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Tutor Perini Corporation
TPC

TPC Tutor Perini Corporation

Tutor Perini Corporation · NYSE
Market Closed
89.13
▲ ⁦+3.36%⁩ (+2.90)
Market Cap$4.5B
Beta2.07
52w Low52w High
56.62102.30
Last Week
⁦+1.54%⁩
Last Month
⁦-9.53%⁩
Last 3 Months
⁦+21.65%⁩
Last Year
⁦+51.09%⁩
EL7 Factor Analysis
How we score this
Overall76
Strong — clearly above market medianSuper StockF 8/9Better than 76% of Market stocks, per EL7's model
FactorScoreDistributionValueAvgRank
▸
Valuation
61
38.3x▼17.8xAround median
▸
Growth
92
24.7%▲7.1%Top tier
▸
Quality
64
11.4%▲4.5%Around median
▸
Safety
70
—2.6xTop tier
▸
Capital Return
21
0.07%▼2.12%Bottom tier
▸
Momentum
73
69.4%▲2.9%Top tier
▸
Sentiment
21
2▼3Bottom tier
Fair Value
Current price$89
Analyst target · 1 analysts
$105
⁦+18%⁩
See it undervalued
Range ⁦$105–$105⁩
vs
DCF (estimate)
$142
⁦+59%⁩
Sees it clearly undervalued
⁦13.3⁩% discount · ⁦4⁩% growth
Bottom lineThe two methods broadly agree — estimate range ⁦$105–$142⁩.

Estimates — analyst targets and a simplified DCF, not investment advice.

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Monthly plan
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Analyst Consensus

This section combines price targets, revision history, analyst coverage changes, and an AI summary of what changed on the Street.

Price Target· 1 analysts setting price target
$105.00
⁦+17.8%⁩
Current Price $89.13·Median $105.00
Low
$105.00
High
$105.00
Street summary

Tutor Perini (TPC) Target Price Revision Analysis

Bullish tilt

TPC stock has seen a radical shift in analyst expectations over the past thirty days, with the consensus target price jumping from $26.5 to $105, an exceptional increase of 296.23%. This significant adjustment reflects sharp optimism and a fundamental change in the stock's fair value assessment, coinciding with UBS's reaffirmation of a "Buy" rating on August 6, 2026. There is a notable lack of dispersion in current target prices due to the concentration of forecasts on a single analyst, indicating high confidence but from a narrow analytical base.

As of 2026-08-13
Revisions momentum · 30d
⁦0.0%⁩
Average rating
★ 4.00
Buy
Analyst coverage
4
Buy conviction
100%
High
Target dispersion
0%
Analyst ratings over time4 analysts rating
4
Strong BuyBuyHoldSellStrong Sell
Rating trend — last 12 months4.00 → 4.00
Recent analyst moves
  • = Reiterate2026-08-06
    UBS
    Buy
  • = Reiterate2026-03-02
    UBS
    Buy
  • = Reiterate2025-11-06
    B. Riley
    Buy
Premium content
Key Financials

Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.

StockSector medianSector averagetypical sector range
MetricValuePosition within sectorVerdict
  • P/E (TTM)
    38.25x
    5.69x45.54x
    Above average
  • Forward P/E
    18.56x
    4.57x36.58x
    Near median
  • EV / EBITDA
    13.93x
    3.43x27.47x
    Near median
  • FCF Yield
    14.5%
    -32.7%11.5%
    Exceptional
  • Revenue Growth YoY
    24.7%
    -10.7%43.4%
    Above average
  • EPS Growth YoY
    192.5%
    -128.3%132.7%
    Exceptional
  • Gross Margin
    11.5%
    8.6%54.6%
    Weak
  • ROIC
    11.4%
    -25.3%19.6%
    Strong
  • Net Debt / EBITDA
    —
    —
  • Dividend Yield
    0.1%
    0.1%4.8%
    Low
  • Payout Ratio
    2.6%
    6.6%80.8%
    Low
  • Altman Z-Score
    —
    —
Financial Analysis
|

Stock Analysis

AI-generated
Based on 2026-08-05 data

Company Overview

Tutor Perini Corporation executes complex construction and infrastructure projects across three segments: Civil, Building, and Specialty Contractors. Its portfolio includes transportation, tunnel, bridge, airport, government, and healthcare facility projects, as well as electrical and mechanical work and data centers, with revenue recognized as contract execution progresses. At the end of Q2 fiscal 2026, backlog stood at $19.9 billion, including nine megaprojects with a combined value of approximately $16 billion, providing the company with extended revenue visibility but making execution quality on these projects a critical factor.

