Ferrovial N.V. (FER): 7.4% — older report
5. Construction Partners, Inc. (ROAD): 6.0%

### 20-quarter CAPEX history
- PWR: Sep 2021 ₹75 Cr | Dec 2021 ₹153 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹161 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹133 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹220 Cr | Jun 2026 —
- FIX: Sep 2021 ₹5 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹147 Cr | Jun 2026 ₹141 Cr
- FER: Sep 2021 — | Dec 2021 ₹290 Cr | Mar 2022 — | Jun 2022 ₹329 Cr | Sep 2022 — | Dec 2022 ₹575 Cr | Mar 2023 — | Jun 2023 ₹188 Cr | Sep 2023 — | Dec 2023 ₹217 Cr | Mar 2024 — | Jun 2024 ₹140 Cr | Sep 2024 — | Dec 2024 ₹272 Cr | Mar 2025 — | Jun 2025 ₹271 Cr | Sep 2025 — | Dec 2025 ₹382 Cr | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 ₹9 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- MTZ: Sep 2021 ₹35 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹97 Cr | Jun 2026 —
- APG: Sep 2021 ₹9 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- J: Sep 2021 ₹21 Cr | Dec 2021 ₹27 Cr | Mar 2022 — | Jun 2022 ₹29 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹31 Cr | Sep 2023 — | Dec 2023 ₹17 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹38 Cr | Sep 2024 — | Dec 2024 ₹10 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹22 Cr | Sep 2025 — | Dec 2025 ₹16 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- STRL: Sep 2021 ₹17 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- DY: Sep 2021 ₹37 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹54 Cr | Jun 2026 ₹70 Cr
- IESC: Sep 2021 ₹2 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- BLD: Sep 2021 ₹14 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- ACM: Sep 2021 ₹24 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- STN: Sep 2021 ₹15 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- AGX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹2 Cr
- ACA: Sep 2021 ₹19 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- FLR: Sep 2021 ₹9 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- ROAD: Sep 2021 ₹17 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- GVA: Sep 2021 ₹27 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- MYRG: Sep 2021 ₹12 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- KBR: Sep 2021 ₹6 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹12 Cr | Dec 2024 — | Mar 2025 ₹16 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹18 Cr | Jun 2026 ₹12 Cr
- TPC: Sep 2021 ₹8 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- PRIM: Sep 2021 ₹39 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- EXPO: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 — | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹2 Cr
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹10 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹44 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- CDLR: Sep 2021 ₹76 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹194 Cr | Sep 2024 ₹253 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹466 Cr | Jun 2025 ₹206 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹306 Cr | Mar 2026 ₹91 Cr | Jun 2026 —
- WLDN: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 — | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹2 Cr
- AMRC: Sep 2021 ₹44 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹70 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹178 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹97 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- PWR: Sep 2021 2.2% | Dec 2021 3.9% | Mar 2022 2.8% | Jun 2022 2.9% | Sep 2022 2.4% | Dec 2022 2.0% | Mar 2023 1.8% | Jun 2023 2.1% | Sep 2023 2.5% | Dec 2023 1.9% | Mar 2024 1.6% | Jun 2024 2.9% | Sep 2024 3.3% | Dec 2024 2.2% | Mar 2025 2.1% | Jun 2025 2.1% | Sep 2025 1.9% | Dec 2025 2.5% | Mar 2026 2.8% | Jun 2026 —
- FIX: Sep 2021 0.6% | Dec 2021 0.7% | Mar 2022 1.0% | Jun 2022 1.1% | Sep 2022 1.3% | Dec 2022 1.3% | Mar 2023 1.4% | Jun 2023 1.9% | Sep 2023 2.0% | Dec 2023 1.8% | Mar 2024 1.6% | Jun 2024 1.3% | Sep 2024 1.2% | Dec 2024 2.2% | Mar 2025 1.2% | Jun 2025 1.4% | Sep 2025 1.4% | Dec 2025 2.5% | Mar 2026 5.1% | Jun 2026 —
- FER: Sep 2021 — | Dec 2021 7.7% | Mar 2022 — | Jun 2022 9.3% | Sep 2022 — | Dec 2022 14% | Mar 2023 — | Jun 2023 4.8% | Sep 2023 — | Dec 2023 4.7% | Mar 2024 — | Jun 2024 3.3% | Sep 2024 — | Dec 2024 5.6% | Mar 2025 — | Jun 2025 6.1% | Sep 2025 — | Dec 2025 7.4% | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 0.4% | Dec 2021 0.4% | Mar 2022 0.5% | Jun 2022 0.6% | Sep 2022 0.4% | Dec 2022 0.4% | Mar 2023 0.8% | Jun 2023 0.4% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 0.5% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.7% | Jun 2025 0.7% | Sep 2025 0.6% | Dec 2025 0.7% | Mar 2026 0.6% | Jun 2026 —
- MTZ: Sep 2021 1.5% | Dec 2021 2.1% | Mar 2022 4.2% | Jun 2022 4.6% | Sep 2022 0.9% | Dec 2022 1.7% | Mar 2023 2.4% | Jun 2023 1.9% | Sep 2023 1.2% | Dec 2023 1.1% | Mar 2024 0.9% | Jun 2024 1.0% | Sep 2024 1.4% | Dec 2024 1.4% | Mar 2025 1.7% | Jun 2025 1.8% | Sep 2025 1.9% | Dec 2025 1.9% | Mar 2026 2.5% | Jun 2026 —
- APG: Sep 2021 0.9% | Dec 2021 1.1% | Mar 2022 0.8% | Jun 2022 1.3% | Sep 2022 1.5% | Dec 2022 1.1% | Mar 2023 1.3% | Jun 2023 1.4% | Sep 2023 1.0% | Dec 2023 1.3% | Mar 2024 1.4% | Jun 2024 1.3% | Sep 2024 1.2% | Dec 2024 1.0% | Mar 2025 0.7% | Jun 2025 1.4% | Sep 2025 1.5% | Dec 2025 1.2% | Mar 2026 0.9% | Jun 2026 —
- J: Sep 2021 0.6% | Dec 2021 0.8% | Mar 2022 — | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 0.9% | Jun 2023 0.7% | Sep 2023 — | Dec 2023 0.6% | Mar 2024 1.0% | Jun 2024 1.3% | Sep 2024 — | Dec 2024 0.3% | Mar 2025 0.6% | Jun 2025 0.7% | Sep 2025 — | Dec 2025 0.5% | Mar 2026 0.6% | Jun 2026 —
- STRL: Sep 2021 3.7% | Dec 2021 1.7% | Mar 2022 4.1% | Jun 2022 3.0% | Sep 2022 3.9% | Dec 2022 2.9% | Mar 2023 3.5% | Jun 2023 4.8% | Sep 2023 1.8% | Dec 2023 3.1% | Mar 2024 5.0% | Jun 2024 5.0% | Sep 2024 2.4% | Dec 2024 3.2% | Mar 2025 4.2% | Jun 2025 2.1% | Sep 2025 2.9% | Dec 2025 3.4% | Mar 2026 2.4% | Jun 2026 —
- DY: Sep 2021 4.7% | Dec 2021 5.3% | Mar 2022 5.8% | Jun 2022 4.3% | Sep 2022 4.4% | Dec 2022 5.3% | Mar 2023 7.1% | Jun 2023 4.1% | Sep 2023 4.9% | Dec 2023 5.9% | Mar 2024 6.0% | Jun 2024 3.7% | Sep 2024 5.4% | Dec 2024 5.9% | Mar 2025 6.3% | Jun 2025 6.3% | Sep 2025 3.8% | Dec 2025 3.8% | Mar 2026 3.7% | Jun 2026 3.6%
- IESC: Sep 2021 0.4% | Dec 2021 2.5% | Mar 2022 1.8% | Jun 2022 0.9% | Sep 2022 0.5% | Dec 2022 0.5% | Mar 2023 0.7% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 1.1% | Mar 2024 1.0% | Jun 2024 2.3% | Sep 2024 1.8% | Dec 2024 1.7% | Mar 2025 2.0% | Jun 2025 1.9% | Sep 2025 2.2% | Dec 2025 5.4% | Mar 2026 — | Jun 2026 —
- BLD: Sep 2021 1.7% | Dec 2021 1.2% | Mar 2022 1.5% | Jun 2022 1.4% | Sep 2022 1.5% | Dec 2022 1.6% | Mar 2023 1.3% | Jun 2023 1.1% | Sep 2023 1.3% | Dec 2023 1.2% | Mar 2024 1.6% | Jun 2024 1.2% | Sep 2024 1.5% | Dec 2024 1.0% | Mar 2025 1.1% | Jun 2025 0.9% | Sep 2025 1.2% | Dec 2025 1.1% | Mar 2026 1.0% | Jun 2026 —
- ACM: Sep 2021 0.7% | Dec 2021 1.0% | Mar 2022 0.5% | Jun 2022 0.7% | Sep 2022 2.0% | Dec 2022 1.1% | Mar 2023 0.9% | Jun 2023 0.4% | Sep 2023 0.6% | Dec 2023 1.4% | Mar 2024 0.5% | Jun 2024 0.5% | Sep 2024 0.6% | Dec 2024 1.0% | Mar 2025 0.3% | Jun 2025 0.5% | Sep 2025 1.5% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 0.2% | Mar 2022 0.2% | Jun 2022 0.5% | Sep 2022 0.3% | Dec 2022 0.2% | Mar 2023 0.6% | Jun 2023 0.4% | Sep 2023 0.6% | Dec 2023 0.8% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.5% | Dec 2024 0.2% | Mar 2025 0.5% | Jun 2025 0.3% | Sep 2025 0.4% | Dec 2025 0.3% | Mar 2026 0.5% | Jun 2026 —
- STN: Sep 2021 1.3% | Dec 2021 1.2% | Mar 2022 0.8% | Jun 2022 0.9% | Sep 2022 1.4% | Dec 2022 1.9% | Mar 2023 1.4% | Jun 2023 1.2% | Sep 2023 2.4% | Dec 2023 1.2% | Mar 2024 1.2% | Jun 2024 2.1% | Sep 2024 1.8% | Dec 2024 0.2% | Mar 2025 0.8% | Jun 2025 1.0% | Sep 2025 0.7% | Dec 2025 1.1% | Mar 2026 1.1% | Jun 2026 —
- AGX: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 1.7% | Mar 2023 0.8% | Jun 2023 1.0% | Sep 2023 0.0% | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 0.0% | Sep 2024 0.9% | Dec 2024 1.2% | Mar 2025 0.4% | Jun 2025 0.0% | Sep 2025 0.8% | Dec 2025 0.4% | Mar 2026 0.4% | Jun 2026 0.7%
- ACA: Sep 2021 3.4% | Dec 2021 4.6% | Mar 2022 4.9% | Jun 2022 4.5% | Sep 2022 5.5% | Dec 2022 10% | Mar 2023 8.0% | Jun 2023 9.1% | Sep 2023 8.1% | Dec 2023 10% | Mar 2024 9.0% | Jun 2024 7.2% | Sep 2024 5.3% | Dec 2024 8.0% | Mar 2025 6.0% | Jun 2025 3.9% | Sep 2025 5.0% | Dec 2025 8.9% | Mar 2026 7.7% | Jun 2026 —
- FLR: Sep 2021 0.3% | Dec 2021 0.6% | Mar 2022 0.3% | Jun 2022 0.4% | Sep 2022 0.4% | Dec 2022 1.0% | Mar 2023 0.5% | Jun 2023 0.6% | Sep 2023 0.7% | Dec 2023 0.9% | Mar 2024 0.9% | Jun 2024 1.1% | Sep 2024 1.2% | Dec 2024 0.7% | Mar 2025 0.3% | Jun 2025 0.4% | Sep 2025 0.4% | Dec 2025 0.3% | Mar 2026 0.3% | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.9% | Jun 2024 0.8% | Sep 2024 0.9% | Dec 2024 1.1% | Mar 2025 1.0% | Jun 2025 1.5% | Sep 2025 1.6% | Dec 2025 1.8% | Mar 2026 1.7% | Jun 2026 —
- ROAD: Sep 2021 6.1% | Dec 2021 5.3% | Mar 2022 8.2% | Jun 2022 4.7% | Sep 2022 4.3% | Dec 2022 9.4% | Mar 2023 8.9% | Jun 2023 4.5% | Sep 2023 4.0% | Dec 2023 6.8% | Mar 2024 7.8% | Jun 2024 2.9% | Sep 2024 3.3% | Dec 2024 4.8% | Mar 2025 7.2% | Jun 2025 4.7% | Sep 2025 3.7% | Dec 2025 4.3% | Mar 2026 6.0% | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.1% | Dec 2023 1.1% | Mar 2024 1.4% | Jun 2024 1.0% | Sep 2024 2.4% | Dec 2024 1.8% | Mar 2025 2.3% | Jun 2025 1.4% | Sep 2025 1.0% | Dec 2025 2.5% | Mar 2026 1.4% | Jun 2026 —
- GVA: Sep 2021 2.5% | Dec 2021 7.0% | Mar 2022 4.7% | Jun 2022 4.9% | Sep 2022 2.5% | Dec 2022 3.0% | Mar 2023 7.1% | Jun 2023 4.3% | Sep 2023 2.6% | Dec 2023 3.3% | Mar 2024 4.2% | Jun 2024 3.6% | Sep 2024 3.2% | Dec 2024 2.9% | Mar 2025 4.6% | Jun 2025 2.6% | Sep 2025 1.9% | Dec 2025 4.4% | Mar 2026 2.9% | Jun 2026 —
- MYRG: Sep 2021 2.0% | Dec 2021 3.1% | Mar 2022 2.2% | Jun 2022 2.3% | Sep 2022 2.3% | Dec 2022 3.4% | Mar 2023 2.5% | Jun 2023 2.5% | Sep 2023 2.3% | Dec 2023 2.1% | Mar 2024 3.2% | Jun 2024 2.4% | Sep 2024 2.0% | Dec 2024 1.4% | Mar 2025 1.6% | Jun 2025 2.3% | Sep 2025 3.2% | Dec 2025 3.1% | Mar 2026 1.6% | Jun 2026 —
- KBR: Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 0.4% | Jun 2022 0.8% | Sep 2022 1.2% | Dec 2022 2.0% | Mar 2023 1.1% | Jun 2023 1.1% | Sep 2023 1.2% | Dec 2023 1.2% | Mar 2024 1.4% | Jun 2024 0.5% | Sep 2024 0.6% | Dec 2024 — | Mar 2025 0.8% | Jun 2025 0.1% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 1.0% | Jun 2026 0.6%
- TPC: Sep 2021 0.7% | Dec 2021 1.1% | Mar 2022 1.3% | Jun 2022 2.0% | Sep 2022 1.3% | Dec 2022 1.9% | Mar 2023 2.3% | Jun 2023 1.3% | Sep 2023 1.4% | Dec 2023 0.7% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 0.6% | Dec 2024 0.8% | Mar 2025 2.4% | Jun 2025 2.0% | Sep 2025 3.5% | Dec 2025 5.0% | Mar 2026 1.3% | Jun 2026 —
- PRIM: Sep 2021 4.3% | Dec 2021 3.6% | Mar 2022 4.2% | Jun 2022 3.2% | Sep 2022 0.8% | Dec 2022 1.4% | Mar 2023 1.1% | Jun 2023 2.1% | Sep 2023 2.6% | Dec 2023 1.4% | Mar 2024 0.7% | Jun 2024 1.5% | Sep 2024 3.9% | Dec 2024 1.6% | Mar 2025 2.5% | Jun 2025 1.7% | Sep 2025 1.6% | Dec 2025 1.2% | Mar 2026 1.8% | Jun 2026 —
- EXPO: Sep 2021 1.7% | Dec 2021 0.9% | Mar 2022 — | Jun 2022 2.3% | Sep 2022 2.3% | Dec 2022 2.4% | Mar 2023 4.3% | Jun 2023 3.6% | Sep 2023 2.3% | Dec 2023 1.6% | Mar 2024 0.7% | Jun 2024 0.7% | Sep 2024 1.5% | Dec 2024 — | Mar 2025 2.2% | Jun 2025 1.4% | Sep 2025 1.4% | Dec 2025 2.0% | Mar 2026 2.0% | Jun 2026 1.2%
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 12% | Jun 2025 — | Sep 2025 — | Dec 2025 11% | Mar 2026 5.4% | Jun 2026 —
- CDLR: Sep 2021 543% | Dec 2021 543% | Mar 2022 268% | Jun 2022 268% | Sep 2022 169% | Dec 2022 169% | Mar 2023 42% | Jun 2023 14% | Sep 2023 48% | Dec 2023 247% | Mar 2024 537% | Jun 2024 308% | Sep 2024 312% | Dec 2024 77% | Mar 2025 717% | Jun 2025 88% | Sep 2025 168% | Dec 2025 182% | Mar 2026 73% | Jun 2026 —
- WLDN: Sep 2021 2.4% | Dec 2021 2.0% | Mar 2022 — | Jun 2022 2.2% | Sep 2022 1.9% | Dec 2022 2.7% | Mar 2023 2.9% | Jun 2023 1.7% | Sep 2023 1.5% | Dec 2023 1.3% | Mar 2024 1.6% | Jun 2024 1.4% | Sep 2024 1.3% | Dec 2024 1.4% | Mar 2025 — | Jun 2025 1.3% | Sep 2025 1.2% | Dec 2025 1.1% | Mar 2026 1.1% | Jun 2026 1.3%
- AMRC: Sep 2021 16% | Dec 2021 8.2% | Mar 2022 12% | Jun 2022 13% | Sep 2022 16% | Dec 2022 38% | Mar 2023 34% | Jun 2023 54% | Sep 2023 56% | Dec 2023 21% | Mar 2024 38% | Jun 2024 29% | Sep 2024 24% | Dec 2024 15% | Mar 2025 32% | Jun 2025 22% | Sep 2025 15% | Dec 2025 9.6% | Mar 2026 24% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Fluor Corporation has the clearest covered balance-sheet capacity with $2,601 million net cash and gross debt of $1,071 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Argan, Inc. · $0 million | 100% versus #2 · MYR Group Inc. | 8/8 recent comparable periods | 29/30 companies · 520 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Argan, Inc. (AGX): ₹0 Cr
2. MYR Group Inc. (MYRG): ₹62 Cr
3. Willdan Group, Inc. (WLDN): ₹69 Cr
4. Exponent, Inc. (EXPO): ₹81 Cr
5. IES Holdings, Inc. (IESC): ₹107 Cr

