Everus Construction Group Inc (ECG)
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symbol.quality_heading
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.
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.
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Everus Construction (NYSE: ECG), the spin-off of MDU Resources, wires data centers and builds the grids that feed them: 2025 revenue up 31 percent to $3.75 billion, 19 hits in our in-house stock scanner, price near record. We read the annual report (10-K) and the latest quarterly report (10-Q): a single customer already supplies 17 percent of revenue, half the revenue hangs on fixed-price contracts, and the company has been independent for less than two years. Not investment advice — just the honest question of what a chart winner may still cost after the rally.
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Stock Watch
This analysis is as of July 18, 2026. Stock Watch will tell you what's changed at ECG since then.
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Appears in These Scanners
This stock currently matches 20 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 125.40 $ — 56% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralEverus 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.
„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.
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
What the Earnings Calls Reveal
Positive Beats own guidanceAcross 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.
6 calls reviewed, 2024-Q4 through 2026-Q1 · As of August 2, 2026
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
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2024-Q4 kept
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.
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2024-Q4 kept
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.
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2024-Q4 kept
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.
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2025-Q4 open
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.
Based on public earnings call transcripts. Reviewed: 6 transcripts 2024-Q4 through 2026-Q1.
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.
Analysts & Price Target
The price target sits 35.2% above the current price.
- Consensus
- Strong Buy
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.
Next Reporting Date
- Expected Earnings per Share
- 1.10 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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Source: fundamental data
Quarterly Figures
| 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 |
- 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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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.
- 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.
About the Company
Everus Construction Group, Inc. bietet Auftragsdienste in den USA an.
| Employees | 9,400 |
|---|---|
| Headquarters | Bismarck, ND |
| Website | everus.com |
| IPO Date | 28. Oct 2024 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.