Backlog growth and composition - total backlog levels, book-to-bill ratios, and mix between higher-margin C&I projects versus utility T&D work
Utility capital expenditure budgets - investor-owned utilities (IOUs) and cooperatives announcing multi-year grid investment programs, particularly transmission upgrades
Data center construction activity - hyperscale cloud infrastructure spending by AWS, Microsoft Azure, Google Cloud driving electrical infrastructure demand
Project execution and margin performance - ability to complete projects on-time and on-budget without cost overruns or weather delays
moderate - T&D segment (60-65% of revenue) is relatively stable as utility capital spending is regulated and follows multi-year rate case cycles, providing recession resilience. C&I segment (35-40%) is more cyclical, tied to private sector construction activity, manufacturing capex, and data center investment which correlates with GDP growth and corporate profitability. Overall, the company benefits from counter-cyclical dynamics where economic weakness may accelerate government infrastructure spending while private C&I work softens.
Rising rates create mixed impacts. Higher rates increase utility financing costs for transmission projects, potentially delaying or scaling back capital programs (negative for T&D backlog). However, utilities pass through financing costs in rate base, mitigating long-term impact. For C&I work, higher rates reduce private sector construction activity and data center expansion economics (negative). Conversely, MYR's balance sheet benefits from low leverage (0.19 D/E), minimizing direct financing cost pressure. Valuation multiples compress as rates rise, given the stock's growth premium (21.4x EV/EBITDA).
Utility regulatory risk - state public utility commissions may deny or reduce rate case requests, limiting utility capital budgets for transmission and distribution projects, which represent 60-65% of MYR's revenue base
Labor availability and wage inflation - skilled electrician shortages (IBEW union labor) and rising prevailing wage requirements on government-funded projects compress margins and limit project capacity
Renewable energy interconnection bottlenecks - transmission queue backlogs (2,000+ GW nationally) may shift utility spending priorities away from new transmission toward grid upgrades, altering project mix and margin profiles
momentum/growth - The stock has delivered 105% returns over 12 months and trades at premium valuation (21.4x EV/EBITDA, 6.8x P/B) despite recent earnings compression, attracting growth investors betting on infrastructure spending tailwinds and backlog conversion. The 0.3% FCF yield and minimal dividend make it unattractive for income investors. Recent 49% six-month surge suggests momentum/technical traders are active. Institutional investors focused on infrastructure themes (grid modernization, electrification, data centers) likely comprise core holder base.
Trend
+45.5% vs SMA 50 · +91.8% vs SMA 200
Momentum
Accumulation pattern present — more buying days than selling over the past 20 sessions. Volume conditions support gradual price improvement.
Based on volume distribution analysis. Direct short interest data (short float %, days to cover) is not available in current data sources.
ANALYST ESTIMATES
Analyst consensus estimates · Actuals replace estimates as reported
| Year | Revenue Est. | Rev Gth | EPS Est. | EPS Gth | Range | Analysts |
|---|---|---|---|---|---|---|
FY2025 | $3.6B $3.6B–$3.6B | — | $7.07 | — | ±2% | Moderate4 |
FY2026(current) | $4.1B $4.1B–$4.1B | ▲ +14.6% | $11.37 | ▲ +60.8% | ±13% | High5 |
FY2027 | $4.5B $4.5B–$4.5B | ▲ +9.7% | $13.10 | ▲ +15.2% | ±4% | Moderate4 |
INSTITUTIONAL OWNERSHIP
MYRG News
About
myr group inc. is a leading specialty contractor serving the electrical infrastructure industry and commercial/industrial markets consisting the following subsidiaries: the l.e. myers co.; sturgeon electric company, inc.; harlan electric company; myr transmission services, inc.; great southwestern construction, inc.; e.s. boulos company and myr group construction canada, ltd. myr group construction canada, ltd. consists of two subsidiaries: northern transmission services, ltd. and myr transmission services canada, ltd. myr group has been a key player in the electrical industry, helping to build and maintain electric delivery infrastructure. our commitment to continuous improvement and superior customer service continues to make myr a leader in the industry. in addition to a broad presence, complete menu of services, highly skilled workforce, and an experienced management team, myr maintains one of the largest fleets of specialized transmission and distribution equipment in north amer
| Symbol | Price | Day % | Mkt Cap↓ | P/E | Rev Grw | Margin | ELO |
|---|---|---|---|---|---|---|---|
MYRG◀ | $467.46 | -1.19% | $7.3B | 51.2 | +879.2% | 323.7% | 1500 |
| $888.31 | -3.47% | $409.2B | 43.7 | +429.0% | 1312.8% | 1523 | |
| $281.53 | -3.43% | $294.2B | 33.7 | +1848.2% | 1898.2% | 1489 | |
| $171.18 | -2.56% | $230.5B | 31.8 | +974.1% | 759.8% | 1488 | |
| $220.49 | -3.80% | $173.8B | 79.6 | +3449.4% | 249.7% | 1503 | |
| $270.56 | +0.45% | $160.6B | 22.2 | +107.2% | 2912.3% | 1504 | |
| $399.44 | -2.12% | $155.1B | 38.9 | +1033.0% | 1489.7% | 1504 | |
| Sector avg | — | -2.30% | — | 43.0 | +1245.7% | 1278.0% | 1502 |