MYR Group (MYRG) AI Stock Analysis

• Market Cap: $4.19B
• Dividend Yield: N/A
• Average Volume (3M): 240.15K
• Price to Earnings (P/E): 28.9
• Beta (1Y): 1.81
• Revenue Growth: -0.64%
• EPS Growth: 168.51%
• Country: US
• Employees: 8,500
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 2.33
• Shares Outstanding: 15,540,073
• 10 Day Avg. Volume: 310,757
• 30 Day Avg. Volume: 240,154
• PEG Ratio: 0.09
• Price to Book (P/B): 5.18
• Price to Sales (P/S): 0.94
• P/FCF Ratio: 14.74
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 1.13
• Enterprise Value/Gross Profit: 9.72
• Enterprise Value/Ebitda: 18.91
• 1Y Price Target: $305.00
• Price Target Upside: 11.06% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 9.28
• Revenue Forecast (FY): $3.99B

• Rating: 76 Outperform
• Price Target: $309.00 ▲(12.52% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is driven primarily by improved 2025 profitability/cash flow and a conservative balance sheet, reinforced by constructive uptrend signals and an earnings call indicating continued growth with healthy backlog. The main constraint is valuation (P/E ~36) and the company’s historical volatility in margins and free cash flow.

Positive Factors

Meaningful backlog growth and diversification

A growing $2.8B backlog with balanced T&D and C&I exposure provides multi-quarter revenue visibility and supports steadier bidding conversion. Diversified backlog reduces single-market dependence and underpins sustained revenue as multi-year MSAs and awards convert to work over time.

Conservative balance sheet and strong liquidity

Low funded debt and modest leverage give financial flexibility to weather project volatility, invest in growth, pursue tuck-in acquisitions, or opportunistically buy back shares. Strong liquidity capacity supports working capital needs inherent in contracting businesses over cycles.

Material improvement in operating and free cash flow

A large rebound in OCF and FCF signals the company can convert earnings into cash at scale, enabling reinvestment, debt service, and shareholder actions. Improved cash generation enhances resilience for capital-intensive T&D projects and supports sustained operational execution.

Negative Factors

Cyclical and volatile margins and cash flow

Historic swings in margins and free cash flow reflect project timing, fixed-price exposure, and execution variability. This undermines long-term predictability of cash available for capex, acquisitions, or buybacks and raises execution risk premium for multi-year planning.

Execution risks from project inefficiencies and external delays

Project inefficiencies, weather and permitting delays can compress margins, delay revenue recognition, and increase working capital needs. For a contractor reliant on timely project closeouts and billing, recurring execution disruptions can materially erode durable profitability.

Contract mix and backlog accounting can mask near-term cash risk

MSA accounting that limits backlog visibility and a higher share of fixed-price awards can create mismatch between reported backlog and future cash timing. Contract mix concentration increases sensitivity of cash conversion to award types and execution, complicating multi-quarter cash planning.

MYR Group Business Overview & Revenue Model

Company Description

MYR Group Inc., through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, renewable power facilities, and limited gas construction services, as well as emergency restoration services in response to hurricane, ice, or other storm related damages. This segment serves as a prime contractor to customers, such as investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners, and other contractors. The Commercial and Industrial segment provides a range of services, including design, installation, maintenance, and repair of commercial and industrial wiring; and installation of traffic networks, bridge, roadway, and tunnel lighting for airports, hospitals, data centers, hotels, stadiums, convention centers, renewable energy projects, manufacturing plants, processing facilities, waste-water treatment facilities, mining facilities, and transportation control and management systems. This segment serves general contractors, commercial and industrial facility owners, governmental agencies, and developers. The company was founded in 1891 and is headquartered in Henderson, Colorado.

How the Company Makes Money

MYR Group generates revenue primarily through its contracting services, which are billed on a project basis. The company engages in both large-scale and smaller projects, allowing it to capture a wide array of contracts in the electrical infrastructure sector. Key revenue streams include construction contracts for utility infrastructure, maintenance services for existing electrical systems, and installation projects related to renewable energy sources such as wind and solar. Additionally, MYR Group benefits from long-term relationships with major utility companies and government contracts, which provide a steady flow of income. The company's diversified portfolio and expertise in various sectors enable it to mitigate risks and capitalize on emerging opportunities in the energy market.

MYR Group Financial Statement Overview

Summary

Strong 2025 rebound in profitability (net income $118.4M) and cash generation (OCF $326.6M, FCF $232.2M) paired with low leverage (D/E ~0.16) and improved ROE (~17.9%). The main offset is cyclicality/volatility in margins and free cash flow across 2023–2024, raising durability risk for the 2025 step-up.

