One-glance verdict
Undervalued
$152.95 our estimate vs market $80.75
Wall Street consensus: $116.25 (-24.0% lower than our fair-value estimate)
47% below our estimate, below the bear case
Fundamentals snapshot
Tutor Perini Corporation
TPC · NYQ · Industrials · Engineering & Construction
Current price
$80.75
52-week range
$57.90 - $102.30
Market cap
$4.25B
Balance sheet
Healthy
4.60x Stretched
Net cash $473.36M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 7.3% last year.
- Reward Returns 13.7% on equity, ahead of 33% of its peers.
- Reward Free cash flow was positive in 8/10 years.
What this company does
Tutor Perini Corporation
Tutor Perini builds big things like roads, bridges, and buildings for governments and private clients. Their income mainly comes from these large construction projects, which is important because it means their success depends on winning and finishing these complex jobs.
How the company got here
Tutor Perini Corporation has a long history, tracing its roots back to 1894. It became the company we know today in 2009 when Perini Corporation merged with Tutor Saliba Corporation and adopted the Tutor Perini name. This combination brought together decades of experience in various types of construction, shaping it into a diversified player in the industry. The company has grown through strategic mergers and by undertaking large, complex projects across different sectors.
What it actually does
Tutor Perini is a major construction company that manages and builds a wide variety of projects. Think of them as the company that builds the big things you see around – roads, bridges, hospitals, and even specialized systems within buildings. They offer services like general contracting, where they oversee the entire construction process, and construction management, where they act as the client's representative. They also do design-build projects, meaning they handle both the design and the construction phases.
Civil
The Civil segment focuses on public infrastructure projects, essentially building and repairing the foundational elements of our communities. This includes constructing and upgrading highways, bridges, tunnels, and public transportation systems like subways. They also work on government facilities and water management systems, such as wastewater treatment plants. This part of the business is crucial for maintaining and improving the essential services and transportation networks that people rely on every day.
Building
This segment of Tutor Perini is responsible for constructing a wide array of buildings across many different industries. They build facilities for hospitality and gaming, such as hotels and casinos, as well as healthcare centers, commercial office buildings, and government facilities. They also have experience in constructing sports arenas, educational institutions, and specialized buildings for biotech and technology companies. Essentially, if it's a large structure designed for a specific purpose, the Building segment likely has the expertise to construct it.
Specialty Contractors
The Specialty Contractors segment handles the crucial internal systems within larger construction projects. This involves installing electrical, mechanical, and plumbing systems, as well as fire protection and HVAC (heating, ventilation, and air conditioning). These are the complex networks that make buildings functional and comfortable. They provide these specialized services for both civil and building projects, ensuring that everything from the power supply to the air quality is properly installed and maintained.
What management is betting on now
Tutor Perini's management is focused on leveraging its expertise across its diverse segments to secure and execute large-scale projects. A key priority is likely winning bids for significant infrastructure and building projects, especially those funded by government initiatives. They aim to manage these complex projects efficiently, ensuring profitability by controlling costs and timelines. The company's strategy involves capitalizing on its established reputation and broad capabilities to maintain a strong presence in the competitive construction market.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$15.64M
FY2024 Q4
$320.43M
FY2025 Q1
$-7.24M
FY2025 Q2
$235.58M
FY2025 Q3
$240.17M
FY2025 Q4
$98.71M
FY2026 Q1
$128.87M
FY2026 Q2
$153.59M
Revenue
$1.64B
Net income
$65.74M
Diluted EPS
1.23
Operating cash flow
$187.27M
Free cash flow
$153.59M
Fetching…
Sources
Revenue
$1.39B
Net income
$25.70M
Diluted EPS
0.48
Operating cash flow
$146.86M
Free cash flow
$128.87M
Fetching…
Sources
Revenue
$1.51B
Net income
$28.84M
Diluted EPS
0.53
Operating cash flow
$173.67M
Free cash flow
$98.71M
Fetching…
Sources
Revenue
$1.42B
Net income
$3.63M
Diluted EPS
0.07
Operating cash flow
$289.12M
Free cash flow
$240.17M
Fetching…
Sources
Revenue
$1.37B
Net income
$19.97M
Diluted EPS
0.38
Operating cash flow
$262.41M
Free cash flow
$235.58M
Fetching…
Sources
Revenue
$1.25B
Net income
$28.00M
Diluted EPS
0.53
Operating cash flow
$22.86M
Free cash flow
$-7.24M
Fetching…
Sources
Revenue
$1.07B
Net income
$-79.43M
Diluted EPS
-1.53
Operating cash flow
$329.57M
Free cash flow
$320.43M
Fetching…
Sources
Revenue
$1.08B
Net income
$-100.86M
Diluted EPS
-1.92
Operating cash flow
$22.56M
Free cash flow
$15.64M
Fetching…
Sources
Is it cheap or expensive?
Fair value $152.95 vs current price $80.75
Wall Street consensus is the average analyst price target: $116.25 (-24.0% lower than our fair-value estimate).
Our most-likely fair value is $152.95 a share — about 89.4% above today's price of $80.75, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $473.4M - more cash than debt. Interest coverage 4.6x.
Net debt
$-473.36M
Interest coverage
4.60x
Tutor Perini Corporation's profit covers its interest bill about 4.6 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
TPC
BASELINE
Tutor Perini Corporation
Total debt $464.86M Interest coverage 4.60x This is the baseline the peer rows are being compared against.
Total debt $1.07B Interest coverage -6.40x -100% vs TPC This peer has almost no interest-payment cushion compared with TPC.
Total debt $1.73B Interest coverage 5.55x +21% vs TPC Carries about 1.2x more debt cushion than TPC.
Total debt $336.82M Interest coverage 20.90x +354% vs TPC Carries about 4.5x more debt cushion than TPC.
Total debt $3.33B Interest coverage 5.75x +25% vs TPC Carries about 1.2x more debt cushion than TPC.
Total debt $3.24B Interest coverage 3.77x -18% vs TPC Carries about 1.2x less debt cushion than TPC.
What you should know
The case for and against TPC
3 Rewards
0 Risks
Rewards
-
Revenue grew 7.3% last year.
-
Returns 13.7% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 8/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
34.80x
Forward P/E
13.31x
P/B
3.37x
P/S
0.71x
EV/EBITDA
12.19x
PEG ratio
0.62x
Profitability
How much profit each dollar creates
Gross margin
11.5%
Operating margin
7.2%
Net margin
2.1%
ROE
13.7%
ROA
3.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.35x
Current ratio
1.28x
Quick ratio
1.10x
Total debt
$464.86M
Total cash
$938.21M
Growth
How the business has been compounding
Revenue TTM
$5.95B
Revenue 5Y CAGR
4.5%
EPS TTM
2.32
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$796.92M
Free CF TTM
$567.21M
FCF margin
9.5%
Dividend
Shareholder payout
Yield
0.4%
Payout ratio
7.8%
Last ex-div date
2026-08-19