### Net debt — lowest net debt
1. Fluor Corporation (FLR): ₹-2.6K Cr
2. Comfort Systems USA, Inc. (FIX): ₹-1.5K Cr
3. Argan, Inc. (AGX): ₹-974 Cr
4. Tutor Perini Corporation (TPC): ₹-684 Cr
5. EMCOR Group, Inc. (EME): ₹-406 Cr

### 20-quarter Gross debt history
- PWR: Sep 2021 ₹3.2K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹6.4K Cr | Mar 2026 ₹6.3K Cr | Jun 2026 —
- FIX: Sep 2021 ₹362 Cr | Dec 2021 ₹496 Cr | Mar 2022 ₹520 Cr | Jun 2022 ₹519 Cr | Sep 2022 ₹495 Cr | Dec 2022 ₹121 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹239 Cr | Dec 2023 ₹232 Cr | Mar 2024 ₹300 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹277 Cr | Dec 2024 ₹280 Cr | Mar 2025 ₹278 Cr | Jun 2025 ₹284 Cr | Sep 2025 ₹394 Cr | Dec 2025 ₹448 Cr | Mar 2026 ₹339 Cr | Jun 2026 ₹328 Cr
- EME: Sep 2021 ₹562 Cr | Dec 2021 ₹540 Cr | Mar 2022 ₹546 Cr | Jun 2022 ₹551 Cr | Sep 2022 ₹713 Cr | Dec 2022 ₹535 Cr | Mar 2023 ₹642 Cr | Jun 2023 ₹569 Cr | Sep 2023 ₹435 Cr | Dec 2023 ₹335 Cr | Mar 2024 ₹346 Cr | Jun 2024 ₹358 Cr | Sep 2024 ₹350 Cr | Dec 2024 ₹343 Cr | Mar 2025 ₹636 Cr | Jun 2025 ₹670 Cr | Sep 2025 ₹425 Cr | Dec 2025 ₹468 Cr | Mar 2026 ₹510 Cr | Jun 2026 —
- MTZ: Sep 2021 ₹1.7K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- APG: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- J: Sep 2021 ₹4.1K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 — | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- STRL: Sep 2021 ₹339 Cr | Dec 2021 ₹472 Cr | Mar 2022 ₹485 Cr | Jun 2022 ₹489 Cr | Sep 2022 ₹497 Cr | Dec 2022 ₹491 Cr | Mar 2023 ₹463 Cr | Jun 2023 ₹426 Cr | Sep 2023 ₹415 Cr | Dec 2023 ₹399 Cr | Mar 2024 ₹391 Cr | Jun 2024 ₹388 Cr | Sep 2024 ₹378 Cr | Dec 2024 ₹369 Cr | Mar 2025 ₹359 Cr | Jun 2025 ₹343 Cr | Sep 2025 ₹359 Cr | Dec 2025 ₹350 Cr | Mar 2026 ₹342 Cr | Jun 2026 —
- DY: Sep 2021 ₹965 Cr | Dec 2021 ₹902 Cr | Mar 2022 ₹902 Cr | Jun 2022 ₹899 Cr | Sep 2022 ₹897 Cr | Dec 2022 ₹895 Cr | Mar 2023 ₹892 Cr | Jun 2023 ₹893 Cr | Sep 2023 ₹889 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹885 Cr | Jun 2024 ₹940 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 ₹3.0K Cr
- IESC: Sep 2021 ₹68 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹98 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹120 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹107 Cr | Jun 2026 —
- BLD: Sep 2021 ₹807 Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- ACM: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 ₹454 Cr | Mar 2022 ₹502 Cr | Jun 2022 ₹480 Cr | Sep 2022 ₹476 Cr | Dec 2022 ₹463 Cr | Mar 2023 ₹450 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹987 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- STN: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- AGX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- ACA: Sep 2021 ₹756 Cr | Dec 2021 ₹680 Cr | Mar 2022 ₹681 Cr | Jun 2022 ₹713 Cr | Sep 2022 ₹711 Cr | Dec 2022 ₹551 Cr | Mar 2023 ₹550 Cr | Jun 2023 ₹547 Cr | Sep 2023 ₹510 Cr | Dec 2023 ₹569 Cr | Mar 2024 ₹607 Cr | Jun 2024 ₹707 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- FLR: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹994 Cr | Jun 2023 ₹996 Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹931 Cr | Dec 2025 ₹954 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- ROAD: Sep 2021 ₹223 Cr | Dec 2021 ₹295 Cr | Mar 2022 ₹339 Cr | Jun 2022 ₹365 Cr | Sep 2022 ₹390 Cr | Dec 2022 ₹444 Cr | Mar 2023 ₹440 Cr | Jun 2023 ₹437 Cr | Sep 2023 ₹391 Cr | Dec 2023 ₹461 Cr | Mar 2024 ₹466 Cr | Jun 2024 ₹512 Cr | Sep 2024 ₹552 Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹81 Cr | Dec 2022 ₹81 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹222 Cr | Dec 2023 ₹222 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹363 Cr | Mar 2025 ₹360 Cr | Jun 2025 ₹363 Cr | Sep 2025 ₹370 Cr | Dec 2025 ₹372 Cr | Mar 2026 ₹363 Cr | Jun 2026 —
- GVA: Sep 2021 ₹380 Cr | Dec 2021 ₹373 Cr | Mar 2022 ₹332 Cr | Jun 2022 ₹319 Cr | Sep 2022 ₹321 Cr | Dec 2022 ₹321 Cr | Mar 2023 ₹316 Cr | Jun 2023 ₹499 Cr | Sep 2023 ₹447 Cr | Dec 2023 ₹718 Cr | Mar 2024 ₹618 Cr | Jun 2024 ₹804 Cr | Sep 2024 ₹810 Cr | Dec 2024 ₹813 Cr | Mar 2025 ₹817 Cr | Jun 2025 ₹822 Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- MYRG: Sep 2021 ₹26 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- KBR: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 — | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 ₹2.8K Cr
- TPC: Sep 2021 ₹968 Cr | Dec 2021 ₹994 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹968 Cr | Sep 2022 ₹961 Cr | Dec 2022 ₹958 Cr | Mar 2023 ₹981 Cr | Jun 2023 ₹926 Cr | Sep 2023 ₹905 Cr | Dec 2023 ₹900 Cr | Mar 2024 ₹801 Cr | Jun 2024 ₹676 Cr | Sep 2024 ₹681 Cr | Dec 2024 ₹534 Cr | Mar 2025 ₹406 Cr | Jun 2025 ₹419 Cr | Sep 2025 ₹413 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹399 Cr | Jun 2026 —
- PRIM: Sep 2021 ₹789 Cr | Dec 2021 ₹760 Cr | Mar 2022 ₹752 Cr | Jun 2022 ₹781 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹932 Cr | Jun 2025 ₹934 Cr | Sep 2025 ₹815 Cr | Dec 2025 ₹796 Cr | Mar 2026 ₹767 Cr | Jun 2026 —
- EXPO: Sep 2021 ₹17 Cr | Dec 2021 ₹16 Cr | Mar 2022 — | Jun 2022 ₹17 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹81 Cr | Dec 2024 — | Mar 2025 ₹118 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹130 Cr | Mar 2026 ₹136 Cr | Jun 2026 ₹81 Cr
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹63 Cr | Dec 2024 ₹63 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹227 Cr | Jun 2026 —
- CDLR: Sep 2021 ₹74 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹350 Cr | Sep 2024 ₹590 Cr | Dec 2024 ₹582 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- WLDN: Sep 2021 ₹125 Cr | Dec 2021 ₹120 Cr | Mar 2022 — | Jun 2022 ₹134 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹123 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹108 Cr | Mar 2025 — | Jun 2025 ₹104 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹69 Cr | Jun 2026 ₹69 Cr
- AMRC: Sep 2021 ₹443 Cr | Dec 2021 ₹498 Cr | Mar 2022 ₹779 Cr | Jun 2022 ₹820 Cr | Sep 2022 ₹850 Cr | Dec 2022 ₹938 Cr | Mar 2023 ₹983 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —

