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Granite Construction ( (GVA) ) has issued an update.
On February 18, 2026, Granite Construction entered into privately negotiated exchange agreements with select holders of its 3.75% Convertible Senior Notes due 2028 to swap $100 million in principal for a mix of cash and, potentially, stock, with final consideration tied to a 15-day volume-weighted average price beginning that day. Based on the February 17, 2026 closing share price of $128.61, the roughly $283 million purchase price, including accrued interest, would be paid entirely in cash, reducing the convertible notes outstanding to about $273.75 million and, after cancellation of the exchanged notes, is expected to remove around 2.2 million shares from the diluted share count, while related partial unwinds of capped call options will return additional cash to the company.
The most recent analyst rating on (GVA) stock is a Hold with a $132.00 price target. To see the full list of analyst forecasts on Granite Construction stock, see the GVA Stock Forecast page.
Spark’s Take on GVA Stock
According to Spark, TipRanks’ AI Analyst, GVA is a Neutral.
The score is driven primarily by improved profitability and solid cash generation, reinforced by positive 2026 guidance and record backlog. These strengths are partly offset by higher leverage and a sharp prior-year revenue decline, while technical momentum is supportive but valuation (high P/E and low yield) is a notable drag.
To see Spark’s full report on GVA stock, click here.
More about Granite Construction
Granite Construction Incorporated is a U.S.-based construction and civil infrastructure company that finances its operations in part through the issuance of convertible senior notes. The company’s capital structure includes 3.75% Convertible Senior Notes due 2028, and it actively manages associated equity derivatives such as capped call transactions with financial institutions.
Average Trading Volume: 660,014
Technical Sentiment Signal: Buy
Current Market Cap: $5.72B
See more insights into GVA stock on TipRanks’ Stock Analysis page.