MYRGMYR GROUP INC.

Water, Sewer, Pipeline, Comm & Power Line Construction

Revenue: $3.7B; 8.8% YoY
Operating margin: 4.6%; 184% YoY
EBITDA: $233M; 96% YoY
Market cap: $4.4B
Employees: 9,000; $406K revenue each
Net debt / EBITDA: 0.0×; $11M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
276% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
23% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$406K · 50th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.5B	$3.0B	$3.6B	$3.4B	$3.7B	8.8%
Operating income	$119M	$115M	$129M	$54M	$167M	209%
Net income	$85M	$83M	$91M	$30M	$118M	291%
Operating cash flow	$137M	$167M	$71M	$87M	$327M	275%
Capex	$52M	$77M	$85M	$76M	$94M	24%
Stock-based comp	$7M	$8M	$8M	$9M	$15M	74%
Buybacks	$0	$37M	$3M	$75M	$75M	0.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $11M · 20
Net: −$11M

Pay vs performance

No pay-versus-performance disclosure yet.