### 20-quarter Net debt history
- PWR: Sep 2021 ₹1.5K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 —
- FIX: Sep 2021 ₹294 Cr | Dec 2021 ₹437 Cr | Mar 2022 ₹404 Cr | Jun 2022 ₹450 Cr | Sep 2022 ₹424 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹275 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹199 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹-139 Cr | Dec 2024 ₹-270 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹-48 Cr | Sep 2025 ₹-467 Cr | Dec 2025 ₹-534 Cr | Mar 2026 ₹-711 Cr | Jun 2026 ₹-1.5K Cr
- EME: Sep 2021 ₹-102 Cr | Dec 2021 ₹-281 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹289 Cr | Sep 2022 ₹309 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹222 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹-89 Cr | Dec 2023 ₹-455 Cr | Mar 2024 ₹-495 Cr | Jun 2024 ₹-449 Cr | Sep 2024 ₹-686 Cr | Dec 2024 ₹-997 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹-230 Cr | Dec 2025 ₹-644 Cr | Mar 2026 ₹-406 Cr | Jun 2026 —
- MTZ: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- APG: Sep 2021 ₹449 Cr | Dec 2021 ₹383 Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- J: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 — | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹858 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- STRL: Sep 2021 ₹221 Cr | Dec 2021 ₹411 Cr | Mar 2022 ₹405 Cr | Jun 2022 ₹416 Cr | Sep 2022 ₹351 Cr | Dec 2022 ₹309 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹-73 Cr | Mar 2024 ₹-89 Cr | Jun 2024 ₹-152 Cr | Sep 2024 ₹-270 Cr | Dec 2024 ₹-295 Cr | Mar 2025 ₹-280 Cr | Jun 2025 ₹-356 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹-41 Cr | Mar 2026 ₹-170 Cr | Jun 2026 —
- DY: Sep 2021 ₹703 Cr | Dec 2021 ₹638 Cr | Mar 2022 ₹591 Cr | Jun 2022 ₹713 Cr | Sep 2022 ₹777 Cr | Dec 2022 ₹830 Cr | Mar 2023 ₹668 Cr | Jun 2023 ₹822 Cr | Sep 2023 ₹806 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹784 Cr | Jun 2024 ₹914 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹963 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹955 Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.5K Cr
- IESC: Sep 2021 ₹45 Cr | Dec 2021 ₹87 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹-34 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹-45 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹-96 Cr | Dec 2024 ₹-54 Cr | Mar 2025 ₹-19 Cr | Jun 2025 ₹-95 Cr | Sep 2025 ₹-170 Cr | Dec 2025 ₹-193 Cr | Mar 2026 ₹-156 Cr | Jun 2026 —
- BLD: Sep 2021 ₹479 Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹789 Cr | Mar 2024 ₹655 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- ACM: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 ₹287 Cr | Mar 2022 ₹296 Cr | Jun 2022 ₹286 Cr | Sep 2022 ₹259 Cr | Dec 2022 ₹278 Cr | Mar 2023 ₹286 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹976 Cr | Dec 2023 ₹920 Cr | Mar 2024 ₹951 Cr | Jun 2024 ₹845 Cr | Sep 2024 ₹783 Cr | Dec 2024 ₹836 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹829 Cr | Sep 2025 ₹820 Cr | Dec 2025 ₹789 Cr | Mar 2026 ₹886 Cr | Jun 2026 —
- STN: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- AGX: Sep 2021 ₹-491 Cr | Dec 2021 ₹-482 Cr | Mar 2022 ₹-440 Cr | Jun 2022 ₹-367 Cr | Sep 2022 ₹-319 Cr | Dec 2022 ₹-287 Cr | Mar 2023 ₹-325 Cr | Jun 2023 ₹-317 Cr | Sep 2023 ₹-346 Cr | Dec 2023 ₹-398 Cr | Mar 2024 ₹-412 Cr | Jun 2024 ₹-416 Cr | Sep 2024 ₹-485 Cr | Dec 2024 ₹-506 Cr | Mar 2025 ₹-525 Cr | Jun 2025 ₹-546 Cr | Sep 2025 ₹-572 Cr | Dec 2025 ₹-727 Cr | Mar 2026 ₹-895 Cr | Jun 2026 ₹-974 Cr
- ACA: Sep 2021 ₹690 Cr | Dec 2021 ₹607 Cr | Mar 2022 ₹592 Cr | Jun 2022 ₹636 Cr | Sep 2022 ₹599 Cr | Dec 2022 ₹391 Cr | Mar 2023 ₹401 Cr | Jun 2023 ₹349 Cr | Sep 2023 ₹355 Cr | Dec 2023 ₹464 Cr | Mar 2024 ₹430 Cr | Jun 2024 ₹603 Cr | Sep 2024 ₹480 Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- FLR: Sep 2021 ₹-1.0K Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-920 Cr | Jun 2022 ₹-1.0K Cr | Sep 2022 ₹-1.4K Cr | Dec 2022 ₹-1.5K Cr | Mar 2023 ₹-1.3K Cr | Jun 2023 ₹-1.3K Cr | Sep 2023 ₹-1.0K Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-1.6K Cr | Sep 2024 ₹-1.9K Cr | Dec 2024 ₹-1.9K Cr | Mar 2025 ₹-1.4K Cr | Jun 2025 ₹-1.2K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-2.7K Cr | Mar 2026 ₹-2.6K Cr | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹755 Cr | Dec 2025 ₹724 Cr | Mar 2026 ₹933 Cr | Jun 2026 —
- ROAD: Sep 2021 ₹166 Cr | Dec 2021 ₹253 Cr | Mar 2022 ₹308 Cr | Jun 2022 ₹339 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹400 Cr | Mar 2023 ₹409 Cr | Jun 2023 ₹382 Cr | Sep 2023 ₹342 Cr | Dec 2023 ₹391 Cr | Mar 2024 ₹416 Cr | Jun 2024 ₹454 Cr | Sep 2024 ₹475 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹79 Cr | Dec 2022 ₹79 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹220 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹277 Cr | Mar 2025 ₹286 Cr | Jun 2025 ₹278 Cr | Sep 2025 ₹221 Cr | Dec 2025 ₹201 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- GVA: Sep 2021 ₹-84 Cr | Dec 2021 ₹-23 Cr | Mar 2022 ₹-44 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹-12 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹264 Cr | Mar 2024 ₹281 Cr | Jun 2024 ₹427 Cr | Sep 2024 ₹338 Cr | Dec 2024 ₹227 Cr | Mar 2025 ₹394 Cr | Jun 2025 ₹437 Cr | Sep 2025 ₹917 Cr | Dec 2025 ₹865 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- MYRG: Sep 2021 ₹-47 Cr | Dec 2021 ₹-57 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹-46 Cr | Mar 2026 ₹-101 Cr | Jun 2026 —
- KBR: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 — | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.4K Cr
- TPC: Sep 2021 ₹687 Cr | Dec 2021 ₹698 Cr | Mar 2022 ₹597 Cr | Jun 2022 ₹570 Cr | Sep 2022 ₹536 Cr | Dec 2022 ₹593 Cr | Mar 2023 ₹590 Cr | Jun 2023 ₹554 Cr | Sep 2023 ₹475 Cr | Dec 2023 ₹375 Cr | Mar 2024 ₹297 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹244 Cr | Dec 2024 ₹-70 Cr | Mar 2025 ₹-46 Cr | Jun 2025 ₹-285 Cr | Sep 2025 ₹-519 Cr | Dec 2025 ₹-592 Cr | Mar 2026 ₹-684 Cr | Jun 2026 —
- PRIM: Sep 2021 ₹590 Cr | Dec 2021 ₹559 Cr | Mar 2022 ₹578 Cr | Jun 2022 ₹690 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹878 Cr | Dec 2024 ₹612 Cr | Mar 2025 ₹580 Cr | Jun 2025 ₹544 Cr | Sep 2025 ₹384 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹405 Cr | Jun 2026 —
- EXPO: Sep 2021 ₹-223 Cr | Dec 2021 ₹-239 Cr | Mar 2022 — | Jun 2022 ₹-198 Cr | Sep 2022 ₹-73 Cr | Dec 2022 ₹-142 Cr | Mar 2023 ₹-110 Cr | Jun 2023 ₹-46 Cr | Sep 2023 ₹-109 Cr | Dec 2023 ₹-159 Cr | Mar 2024 ₹-142 Cr | Jun 2024 ₹-128 Cr | Sep 2024 ₹-139 Cr | Dec 2024 — | Mar 2025 ₹-141 Cr | Jun 2025 ₹-127 Cr | Sep 2025 ₹-152 Cr | Dec 2025 ₹-77 Cr | Mar 2026 ₹-86 Cr | Jun 2026 ₹-38 Cr
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹42 Cr | Dec 2024 ₹42 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹183 Cr | Jun 2026 —
- CDLR: Sep 2021 ₹72 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹96 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹-19 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹60 Cr | Jun 2024 ₹257 Cr | Sep 2024 ₹498 Cr | Dec 2024 ₹531 Cr | Mar 2025 ₹976 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- WLDN: Sep 2021 ₹116 Cr | Dec 2021 ₹115 Cr | Mar 2022 — | Jun 2022 ₹126 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹34 Cr | Mar 2025 — | Jun 2025 ₹66 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹35 Cr
- AMRC: Sep 2021 ₹386 Cr | Dec 2021 ₹448 Cr | Mar 2022 ₹711 Cr | Jun 2022 ₹752 Cr | Sep 2022 ₹727 Cr | Dec 2022 ₹822 Cr | Mar 2023 ₹804 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Comfort Systems USA, Inc. leads ROCE at 18.3%, 7 percentage points above IES Holdings, Inc.. Cardinal Infrastructure Group Inc. has the strongest latest improvement at +20.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Comfort Systems USA, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Comfort Systems USA, Inc. · 18.3% | 61.9% versus #2 · IES Holdings, Inc. | 8/8 recent comparable periods | 30/30 companies · 533 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Comfort Systems USA, Inc. (FIX): 18%
2. IES Holdings, Inc. (IESC): 11%
3. Argan, Inc. (AGX): 11%
4. EMCOR Group, Inc. (EME): 9.5%
5. Sterling Infrastructure, Inc. (STRL): 9.3%

### ROCE change — fastest improvers
1. Cardinal Infrastructure Group Inc. (CDNL): +20.6 pp
2. Sterling Infrastructure, Inc. (STRL): +4.6 pp
3. Comfort Systems USA, Inc. (FIX): +4.2 pp
4. MYR Group Inc. (MYRG): +3.7 pp
5. Argan, Inc. (AGX): +3.2 pp

