TPC
TUTOR PERINI CORP
Next earnings Aug 4, 2026 (after close) · consensus $1.26 EPS, $1.58B rev
Last earnings -0.3% on 2026-05-06
$79.53
▼ -2.49%$79.53▲ +87.77%
over 1Y
L $42.35EODHDH $97.23
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-2.5%
1W-2.4%
1M+6.8%
3M+4.5%
YTD+14.9%
1Y+87.8%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 9 analysts
Buy
Genuine operational turnaround and record cash flow, but a 54x P/E on optically inflated EPS and lumpy project accounting cap the upside.
The read
Middling fundamentals and a rich price (~39% above fair value) leave little margin of safety — a wait-and-see.
Tutor Perini is a real turnaround story in 2025, not a paper one. Revenue jumped 28% to $5.54B, the company swung from a $103.8M construction loss in 2024 to $232M of construction income, and operating cash flow hit a record $748M — enough to voluntarily prepay $121.9M of Term Loan B and grow cash 61% to $735M. The backlog narrative is the strongest part of the file: 2025 new awards of $7.4B include the $1.87B Midtown Bus Terminal, the $1.18B Manhattan Tunnel, and a ~$1B California healthcare project, all described as 'early stage' and expected to 'ramp up substantially over the next several years.' Margins should mechanically improve as these higher-margin jobs replace the legacy disputes that produced four straight years of losses (2022–2024 net income: -$210M, -$171M, -$164M).
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $4.64B | $3.79B | $3.88B | $4.33B | $5.54B |
| Gross profit | $466M | $29.6M | $141M | $197M | $648M |
| Operating income | $227M | -$205M | -$115M | -$104M | $232M |
| Net income | $91.9M | -$210M | -$171M | -$164M | $80.4M |
| Diluted EPS | $1.79 | -$4.09 | -$3.30 | -$3.13 | $1.51 |
| Net margin | 2.0% | -5.5% | -4.4% | -3.8% | 1.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$3.87B
EV / EBITDA13.7
EV / Sales0.7
EV / FCF6.8
P / FCF7.4
PEG (trailing)0.35
Earnings yield1.9%
FCF yield13.5%
Quality & risk
ROIC (est.)11.3%
Free cash flow$567M
Total debt$407M
Net cash$327M
Altman Z-Score2.09 grey
Piotroski F-Score7/9
Capital returns
Buyback yield0.0%
Dividend yield (est.)0.1%
Shareholder yield0.1%
Shares Δ YoY+0.6%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Reg FD disclosure2026-06-22
Reg FD disclosure with exhibit, likely investor presentation or project update
- 8-K Officer / director change2026-05-26
Annual meeting vote results and board/officer matters disclosed
- 8-K Earnings results2026-05-06
Q1 2026 10-Q with continued backlog burn from $7.4B in FY25 new awards
- 10-Q Quarterly report2026-05-06
Q1 2026 10-Q with continued backlog burn from $7.4B in FY25 new awards
- DEF 14A Proxy statement2026-04-09
2026 proxy: routine board, comp and auditor ratification matters
- 8-K Earnings results2026-02-26
FY25 10-K: record $748M op cash flow, prepaid $122M Term Loan B, $1.51 EPS
- 10-K Annual report2026-02-26
FY25 10-K: record $748M op cash flow, prepaid $122M Term Loan B, $1.51 EPS
- 8-K Reg FD disclosure2025-11-18
Reg FD release with exhibit, likely large new project award announcement
- 8-K Earnings results2025-11-05
Q3 2025 10-Q reflecting margin recovery and large project ramp-up
Recent filings
all on EDGAR ↗4Period ending 2026-06-192026-06-23open ↗4Period ending 2026-06-192026-06-23open ↗4Period ending 2026-06-192026-06-23open ↗8-KPeriod ending 2026-06-222026-06-22open ↗4Period ending 2026-06-172026-06-18open ↗4Period ending 2026-05-272026-05-29open ↗144Filing2026-05-27open ↗8-KPeriod ending 2026-05-202026-05-26open ↗4Period ending 2026-05-202026-05-22open ↗4Period ending 2026-05-202026-05-22open ↗4Period ending 2026-05-202026-05-22open ↗4Period ending 2026-05-202026-05-22open ↗
Frequently asked
- Is TUTOR PERINI CORP (TPC) a buy?
- TPC currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Genuine operational turnaround and record cash flow, but a 54x P/E on optically inflated EPS and lumpy project accounting cap the upside.
- What is TPC's fair value?
- A Modified-Graham model based on TPC's SEC fundamentals estimates a fair value of about $48.22. It is an estimate from reported earnings, not a price target.
- Is TPC overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, TPC currently appears overvalued relative to its SEC-grounded earnings power.
- What is TUTOR PERINI CORP's quality score?
- TPC scores 67.86274509803921/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000077543, latest 10-Q filed 2026-05-06) · EODHD · analysis by claude-code · as of 6/25/2026, 12:54:43 PM.
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