QUANTA SERVICES, INC.

Business Overview

Quanta Services is North America's largest power, energy, and communications infrastructure construction company, organized into three reportable segments (10-K, SEC EDGAR, filed 2026-02-19).

FY2025 revenue by geography was 93.0% United States, 3.6% Canada, 2.7% Australia, and 0.7% other, with contract mix of 60.6% fixed-price, 23.8% unit-price, and 15.6% cost-plus (10-K, as of 2025-12-31, A).

Five-Year Financial Trend

Over the five years from FY2021 to FY2025, revenue grew at a compound annual growth rate of approximately 21.6% (company earnings releases and SEC 10-K, combined, A).

Q2 2026 Results

The company completed the acquisitions of Phalcon, Percheron, and PSD during Q2; the four acquisitions completed in 2026 (Phalcon, Percheron, PSD, and Enerfab) were disclosed as contributing approximately USD 1.2-1.4 billion in annualized revenue (2026-07-30 earnings release, A).

Valuation (Factual Multiples)

Dividing market capitalization (USD 100.33 billion) by shares outstanding (150.34 million) yields USD 667.4, which is effectively consistent with the system's confirmed closing price (USD 667.36, 2026-07-31), confirming as-of-date alignment. Price-to-book ratio (PBR) was not identified in the research materials and remains unconfirmed.

Peer Comparison

The figures for PWR, EME, and MTZ are as of different dates and may not be directly comparable (sources: stockanalysis.com and Globe and Mail, respectively; for reference only). Key competitors include MYR Group (MYRG), MasTec (MTZ), EMCOR Group (EME), AECOM (ACM), Sterling Infrastructure (STRL), Dycom Industries (DY), and Primoris Services (PRIM) (MarketBeat, researched 2026-08-03).

Ownership & Trading Activity

Institutional Ownership

Based on the 5%-or-greater beneficial ownership table in the DEF 14A (filed 2026-04-10, as of 2026-03-26). However, the original SEC Schedule 13G (as of 2026-03-31) shows a different Vanguard ownership stake of 7.45% (11,160,325 shares); the reason for this discrepancy has not been determined.

Short Interest Trend

Short interest as a percentage of float declined for four consecutive reporting periods, from 2.6% on 2026-05-29 to 2.13% on 2026-07-15 (estimate).

Insider Transactions (Form 4, May-June 2026)

Within the confirmed period (May-June 2026), the CEO's disposition of 155,992 shares was the largest transaction, but it also included a gift of 4,008 shares, so it was not entirely a cash sale. Other directors' transactions were mostly routine deferred-compensation activity (RSU vesting/conversion, option exercises). No filings were identified for the July-August 2026 period, and this remains unconfirmed.

Governance

At the 2026-05-21 annual shareholder meeting, all 10 directors were re-elected (8-K, filed 2026-05-27). Director Raúl Valentín departed after not being nominated for re-election, and Joseph Kim (President of Sunoco GP LLC) joined as a new director (DEF 14A; Form 3 filed 2026-05-26).

The combined ownership stake of the 15 directors and current executive officers is 0.6% (949,397 shares), reflecting an ownership structure concentrated among institutional investors (DEF 14A, as of 2026-03-26).

An 8-K filed 2026-04-16 (Item 5.02) disclosed a five-year (through 2030-12-31) performance stock unit (PSU) grant to management, including CEO Austin, tied to EPS growth and total shareholder return (TSR) conditions. This was confirmed to be a compensation-plan disclosure, not a personnel departure.

Macro Environment

Expanding utility grid capital expenditure and AI data-center-driven power demand are confirmed as the core drivers of revenue and bookings, while rising copper and steel raw-material prices and a shortage of skilled electrical labor are headwinds on cost and process execution (S&P Global, Morgan Stanley, metalcharts.org, AGC; researched 2026-08-03).

Recent Disclosures & News Timeline

• 2026-07-30 · Q2 earnings release - revenue of USD 9.56 billion, adjusted diluted EPS of USD 4.24, backlog of USD 53.4 billion (all-time high) (PR Newswire, Quanta IR)
• 2026-07-30 · Completed acquisitions of Phalcon, Percheron, and PSD during Q2; Moody's upgraded credit rating (citing debt/EBITDA of 1.7x)
• 2026-07-21 · Solar Power World named Quanta Services the top U.S. solar solutions provider for 2026, its third time in four years
• 2026-06-16/06-22 · Signed a joint-venture agreement with a subsidiary of Hyosung Heavy Industries to establish 'Hyosung HICO Breaker, LLC' - producing 72.5kV-800kV gas circuit breakers (targeting early production in October 2026)
• 2026-06-30 · Added to large-cap, growth, and defensive indices following Russell index reclassification
• 2026-05-21 · Annual shareholder meeting; all 10 directors re-elected (new director Joseph Kim joins)
• 2026-04-30 · Q1 earnings release - revenue of USD 7.87 billion (vs. USD 6.23 billion prior year), adjusted diluted EPS of USD 2.68, backlog of USD 48.5 billion (all-time high)
• 2026-02-19 · Q4 and full-year 2025 earnings release - full-year revenue of USD 28.48 billion (+20% year-over-year), backlog of USD 44.0 billion (all-time high)

No new standalone disclosures or contract news specific to 2026-08-03 itself were identified (only continued follow-through from the 2026-07-30 earnings release was confirmed; unconfirmed beyond that).

Risk Factors

• Customer concentration: approximately 70% of FY2025 revenue came from utility and power company customers, making the company sensitive to that sector's capital-expenditure cycles (10-K risk factors).
• Backlog volatility: most contracts can be terminated by the customer with only 30-90 days' notice, and project acceleration, cancellation, or delay can cause actual revenue recognition timing to differ from initial estimates.
• Labor: recruiting and retaining skilled workers such as linemen is a key challenge, with upward wage pressure.
• Regulatory and weather: large transmission-line and pipeline projects have a history of permitting delays and legal challenges, and results are subject to variability from weather and seasonal factors.
• Supply chain and trade: trade regulations such as tariffs can affect material procurement costs and project schedules.
• Acquisition integration: expanding strategic acquisitions carries risk of integration failure and loss of key personnel.

Litigation status, detailed leverage ratios, and cybersecurity-related matters were not identified in the research materials and remain unconfirmed.