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MYR Group Inc.

Rank #276Capital Return

MYRG · Nasdaq · Industrials

MYR Group Inc. (MYRG) — Rank #276 by gross profitability (GP/assets 0.25) · ROE 17.9% · Piotroski F-Score 7 / 9.

As-of 2026-09-15 · CIK 0000700923 · all metrics point-in-time as of the filing date.

About

MYR Group Inc., through its subsidiaries, provides electrical construction services in the United States and Canada.

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The company operates through two segments: Transmission and Distribution, and Commercial and Industrial. Its Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice storm, or other related damages. This segment serves as prime contractor to customers, such as investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners, and other contractors. The Commercial and Industrial segment provides a range of services, including design, installation, maintenance, and repair of commercial and industrial wiring; and installation of intelligent transportation systems, roadway lighting, and signalization for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization, and electric vehicle charging infrastructure. This segment serves general contractors, commercial and industrial facility owners, governmental agencies, and developers. MYR Group Inc.

was founded in 1891 and is headquartered in Thornton, Colorado.

Industry
Engineering & Construction
Sector
Industrials
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

MYRG+165.3% · +21.5% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$4.22B

P/E (annual)

36.0

P/S (annual)

1.2

P/B

6.4

P/OCF (annual)

12.9

Shareholder Yield

4.8%

Employees

9,000

Industry

Engineering & Construction

Exchange

Nasdaq

Signal Flags

4 green1 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.25
Return on equity
17.9%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.22
Current ratio
1.40×
Net cash
$128.50M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.4%

Growth

2/2 pass
Revenue growth
8.8%
Piotroski F-Score
7 / 9
Share dilution
-4.8%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

What Growth Is Priced In

Implied revenue growth (10Y)

6.6%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -4.8% — per-share value needs a total required return of 1.7% once share-count change is priced in.

vs. own 6-year median revenue growth: 10.1%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

2.3%

r = 10% (base)

6.6%

r = 12%

10.2%

Net debt / market cap: -3.0%

Base FCF: $232.2M3Y mean FCF: $10.5M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

68.8xExpensive
11.7xmed 20.0x68.8x

P / S

Price / revenue per share

0.6xExpensive
0.2xmed 0.5x0.8x

P / B

Price / book value per share

3.5xExpensive
1.2xmed 2.4x4.5x

P / GP

Price / gross profit per share

7.2xExpensive
2.1xmed 4.1x8.0x

P / FCF

Price / free cash flow per share

186.1xExpensive
8.0xmed 18.4x186.1x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.25

Primary signal (Novy-Marx).

Return on equity

17.9%

Gross margin

11.6%

Revenue growth (YoY)

8.8%

RPO growth (YoY)

7.6%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2021202220232024
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

6.7%

Revenue CAGR (5Y)

10.2%

Earnings CAGR (3Y)

12.4%

FCF CAGR (3Y)

36.9%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.22

Current ratio

1.40×

Quick ratio

1.03×

Net cash

$128.50M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$232.19M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.96

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.4%

Stock-based comp intensity.

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20182024
Value
Op. Leverage
Hypergrowth
Decline
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