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Centuri Holdings, Inc.
(NYSE:CTRI)
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Rating:54Neutral
Price Target:
$28.00
▲(1.19% Upside)
Action:Reiterated
Date:08/04/26
CTRI scores in the mid-range primarily because improving profitability and a much better leverage profile are being held back by weak recent cash-flow conversion (negative TTM free cash flow). Technicals are mixed with a negative MACD and price below key moving averages, and valuation is stretched with a very high P/E and no dividend support. The earnings call was a clear positive (reiterated guidance, strong backlog/bookings, and an explicit path to better leverage and full-year free cash flow), but execution on cash generation remains the key swing factor.
Positive Factors
Backlog & Pipeline
A multi-billion backlog and large pipeline provide durable revenue visibility across several years, reducing cyclical sensitivity and enabling better resource planning. This underpins management's targeted organic growth and supports predictable utilization and revenue cadence for 2–6+ months.
Negative Factors
Weak Cash Conversion
Negative trailing free cash flow and sharply deteriorating FCF growth limit the firm's ability to fund capex, accelerate deleveraging, or absorb working-capital swings. Until multi-quarter positive FCF is sustained, leverage and capital allocation remain vulnerable to timing and execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog & Pipeline
A multi-billion backlog and large pipeline provide durable revenue visibility across several years, reducing cyclical sensitivity and enabling better resource planning. This underpins management's targeted organic growth and supports predictable utilization and revenue cadence for 2–6+ months.
Read all positive factors
Centuri Holdings, Inc. (CTRI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.81B
Dividend YieldN/A
Average Volume (3M)2.25M
Price to Earnings (P/E)80.8
Beta (1Y)1.04
Revenue Growth18.67%
EPS Growth3110.38%
CountryUS
Employees9,687
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)0.31
Shares Outstanding100,934,660
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$37.20Price Target Upside34.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.71
Revenue Forecast (FY)$3.47B
Centuri Holdings, Inc. Business Overview & Revenue Model
Company Description
Centuri Holdings, Inc. delivers specialized utility infrastructure services across North America. The company's operations are divided into four key segments: Gas Utility Services in the U.S., Gas Utility Services in Canada, Union Electric Utility...
How the Company Makes Money
Centuri makes money primarily by delivering utility infrastructure services under contract for customers such as regulated natural gas utilities and other energy/infrastructure owners. Revenue is generated through project-based and programmatic wo...
Centuri Holdings, Inc. Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and strategic picture: strong revenue growth (+31% YoY), large improvements in gross profit and adjusted EBITDA, meaningful bookings and backlog momentum, improving leverage, and a clear multi-year strategy with specific targets. Short-term weaknesses include a Q1 negative free cash flow position (timing-driven), a remaining net loss, some segment margin pressure (non-union electric) and investor concern about conservative guidance and pipeline conversion timing. Overall, the company shows tangible improvement and a credible plan for growth and margin expansion, with manageable near-term cash and margin variability.Positive Updates
Strong Top-Line Growth
Revenue of $723M in Q1, up 31% year-over-year; base revenue $689M, up 29% YoY, demonstrating robust demand across segments.
Negative Updates
Negative Free Cash Flow in Q1
Net cash used in operating activities was $35M and free cash flow was negative $54M in Q1, driven primarily by working capital timing, though management expects full-year free cash flow to exceed $60M.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Revenue of $723M in Q1, up 31% year-over-year; base revenue $689M, up 29% YoY, demonstrating robust demand across segments.
