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What this page is: Delvantic's full research page for Quanta Services Inc. (PWR) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-13): Designation Low · Cairn score -18 (−100…+100 Quality+Value blend) · Quality 58 · Value -81 · Sentiment 4 (timing only, not weighted) · Composite fair value $212.72 vs $671.86 at analysis
Page map (sections in order; each card carries a stable
reference-name attribute you can cite):
profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
Quanta Services Inc.
PWR NYSEQuanta Services Inc. is a specialized contracting company that provides comprehensive infrastructure solutions to the utility, energy, and communications sectors. The company focuses on designing, installing, upgrading, repairing, and maintaining critical infrastructure that supports electric power transmission and distribution networks, substations, and smart grid technologies. It also delivers services for renewable energy projects, including infrastructure for wind, solar, and other clean energy installations. In addition, Quanta Services supports underground utility and infrastructure needs related to the transportation, distribution, storage, and processing of natural gas, oil, and other products. The company serves electric and gas utilities, power generators, industrial customers, and communications providers across the United States, Canada, Australia, and select other international markets. Founded in 1997 and headquartered in Houston, Texas, Quanta Services Inc. plays a significant role in maintaining and enhancing essential energy and communications infrastructure that underpins modern economic activity.
Earnings Schedule
Checked daily · calendar updated Aug 13| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Jul 30, 2026 | $3.31 | $4.24 +28.1% | — | — |
| Apr 30, 2026 | $2.03 | $2.68 +32.0% | — | — |
| Feb 12, 2026 | $1.03 | $1.07 +3.9% | — | — |
| Oct 30, 2025 | $3.26 | $3.33 +2.1% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 6, 2026 | 8-K | View |
| Aug 5, 2026 | 424B5 | View |
| Aug 4, 2026 | 8-K | View |
| Aug 4, 2026 | FWP | View |
| Aug 3, 2026 | 424B5 | View |
| Jul 30, 2026 | 10-Q | View |
| Jul 30, 2026 | 8-K | View |
| Jun 3, 2026 | 4 | View |
| Jun 3, 2026 | 4 | View |
| Jun 3, 2026 | 4 | View |
| Jun 3, 2026 | 4 | View |
| Jun 3, 2026 | 4 | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 6.80
Total Equity: $9.03B
Shares: 151,291,000
Total Debt: $763.90M
Cash: $439.51M
EBITDA: $2.02B
Total Debt: $763.90M
Cash: $439.51M
Revenue: $28.48B
Revenue: $28.48B
Revenue: $28.48B
Total Equity: $9.03B
Tax Rate: 25.0%
Equity: $9.03B
Total Debt: $763.90M
Cash: $439.51M
Current Liabilities: $8.72B
Long-Term Debt: $0.00
Total Debt: $763.90M
Total Equity: $9.03B
Shares: 151,291,000
Shares: 151,291,000
CapEx: -$609.15M
Shares: 151,291,000
Stock Price: $671.86
Net Income: $1.03B
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 6, 2026 4:42pm (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $13.0B | $17.1B | $20.9B | $23.7B | $28.5B |
| Cost of Revenue | $11.0B | $14.5B | $17.9B | $20.2B | $24.2B |
| Gross Profit | $2.0B | $2.5B | $2.9B | $3.5B | $4.3B |
| Operating Expenses | $1.3B | $1.7B | $1.8B | $2.2B | $2.7B |
| Operating Income | $663.5M | $872.1M | $1.1B | $1.3B | $1.6B |
| Net Income | $486.0M | $491.2M | $744.7M | $904.8M | $1.0B |
| EBITDA | $919.1M | $1.2B | $1.5B | $1.7B | $2.0B |
