Everus Construction Group Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.
Why this colour
The documented strengths carry the verdict: revenue up 31 percent to $3.75 billion, roughly 39 percent return on equity and an order book grown to $3.23 billion — against that substance, the 17-percent single customer is a blemish, not an existential risk. Whoever owns the stock can keep it. Only the price blocks a new purchase: a P/E around 31 and EV/EBITDA around 21 already price in the data-center optimism — holding here expressly does not mean buying at the current price level. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Everus Construction is a genuine strength name: profitable, growing broadly, with a full order book and structural tailwind from the data-center boom. But the quality has its price — and a few shadows the chart does not show: a single customer at 17 percent of revenue, dependence on one boom, fixed-price risks, a trading history of barely two years, and a valuation carrying technology multiples. A winner that already carries its good news largely in the price. Not investment advice.
Growth & business
Broad, real growth: revenue from $2.05 billion (2021) to $3.75 billion (2025, up 31 percent year over year), net income of $201.8 million, roughly 39 percent return on equity. Structural tailwind from the data-center build-out in the higher-margin electrical segment.
Order book & balance sheet
Backlog of $3.23 billion at year-end 2025 (up 16 percent), a stable net margin around 5 percent despite fixed-price risks. The balance sheet is solid but no longer debt-free since the separation ($525 million credit facility); interest expense rose by more than half in 2025.
Customer concentration
A single customer supplied roughly 17 percent of 2025 revenue, the top 10 together 43 percent — in 2024 no customer had crossed the 10-percent mark. Strong dependence on a single end market (data centers) and its investment cycle; 52 percent of revenue through fixed-price contracts with estimating risk.
Independence & governance
A trading history under two years (start October 2024), continuing separation agreements with former parent MDU, and a change of auditor (Deloitte to KPMG) already in the first full year. Net a single small insider purchase (about $23,000); officers and directors hold under 1 percent, institutions roughly 87 percent.
Valuation & momentum
An ambitious post-rally valuation: P/E around 31, EV/EBITDA around 21, P/S around 1.7 for a net margin of roughly 5.4 percent — technology multiples for a construction services firm. Against that stand 19 scanner hits and a price near record; only four analysts cover the stock, with a median price target around $170.
Worth Noting
Valuation metrics are orders of magnitude as of mid-2026 (P/E ~31, EV/EBITDA ~21, P/S ~1.7); annual figures refer to fiscal year 2025 (as of December 31, 2025). Analyses are evergreen; daily prices are not a buy argument.
The insider tally ("1 purchase / 0 sales") comes from scanner and fundamental data and was cross-checked against the insider filing (Form 4) of December 8, 2025 (director Hernandez, 250 shares). A conflicting fundamental-data figure on insider ownership was discarded in favor of the documented DEF 14A number (officers and directors together under 1 percent).
AI dossier: category "neutral" (rated July 10, 2026) — artificial intelligence appears in the filings only as an end-market demand driver for data centers and as a generic data-security risk, not as a revenue source or an operating tool of its own. Everus sells construction work, not AI.
