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Concrete Pumping Holdings (BBCP)
NASDAQ:BBCP
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Concrete Pumping Holdings
(NASDAQ:BBCP)
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Rating:58Neutral
Price Target:
$7.00
▲(1.45% Upside)
Action:ReiteratedDate:03/11/26
The score is driven primarily by mixed financial quality: a notably improved balance sheet and solid operating cash flow are offset by significant margin compression and modest returns. Technicals are mildly supportive with the stock above key moving averages and neutral momentum. The latest call provided constructive FY2026 targets but also emphasized ongoing margin and liquidity pressure. Valuation metrics are unfavorable due to a negative P/E and no stated dividend yield.
Positive Factors
Improved leverage
A materially lower leverage profile reduces financial risk, lowers interest burden and preserves acquisition or investment optionality. Over the medium term this allows management to invest in fleet, pursue small M&A, and better absorb construction demand cycles without forced divestitures.
Solid cash generation
Consistent operating cash flow and improving free cash flow provide durable funding for replacement capex, the accelerated NOx investments, share repurchases and debt servicing. Strong cash conversion supports resilience through construction cycles and funds strategic priorities.
Infrastructure end‑market exposure
Meaningful revenue from publicly funded infrastructure provides a structural demand floor and multi-year project visibility. That exposure reduces sensitivity to residential cycles, supports fleet utilization on large projects, and helps stabilize revenue and bidding opportunities long term.
Negative Factors
Margin compression
Sustained margin decline materially weakens earnings power and return on equity, limiting reinvestment capacity and shareholder returns. If utilization and pricing pressures persist, lower margins will constrain free cash flow and reduce ability to fund growth or withstand downturns.
Tight near‑term liquidity
Extremely limited immediate liquidity creates operational and financing risk despite improved leverage. Low cash/ABL availability limits flexibility to cover working capital spikes, opportunistic investments or unexpected disruptions, increasing reliance on access to external financing.
UK and residential weakness
Exposure to a weak UK market and interest‑rate sensitive residential segment reduces revenue visibility and drives utilization risk. Persistent softness in these end markets can depress fleet utilization, constrain pricing power, and prolong the recovery of margins and returns.
Concrete Pumping Holdings (BBCP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$348.52M
Dividend YieldN/A
Average Volume (3M)102.32K
Price to Earnings (P/E)―
Beta (1Y)0.89
Revenue Growth-8.98%
EPS Growth-38.23%
CountryUS
Employees1,590
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-0.06
Shares Outstanding50,510,506
10 Day Avg. Volume100,474
30 Day Avg. Volume102,324
Financial Highlights & Ratios
PEG Ratio-0.80
Price to Book (P/B)1.18
Price to Sales (P/S)0.87
P/FCF Ratio19.48
Enterprise Value/Market Cap2.12
Enterprise Value/Revenue1.86
Enterprise Value/Gross Profit4.87
Enterprise Value/Ebitda7.65
Forecast
1Y Price Target
$7.38Price Target Upside6.96% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.11
Revenue Forecast (FY)$398.60M
Concrete Pumping Holdings Business Overview & Revenue Model
Company DescriptionConcrete Pumping Holdings, Inc. provides concrete pumping and waste management services in the United States and the United Kingdom. The company offers concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure, and residential sectors under the Brundage-Bone and Camfaud brands; and industrial cleanup and containment services primarily to customers in the construction industry under the Eco-Pan brand. It also leases and rents concrete pumping equipment, pans, and containers. As of October 31, 2021, the company owned a fleet of approximately 820 boom pumps, 70 placing booms, 20 telebelts, 250 stationary pumps, and 90 waste management trucks. Concrete Pumping Holdings, Inc. was founded in 1983 and is headquartered in Thornton, Colorado.
How the Company Makes MoneyConcrete Pumping Holdings primarily makes money by charging customers for concrete pumping/placement services performed on construction sites. Revenue is generated from providing concrete pumps (e.g., boom pumps and other pumping equipment), operators, and jobsite support to move and place concrete where standard delivery methods cannot reach. Pricing is typically driven by factors such as equipment type and size required, job duration (e.g., hourly or per-job charges), mobilization/dispatch and travel, and any standby or overtime time incurred on site. In addition to core pumping services, the company can earn revenue from related services and fees tied to equipment utilization and job execution (e.g., ancillary charges associated with deployment, cleaning, or other jobsite service needs). Material (ready-mix concrete) is generally supplied by third-party producers; BBCP’s earnings are therefore tied to service volume, fleet utilization, and demand across construction end-markets in its operating geographies. Specific material partnerships or named counterparties: null.
Concrete Pumping Holdings Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is distributed across different business segments, highlighting which areas are driving growth and which may need strategic adjustments.
