Tutor Perini (TPC)
NYSE:TPC
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Tutor Perini
(NYSE:TPC)
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Rating:73Outperform
Price Target:
$92.00
▲(9.24% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial performance (robust operating/free cash flow and materially improved leverage) and a constructive earnings outlook supported by a large backlog. Offsetting factors are only moderate technical momentum and execution/legal risks that could pressure margins and near-term results.
Positive Factors
Strong cash generation
Sustained high operating and free cash flow (OTM: $872M OCF, $703M FCF TTM) materially improves financial flexibility. Durable cash conversion supports working capital on long-term contracts, funds capex, dividends and buybacks, and strengthens resilience to cyclical slowdowns or project timing variability.
Negative Factors
Thin overall margins
Despite recovery, overall margins remain low for the industry (EBIT ~3.3%, net ~2.2%), leaving limited buffers on fixed-price contracts. Thin margins increase sensitivity to cost overruns, change-order disputes and labor/material inflation, making sustained margin improvement critical for durable returns.
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Positive Factors
Negative Factors
Strong cash generation
Sustained high operating and free cash flow (OTM: $872M OCF, $703M FCF TTM) materially improves financial flexibility. Durable cash conversion supports working capital on long-term contracts, funds capex, dividends and buybacks, and strengthens resilience to cyclical slowdowns or project timing variability.
Read all positive factors
Tutor Perini (TPC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.05B
Dividend Yield0.09%
Average Volume (3M)527.23K
Price to Earnings (P/E)39.6
Beta (1Y)1.59
Revenue Growth25.67%
EPS GrowthN/A
CountryUS
Employees7,500
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)1.49
Shares Outstanding52,614,704
10 Day Avg. Volume658,700
30 Day Avg. Volume527,232
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)2.90
Price to Sales (P/S)0.64
P/FCF Ratio6.23
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue0.65
Enterprise Value/Gross Profit5.55
Enterprise Value/Ebitda12.46
Forecast
1Y Price Target
$109.00Price Target Upside29.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.47
Revenue Forecast (FY)$6.31B
Tutor Perini Business Overview & Revenue Model
Company Description
Tutor Perini Corporation, a construction company, provides diversified general contracting, construction management, and design-build services to private customers and public agencies worldwide. It operates through three segments: Civil, Building,...
How the Company Makes Money
Tutor Perini primarily makes money by executing construction projects under contract and recognizing revenue as work progresses (typically under long-term contracts). Its key revenue streams are: (1) Civil segment revenue from large public infrast...
Tutor Perini Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call was predominantly positive: management reported strong operational performance (record operating cash flow, revenue growth, robust backlog, and a 58% increase in adjusted EPS) and a materially improved balance sheet and liquidity position enabling capital returns and the ability to pursue larger projects. Notable negatives include a significant adverse legal ruling (~$175 million) under appeal, elevated share-based compensation that depressed GAAP results and increased the effective tax rate, and some project estimate adjustments and legacy dispute overhang in Specialty. On balance, management presented confidence in continued double-digit revenue growth for 2026 and substantially higher earnings in 2027, while acknowledging specific near-term risks and contingencies.Positive Updates
Record Operating Cash Flow
Operating cash flow of $147 million in Q1 2026, up 542% year-over-year and the highest first-quarter cash flow on record, driven by collections on new and ongoing projects.
Negative Updates
GAAP Operating Income and Net Income Pressure from Share-Based Compensation
GAAP operating income fell to $59 million, down 9% YoY, largely due to a $23 million increase in share-based compensation; corporate G&A rose to $45 million from $18 million (approx. +150%) primarily for the same reason, increasing earnings volatility.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Operating Cash Flow
Operating cash flow of $147 million in Q1 2026, up 542% year-over-year and the highest first-quarter cash flow on record, driven by collections on new and ongoing projects.
