Tutor Perini Corp. (TPC)
NYSE:TPC
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Tutor Perini
(NYSE:TPC)
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Rating:70Outperform
Price Target:
$75.00
▼(-2.99% Downside)
Action:ReiteratedDate:02/28/26
The score is driven primarily by improved financial performance (profitability rebound, strong cash flow, and sharply reduced leverage) and a constructive earnings outlook with strong backlog and 2026–2027 EPS growth guidance. Offsetting these positives are softer near-term technicals (below key short-term moving averages, lower RSI) and a demanding P/E despite the high dividend yield.
Positive Factors
Robust backlog & bookings
A $20.6B backlog and 1.34x book-to-burn give multi-quarter revenue visibility and underpin management's double-digit growth guidance. Large, committed work reduces short-term bid dependence, supports steady revenue conversion and planning for resources and margins over 2–6 months.
Negative Factors
Earnings volatility (2022–2024)
A pattern of swings from profits to significant losses within recent years raises questions about the durability of the margin recovery. Volatility complicates forecasting, can affect bond/surety terms and stakeholder confidence, and means gains may be sensitive to project mix and dispute outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust backlog & bookings
A $20.6B backlog and 1.34x book-to-burn give multi-quarter revenue visibility and underpin management's double-digit growth guidance. Large, committed work reduces short-term bid dependence, supports steady revenue conversion and planning for resources and margins over 2–6 months.
Read all positive factors
Tutor Perini (TPC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.08B
Dividend Yield0.09%
Average Volume (3M)695.51K
Price to Earnings (P/E)30.7
Beta (1Y)1.89
Revenue Growth19.22%
EPS Growth78.83%
CountryUS
Employees7,500
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.54
Shares Outstanding52,791,450
10 Day Avg. Volume549,113
30 Day Avg. Volume695,511
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 Cap0.97
Enterprise Value/Revenue0.71
Enterprise Value/Gross Profit6.10
Enterprise Value/Ebitda12.82
Forecast
1Y Price Target
$109.00Price Target Upside40.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.79
Revenue Forecast (FY)$6.19B
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:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive picture: record revenue, record operating cash flow (+49%), strong adjusted EPS turnaround to $4.29, a healthy backlog ($20.6B, +10%), and substantial segment recoveries (Civil margins 13.7%, Building turned profitable). Key risks noted were elevated 2025 share‑based compensation that inflated G&A, an unfavorable Q4 adjustment tied to a legacy dispute (~$42M), about a dozen remaining legacy disputes, high interest costs pending refinancing, and potential short‑term lumpiness in backlog. Given the magnitude and number of material positive operating and financial improvements and clear forward guidance for continued double‑digit growth and higher earnings in 2026–2027, these positives outweigh the remaining discrete risks and timing uncertainties.Positive Updates
Record Revenue
Revenue of $5.5 billion in 2025, up 28% year-over-year, driven by larger, higher‑margin projects across Civil and Building segments.
Negative Updates
Share-Based Compensation Pressure
Share-based compensation expense increased by approximately $110 million in 2025 (tied to near tripling in stock price), driving Corporate G&A to $211 million (vs $110 million in 2024) and creating near‑term earnings volatility.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue
Revenue of $5.5 billion in 2025, up 28% year-over-year, driven by larger, higher‑margin projects across Civil and Building segments.
Read all positive updates
Company Guidance
The company guided to double-digit revenue growth in 2026 and projected adjusted EPS of $4.90–$5.30 (with even higher earnings expected in 2027), while reiterating continued strong operating cash generation (after a record $748 million in 2025). Key 2026 modeling assumptions include G&A of $400–$410 million, depreciation & amortization of ~$50 million (depreciation $48M / amortization $2M), interest expense of $40–$50 million (≈$3M noncash), an effective tax rate of ~27%–30%, noncontrolling interest of $75–$85 million, ~54 million weighted average diluted shares, and capital expenditures of $125–$135 million (of which ~$75–$85M is owner-funded). The company noted a $20.6 billion year-end backlog (up 10% YoY) with a 1.34x book-to-burn ratio, expects roughly $1 billion of additional backlog later this year for Midtown Phase 1 (and has received $204M for Eagle Mountain Casino Phase 2), and disclosed an anticipated near-term cash collection of ~ $40M from a settled dispute; Board actions include a $0.06 quarterly dividend and a $200M repurchase program. Management emphasized that the guidance includes significant contingency for lower win rates, project delays, slower ramps or unexpected dispute outcomes, and provided segment margin ranges (Civil ~12%–15% realized in 2025, Building 3%–6% expected, and Specialty Contractors targeting eventual margins of ~5%–8%).Tutor Perini Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.54B | 4.33B | 3.88B | 3.79B | 4.64B |
| Gross Profit | 647.51M | 197.04M | 140.62M | 29.61M | 466.39M |
| EBITDA | 309.29M | -34.75M | -54.03M | -135.28M | 345.50M |
| Net Income | 80.44M | -163.72M | -171.16M | -210.01M | 91.92M |
Balance Sheet | |||||
| Total Assets | 5.16B | 4.24B | 4.43B | 4.54B | 4.72B |
| Cash, Cash Equivalents and Short-Term Investments | 999.15M | 455.08M | 380.56M | 259.35M | 202.20M |
| Total Debt | 470.92M | 534.14M | 899.75M | 958.44M | 993.65M |
| Total Liabilities | 3.90B | 3.08B | 3.15B | 3.10B | 3.05B |
| Stockholders Equity | 1.22B | 1.13B | 1.29B | 1.45B | 1.65B |
Cash Flow | |||||
| Free Cash Flow | 567.21M | 466.13M | 255.52M | 147.19M | -187.05M |
| Operating Cash Flow | 748.07M | 503.54M | 308.47M | 206.97M | -148.45M |
| Investing Cash Flow | -249.69M | -40.69M | -78.25M | -65.64M | -37.34M |
| Financing Cash Flow | -192.36M | -393.35M | -109.38M | -78.90M | -54.66M |
Tutor Perini Technical Analysis
Positive
77.31
Price Trends
77.59
Negative
72.83
Positive
65.20
Positive
Market Momentum
0.47
Negative
53.57
Neutral
65.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TPC, the sentiment is Positive. The current price of 77.31 is above the 20-day moving average (MA) of 73.66, below the 50-day MA of 77.59, and above the 200-day MA of 65.20, indicating a neutral trend. The MACD of 0.47 indicates Negative momentum. The RSI at 53.57 is Neutral, neither overbought nor oversold. The STOCH value of 65.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $8.05B | 35.01 | 33.62% | 0.49% | 13.49% | 77.73% | |
76 Outperform | $4.49B | 28.92 | 19.65% | ― | -0.64% | 168.51% | |
70 Outperform | $4.08B | 30.66 | 6.77% | 0.09% | 19.22% | 78.83% | |
70 Outperform | $5.25B | 26.09 | 17.58% | 0.45% | 6.87% | 64.56% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $508.57M | 69.26 | 4.94% | ― | 16.73% | ― | |
55 Neutral | $6.85B | -131.50 | -1.14% | ― | -1.81% | 1228.51% |
* Industrials Sector Average
TPC
Tutor Perini
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55.22
249.95%
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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.