Centuri Holdings, Inc. (CTRI)
NYSE:CTRI
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Centuri Holdings, Inc.
(NYSE:CTRI)
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Rating:60Neutral
Price Target:
$41.00
▲(21.52% Upside)
Action:ReiteratedDate:05/02/26
The score is driven primarily by improved balance-sheet strength and a positive 2026 outlook supported by strong backlog and deleveraging plans. These are tempered by weak cash conversion/uneven free cash flow and a very high P/E valuation, while technicals show a strong trend but overbought conditions that add near-term risk.
Positive Factors
Backlog & Pipeline
A sizable, growing backlog and $13B opportunity pipeline provide multi-month revenue visibility and bid flow. Covering >85% of 2026 base revenue reduces near-term revenue volatility, supports steadier utilization of crews, and underpins sustainable revenue growth over the 2–6 month horizon.
Negative Factors
Inconsistent Cash Conversion
Irregular free cash flow and episodes of negative FCF limit internal funding for fleet and working-capital needs, forcing reliance on equity or leasing. Persistent conversion issues constrain financial flexibility and make long-term targets (50% FCF conversion) uncertain without operational fixes.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog & Pipeline
A sizable, growing backlog and $13B opportunity pipeline provide multi-month revenue visibility and bid flow. Covering >85% of 2026 base revenue reduces near-term revenue volatility, supports steadier utilization of crews, and underpins sustainable revenue growth over the 2–6 month horizon.
Read all positive factors
Centuri Holdings, Inc. (CTRI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.96B
Dividend YieldN/A
Average Volume (3M)2.25M
Price to Earnings (P/E)20.0
Beta (1Y)1.18
Revenue Growth13.10%
EPS GrowthN/A
CountryUS
Employees8,687
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)0.23
Shares Outstanding100,844,510
10 Day Avg. Volume1,714,615
30 Day Avg. Volume2,253,280
Financial Highlights & Ratios
PEG Ratio-0.25
Price to Book (P/B)2.65
Price to Sales (P/S)0.80
P/FCF Ratio-281.50
Enterprise Value/Market Cap1.11
Enterprise Value/Revenue1.52
Enterprise Value/Gross Profit17.80
Enterprise Value/Ebitda18.93
Forecast
1Y Price Target
$31.68Price Target Upside-6.11% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.67
Revenue Forecast (FY)$3.36B
Centuri Holdings, Inc. Business Overview & Revenue Model
Company Description
Centuri Holdings, Inc. operates as a utility infrastructure services company in North America. The company operates through four segments: U.S. Gas Utility Services; Canadian Gas Utility Services; Union Electric Utility Services; and Non-Union Ele...
How the Company Makes Money
Centuri primarily makes money by providing contracted infrastructure services to utility customers (and, where applicable, other energy/industrial customers) and recognizing revenue as it performs construction and maintenance work. Key revenue str...
Centuri Holdings, Inc. Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented a strong set of operational and financial accomplishments—record revenue, robust bookings and backlog growth, meaningful base revenue and base gross profit expansion, segment-level outperformance (notably in nonunion electric and Canada), and improved leverage and cash generation initiatives. Management acknowledged near-term challenges including Q1 seasonality in the gas business, working-capital and DSO improvement needs, persistent fleet and CapEx demands, and some slower-than-expected early data-center wins. On balance, positive momentum, conservative guidance, and concrete initiatives to address weaknesses suggest the company is positioned for continued progress into 2026.Positive Updates
Record Full-Year Revenue
Centuri delivered record 2025 revenue of $3.0 billion, a 13% increase versus 2024, and Q4 revenue of $859 million, up 20% year over year.
Negative Updates
Q4 Adjusted Net Income Slight Decline
Q4 2025 adjusted net income was $16 million (or $0.17 per share) down from $18 million (or $0.21 per share) in Q4 2024, reflecting some near-term margin and timing differences despite higher revenue.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Revenue
Centuri delivered record 2025 revenue of $3.0 billion, a 13% increase versus 2024, and Q4 revenue of $859 million, up 20% year over year.
