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1. Company Snapshot

1.a. Company Description

Tutor Perini Corporation, a construction company, provides diversified general contracting, construction management, and design-build services to private customers and public agencies worldwide.It operates through three segments: Civil, Building, and Specialty Contractors.The Civil segment engages in the public works construction and the replacement and reconstruction of infrastructure, construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military defense facilities, and water management and wastewater treatment facilities.


This segment also provides drilling, foundation, and excavation support for shoring, bridges, piers, roads, and highway projects.The Building segment offers services in various specialized building markets, including hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, and industrial and technology.The Specialty Contractors segment provides electrical, mechanical, plumbing, and fire protection systems, as well as heating, ventilation, and air conditioning services (HVAC) for the industrial, commercial, hospitality and gaming, and mass-transit end markets.


It also offers general contracting, pre-construction planning, and project management services, including planning and scheduling of manpower, equipment, materials, and subcontractors; and self-performed construction services, such as site work, concrete forming and placement, steel erection, electrical, plumbing, HVAC, and mechanical.The company was formerly known as Perini Corporation and changed its name to Tutor Perini Corporation in May 2009.Tutor Perini Corporation was founded in 1894 and is headquartered in Sylmar, California.

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1.b. Last Insights on TPC

Tutor Perini Corporation's recent stock performance has been driven by positive developments in its business. The company's Q4 2024 earnings call highlighted strong project execution and a solid backlog, which should support future growth. Additionally, the company's recent operational update from Tenth Avenue Petroleum Corp., a subsidiary, showcased progress in its field activities, including the closure of the Patricia Acquisition and increased fluid handling capacity. These developments suggest a strong foundation for the company's future performance.

1.c. Company Highlights

2. Tutor Perini's Record Revenue and Strong Backlog Drive Growth Expectations

Tutor Perini Corporation reported a record $5.5 billion in revenue for 2025, a 28% increase from the previous year, driven by double-digit backlog growth and contributions from larger, higher-margin projects. The company achieved adjusted earnings per share of $4.29, a significant improvement from the adjusted loss of $2.37 in 2024. In Q4 2025, revenue grew 41% to $1.5 billion, driven by increased project activity, with adjusted net income of $58 million, or $1.07 of adjusted earnings per share, beating estimates of $0.92. The company's operating cash flow reached a record $748 million, up 49% from 2024.

Publication Date: Mar -08

📋 Highlights
  • 2025 Revenue Surge:: Tutor Perini hit $5.5 billion in revenue, up 28% YoY, driven by double-digit backlog growth and high-margin projects.
  • Adjusted EPS Recovery:: Adjusted earnings per share jumped to $4.29 in 2025 (up from a $2.37 loss in 2024), reflecting operational improvements.
  • Record Operating Cash Flow:: Generated $748 million in operating cash flow (+49% YoY), with $748 million in cash, reflecting strong liquidity.
  • Civil Segment Strength:: Civil segment revenue rose 34% to $2.8 billion with a 13.7% operating margin, outperforming other segments.
  • Backlog Growth & 2026 Outlook:: Backlog reached $20.6 billion (+10% YoY), supporting double-digit revenue growth and adjusted EPS guidance of $4.90–$5.30 for 2026.

Segment Performance

The Civil segment revenue was $2.8 billion, up 34%, with an operating income of $391 million and an operating margin of 13.7%. The Building segment revenue was $1.9 billion, up 15%, with an operating income of $58 million and a margin of 3.1%. The Specialty Contractors segment revenue was $844 million, up 43%, and returned to profitability in the second half of 2025, with operating margins improving to 2.7% and 4.4% in the last two quarters. The company's backlog grew 10% year-over-year to $20.6 billion, driven by $7.4 billion of new awards, including several large projects.

Growth Expectations and Guidance

The company expects double-digit revenue growth and strong earnings in 2026, with adjusted EPS in the range of $4.90 to $5.30. Analysts estimate next year's revenue growth at 10.0%. The company's guidance assumes a refinancing in mid-2026, which is expected to reduce interest expenses. Tutor Perini aims to refinance its 11.8% debt coupon, targeting a 500 basis point reduction.

Valuation and Financial Health

With a P/E Ratio of 47.77 and an EV/EBITDA of 11.5, the market is pricing in significant growth expectations. The company's net cash position is healthy, with cash and cash equivalents exceeding total debt by $327 million. The balance sheet has been strengthened, with a focus on reducing debt and interest expenses. The Free Cash Flow Yield is 14.75%, indicating a strong ability to generate cash.