| EPS | $3.45 | $3.42 | $5.13 | $6.16 | $6.91 |
| EPS (Diluted) | $3.34 | $3.32 | $5.00 | $6.03 | $6.80 |
Balance Sheet (Annual)
Last updated: Aug 6, 2026 7:30am (7d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $229.1M | $428.5M | $1.3B | $742.0M | $439.5M |
| Total Current Assets | $4.7B | $5.5B | $7.7B | $7.9B | $9.9B |
| Total Assets | $12.9B | $13.5B | $16.2B | $18.7B | $24.9B |
| Current Liabilities | $3.2B | $3.4B | $5.2B | $6.0B | $8.7B |
| Long-Term Debt | — | — | — | — | — |
| Total Liabilities | $7.7B | $8.1B | $10.0B | $11.4B | $15.9B |
| Total Equity | $5.1B | $5.4B | $6.3B | $7.3B | $9.0B |
| Retained Earnings | $3.7B | $4.2B | $4.9B | $5.7B | $6.7B |
Cash Flow (Annual)
Last updated: Aug 6, 2026 4:42pm (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $582.4M | $1.1B | $1.6B | $2.1B | $2.2B |
| Capital Expenditure | -$385.9M | -$427.6M | -$434.8M | -$604.1M | -$609.2M |
| Free Cash Flow | $196.5M | $702.7M | $1.1B | $1.5B | $1.6B |
| Acquisitions (net) | -$2.5B | -$195.1M | -$651.6M | -$1.7B | -$3.1B |
| Net Debt Issued / (Repaid) | — | $0 | $0 | $1.2B | $1.5B |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$66.7M | -$127.8M | $-350,000 | $0 | -$134.6M |
| Net Change in Cash | $45.1M | $201.3M | $861.8M | -$549.0M | -$303.2M |
Growth Trends (YoY %)
Last updated: Aug 6, 2026 4:42pm (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +31.5% | +22.3% | +13.4% | +20.3% |
| Gross Profit Growth | +29.5% | +16.1% | +19.5% | +21.8% |
| Operating Income Growth | +31.4% | +29.3% | +19.4% | +19.7% |
| Net Income Growth | +1.1% | +51.6% | +21.5% | +13.7% |
| EBITDA Growth | +26.5% | +24.9% | +17.4% | +18.6% |
Dividend History (Last 20)
Last updated: Aug 6, 2026 7:30am (7d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-07-01 | $0.11 | — | — | — |
| 2026-04-02 | $0.11 | — | — | — |
| 2026-01-02 | $0.11 | — | — | — |
| 2025-10-01 | $0.10 | — | — | — |
| 2025-07-01 | $0.10 | — | — | — |
| 2025-04-03 | $0.10 | — | — | — |
| 2025-01-02 | $0.10 | — | — | — |
| 2024-10-01 | $0.09 | — | — | — |
| 2024-07-01 | $0.09 | — | — | — |
| 2024-04-08 | $0.09 | — | — | — |
| 2023-12-29 | $0.09 | — | — | — |
| 2023-09-29 | $0.08 | — | — | — |
| 2023-06-30 | $0.08 | — | — | — |
| 2023-04-06 | $0.08 | — | — | — |
| 2022-12-30 | $0.08 | — | — | — |
| 2022-09-30 | $0.07 | — | — | — |
| 2022-06-30 | $0.07 | — | — | — |
| 2022-04-08 | $0.07 | — | — | — |
| 2022-01-03 | $0.07 | — | — | — |
| 2021-09-30 | $0.06 | — | — | — |
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Narrative Economics
market-narrative step).
Claude Reading
Starting from the raw numbers: Q2 2026 revenue of $9.56B is a 41% YoY jump from Q2 2025's $6.77B, and NI of $451M nearly doubled from $229M. That's not "decelerating" — that's a step-function acceleration, likely M&A-inflated (Cupertino/Dynamic Systems and prior tuck-ins). Trailing four quarters revenue is ~$32.9B, TTM NI roughly $1.33B, so trailing P/E is closer to 76x than the 99x stated, and forward P/E on run-rated $9.5B quarterly at 4% margins is ~$1.5-1.6B NI → ~63x. Still expensive, but the synthesis's $212 fair value is anchored to a 3.6% net margin business that just posted 4.7% and is scaling. Operating margin has crept from 5.1% (2021) to 5.7% (2025); ROIC of 12.9% on a capital-light contractor with $764M debt against $9B equity is genuinely good. FCF of $1.62B on $101B market cap = 1.6% yield — that's the actual valuation problem, not the P/E.