Stock Watch
This analysis is as of August 4, 2026. Stock Watch will tell you what's changed at ECG since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 78.80 $ to 169.20 $ · Last price: 113.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Engineering & Construction
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Everus Construction Group Inc ECG | 5.8 | 33.3 | 16.5 | 13.0 | 7.5 | 31.5 | 43.8 |
| Quanta Services Inc PWR | 97.5 | 80.3 | 33.7 | 15.5 | 4.2 | 19.8 | 64.1 |
| Comfort Systems USA Inc FIX | 60.0 | 41.7 | 29.0 | 25.7 | 7.9 | 29.5 | 106.7 |
| EMCOR Group Inc EME | 32.5 | 22.3 | 15.2 | 19.4 | 8.7 | 16.6 | 19.7 |
| Jacobs Solutions Inc. J | 16.7 | 43.2 | 21.8 | 22.1 | -0.9 | 4.6 | -1.1 |
| MasTec Inc MTZ | 16.7 | 42.4 | 16.9 | 12.9 | 3.7 | 16.2 | 7.5 |
| Api Group Corp APG | 16.5 | – | 20.3 | 31.4 | 7.3 | 12.7 | 6.7 |
| Sterling Construction Company Inc STRL | 16.2 | 41.9 | 20.2 | 23.8 | 17.2 | 17.7 | 51.1 |
| Topbuild Corp BLD | 12.2 | 24.0 | 12.9 | 29.0 | 12.2 | 1.5 | 2.7 |
| Median of companies shown | 16.7 | 41.8 | 20.2 | 22.1 | 7.5 | 16.6 | 19.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2021 | 2,052 | 146 | 109 | 2.15 | 85 | – | – |
| 2022 | 2,699 | 165 | 125 | 2.45 | -26 | 382 | 1,136 |
| 2023 | 2,854 | 191 | 137 | 2.69 | 171 | 449 | 1,052 |
| 2024 | 2,850 | 190 | 143 | 2.81 | 163 | 423 | 1,288 |
| 2025 | 3,746 | 265 | 202 | 3.94 | 157 | 630 | 1,729 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.67 | -5.70 | 760 | 19.50 | 4.50 | 83 | 69 |
| 2025: Q1 | 0.72 | 29.70 | 827 | 32.10 | 4.40 | 7 | -11 |
| 2025: Q2 | 1.03 | 35.30 | 922 | 31.00 | 5.70 | 25 | 12 |
| 2025: Q3 | 1.11 | 36.00 | 987 | 29.70 | 5.80 | 76 | 66 |
| 2025: Q4 | 1.08 | 60.10 | 1,012 | 33.20 | 5.50 | 48 | 24 |
| 2026: Q1 | 1.14 | 58.70 | 1,037 | 25.40 | 5.60 | 144 | 128 |
| 2026: Q2 | 1.64 | 59.20 | 1,232 | 33.60 | 6.80 | 53 | 53 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 25 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Best Hits
Growth
Quality & Balance Sheet
Breakout & Setup
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Near 52-Week High
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 5.34 | 5.20 – 5.53 | 4,662 | 35.1% | 6 |
| 12/31/2027 | 6.02 | 5.51 – 6.37 | 5,205 | 12.7% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 9.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $250.4M |
|---|---|
| Market cap | $5.78B |
| Free cash flow in year ten | $629.6M |
| Terminal value as a share of market value | 57.4% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Everus baut elektrische und mechanische Infrastruktur unter anderem für Rechenzentren, deren Nachfrage teils vom KI-Ausbau getrieben wird. In den ausgewerteten Berichten (2×10-K, 4×10-Q) taucht Künstliche Intelligenz jedoch nur als Endmarkt-Nachfragetreiber im Geschäftsmodell-Kapitel (Item 1) und als generisches Datensicherheits-Risiko (Item 1A) auf — nicht als belegte eigene Umsatzquelle (kein „verkauft"), nicht als operatives Werkzeug im Betrieb (kein „nutzt") und nicht als konkretes, benanntes Risiko für das eigene Geschäftsmodell (kein „bedroht"). Die KI-getriebene Rechenzentrums-Nachfrage kommt beim Umsatz nur mittelbar über die Bauaufträge an; Everus verkauft Bau- und Wartungsleistungen, keine KI-Produkte. Daher neutral mit dokumentiertem Negativ-Befund.
View the full file — quotes, sources, reviewed filings
„Global trends toward digitalization and increasing demand for capacity to support new artificial intelligence technologies are expected to drive near- and long-term activity across the semiconductor and data center markets."
Globale Trends zur Digitalisierung und die steigende Nachfrage nach Kapazitäten zur Unterstützung neuer Technologien der Künstlichen Intelligenz dürften kurz- und langfristig die Aktivität in den Halbleiter- und Rechenzentrumsmärkten antreiben.
10-K · 2026-02-25 · View SEC filing
„Artificial intelligence presents risks and challenges that can impact our business by posing security risks to our confidential information, proprietary information and personal data."
Künstliche Intelligenz bringt Risiken und Herausforderungen mit sich, die unser Geschäft beeinträchtigen können, indem sie Sicherheitsrisiken für unsere vertraulichen und geschützten Informationen sowie für personenbezogene Daten darstellt.