### 20-quarter ROCE history
- PWR: Sep 2021 3.4% | Dec 2021 1.8% | Mar 2022 1.4% | Jun 2022 2.5% | Sep 2022 3.1% | Dec 2022 2.6% | Mar 2023 1.2% | Jun 2023 2.7% | Sep 2023 3.8% | Dec 2023 3.1% | Mar 2024 1.5% | Jun 2024 2.8% | Sep 2024 3.7% | Dec 2024 3.8% | Mar 2025 2.0% | Jun 2025 3.0% | Sep 2025 3.7% | Dec 2025 3.4% | Mar 2026 2.3% | Jun 2026 —
- FIX: Sep 2021 5.7% | Dec 2021 4.0% | Mar 2022 2.9% | Jun 2022 4.5% | Sep 2022 6.0% | Dec 2022 5.7% | Mar 2023 4.9% | Jun 2023 6.3% | Sep 2023 9.0% | Dec 2023 8.0% | Mar 2024 8.5% | Jun 2024 11% | Sep 2024 12% | Dec 2024 12% | Mar 2025 11% | Jun 2025 14% | Sep 2025 16% | Dec 2025 17% | Mar 2026 18% | Jun 2026 18%
- FER: Sep 2021 4.5% | Dec 2021 4.0% | Mar 2022 0.5% | Jun 2022 0.5% | Sep 2022 0.7% | Dec 2022 0.7% | Mar 2023 0.5% | Jun 2023 0.5% | Sep 2023 0.9% | Dec 2023 1.1% | Mar 2024 0.8% | Jun 2024 2.0% | Sep 2024 1.3% | Dec 2024 11% | Mar 2025 2.5% | Jun 2025 1.1% | Sep 2025 1.2% | Dec 2025 1.0% | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 4.7% | Dec 2021 4.8% | Mar 2022 3.4% | Jun 2022 4.8% | Sep 2022 5.1% | Dec 2022 6.1% | Mar 2023 5.2% | Jun 2023 6.9% | Sep 2023 8.1% | Dec 2023 9.9% | Mar 2024 8.3% | Jun 2024 11% | Sep 2024 11% | Dec 2024 12% | Mar 2025 9.0% | Jun 2025 11% | Sep 2025 11% | Dec 2025 14% | Mar 2026 9.5% | Jun 2026 —
- MTZ: Sep 2021 3.5% | Dec 2021 1.7% | Mar 2022 -0.8% | Jun 2022 0.5% | Sep 2022 1.7% | Dec 2022 0.9% | Mar 2023 -1.5% | Jun 2023 1.1% | Sep 2023 1.0% | Dec 2023 0.6% | Mar 2024 0.0% | Jun 2024 1.8% | Sep 2024 2.9% | Dec 2024 2.2% | Mar 2025 0.6% | Jun 2025 2.6% | Sep 2025 4.1% | Dec 2025 3.3% | Mar 2026 2.2% | Jun 2026 —
- APG: Sep 2021 1.2% | Dec 2021 1.3% | Mar 2022 -0.1% | Jun 2022 1.2% | Sep 2022 1.2% | Dec 2022 0.9% | Mar 2023 1.1% | Jun 2023 1.7% | Sep 2023 1.7% | Dec 2023 1.3% | Mar 2024 1.7% | Jun 2024 2.0% | Sep 2024 2.3% | Dec 2024 1.9% | Mar 2025 1.4% | Jun 2025 2.2% | Sep 2025 2.5% | Dec 2025 2.5% | Mar 2026 1.6% | Jun 2026 —
- J: Sep 2021 — | Dec 2021 2.4% | Mar 2022 — | Jun 2022 1.4% | Sep 2022 2.3% | Dec 2022 2.0% | Mar 2023 2.5% | Jun 2023 2.3% | Sep 2023 2.5% | Dec 2023 1.2% | Mar 2024 1.6% | Jun 2024 1.5% | Sep 2024 2.1% | Dec 2024 2.2% | Mar 2025 2.2% | Jun 2025 2.5% | Sep 2025 2.7% | Dec 2025 3.0% | Mar 2026 -1.0% | Jun 2026 —
- STRL: Sep 2021 4.7% | Dec 2021 2.6% | Mar 2022 3.8% | Jun 2022 5.4% | Sep 2022 5.8% | Dec 2022 3.9% | Mar 2023 3.5% | Jun 2023 6.2% | Sep 2023 5.6% | Dec 2023 5.3% | Mar 2024 4.0% | Jun 2024 6.8% | Sep 2024 7.9% | Dec 2024 5.2% | Mar 2025 4.7% | Jun 2025 8.3% | Sep 2025 9.0% | Dec 2025 8.3% | Mar 2026 9.3% | Jun 2026 —
- DY: Sep 2021 — | Dec 2021 2.5% | Mar 2022 0.2% | Jun 2022 1.4% | Sep 2022 3.7% | Dec 2022 4.2% | Mar 2023 2.4% | Jun 2023 4.0% | Sep 2023 4.8% | Dec 2023 6.0% | Mar 2024 2.2% | Jun 2024 4.1% | Sep 2024 4.9% | Dec 2024 4.3% | Mar 2025 2.4% | Jun 2025 3.7% | Sep 2025 5.7% | Dec 2025 5.8% | Mar 2026 1.3% | Jun 2026 3.8%
- IESC: Sep 2021 7.8% | Dec 2021 4.8% | Mar 2022 -1.2% | Jun 2022 3.3% | Sep 2022 5.1% | Dec 2022 8.1% | Mar 2023 6.3% | Jun 2023 6.6% | Sep 2023 9.5% | Dec 2023 10% | Mar 2024 13% | Jun 2024 15% | Sep 2024 12% | Dec 2024 11% | Mar 2025 12% | Jun 2025 14% | Sep 2025 12% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- BLD: Sep 2021 5.6% | Dec 2021 4.1% | Mar 2022 5.5% | Jun 2022 6.8% | Sep 2022 7.1% | Dec 2022 5.5% | Mar 2023 5.3% | Jun 2023 6.1% | Sep 2023 6.0% | Dec 2023 5.0% | Mar 2024 5.1% | Jun 2024 5.1% | Sep 2024 6.0% | Dec 2024 5.2% | Mar 2025 4.2% | Jun 2025 5.1% | Sep 2025 4.5% | Dec 2025 3.7% | Mar 2026 3.6% | Jun 2026 —
- ACM: Sep 2021 2.6% | Dec 2021 2.7% | Mar 2022 1.8% | Jun 2022 3.0% | Sep 2022 3.1% | Dec 2022 2.6% | Mar 2023 3.4% | Jun 2023 -1.8% | Sep 2023 1.4% | Dec 2023 2.9% | Mar 2024 3.6% | Jun 2024 4.0% | Sep 2024 4.3% | Dec 2024 4.3% | Mar 2025 4.6% | Jun 2025 5.0% | Sep 2025 4.0% | Dec 2025 3.8% | Mar 2026 4.2% | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 4.9% | Mar 2022 5.1% | Jun 2022 4.3% | Sep 2022 4.9% | Dec 2022 5.5% | Mar 2023 5.0% | Jun 2023 2.7% | Sep 2023 4.3% | Dec 2023 5.0% | Mar 2024 4.1% | Jun 2024 4.6% | Sep 2024 5.1% | Dec 2024 0.8% | Mar 2025 1.4% | Jun 2025 5.7% | Sep 2025 6.2% | Dec 2025 4.7% | Mar 2026 4.5% | Jun 2026 —
- STN: Sep 2021 3.0% | Dec 2021 0.8% | Mar 2022 1.9% | Jun 2022 2.8% | Sep 2022 2.9% | Dec 2022 2.6% | Mar 2023 2.4% | Jun 2023 3.1% | Sep 2023 3.7% | Dec 2023 2.6% | Mar 2024 2.5% | Jun 2024 2.8% | Sep 2024 3.3% | Dec 2024 3.2% | Mar 2025 3.0% | Jun 2025 3.6% | Sep 2025 4.1% | Dec 2025 2.8% | Mar 2026 3.1% | Jun 2026 —
- AGX: Sep 2021 — | Dec 2021 4.2% | Mar 2022 -0.4% | Jun 2022 2.9% | Sep 2022 4.3% | Dec 2022 3.0% | Mar 2023 3.1% | Jun 2023 1.2% | Sep 2023 4.6% | Dec 2023 2.8% | Mar 2024 4.0% | Jun 2024 2.2% | Sep 2024 6.2% | Dec 2024 9.7% | Mar 2025 10% | Jun 2025 7.3% | Sep 2025 8.5% | Dec 2025 8.5% | Mar 2026 12% | Jun 2026 11%
- ACA: Sep 2021 1.4% | Dec 2021 0.6% | Mar 2022 1.3% | Jun 2022 2.0% | Sep 2022 1.7% | Dec 2022 7.2% | Mar 2023 2.6% | Jun 2023 1.7% | Sep 2023 1.6% | Dec 2023 1.4% | Mar 2024 1.7% | Jun 2024 2.1% | Sep 2024 1.0% | Dec 2024 1.1% | Mar 2025 1.1% | Jun 2025 2.4% | Sep 2025 2.7% | Dec 2025 1.8% | Mar 2026 1.1% | Jun 2026 —
- FLR: Sep 2021 2.7% | Dec 2021 -7.4% | Mar 2022 2.8% | Jun 2022 2.8% | Sep 2022 -0.3% | Dec 2022 0.5% | Mar 2023 -4.2% | Jun 2023 2.7% | Sep 2023 5.7% | Dec 2023 -0.7% | Mar 2024 1.4% | Jun 2024 4.7% | Sep 2024 1.2% | Dec 2024 3.8% | Mar 2025 1.9% | Jun 2025 -0.4% | Sep 2025 -8.4% | Dec 2025 1.0% | Mar 2026 1.8% | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 1.5% | Dec 2024 1.3% | Mar 2025 1.7% | Jun 2025 3.3% | Sep 2025 1.9% | Dec 2025 0.2% | Mar 2026 1.1% | Jun 2026 —
- ROAD: Sep 2021 2.0% | Dec 2021 1.4% | Mar 2022 -1.8% | Jun 2022 2.5% | Sep 2022 2.7% | Dec 2022 0.8% | Mar 2023 -0.3% | Jun 2023 3.8% | Sep 2023 4.9% | Dec 2023 1.7% | Mar 2024 0.3% | Jun 2024 4.5% | Sep 2024 4.4% | Dec 2024 0.9% | Mar 2025 1.7% | Jun 2025 4.8% | Sep 2025 5.2% | Dec 2025 2.0% | Mar 2026 1.5% | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 7.6% | Dec 2023 7.7% | Mar 2024 11% | Jun 2024 14% | Sep 2024 7.8% | Dec 2024 6.4% | Mar 2025 6.6% | Jun 2025 9.0% | Sep 2025 8.8% | Dec 2025 7.8% | Mar 2026 8.4% | Jun 2026 —
- GVA: Sep 2021 2.9% | Dec 2021 -1.8% | Mar 2022 -1.2% | Jun 2022 2.2% | Sep 2022 3.9% | Dec 2022 1.2% | Mar 2023 -3.2% | Jun 2023 2.1% | Sep 2023 5.1% | Dec 2023 1.3% | Mar 2024 -2.9% | Jun 2024 5.1% | Sep 2024 6.0% | Dec 2024 3.2% | Mar 2025 -2.2% | Jun 2025 5.3% | Sep 2025 6.4% | Dec 2025 3.3% | Mar 2026 -1.5% | Jun 2026 —
- MYRG: Sep 2021 5.3% | Dec 2021 5.2% | Mar 2022 3.9% | Jun 2022 4.1% | Sep 2022 4.0% | Dec 2022 5.4% | Mar 2023 3.8% | Jun 2023 4.4% | Sep 2023 4.1% | Dec 2023 4.8% | Mar 2024 3.1% | Jun 2024 -2.6% | Sep 2024 2.5% | Dec 2024 3.6% | Mar 2025 4.2% | Jun 2025 4.8% | Sep 2025 5.5% | Dec 2025 5.6% | Mar 2026 7.9% | Jun 2026 —
- KBR: Sep 2021 2.6% | Dec 2021 3.0% | Mar 2022 2.1% | Jun 2022 3.1% | Sep 2022 3.1% | Dec 2022 3.0% | Mar 2023 3.6% | Jun 2023 0.2% | Sep 2023 3.8% | Dec 2023 3.8% | Mar 2024 4.2% | Jun 2024 4.4% | Sep 2024 3.9% | Dec 2024 — | Mar 2025 3.2% | Jun 2025 4.5% | Sep 2025 4.3% | Dec 2025 3.9% | Mar 2026 3.9% | Jun 2026 3.6%
- TPC: Sep 2021 1.9% | Dec 2021 2.0% | Mar 2022 -0.3% | Jun 2022 -3.2% | Sep 2022 -0.2% | Dec 2022 -3.5% | Mar 2023 -3.0% | Jun 2023 0.1% | Sep 2023 -0.5% | Dec 2023 -0.9% | Mar 2024 2.0% | Jun 2024 1.7% | Sep 2024 -4.6% | Dec 2024 -4.1% | Mar 2025 3.1% | Jun 2025 3.7% | Sep 2025 2.0% | Dec 2025 2.6% | Mar 2026 3.2% | Jun 2026 —
- PRIM: Sep 2021 4.4% | Dec 2021 2.5% | Mar 2022 0.0% | Jun 2022 3.8% | Sep 2022 3.2% | Dec 2022 2.9% | Mar 2023 0.9% | Jun 2023 3.3% | Sep 2023 3.6% | Dec 2023 3.1% | Mar 2024 1.8% | Jun 2024 3.4% | Sep 2024 3.9% | Dec 2024 3.5% | Mar 2025 2.9% | Jun 2025 5.0% | Sep 2025 5.3% | Dec 2025 3.0% | Mar 2026 1.0% | Jun 2026 —
- EXPO: Sep 2021 — | Dec 2021 6.8% | Mar 2022 — | Jun 2022 7.4% | Sep 2022 9.7% | Dec 2022 4.6% | Mar 2023 6.0% | Jun 2023 6.5% | Sep 2023 7.6% | Dec 2023 4.0% | Mar 2024 6.3% | Jun 2024 6.8% | Sep 2024 4.8% | Dec 2024 — | Mar 2025 5.0% | Jun 2025 7.7% | Sep 2025 2.9% | Dec 2025 4.8% | Mar 2026 4.8% | Jun 2026 7.0%
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 21% | Mar 2026 5.6% | Jun 2026 —
- CDLR: Sep 2021 0.5% | Dec 2021 0.5% | Mar 2022 1.5% | Jun 2022 1.5% | Sep 2022 2.8% | Dec 2022 2.8% | Mar 2023 0.4% | Jun 2023 4.8% | Sep 2023 0.2% | Dec 2023 -4.8% | Mar 2024 -1.9% | Jun 2024 1.7% | Sep 2024 3.9% | Dec 2024 4.2% | Mar 2025 0.3% | Jun 2025 8.3% | Sep 2025 3.6% | Dec 2025 2.9% | Mar 2026 0.3% | Jun 2026 —
- WLDN: Sep 2021 — | Dec 2021 0.5% | Mar 2022 — | Jun 2022 -2.0% | Sep 2022 -1.9% | Dec 2022 1.6% | Mar 2023 1.4% | Jun 2023 1.0% | Sep 2023 1.3% | Dec 2023 4.0% | Mar 2024 1.8% | Jun 2024 2.5% | Sep 2024 2.8% | Dec 2024 3.5% | Mar 2025 — | Jun 2025 2.2% | Sep 2025 3.6% | Dec 2025 4.4% | Mar 2026 2.9% | Jun 2026 2.0%
- AMRC: Sep 2021 1.7% | Dec 2021 2.1% | Mar 2022 1.6% | Jun 2022 2.2% | Sep 2022 2.1% | Dec 2022 1.2% | Mar 2023 0.4% | Jun 2023 0.8% | Sep 2023 0.9% | Dec 2023 1.4% | Mar 2024 0.3% | Jun 2024 0.8% | Sep 2024 1.3% | Dec 2024 1.5% | Mar 2025 0.5% | Jun 2025 0.9% | Sep 2025 1.3% | Dec 2025 1.2% | Mar 2026 0.3% | Jun 2026 —