Read all positive updates
Company Guidance
Management reiterated full‑year 2026 guidance with base revenue of $3.15–$3.45B and base gross profit of $255–$285M, total revenue of $3.24–$3.54B (including storm restoration using a 3‑year average of $88M revenue / $28M gross profit), adjusted EBITDA of $280–$310M, adjusted net income of $55–$75M, and net CapEx of $75–$90M, while expecting free cash flow to exceed $60M for 2026. They forecast net debt / adjusted EBITDA of ~2.0x by year‑end (down from 2.7x at quarter‑end and 3.5x a year ago), target 10–15% base revenue CAGR to 2029 with 70–170 bps of base gross profit margin expansion, adjusted EPS CAGR of 30–45% through 2029, and 40–50% free cash flow conversion by 2029; SG&A is expected to be ~4% of revenue and the fleet funding plan is ~50/50 lease vs. buy. Near‑term commercial metrics highlighted were a 2026 book‑to‑bill target of 1.1–1.2x (Q1 was 1.8x), $1.3B of Q1 bookings, a record backlog of about $6.5B, a $13B pipeline and roughly $2B of pending bids (including nearly $200M of data‑center work).Centuri Holdings, Inc. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.24B | 2.89B | 2.64B | 2.90B | 2.76B | 2.16B |
| Gross Profit | 270.02M | 246.57M | 220.67M | 273.44M | 214.61M | 186.05M |
| EBITDA | 188.75M | 231.81M | 243.19M | 85.32M | 67.50M | 216.14M |
| Net Income | 28.85M | 22.39M | -6.72M | -186.18M | -168.15M | 40.51M |
Balance Sheet | ||||||
| Total Assets | 2.40B | 2.41B | 2.07B | 2.19B | 2.45B | 2.57B |
| Cash, Cash Equivalents and Short-Term Investments | 40.46M | 126.63M | 49.02M | 33.41M | 63.97M | 114.71M |
| Total Debt | 320.25M | 938.11M | 1.01B | 1.31B | 1.33B | 1.36B |
| Total Liabilities | 1.53B | 1.53B | 1.51B | 1.86B | 1.91B | 1.89B |
| Stockholders Equity | 868.95M | 872.97M | 555.55M | 225.99M | 386.75M | 479.61M |
Cash Flow | ||||||
| Free Cash Flow | -15.22M | -8.20M | 58.90M | 60.81M | -34.96M | -937.00K |
| Operating Cash Flow | 74.09M | 78.12M | 158.23M | 167.47M | 94.63M | 109.48M |
| Investing Cash Flow | -94.44M | -88.20M | -89.38M | -94.85M | -117.06M | -916.58M |
| Financing Cash Flow | 34.14M | 88.76M | -52.62M | -103.45M | -27.45M | 883.54M |
Centuri Holdings, Inc. Technical Analysis
Neutral
27.67
Price Trends
28.86
Negative
30.67
Negative
28.13
Negative
Market Momentum
-0.55
Negative
50.80
Neutral
80.14
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CTRI, the sentiment is Neutral. The current price of 27.67 is above the 20-day moving average (MA) of 26.87, below the 50-day MA of 28.86, and below the 200-day MA of 28.13, indicating a neutral trend. The MACD of -0.55 indicates Negative momentum. The RSI at 50.80 is Neutral, neither overbought nor oversold. The STOCH value of 80.14 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 0 New Risks
Centuri Holdings, Inc. Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $3.19B | 23.13 | 9.49% | 2.05% | 17.14% | 15.65% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
62 Neutral | $4.72B | 13.99 | 10.45% | 3.95% | 4.53% | 40.51% | |
62 Neutral | $4.87B | 17.45 | 8.20% | 3.35% | 2.81% | 7.01% | |
58 Neutral | $2.06B | 16.37 | 8.27% | 3.81% | 5.90% | 16.54% | |
58 Neutral | $6.47B | 13.93 | 11.86% | 2.69% | -48.15% | 105.44% | |
54 Neutral | $2.81B | 80.79 | 4.27% | ― | 18.67% | 3110.38% |
* Utilities Sector Average
CTRI
Centuri Holdings, Inc.
27.86
6.01
27.51%
CPK
Chesapeake Utilities
133.86
16.63
14.19%
SR
Spire
80.09
7.85
10.87%
NWN
Northwest Gas
48.93
11.02
29.05%
SWX
Southwest Gas
89.77
12.55
16.25%
OGS
ONE Gas
78.40
8.15
11.59%
Centuri Holdings, Inc. Corporate Events
Executive/Board ChangesShareholder Meetings
Centuri Holdings Stockholders Support Directors and Governance Proposals
Positive
May 22, 2026
Centuri Holdings, Inc. held its 2026 Annual Meeting of Stockholders on May 19, 2026, with 89,191,565 shares of common stock represented in person or by proxy. Shareholders elected all nominated directors to serve until the next annual meeting or u...
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.