10-K · 2026-02-25 · View SEC filing
Filings Reviewed: 10-Q 2026-05-06 · 10-Q 2025-11-05 · 10-Q 2025-08-13 · 10-Q 2025-05-15 · 10-K 2026-02-25 · 10-K 2025-02-28
Rated on July 10, 2026 · How the Rating Is Built
Earnings calls
What the Earnings Calls Reveal
Across the six calls reviewed from 2024-Q4 through 2026-Q1, Everus Construction Group shows an unusually consistent pattern: every annual guidance was raised during the year and still beaten in the end, while the core messaging on data centers, margins and capital allocation stayed stable across all quarters. Concrete, datable commitments were kept, some with delay such as the first acquisition. The flip side: initial guidance is so conservative that its informational value is limited, and management declines to quantify the data center share of backlog despite repeated analyst questions.
Guidance raised twice and still beaten
The initial 2025 guidance from the 2024-Q4 call called for 3.0 to 3.1 billion dollars in revenue and 210 to 225 million dollars in EBITDA. The EBITDA target was raised to 240 to 255 million in 2025-Q2 and to 290 to 300 million in 2025-Q3. According to the 2025-Q4 call, the company ultimately delivered 3.75 billion dollars in revenue and 319.8 million dollars in EBITDA, roughly 47 percent above the midpoint of the original EBITDA range. The guidance affirmed in 2025-Q1 and the implied Q4 margin outlook from 2025-Q3 were also clearly beaten. The pattern continues: the initial 2026 guidance was already raised in 2026-Q1.
Initial guidance carries little information
The flip side of the delivery record: initial guidance is systematically set very low. In 2024-Q4 and again in 2025-Q3 management justified this with the principle that execution upside is never a baseline assumption at the start of a year. In addition, the CFO explicitly warned in 2025-Q2 of a softer second half with core margins in the low to mid 7 percent range, while actual EBITDA margins came in at 9.0 percent in 2025-Q3 and 8.4 percent in 2025-Q4. Anyone reading the initial guidance as a realistic expectation has so far regularly underestimated this company, it is better treated as a floor.
Data center concentration never quantified
According to management, data centers are the largest single component of backlog, as confirmed in 2025-Q3 and 2025-Q4. But Everus does not say how large that share is: in 2025-Q4 a direct analyst question about the composition was declined with the remark that backlog is not broken down to that level of detail, and in 2026-Q1 the CEO initially deflected to the competitive environment before the CFO again stated that the data center share is not disclosed. As early as 2024-Q4 the CFO declined to give numbers on the changed backlog conversion pace. The refusal is open and consistent, not a cover-up, but it leaves the stock's most important concentration risk unquantifiable for investors.
Quiet shift in guidance philosophy
In 2024-Q4 and 2025-Q3 the stated principle was that execution upside is never a baseline assumption at the start of a year, and in 2025-Q3 the projected Q4 margin of implicitly around 7 percent was even explicitly called a good starting point for 2026. Yet the 2026 guidance presented in 2025-Q4 assumes a margin of just under 8 percent, justified in part by good visibility into continued execution upside, exactly what was previously never to be baked in. The shift was stated openly and explained with scale benefits, but it remains a break with the rule formulated twice before. In 2026-Q1 management walked it back again, stressing that the goal is stable, only modestly rising margins.
Consistent story, T&D explanations validated
The core messaging stayed stable across all six calls: on data center demand, 2025-Q1 and 2025-Q2 used nearly identical wording that the message had not changed, and the long-term targets of 5 to 7 percent revenue and 7 to 9 percent EBITDA growth were never redefined. The explanations for soft patches also held up to scrutiny: the T&D revenue declines attributed to weather in 2025-Q1 and to timing in 2025-Q3 resolved as promised, with T&D backlog up 41 percent year over year at the end of 2025 and T&D revenue growing 10.5 percent in 2026-Q1. We find no instance of an earlier statement being quietly walked back.
