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1. Company Snapshot

1.a. Company Description

Tutor Perini Corporation, a construction company, provides diversified general contracting, construction management, and design-build services to private customers and public agencies worldwide.It operates through three segments: Civil, Building, and Specialty Contractors.The Civil segment engages in the public works construction and the replacement and reconstruction of infrastructure, construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military defense facilities, and water management and wastewater treatment facilities.


This segment also provides drilling, foundation, and excavation support for shoring, bridges, piers, roads, and highway projects.The Building segment offers services in various specialized building markets, including hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, and industrial and technology.The Specialty Contractors segment provides electrical, mechanical, plumbing, and fire protection systems, as well as heating, ventilation, and air conditioning services (HVAC) for the industrial, commercial, hospitality and gaming, and mass-transit end markets.


It also offers general contracting, pre-construction planning, and project management services, including planning and scheduling of manpower, equipment, materials, and subcontractors; and self-performed construction services, such as site work, concrete forming and placement, steel erection, electrical, plumbing, HVAC, and mechanical.The company was formerly known as Perini Corporation and changed its name to Tutor Perini Corporation in May 2009.Tutor Perini Corporation was founded in 1894 and is headquartered in Sylmar, California.

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1.b. Last Insights on TPC

Tutor Perini Corporation's recent stock performance has been driven by positive developments in its business. The company's Q4 2024 earnings call highlighted strong project execution and a solid backlog, which should support future growth. Additionally, the company's recent operational update from Tenth Avenue Petroleum Corp., a subsidiary, showcased progress in its field activities, including the closure of the Patricia Acquisition and increased fluid handling capacity. These developments suggest a strong foundation for the company's future performance.

1.c. Company Highlights

2. Tutor Perini's Q3 2025 Earnings: A Record-Breaking Performance

Tutor Perini delivered an exceptional third-quarter performance, with revenue growth of 31% year-over-year, driven by strong demand across all segments. The company's adjusted net income attributable to Tutor Perini was $62 million or $1.15 of adjusted earnings per share, significantly exceeding the estimated $0.96. The Civil segment revenue was $770 million, up 41%, while the Building segment revenue was $419 million, down slightly compared to last year. Specialty Contractors segment revenue was $226 million, up a strong 124%. The company's operating cash flow was $289 million, with $574 million through the first 9 months of 2025, setting new records for both periods.

Publication Date: Nov -24

📋 Highlights
  • Record Operating Cash Flow:: Q3 operating cash flow reached $289 million, with $574 million through 9M 2025, driven by project collections.
  • Backlog Surpasses $21.6 Billion:: Backlog jumped 54% YoY to $21.6 billion, fueled by $2 billion in new awards and contract adjustments in Q3.
  • Adjusted Net Income Surges:: Adjusted net income hit $62M ($1.15/share) vs. a $85M loss in Q3 2024, reflecting improved profitability.
  • Cash Exceeds Debt by $283M:: Cash balance grew due to strong cash flow, with total debt falling 23% to $413M as of September 30, 2025.
  • EPS Guidance Raised to $4–$4.20:: Guidance increased for the third consecutive quarter, projecting strong 2026–2027 growth from the record backlog.

Strong Backlog and Future Growth Prospects

The company's backlog increased to a new record of $21.6 billion, up 54% year-over-year, driven by new awards and contract adjustments. The company expects to add approximately $1 billion to its backlog by the second quarter of next year for the finished trade scope of work for Phase 1 of the Midtown Bus Terminal in New York City. Gary Smalley expressed his confidence in the company's ability to create substantial shareholder value in the future, driven by favorable macroeconomic tailwinds and strong public and private customer funding.

Cash Generation and Balance Sheet Strength

The company's cash generation has been outstanding, with a cash balance that continues to significantly exceed total debt by $283 million. The total debt at September 30, 2025, was $413 million, down 23% compared to $534 million at the end of 2024. Ryan Soroka stated that the company's specialty contracting business has the potential to reach its target of 5% to 8% margins by 2026, particularly as newer projects ramp up.

Valuation and Outlook

With a P/E Ratio of -24.28 and an EV/EBITDA of 166.4, the company's valuation metrics indicate that the market is pricing in significant growth prospects. Analysts estimate next year's revenue growth at 14.8%. Given the company's record backlog and strong cash generation, it is likely to deliver strong double-digit revenue growth and significantly higher earnings in 2026 and 2027. The company's guidance for 2025 has been raised for the third consecutive quarter, with adjusted EPS expected to be in the range of $4 to $4.20.