Where I disagree with the synthesis: a $231 signal-adjusted fair value implies -65% downside on a company compounding revenue at 17% and FCF at 19%, with a $35B+ backlog tied to a genuinely non-discretionary spend cycle (FERC Order 1920, data-center load growth, utility grid replacement). DCFs that spit out 65% haircuts on infrastructure names in the middle of a capex supercycle are typically calibrated to normalized margins and terminal growth that don't match the regime. That said, market-forces and the bear narrative are right that this is a labor-constrained, contract-execution business — Quanta is not Constellation Software. The 4.7% net margin has a ceiling; if it caps at 5-5.5%, then even $40B revenue in 2027 gets you ~$2.1B NI, and 30x that is $63B market cap — meaning the stock could halve just on multiple normalization without any operational disappointment.
The contrarian bull case the models undersell: Quanta's competitive position is quietly stronger than "commodity contractor." Union labor lock-up, self-perform capability, and the acquisition of specialty transmission/underground businesses create real switching costs for utilities running multi-year framework agreements. Backlog visibility gives 2-3 year revenue confidence that most industrials would kill for. The contrarian bear case the models undersell: this looks like classic late-cycle industrial euphoria. PWR traded at $180 in late 2023 and $270 in mid-2024; the move to $672 is a 2.5x re-rate in 18 months against 20% earnings growth — so ~90% of the return is multiple expansion. That's the vulnerability. Insider activity isn't shown here, but at these multiples I'd want to see it — its absence in the file is a real data gap. Also missing: segment-level margin disclosure, backlog composition (fixed vs cost-plus), and organic vs acquired growth split for the Q2 blowout.
GPT Reading
What jumps out first is that the business is excellent and the stock is not. Quanta has put up a very strong operating run: revenue grew from $12.98B in 2021 to $28.48B in 2025, a 22%+ annualized clip, while net income more than doubled from $486.0M to $1.03B. The most recent two quarters kept that pace going, with Q1 2026 revenue up 26% y/y to $7.87B and Q2 up 41% y/y to $9.56B; net income rose to $220.6M and $451.4M respectively. Annual free cash flow of $1.62B against just $763.9M of debt is also a real strength, especially for a contractor. This is not a fragile balance-sheet story or a low-quality accounting story. It is a genuinely scaled infrastructure franchise riding utility transmission, grid hardening, and energy capex tailwinds.
But the market is valuing Quanta like those tailwinds have converted a construction contractor into a software platform. The core economics simply do not support that. In 2025, on $28.48B of revenue, operating income was $1.61B and net income was $1.03B, for operating and net margins of 5.7% and 3.6%. Gross margin was 15.0%. Even in the stronger recent quarters, net margins are still 2.8% to 4.7%. That means the equity is being asked to sustain an over-$100B market cap on a business that still earns only a few cents on each revenue dollar. At 3.6x sales, 11.3x book, roughly 99x trailing earnings, and 50x EV/EBITDA, you are paying a premium multiple for a business with contractor-margin economics. To justify $671, you need either years of 20%+ compounding with little slippage or a structural margin lift from ~4% net margins to something far higher. The data so far show growth, not transformation.
The quarterly pattern reinforces that view. Revenue has inflected sharply upward, from $6.49B in Q3 2024 to $9.56B by Q2 2026, but profitability has not expanded in tandem. Q1 margins were just 2.3% in 2025 and 2.8% in 2026 despite scale, while Q2 2026’s 4.7% net margin is good for Quanta but not evidence of a new economic model. If this were truly becoming a scarce “infrastructure platform,” I would expect more visible operating leverage than moving from 5.7% annual operating margin in 2025 versus 5.7% grossly similar contractor economics historically. ROIC of 12.9% is solid, not extraordinary enough to warrant this kind of valuation gap. The market narrative is treating backlog visibility and secular demand as if they eliminate execution risk; the numbers say this is still a project business where labor, mix, weather, customer timing, and bid discipline matter every quarter.
The best argument against my view is straightforward: Quanta may be one of the few scaled, trusted operators capable of executing the transmission and power infrastructure buildout at national scale, and scarcity itself can support premium valuation before margins visibly re-rate. The evidence for that case is strong. Revenue CAGR of 16.8%, earnings CAGR of 17.5%, and FCF CAGR of 19.2% are not normal for an industrial contractor. Recent revenue growth of 20.3% and earnings growth of 13.7% suggest the cycle is still live, not fading. Net debt is minimal, cash conversion is real, and a company producing $2.23B of operating cash flow can keep consolidating share or absorbing capacity bottlenecks better than peers. If Quanta can compound revenue toward $40B+ over the next few years while lifting operating margin even 100-150 bps, the current multiple would compress faster than a static model assumes. That is the smart bull case, and it is why I would not be aggressively short a business this operationally strong.