In Q2 fiscal 2026, Tutor Perini reported record revenue of $1.6 billion, up 19% year over year, and record operating income of $118 million, up 54%. Net income attributable to the company was $66 million and GAAP earnings per share were $1.23, compared with $20 million and $0.38 in the comparable period, while adjusted earnings per share increased 23% to $1.74. On a trailing-twelve-month basis in 2026, revenue was $5.7 billion, gross profit was $667.7 million, and net income was $78.1 million.

Q2 fiscal 2026 revenue was distributed among $816 million for the Civil segment, $560 million for the Building segment, and $261 million for the Specialty Contractors segment. Operating margin was 15.3% in Civil, 5.6% in Building, and 2.2% in Specialty Contractors, all improving sequentially from Q1 fiscal 2026. The company also generated record operating cash flow of $334 million during the first half of fiscal 2026, supported by increased business volume and collections from large, profitable projects.

What's Driving the Stock

  • Management raised its adjusted earnings-per-share guidance for fiscal 2026 to a range of $5.15–$5.45, from a previous range of $4.90–$5.30, while continuing to expect double-digit revenue growth and higher earnings in fiscal 2027 as more megaprojects move into the construction phase.
Earnings callEDGAR filings30-day newsInsider activity

Automated analysis for informational purposes only — not investment advice.

  • During Q2 fiscal 2026, the company added $1.7 billion in contracts and adjustments, including a $652 million project to modernize and protect energy infrastructure at Naval Base Guam, two U.S. Coast Guard projects worth $143 million, and $130 million in additional funding for an electrical project at a children's complex in Texas.
  • Potential bidding opportunities exceeded $200 billion over the next three to four years, compared with approximately $70 billion two or three years ago. Opportunities include $4.6 billion in the Indo-Pacific region over the next 12–18 months, in addition to multibillion-dollar projects in California, New York, New Jersey, and Illinois.
  • New, higher-margin projects are supporting profit expansion; Building segment income increased 39% to $31 million, while the Specialty Contractors segment swung to operating income of $6 million from an operating loss of $18 million in Q2 fiscal 2025. The company is also targeting electrical data center opportunities in Texas, where management noted a shortage of electricians, available capacity at Fisk Electric, and healthy margins.
  • The July 2026 refinancing reduced the senior notes coupon from 11.875% to 6.625%, saving $21 million in annual cash interest, and extended maturity from 2029 to 2033. Unused capacity under the revolving credit facility also increased from $170 million to $350 million, while cash exceeded total debt by $542 million at the end of Q2 fiscal 2026.
  • Buying & Selling Case

    ▲ Buying Case4 pts

    • +The $19.9 billion backlog provides strong visibility, as the portfolio includes nine megaprojects worth approximately $16 billion, many of which remain in their early stages with substantial work still remaining.
    • +Q2 fiscal 2026 showed simultaneous improvement in growth and profitability, with revenue rising 19%, operating income increasing 54%, and adjusted earnings per share growing 23%, alongside improved margins in all three segments compared with the previous quarter.
    • +The financial position strengthened materially, as the company generated $334 million in operating cash flow in the first half of fiscal 2026, moved into a positive net cash position, and reduced annual cash interest expense by $21 million through refinancing.
    • +The company is returning part of its liquidity to shareholders; it increased the quarterly cash dividend by 50% to $0.09 per share and repurchased approximately 137 thousand shares for $10 million during Q2 fiscal 2026, with $170 million remaining under the repurchase program.

