Granite Construction Incorporated
- Open
- 159.69
- Day high
- 160.41
- Day low
- 158.74
- Prev close
- 158.96
- Volume
- 299K
- Mkt cap
- $7.0B
- P/E (TTM)
- 37.7
- EPS (TTM)
- $4.23
- P/B
- 6.8
- P/S
- 1.5
- Yield
- 0.33%
- Per share
- $0.52
- ▼Insiders net selling -$1.9M over the last 3 months (3 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
Granite Construction Incorporated (GVA) is a Industrials company listed on NYSE. The stock is up 70% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 2 sales (SEC Form 4).
Granite Construction Incorporated (GVA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GVA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $-0.77 | $-0.26 | +66.1% | $912M | +16.6% |
| Feb 12, 2026 | $1.34 | $1.40 | +4.5% | $1.2B | +45.8% |
| Nov 6, 2025 | $2.56 | $2.70 | +5.5% | $1.4B | +24.9% |
| Aug 7, 2025 | $1.77 | $1.93 | +9.0% | $1.1B | -19.7% |
| May 1, 2025 | $-0.43 | $0.01 | +102.3% | $700M | -40.0% |
| Feb 13, 2025 | $1.42 | $1.23 | -13.4% | $977M | +38.3% |
| Oct 31, 2024 | $2.47 | $2.05 | -17.0% | $1.3B | +34.3% |
| Aug 1, 2024 | $1.32 | $1.73 | +31.1% | $1.1B | +7.3% |
| May 2, 2024 | $-0.49 | $-0.21 | +57.1% | $672M | -33.3% |
| Feb 22, 2024 | $0.84 | $0.82 | -2.4% | $934M | +11.3% |
| Oct 31, 2023 | $1.45 | $1.69 | +16.6% | $1.1B | +3.4% |
| Jul 27, 2023 | $0.83 | $1.03 | +24.1% | $899M | -2.8% |
GVA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Romer John Timothydirector | Buy | 273 | $143.40 |
| Jun 15, 2026 | Romer John Timothydirector | Buy | 375 | $141.79 |
| Jun 15, 2026 | Romer John Timothydirector | Buy | 102 | $144.32 |
| Jun 9, 2026 | Mastin Celeste Beeksdirector | Grant | 1,036 | — |
| Jun 9, 2026 | Krusi Alandirector | Grant | 1,036 | — |
| Jun 9, 2026 | Romer John Timothydirector | Grant | 1,036 | — |
| Jun 9, 2026 | Mullen Laura Mdirector | Grant | 1,036 | — |
| Jun 9, 2026 | CAMPBELL MOLLYdirector | Grant | 1,036 | — |
| Jun 9, 2026 | CALDERA LOUIS Edirector | Grant | 1,036 | — |
| Jun 9, 2026 | McNally Michael Fdirector | Grant | 1,501 | — |
| Jun 9, 2026 | HERNANDEZ CARLOS Mdirector | Grant | 1,036 | — |
| Jun 8, 2026 | Tatusko Michael Gofficer: Senior Vice President | Sell | 7,500 | $141.00 |
| Jun 8, 2026 | Williams Bradley Jayofficer: Senior Vice President | Sell | 6,734 | $141.00 |
| Mar 30, 2026 | Larkin Kyle Tdirector, officer: President & CEO | Sell | 1,300 | $119.19 |
| Mar 30, 2026 | Larkin Kyle Tdirector, officer: President & CEO | Sell | 1,846 | $115.72 |
Source: GVA SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full GVA insider & 13F page →Granite Construction Incorporated company profile
Overview
Granite Construction Incorporated (NYSE:GVA) is a leading infrastructure contractor and construction materials producer founded in 1922 and headquartered in Watsonville, California. The company went public in 1990 and has evolved from a regional contractor into one of the largest heavy civil construction companies in the United States. Granite operates through two primary business segments: Construction, which focuses on building and rehabilitating critical infrastructure projects, and Materials, which produces aggregates and asphalt both for internal use and third-party sales. The company has built a reputation for executing complex public infrastructure projects while maintaining a strategic focus on vertical integration through its materials production capabilities.
Business
Granite Construction operates in the heavy civil construction industry, which involves building and maintaining large-scale infrastructure projects that form the backbone of modern society. The company's work encompasses roads, bridges, airports, water systems, and other critical infrastructure that enables commerce and daily life. The Construction segment represents approximately 80% of total revenue and focuses on infrastructure development and rehabilitation. This includes constructing and maintaining highways, bridges, rail lines, airports, marine ports, dams, reservoirs, and aqueducts primarily for public agencies. The segment also handles water-related construction for municipal agencies, commercial water suppliers, and energy companies. Additionally, Granite constructs complex specialty projects including mining facilities, public safety buildings, tunnels, solar installations, and power generation projects. The company serves federal agencies, state departments of transportation, local transit authorities, county and city public works departments, school districts, utilities, and private developers. The Materials segment accounts for roughly 20% of revenue and produces construction materials essential to infrastructure projects. This segment operates quarries and asphalt plants that produce aggregates (crushed stone, sand, and gravel) and asphalt concrete. These materials are used both internally for Granite's construction projects and sold to third-party contractors, landscapers, manufacturers, retailers, and other customers. The materials business provides vertical integration advantages by ensuring reliable supply and cost control for construction projects while generating additional revenue from external sales. Granite also provides construction management and professional services, site preparation, mining services, and infrastructure development for residential, commercial, and industrial projects. The company's business model emphasizes working primarily in "home markets" where it has established relationships, local expertise, and materials production capabilities.