Management promises
- 2024-Q4 — Full-year 2025 guidance: revenue of 3.0 to 3.1 billion dollars, EBITDA of 210 to 225 million dollars. Clearly exceeded: 3.75 billion dollars in revenue and 319.8 million dollars in EBITDA per the 2025-Q4 call, after raises in 2025-Q2 and 2025-Q3. kept
- 2024-Q4 — M&A efforts were to be ramped up as a key priority for 2025. Delivered with delay: a head of corporate development was hired in 2025-Q1 and the pipeline was described as broader and deeper in 2025-Q3, but the first acquisition (SCNM) only closed in early April 2026, with no deal during 2025 itself. kept
- 2024-Q4 — 2025 capital expenditures of 65 to 70 million dollars, reaffirmed in 2025-Q3. Right on target: 66.8 million dollars in actual capital expenditures per the 2025-Q4 call. kept
- 2025-Q4 — Initial 2026 guidance: revenue of 4.1 to 4.2 billion dollars, EBITDA of 320 to 335 million dollars. Already raised in 2026-Q1 to 4.3 to 4.4 billion dollars in revenue and 345 to 360 million dollars in EBITDA, partly due to the SCNM acquisition, the fiscal year is still in progress. open
Based on public earnings call transcripts. Reviewed: 6 transcripts 2024-Q4 through 2026-Q1.
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 11.5%
- More than 10% revenue growth is expected for the coming year 10.4%
- Share count grows by less than 3% a year 0.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 33.9%
- Gross margin at 40% or higher and without meaningful erosion 12.1%
- Goodwill from acquisitions does not grow faster than revenue 8.3%
- Net debt below twice EBITDA 0.6 x EBITDA
- Operating cash flow covers the profits of the last three years 9 m
- Return on capital at 15% or higher, or up versus two years ago 26.7%
- Insiders hold at least 10% or are net buyers 0.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
10/10 Quality stockThe AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 16.2%
- Exp. sales growth 3Y > 5% 17.9%
- EBIT growth 10Y > 5% 16.1%
- Exp. EBIT growth 3Y > 5% 23.5%
- Net debt < 4x EBIT 0.8x
- EBIT positive, 10Y straight 5
- Max. EBIT decline < 50% 0.3%
- Return on equity > 15% 41.5%
- ROCE > 15% 26.7%
- Expected return > 10% 25.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Rosenthal Dale | Director | Other | 203 | 128.99 | 26,185 |
| Aug 31, 2026 | Ryan Edward A | Director | Other | 121 | 128.99 | 15,608 |
| Aug 17, 2026 | Sparby David M | Director | Buy | 1,000 | 144.95 | 144,950 |
| Aug 7, 2026 | Sanderson Paul R. | VP, CLO & Corporate Secretary | Sell | 3,300 | 136.69 | 451,077 |
The company
About the Company
Everus Construction Group, Inc. bietet Auftragsdienste in den USA an.
- Employees
- 9,400
- Headquarters
- Bismarck, ND
- Address
- 1730 Burnt Boat Drive, 58503 Bismarck, United States
- Phone
- 701 221 6400
- Website
- everus.com
- IPO Date
- 10/28/2024
- ISIN
- US3004261034
Management
| Name | Title | Birth Year |
|---|---|---|
| Jeffrey S. Thiede | President, CEO & Director | 1962 |
| Maximillian J. Marcy | VP, CFO & Treasurer | – |
| Thomas D. Nosbusch | Executive VP & COO | 1974 |
| Paul R. Sanderson | VP, Chief Legal Officer & Secretary | 1975 |
| Timothy R. Sznewajs | Vice President of Corporate Development & Strategy | – |
| Jon B. Hunke | VP & Chief Accounting Officer | 1975 |
| Jason A. Behring | VP & Chief Information Officer | 1979 |
| Britney A. Hendricks | VP & Chief Human Resources Officer | 1986 |
| Steven L. Aston | President of Wagner-Smith Equipment | – |
| Daniel R. Haggard | President of International Line Builders | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/08/2026 Everus Construction Group, Inc. (ECG): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant SEC ↗
- 09/01/2026 Everus Construction Group, Inc. (ECG): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/04/2026 Everus Construction Group, Inc. (ECG): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/31/2026 Everus Construction Group, Inc. (ECG): Regulation FD Disclosure SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.