Shows how revenue is distributed across different business segments, highlighting which areas are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyConcrete Pumping Holdings Earnings Call Summary
Earnings Call Date:Jan 13, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 04, 2026
Earnings Call Sentiment Neutral
The call conveyed a balanced picture: clear strengths in Eco Pan, publicly funded infrastructure work, proactive capital planning for upcoming emissions regulations, and disciplined capital allocation (buybacks and small strategic M&A). However, those positives were offset by YoY declines in consolidated revenue, compressed margins, significant EPS reduction, UK weakness, and limited immediate liquidity. Management provided a modestly constructive FY2026 outlook (revenue and adjusted EBITDA guidance and free cash flow target), but expects continued near‑term margin pressure driven by utilization and timing of investments. Overall, positives and negatives are roughly balanced.Q4-2025 Updates
Positive Updates
Eco Pan Revenue and Profitability Growth
Eco Pan (US concrete waste management) revenue increased 8.0% to $21.3M (from $19.8M) in Q4; adjusted EBITDA rose 3.8% to $9.1M, driven by higher pan pickup volumes and pricing momentum, demonstrating durable through‑the‑cycle performance.
Infrastructure End‑Market Strength
Publicly funded infrastructure work improved year‑over‑year and represented 25% of US concrete pumping revenue in FY2025, supported by federal and state funding and resiliency in major projects (roads, bridges, education, UK HS2 and energy projects).
Disciplined Cost Management and Pricing Discipline
Management emphasized cost control, fleet efficiency, and strategic pricing that partially mitigated margin pressure from lower volumes, helping preserve profitability amid a soft macro backdrop.
Proactive Capital Allocation for Emissions Transition
Company accelerated $22M of fleet investment from FY2027 into FY2026 to address upcoming 2027 NOx emission standards—a timing move intended to reduce replacement CapEx in 2027 and minimize operational disruption from first‑generation truck technologies.
Share Repurchases and M&A Activity
Company repurchased ~274k shares for $1.8M in Q4 (average $6.73); since 2022 repurchases total ~4.9M shares (~$31.5M) with $18.5M remaining authorization. Completed a small acquisition in the Republic of Ireland (~$2M revenue, ~$0.5M EBITDA contribution), extending geographic footprint.
Comfortable Leverage Target and Cash Flow Outlook
Net debt of $380.6M with net debt to adjusted EBITDA leverage ~3x; guidance for FY2026 expects revenue $390M–$410M, adjusted EBITDA $90M–$100M, and free cash flow of at least $40M (assumes ~$23M replacement CapEx and $32M net cash interest).
Foreign Exchange Benefit
Foreign exchange translation provided a ~220 basis point benefit to revenue in the quarter, partially offsetting weaker activity in some end markets.
Negative Updates
Consolidated Revenue Decline
Consolidated Q4 revenue of $108.8M declined from $111.5M in the prior year quarter, a decrease of approximately 2.4%, reflecting timing delays in commercial activity and residential softness.
US Concrete Pumping Volume and Profitability Pressure
US concrete pumping revenue fell to $72.2M from $74.5M (approx. -3.1% YoY). Adjusted EBITDA for the US pumping business declined to $17.5M from $19.7M (approx. -11.2%), driven by lower volumes and reduced fleet utilization.
UK Revenue and EBITDA Declines
UK revenue declined to $15.3M from $17.1M (approx. -10.5% YoY) amid subdued commercial construction; UK adjusted EBITDA fell to $4.1M from $5.2M (approx. -21.2%).
Margin and EPS Compression
Gross margin declined 170 basis points to 39.8% (from 41.5%); consolidated adjusted EBITDA decreased ~8.9% to $30.7M with adjusted EBITDA margin down 200 basis points to 28.2% (from 30.2%). Net income available to common shareholders fell to $4.9M ($0.09 EPS) from $9.0M ($0.66 EPS), reflecting significant YoY earnings compression.
Residential and Light Commercial Weakness
Residential end‑market softened due to affordability constraints from higher interest rates, with residential representing 29% of revenue on a trailing twelve‑month basis but showing YoY revenue decline; light commercial also remained soft and sensitive to interest rates and tariff uncertainty.
Balance Sheet Liquidity Tightness
Available liquidity at quarter end was approximately $3M (cash plus ABL availability), which is limited given $425M total debt and $380.6M net debt, implying modest near‑term headroom despite manageable leverage metrics.
Margin Pressure and Utilization Risk in 2026
Guidance assumes relatively flat volumes with some pricing improvement, but management expects margin contraction in FY2026 driven primarily by sub‑optimal fleet utilization and the one‑time timing shift of CapEx (accelerated $22M into FY2026), which creates near‑term margin pressure.