### 20-quarter ROCE change history
- PWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +0.8 pp | Mar 2023 −0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +0.7 pp | Dec 2023 +0.5 pp | Mar 2024 +0.3 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 +0.7 pp | Mar 2025 +0.5 pp | Jun 2025 +0.2 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 +0.3 pp | Jun 2026 —
- FIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +1.7 pp | Mar 2023 +2.0 pp | Jun 2023 +1.8 pp | Sep 2023 +3.0 pp | Dec 2023 +2.3 pp | Mar 2024 +3.6 pp | Jun 2024 +4.8 pp | Sep 2024 +2.6 pp | Dec 2024 +4.2 pp | Mar 2025 +2.2 pp | Jun 2025 +3.0 pp | Sep 2025 +4.4 pp | Dec 2025 +4.3 pp | Mar 2026 +7.1 pp | Jun 2026 +4.2 pp
- FER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.8 pp | Dec 2022 −3.3 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 +0.2 pp | Dec 2023 +0.4 pp | Mar 2024 +0.3 pp | Jun 2024 +1.5 pp | Sep 2024 +0.4 pp | Dec 2024 +9.4 pp | Mar 2025 +1.7 pp | Jun 2025 −0.9 pp | Sep 2025 −0.1 pp | Dec 2025 −9.5 pp | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +1.3 pp | Mar 2023 +1.8 pp | Jun 2023 +2.1 pp | Sep 2023 +3.0 pp | Dec 2023 +3.8 pp | Mar 2024 +3.1 pp | Jun 2024 +3.6 pp | Sep 2024 +3.3 pp | Dec 2024 +1.8 pp | Mar 2025 +0.7 pp | Jun 2025 +0.7 pp | Sep 2025 −0.5 pp | Dec 2025 +2.7 pp | Mar 2026 +0.5 pp | Jun 2026 —
- MTZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −0.8 pp | Mar 2023 −0.7 pp | Jun 2023 +0.6 pp | Sep 2023 −0.7 pp | Dec 2023 −0.3 pp | Mar 2024 +1.5 pp | Jun 2024 +0.7 pp | Sep 2024 +1.9 pp | Dec 2024 +1.6 pp | Mar 2025 +0.6 pp | Jun 2025 +0.8 pp | Sep 2025 +1.2 pp | Dec 2025 +1.1 pp | Mar 2026 +1.6 pp | Jun 2026 —
- APG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.4 pp | Mar 2023 +1.2 pp | Jun 2023 +0.5 pp | Sep 2023 +0.5 pp | Dec 2023 +0.4 pp | Mar 2024 +0.6 pp | Jun 2024 +0.3 pp | Sep 2024 +0.6 pp | Dec 2024 +0.6 pp | Mar 2025 −0.3 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.6 pp | Mar 2026 +0.2 pp | Jun 2026 —
- J: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.4 pp | Mar 2023 — | Jun 2023 +0.9 pp | Sep 2023 +0.2 pp | Dec 2023 −0.8 pp | Mar 2024 −0.9 pp | Jun 2024 −0.8 pp | Sep 2024 −0.4 pp | Dec 2024 +1.0 pp | Mar 2025 +0.6 pp | Jun 2025 +1.0 pp | Sep 2025 +0.6 pp | Dec 2025 +0.8 pp | Mar 2026 −3.2 pp | Jun 2026 —
- STRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +1.3 pp | Mar 2023 −0.3 pp | Jun 2023 +0.8 pp | Sep 2023 −0.2 pp | Dec 2023 +1.4 pp | Mar 2024 +0.5 pp | Jun 2024 +0.6 pp | Sep 2024 +2.3 pp | Dec 2024 −0.1 pp | Mar 2025 +0.7 pp | Jun 2025 +1.5 pp | Sep 2025 +1.1 pp | Dec 2025 +3.1 pp | Mar 2026 +4.6 pp | Jun 2026 —
- DY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.7 pp | Mar 2023 +2.2 pp | Jun 2023 +2.6 pp | Sep 2023 +1.1 pp | Dec 2023 +1.8 pp | Mar 2024 −0.2 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 −1.7 pp | Mar 2025 +0.2 pp | Jun 2025 −0.4 pp | Sep 2025 +0.8 pp | Dec 2025 +1.5 pp | Mar 2026 −1.1 pp | Jun 2026 +0.1 pp
- IESC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 +3.3 pp | Mar 2023 +7.5 pp | Jun 2023 +3.3 pp | Sep 2023 +4.4 pp | Dec 2023 +2.1 pp | Mar 2024 +6.8 pp | Jun 2024 +8.3 pp | Sep 2024 +2.0 pp | Dec 2024 +0.6 pp | Mar 2025 −0.7 pp | Jun 2025 −0.9 pp | Sep 2025 +0.9 pp | Dec 2025 0.0 pp | Mar 2026 −1.1 pp | Jun 2026 —
- BLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +1.4 pp | Mar 2023 −0.2 pp | Jun 2023 −0.7 pp | Sep 2023 −1.1 pp | Dec 2023 −0.5 pp | Mar 2024 −0.2 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 −0.9 pp | Jun 2025 0.0 pp | Sep 2025 −1.5 pp | Dec 2025 −1.5 pp | Mar 2026 −0.6 pp | Jun 2026 —
- ACM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −0.1 pp | Mar 2023 +1.6 pp | Jun 2023 −4.8 pp | Sep 2023 −1.7 pp | Dec 2023 +0.3 pp | Mar 2024 +0.2 pp | Jun 2024 +5.8 pp | Sep 2024 +2.9 pp | Dec 2024 +1.4 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −0.3 pp | Dec 2025 −0.5 pp | Mar 2026 −0.4 pp | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.6 pp | Mar 2023 −0.1 pp | Jun 2023 −1.6 pp | Sep 2023 −0.6 pp | Dec 2023 −0.5 pp | Mar 2024 −0.9 pp | Jun 2024 +1.9 pp | Sep 2024 +0.8 pp | Dec 2024 −4.2 pp | Mar 2025 −2.7 pp | Jun 2025 +1.1 pp | Sep 2025 +1.1 pp | Dec 2025 +3.9 pp | Mar 2026 +3.1 pp | Jun 2026 —
- STN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +1.8 pp | Mar 2023 +0.5 pp | Jun 2023 +0.3 pp | Sep 2023 +0.8 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 −0.3 pp | Sep 2024 −0.4 pp | Dec 2024 +0.6 pp | Mar 2025 +0.5 pp | Jun 2025 +0.8 pp | Sep 2025 +0.8 pp | Dec 2025 −0.4 pp | Mar 2026 +0.1 pp | Jun 2026 —
- AGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.2 pp | Mar 2023 +3.5 pp | Jun 2023 −1.7 pp | Sep 2023 +0.3 pp | Dec 2023 −0.2 pp | Mar 2024 +0.9 pp | Jun 2024 +1.0 pp | Sep 2024 +1.6 pp | Dec 2024 +6.9 pp | Mar 2025 +6.0 pp | Jun 2025 +5.1 pp | Sep 2025 +2.3 pp | Dec 2025 −1.2 pp | Mar 2026 +1.5 pp | Jun 2026 +3.2 pp
- ACA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +6.6 pp | Mar 2023 +1.3 pp | Jun 2023 −0.3 pp | Sep 2023 −0.1 pp | Dec 2023 −5.8 pp | Mar 2024 −0.9 pp | Jun 2024 +0.4 pp | Sep 2024 −0.6 pp | Dec 2024 −0.3 pp | Mar 2025 −0.6 pp | Jun 2025 +0.3 pp | Sep 2025 +1.7 pp | Dec 2025 +0.7 pp | Mar 2026 0.0 pp | Jun 2026 —
- FLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.0 pp | Dec 2022 +7.9 pp | Mar 2023 −7.0 pp | Jun 2023 −0.1 pp | Sep 2023 +6.0 pp | Dec 2023 −1.2 pp | Mar 2024 +5.6 pp | Jun 2024 +2.0 pp | Sep 2024 −4.5 pp | Dec 2024 +4.5 pp | Mar 2025 +0.5 pp | Jun 2025 −5.1 pp | Sep 2025 −9.6 pp | Dec 2025 −2.8 pp | Mar 2026 −0.1 pp | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +1.5 pp | Dec 2024 +1.3 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +0.4 pp | Dec 2025 −1.1 pp | Mar 2026 −0.6 pp | Jun 2026 —
- ROAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −0.6 pp | Mar 2023 +1.5 pp | Jun 2023 +1.3 pp | Sep 2023 +2.2 pp | Dec 2023 +0.9 pp | Mar 2024 +0.6 pp | Jun 2024 +0.7 pp | Sep 2024 −0.5 pp | Dec 2024 −0.8 pp | Mar 2025 +1.4 pp | Jun 2025 +0.3 pp | Sep 2025 +0.8 pp | Dec 2025 +1.1 pp | Mar 2026 −0.2 pp | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +7.6 pp | Dec 2023 +7.7 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 −1.3 pp | Mar 2025 −3.9 pp | Jun 2025 −4.8 pp | Sep 2025 +1.0 pp | Dec 2025 +1.4 pp | Mar 2026 +1.8 pp | Jun 2026 —
- GVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +3.0 pp | Mar 2023 −2.0 pp | Jun 2023 −0.1 pp | Sep 2023 +1.2 pp | Dec 2023 +0.1 pp | Mar 2024 +0.3 pp | Jun 2024 +3.0 pp | Sep 2024 +0.9 pp | Dec 2024 +1.9 pp | Mar 2025 +0.7 pp | Jun 2025 +0.2 pp | Sep 2025 +0.4 pp | Dec 2025 +0.1 pp | Mar 2026 +0.7 pp | Jun 2026 —
- MYRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 +0.2 pp | Mar 2023 −0.1 pp | Jun 2023 +0.3 pp | Sep 2023 +0.1 pp | Dec 2023 −0.6 pp | Mar 2024 −0.7 pp | Jun 2024 −7.0 pp | Sep 2024 −1.6 pp | Dec 2024 −1.2 pp | Mar 2025 +1.1 pp | Jun 2025 +7.4 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.7 pp | Jun 2026 —
- KBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 0.0 pp | Mar 2023 +1.5 pp | Jun 2023 −2.9 pp | Sep 2023 +0.7 pp | Dec 2023 +0.8 pp | Mar 2024 +0.6 pp | Jun 2024 +4.2 pp | Sep 2024 +0.1 pp | Dec 2024 — | Mar 2025 −1.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.4 pp | Dec 2025 — | Mar 2026 +0.7 pp | Jun 2026 −0.9 pp
- TPC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 −5.5 pp | Mar 2023 −2.7 pp | Jun 2023 +3.3 pp | Sep 2023 −0.3 pp | Dec 2023 +2.6 pp | Mar 2024 +5.0 pp | Jun 2024 +1.6 pp | Sep 2024 −4.1 pp | Dec 2024 −3.2 pp | Mar 2025 +1.1 pp | Jun 2025 +2.0 pp | Sep 2025 +6.6 pp | Dec 2025 +6.7 pp | Mar 2026 +0.1 pp | Jun 2026 —
- PRIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 +0.4 pp | Mar 2023 +0.9 pp | Jun 2023 −0.5 pp | Sep 2023 +0.4 pp | Dec 2023 +0.2 pp | Mar 2024 +0.9 pp | Jun 2024 +0.1 pp | Sep 2024 +0.3 pp | Dec 2024 +0.4 pp | Mar 2025 +1.1 pp | Jun 2025 +1.6 pp | Sep 2025 +1.4 pp | Dec 2025 −0.5 pp | Mar 2026 −1.9 pp | Jun 2026 —
- EXPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.2 pp | Mar 2023 — | Jun 2023 −0.9 pp | Sep 2023 −2.1 pp | Dec 2023 −0.6 pp | Mar 2024 +0.3 pp | Jun 2024 +0.3 pp | Sep 2024 −2.8 pp | Dec 2024 — | Mar 2025 −1.3 pp | Jun 2025 +0.9 pp | Sep 2025 −1.9 pp | Dec 2025 — | Mar 2026 −0.2 pp | Jun 2026 −0.7 pp
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 +20.6 pp | Mar 2026 — | Jun 2026 —
- CDLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 +2.3 pp | Mar 2023 −1.1 pp | Jun 2023 +3.3 pp | Sep 2023 −2.6 pp | Dec 2023 −7.6 pp | Mar 2024 −2.3 pp | Jun 2024 −3.1 pp | Sep 2024 +3.7 pp | Dec 2024 +9.0 pp | Mar 2025 +2.2 pp | Jun 2025 +6.6 pp | Sep 2025 −0.3 pp | Dec 2025 −1.3 pp | Mar 2026 0.0 pp | Jun 2026 —
- WLDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.1 pp | Mar 2023 — | Jun 2023 +3.0 pp | Sep 2023 +3.2 pp | Dec 2023 +2.4 pp | Mar 2024 +0.4 pp | Jun 2024 +1.5 pp | Sep 2024 +1.5 pp | Dec 2024 −0.5 pp | Mar 2025 — | Jun 2025 −0.3 pp | Sep 2025 +0.8 pp | Dec 2025 +0.9 pp | Mar 2026 — | Jun 2026 −0.2 pp
- AMRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −0.9 pp | Mar 2023 −1.2 pp | Jun 2023 −1.4 pp | Sep 2023 −1.2 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.4 pp | Dec 2024 +0.1 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.3 pp | Mar 2026 −0.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Cadeler A/S has the lowest comparable Guarded PEG at 0.11×, 81% below Everus Construction Group, Inc.. Only 18 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Cadeler A/S · 0.11× | 81% versus #2 · Everus Construction Group, Inc. | 0/8 recent comparable periods | 18/30 companies · 99 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Cadeler A/S (CDLR): 0.1
2. Everus Construction Group, Inc. (ECG): 0.6
3. Granite Construction Incorporated (GVA): 0.6
4. Tetra Tech, Inc. (TTEK): 0.6
5. AECOM (ACM): 0.7

### P/E — lowest P/E
1. Cadeler A/S (CDLR): 6.6
2. KBR, Inc. (KBR): 12.1
3. Tetra Tech, Inc. (TTEK): 17.8
4. TopBuild Corp. (BLD): 19.7
5. Willdan Group, Inc. (WLDN): 21.7

