Sterling Infrastructure, Inc.
- Open
- 814.48
- Day high
- 814.75
- Day low
- 768.89
- Prev close
- 839.36
- Volume
- 178K
- Mkt cap
- $24.1B
- P/E (TTM)
- 69.3
- EPS (TTM)
- $11.33
- P/B
- 20.2
- P/S
- 8.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$27.1M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
Sterling Infrastructure, Inc. (STRL) is a Industrials company listed on NASDAQ. The stock is up 277% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Sterling Infrastructure, Inc. (STRL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
STRL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $2.29 | $3.59 | +56.8% | $826M | +36.8% |
| Feb 26, 2026 | $2.66 | $3.08 | +15.8% | $756M | +18.2% |
| Feb 25, 2025 | $1.31 | $1.46 | +11.5% | $499M | -6.1% |
| Nov 7, 2024 | $1.71 | $1.97 | +15.2% | $594M | +11.2% |
| Feb 26, 2024 | $1.00 | $1.28 | +28.0% | $486M | +8.8% |
| May 1, 2023 | $0.56 | $0.64 | +14.3% | $404M | -17.5% |
| Feb 27, 2023 | $0.68 | $0.66 | -2.9% | $449M | +2.5% |
| Oct 31, 2022 | $0.87 | $0.97 | +11.5% | $557M | +9.3% |
| May 2, 2022 | $0.42 | $0.65 | +54.8% | $410M | +9.7% |
| Feb 28, 2022 | $0.37 | $0.47 | +27.0% | $401M | +18.9% |
| Nov 2, 2021 | $0.58 | $0.72 | +24.1% | $463M | +15.1% |
| May 3, 2021 | $0.21 | $0.37 | +76.2% | $315M | +13.1% |
STRL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | Wolf Mark D.officer: General Counsel, Corporate Sec | Sell | 2,500 | $888.00 |
| May 21, 2026 | CUTILLO JOSEPH Adirector, officer: Chief Executive Officer | Grant | 40,000 | — |
| May 11, 2026 | Dill Juliedirector | Grant | 181 | — |
| May 11, 2026 | ROSE B ANDREWdirector | Grant | 181 | — |
| May 11, 2026 | O'Brien Dana C.director | Grant | 181 | — |
| May 11, 2026 | Schulz David S.director | Grant | 181 | — |
| May 11, 2026 | CREGG ROGER Adirector | Grant | 181 | — |
| May 11, 2026 | Bosway William Tdirector | Grant | 181 | — |
| May 11, 2026 | Wilson Dwayne Andreedirector | Grant | 181 | — |
| Apr 24, 2026 | CUTILLO JOSEPH Aofficer: Chief Executive Officer | Sell | 50,000 | $497.57 |
| Mar 27, 2026 | CUTILLO JOSEPH Aofficer: Chief Executive Officer | Sell | 50,000 | $453.48 |
| Mar 16, 2026 | Wilson Dwayne Andreedirector | Sell | 1,260 | $405.95 |
| Mar 9, 2026 | Dill Juliedirector | Sell | 4,500 | $384.28 |
| Mar 6, 2026 | Wilson Dwayne Andreedirector | Sell | 1,200 | $412.36 |
| Feb 27, 2026 | Wolf Mark D.officer: General Counsel, Corporate Sec | Tax | 1,193 | $455.25 |
Source: STRL SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full STRL insider & 13F page →Sterling Infrastructure, Inc. company profile
Overview
Sterling Infrastructure, Inc. (NASDAQ:STRL) is a Texas-based infrastructure contractor that has evolved from a traditional highway construction company into a diversified infrastructure services provider. Founded in 1955 and publicly traded since 1991, the company underwent a strategic transformation over the past decade, pivoting away from low-margin highway work toward higher-value specialized infrastructure projects. In 2022, the company changed its name from Sterling Construction Company to Sterling Infrastructure to better reflect its expanded scope of services across transportation, digital infrastructure, and building solutions markets.
Business
Sterling Infrastructure operates as a specialty contractor serving three distinct market segments that collectively address America's infrastructure modernization needs. The company's business is organized around infrastructure projects that support both traditional physical infrastructure and the digital economy's growing demands. E-Infrastructure Solutions represents the company's fastest-growing and most profitable segment, generating approximately 51% of total revenue. This division specializes in site preparation and utility infrastructure for mission-critical facilities including data centers, manufacturing plants, distribution centers, and e-commerce facilities. The work involves complex earthwork, concrete foundations, utility installations, and site development for large-scale technology and industrial projects. Data centers, which house the servers and networking equipment that power cloud computing and artificial intelligence applications, have become a particularly important growth driver, with data center revenue growing over 100% year-over-year and representing about 40% of this segment's backlog. Transportation Solutions accounts for roughly 30% of revenue and focuses on infrastructure projects for highways, bridges, airports, rail systems, and other transportation networks. Unlike traditional highway contractors that compete primarily on low-bid commodity work, Sterling has repositioned this segment toward higher-margin alternative delivery projects, aviation infrastructure, and specialized transportation work for state departments of transportation, airport authorities, and rail companies. The segment benefits from federal infrastructure spending cycles and has built a substantial backlog of work. Building Solutions comprises approximately 19% of revenue and provides concrete foundation services for residential and commercial construction projects. This includes concrete slabs for single-family and multi-family housing developments, parking structures, and commercial buildings. The segment serves national homebuilders, regional developers, and commercial contractors primarily in high-growth markets like Texas, Arizona, and other Sun Belt states where population growth drives construction demand.
