GRANITE CONSTRUCTION INC GVA
Granite Construction Company was incorporated in 1922. In 1990, Granite Construction Incorporated was formed as the holding company for Granite Construction Company and its wholly-owned and consolidated subsidiaries and was incorporated in Delaware. Unless otherwise indicated, the terms "we," "us," "our," "Company" and "Granite" refer to Granite Construction Incorporated and its wholly-owned and consolidated subsidiaries.
We deliver infrastructure solutions for public and private clients primarily in the United States. We are one of the largest diversified, vertically integrated civil contractors and construction materials producers in the United States. Within the public sector, we primarily concentrate on infrastructure projects, including the construction of streets, roads, highways, mass transit facilities, airport infrastructure, bridges, dams, power-related facilities, utilities, tunnels, water well drilling and other infrastructure-related projects. Within the private sector, we perform various services such as site preparation, mining services and infrastructure services for commercial and industrial sites, railways, residential development, energy development, as well as provide construction management professional services. We own and lease aggregate reserves, and we own processing plants that are vertically integrated into our construction operations. We also produce construction materials for sale to third parties.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.42B | $4.01B | $3.51B | $3.30B | $3.50B | $3.56B | $2.91B | $3.29B | $2.96B | $2.51B |
| Cost of revenue | $3.71B | $3.43B | $3.11B | $2.93B | $3.14B | $3.22B | $2.73B | $2.95B | $2.68B | $2.21B |
| Gross profit | $711.2M | $572.7M | $396.4M | $369.5M | $362.6M | $344.8M | $189.8M | $334.8M | $278.7M | $301.4M |
| SG&A | $407.6M | $334.2M | $294.5M | $272.6M | $303.0M | $316.3M | $238.1M | $272.8M | $220.4M | $217.4M |
| Operating income | $282.4M | $207.4M | $80.1M | $85.4M | $24.7M | -$158.3M | -$41.7M | $8.2M | $62.5M | $92.4M |
| Interest expense | $47.2M | $29.2M | $18.5M | $12.6M | $20.7M | $24.2M | $18.1M | $14.6M | $10.8M | $12.4M |
| Pre-tax income | $288.8M | $196.2M | $59.9M | $91.8M | $22.1M | -$166.5M | -$40.2M | $8.3M | $68.3M | $96.4M |
| Income tax | $68.5M | $55.7M | $30.3M | $13.0M | $19.7M | $282.0K | $12.3M | $3.2M | $25.8M | $30.2M |
| Net income | $193.0M | $126.3M | $43.6M | $83.3M | $10.1M | -$145.1M | -$60.2M | $582.0K | $34.1M | $57.1M |
| EPS, basic | 4.42 | 2.88 | 0.99 | 1.87 | 0.22 | -3.18 | -1.29 | 0.01 | 0.86 | 1.44 |
| EPS, diluted | 3.86 | 2.62 | 0.97 | 1.70 | 0.21 | -3.18 | -1.29 | 0.01 | 0.84 | 1.42 |
| Shares, diluted (wtd. avg.) | $53.1M | $52.5M | $52.6M | $52.3M | $47.6M | $45.6M | $46.6M | $44.0M | $40.4K | $40.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $529.2M | $578.3M | $417.7M | $294.0M | $395.6M | $425.3M | $252.3M | $272.8M | $233.7M | $189.3M |
| Short-term investments | $71.0M | $7.3M | $35.9M | $39.4M | $0 | — | — | — | $67.8M | $64.9M |
