Southland Holdings, Inc.
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.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, because several substantive risks are documented: negative equity of $248.2 million as of June 30, 2026, an existential dependence on sureties that have no obligation to keep funding, and an NYSE American notice for financial reasons. The construction business itself, with a $1.68 billion backlog, can survive this — whether anything is left for today’s common stock depends on the sureties and on old disputes. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Southland is a real construction company with a $1.68 billion backlog, but losses from legacy disputes have pushed its equity down to −$248.2 million. Since March 2026 the sureties have funded operations, $150.86 million of their assistance is slated to become senior preferred stock, and NYSE American has notified the company of noncompliance with its equity standards. Not investment advice.
Backlog and capabilities
$1.68 billion backlog as of 06/30/2026, public and private customers; specialized capabilities in bridge, tunnel and water construction, new award in Winnipeg in July 2026.
Earnings
Losses in every year since 2023, a combined $543.8 million through 06/30/2026; Q2 2026 gross loss of $71.2 million after claims write-downs cut revenue by $102.3 million.
Balance sheet
Equity of −$248.2 million as of 06/30/2026; NYSE American notice of 09/23/2026, plan due by 10/23/2026. Still $306.4 million of unresolved claims on the books.
Dependence on the sureties
$298.9 million of surety payables, deferred until at least 08/13/2027; further assistance is at the sureties’ discretion. Without bonds there are no public construction contracts.
Position of common stockholders
$150.86 million of senior preferred stock planned by 11/13/2026; certain shareholders (not named in the filing) are personally liable to the sureties; separately, 51.4% of the shares are attributed to Frank Renda (DEF 14A, April 2026).
Settlements as a bright spot
The Liberty Mutual settlement of 08/26/2026 is expected to improve Q3 2026 pre-tax income by about $29 million (preliminary); talks with Zurich continue.
Worth Noting
Edition of October 13, 2026, based on the quarterly report 10-Q as of June 30, 2026, and current reports 8-K through October 6, 2026; insider filings (Form 4) through October 13, 2026, were considered. The quarterly report as of September 30, 2026, was not yet available. The hook is our in-house Reddit hype scanner (flagged on October 13, 2026) — an attention signal, not a data source.
Not to be confused: Southland Holdings (SLND) has nothing to do with Southern Copper (SCCO) or other “Southern” names. Until February 2023, CIK 0001883814 carried the name Legato Merger Corp. II, the blank-check company through which Southland went public.
Equity in the chart and text includes noncontrolling interests (−$248.2 million as of 06/30/2026, as cited in the 8-K of 09/25/2026); the portion attributable to Southland stockholders was −$253.5 million. The fourth-quarter 2025 loss, the market value, the sum of losses and the pro-forma equity after the preferred conversion (about −$97 million) are our own calculations from the sources cited.
