Tutor Perini Corporation (TPC) Stock

Tutor Perini Corporation (TPC) is a Industrials stock trading at $86.52 (as of 2026-09-01), with a market capitalization of $4.55B and a trailing P/E of 36.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Tutor Perini Corporation provides diversified construction services, including general contracting, construction management, and design-build work. It operates across Civil, Building, and Specialty Contractors segments serving private customers and public agencies, covering infrastructure/public works as well as specialized building and trade services.

Understand Tutor Perini Corporation: how it makes money

Tutor Perini builds public infrastructure (highways, bridges, tunnels, wastewater plants) and commercial buildings under design-build and general-contracting agreements with public agencies and private clients, earning fees as projects progress. Revenue spans three lines (Civil, Building, Specialty Contractors) but is driven by multi-year public works deals, so quarterly results swing with megaproject pacing and the public capex cycle.

Profit is the thin spread between a fixed or guaranteed-maximum contract price and actual construction cost, spread over multi-year public works projects where a single cost overrun can wipe out several quarters of earnings.

Business quality (Mixed): Mixed: solid backlog growth and improving contract terms, but 7% operating margins, a 58% valuation premium to peers, and lumpy public-works revenue keep this a cyclical trade rather than a compounder.

Valuation: At 37× earnings, TPC trades 58% above the Construction average (23×).

Bull case

  • Double-digit growth re-accelerating: Management guided to double-digit 2026 revenue growth and higher 2027 earnings, and the latest quarter already printed revenue of $1.6B, up 19% YoY, confirming the pipeline is converting into top-line momentum.
  • Megaproject terms compressing risk: Management noted that recent megaprojects carry healthy margins, better terms, and longer durations, which should cushion the 7% operating margin against the single-cost-overrun blowups that have hurt TPC in past cycles.
  • Balance sheet as bidding edge: Management highlighted that the stronger balance sheet provides capital allocation and bidding flexibility, letting TPC pursue larger, multi-year public works where competitors with thinner books must walk away.

Bear case

  • Lumpy revenue, fading backlog: Management flagged near-term backlog reduction and lumpiness that could create revenue visibility volatility, meaning a single slow month on a major project can swing a quarter's results on a 13% gross-margin base.
  • Dilution from comp rising: Share-based compensation increased $110 million year over year and management acknowledged it affected earnings volatility, a meaningful drag for minority holders in a stock already priced at 7% operating margins.
  • Priced for perfection vs peers: TPC trades at a P/E of 37.0x versus the construction industry average of 23x, a 58% premium that leaves little room for error if public-works pacing or weather events slip below plan.
Valuation — source: SEC EDGAR (first-party)
Price$86.52
Market Cap$4.55B
P/E Ratio36.7
EV / EBITDA12.6
Price / Book3.41
Price / Sales0.77
FCF Yield12.5%
DCF Value (model)$63.87
DCF Upside vs Price-26.2%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$5.54B
Net Margin1.5%
Revenue Growth (YoY)19.2%
EPS Growth (YoY)228.9%
FCF Growth (YoY)-34.8%
Financial Health — source: SEC EDGAR
Altman Z-Score2.14 (grey)
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Stock P/E36.7
Sector P/E (Industrials)25.7
Industry P/E (Construction)22.8
vs Sector42.8%
vs Industry61.0%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($339.44M)
Institutional Holders Tracked10
Company
SectorIndustrials
IndustryConstruction
CEOGary G. Smalley
Employees7,500
CountryUS
IPO Date1973-05-03

Tutor Perini Corporation earnings call transcripts

  • TPC Q2 FY26 earnings call transcript (reported 2026-08-05) · analysis
  • TPC Q1 FY26 earnings call transcript (reported 2026-05-06) · analysis
  • TPC Q4 FY25 earnings call transcript (reported 2026-02-26) · analysis
  • TPC Q3 FY25 earnings call transcript (reported 2025-11-05) · analysis
  • TPC Q2 FY25 earnings call transcript (reported 2025-08-06) · analysis
  • TPC Q1 FY25 earnings call transcript (reported 2025-05-07) · analysis

All TPC earnings calls

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TPC earnings history · TPC institutional & insider holders · TPC KPIs & operating metrics · TPC financials · TPC investor presentations & press releases · TPC SEC filings · TPC peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-01.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.