Revenue model
Granite Construction generates revenue through multiple streams within its two business segments. The Construction segment operates on a project-based model where the company bids on infrastructure contracts, typically ranging from several million to hundreds of millions of dollars. Revenue is recognized as work progresses on these multi-year projects. The company primarily serves government agencies and public entities, with approximately 75% of construction revenue coming from public sector projects funded by federal, state, and local governments. The Materials segment operates on a commodity sales model, selling aggregates and asphalt by volume to both internal construction projects and external customers. This segment benefits from relatively predictable demand patterns and provides higher-margin revenue streams compared to construction work. Materials pricing follows market dynamics and the company has successfully implemented regular price increases, achieving approximately 10% increases in aggregates and 5% in asphalt pricing in recent years. Several factors significantly impact Granite's profitability. Positive margin drivers include government infrastructure spending increases (particularly from the Infrastructure Investment and Jobs Act), successful price increases in materials, operational efficiency improvements through automation, and the company's focus on higher-quality, lower-risk projects in familiar markets. The vertical integration between construction and materials segments provides cost advantages and supply chain control. Margin pressures come from inflation in labor, fuel, and raw materials costs, competitive bidding environments that can compress margins, weather-related project delays, and the cyclical nature of government funding. The company mitigates some risks through energy surcharges, escalation clauses in contracts, and selective bidding strategies that prioritize margin quality over volume growth. Granite's strategic shift away from high-risk, complex projects toward "best value" collaborative delivery methods has improved margin predictability and reduced claims exposure.
Competitive moat
Granite Construction possesses a moderate competitive moat built primarily on operational scale, vertical integration, and regional market positioning. The company's most significant advantage lies in its vertical integration strategy, owning quarries and asphalt plants that provide cost control and supply chain reliability for construction projects while generating additional revenue from third-party sales. This integration creates barriers for competitors who must source materials externally and provides Granite with better project margins and execution capabilities. The company's scale and established relationships in its home markets create meaningful advantages. Granite has decades-long relationships with state departments of transportation, municipal agencies, and other repeat customers who value reliability and proven execution capability. The company's safety record, bonding capacity, and technical expertise enable it to bid on large, complex projects that smaller competitors cannot handle. However, Granite's moat faces several limitations. The heavy civil construction industry remains highly competitive with numerous regional and national players. Many projects are awarded through competitive bidding processes that can compress margins. The company's services are not particularly differentiated - road construction and materials production are relatively commoditized businesses where lowest-cost providers often win contracts. Potential disruption could come from new construction technologies, changes in infrastructure funding priorities, or economic downturns that reduce government spending. Additionally, environmental regulations could impact quarry operations, and the shift toward sustainable construction materials might require significant capital investments. The company's success depends heavily on continued government infrastructure spending, making it vulnerable to political and budgetary changes. While Granite has built a solid regional franchise, the moat is not insurmountable and requires continuous investment and operational excellence to maintain.
Risks & safety
Granite Construction demonstrates solid financial stability with adequate liquidity and manageable debt levels, though profitability remains cyclical. • Liquidity and Solvency: Strong cash position of $578 million and current ratio of 1.66, providing substantial working capital buffer. Operating cash flow of $456 million in 2024 demonstrates healthy cash generation capabilities. • Debt Management: Debt-to-equity ratio of 0.82 is reasonable for a capital-intensive business. The company maintains investment-grade credit metrics and has successfully managed debt levels while funding growth investments. • Valuation Metrics: Trading at EV/EBITDA of approximately 12x based on 2024 results, which appears reasonable for a cyclical infrastructure company. Price-to-book ratio of 3.8x reflects premium to tangible assets but is justified by materials reserves and market positions. • Profitability Trends: EBITDA margins have improved significantly from 5% in 2022 to 9% in 2024, with management targeting 12-14% by 2027. Return on equity of 12% in 2024 shows improving capital efficiency. • Other Considerations: Committed and Awarded Projects (CAP) backlog of $5.7 billion provides revenue visibility. However, the business remains exposed to government spending cycles, weather impacts, and commodity price volatility. The company's focus on home markets and vertical integration provides some defensive characteristics.
Recent development
Over the past several years, Granite Construction has executed a significant strategic transformation focused on derisking its business model and strengthening its competitive position. The company has systematically moved away from high-risk, complex projects that previously caused margin volatility and project losses, instead focusing on "best value" collaborative delivery methods in familiar home markets. A key strategic initiative has been aggressive vertical integration in the Materials segment. Granite has made numerous acquisitions including Brunswick Canyon quarry in Nevada, Coast Mountain Resources in British Columbia, and Lehman-Roberts and Memphis Stone & Gravel in the Southeast. These acquisitions have expanded aggregate reserves by 56% and added 11 new aggregate plants and 10 new asphalt plants. The company has also invested heavily in automation and operational improvements, achieving consistent price increases of approximately 10% in aggregates and 5% in asphalt. The company has reorganized its operational structure to better align the Construction and Materials segments, centralizing management functions like sales and quality control to improve efficiency. This organizational realignment supports the company's goal of achieving 12-14% EBITDA margins by 2027, up from historical levels in the mid-single digits. Granite's acquisition strategy remains active, targeting 2-3 bolt-on acquisitions annually with a focus on strengthening its Western and Southeastern market footprints. The company seeks vertically integrated assets that enhance its materials production capabilities while expanding its construction market presence. Recent acquisitions like Dickerson & Bowen in Mississippi demonstrate this strategy of building regional platforms for growth. The company has also benefited from increased infrastructure spending through the Infrastructure Investment and Jobs Act (IIJA), which has provided a robust pipeline of public sector opportunities. Management has maintained disciplined bidding practices, focusing on projects that offer better risk-adjusted returns rather than pursuing volume growth at the expense of margins.
GVA company profile · for informational purposes only — not investment advice.
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