Stock Watch
This analysis is as of October 13, 2026. Stock Watch will tell you what's changed at SLND since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.536 $ to 4.80 $ · Last price: 0.7378 $ (As of: November 2, 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 11/03/2026
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 % |
|---|---|---|---|---|---|---|---|
| Southland Holdings, Inc. SLND | 0.0 | – | 19.0 | -43.9 | – | -21.2 | -83.5 |
| Quanta Services Inc PWR | 98.3 | 80.2 | 27.1 | 15.8 | 4.2 | 19.8 | 38.4 |
| Comfort Systems USA Inc FIX | 45.7 | 31.7 | 26.9 | 25.7 | 7.9 | 29.5 | 28.2 |
| EMCOR Group Inc EME | 30.4 | 21.0 | 13.1 | 19.4 | 8.7 | 16.6 | 5.1 |
| Api Group Corp APG | 20.2 | – | 21.3 | 31.4 | 7.3 | 12.7 | 26.4 |
| Jacobs Solutions Inc. J | 18.6 | 47.1 | 22.0 | 22.1 | -0.9 | 4.6 | 3.9 |
| MasTec Inc MTZ | 15.6 | 40.9 | 13.3 | 12.9 | 3.7 | 16.2 | -13.0 |
| Topbuild Corp BLD | 12.2 | 24.0 | 12.9 | 29.0 | 12.2 | 1.5 | 2.7 |
| Sterling Construction Company Inc STRL | 10.8 | 27.8 | 15.2 | 23.8 | 17.2 | 17.7 | -8.7 |
| Median of companies shown | 18.6 | 31.7 | 19.0 | 22.1 | 7.6 | 16.2 | 3.9 |
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) |
|---|---|---|---|---|---|---|---|
| 2019 | 1,048 | 35 | 30 | 0.00 | -22 | – | – |
| 2020 | 1,058 | 44 | 34 | 0.00 | -50 | 259 | 1,121 |
| 2021 | 1,279 | 56 | 39 | 1.08 | -91 | 291 | 1,036 |
| 2022 | 1,161 | 83 | 61 | 1.69 | -66 | 349 | 1,125 |
| 2023 | 1,160 | -31 | -19 | -0.41 | -10 | 250 | 1,201 |
| 2024 | 980 | -126 | -105 | -2.19 | 2 | 164 | 1,204 |
| 2025 | 772 | -217 | -307 | -5.67 | 17 | -141 | 989 |
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 | -0.08 | – | 267 | -15.50 | -1.60 | -10 | -12 |
| 2025: Q1 | -0.08 | – | 240 | -16.90 | -1.90 | 6 | 5 |
| 2025: Q2 | -0.19 | – | 215 | -14.40 | -4.80 | -5 | -7 |
| 2025: Q3 | -1.39 | – | 213 | 23.10 | -35.30 | 6 | 5 |
| 2025: Q4 | -3.99 | – | 104 | -61.10 | -208.20 | 10 | 13 |
| 2026: Q1 | -0.52 | – | 172 | -28.00 | -16.40 | -134 | -134 |
| 2026: Q2 | -1.55 | -715.80 | 113 | -47.40 | -74.40 | -38 | -38 |
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 14 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Risk & Weakness
- Bankruptcy Study: Stacked Warning Signals
- Below the 50- & 200-SMA
- Downward Momentum
- Going Concern (Distress Proxy)
- Insolvency Radar: Cash Running Low
- Near 52-Week Low
- RS Weakness (≤10)
- Stage 4 (Downtrend)
- Stan Weinstein: Stage 4
- Stan Weinstein: Stage 4B-
- Weakness Cluster
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. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. 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 | -2.52 | -2.80 – -2.23 | 612 | 74.7% | 2 |
| 12/31/2027 | -0.77 | -0.83 – -0.71 | 656 | 121.2% | 2 |
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?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Southland Holdings ist ein Spezial-Bauunternehmen für Brücken, Tunnel sowie Wasser- und Abwasseranlagen; in den sechs ausgewerteten SEC-Berichten (10-K 2025 und 2024, 10-Q zum 30.06.2026, 31.03.2026, 30.09.2025, 30.06.2025) gibt es weder ein KI-Produkt noch einen belegten KI-Einsatz im eigenen Betrieb. Die einzigen Bezüge sind ein allgemeiner Risikohinweis im Geschäftsbericht 2025, KI könne die Branchen der Kunden und deren Investitionsbereitschaft stören, und ein Rechenzentrums-Bauprojekt im Westen (Umsatzplus 14,3 Mio. $ im ersten Quartal 2026) — Southland baut dabei Infrastruktur, verkauft aber keine KI. Der Risikohinweis ist eine Branchenfloskel ohne konkreten Bezug zum eigenen Geschäftsmodell und damit nach dem Kriterienkatalog kein Bedroht-Beleg. Werttreiber und Risiken sind Nachforderungen aus Altprojekten, negatives Eigenkapital und die Abhängigkeit von den Bürgen. Negativ-Befund dokumentiert — „neutral“.
