Primoris Services Corp
PRIM · Water, Sewer, Pipeline, Comm & Power Line Construction · 54.3M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$6M (gross $6M, SBC $12M)
Reference price $125.75 · est. market cap ~$6.8B — last insider sale, 2026-05-28 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B76Primoris is an above-average infrastructure contractor pairing top-decile growth with solid returns, though margins are structurally thin.
Strengths
- Top-decile revenue growth (92.9th pct, +248%) and net income growth (86.6th pct), with ROA 81.7th and ROE 73.8th pct
- Strong FCF generation ($340M, 80.1st pct) and a conservative balance sheet (D/E 0.24, 41.9th pct)
Risks
- Thin gross margin (9.4th pct) and fixed-price/cost-overrun exposure inherent to construction
- Customer concentration (top-10 = 53% of revenue) and cyclical, weather-driven quarterly volatility
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~41% of revenue from one customer/distributor — 3% and 41
- Strong balance sheetStrong balance sheet — $536M cash & investments
- Insider buyingInsider buying — 3 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$1M, last 6mo) Form 4 ↗
- Revenue declineRevenue -16.0% YoY
- Insider sellingInsider selling — 9 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$6M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
10.7%
Operating margin
5.4%
Net margin
3.6%
Return on equity
16.4%
Return on assets
6.2%
ROIC
15.6%
Revenue growth (QoQ)
-16.0%
Net-income growth
52.0%
Debt / equity
0.2×
Net debt / EBITDA
-0.3×
Current ratio
1.3×
Free cash flow
$340M
EBITDA
$503M
Tangible book value
$634M
Cash & investments
$536M
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-28 | Perisich John M. | Sell | 2.1K | $125.75 |
| 2026-05-28 | Perisich John M. | Sell | 9.4K | $126.68 |
| 2026-05-28 | Perisich John M. | Sell | 6.0K | $127.66 |
| 2026-05-28 | Perisich John M. | Sell | 6.1K | $128.65 |
| 2026-05-28 | Perisich John M. | Sell | 5.9K | $129.85 |
| 2026-05-28 | Perisich John M. | Sell | 105 | $130.26 |
| 2026-05-27 | Vadlamudi Koti | Buy | 7.8K | $127.96 |
| 2026-05-27 | Vadlamudi Koti | Grant | 7.8K | $127.96 |
| 2026-05-26 | King David Lee | Sell | 12K | $118.55 |
| 2026-05-26 | King David Lee | Sell | 3.9K | $119.66 |
| 2026-05-26 | King David Lee | Sell | 3.8K | $120.27 |
| 2026-04-30 | Saluja Harpreet | Grant | 268 | — |
| 2026-04-30 | Ching Michael E. | Grant | 268 | — |
| 2026-04-30 | Rodriguez Jose Ramon | Grant | 268 | — |
| 2026-04-30 | Wagner Patricia K | Grant | 268 | — |
| 2026-04-30 | King David Lee | Grant | 268 | — |
| 2026-04-30 | Schauerman John P. | Grant | 268 | — |
| 2026-04-30 | MASHINSKI CARLA S | Grant | 268 | — |
| 2026-04-30 | MCCALLISTER TERRY D | Grant | 268 | — |
| 2026-04-15 | MCCALLISTER TERRY D | Buy | 10 | $164.40 |
| 2026-04-01 | Kinch Jeremy | Option exercise | 244 | — |
| 2026-04-01 | Kinch Jeremy | Tax withheld | 97 | $143.04 |
| 2026-04-01 | Kinch Jeremy | Gift | 147 | — |
| 2026-04-01 | Kinch Jeremy | Gift | 147 | — |
| 2026-04-01 | King David Lee | Option exercise | 22K | — |
| 2026-04-01 | King David Lee | Tax withheld | 8.6K | $143.04 |
| 2026-03-01 | Perisich John M. | Option exercise | 12K | — |
| 2026-03-01 | Dodgen Kenneth Morris | Option exercise | 11K | — |
