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Primoris Services Corporation ( Primoris , the Company , we , us , or our ) is a leading provider of critical infrastructure services operating mainly in the United States and Canada. We provide a wide range of construction, maintenance, replacement, and engineering services to a diversified base of customers through our two segments: Utilities and Energy.
Operating margin is thin at 5.43%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 19.0%, still solid. Free cash flow declined 11% despite revenue growth, conversion is weakening.
Free cash flow declined 11% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$7.49B
▲ +19.0% YoY
Net Income (TTM)
$248M
▲ +52.0% YoY
Op. Margin
4.88%
▲ +0.4pp YoY
ROIC
10.42%
▲ +2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$165M
▼ -10.8% YoY
Op. Cash Flow (TTM)
$282M
▼ -7.5% YoY
Net Debt
$567M
Cash & Equiv.
$362M
5Y CAGR: +16.8%
5Y CAGR: +6.5%
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