Revenue model
Sterling Infrastructure generates revenue through fixed-price construction contracts, where the company bids on projects and earns profit margins by completing work efficiently below the contracted price. The business model relies on project management expertise, specialized equipment, and execution capabilities to deliver complex infrastructure projects on time and within budget. The company's customers vary by segment but include large technology companies building data centers, state and federal transportation agencies, airport authorities, national homebuilders, and commercial developers. Payment typically occurs through progress billing as project milestones are completed, providing relatively predictable cash flow during project execution. Several factors influence Sterling's profitability and margins. Project mix is crucial - larger, more complex projects generally offer better margins than commodity work, which explains the company's strategic shift toward mission-critical data center and manufacturing projects. Material costs can significantly impact margins, though Sterling has implemented fuel indexing and material escalation clauses in many contracts to mitigate price volatility. Labor availability and costs affect profitability, particularly in tight labor markets. Competition intensity varies by market, with the specialized nature of data center and advanced manufacturing work providing some protection from pure low-bid competition. Federal infrastructure spending cycles influence the Transportation Solutions segment, while interest rates and economic conditions affect both commercial construction demand and residential housing markets that drive Building Solutions revenue. The rapid growth in cloud computing, artificial intelligence, and digital infrastructure has created substantial tailwinds for the E-Infrastructure segment, as technology companies require increasingly sophisticated physical infrastructure to support their digital services.
Competitive moat
Sterling Infrastructure's competitive position is moderately strong but not unassailable. The company's primary moat stems from its specialized execution capabilities in complex, mission-critical infrastructure projects. Data center construction, for example, requires precise coordination of earthwork, utilities, and concrete work with extremely tight tolerances and schedules, as any delays can cost technology clients millions in lost revenue. This specialization creates barriers to entry and allows Sterling to command premium pricing compared to general contractors. The company also benefits from established customer relationships with major technology companies and repeat business through multi-phase project structures. Many data center and manufacturing projects involve multiple buildings or expansion phases, giving Sterling opportunities to secure follow-on work. Geographic concentration in high-growth markets like Texas provides some local market advantages and operational efficiencies. However, Sterling's moat has limitations. The construction industry remains fundamentally competitive, and while specialized skills provide some protection, they are not insurmountable barriers. Large general contractors can develop similar capabilities or acquire specialized firms. The company's success depends heavily on continued demand growth in its key markets, particularly data centers and advanced manufacturing, which could slow if technology spending patterns change or if economic conditions deteriorate. Additionally, Sterling faces potential disruption from modular construction techniques and automation that could reduce the need for specialized on-site construction services. The company's Transportation Solutions segment operates in a particularly competitive environment where government contracts are often awarded based primarily on low-bid criteria, limiting pricing power and margin expansion opportunities.
Risks & safety
Sterling Infrastructure maintains a strong financial position with substantial margin of safety, though valuation metrics suggest the stock is not particularly cheap. Liquidity and Solvency: 1. Cash position of $638 million provides significant financial flexibility 2. Current ratio of 1.32 indicates adequate short-term liquidity 3. Debt-to-equity ratio of 0.45 represents moderate leverage levels 4. Strong free cash flow generation of $67 million in Q1 2025 and $416 million for full-year 2024 5. No apparent solvency concerns given strong cash generation and balance sheet Valuation Metrics: 1. P/E ratio of 21.9 suggests growth expectations are reflected in current price 2. EV/EBITDA of 9.9 is reasonable but not deeply discounted 3. Price-to-book ratio of 4.3 indicates premium valuation relative to tangible assets 4. Graham number of $27.69 suggests significant premium to conservative valuation metrics Other Considerations: 1. Backlog of $2.1 billion provides revenue visibility over 12-18 months 2. Strong return on equity of 4.9% quarterly, though this varies significantly by quarter 3. Operating leverage from fixed cost base provides upside potential in growing markets
Recent development
Over the past several years, Sterling Infrastructure has executed a strategic transformation focused on higher-margin, specialized infrastructure work while expanding through targeted acquisitions. The company's most significant pivot has been toward e-infrastructure projects, particularly data centers supporting cloud computing and artificial intelligence applications. This segment has grown from a small portion of the business to representing over half of total revenue, with data center work alone growing over 100% year-over-year. The company has strategically reduced its exposure to low-bid highway work in favor of alternative delivery transportation projects, aviation infrastructure, and rail work that offer better margins and less commodity-like competition. This repositioning helped Transportation Solutions improve operating margins from historically low levels to the mid-to-high single digits. Acquisition activity has been a key growth driver, with notable transactions including the Petillo Construction acquisition that significantly expanded E-Infrastructure capabilities, and the more recent Drake Concrete acquisition for $25 million to strengthen Building Solutions. Management continues to actively pursue acquisitions, particularly in E-Infrastructure, focusing on geographic expansion and adding complementary capabilities like electrical and mechanical services. Sterling has also expanded its geographic footprint beyond its traditional Texas base into the Northeast, Mid-Atlantic, Rocky Mountain states, California, and Hawaii. The company is exploring further expansion, particularly in markets with strong data center demand, through both organic growth and potential acquisitions. Recent strategic initiatives include developing multi-phase project relationships with major technology and manufacturing clients, creating a pipeline of future work that provides better revenue visibility and margins. The company has increased its future phase work pipeline from $500 million to $750 million, representing significant growth opportunities beyond current backlog.
STRL company profile · for informational purposes only — not investment advice.
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