### 20-quarter Guarded PEG history
- PWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.8 | Sep 2023 — | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 1.4 | Sep 2024 3.5 | Dec 2024 2.6 | Mar 2025 2.0 | Jun 2025 2.7 | Sep 2025 2.5 | Dec 2025 4.9 | Mar 2026 4.3 | Jun 2026 —
- FIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.3 | Jun 2023 1.4 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.3 | Jun 2025 0.6 | Sep 2025 1.0 | Dec 2025 0.7 | Mar 2026 0.8 | Jun 2026 —
- J: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.7 | Sep 2024 0.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.5 | Mar 2026 1.2 | Jun 2026 —
- DY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.3 | Jun 2024 0.6 | Sep 2024 0.9 | Dec 2024 — | Mar 2025 3.3 | Jun 2025 — | Sep 2025 2.8 | Dec 2025 0.9 | Mar 2026 1.8 | Jun 2026 1.2
- IESC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.4 | Mar 2026 — | Jun 2026 —
- BLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.4 | Sep 2023 0.6 | Dec 2023 1.5 | Mar 2024 2.1 | Jun 2024 — | Sep 2024 — | Dec 2024 3.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ACM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.8 | Dec 2023 5.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.6 | Mar 2026 — | Jun 2026 —
- STN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 0.6 | Sep 2023 — | Dec 2023 1.2 | Mar 2024 1.5 | Jun 2024 3.4 | Sep 2024 — | Dec 2024 4.2 | Mar 2025 3.0 | Jun 2025 1.3 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 —
- AGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 1.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.6 | Jun 2026 1.0
- ACA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ROAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 0.5 | Mar 2026 0.6 | Jun 2026 —
- GVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 — | Jun 2026 —
- MYRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.7 | Sep 2023 1.4 | Dec 2023 2.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 2.0 | Dec 2023 — | Mar 2024 3.1 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.3 | Sep 2025 — | Dec 2025 0.5 | Mar 2026 1.6 | Jun 2026 —
- AMRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.3 | Sep 2024 2.8 | Dec 2024 — | Mar 2025 — | Jun 2025 1.4 | Sep 2025 1.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- PWR: Sep 2021 29.9 | Dec 2021 34.3 | Mar 2022 39.9 | Jun 2022 40.7 | Sep 2022 43.5 | Dec 2022 42.9 | Mar 2023 49.2 | Jun 2023 50.1 | Sep 2023 39.9 | Dec 2023 43.2 | Mar 2024 50.4 | Jun 2024 47.9 | Sep 2024 55.0 | Dec 2024 52.4 | Mar 2025 41.0 | Jun 2025 58.5 | Sep 2025 61.4 | Dec 2025 62.1 | Mar 2026 75.3 | Jun 2026 —
- FIX: Sep 2021 15.4 | Dec 2021 22.2 | Mar 2022 16.0 | Jun 2022 14.2 | Sep 2022 15.4 | Dec 2022 16.9 | Mar 2023 24.3 | Jun 2023 24.2 | Sep 2023 21.3 | Dec 2023 22.8 | Mar 2024 31.4 | Jun 2024 25.5 | Sep 2024 29.9 | Dec 2024 29.1 | Mar 2025 19.3 | Jun 2025 27.6 | Sep 2025 35.0 | Dec 2025 32.3 | Mar 2026 39.8 | Jun 2026 48.8
- FER: Sep 2021 47.0 | Dec 2021 14.8 | Mar 2022 7.7 | Jun 2022 7.4 | Sep 2022 13.3 | Dec 2022 97.8 | Mar 2023 41.6 | Jun 2023 86.3 | Sep 2023 45.2 | Dec 2023 51.7 | Mar 2024 50.4 | Jun 2024 34.8 | Sep 2024 42.4 | Dec 2024 9.0 | Mar 2025 8.6 | Jun 2025 9.7 | Sep 2025 10.8 | Dec 2025 44.4 | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 17.4 | Dec 2021 18.0 | Mar 2022 16.3 | Jun 2022 14.5 | Sep 2022 15.5 | Dec 2022 18.3 | Mar 2023 17.9 | Jun 2023 18.4 | Sep 2023 18.3 | Dec 2023 16.2 | Mar 2024 23.1 | Jun 2024 20.9 | Sep 2024 21.9 | Dec 2024 21.1 | Mar 2025 16.3 | Jun 2025 22.2 | Sep 2025 26.1 | Dec 2025 21.7 | Mar 2026 24.8 | Jun 2026 —
- MTZ: Sep 2021 17.4 | Dec 2021 20.7 | Mar 2022 28.2 | Jun 2022 31.6 | Sep 2022 44.7 | Dec 2022 203.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1,188.8 | Sep 2024 109.9 | Dec 2024 66.1 | Mar 2025 42.9 | Jun 2025 50.4 | Sep 2025 50.6 | Dec 2025 42.9 | Mar 2026 56.4 | Jun 2026 —
- APG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 188.1 | Mar 2023 107.1 | Jun 2023 100.9 | Sep 2023 72.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 79.5 | Jun 2025 109.8 | Sep 2025 95.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- J: Sep 2021 — | Dec 2021 34.8 | Mar 2022 — | Jun 2022 40.2 | Sep 2022 29.3 | Dec 2022 19.8 | Mar 2023 16.1 | Jun 2023 16.9 | Sep 2023 21.3 | Dec 2023 19.2 | Mar 2024 27.4 | Jun 2024 25.6 | Sep 2024 20.3 | Dec 2024 31.1 | Mar 2025 33.1 | Jun 2025 32.4 | Sep 2025 62.1 | Dec 2025 37.1 | Mar 2026 38.7 | Jun 2026 —
- STRL: Sep 2021 11.5 | Dec 2021 12.2 | Mar 2022 11.1 | Jun 2022 8.5 | Sep 2022 7.5 | Dec 2022 9.4 | Mar 2023 10.7 | Jun 2023 14.1 | Sep 2023 17.5 | Dec 2023 19.8 | Mar 2024 22.9 | Jun 2024 22.7 | Sep 2024 24.5 | Dec 2024 20.4 | Mar 2025 13.2 | Jun 2025 25.1 | Sep 2025 33.3 | Dec 2025 32.7 | Mar 2026 36.4 | Jun 2026 —
- DY: Sep 2021 — | Dec 2021 55.5 | Mar 2022 53.8 | Jun 2022 38.4 | Sep 2022 33.5 | Dec 2022 30.6 | Mar 2023 19.6 | Jun 2023 15.9 | Sep 2023 15.6 | Dec 2023 11.4 | Mar 2024 15.6 | Jun 2024 18.4 | Sep 2024 22.1 | Dec 2024 25.3 | Mar 2025 24.4 | Jun 2025 20.9 | Sep 2025 29.7 | Dec 2025 28.7 | Mar 2026 38.1 | Jun 2026 41.3
- IESC: Sep 2021 14.5 | Dec 2021 15.5 | Mar 2022 16.9 | Jun 2022 16.9 | Sep 2022 19.2 | Dec 2022 18.8 | Mar 2023 13.9 | Jun 2023 15.8 | Sep 2023 14.5 | Dec 2023 15.1 | Mar 2024 18.4 | Jun 2024 16.4 | Sep 2024 20.2 | Dec 2024 18.7 | Mar 2025 13.8 | Jun 2025 22.6 | Sep 2025 26.5 | Dec 2025 23.1 | Mar 2026 24.7 | Jun 2026 —
- BLD: Sep 2021 21.6 | Dec 2021 28.2 | Mar 2022 14.9 | Jun 2022 12.1 | Sep 2022 10.5 | Dec 2022 9.1 | Mar 2023 11.6 | Jun 2023 14.2 | Sep 2023 13.1 | Dec 2023 19.4 | Mar 2024 22.2 | Jun 2024 19.8 | Sep 2024 20.5 | Dec 2024 15.3 | Mar 2025 15.4 | Jun 2025 15.9 | Sep 2025 19.8 | Dec 2025 22.8 | Mar 2026 19.7 | Jun 2026 —
- ACM: Sep 2021 54.4 | Dec 2021 54.5 | Mar 2022 53.0 | Jun 2022 31.2 | Sep 2022 25.0 | Dec 2022 35.5 | Mar 2023 31.8 | Jun 2023 88.2 | Sep 2023 212.9 | Dec 2023 80.4 | Mar 2024 160.8 | Jun 2024 34.4 | Sep 2024 35.0 | Dec 2024 30.4 | Mar 2025 20.2 | Jun 2025 24.6 | Sep 2025 31.0 | Dec 2025 27.1 | Mar 2026 22.2 | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 35.7 | Mar 2022 37.3 | Jun 2022 35.6 | Sep 2022 28.7 | Dec 2022 26.5 | Mar 2023 25.0 | Jun 2023 26.1 | Sep 2023 29.0 | Dec 2023 29.8 | Mar 2024 37.5 | Jun 2024 37.9 | Sep 2024 37.7 | Dec 2024 41.9 | Mar 2025 42.3 | Jun 2025 44.6 | Sep 2025 35.8 | Dec 2025 25.6 | Mar 2026 17.8 | Jun 2026 —
- STN: Sep 2021 33.3 | Dec 2021 39.5 | Mar 2022 35.8 | Jun 2022 32.6 | Sep 2022 35.5 | Dec 2022 29.3 | Mar 2023 32.8 | Jun 2023 32.6 | Sep 2023 29.9 | Dec 2023 37.3 | Mar 2024 37.4 | Jun 2024 38.8 | Sep 2024 37.0 | Dec 2024 35.5 | Mar 2025 35.4 | Jun 2025 38.6 | Sep 2025 35.3 | Dec 2025 30.8 | Mar 2026 27.9 | Jun 2026 —
- AGX: Sep 2021 — | Dec 2021 14.4 | Mar 2022 15.5 | Jun 2022 16.5 | Sep 2022 21.6 | Dec 2022 23.1 | Mar 2023 16.7 | Jun 2023 19.9 | Sep 2023 14.3 | Dec 2023 18.3 | Mar 2024 18.6 | Jun 2024 21.4 | Sep 2024 24.8 | Dec 2024 27.6 | Mar 2025 22.2 | Jun 2025 21.5 | Sep 2025 29.4 | Dec 2025 36.1 | Mar 2026 35.6 | Jun 2026 58.9
- ACA: Sep 2021 34.6 | Dec 2021 37.1 | Mar 2022 37.7 | Jun 2022 24.7 | Sep 2022 27.9 | Dec 2022 10.8 | Mar 2023 10.9 | Jun 2023 13.0 | Sep 2023 12.2 | Dec 2023 25.4 | Mar 2024 29.4 | Jun 2024 27.7 | Sep 2024 36.0 | Dec 2024 50.7 | Mar 2025 48.5 | Jun 2025 46.1 | Sep 2025 31.0 | Dec 2025 25.1 | Mar 2026 23.4 | Jun 2026 —
- FLR: Sep 2021 — | Dec 2021 — | Mar 2022 159.4 | Jun 2022 20.6 | Sep 2022 23.9 | Dec 2022 47.5 | Mar 2023 — | Jun 2023 — | Sep 2023 54.8 | Dec 2023 72.5 | Mar 2024 24.4 | Jun 2024 18.4 | Sep 2024 31.0 | Dec 2024 4.0 | Mar 2025 3.4 | Jun 2025 2.1 | Sep 2025 2.1 | Dec 2025 — | Mar 2026 25.4 | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 192.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ROAD: Sep 2021 85.6 | Dec 2021 86.5 | Mar 2022 100.7 | Jun 2022 67.6 | Sep 2022 64.0 | Dec 2022 78.5 | Mar 2023 65.7 | Jun 2023 53.2 | Sep 2023 38.9 | Dec 2023 40.3 | Mar 2024 48.0 | Jun 2024 40.9 | Sep 2024 53.3 | Dec 2024 82.7 | Mar 2025 61.4 | Jun 2025 77.6 | Sep 2025 69.0 | Dec 2025 49.3 | Mar 2026 48.7 | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 23.4 | Mar 2025 12.5 | Jun 2025 19.6 | Sep 2025 24.3 | Dec 2025 21.7 | Mar 2026 27.1 | Jun 2026 —
- GVA: Sep 2021 — | Dec 2021 184.3 | Mar 2022 86.3 | Jun 2022 116.6 | Sep 2022 28.9 | Dec 2022 20.6 | Mar 2023 24.5 | Jun 2023 44.2 | Sep 2023 56.8 | Dec 2023 52.4 | Mar 2024 96.8 | Jun 2024 35.6 | Sep 2024 36.4 | Dec 2024 33.5 | Mar 2025 31.4 | Jun 2025 30.6 | Sep 2025 31.6 | Dec 2025 29.9 | Mar 2026 34.6 | Jun 2026 —
- MYRG: Sep 2021 20.6 | Dec 2021 21.9 | Mar 2022 18.8 | Jun 2022 18.0 | Sep 2022 18.2 | Dec 2022 18.5 | Mar 2023 24.8 | Jun 2023 26.3 | Sep 2023 24.7 | Dec 2023 26.8 | Mar 2024 34.3 | Jun 2024 46.5 | Sep 2024 44.6 | Dec 2024 81.3 | Mar 2025 51.9 | Jun 2025 37.9 | Sep 2025 33.6 | Dec 2025 29.0 | Mar 2026 31.1 | Jun 2026 —
- KBR: Sep 2021 — | Dec 2021 250.6 | Mar 2022 — | Jun 2022 51.5 | Sep 2022 41.2 | Dec 2022 41.9 | Mar 2023 24.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 43.6 | Sep 2024 27.0 | Dec 2024 — | Mar 2025 21.2 | Jun 2025 15.9 | Sep 2025 17.3 | Dec 2025 16.2 | Mar 2026 12.6 | Jun 2026 12.1
- TPC: Sep 2021 6.8 | Dec 2021 6.9 | Mar 2022 10.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 44.4 | Mar 2026 52.5 | Jun 2026 —
- PRIM: Sep 2021 10.8 | Dec 2021 11.1 | Mar 2022 11.9 | Jun 2022 9.6 | Sep 2022 7.2 | Dec 2022 8.9 | Mar 2023 9.8 | Jun 2023 13.2 | Sep 2023 13.6 | Dec 2023 14.3 | Mar 2024 16.1 | Jun 2024 17.6 | Sep 2024 19.2 | Dec 2024 23.1 | Mar 2025 15.2 | Jun 2025 17.7 | Sep 2025 27.1 | Dec 2025 24.7 | Mar 2026 31.5 | Jun 2026 —
- EXPO: Sep 2021 — | Dec 2021 59.4 | Mar 2022 — | Jun 2022 57.6 | Sep 2022 48.5 | Dec 2022 50.6 | Mar 2023 50.9 | Jun 2023 47.4 | Sep 2023 43.2 | Dec 2023 45.4 | Mar 2024 41.8 | Jun 2024 46.4 | Sep 2024 54.7 | Dec 2024 — | Mar 2025 42.1 | Jun 2025 37.6 | Sep 2025 38.6 | Dec 2025 32.7 | Mar 2026 33.9 | Jun 2026 31.0
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 403.0 | Mar 2026 — | Jun 2026 —
- CDLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 69.3 | Mar 2024 146.8 | Jun 2024 — | Sep 2024 — | Dec 2024 28.2 | Mar 2025 18.1 | Jun 2025 6.4 | Sep 2025 5.8 | Dec 2025 5.0 | Mar 2026 6.6 | Jun 2026 —
- WLDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 239.5 | Sep 2023 113.5 | Dec 2023 26.9 | Mar 2024 31.2 | Jun 2024 23.5 | Sep 2024 25.1 | Dec 2024 24.3 | Mar 2025 — | Jun 2025 22.9 | Sep 2025 30.3 | Dec 2025 32.8 | Mar 2026 30.6 | Jun 2026 21.7
- AMRC: Sep 2021 45.7 | Dec 2021 60.3 | Mar 2022 55.2 | Jun 2022 25.5 | Sep 2022 33.8 | Dec 2022 32.1 | Mar 2023 33.3 | Jun 2023 49.1 | Sep 2023 43.8 | Dec 2023 27.1 | Mar 2024 21.9 | Jun 2024 26.9 | Sep 2024 37.9 | Dec 2024 21.9 | Mar 2025 11.8 | Jun 2025 13.0 | Sep 2025 28.2 | Dec 2025 35.3 | Mar 2026 44.0 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Cardinal Infrastructure Group Inc. leads ev/ebitda at 6.63×; Cadeler A/S leads p/bv at 1.06×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Cardinal Infrastructure Group Inc. · 6.63× | 5.8% versus #2 · Cadeler A/S | 0/2 recent comparable periods | 30/30 companies · 493 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Cardinal Infrastructure Group Inc. (CDNL): 6.6
2. Cadeler A/S (CDLR): 7.0
3. KBR, Inc. (KBR): 7.9
4. AECOM (ACM): 11.0
5. Arcosa, Inc. (ACA): 11.8

### P/BV — lowest P/BV
1. Cadeler A/S (CDLR): 1.1
2. Ameresco, Inc. (AMRC): 1.3
3. Arcosa, Inc. (ACA): 2.0
4. Fluor Corporation (FLR): 2.3
5. KBR, Inc. (KBR): 3.1