Income Statement

Revenue has grown over the long run (2020–2025), and profitability rebounded sharply in 2025 with net income jumping to $118.4M (vs. $30.3M in 2024) alongside improved gross and net margins. However, results have been somewhat cyclical: 2024 saw a slight revenue decline and a steep compression in net margin before the 2025 snapback, and operating profitability has not shown a steady upward trend (EBITDA margin was stronger in 2021–2022 than in 2024–2025).

Balance Sheet

The balance sheet looks conservatively positioned, with low leverage (debt-to-equity roughly 0.11–0.20 over 2023–2025, and 0.16 in 2025). Equity has grown versus 2020, and returns on equity are strong in the latest year (about 17.9% in 2025) after a weaker 2024. The main watchout is year-to-year variability in returns (notably the dip in 2024), but overall financial leverage appears well-controlled.

Cash Flow

Cash generation improved materially in 2025, with operating cash flow of $326.6M and free cash flow of $232.2M, including very strong free cash flow growth versus 2024. That said, cash flow has been volatile across years (free cash flow turned negative in 2023 and was minimal in 2024), and the relationship between cash flow and earnings has not been consistently strong (free cash flow was only ~13% of net income in 2024, improving to ~71% in 2025).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.66B	3.36B	3.64B	3.01B	2.50B
Gross Profit	423.80M	290.32M	364.40M	343.96M	324.98M
EBITDA	217.94M	118.21M	189.08M	175.94M	164.31M
Net Income	118.37M	30.26M	90.99M	83.38M	85.01M
Balance Sheet
Total Assets	1.64B	1.57B	1.58B	1.40B	1.12B
Cash, Cash Equivalents and Short-Term Investments	150.16M	3.46M	24.90M	51.04M	82.09M
Total Debt	103.51M	119.99M	73.61M	74.55M	25.50M
Total Liabilities	983.66M	973.70M	927.54M	838.66M	601.99M
Stockholders Equity	660.42M	600.36M	651.20M	560.20M	519.10M
Cash Flow
Free Cash Flow	232.19M	11.18M	-13.72M	90.43M	84.87M
Operating Cash Flow	326.57M	87.11M	71.02M	167.48M	137.23M
Investing Cash Flow	-86.18M	-67.21M	-79.13M	-185.73M	-49.30M
Financing Cash Flow	-94.07M	-39.96M	-18.37M	-9.27M	-28.09M

MYR Group Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 274.62
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MYRG, the sentiment is Positive. The current price of 274.62 is above the 20-day moving average (MA) of 270.66, above the 50-day MA of 251.35, and above the 200-day MA of 208.44, indicating a neutral trend. The MACD of 5.66 indicates Positive momentum. The RSI at 52.60 is Neutral, neither overbought nor oversold. The STOCH value of 38.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MYRG.

MYR Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AGX	79 Outperform	$6.09B	34.44	32.05%	0.49%	13.49%	77.73%
MYRG	76 Outperform	$4.19B	28.92	18.78%	―	-0.64%	168.51%
ECG	72 Outperform	$5.92B	21.65	38.34%	―	28.20%	24.27%
GVA	70 Outperform	$5.76B	26.09	17.59%	0.45%	6.87%	64.56%
TPC	70 Outperform	$3.89B	43.90	6.84%	0.09%	19.22%	78.83%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AMRC	52 Neutral	$1.49B	34.84	4.22%	―	12.22%	17.41%

MYR Group Corporate Events

MYR Group Updates Investor Materials Highlighting Growth Strategy

On March 3, 2026, MYR Group Inc. posted updated investor presentation materials outlining its recent performance and strategic positioning, which management plans to use in meetings with investors and other stakeholders during the first quarter of 2026. The materials highlight MYR’s role as a key contractor for electrical infrastructure supporting clean energy and rising electricity demand, with a diversified presence in transmission, distribution and commercial and industrial markets across North America.

The presentation underscores consistent revenue growth, with MYR ranked among the top U.S. specialty electrical contractors for three decades and reporting 2025 revenues of $2.00 billion in T&D and $1.66 billion in C&I, backed by substantial segment backlogs. Management emphasizes a strong balance sheet, low leverage and ample credit capacity to support organic expansion, acquisitions and selective share repurchases, while industry data in the materials point to robust long-term investment in grid modernization, data centers and nonresidential construction, reinforcing MYR’s growth outlook.

The most recent analyst rating on (MYRG) stock is a Hold with a $296.00 price target. To see the full list of analyst forecasts on MYR Group stock, see the MYRG Stock Forecast page.