Outlook and Risks

The company feels good about its visibility into 2026 and 2027, with 2027 expected to be better than 2026. The company is not seeing any resource constraints, with labor sourced from union halls and a focus on recruiting project managers and executives. The Specialty Contractors segment is expected to see margin improvement, driven by higher-margin work and better contractual terms, with a target range of 5% to 8% in 2026.

3. NewsRoom

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Tutor Perini: Large Backlog To Fuel Long-Term Growth, But A Pullback Is Underway

Mar -08

Source: seekingalpha.com

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Tutor Perini (NYSE:TPC) Shares Gap Down – Here’s What Happened

Mar -01

Source: defenseworld.net

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Why Did Tutor Perini Stock Drop Today?

Feb -27

Source: fool.com

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Tutor Perini Corporation (TPC) Q4 2025 Earnings Call Transcript

Feb -27

Source: seekingalpha.com

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Tutor Perini Declares Quarterly Dividend

Feb -26

Source: businesswire.com

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Tutor Perini Reports Strong Fourth Quarter and Full Year 2025 Results

Feb -26

Source: businesswire.com

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Counterpoint Mutual Funds LLC Boosts Stake in Tutor Perini Corporation $TPC

Feb -24

Source: defenseworld.net

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Hillsdale Investment Management Inc. Has $4.42 Million Stock Position in Tutor Perini Corporation $TPC

Feb -23

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.73%)

6. Segments

Civil

Expected Growth: 6.5%

Tutor Perini Corporation's Civil segment growth of 6.5% is driven by increasing infrastructure spending, government investments in transportation and energy projects, and a strong backlog of large-scale projects. Additionally, the company's strategic acquisitions and joint ventures have expanded its capabilities and presence in the civil construction market, contributing to its growth momentum.

Building

Expected Growth: 6.8%

Tutor Perini Corporation's 6.8% growth is driven by increasing demand for infrastructure development, government investments in transportation and construction projects, and strategic acquisitions. Additionally, the company's diversified portfolio, strong backlog, and efficient project execution contribute to its growth momentum.

Specialty Contractors

Expected Growth: 7.2%

Tutor Perini Corporation's Specialty Contractors segment growth of 7.2% is driven by increasing demand for infrastructure projects, particularly in transportation and energy sectors. Strong backlog, strategic acquisitions, and operational efficiencies also contribute to growth. Additionally, the company's focus on niche markets, such as electrical and mechanical contracting, provides a competitive edge.

7. Detailed Products

Civil Construction

Tutor Perini Corporation provides civil construction services for infrastructure projects, including highways, bridges, airports, and public buildings.

Building Construction

The company offers building construction services for commercial, residential, and institutional projects, including new construction, renovation, and restoration.

Specialty Contracting

Tutor Perini Corporation provides specialty contracting services, including electrical, mechanical, and plumbing (MEP) work, as well as concrete and masonry services.

Infrastructure and Development

The company offers infrastructure and development services, including project management, engineering, and construction management for large-scale projects.

8. Tutor Perini Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Tutor Perini Corporation is moderate due to the availability of alternative construction services and products.

Bargaining Power Of Customers

The bargaining power of customers is low for Tutor Perini Corporation as the company has a diverse customer base and is not heavily reliant on a single customer.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Tutor Perini Corporation as the company relies on a network of suppliers for materials and equipment.

Threat Of New Entrants

The threat of new entrants is low for Tutor Perini Corporation due to the high barriers to entry in the construction industry, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high for Tutor Perini Corporation due to the competitive nature of the construction industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 41.23%
Debt Cost 11.55%
Equity Weight 58.77%
Equity Cost 11.55%
WACC 11.55%
Leverage 70.15%

11. Quality Control: Tutor Perini Corporation passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
NV5 Global

A-Score: 4.9/10

Value: 4.2

Growth: 5.0

Quality: 5.3

Yield: 0.0

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Willdan

A-Score: 4.9/10

Value: 2.1

Growth: 7.4

Quality: 6.6

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Tutor Perini

A-Score: 4.6/10

Value: 6.0

Growth: 4.7

Quality: 4.3

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Orion Holdings

A-Score: 4.2/10

Value: 6.0

Growth: 5.6

Quality: 4.2

Yield: 0.0

Momentum: 7.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Matrix Service

A-Score: 4.1/10

Value: 8.7

Growth: 4.8

Quality: 4.1

Yield: 0.0

Momentum: 3.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Limbach Holdings

A-Score: 3.6/10

Value: 3.0

Growth: 8.0

Quality: 6.1

Yield: 0.0

Momentum: 2.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

71.29$

Current Price

71.29$

Potential

-0.00%

Expected Cash-Flows