Read all positive updates
Company Guidance
Management affirmed 2026 guidance calling for double‑digit revenue growth and strong earnings, with adjusted EPS of $4.90 to $5.30 and even higher earnings expected in 2027, while stressing continued strong operating cash generation (Q1 operating cash flow was a record $147 million) and a backlog of about $19.8 billion that should fuel growth; Q1 metrics supporting the outlook included revenue of $1.4 billion (+11% YoY), adjusted Q1 EPS of $1.03 (+58% YoY), nearly $700 million of new awards booked in the quarter and an anticipated ~$1 billion of additional Midtown Bus Terminal backlog in H2, and management reiterated segment margin targets of roughly 12%–15% for Civil, 3%–6% for Building and about 1%–3% for Specialty in 2026 (with Specialty longer‑term 5%–8%); the plan assumes continued strong cash (cash exceeded debt by $404 million, cash available $321 million, total debt $399 million), opportunistic share repurchases under a $200 million program (Q1 repurchase ~$20 million, ~278k shares at ~$72 average), a $0.06 quarterly dividend, a midyear refinancing expected to lower interest by ~400–500 bps (management aiming for a ~6% rate), and the guidance includes meaningful contingency for lower bid success, project delays, slower ramp‑ups or adverse legal outcomes.Tutor Perini Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
78
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.69B | 5.54B | 4.33B | 3.88B | 3.79B | 4.64B |
| Gross Profit | 667.75M | 647.51M | 197.04M | 140.62M | 29.61M | 466.39M |
| EBITDA | 297.35M | 309.29M | -34.75M | -54.03M | -135.28M | 345.50M |
| Net Income | 78.14M | 80.44M | -163.72M | -171.16M | -210.01M | 91.92M |
Balance Sheet | ||||||
| Total Assets | 5.14B | 5.16B | 4.24B | 4.43B | 4.54B | 4.72B |
| Cash, Cash Equivalents and Short-Term Investments | 1.08B | 999.15M | 455.08M | 380.56M | 259.35M | 202.20M |
| Total Debt | 466.02M | 470.92M | 534.14M | 899.75M | 958.44M | 993.65M |
| Total Liabilities | 3.87B | 3.90B | 3.08B | 3.15B | 3.10B | 3.05B |
| Stockholders Equity | 1.21B | 1.22B | 1.13B | 1.29B | 1.45B | 1.65B |
Cash Flow | ||||||
| Free Cash Flow | 703.32M | 567.21M | 466.13M | 255.52M | 147.19M | -187.05M |
| Operating Cash Flow | 872.07M | 748.07M | 503.54M | 308.47M | 206.97M | -148.45M |
| Investing Cash Flow | -272.23M | -249.69M | -40.69M | -78.25M | -65.64M | -37.34M |
| Financing Cash Flow | -89.83M | -192.36M | -393.35M | -109.38M | -78.90M | -54.66M |
Tutor Perini Technical Analysis
Negative
84.22
Price Trends
80.68
Negative
78.81
Negative
71.02
Positive
Market Momentum
-1.62
Positive
40.19
Neutral
17.51
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TPC, the sentiment is Negative. The current price of 84.22 is below the 20-day moving average (MA) of 85.40, above the 50-day MA of 80.68, and above the 200-day MA of 71.02, indicating a neutral trend. The MACD of -1.62 indicates Positive momentum. The RSI at 40.19 is Neutral, neither overbought nor oversold. The STOCH value of 17.51 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TPC.
Tutor Perini Risk Analysis
Tutor Perini disclosed 26 risk factors in its most recent earnings report. Tutor Perini 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
Tutor Perini Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $8.80B | 24.50 | 33.62% | 0.49% | 8.06% | 57.80% | |
80 Outperform | $6.94B | 23.43 | 22.14% | ― | 13.14% | 317.43% | |
73 Outperform | $4.05B | 39.60 | 6.50% | 0.09% | 25.67% | ― | |
72 Outperform | $5.72B | -31.29 | 16.70% | 0.45% | 14.93% | 49.81% | |
65 Neutral | $542.21M | -31.60 | 4.14% | ― | 13.27% | 297.82% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | $6.07B | 12.34 | 8.12% | ― | -8.32% | -87.53% |
* General Sector Average
TPC
Tutor Perini
76.99
41.47
116.76%
AGX
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630.50
438.48
228.35%
FLR
Fluor
43.43
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14.65%
GVA
Granite Construction
130.74
44.84
52.19%
MYRG
MYR Group
445.73
284.92
177.18%
BWMN
Bowman Consulting Group
30.97
5.52
21.69%
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.