Company Guidance
For fiscal 2026 management guided revenue of $390–$410 million and adjusted EBITDA of $90–$100 million, assuming no meaningful recovery in construction markets; they expect free cash flow of at least $40 million (defined as adjusted EBITDA less net replacement CapEx and net cash paid for interest) and modeled that using approximately $23 million of net replacement CapEx and ~$32 million of net cash paid for interest (this excludes an exceptional $22 million of fleet CapEx accelerated from fiscal 2027 into 2026 to address new 2027 NOx standards). The company noted fleet net replacement is expected to be a low single‑digit percentage of revenue in fiscal 2027 and reiterated balance‑sheet flexibility (net debt of ~$380.6 million, ~3.0x net debt/adjusted EBITDA at 10/31/25, and roughly $3 million of available liquidity).Concrete Pumping Holdings Financial Statement Overview
Summary
Mixed fundamentals: leverage is much improved (debt-to-equity ~0.09), and operating cash flow is healthy and exceeds net income, but profitability has compressed sharply (TTM net margin ~1.7% vs ~7.2% in 2022–2023) with flat TTM revenue and modest ROE (~2.3%).Income Statement
TTM (Trailing-Twelve-Months) revenue is essentially flat versus the latest annual period (about +1%), following two consecutive annual revenue declines after stronger growth in 2022–2023. Profitability has compressed meaningfully: net margin is ~1.7% in TTM versus ~7.2% in 2022–2023 and ~3.8% in 2024, with EBIT and EBITDA margins also trending down from prior peaks. Overall, the company remains profitable, but earnings power looks weaker and less consistent than earlier years.52
Neutral
Balance Sheet
Leverage appears materially improved in TTM, with debt-to-equity falling to ~0.09 versus roughly 1.2–1.6x in the prior annual periods, implying a much more conservative capital structure. Total assets and equity look stable, but returns on equity are currently modest (~2.3% TTM), reflecting the lower profitability. Strength is the significantly reduced leverage; weakness is that current returns are not yet strong.72
Positive
Cash Flow
Cash generation is solid: operating cash flow is strong in TTM and covers reported earnings (operating cash flow is ~1.34x net income). Free cash flow is positive and improved sharply versus the latest annual period (TTM free cash flow growth is very strong), though free cash flow remains well below net income in scale (about 0.37x), suggesting working-capital or investment needs still absorb cash. Overall, cash flow is a relative positive, but conversion to free cash flow is not consistently high across periods (including a negative free cash flow year in 2022).64
Positive
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 396.98M | 392.87M | 425.87M | 442.24M | 401.29M | 315.81M |
| Gross Profit | 151.84M | 151.12M | 165.83M | 178.30M | 163.61M | 137.73M |
| EBITDA | 96.60M | 95.07M | 107.30M | 132.85M | 121.45M | 94.26M |
| Net Income | 6.57M | 6.37M | 16.21M | 31.79M | 28.68M | -15.07M |
Balance Sheet | ||||||
| Total Assets | 883.73M | 879.54M | 897.99M | 904.52M | 887.49M | 792.66M |
| Cash, Cash Equivalents and Short-Term Investments | 53.02M | 44.39M | 43.04M | 15.86M | 7.48M | 9.30M |
| Total Debt | 441.51M | 441.40M | 399.81M | 416.19M | 447.87M | 370.45M |
| Total Liabilities | 596.08M | 589.75M | 576.27M | 596.28M | 608.16M | 530.09M |
| Stockholders Equity | 287.65M | 289.79M | 321.71M | 308.24M | 279.33M | 262.57M |
Cash Flow | ||||||
| Free Cash Flow | 29.19M | 17.53M | 43.09M | 41.57M | -26.69M | 12.29M |
| Operating Cash Flow | 79.65M | 64.31M | 86.90M | 96.88M | 76.69M | 75.83M |
| Investing Cash Flow | -41.72M | -37.30M | -32.13M | -44.16M | -124.12M | -56.56M |
| Financing Cash Flow | -70.67M | -25.76M | -28.77M | -44.30M | 45.98M | -15.95M |
Concrete Pumping Holdings Technical Analysis
Positive
6.90
Price Trends
6.59
Positive
6.55
Positive
6.68
Positive
Market Momentum
0.11
Negative
53.00
Neutral
57.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BBCP, the sentiment is Positive. The current price of 6.9 is above the 20-day moving average (MA) of 6.80, above the 50-day MA of 6.59, and above the 200-day MA of 6.68, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 53.00 is Neutral, neither overbought nor oversold. The STOCH value of 57.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BBCP.
Concrete Pumping Holdings Risk Analysis
Concrete Pumping Holdings disclosed 39 risk factors in its most recent earnings report. Concrete Pumping Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Concrete Pumping Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $5.35B | 26.09 | 17.58% | 0.45% | 6.87% | 64.56% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $474.83M | 69.26 | 4.94% | ― | 16.73% | ― | |
58 Neutral | $348.52M | -30.18 | 3.32% | ― | -8.98% | -38.23% | |
58 Neutral | $291.13M | -92.28 | -16.33% | ― | 17.16% | 24.10% | |
55 Neutral | $406.04M | 158.32 | 1.60% | ― | 7.02% | ― | |
42 Neutral | $38.20M | -0.77 | -84.16% | ― | -9.10% | 21.10% |
* Industrials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.