Read all positive updates
Company Guidance
Centuri initiated full‑year 2026 guidance calling for base revenue of $3.15–$3.45 billion and base gross profit of $255–$285 million (base gross margin midpoint ~8.2%; including the assumed three‑year average storm contribution of $88M revenue and $28M gross profit lifts the midpoint to about 8.8%), total revenue of $3.24–$3.54 billion, adjusted EBITDA of $280–$310 million, adjusted net income of $55–$75 million, and net CapEx of $75–$90 million. Management also forecasted fleet investments of $150–$180 million (targeting ~50/50 buy vs. lease and at least 20% fleet efficiency improvement), expects net debt/adjusted EBITDA to fall to ~2.0x by year‑end 2026 (from 2.5x at year‑end 2025) with interest expense roughly 30% lower versus 2025, and reiterated a longer‑term free cash flow conversion target of about 50% of adjusted EBITDA. The guidance is underpinned by a year‑end backlog of ~$5.9 billion (up $2.2B, +59% YoY) that should cover >85% of 2026 base revenue, bookings YTD of ~ $1.1 billion, a $13.0 billion opportunity pipeline (580 bid opportunities totaling ~$6.7B, $2.8B of near‑term active proposals, and near‑term opportunity around $1.3B), and a data‑center pipeline of ~20+ opportunities (~$1.4B, with prospects up to ~$2.0B).Centuri Holdings, Inc. Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
72
Positive
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.89B | 2.64B | 2.90B | 2.76B | 2.16B |
| Gross Profit | 246.57M | 220.67M | 273.44M | 214.61M | 186.05M |
| EBITDA | 231.81M | 243.19M | 85.32M | 67.50M | 229.05M |
| Net Income | 22.39M | -6.72M | -186.18M | -168.15M | 40.51M |
Balance Sheet | |||||
| Total Assets | 2.41B | 2.07B | 2.19B | 2.45B | 2.57B |
| Cash, Cash Equivalents and Short-Term Investments | 126.63M | 49.02M | 33.41M | 63.97M | 114.71M |
| Total Debt | 321.24M | 1.01B | 1.31B | 1.33B | 1.36B |
| Total Liabilities | 1.53B | 1.51B | 1.86B | 1.91B | 1.89B |
| Stockholders Equity | 872.97M | 555.55M | 225.99M | 386.75M | 479.61M |
Cash Flow | |||||
| Free Cash Flow | -8.20M | 58.90M | 60.81M | -34.96M | -937.00K |
| Operating Cash Flow | 78.12M | 158.23M | 167.47M | 94.63M | 109.48M |
| Investing Cash Flow | -88.20M | -89.38M | -94.85M | -117.06M | -916.58M |
| Financing Cash Flow | 88.76M | -52.62M | -103.45M | -27.45M | 883.54M |
Centuri Holdings, Inc. Technical Analysis
Positive
33.74
Price Trends
30.67
Positive
28.34
Positive
24.66
Positive
Market Momentum
0.99
Negative
64.29
Neutral
81.59
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CTRI, the sentiment is Positive. The current price of 33.74 is above the 20-day moving average (MA) of 31.14, above the 50-day MA of 30.67, and above the 200-day MA of 24.66, indicating a bullish trend. The MACD of 0.99 indicates Negative momentum. The RSI at 64.29 is Neutral, neither overbought nor oversold. The STOCH value of 81.59 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CTRI.
Centuri Holdings, Inc. Risk Analysis
Centuri Holdings, Inc. disclosed 61 risk factors in its most recent earnings report. Centuri Holdings, Inc. 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 2 New Risks
1.
The price of our common stock may fluctuate significantly. Q4, 2025
2.
Our ability to use our net operating loss carryforwards and other tax attributes may be limited due to certain provisions of the Internal Revenue Code or state tax law. Q4, 2025
Centuri Holdings, Inc. Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $6.73B | 21.17 | 11.62% | 3.07% | -37.12% | 120.14% | |
68 Neutral | $2.22B | 8.26 | 7.78% | 4.18% | 11.83% | 37.42% | |
68 Neutral | $5.57B | ― | 8.20% | 3.45% | 2.81% | 7.01% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | $3.03B | 22.12 | 8.31% | 2.15% | 18.02% | 13.83% | |
63 Neutral | $5.34B | 12.84 | 8.27% | 3.82% | 2.55% | 11.75% | |
60 Neutral | $3.96B | 20.03 | 3.50% | ― | 13.10% | ― |
* Utilities Sector Average
CTRI
Centuri Holdings, Inc.
39.29
19.97
103.36%
CPK
Chesapeake Utilities
126.48
-3.96
-3.04%
SR
Spire
90.36
16.75
22.76%
NWN
Northwest Gas
52.85
11.04
26.42%
SWX
Southwest Gas
93.07
21.68
30.37%
OGS
ONE Gas
88.82
10.65
13.63%
Centuri Holdings, Inc. Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Centuri Holdings Expands Board With Independent Director Appointment
Positive
Mar 20, 2026
On March 20, 2026, Centuri Holdings, Inc.’s board expanded from eight to nine members and elected specialty contracting veteran Steven E. Nielsen as an independent director, effective immediately. Nielsen, who spent 31 years at Dycom Industr...
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.