3. NewsRoom

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Is Tutor Perini Stock a Buy After an Insider Acquired Shares in the Company Worth $2.6 Million?

Nov -30

Source: fool.com

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Boston Partners Has $23.56 Million Holdings in Tutor Perini Corporation $TPC

Nov -29

Source: defenseworld.net

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Donald Smith & Co's Strategic Moves: Honda Motor Co Ltd Takes Center Stage

Nov -25

Source: gurufocus.com

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Tutor Perini: Shares Are Still Worth Buying After More Than Doubling This Year

Nov -18

Source: seekingalpha.com

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Tutor Perini Initiates a Quarterly Cash Dividend and a $200 Million Share Repurchase Program

Nov -18

Source: businesswire.com

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Alger SICAV - Alger Small Cap Focus Fund Q3 2025 Portfolio Update

Nov -16

Source: seekingalpha.com

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Tutor Perini Corporation (TPC) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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Tutor Perini Q3 Earnings & Revenues Beat Estimates, Both Up Y/Y

Nov -06

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.73%)

6. Segments

Civil

Expected Growth: 6.5%

Tutor Perini Corporation's Civil segment growth of 6.5% is driven by increasing infrastructure spending, government investments in transportation and energy projects, and a strong backlog of large-scale projects. Additionally, the company's strategic acquisitions and joint ventures have expanded its capabilities and presence in the civil construction market, contributing to its growth momentum.

Building

Expected Growth: 6.8%

Tutor Perini Corporation's 6.8% growth is driven by increasing demand for infrastructure development, government investments in transportation and construction projects, and strategic acquisitions. Additionally, the company's diversified portfolio, strong backlog, and efficient project execution contribute to its growth momentum.

Specialty Contractors

Expected Growth: 7.2%

Tutor Perini Corporation's Specialty Contractors segment growth of 7.2% is driven by increasing demand for infrastructure projects, particularly in transportation and energy sectors. Strong backlog, strategic acquisitions, and operational efficiencies also contribute to growth. Additionally, the company's focus on niche markets, such as electrical and mechanical contracting, provides a competitive edge.

7. Detailed Products

Civil Construction

Tutor Perini Corporation provides civil construction services for infrastructure projects, including highways, bridges, airports, and public buildings.

Building Construction

The company offers building construction services for commercial, residential, and institutional projects, including new construction, renovation, and restoration.

Specialty Contracting

Tutor Perini Corporation provides specialty contracting services, including electrical, mechanical, and plumbing (MEP) work, as well as concrete and masonry services.

Infrastructure and Development

The company offers infrastructure and development services, including project management, engineering, and construction management for large-scale projects.

8. Tutor Perini Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Tutor Perini Corporation is moderate due to the availability of alternative construction services and products.

Bargaining Power Of Customers

The bargaining power of customers is low for Tutor Perini Corporation as the company has a diverse customer base and is not heavily reliant on a single customer.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Tutor Perini Corporation as the company relies on a network of suppliers for materials and equipment.

Threat Of New Entrants

The threat of new entrants is low for Tutor Perini Corporation due to the high barriers to entry in the construction industry, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high for Tutor Perini Corporation due to the competitive nature of the construction industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 41.23%
Debt Cost 11.55%
Equity Weight 58.77%
Equity Cost 11.55%
WACC 11.55%
Leverage 70.15%

11. Quality Control: Tutor Perini Corporation 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

Stock-Card
Matrix Service

A-Score: 4.9/10

Value: 8.4

Growth: 4.8

Quality: 5.2

Yield: 0.0

Momentum: 7.0

Volatility: 4.0

1-Year Total Return ->

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Willdan

A-Score: 4.8/10

Value: 2.1

Growth: 7.4

Quality: 6.4

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Tutor Perini

A-Score: 4.6/10

Value: 5.9

Growth: 4.7

Quality: 4.4

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

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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

Volatility: 2.3

1-Year Total Return ->

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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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Limbach Holdings

A-Score: 4.2/10

Value: 1.7

Growth: 8.0

Quality: 6.7

Yield: 0.0

Momentum: 6.0

Volatility: 2.7

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

67.82$

Current Price

67.82$

Potential

-0.00%

Expected Cash-Flows