Southland Holdings, Inc. SLND
Southland is a diverse leader in specialty infrastructure construction with roots dating back to 1900. The end markets for which we provide services cover a broad spectrum of specialty services within infrastructure construction. We design and construct projects in the bridges, tunnels, communications, transportation and facilities, marine, steel structures, water and wastewater treatment, and water pipelines end markets.
Southland is based in Grapevine, Texas. It is the parent company of Johnson Bros. Corporation, American Bridge Company, Oscar Renda Contracting, Southland Contracting, Mole Constructors and Heritage Materials. With the combined capabilities of these six primary subsidiaries, Southland has become a diversified industry leader with projects spanning North America in various end markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $772.2M | $980.2M | $1.16B | $1.16B | $1.28B | — |
| Cost of revenue | $927.4M | $1.04B | $1.12B | $1.02B | $1.16B | — |
| Gross profit | -$155.3M | -$63.0M | $35.8M | $140.9M | $114.2M | — |
| SG&A | $61.6M | $63.3M | $67.2M | $58.2M | $58.1M | — |
| Operating income | -$216.9M | -$126.3M | -$31.4M | $82.7M | $56.1M | — |
| Interest expense | $37.0M | $29.5M | $19.5M | $8.9M | $7.3M | — |
| Pre-tax income | -$250.0M | -$58.5M | -$10.7M | $2.7M | $49.7M | — |
| Income tax | $56.5M | $46.9M | $8.5M | $13.3M | $10.9M | — |
| Net income | -$306.5M | -$105.4M | -$19.3M | $60.5M | $38.7M | — |
| EPS, basic | -5.67 | -2.19 | -0.41 | — | — | — |
| EPS, diluted | -5.67 | -2.19 | -0.41 | — | — | — |
| Shares, diluted (wtd. avg.) | $54.0M | $48.1M | $47.1M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $52.7M | $72.2M | $49.2M | $72.0M | $111.2M | $180.4M |
| Receivables | $167.8M | $179.3M | $194.9M | $135.7M | — | — |
| Inventory | $2.6M | $4.5M | $5.5M | $9.8M | — | — |
| Total current assets | $734.0M | $881.7M | $942.5M | $867.3M | $1.5M | — |
| Property, plant and equipment | $107.3M | $116.3M | $102.2M | $114.1M | — | — |
| Goodwill | $1.5M | $1.5M | $1.5M | $1.5M | — | — |
| Other intangibles | $1.2M | $1.2M | $1.7M | $2.2M | — | — |
| Total assets | $989.3M | $1.20B | $1.20B | $1.13B | $281.7M | — |
| Accounts payable | $224.9M | $191.7M | $162.5M | $126.4M | $5.7K | — |
| Short-term debt | $53.7M | $44.5M | $48.5M | $46.3M | — | — |
| Total current liabilities | $655.0M | $621.1M | $584.0M | $476.1M | $83.3K | — |
| Long-term debt | $204.0M | $255.6M | $251.9M | $227.3M | — | — |
| Total liabilities | $1.12B | $1.03B | $940.5M | $765.4M | $9.7M | — |
| Retained earnings | -$431.2M | -$124.6M | -$19.3M | -$9.3M | -$8.2M | — |
| Total equity | -$140.9M | $163.7M | $260.6M | $316.8M | $259.3M | $262.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $16.6M | $1.9M | -$10.3M | -$66.2M | -$90.6M | — |
| Depreciation and amortisation | $23.2M | $22.0M | $29.9M | $44.6M | $45.0M | — |
| Capital expenditure | $3.8M | $7.4M | $10.8M | $4.8M | $18.8M | — |
| Investing cash flow | $3.4M | $3.2M | $4.5M | $5.6M | -$8.5M | — |
| Financing cash flow | -$40.2M | $18.8M | -$2.6M | $20.1M | $30.6M | — |
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 0001104659-26-035302.
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| ORN | Orion Group Holdings Inc | $375.6M | 154.7x | 7.0% |
| SHIM | Shimmick Corp | $155.8M | — | 2.6% |