    ▼ Selling Case6 pts

    • −The forward outlook depends heavily on nine megaprojects representing approximately $16 billion of the total $19.9 billion backlog; therefore, any schedule, cost, or collection disruption within a limited number of these projects could have a significant effect on revenue and cash flow.
    • −The Specialty Contractors segment margin remains low at 2.2% in Q2 fiscal 2026, despite improving from 0.3% in the previous quarter and negative 10.2% in Q2 fiscal 2025. Achieving management's long-term target of 5%–8% remains dependent on continued growth in the volume of electrical and mechanical projects and effective execution.
    • −The Civil segment margin reached 15.3% in Q2 fiscal 2026, exceeding the expected annual range of 12%–15%, but management clarified that planning for subsequent periods should remain within that range. Therefore, the same record quarterly level may not recur, while the Building margin of 5.6% is already close to the upper end of its expected range of 3%–6%.
    • −Construction contracts remain exposed to labor and material cost inflation and fixed-price contract risks, even with Tutor Perini's use of secured costs, contingencies, contractual provisions, and advance-purchase hedges. The scale of these operational risks increases as nine megaprojects are executed in parallel and the company seeks to add substantial new opportunities.
    • −Expected general and administrative expenses for fiscal 2026 were between $380 million and $400 million, while the gap widened in Q2 fiscal 2026 between GAAP earnings per share of $1.23 and adjusted earnings per share of $1.74 due to the exclusion of the impact of stock-based compensation. Management indicated that most remaining awards classified as liabilities will vest at the end of fiscal 2026, keeping this item influential during the year.
    • −Insider transactions during the three months ended with the latest transaction on August 27, 2026 showed net selling of $19.1 million across six sales and no purchases. This remains a weak signal on its own because insider sales may be prearranged, but it comes alongside a narrow analyst valuation range, with both the highest and lowest targets matching at $105.

    Valuation

    The analyst consensus is “Buy” with an average target of $105, while the highest and lowest targets both match at $105, indicating no visible dispersion in the sample of estimates provided. This target is slightly above the 52-week range high of $102.3, while the range low is $56.62, reflecting a broad revaluation associated with improving earnings, cash flow, and backlog. No price-to-earnings multiple is provided, so the valuation case depends more heavily on achieving adjusted earnings-per-share guidance of $5.15–$5.45 for fiscal 2026 and sustaining margins following record quarterly levels.

    BuyAnalyst target: $105(+17.8%)

    Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.

    FAQ

    What drove TPC's results in Q2 fiscal 2026?

    Revenue increased 19% to $1.6 billion as execution increased on large, high-margin projects in New York, California, Hawaii, and the Indo-Pacific region. Operating income reached $118 million, up 54%, and adjusted earnings per share reached $1.74 versus $1.41 in Q2 fiscal 2025. The Midtown Bus Terminal Phase One, Manhattan Tunnel, Brooklyn and Manhattan jail, and Apra Harbor projects in Guam contributed to this growth.

    How large is Tutor Perini's backlog, and what are its most important new contracts?

    The company ended Q2 fiscal 2026 with a backlog of $19.9 billion, including nine megaprojects with a combined value of approximately $16 billion. New contracts and adjustments during the quarter totaled $1.7 billion, equivalent to a book-to-bill ratio slightly above one. The largest contract added was a $652 million project to protect and modernize critical energy infrastructure at Naval Base Guam.

    What is Tutor Perini's guidance for fiscal 2026?

    Management raised its adjusted earnings-per-share guidance for fiscal 2026 to $5.15–$5.45, from $4.90–$5.30 previously. It also maintained its expectation for double-digit revenue growth and indicated higher earnings in fiscal 2027 as new projects advance into the construction phase. The assumptions include interest expense of between $42 million and $44 million, an effective tax rate of between 26% and 29%, and capital expenditures of between $125 million and $135 million.

    How did Tutor Perini's balance sheet improve after the refinancing?

    Total debt was $396 million at the end of Q2 fiscal 2026, while cash exceeded debt by $542 million. In July 2026, the company replaced notes carrying an 11.875% coupon with $400 million of new notes carrying a 6.625% coupon, reducing annual cash interest by $21 million. It also extended maturity to 2033 and increased unused capacity under the revolving facility to $350 million.

    Can Tutor Perini's segments sustain their Q2 fiscal 2026 margins?

    The Civil margin was 15.3%, but management set an expected range of 12%–15% for the remainder of fiscal 2026. The Building margin was 5.6% versus an expected range of 3%–6%, with the company targeting the upper end of the range. Specialty Contractors recorded 2.2%, and management expects further improvement toward a long-term target of between 5% and 8% as New York and Texas work ramps up.