PRIM
Primoris Services Corporation
PRIM's fundamentals are weak and it looks expensive: trading at 40x earnings, about three times its usual 14x. Analysts expect strong earnings growth, though they disagree widely on how much.
PRIM Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| Under pressure | |
| Stable |
PRIM's profitability and balance sheet are currently stable, but its revenue and cash flow are under pressure.
PRIM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $18.84 | -74% |
| Fair | 14x | $23.96 | -67% |
| Forward | 15x | $71.55 | — |
| Expensive | 25x | $44.94 | -37% |
| Current | 40x | $71.55 | — |
Historical ranges are pointers, not guarantees.
PRIM's PE is in its expensive range at 40x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its fair range.
PRIM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for PRIM, with profitability improving. However, they disagree widely on these estimates.
PRIM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.67 | +164% |
| Q3 2026 | $1.77 | -65% |
| Q2 2026 | $2.55 | -42% |
| Q1 2026 | $4.54 | +20% |
| Q4 2025 | $5.03 | +52% |
| Q3 2025 | $5.07 | +68% |
| Q2 2025 | $4.41 | +55% |
| Q1 2025 | $3.78 | +43% |
| Q4 2024 | $3.32 | +43% |
PRIM's earnings per share have fallen from their peak: $1.77 over the past year, against $5.07 in late 2025.
PRIM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | -10% |
| Q2 2026 | $1.7B | -11% |
| Q1 2026 | $1.6B | -5.4% |
| Q4 2025 | $1.9B | +6.7% |
| Q3 2025 | $2.2B | +32% |
| Q2 2025 | $1.9B | +21% |
| Q1 2025 | $1.6B | +17% |
| Q4 2024 | $1.7B | +15% |
PRIM's revenue is shrinking: $2B last quarter, down 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 4.9% | -1.4 points |
| Q2 2026 | -1.6% | -8.3 points |
| Q1 2026 | 1.6% | -2.7 points |
| Q4 2025 | 4.2% | -0.9 points |
| Q3 2025 | 6.3% | +0.3 points |
| Q2 2025 | 6.7% | +1.2 points |
| Q1 2025 | 4.3% | +1.1 points |
| Q4 2024 | 5% | +0.1 points |
PRIM's operating margin was 4.9% last quarter, down 1.4 points from the same quarter a year ago.
PRIM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $98.1M | -34% |
| Q2 2026 | -$31.2M | -169% |
| Q1 2026 | -$150.4M | -688% |
| Q4 2025 | $121.1M | -55% |
| Q3 2025 | $148.4M | -6.5% |
| Q2 2025 | $45.3M | +$53.5M |
| Q1 2025 | $25.6M | +$64.5M |
| Q4 2024 | $270M | +46% |
PRIM still generates free cash flow, though less than at its 2024 peak: $38M over the past year.
PRIM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +100K shares |
| 1 year | -1.3% | -703K shares |
| 3 years | -0.5% | -251K shares |
| 5 years | -0.5% | -267K shares |
| Available history | +6.7% | +3.4M shares |
PRIM has 54M diluted shares, down 1.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100M |
| Q4 2022 | — |
| Q3 2022 | $2.6M |
| Q4 2020 | $494,000 |
| Q3 2020 | $2.6M |
| Q2 2020 | $950,000 |
| Q1 2020 | $7.4M |
PRIM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | -0.1x | Net Cash |
| Q3 2025 | 0.1x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.6x | Very low |
| Q4 2024 | 0.7x | Very low |
PRIM's net debt is about 2.0 years of its operating earnings (EBITDA), up from less than a year a year ago.
PRIM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.0 | Neutral |
| Stochastic | 34.3 | Neutral |
PRIM's weekly RSI is 40 (neutral) and its Stochastic is 34 (neutral).
PRIM PE vs Industrials Sector
| Metric | PRIM | Sector median | Relative |
|---|---|---|---|
| PE | 40x | 24x | 68% above |
| PE % | 100 | 58 | 42 pts above |
PRIM is trading at 40x earnings, a 68% premium to the Industrials sector's median of 24x.
PRIM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.9 | 1.9% below |
| 20 week MA | $77.9 | 8.2% below |
| 50 week MA | $113.4 | 37% below |
| 100 week MA | $102.4 | 30% below |
| 200 week MA | $71.7 | 0.1% below |
PRIM is in a downtrend: it's below all five of its weekly moving averages, and 0.1% below its 200-week average.
PRIM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.9 | $27.8 | +27% |
| 2021 | $27.8 | $24.3 | -12% |
| 2022 | $24.3 | $21.9 | -9.9% |
| 2023 | $21.9 | $33.2 | +52% |
| 2024 | $33.2 | $77.7 | +134% |
| 2025 | $77.7 | $129.2 | +66% |
| 2026 YTD | $129.2 | $71.6 | -45% |
PRIM is down 45% so far in 2026, after finishing higher in four of the previous six years.