| 2026-03-01 | Dodgen Kenneth Morris | Grant | 43K | — |
| 2026-03-01 | Dodgen Kenneth Morris | Tax withheld | 21K | $150.72 |
| 2026-03-01 | Kinch Jeremy | Option exercise | 6.0K | — |
| 2026-03-01 | Kinch Jeremy | Grant | 20K | — |
| 2026-03-01 | Kinch Jeremy | Tax withheld | 10K | $150.72 |
| 2026-03-01 | Perisich John M. | Grant | 48K | — |
| 2026-03-01 | Perisich John M. | Tax withheld | 31K | $150.72 |
| 2026-03-01 | Stricker Travis | Option exercise | 4.8K | — |
| 2026-03-01 | Stricker Travis | Grant | 2.6K | — |
| 2026-03-01 | Stricker Travis | Tax withheld | 2.9K | $150.72 |
| 2026-02-17 | Saluja Harpreet | Grant | 294 | — |
| 2026-02-17 | Ching Michael E. | Grant | 294 | — |
| 2026-02-17 | Rodriguez Jose Ramon | Grant | 294 | — |
| 2026-02-17 | Wagner Patricia K | Grant | 294 | — |
| 2026-02-17 | King David Lee | Grant | 166 | — |
| 2026-02-17 | Schauerman John P. | Grant | 294 | — |
| 2026-02-17 | MASHINSKI CARLA S | Grant | 294 | — |
| 2026-02-17 | MCCALLISTER TERRY D | Grant | 294 | — |
| 2026-01-30 | Stricker Travis | Option exercise | 2.5K | — |
| 2026-01-30 | Stricker Travis | Tax withheld | 1.0K | $152.47 |
| 2026-01-15 | MCCALLISTER TERRY D | Buy | 12 | $138.00 |
| 2025-12-11 | Schauerman John P. | Sell | 7.8K | $136.00 |
| 2025-12-08 | MASHINSKI CARLA S | Sell | 2.1K | $135.14 |
| 2025-11-10 | King David Lee | Sell | 3.5K | $130.00 |
| 2025-11-07 | Wagner Patricia K | Sell | 13K | $125.23 |
| 2025-10-29 | MASHINSKI CARLA S | Grant | 302 | — |
| 2025-10-29 | Wagner Patricia K | Grant | 302 | — |
| 2025-10-29 | Wagner Patricia K | Gift | 615 | — |
| 2025-10-29 | Saluja Harpreet | Grant | 302 | — |
| 2025-10-29 | Ching Michael E. | Grant | 302 | — |
| 2025-10-29 | Rodriguez Jose Ramon | Grant | 302 | — |
| 2025-10-29 | Schauerman John P. | Grant | 302 | — |
| 2025-10-29 | MCCALLISTER TERRY D | Grant | 302 | — |
| 2025-10-15 | MCCALLISTER TERRY D | Buy | 12 | $140.69 |
| 2025-09-15 | Kinch Jeremy | Sell | 3.0K | $124.00 |
| 2025-09-11 | Ching Michael E. | Sell | 2.9K | $119.89 |
| 2025-08-12 | Schauerman John P. | Sell | 10K | $114.52 |
| 2025-08-12 | Schauerman John P. | Sell | 10K | $113.50 |
| 2025-08-11 | Perisich John M. | Sell | 12K | $111.51 |
| 2025-08-07 | Stricker Travis | Sell | 4.6K | $111.44 |
| 2025-08-06 | Perisich John M. | Sell | 6.6K | $110.37 |
| 2025-08-06 | Perisich John M. | Sell | 682 | $107.44 |
| 2025-08-06 | Perisich John M. | Sell | 2.7K | $108.44 |
| 2025-08-06 | Perisich John M. | Sell | 2.9K | $109.32 |
| 2025-08-06 | Perisich John M. | Sell | 2.8K | $111.38 |
| 2025-07-30 | Rodriguez Jose Ramon | Grant | 499 | — |
| 2025-07-30 | MCCALLISTER TERRY D | Grant | 499 | — |
| 2025-07-30 | Wagner Patricia K | Grant | 499 | — |
| 2025-07-30 | MASHINSKI CARLA S | Grant | 499 | — |
| 2025-07-30 | Saluja Harpreet | Grant | 499 | — |
| 2025-07-30 | Ching Michael E. | Grant | 499 | — |
| 2025-07-30 | Schauerman John P. | Grant | 499 | — |
| 2025-06-24 | Schauerman John P. | Sell | 15K | $77.37 |
| 2025-06-11 | Wagner Patricia K | Gift | 14K | — |
| 2025-04-30 | Ching Michael E. | Grant | 589 | — |
| 2025-04-30 | Wagner Patricia K | Grant | 589 | — |
| 2025-04-30 | Schauerman John P. | Grant | 589 | — |
| 2025-04-30 | Rodriguez Jose Ramon | Grant | 589 | — |
