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STRL · NasdaqGS

Sterling Infrastructure

Engineering & Construction · United States

USD 303.854.9% daily changeQuote 2026-11-11 · USD
Market cap (USD)
US$9.27B
Trailing P/E
17.04x
Forward P/E
10.89x
Quarterly revenue growth
127.0%
Trailing net margin
12.9%
Indicated dividend yield
—

Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.

Company background

Sterling Infrastructure, Inc. engages in the provision of e-infrastructure, transportation, and building solutions in the United States. It operates through three segments: E-Infrastructure, Transportation, and Building Solutions. The E-Infrastructure Solutions segment provides site development services for the blue-chip end users in the e-commerce distribution center, data center, manufacturing, warehousing, and power generation sectors. Its Transportation Solutions segment is involved in the development of infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail, and storm drainage systems for the departments of transportation, regional transit, airport, port, water, and railroads authorities. The Building Solutions segment offers residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, and other concrete work for developers and general contractors, as well as plumbing and surveys services for residential builds. It operates in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions, and the Pacific Islands. The company was formerly known as Sterling Construction Company, Inc. and changed its name to Sterling Infrastructure, Inc. in June 2022. Sterling Infrastructure, Inc. was founded in 1955 and is headquartered in The Woodlands, Texas.

Company website

Q3 2026

Go beyond the headline.

STRL Stock: Record Earnings, but Where Is the Cash? — Q3 2026

Published 2026-11-02

Q3 2026 REPORT HIGHLIGHTS

What’s changed for STRL

Sterling’s record profit meets a cash-collection test: joint-venture cash, receivables, unsigned awards and the valuation that requires conversion.

  1. Cash has different uses:

    Of $216.9M reported cash, $200.1M sits in construction joint ventures; $16.8M is generally available. Unused revolving credit remains about $1.4B.

  2. Profit outran conversion:

    Computed standalone Q3 operating cash was $99.1M and free cash flow $53.3M, while GAAP parent profit reached $214.9M. These are different consolidation scopes, not interchangeable earnings measures.

  3. The growth is not just acquisitions:

    Revenue grew 127% as reported and 70% organically, with CEC’s full-quarter ownership and Stone Ridge adding comparability changes.

  4. Work certainty matters:

    $4.14B is signed backlog. Combined backlog of $6.14B adds $2.00B of unsigned awards; nearly $8B of scoped work is broader again.

  5. Price requires delivery:

    Our $400 base is supported by three explicit routes, but cash and execution uncertainty keep a fresh-buy threshold near $320 versus the $345.91 October 30 close.

Comparable businesses

STRL peer comparison

Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.

Comparison stocks

Market metrics · missing or inapplicable values shown as —
MetricSTRLSterling Infrastructure, Inc.Snapshot 2026-11-11Financial period: 2026-09-30STNStantec Inc.Snapshot 2026-11-11Financial period: 2026-06-30IESCIES Holdings, Inc.Snapshot 2026-11-11Financial period: 2026-06-30Peer medianSimilar-size peers only
Market capMarket value, converted to USDUS$9.27BUS$8.49BUS$7.52BUS$8.00Bn=2
Forward P/EProvider forward earnings estimate10.89x15.34x——
EV / EBITDAEnterprise value / trailing EBITDA9.79x—11.91x—
Revenue growthLatest quarter vs prior-year quarter127.0%11.5%39.6%25.6%n=2
Operating marginLatest reported quarter18.6%12.3%12.4%12.3%n=2
Free cash flow yieldTrailing cash flow / market cap3.8%—4.4%—
Net debt / EBITDANet debt / trailing EBITDA-0.06x2.30x-0.56x0.87xn=2
Debt / equityTotal debt / positive book equity0.11x0.81x0.06x0.44xn=2
Trailing P/ETrailing twelve-month earnings17.04x23.59x15.75x19.67xn=2
Price / bookPrice / positive book equity per share6.17x3.51x5.75x4.63xn=2
EV / salesEnterprise value / trailing revenue2.05x—1.65x—
Earnings growthLatest quarter vs prior-year quarter133.0%11.2%98.7%55.0%n=2
Gross marginTrailing twelve months23.8%54.3%26.3%40.3%n=2
Net marginTrailing twelve months12.9%7.4%11.4%9.4%n=2
Return on equityProvider trailing return; positive equity only45.0%15.7%44.5%30.1%n=2
Free cash flow marginTrailing free cash flow / revenue8.2%9.5%8.3%8.9%n=2
Dividend yieldIndicated annual dividend / price—0.9%——
Earnings payoutProvider trailing dividend payout0.0%21.2%0.0%10.6%n=2
Current ratioCurrent assets / current liabilities1.04x1.50x1.63x1.57xn=2
BetaProvider historical market sensitivity1.980.691.851.27n=2

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Comparison methodology & limitations

Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.

Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.

Reported performance

Financial trends

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Financial history
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Market context

Valuation & price history

Adjusted closing price

Price history

Price history loads separately.

Earnings-multiple scenario

Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.

Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.

THE RESEARCH RECORD

Research history for STRL

All available reporting periods
Q3 20262026-11-02
Q2 20262026-08-04
Q1 20262026-05-05

Reported figures

Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.