PRIMPrimoris Services Corp

Water, Sewer, Pipeline, Comm & Power Line Construction

Revenue: $7.6B; 19% YoY
Operating margin: 5.4%; 9.0% YoY
EBITDA: $503M; 22% YoY
Market cap: $3.9B
Employees: —
Net debt / EBITDA: 1.1×; $579M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 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
171% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.5B	$4.4B	$5.7B	$6.4B	$7.6B	19%
Operating income	$170M	$195M	$253M	$317M	$412M	30%
Net income	$116M	$133M	$126M	$181M	$275M	52%
Operating cash flow	$80M	$83M	$199M	$508M	$470M	7.5%
Capex	$134M	$95M	$103M	$127M	$130M	2.7%
Stock-based comp	$10M	$7M	$12M	$15M	$21M	36%
Buybacks	$15M	$6M	—	—	—
Dividends	$13M	$13M	$13M	$13M	$17M	34%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 24, 2020	Pratt Brian	SC 13D/A	4.4%	Passive
Dec 16, 2019	Pratt Brian	SC 13D/A	5.7%	Passive

Insider trading

Open-market buys, 12 mo: $7K · 4
Open-market sells, 12 mo: $10M · 13
Net: −$10M

Pay vs performance

No pay-versus-performance disclosure yet.