| 2025-04-30 | MCCALLISTER TERRY D | Grant | 589 | — |
| 2025-04-30 | MASHINSKI CARLA S | Grant | 589 | — |
| 2025-04-30 | Cook Stephen C. | Grant | 589 | — |
| 2025-04-30 | King David Lee | Grant | 517 | — |
| 2025-03-17 | McCormick Thomas Edward | Sell | 54K | $64.04 |
| 2025-03-17 | McCormick Thomas Edward | Sell | 7.3K | $64.55 |
| 2025-03-05 | Kinch Jeremy | Sell | 4.5K | $68.24 |
| 2025-03-04 | Cook Stephen C. | Sell | 998 | $68.00 |
| 2025-03-01 | Kinch Jeremy | Option exercise | 5.4K | — |
| 2025-03-01 | Kinch Jeremy | Grant | 9.7K | — |
| 2025-03-01 | Kinch Jeremy | Tax withheld | 5.5K | $71.74 |
| 2025-03-01 | McCormick Thomas Edward | Option exercise | 22K | — |
| 2025-03-01 | McCormick Thomas Edward | Grant | 55K | — |
| 2025-03-01 | McCormick Thomas Edward | Tax withheld | 30K | $71.74 |
| 2025-03-01 | STRICKER TRAVIS L | Option exercise | 3.7K | — |
| 2025-03-01 | STRICKER TRAVIS L | Grant | 1.2K | — |
| 2025-03-01 | STRICKER TRAVIS L | Tax withheld | 1.9K | $71.74 |
| 2025-03-01 | Perisich John M. | Option exercise | 9.9K | — |
| 2025-03-01 | Perisich John M. | Grant | 22K | — |
| 2025-03-01 | Perisich John M. | Tax withheld | 16K | $71.74 |
| 2025-03-01 | Dodgen Kenneth Morris | Option exercise | 8.6K | — |
| 2025-03-01 | Dodgen Kenneth Morris | Grant | 20K | — |
| 2025-03-01 | Dodgen Kenneth Morris | Tax withheld | 11K | $71.74 |
| 2025-02-19 | Wagner Patricia K | Grant | 467 | — |
| 2025-02-19 | Schauerman John P. | Grant | 467 | — |
| 2025-02-19 | Cook Stephen C. | Grant | 467 | — |
| 2025-02-19 | MCCALLISTER TERRY D | Grant | 467 | — |
| 2025-02-19 | King David Lee | Grant | 467 | — |
| 2025-02-19 | Rodriguez Jose Ramon | Grant | 467 | — |
| 2025-02-19 | Ching Michael E. | Grant | 467 | — |
| 2025-02-19 | MASHINSKI CARLA S | Grant | 467 | — |
| 2025-01-30 | STRICKER TRAVIS L | Option exercise | 1.2K | — |
| 2025-01-30 | STRICKER TRAVIS L | Tax withheld | 559 | $77.04 |
| 2025-01-29 | Wagner Patricia K | Gift | 3.4K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-22 | ResultsExec/director changeReg FDExhibits | filing ↗ |
| 2026-05-05 | ResultsExec/director changeShareholder voteOtherExhibits | filing ↗ |
| 2026-03-17 | Exec/director change | filing ↗ |
| 2026-02-23 | ResultsOtherExhibits | filing ↗ |
| 2025-11-03 | ResultsOtherExhibits | filing ↗ |
| 2025-10-07 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-08-04 | ResultsOtherExhibits | filing ↗ |
| 2025-06-04 | Auditor changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-22 | 0001361538-26-000017 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001104659-26-055741 ↗ |
| 8-K | 2026-05-05 | 2026-04-30 | 0001361538-26-000014 ↗ |
| 8-K | 2026-03-17 | 2026-03-12 | 0001361538-26-000011 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001104659-26-018677 ↗ |
| 8-K | 2026-02-23 | 2026-02-17 | 0001361538-26-000007 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001104659-25-105706 ↗ |
| 8-K | 2025-11-03 | 2025-10-29 | 0001361538-25-000038 ↗ |
| 8-K | 2025-10-07 | 2025-10-06 | 0001361538-25-000035 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0001558370-25-010123 ↗ |
| 8-K | 2025-08-04 | 2025-07-30 | 0001361538-25-000030 ↗ |
| 8-K | 2025-06-04 | 2025-06-03 | 0001361538-25-000026 ↗ |