### 20-quarter EV/EBITDA history
- PWR: Sep 2021 16.8 | Dec 2021 18.6 | Mar 2022 19.1 | Jun 2022 16.4 | Sep 2022 15.5 | Dec 2022 15.8 | Mar 2023 19.1 | Jun 2023 21.4 | Sep 2023 18.8 | Dec 2023 19.9 | Mar 2024 23.2 | Jun 2024 22.2 | Sep 2024 25.3 | Dec 2024 24.1 | Mar 2025 18.9 | Jun 2025 26.1 | Sep 2025 27.5 | Dec 2025 27.4 | Mar 2026 33.0 | Jun 2026 —
- FIX: Sep 2021 11.4 | Dec 2021 15.6 | Mar 2022 13.7 | Jun 2022 12.0 | Sep 2022 12.9 | Dec 2022 12.5 | Mar 2023 14.9 | Jun 2023 15.0 | Sep 2023 13.5 | Dec 2023 14.7 | Mar 2024 19.9 | Jun 2024 15.9 | Sep 2024 17.7 | Dec 2024 16.6 | Mar 2025 11.8 | Jun 2025 17.5 | Sep 2025 22.9 | Dec 2025 22.2 | Mar 2026 27.5 | Jun 2026 34.0
- FER: Sep 2021 14.7 | Dec 2021 9.0 | Mar 2022 13.0 | Jun 2022 13.2 | Sep 2022 19.8 | Dec 2022 44.8 | Mar 2023 44.1 | Jun 2023 45.3 | Sep 2023 40.2 | Dec 2023 38.0 | Mar 2024 41.3 | Jun 2024 31.9 | Sep 2024 29.1 | Dec 2024 12.5 | Mar 2025 11.9 | Jun 2025 13.2 | Sep 2025 13.5 | Dec 2025 32.3 | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 9.5 | Dec 2021 10.1 | Mar 2022 9.4 | Jun 2022 8.6 | Sep 2022 9.1 | Dec 2022 10.6 | Mar 2023 10.9 | Jun 2023 11.1 | Sep 2023 11.2 | Dec 2023 9.7 | Mar 2024 14.5 | Jun 2024 13.4 | Sep 2024 13.9 | Dec 2024 13.4 | Mar 2025 10.9 | Jun 2025 14.7 | Sep 2025 17.0 | Dec 2025 14.0 | Mar 2026 16.2 | Jun 2026 —
- MTZ: Sep 2021 8.8 | Dec 2021 10.7 | Mar 2022 11.9 | Jun 2022 11.9 | Sep 2022 12.0 | Dec 2022 15.6 | Mar 2023 17.5 | Jun 2023 18.6 | Sep 2023 12.8 | Dec 2023 13.2 | Mar 2024 13.5 | Jun 2024 13.9 | Sep 2024 14.0 | Dec 2024 13.9 | Mar 2025 12.3 | Jun 2025 16.8 | Sep 2025 19.1 | Dec 2025 42.4 | Mar 2026 48.6 | Jun 2026 —
- APG: Sep 2021 17.5 | Dec 2021 18.3 | Mar 2022 23.5 | Jun 2022 17.7 | Sep 2022 14.9 | Dec 2022 16.3 | Mar 2023 15.7 | Jun 2023 16.4 | Sep 2023 14.5 | Dec 2023 16.7 | Mar 2024 19.0 | Jun 2024 18.7 | Sep 2024 15.8 | Dec 2024 15.8 | Mar 2025 16.0 | Jun 2025 20.9 | Sep 2025 20.2 | Dec 2025 20.8 | Mar 2026 22.4 | Jun 2026 —
- J: Sep 2021 — | Dec 2021 19.0 | Mar 2022 — | Jun 2022 15.6 | Sep 2022 14.9 | Dec 2022 12.7 | Mar 2023 11.3 | Jun 2023 11.3 | Sep 2023 17.9 | Dec 2023 14.0 | Mar 2024 17.9 | Jun 2024 17.8 | Sep 2024 17.7 | Dec 2024 20.2 | Mar 2025 17.7 | Jun 2025 18.0 | Sep 2025 19.7 | Dec 2025 17.7 | Mar 2026 24.1 | Jun 2026 —
- STRL: Sep 2021 6.3 | Dec 2021 8.5 | Mar 2022 8.1 | Jun 2022 6.5 | Sep 2022 5.3 | Dec 2022 6.2 | Mar 2023 6.6 | Jun 2023 8.0 | Sep 2023 9.4 | Dec 2023 10.1 | Mar 2024 12.2 | Jun 2024 12.1 | Sep 2024 13.0 | Dec 2024 14.7 | Mar 2025 9.2 | Jun 2025 17.6 | Sep 2025 25.0 | Dec 2025 19.4 | Mar 2026 21.6 | Jun 2026 —
- DY: Sep 2021 — | Dec 2021 13.0 | Mar 2022 13.2 | Jun 2022 12.6 | Sep 2022 13.4 | Dec 2022 13.9 | Mar 2023 9.6 | Jun 2023 8.8 | Sep 2023 8.7 | Dec 2023 7.3 | Mar 2024 8.5 | Jun 2024 10.1 | Sep 2024 11.7 | Dec 2024 13.1 | Mar 2025 12.2 | Jun 2025 10.6 | Sep 2025 14.5 | Dec 2025 14.1 | Mar 2026 19.0 | Jun 2026 19.2
- IESC: Sep 2021 9.5 | Dec 2021 28.2 | Mar 2022 48.1 | Jun 2022 9.3 | Sep 2022 8.4 | Dec 2022 39.9 | Mar 2023 6.8 | Jun 2023 7.6 | Sep 2023 7.1 | Dec 2023 7.9 | Mar 2024 9.7 | Jun 2024 9.1 | Sep 2024 11.6 | Dec 2024 11.2 | Mar 2025 8.8 | Jun 2025 14.6 | Sep 2025 18.0 | Dec 2025 16.6 | Mar 2026 19.5 | Jun 2026 —
- BLD: Sep 2021 13.7 | Dec 2021 19.1 | Mar 2022 11.7 | Jun 2022 9.5 | Sep 2022 8.1 | Dec 2022 6.9 | Mar 2023 8.3 | Jun 2023 9.7 | Sep 2023 9.0 | Dec 2023 12.5 | Mar 2024 14.3 | Jun 2024 12.9 | Sep 2024 13.2 | Dec 2024 10.1 | Mar 2025 10.1 | Jun 2025 10.4 | Sep 2025 13.2 | Dec 2025 15.3 | Mar 2026 13.0 | Jun 2026 —
- ACM: Sep 2021 13.4 | Dec 2021 15.4 | Mar 2022 16.2 | Jun 2022 13.7 | Sep 2022 13.8 | Dec 2022 16.9 | Mar 2023 15.3 | Jun 2023 22.3 | Sep 2023 26.0 | Dec 2023 28.0 | Mar 2024 29.3 | Jun 2024 15.9 | Sep 2024 15.2 | Dec 2024 14.6 | Mar 2025 12.2 | Jun 2025 13.7 | Sep 2025 15.8 | Dec 2025 12.1 | Mar 2026 11.0 | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 6.4 | Mar 2022 6.6 | Jun 2022 6.2 | Sep 2022 4.9 | Dec 2022 4.5 | Mar 2023 4.9 | Jun 2023 7.1 | Sep 2023 6.9 | Dec 2023 21.5 | Mar 2024 5.8 | Jun 2024 5.6 | Sep 2024 23.0 | Dec 2024 23.9 | Mar 2025 21.8 | Jun 2025 23.7 | Sep 2025 20.4 | Dec 2025 16.6 | Mar 2026 12.8 | Jun 2026 —
- STN: Sep 2021 15.5 | Dec 2021 18.7 | Mar 2022 16.5 | Jun 2022 14.5 | Sep 2022 14.7 | Dec 2022 13.3 | Mar 2023 15.0 | Jun 2023 15.6 | Sep 2023 14.7 | Dec 2023 17.3 | Mar 2024 18.1 | Jun 2024 18.1 | Sep 2024 17.4 | Dec 2024 16.8 | Mar 2025 16.3 | Jun 2025 19.1 | Sep 2025 18.9 | Dec 2025 15.9 | Mar 2026 14.5 | Jun 2026 —
- AGX: Sep 2021 — | Dec 2021 2.6 | Mar 2022 2.4 | Jun 2022 3.6 | Sep 2022 4.6 | Dec 2022 4.9 | Mar 2023 4.2 | Jun 2023 5.4 | Sep 2023 3.9 | Dec 2023 5.5 | Mar 2024 4.3 | Jun 2024 8.9 | Sep 2024 11.8 | Dec 2024 17.8 | Mar 2025 14.3 | Jun 2025 13.8 | Sep 2025 22.7 | Dec 2025 27.9 | Mar 2026 28.0 | Jun 2026 51.8
- ACA: Sep 2021 12.6 | Dec 2021 12.5 | Mar 2022 12.5 | Jun 2022 9.7 | Sep 2022 10.8 | Dec 2022 6.0 | Mar 2023 6.4 | Jun 2023 7.5 | Sep 2023 7.2 | Dec 2023 11.9 | Mar 2024 12.8 | Jun 2024 12.2 | Sep 2024 13.7 | Dec 2024 15.9 | Mar 2025 13.6 | Jun 2025 13.5 | Sep 2025 11.6 | Dec 2025 11.5 | Mar 2026 11.8 | Jun 2026 —
- FLR: Sep 2021 13.7 | Dec 2021 — | Mar 2022 — | Jun 2022 25.3 | Sep 2022 — | Dec 2022 12.9 | Mar 2023 67.3 | Jun 2023 85.9 | Sep 2023 20.2 | Dec 2023 24.2 | Mar 2024 14.7 | Jun 2024 12.2 | Sep 2024 19.8 | Dec 2024 12.2 | Mar 2025 8.0 | Jun 2025 23.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 16.3 | Dec 2025 15.8 | Mar 2026 26.5 | Jun 2026 —
- ROAD: Sep 2021 23.8 | Dec 2021 22.8 | Mar 2022 21.4 | Jun 2022 15.9 | Sep 2022 17.1 | Dec 2022 18.5 | Mar 2023 16.8 | Jun 2023 16.3 | Sep 2023 14.1 | Dec 2023 16.2 | Mar 2024 19.4 | Jun 2024 17.7 | Sep 2024 20.3 | Dec 2024 30.0 | Mar 2025 22.1 | Jun 2025 23.9 | Sep 2025 22.9 | Dec 2025 18.4 | Mar 2026 18.1 | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 16.9 | Mar 2025 9.5 | Jun 2025 14.1 | Sep 2025 17.0 | Dec 2025 15.6 | Mar 2026 19.0 | Jun 2026 —
- GVA: Sep 2021 15.2 | Dec 2021 13.3 | Mar 2022 10.7 | Jun 2022 11.7 | Sep 2022 8.8 | Dec 2022 9.3 | Mar 2023 13.4 | Jun 2023 13.8 | Sep 2023 11.4 | Dec 2023 14.8 | Mar 2024 15.8 | Jun 2024 13.0 | Sep 2024 13.5 | Dec 2024 12.3 | Mar 2025 11.1 | Jun 2025 12.7 | Sep 2025 13.9 | Dec 2025 13.3 | Mar 2026 13.6 | Jun 2026 —
- MYRG: Sep 2021 10.2 | Dec 2021 11.0 | Mar 2022 10.1 | Jun 2022 9.3 | Sep 2022 9.1 | Dec 2022 9.0 | Mar 2023 12.1 | Jun 2023 13.1 | Sep 2023 12.4 | Dec 2023 13.1 | Mar 2024 32.5 | Jun 2024 55.8 | Sep 2024 17.0 | Dec 2024 25.5 | Mar 2025 43.1 | Jun 2025 27.8 | Sep 2025 12.8 | Dec 2025 12.3 | Mar 2026 39.8 | Jun 2026 —
- KBR: Sep 2021 46.3 | Dec 2021 22.3 | Mar 2022 17.1 | Jun 2022 15.3 | Sep 2022 15.5 | Dec 2022 18.3 | Mar 2023 13.8 | Jun 2023 18.9 | Sep 2023 17.0 | Dec 2023 15.6 | Mar 2024 16.8 | Jun 2024 13.1 | Sep 2024 13.4 | Dec 2024 — | Mar 2025 12.6 | Jun 2025 10.2 | Sep 2025 9.7 | Dec 2025 9.3 | Mar 2026 7.9 | Jun 2026 7.9
- TPC: Sep 2021 3.7 | Dec 2021 3.9 | Mar 2022 4.2 | Jun 2022 9.9 | Sep 2022 27.7 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 16.3 | Jun 2024 13.3 | Sep 2024 117.5 | Dec 2024 — | Mar 2025 — | Jun 2025 5,933.5 | Sep 2025 20.6 | Dec 2025 10.6 | Mar 2026 12.5 | Jun 2026 —
- PRIM: Sep 2021 6.9 | Dec 2021 6.7 | Mar 2022 7.1 | Jun 2022 7.0 | Sep 2022 7.7 | Dec 2022 7.4 | Mar 2023 7.7 | Jun 2023 8.4 | Sep 2023 8.3 | Dec 2023 7.7 | Mar 2024 8.8 | Jun 2024 9.4 | Sep 2024 9.9 | Dec 2024 11.4 | Mar 2025 8.4 | Jun 2025 10.0 | Sep 2025 15.3 | Dec 2025 13.8 | Mar 2026 17.8 | Jun 2026 —
- EXPO: Sep 2021 — | Dec 2021 52.1 | Mar 2022 — | Jun 2022 42.3 | Sep 2022 32.0 | Dec 2022 33.0 | Mar 2023 35.3 | Jun 2023 37.4 | Sep 2023 34.3 | Dec 2023 35.7 | Mar 2024 33.1 | Jun 2024 36.6 | Sep 2024 46.6 | Dec 2024 — | Mar 2025 33.9 | Jun 2025 26.5 | Sep 2025 30.0 | Dec 2025 25.6 | Mar 2026 26.1 | Jun 2026 25.2
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 6.6 | Mar 2026 — | Jun 2026 —
- CDLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16.4 | Mar 2024 138.5 | Jun 2024 — | Sep 2024 101.3 | Dec 2024 17.5 | Mar 2025 27.2 | Jun 2025 8.3 | Sep 2025 7.3 | Dec 2025 6.7 | Mar 2026 7.0 | Jun 2026 —
- WLDN: Sep 2021 — | Dec 2021 355.2 | Mar 2022 — | Jun 2022 74.6 | Sep 2022 50.9 | Dec 2022 32.7 | Mar 2023 15.7 | Jun 2023 13.4 | Sep 2023 12.1 | Dec 2023 10.0 | Mar 2024 11.9 | Jun 2024 11.0 | Sep 2024 13.5 | Dec 2024 12.5 | Mar 2025 — | Jun 2025 12.9 | Sep 2025 19.7 | Dec 2025 22.2 | Mar 2026 25.1 | Jun 2026 19.3
- AMRC: Sep 2021 26.0 | Dec 2021 33.1 | Mar 2022 31.5 | Jun 2022 17.8 | Sep 2022 21.7 | Dec 2022 20.8 | Mar 2023 20.6 | Jun 2023 25.5 | Sep 2023 26.3 | Dec 2023 21.6 | Mar 2024 18.9 | Jun 2024 19.4 | Sep 2024 20.5 | Dec 2024 14.5 | Mar 2025 11.4 | Jun 2025 12.0 | Sep 2025 15.8 | Dec 2025 15.2 | Mar 2026 14.6 | Jun 2026 —

