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Quanta Services

2%target weight

Latest available close$688.88-0.9% · vs previous close

DAILY CLOSE · USD2026-10-13Yahoo Finance ↗

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Explore a date

Daily candles, not a live feed. Price series is split-adjusted; total-return mode uses provider-adjusted prices including distributions. The chart does not predict returns.

A great business. At what price?

Test earnings growth against a change in valuation. All multiples below are your assumptions — not current company fundamentals.

Illustrative price CAGR—

CAGR = (1 + EPS growth) × (exit P/E ÷ entry P/E)^(1/years) − 1. Excludes dividends, dilution beyond EPS, taxes and fees. Not a price target. Not suitable for gold, bonds or companies with negative earnings.

RESEARCH ENGINE / 1.2

What must this price deliver?

Inspect reported numbers, test your assumptions and follow the next filing. A calculation is not an approved investment case.

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NORMALIZATION / v1.0.0

Normalization workpaper

A company-specific protocol, not an approved normalized cash flow.

Reported proxy available · normalization pending

Model familyContractor DCF with working-capital stress

OCF − cash capex / diluted share10.71 USD

Price / reported cash proxy59.43×

Required adjustment tests

working capital
Normalize working-capital timing; customer advances are not recurring profit.
contract quality
Convert backlog/RPO into dated probability-weighted cash; never count face value as equity.
acquisitions
Build a pro-forma organic base and include the full capital paid for acquisitions.

Reported financial base

Annual period: 2025-01-01 → 2025-12-31Filed: 2026-02-19Reporting currency: USDLast source retrieval: 2026-09-18T22:00:49.022Z

Unreviewed extraction

Reported financial base
Metric	Value	Unit	Source
Revenue	28,479,697,000	USD	us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax ↗
Operating income	1,611,509,000	USD	us-gaap:OperatingIncomeLoss ↗
Net income	1,028,378,000	USD	us-gaap:NetIncomeLoss ↗
Operating cash flow	2,229,970,000	USD	us-gaap:NetCashProvidedByUsedInOperatingActivities ↗
Cash capital expenditure	609,154,000	USD	us-gaap:PaymentsToAcquirePropertyPlantAndEquipment ↗
Share-based compensation	181,947,000	USD	us-gaap:ShareBasedCompensation ↗
Weighted diluted shares	151,291,000	shares	us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding ↗
Cash and equivalents	439,508,000	USD	us-gaap:CashAndCashEquivalentsAtCarryingValue ↗
Current long-term debt	—	—	Missing / manual review
Noncurrent long-term debt	—	—	Missing / manual review

OCF − cash capex (not normalized)1,620,816,000 USDNormalized owner cash: not approved

Annual figures, not trailing twelve months. No automatic currency/ADR conversion. Cash proxy excludes review of leases, debt service, SBC, acquisitions and cycle. Missing values are not zero.

Company-specific method

Contractor DCF with normalized working capital and acquisition-adjusted capital returns.

Your scenario · not our forecast

Equity-per-share DCF: do not subtract net debt again. Future dilution must already be included in cash-per-share growth. This does not measure analyst consensus. Replacement capex and sustainable terminal cash still require review.

What changed?

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FUNDAMENTAL RESEARCH · 2026-09-06

The investment case, under examination.

A dated research map, not completed valuations. The 25-company portfolio baseline is unchanged; IBM is monitored at 0% outside it. Public facts do not establish an edge: every hypothesis still needs normalized financials, price-implied expectations and independent forward tests.

Hypothesis · not a trading signal

Q2 2026 · Published 2026-07-30 · Source checked 2026-09-06

01 / What the issuer reported: Remaining performance obligations were $33.6bn versus total backlog of $53.4bn; these are different measures.
02 / Our hypothesis — not established alpha: Grid energization and skilled execution may be scarcer than announced data-center plans; execution margins decide value.
03 / What to measure next: RPO/backlog conversion, organic revenue, contract margins, labor capacity, receivables and cash flow.
04 / What would challenge the thesis: Reassess if project overruns or labor inflation erase margins, or receivables rise faster than completed work.
05 / Appropriate valuation method: Contractor DCF with normalized working capital and acquisition-adjusted capital returns.
06 / Still missing: Missing: consistent organic growth and fixed-price versus reimbursable contract exposure.

No measured consensus gap or approved price target. A familiar good business can still be an expensive stock.

Read the primary source ↗

Issuer-reported figures, not an independent accounting audit. Review after the next report or material filing. These review triggers are proposed, not automatic sell rules. Weights and paper mandates are unchanged.

Why this position exists

Transmission and mission-critical construction

Connecting generation and data centers creates a multi-year construction backlog.

Principal risk

Labor availability, project timing, weather and working-capital volatility.

What the daily radar monitors

01Electric backlogPRIMARY KPI

02Project awardsTREND + GUIDANCE

03Margin executionTHESIS TRIGGER

Decision rule

A headline never changes a weight by itself. The system verifies the primary source, tests the KPI trend and creates a proposal for the investment committee.