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1. Company Snapshot

1.a. Company Description

NV5 Global offers professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, utility services, construction, real estate, and environmental markets in the United States and internationally.It operates through three segments: Infrastructure; Building, Technology & Sciences; and Geospatial Solutions.The company provides site selection and planning, design, water resources, transportation, structural engineering, land development, surveying, power delivery, building code compliance, and other services; and construction materials testing and engineering, geotechnical engineering and consulting, and forensic consulting services.


It also provides governmental outsourcing and consulting, and technical outsourcing services; and geospatial data analytic and mapping services.In addition, it offers mechanical, electrical, and plumbing design; commissioning; energy performance, management, and optimization; climate change and reducing CO2 emissions; building program management; acoustical design consulting; and audiovisual–security and surveillance–information technology–data center services.Further, the company provides various services, such as investigating and analyzing environmental conditions, and recommending corrective measures and procedures; occupational health and safety services; radiation exposure and protection, and nuclear safety and industrial hygiene analyses services; hydrogeological modeling and environmental programs; water resource planning, monitoring, and environmental management of wastewater facilities; solid waste landfill investigations; permitting and compliance; storm water pollution; environmental impact statement support; agricultural waste management and permitting; and wetland evaluations.


The company was formerly known as NV5 Holdings, Inc.and changed its name to NV5 Global, Inc.in December 2015.


NV5 Global, Inc.was founded in 1949 and is headquartered in Hollywood, Florida.

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1.b. Last Insights on NVEE

NV5 Global's recent performance was driven by strong first-quarter results, with the company reporting a solid revenue growth and reaffirming its positive full-year 2025 guidance. The company's tech-enabled engineering, testing, inspection, and consulting solutions for the built environment segment showed strength, with a notable increase in demand for its services. Additionally, NV5's announcement of a merger with Acuren Corporation, a leading provider of inspection, testing, and certification services, is expected to create a industry-leading $2 billion combined revenue company, further solidifying NV5's position in the market.

1.c. Company Highlights

2. NV5 Delivers Resilient Q1 2025 Earnings Amidst Economic Uncertainty

NV5 reported a solid first quarter for 2025, with gross revenues reaching $234 million, a 10% year-over-year increase. The company demonstrated resilience, particularly in its Infrastructure and Buildings segments, which grew 12% and 17%, respectively. Adjusted EBITDA rose 8% to $29.7 million, while adjusted EPS improved 13% to $0.17, slightly below the consensus estimate of $0.20. The company also generated strong cash flow, with $38.4 million from operations, representing 129% of adjusted EBITDA. Net leverage improved to 1.3x from 1.4x in the prior year, highlighting NV5's disciplined approach to capital management. As Ben Heraud, CEO, noted, "Our focus on mandated services for essential infrastructure continues to drive our resilience and growth."

Publication Date: May -05

📋 Highlights
  • Gross Revenues Q1 2025:: $234 million, up 10% year-over-year.
  • Organic Growth:: 5% overall, with Infrastructure (12%) and Buildings (17%) segments outperforming.
  • Adjusted EBITDA:: $29.7 million, an 8% increase, with 96% growth in cash flow from operations ($38.4 million).
  • Cross-Selling Initiative:: Targeting $40 million in revenue through integrated service offerings.
  • Net Leverage and Cash Position:: Improved to 1.3x, with $53 million in cash for strategic investments.

Strategic Initiatives and Organic Growth

NV5 remains committed to its strategic initiatives, including organic growth and acquisitions. The company completed three acquisitions during the quarter, contributing to its growth trajectory. Organic growth stood at 5%, with the Infrastructure and Buildings segments leading the charge. However, the Geospatial segment experienced a slowdown due to federal contract delays, though management expects this to improve. The company also announced a $40 million cross-selling target, incentivizing employees to drive collaboration across segments. NV5's focus on integrating geospatial and engineering capabilities continues to enhance its service offerings, with innovations such as digital twins and asset management tools driving recurring revenue.

Segment Performance and Innovation

The Infrastructure segment's 12% growth was driven by utilities, transportation, and water projects, supported by diverse funding mechanisms. The Buildings segment saw a 17% increase, with data centers contributing significantly to revenue. Geospatial, while impacted by federal delays, reported 11% software growth and is well-positioned to benefit from federal budget proposals, particularly in defense. NV5's use of advanced technologies, such as LiDAR for bridge inspections and SAR data for landslide detection, underscores its commitment to innovation and operational efficiency.

Valuation and Outlook

NV5's current valuation reflects its growth prospects, with a P/E ratio of 39.91 and an EV/EBITDA of 13.18. While the stock may appear richly valued, the company's ability to generate strong cash flow, with a free cash flow yield of 4.28%, supports its premium valuation. Management reiterated its full-year guidance, including organic growth of 5-9%, margin expansion of 150 basis points, and free cash flow conversion of 60%. The company also announced a $20 million stock buyback program, signaling confidence in its future prospects. Despite macroeconomic uncertainties, NV5's focus on mandated services and essential infrastructure positions it well to navigate challenges and deliver long-term value to shareholders.