View the full file — quotes, sources, reviewed filings
„Many factors, including the financial condition of the industries we serve and potential disruptions to such industries caused by the implementation of artificial intelligence, could adversely affect our customers and their willingness to fund capital expenditures in the future."
Viele Faktoren, darunter die finanzielle Lage der Branchen, die wir bedienen, und mögliche Umbrüche in diesen Branchen durch den Einsatz künstlicher Intelligenz, könnten sich nachteilig auf unsere Kunden und ihre Bereitschaft auswirken, künftig Investitionen zu finanzieren.
10-K · 2026-03-26 · View SEC filing
„The increase was primarily attributable to increased revenues of $14.3 million from a data center project in the West due to the project being substantially started after March 31, 2025"
Der Anstieg war vor allem auf um 14,3 Millionen Dollar höhere Umsätze aus einem Rechenzentrums-Projekt im Westen zurückzuführen, weil das Projekt im Wesentlichen nach dem 31. März 2025 begonnen wurde
10-Q · 2026-05-12 · View SEC filing
Filings Reviewed: 10-Q 2026-08-12 · 10-Q 2026-05-12 · 10-Q 2025-11-12 · 10-Q 2025-08-12 · 10-K 2026-03-26 · 10-K 2025-03-04
Rated on October 13, 2026 · How the Rating Is Built
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 -12.7%
- More than 10% revenue growth is expected for the coming year 1.0%
- Share count grows by less than 3% a year 14.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -19.6%
- Gross margin at 40% or higher and without meaningful erosion -20.1%
- Goodwill from acquisitions does not grow faster than revenue 0.2%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 439 m
- Return on capital at 15% or higher, or up versus two years ago -64.9%
- Insiders hold at least 10% or are net buyers 73.6%
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
1/10The 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% -5.0%
- Exp. sales growth 3Y > 5% -7.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -7.8%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% -64.9%
- Expected return > 10% 21.5%
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 15, 2026 | Bassano Keith | CFO AND TREASURER | Other | 10,064 | – | – |
| Aug 14, 2026 | Parker Nathaniel Willis IV | Director | Other | 15,000 | 0.00 | – |
| Aug 14, 2026 | Ramirez Mario Enrique | Director | Other | 15,000 | 0.00 | – |
| Aug 14, 2026 | Martins Izilda P | Director | Other | 15,000 | 0.00 | – |
| Aug 14, 2026 | Monahan Gregory R | Director | Other | 15,000 | 0.00 | – |
The company
About the Company
Southland Holdings, Inc. ist im Bereich des Spezialinfrastrukturbaus in Nordamerika tätig.
- Employees
- 1,800
- Headquarters
- Grapevine, TX
- Address
- 1100 Kubota Drive, 76051 Grapevine, United States
- Phone
- 817 293 4263
- Website
- southlandholdings.com
- IPO Date
- 02/16/2023
- ISIN
- US84445C1009
Management
| Name | Title | Birth Year |
|---|---|---|
| Frankie S. Renda | President, CEO & Interim Chairman | 1977 |
| Keith Bassano CPA | CFO & Treasurer | 1988 |
| Walter Timothy Winn | Co-COO, EVP & Director | 1977 |
| Rudolph V. Renda | Executive VP, Co-COO & Director | 1978 |
| Alex Murray | Director of Corporate Development & Investor Relations | – |
| Jim Van Horn | Chief Legal Officer & Secretary | – |
| Donald D. Graul | Chief Strategy Officer | – |
| Nicholas K. Campbell | Chief Transformation Officer | 1979 |
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).
- 10/06/2026 Southland Holdings, Inc. (SLND): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
- 09/25/2026 Southland Holdings, Inc. (SLND): Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing; Financial Statements and Exhibits SEC ↗
- 08/27/2026 Southland Holdings, Inc. (SLND): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
- 08/13/2026 Southland Holdings, Inc. (SLND): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
- 08/12/2026 Southland Holdings, Inc. (SLND): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 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.