### 20-quarter P/BV history
- PWR: Sep 2021 3.4 | Dec 2021 3.2 | Mar 2022 3.7 | Jun 2022 3.5 | Sep 2022 3.5 | Dec 2022 3.8 | Mar 2023 4.4 | Jun 2023 5.0 | Sep 2023 4.5 | Dec 2023 5.0 | Mar 2024 6.0 | Jun 2024 5.7 | Sep 2024 6.2 | Dec 2024 6.4 | Mar 2025 5.1 | Jun 2025 7.1 | Sep 2025 7.4 | Dec 2025 7.1 | Mar 2026 9.1 | Jun 2026 —
- FIX: Sep 2021 3.3 | Dec 2021 4.4 | Mar 2022 3.6 | Jun 2022 3.3 | Sep 2022 3.7 | Dec 2022 4.1 | Mar 2023 5.0 | Jun 2023 5.3 | Sep 2023 5.1 | Dec 2023 5.7 | Mar 2024 8.3 | Jun 2024 7.3 | Sep 2024 8.8 | Dec 2024 8.9 | Mar 2025 6.4 | Jun 2025 9.6 | Sep 2025 13.0 | Dec 2025 13.4 | Mar 2026 17.2 | Jun 2026 21.7
- FER: Sep 2021 3.0 | Dec 2021 2.2 | Mar 2022 2.1 | Jun 2022 2.2 | Sep 2022 2.3 | Dec 2022 4.1 | Mar 2023 5.0 | Jun 2023 5.9 | Sep 2023 5.6 | Dec 2023 6.3 | Mar 2024 7.2 | Jun 2024 7.0 | Sep 2024 4.7 | Dec 2024 4.8 | Mar 2025 5.1 | Jun 2025 5.5 | Sep 2025 6.1 | Dec 2025 6.7 | Mar 2026 — | Jun 2026 —
- EME: Sep 2021 2.9 | Dec 2021 3.0 | Mar 2022 2.7 | Jun 2022 2.6 | Sep 2022 3.0 | Dec 2022 3.6 | Mar 2023 3.8 | Jun 2023 4.1 | Sep 2023 4.4 | Dec 2023 4.1 | Mar 2024 6.3 | Jun 2024 6.2 | Sep 2024 7.2 | Dec 2024 7.1 | Mar 2025 5.7 | Jun 2025 7.9 | Sep 2025 8.7 | Dec 2025 7.4 | Mar 2026 8.5 | Jun 2026 —
- MTZ: Sep 2021 2.8 | Dec 2021 2.8 | Mar 2022 2.7 | Jun 2022 2.2 | Sep 2022 1.9 | Dec 2022 2.5 | Mar 2023 2.8 | Jun 2023 3.5 | Sep 2023 2.1 | Dec 2023 2.2 | Mar 2024 2.8 | Jun 2024 3.1 | Sep 2024 3.5 | Dec 2024 3.7 | Mar 2025 3.2 | Jun 2025 4.6 | Sep 2025 5.4 | Dec 2025 5.3 | Mar 2026 7.7 | Jun 2026 —
- APG: Sep 2021 2.0 | Dec 2021 2.5 | Mar 2022 2.2 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 2.1 | Mar 2023 2.4 | Jun 2023 2.9 | Sep 2023 2.7 | Dec 2023 3.9 | Mar 2024 4.5 | Jun 2024 3.6 | Sep 2024 3.1 | Dec 2024 3.4 | Mar 2025 3.3 | Jun 2025 4.5 | Sep 2025 — | Dec 2025 4.7 | Mar 2026 5.1 | Jun 2026 —
- J: Sep 2021 — | Dec 2021 2.4 | Mar 2022 — | Jun 2022 2.5 | Sep 2022 2.3 | Dec 2022 2.0 | Mar 2023 1.9 | Jun 2023 1.9 | Sep 2023 2.2 | Dec 2023 2.0 | Mar 2024 2.4 | Jun 2024 2.2 | Sep 2024 3.5 | Dec 2024 3.9 | Mar 2025 3.7 | Jun 2025 4.1 | Sep 2025 4.8 | Dec 2025 4.6 | Mar 2026 4.5 | Jun 2026 —
- STRL: Sep 2021 2.0 | Dec 2021 2.2 | Mar 2022 2.2 | Jun 2022 1.6 | Sep 2022 1.5 | Dec 2022 2.1 | Mar 2023 2.4 | Jun 2023 3.2 | Sep 2023 3.9 | Dec 2023 4.4 | Mar 2024 5.3 | Jun 2024 5.5 | Sep 2024 6.2 | Dec 2024 6.4 | Mar 2025 4.3 | Jun 2025 8.0 | Sep 2025 9.9 | Dec 2025 8.5 | Mar 2026 10.5 | Jun 2026 —
- DY: Sep 2021 — | Dec 2021 3.0 | Mar 2022 3.3 | Jun 2022 3.3 | Sep 2022 3.8 | Dec 2022 4.2 | Mar 2023 3.1 | Jun 2023 3.0 | Sep 2023 3.0 | Dec 2023 2.4 | Mar 2024 3.2 | Jun 2024 3.8 | Sep 2024 4.5 | Dec 2024 4.5 | Mar 2025 4.5 | Jun 2025 3.8 | Sep 2025 5.6 | Dec 2025 5.7 | Mar 2026 5.9 | Jun 2026 6.9
- IESC: Sep 2021 2.7 | Dec 2021 3.0 | Mar 2022 2.4 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.9 | Mar 2023 2.2 | Jun 2023 2.8 | Sep 2023 3.0 | Dec 2023 3.3 | Mar 2024 4.6 | Jun 2024 4.9 | Sep 2024 6.5 | Dec 2024 6.2 | Mar 2025 4.7 | Jun 2025 7.5 | Sep 2025 8.9 | Dec 2025 8.1 | Mar 2026 8.9 | Jun 2026 —
- BLD: Sep 2021 4.3 | Dec 2021 5.6 | Mar 2022 3.5 | Jun 2022 3.1 | Sep 2022 2.9 | Dec 2022 2.6 | Mar 2023 3.2 | Jun 2023 3.8 | Sep 2023 3.3 | Dec 2023 4.6 | Mar 2024 5.2 | Jun 2024 5.0 | Sep 2024 5.7 | Dec 2024 4.1 | Mar 2025 4.1 | Jun 2025 4.3 | Sep 2025 4.9 | Dec 2025 5.1 | Mar 2026 4.1 | Jun 2026 —
- ACM: Sep 2021 3.3 | Dec 2021 4.4 | Mar 2022 4.3 | Jun 2022 3.7 | Sep 2022 3.8 | Dec 2022 4.6 | Mar 2023 4.5 | Jun 2023 4.8 | Sep 2023 5.1 | Dec 2023 5.6 | Mar 2024 6.1 | Jun 2024 5.2 | Sep 2024 6.3 | Dec 2024 6.4 | Mar 2025 5.4 | Jun 2025 6.0 | Sep 2025 6.9 | Dec 2025 5.5 | Mar 2026 4.8 | Jun 2026 —
- TTEK: Sep 2021 — | Dec 2021 1.3 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.2 | Dec 2023 5.8 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 6.8 | Dec 2024 6.3 | Mar 2025 4.9 | Jun 2025 5.4 | Sep 2025 4.9 | Dec 2025 4.8 | Mar 2026 4.2 | Jun 2026 —
- STN: Sep 2021 3.3 | Dec 2021 4.0 | Mar 2022 3.5 | Jun 2022 3.1 | Sep 2022 3.1 | Dec 2022 — | Mar 2023 3.8 | Jun 2023 4.1 | Sep 2023 4.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AGX: Sep 2021 — | Dec 2021 1.9 | Mar 2022 1.7 | Jun 2022 1.8 | Sep 2022 1.9 | Dec 2022 1.7 | Mar 2023 1.9 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 2.1 | Mar 2024 2.0 | Jun 2024 2.7 | Sep 2024 3.5 | Dec 2024 5.5 | Mar 2025 5.3 | Jun 2025 5.7 | Sep 2025 8.6 | Dec 2025 10.1 | Mar 2026 10.5 | Jun 2026 19.8
- ACA: Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.4 | Jun 2022 1.1 | Sep 2022 1.4 | Dec 2022 1.2 | Mar 2023 1.4 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.7 | Mar 2024 1.8 | Jun 2024 1.7 | Sep 2024 1.9 | Dec 2024 1.9 | Mar 2025 1.5 | Jun 2025 1.7 | Sep 2025 1.8 | Dec 2025 2.0 | Mar 2026 2.0 | Jun 2026 —
- FLR: Sep 2021 1.4 | Dec 2021 2.5 | Mar 2022 2.8 | Jun 2022 2.3 | Sep 2022 2.1 | Dec 2022 2.8 | Mar 2023 2.6 | Jun 2023 2.4 | Sep 2023 3.3 | Dec 2023 3.4 | Mar 2024 3.7 | Jun 2024 3.5 | Sep 2024 3.6 | Dec 2024 2.1 | Mar 2025 1.7 | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 1.9 | Mar 2026 2.3 | Jun 2026 —
- LGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.7 | Dec 2025 7.0 | Mar 2026 7.5 | Jun 2026 —
- ROAD: Sep 2021 4.3 | Dec 2021 3.9 | Mar 2022 3.5 | Jun 2022 2.6 | Sep 2022 3.0 | Dec 2022 3.2 | Mar 2023 3.3 | Jun 2023 3.6 | Sep 2023 3.7 | Dec 2023 4.7 | Mar 2024 6.0 | Jun 2024 5.6 | Sep 2024 6.4 | Dec 2024 6.5 | Mar 2025 5.3 | Jun 2025 7.0 | Sep 2025 7.8 | Dec 2025 6.3 | Mar 2026 6.4 | Jun 2026 —
- ECG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 7.9 | Mar 2025 4.1 | Jun 2025 6.3 | Sep 2025 7.6 | Dec 2025 6.9 | Mar 2026 8.8 | Jun 2026 —
- GVA: Sep 2021 1.8 | Dec 2021 1.8 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 1.6 | Mar 2023 2.0 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 2.3 | Mar 2024 2.7 | Jun 2024 2.9 | Sep 2024 3.4 | Dec 2024 3.8 | Mar 2025 3.3 | Jun 2025 3.9 | Sep 2025 4.2 | Dec 2025 4.3 | Mar 2026 5.1 | Jun 2026 —
- MYRG: Sep 2021 3.4 | Dec 2021 3.6 | Mar 2022 3.0 | Jun 2022 2.8 | Sep 2022 2.6 | Dec 2022 2.7 | Mar 2023 3.6 | Jun 2023 3.8 | Sep 2023 3.6 | Dec 2023 3.7 | Mar 2024 4.5 | Jun 2024 3.6 | Sep 2024 2.8 | Dec 2024 4.0 | Mar 2025 3.4 | Jun 2025 4.8 | Sep 2025 5.2 | Dec 2025 5.1 | Mar 2026 6.3 | Jun 2026 —
- KBR: Sep 2021 3.7 | Dec 2021 4.0 | Mar 2022 4.9 | Jun 2022 4.2 | Sep 2022 3.8 | Dec 2022 4.5 | Mar 2023 4.6 | Jun 2023 5.4 | Sep 2023 5.1 | Dec 2023 5.4 | Mar 2024 6.1 | Jun 2024 6.1 | Sep 2024 5.7 | Dec 2024 — | Mar 2025 5.4 | Jun 2025 4.4 | Sep 2025 4.1 | Dec 2025 4.1 | Mar 2026 3.4 | Jun 2026 3.1
- TPC: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 0.2 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.6 | Jun 2024 0.9 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 2.1 | Sep 2025 2.9 | Dec 2025 2.9 | Mar 2026 3.4 | Jun 2026 —
- PRIM: Sep 2021 1.4 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 0.8 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.4 | Sep 2023 1.5 | Dec 2023 1.4 | Mar 2024 1.8 | Jun 2024 2.1 | Sep 2024 2.3 | Dec 2024 2.9 | Mar 2025 2.1 | Jun 2025 2.7 | Sep 2025 4.6 | Dec 2025 4.0 | Mar 2026 4.6 | Jun 2026 —
- EXPO: Sep 2021 — | Dec 2021 14.7 | Mar 2022 — | Jun 2022 14.5 | Sep 2022 13.9 | Dec 2022 15.7 | Mar 2023 14.8 | Jun 2023 13.3 | Sep 2023 12.3 | Dec 2023 12.5 | Mar 2024 11.2 | Jun 2024 12.3 | Sep 2024 14.0 | Dec 2024 — | Mar 2025 10.7 | Jun 2025 8.9 | Sep 2025 9.1 | Dec 2025 8.3 | Mar 2026 8.9 | Jun 2026 9.6
- CDNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 6.2 | Mar 2026 8.6 | Jun 2026 —
- CDLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.2 | Jun 2024 1.7 | Sep 2024 1.9 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 1.1 | Jun 2026 —
- WLDN: Sep 2021 — | Dec 2021 2.5 | Mar 2022 — | Jun 2022 2.3 | Sep 2022 2.0 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.5 | Dec 2023 1.5 | Mar 2024 2.0 | Jun 2024 1.9 | Sep 2024 2.6 | Dec 2024 2.3 | Mar 2025 — | Jun 2025 2.3 | Sep 2025 4.0 | Dec 2025 4.8 | Mar 2026 5.2 | Jun 2026 3.9
- AMRC: Sep 2021 4.5 | Dec 2021 6.0 | Mar 2022 5.6 | Jun 2022 3.1 | Sep 2022 4.3 | Dec 2022 3.6 | Mar 2023 3.1 | Jun 2023 3.0 | Sep 2023 2.3 | Dec 2023 1.8 | Mar 2024 1.4 | Jun 2024 1.7 | Sep 2024 2.1 | Dec 2024 1.2 | Mar 2025 0.6 | Jun 2025 0.8 | Sep 2025 1.7 | Dec 2025 1.4 | Mar 2026 1.3 | Jun 2026 —

## Market action

Comfort Systems USA, Inc. has the strongest one-year price move in Engineering & Construction at +133.9%. It also leads on Mansfield relative strength against the S&P 500 at +20.8%. 12 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Comfort Systems USA, Inc. (FIX): 134%
2. Argan, Inc. (AGX): 132%
3. Sterling Infrastructure, Inc. (STRL): 105%
4. MYR Group Inc. (MYRG): 82%
5. Tutor Perini Corporation (TPC): 80%

### Strongest relative strength versus NIFTY 500
1. Comfort Systems USA, Inc. (FIX): 21%
2. Arcosa, Inc. (ACA): 20%
3. Argan, Inc. (AGX): 12%
4. MYR Group Inc. (MYRG): 12%
5. Sterling Infrastructure, Inc. (STRL): 9.6%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- Quanta Services, Inc. (PWR) — market value ₹88.3K Cr; latest fundamentals Mar 2026
- Comfort Systems USA, Inc. (FIX) — market value ₹57.1K Cr; latest fundamentals Jun 2026
- Ferrovial N.V. (FER) — market value ₹44.5K Cr; latest fundamentals Dec 2025
- EMCOR Group, Inc. (EME) — market value ₹31.4K Cr; latest fundamentals Mar 2026
- MasTec, Inc. (MTZ) — market value ₹24.4K Cr; latest fundamentals Mar 2026
- APi Group Corporation (APG) — market value ₹17.0K Cr; latest fundamentals Mar 2026
- Jacobs Solutions Inc. (J) — market value ₹16.6K Cr; latest fundamentals Mar 2026
- Sterling Infrastructure, Inc. (STRL) — market value ₹16.5K Cr; latest fundamentals Mar 2026
- Dycom Industries, Inc. (DY) — market value ₹12.1K Cr; latest fundamentals Jun 2026
- IES Holdings, Inc. (IESC) — market value ₹10.8K Cr; latest fundamentals Mar 2026
- TopBuild Corp. (BLD) — market value ₹9.9K Cr; latest fundamentals Mar 2026
- AECOM (ACM) — market value ₹9.6K Cr; latest fundamentals Mar 2026
- Tetra Tech, Inc. (TTEK) — market value ₹8.7K Cr; latest fundamentals Mar 2026
- Stantec Inc. (STN) — market value ₹8.2K Cr; latest fundamentals Mar 2026
- Argan, Inc. (AGX) — market value ₹7.3K Cr; latest fundamentals Jun 2026
- Arcosa, Inc. (ACA) — market value ₹7.1K Cr; latest fundamentals Mar 2026
- Fluor Corporation (FLR) — market value ₹6.9K Cr; latest fundamentals Mar 2026
- Legence Corp. (LGN) — market value ₹6.4K Cr; latest fundamentals Mar 2026
- Construction Partners, Inc. (ROAD) — market value ₹6.0K Cr; latest fundamentals Mar 2026
- Everus Construction Group, Inc. (ECG) — market value ₹6.0K Cr; latest fundamentals Mar 2026
- Granite Construction Incorporated (GVA) — market value ₹5.3K Cr; latest fundamentals Mar 2026
- MYR Group Inc. (MYRG) — market value ₹5.3K Cr; latest fundamentals Mar 2026
- KBR, Inc. (KBR) — market value ₹4.7K Cr; latest fundamentals Jun 2026
- Tutor Perini Corporation (TPC) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Primoris Services Corporation (PRIM) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Exponent, Inc. (EXPO) — market value ₹3.2K Cr; latest fundamentals Jun 2026
- Cardinal Infrastructure Group Inc. (CDNL) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Cadeler A/S (CDLR) — market value ₹2.1K Cr; latest fundamentals Mar 2026
- Willdan Group, Inc. (WLDN) — market value ₹1.1K Cr; latest fundamentals Jun 2026
- Ameresco, Inc. (AMRC) — market value ₹1.0K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Engineering & Construction company is the biggest?

Quanta Services, Inc. is the largest, with trailing-twelve-month revenue of $30,121 million, ahead of EMCOR Group, Inc. at $17,747 million. That covers 26 of 30 companies with comparable reporting through Mar 2026.

### Which Engineering & Construction company is growing fastest?

Cadeler A/S has the fastest revenue growth at 100% year on year, across 23 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Engineering & Construction company has the best profit margins?

Exponent, Inc. has the highest operating margin at 24.9%, from 29 of 30 comparable companies. Tetra Tech, Inc. shows the biggest recent improvement, at +7.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Engineering & Construction company makes the most profit?

EMCOR Group, Inc. earns the most, at $1,337 million of trailing-twelve-month net profit, from 26 of 30 comparable companies. Arcosa, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Engineering & Construction company earns the highest return on capital?

Comfort Systems USA, Inc. leads on return on capital employed at 18.3%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Engineering & Construction stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Cadeler A/S screens cheapest at 0.11×. Only 18 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Engineering & Construction company has the strongest balance sheet?

Argan, Inc. carries the lowest comparable gross debt at $0 million, from 29 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Engineering & Construction company is investing most in new capacity?

Ferrovial N.V. reports the largest capital spending at $382 million, across 30 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Engineering & Construction sector beating the market?

Engineering & Construction has outperformed S&P 500 by 17.5% over the last 52 weeks and 15.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 12 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Engineering & Construction stock has the strongest price momentum?

Comfort Systems USA, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Engineering & Construction company scores highest for research priority?

Sterling Infrastructure, Inc. scores 70.8 out of 100 with 82% evidence confidence, from 28.1 points on growth and earnings, 17.1 on capital efficiency, 11.5 on valuation and 14.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Engineering & Construction companies does this comparison cover, and over what period?

It compares 30 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Engineering & Construction sector?

The 30 Engineering & Construction companies on this page carry $429,071 million of combined market value. Quanta Services, Inc. is the largest at $88,289 million, about 21% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Engineering & Construction sector's P/E ratio?

The median price-to-earnings ratio across the 30 Engineering & Construction companies on this page is 34.5×, measured on the 30 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Engineering & Construction sector performing?

12 of the 28 covered Engineering & Construction companies are beating S&P 500 on Mansfield relative strength. The sector itself is 17.5% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Engineering & Construction stocks are listed in the US?

This comparison covers 30 listed Engineering & Construction companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/engineering-construction