3. NewsRoom

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Acuren Corporation Completes Merger with NV5 Global, Inc. to Create a Market-Leading North American Provider of TICC Services

Aug -04

Source: businesswire.com

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Kodiak Gas Services Set to Join S&P SmallCap 600

Aug -01

Source: prnewswire.com

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NV5 Stockholders Approve Proposed Merger with Acuren Corporation

Jul -31

Source: globenewswire.com

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SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates NVEE and TASK on Behalf of Shareholders

Jul -18

Source: globenewswire.com

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Acuren Corporation Announces Expiration of Go-Shop Period under Merger Agreement with NV5 Global, Inc.

Jul -15

Source: businesswire.com

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SHAREHOLDER BUYOUT INVESTIGATION ALERT: Kaskela Law LLC Announces Investigation into Proposed Buyout of NV5 Global, Inc. (NASDAQ: NVEE) Shareholders – Does $23.00 Per Share Represent Sufficient Payment to NV5 Investors?

Jul -14

Source: globenewswire.com

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NV5 Acquires Professional Systems Engineering; Strengthens Technology Design for Public Safety Facilities

Jul -11

Source: globenewswire.com

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NV5 GLOBAL SHAREHOLDER NOTICE: Kaskela Law LLC Announces Investigation into Proposed Buyout of NV5 Global, Inc. (NASDAQ: NVEE) Shareholders – Does $23.00 Per Share Represent Sufficient Consideration for NVEE Shares?

Jul -09

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.77%)

6. Segments

Infrastructure

Expected Growth: 4.5%

NV5 Global's Infrastructure segment growth is driven by increasing government investments in transportation and water infrastructure, rising demand for renewable energy projects, and growing need for environmental services. Additionally, the company's strategic acquisitions and expanding presence in high-growth markets contribute to its 4.5% growth rate.

Geospatial Solutions

Expected Growth: 4.8%

NV5 Global's Geospatial Solutions segment growth of 4.8% is driven by increasing demand for infrastructure development, urban planning, and environmental monitoring. Government initiatives, such as smart city projects and climate change mitigation, are fueling the adoption of geospatial technologies. Additionally, the growing need for accurate mapping and location-based services in industries like transportation, utilities, and construction is contributing to the segment's growth.

Building, Technology & Sciences

Expected Growth: 5.2%

NV5 Global's Building, Technology & Sciences segment growth of 5.2% is driven by increasing demand for sustainable infrastructure, digital transformation in the built environment, and government investments in science and technology initiatives. Additionally, the segment benefits from the company's expertise in energy efficiency, renewable energy, and environmental services, which are in high demand.

7. Detailed Products

Infrastructure Engineering

NV5 Global, Inc. provides infrastructure engineering services, including design, planning, and construction management for transportation, water, and energy infrastructure projects.

Building Engineering

NV5 Global, Inc. offers building engineering services, including design, commissioning, and construction management for commercial, residential, and institutional buildings.

Environmental Services

NV5 Global, Inc. provides environmental services, including environmental assessments, permitting, and compliance for public and private sector clients.

Geospatial Technology

NV5 Global, Inc. offers geospatial technology services, including mapping, surveying, and data analytics for infrastructure, environmental, and natural resource management projects.

Program Management

NV5 Global, Inc. provides program management services, including project management, scheduling, and budgeting for large-scale infrastructure projects.

Construction Claims Consulting

NV5 Global, Inc. offers construction claims consulting services, including dispute resolution, scheduling, and cost analysis for construction projects.

Energy Services

NV5 Global, Inc. provides energy services, including energy efficiency, renewable energy, and energy storage solutions for commercial, industrial, and government clients.

8. NV5 Global, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

NV5 Global, Inc. operates in a niche market with limited substitutes, reducing the threat of substitutes.

Bargaining Power Of Customers

NV5 Global, Inc. has a diverse customer base, reducing the bargaining power of individual customers.

Bargaining Power Of Suppliers

NV5 Global, Inc. relies on a few key suppliers, giving them some bargaining power, but the company's size and diversification mitigate this risk.

Threat Of New Entrants

The industry has high barriers to entry, including regulatory hurdles and the need for specialized expertise, reducing the threat of new entrants.

Intensity Of Rivalry

The industry is highly competitive, with many established players competing for market share, driving up the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 22.52%
Debt Cost 5.51%
Equity Weight 77.48%
Equity Cost 9.38%
WACC 8.51%
Leverage 29.07%

11. Quality Control: NV5 Global, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Concrete Pumping Holdings

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Value: 4.5

Growth: 5.3

Quality: 3.6

Yield: 7.0

Momentum: 8.0

Volatility: 3.7

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Matrix Service

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Growth: 4.8

Quality: 5.2

Yield: 0.0

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Volatility: 4.0

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A-Score: 4.6/10

Value: 5.9

Growth: 4.7

Quality: 4.4

Yield: 0.0

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Volatility: 3.0

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Value: 6.8

Growth: 4.1

Quality: 4.5

Yield: 0.0

Momentum: 6.0

Volatility: 5.3

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Orion Holdings

A-Score: 4.4/10

Value: 5.2

Growth: 5.7

Quality: 4.2

Yield: 0.0

Momentum: 9.0

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NV5 Global

A-Score: 4.3/10

Value: 4.1

Growth: 5.0

Quality: 5.3

Yield: 0.0

Momentum: 4.0

Volatility: 7.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

22.56$

Current Price

22.56$

Potential

-0.00%

Expected Cash-Flows