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Southland Holdings, Inc. engages in specialty infrastructure construction business in North America. The company operates through Civil and Transportation segments. The Civil segment designs and constructs water pipelines, pump stations, lift stations, water and wastewater treatment plants, concrete and structural steel, outfall, and tunneling. The Transportation segment designs and constructs bridges, roadways, marine, dredging, ship terminals and piers, and specialty structures and facilities, as well as convention centers, sports stadiums, marine facilities, and ferris wheels. The company was founded in 1900 and is headquartered in Grapevine, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $772M | $-192M | $-307M | $13M | 231.3% | -21.2% | - |
| 2024 | $980M | $-100M | $-105M | $-5M | -60.1% | -15.5% | - |
| 2023 | $1.2B | $23M | $-19M | $-21M | -7.4% | -0.1% | -131.8% |
| 2022 | $1.2B | $131M | $61M | $-71M | 16.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,161.43 | 1,160.42 | 980.18 | 772.17 |
| Cost Of Revenue | 1,020.50 | 1,124.60 | 1,043.22 | 927.43 |
| Gross Profit | 140.93 | 35.81 | -63.04 | -155.26 |
| Operating Expense | 58.23 | 67.19 | 63.27 | 61.62 |
| Operating Income | 82.70 | -31.38 | -126.31 | -216.88 |
| EBITDA | 130.53 | 22.76 | -99.61 | -191.63 |
| EBIT | 84.83 | -7.77 | -122.91 | -214.85 |
| Pretax Income | 75.94 | -27.24 | -152.42 | -251.87 |
| Tax Provision | 13.29 | -8.53 | -46.89 | 56.50 |
| Net Income | 60.54 | -19.25 | -105.36 | -306.54 |
| Net Income Common Stockholders | 60.54 | -19.25 | -105.36 | -306.54 |
| Total Expenses | 1,078.73 | 1,191.80 | 1,106.49 | 989.05 |
| Interest Expense | 8.89 | 19.47 | 29.51 | 37.02 |
| Selling General And Administration | 58.23 | 67.19 | 63.27 | 61.62 |
| Normalized EBITDA | 130.60 | 22.73 | -99.39 | -191.93 |
| Normalized Income | 60.60 | -19.27 | -105.21 | -306.77 |
| Basic EPS | 1.36 | -0.41 | -2.19 | 0 |
| Diluted EPS | 1.36 | -0.41 | -2.19 | 0 |
| Tax Effect Of Unusual Items | -0.01 | 0.01 | -0.07 | 0.06 |
| Tax Rate For Calcs | 0.18 | 0.31 | 0.31 | 0.21 |
| Total Unusual Items | -0.08 | 0.03 | -0.23 | 0.29 |
| Total Unusual Items Excluding Goodwill | -0.08 | 0.03 | -0.23 | 0.29 |
| Net Income From Continuing Operation Net Minority Interest | 60.54 | -19.25 | -105.36 | -306.54 |
| Reconciled Depreciation | 45.70 | 30.53 | 23.30 | 23.21 |
| Reconciled Cost Of Revenue | 1,020.50 | 1,124.60 | 1,043.22 | 927.43 |
| Net Interest Income | -8.89 | -19.47 | -29.51 | -37.02 |
| Net Income From Continuing And Discontinued Operation | 60.54 | -19.25 | -105.36 | -306.54 |
| Total Operating Income As Reported | 82.70 | -31.38 | -126.31 | -216.88 |
| Diluted Average Shares | 44.41 | 47.09 | 48.07 | 0 |
| Basic Average Shares | 44.41 | 47.09 | 48.07 | 0 |
| Diluted NI Availto Com Stockholders | 60.54 | -19.25 | -105.36 | -306.54 |
| Minority Interests | -2.11 | -0.54 | 0.16 | 1.82 |
| Net Income Including Noncontrolling Interests | 62.65 | -18.71 | -105.53 | -308.36 |
| Net Income Continuous Operations | 62.65 | -18.71 | -105.53 | -308.36 |
| Other Income Expense | 2.13 | 23.61 | 3.41 | 2.04 |
| Other Non Operating Income Expenses | 2.20 | 23.58 | 3.63 | 1.74 |
| Gain On Sale Of Security | -0.08 | 0.03 | -0.23 | 0.29 |
| Net Non Operating Interest Income Expense | -8.89 | -19.47 | -29.51 | -37.02 |
| Interest Expense Non Operating | 8.89 | 19.47 | 29.51 | 37.02 |
| General And Administrative Expense | 1.28 | 0 | 0 | 0 |
| Other Gand A | 1.28 | 0 | 0 | 0 |
| Operating Revenue | 1,161.43 | 1,160.42 | 980.18 | 772.17 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Southland Holdings, Inc.this co. | SLND | $60M | - | -0.42 | 231.3% | -1.74 |
| SKYX Platforms Corp. | SKYX | $135M | - | -9.02 | -8118.2% | -6.62 |
| The Eastern Company | EML | $134M | 22.70 | 1.08 | 5.7% | 9.14 |
| DMC Global Inc. | BOOM | $129M | - | 0.53 | -4.2% | 9.35 |
| Byrna Technologies Inc. | BYRN | $128M | 15.72 |
| 1.93 |
| 14.7% |
| 9.07 |
| JELD-WEN Holding, Inc. | JELD | $123M | - | 1.33 | -673.6% | 29.19 |
| Forrester Research, Inc. | FORR | $121M | - | 0.95 | -94.3% | 3.10 |
| Arq, Inc. | ARQ | $96M | - | 0.57 | -31.3% | 34.71 |
| Mobile Infrastructure Corporation | BEEP | $80M | - | 0.55 | -13.5% | 26.61 |
| Peer Median | - | 19.21 | 0.76 | -22.4% | 9.25 | |