| Receivables | $630.4M | $511.7M | $598.7M | $464.0M | $464.6M | $437.6M | $547.4M | $497.8M | $335.3M | — |
| Inventory | $143.1M | $108.2M | $103.9M | $86.8M | $62.0M | $62.5M | $88.9M | $96.0M | $71.3M | $55.2M |
| Total current assets | $1.81B | $1.72B | $1.64B | $1.35B | $1.83B | $1.46B | $1.38B | $1.32B | $1.05B | $1.09B |
| Property, plant and equipment | $1.26B | $716.2M | $662.9M | $509.2M | $433.5M | $421.1M | $542.3M | $598.9M | $409.7M | $406.6M |
| Goodwill | $400.8M | $214.5M | $155.0M | $73.7M | $53.7M | $53.7M | $264.3M | $254.1M | $53.8M | $53.8M |
| Other intangibles | $179.5M | $127.9M | $117.3M | $9.2M | $9.5M | $10.6M | $47.1M | $65.7M | $16.2M | $17.9M |
| Total assets | $4.03B | $3.03B | $2.81B | $2.17B | $2.49B | $2.38B | $2.50B | $2.53B | $1.72B | $1.73B |
| Accounts payable | $430.3M | $407.2M | $408.4M | $334.4M | $324.3M | $321.3M | $400.8M | $303.9M | $227.1M | $199.0M |
| Short-term debt | $375.9M | $1.1M | $39.9M | $1.4M | $8.7M | $8.3M | $8.2M | $208.0M | $47.3M | $14.8M |
| Total current liabilities | $1.48B | $1.03B | $1.03B | $797.6M | $1.07B | $943.3M | $842.1M | $931.3M | $614.1M | $529.9M |
| Long-term debt | $963.2M | $737.9M | $614.8M | $286.9M | $331.2M | $330.5M | $356.1M | $280.7M | $176.0M | $229.5M |
| Retained earnings | $774.6M | $604.6M | $501.8M | $481.4M | $410.8M | $424.8M | $594.4M | $676.6M | $676.7M | $735.6M |
| Total equity | $1.18B | $1.02B | $1.03B | $985.1M | $995.6M | $991.6M | $1.18B | $1.29B | $921.1M | $884.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $468.9M | $456.3M | $183.7M | $55.6M | $21.9M | $268.5M | $111.4M | $86.4M | $146.2M | $73.1M |
| Depreciation and amortisation | $162.4M | $126.3M | $92.3M | $82.6M | $109.0M | $113.0M | $122.0M | $111.5M | $66.3M | $64.4M |
| Stock-based compensation | $39.1M | $19.6M | $10.5M | $7.8M | $6.4M | $6.4M | $10.2M | $14.8M | $15.8M | $13.4M |
| Capital expenditure | $138.3M | $136.4M | $140.4M | $121.6M | $94.8M | $93.3M | $106.8M | $111.1M | $67.7M | $91.0M |
| Investing cash flow | -$993.7M | -$228.6M | -$359.3M | -$11.0M | -$21.5M | -$41.3M | -$40.3M | -$39.6M | -$59.2M | -$96.4M |
| Financing cash flow | $475.7M | -$67.1M | $299.3M | -$164.3M | -$24.4M | -$57.7M | -$81.6M | -$1.9M | -$42.6M | -$40.3M |
| Dividends paid | $22.7M | $22.8M | $22.8M | $23.3M | $23.8M | $23.7M | $24.3M | $22.4M | $20.7M | $20.6M |
| Buybacks | $48.2M | $50.6M | $4.1M | $70.9M | $2.7M | $885.0K | $36.9M | $16.6M | $7.0M | $5.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000861459-26-000012.
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|---|---|---|---|---|
| J | JACOBS SOLUTIONS INC. | $17.11B | 61.4x | 4.6% |
| STRL | STERLING INFRASTRUCTURE, INC. | $14.88B | 51.9x | 17.7% |
| FLR | FLUOR CORP | $7.51B | — | -5.0% |
| ROAD | Construction Partners, Inc. | $5.85B | 56.9x | 54.2% |
| KBR | KBR, INC. | $4.64B | 11.5x | 1.0% |
| ORN | Orion Group Holdings Inc | $375.6M | 154.7x | 7.0% |
| SHIM | Shimmick Corp | $155.8M | — | 2.6% |
| SLND | Southland Holdings, Inc. | $35.2M | — | -21.2% |