STRLSTERLING INFRASTRUCTURE, INC.

Heavy Construction Other Than Bldg Const - Contractors

Revenue: $2.5B; 18% YoY
Operating margin: 16.3%; 30% YoY
EBITDA: $483M; 45% YoY
Market cap: $10.6B
Employees: 4,400; $566K revenue each
Net debt / EBITDA: -0.3×; −$137M net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 2 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
152% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
17% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$566K · 63rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$96M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.8B	$2.0B	$2.1B	$2.5B	18%
Operating income	$107M	$160M	$206M	$265M	$406M	53%
Net income	$63M	$106M	$139M	$257M	$290M	13%
Operating cash flow	$159M	$219M	$479M	$497M	$440M	11%
Capex	$47M	$61M	$64M	$81M	$77M	4.5%
Stock-based comp	$12M	$13M	$15M	$19M	$24M	27%
Buybacks	$0	$0	$0	$71M	$74M	5.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $96M · 12
Net: −$96M

Pay vs performance

No pay-versus-performance disclosure yet.