What would change my mind is not more TAM language but proof of economic upgrade. Specifically, I would want to see annual operating margin move decisively above 7% and net margin sustain above 5% while revenue continues growing double digits; that would indicate Quanta is earning scarcity rents rather than just cycling more volume through a low-margin model. I would also watch whether 2026 annual free cash flow can clear $2.0B without a working-capital unwind doing the heavy lifting. If Quanta can show that this surge to $9.56B quarterly revenue translates into materially better returns, then a premium multiple is deserved. Absent that, the stock at $672 is pricing perfection on top of a very good but still fundamentally contractor-like business.
Grok Reading
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · four lenses
Revenue has more than doubled from 12.98B in 2021 to 28.48B in 2025 (roughly 22% CAGR), with operating margin quietly expanding from 5.1% to 5.7% and net income rising from 486M to 1.03B. Free cash flow scaled even faster, from 196M to 1.62B, and OCF/NI of 2.02x plus accruals of -4.4% of assets say the earnings are genuinely cash-backed. Beneish M at -2.42 and Altman Z at 5.6 corroborate clean mechanics. Capital discipline is respectable: diluted shares crept only from 145.4M to 151.3M (about 1% CAGR), SBC is 0.6% of revenue, and buybacks recover about half of SBC - not aggressive return of capital, but per-share value is protected while the business self-funds growth. The soft spots are structural to E&C: gross margin sits around 14-15%, net cash is -324M, and short-term debt of 764M exceeds the 440M liquid cash pile, so the balance sheet is a working constraint rather than a cushion. With 1.62B of annual FCF that refinancing risk looks manageable, not acute.
Verify before trusting this (5)
- Backlog composition and customer concentration (utility/transmission vs renewables vs pipeline) to assess durability of the growth curve
- Debt maturity ladder and revolver capacity to size the 764M short-term debt exposure
- Acquisition contribution to revenue growth vs organic (to check whether operating leverage is real or acquired)
- Working capital dynamics - large E&C firms can flatter FCF via receivables/billing timing
- Terms of any convertibles or off-balance-sheet performance guarantees typical in E&C
The e2e synthesis pegs deserved value at roughly $213 composite and $231 signal-adjusted against a $672 price - implying the market pays about 3x what the blended methods support, or roughly 66% downside if those anchors are right. Even the most generous input, anchored-PE at $268, sits 60% below spot; the DCF at $205 and EPV floor at $62 point the same direction. Earnings quality is clean and the business is a Strong compounder, which legitimately lifts deserved value above the EPV floor - but not to $670.
Verify before trusting this (5)
- Backlog growth trajectory and book-to-bill trend in the next 10-Q
- Segment margin detail - is electric power margin actually expanding or is mix flattering it
- Guidance on utility capex cycle duration and customer concentration
- Any large one-time contracts or acquisitions inflating recent growth optics
- Free cash flow conversion vs reported EPS over the trailing eight quarters
PWR sits inside a genuinely powerful narrative - the platform-monopoly of the energy-transition build-out - with strong intensity and medium cult following. That story is still doing the heavy lifting: the raised 2026 outlook, record backlog, and multiple bullish trade-press write-ups this week ('bigger story', 'reshape its growth', Zacks Bull of the Day) keep the tailwind alive. The macro tape is cooperative too - VIX at 14.9, S&P near highs, risk-on - and with a 1.22 beta this name naturally catches an updraft when money is chasing secular growth themes.
Verify before trusting this (4)
- Whether PWR can reclaim its 3-month highs on the raised guide or whether rallies keep getting sold (tape verdict on valuation)
- Analyst target revisions in the next 2-3 weeks post-print - upgrades would refuel the tailwind, silence confirms fatigue
- Any crack in the energy-transition narrative (policy shift, utility capex delay) - would hit this cohort disproportionately
- Relative performance vs MTZ and other E&C peers - is PWR losing narrative primacy
This lens hasn't been run for this ticker yet.