Sterling Infrastructure, Inc. engages in the provision of e-infrastructure, transportation, and building solutions in the United States. It operates through three segments: E-Infrastructure, Transportation, and Building Solutions. The E-Infrastructure Solutions segment provides site development services for the blue-chip end users in the e-commerce distribution center, data center, manufacturing, warehousing, and power generation sectors. Its Transportation Solutions segment is involved in the development of infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail, and storm drainage systems for the departments of transportation, regional transit, airport, port, water, and railroads authorities. The Building Solutions segment offers residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, and other concrete work for developers and general contractors, as well as plumbing and surveys services for residential builds. It operates in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions, and the Pacific Islands. The company was formerly known as Sterling Construction Company, Inc. and changed its name to Sterling Infrastructure, Inc. in June 2022. Sterling Infrastructure, Inc. was founded in 1955 and is headquartered in The Woodlands, 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 | $2.5B | $505M | $290M | $363M | 26.2% | 17.7% | 12.7% |
| 2024 | $2.1B | $452M | $257M | $416M | 31.9% | 7.3% | 85.7% |
| 2023 | $2.0B | $277M | $139M | $414M | 22.4% | 11.5% | 30.2% |
| 2022 | $1.8B | $213M | $106M | $158M | 22.4% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,769.44 | 1,972.23 | 2,115.76 | 2,490.05 |
| Operating Revenue | - | 1,769.44 | 1,972.23 | 2,115.76 | 2,490.05 |
| Cost Of Revenue | - | 1,494.87 | 1,634.59 | 1,689.63 | 1,917.74 |
| Gross Profit | - | 274.57 | 337.64 | 426.12 | 572.31 |
| Operating Expense | - | 113.87 | 131.64 | 156.32 | 158.80 |
| Selling General And Administration | - | 86.48 | 98.70 | 118.42 | 154.81 |
| Total Expenses | - | 1,608.74 | 1,766.23 | 1,845.96 | 2,076.54 |
| Operating Income | - | 160.70 | 206 | 269.80 | 413.51 |
| Total Operating Income As Reported | - | 159.87 | 205.80 | 264.62 | 405.92 |
| EBITDA | - | 212.82 | 277.34 | 451.94 | 505.38 |
| Normalized EBITDA | - | 213.65 | 277.54 | 365.83 | 512.97 |
| EBIT | - | 160.76 | 219.94 | 383.53 | 428.26 |
| Interest Income | - | 0.88 | 14.14 | 27.62 | 22.35 |
| Interest Expense | - | 20.59 | 29.32 | 25.26 | 19.79 |
| Net Interest Income | - | -19.71 | -15.18 | 2.37 | 2.56 |
| Other Income Expense | - | -0.83 | -0.20 | 86.11 | -7.60 |
| Interest Income Non Operating | - | 0.88 | 14.14 | 27.62 | 22.35 |
| Interest Expense Non Operating | - | 20.59 | 29.32 | 25.26 | 19.79 |
| Net Non Operating Interest Income Expense | - | -19.71 | -15.18 | 2.37 | 2.56 |
| Pretax Income | - | 140.16 | 190.62 | 358.28 | 408.48 |
| Tax Provision | - | 41.71 | 47.77 | 87.36 | 98.75 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.25 | -0.05 | 21.01 | -1.84 |
| Net Income Continuous Operations | - | 98.46 | 142.84 | 270.92 | 309.73 |
| Net Income From Continuing And Discontinued Operation | - | 106.46 | 138.66 | 257.46 | 290.15 |
| Net Income From Continuing Operation Net Minority Interest | - | 96.72 | 138.66 | 257.46 | 290.15 |
| Net Income | - | 106.46 | 138.66 | 257.46 | 290.15 |
| Net Income Common Stockholders | - | 106.46 | 138.66 | 257.46 | 290.15 |
| Net Income Including Noncontrolling Interests | - | 108.20 | 142.84 | 270.92 | 309.73 |
| Normalized Income | - | 97.30 | 138.81 | 192.36 | 295.91 |
| Diluted NI Availto Com Stockholders | - | 106.46 | 138.66 | 257.46 | 290.15 |
| Basic Average Shares | - | 30.20 | 30.76 | 30.83 | 30.54 |
| Diluted Average Shares | - | 30.56 | 31.21 | 31.15 | 30.95 |
| Reconciled Depreciation | - | 52.07 | 57.40 | 68.41 | 77.11 |
| Reconciled Cost Of Revenue | - | 1,456.90 | 1,592.41 | 1,638.26 | 1,862.81 |
| Total Unusual Items | - | -0.83 | -0.20 | 86.11 | -7.60 |
| Total Unusual Items Excluding Goodwill | - | -0.83 | -0.20 | 86.11 | -7.60 |
| Minority Interests | - | -1.74 | -4.19 | -13.46 | -19.57 |
| Net Income Discontinuous Operations | 1.19 | 9.74 | 0 | 0 | - |
| Special Income Charges | - | -0.83 | -0.20 | 86.11 | -7.60 |
| Gain On Sale Of Business | - | 0 | 0 | 91.29 | 0 |
| Other Special Charges | -1.06 | - | - | - | - |
| Restructuring And Mergern Acquisition | - | 0.83 | 0.20 | 5.18 | 7.60 |
| Depreciation Amortization Depletion Income Statement | - | 14.10 | 15.23 | 17.04 | 22.19 |
| Depreciation And Amortization In Income Statement | - | 14.10 | 15.23 | 17.04 | 22.19 |
| General And Administrative Expense | - | 86.48 | 98.70 | 118.42 | 154.81 |
| Other Gand A | - | 86.48 | 98.70 | 118.42 | 154.81 |
| Other Operating Expenses | - | 13.29 | 17.71 | 20.86 | -18.20 |
| Amortization | - | 14.10 | 15.23 | 17.04 | 22.19 |
| Amortization Of Intangibles Income Statement | - | 14.10 | 15.23 | 17.04 | 22.19 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Sterling Infrastructure, Inc.this co. | STRL | $30.5B | 105.10β premium | 27.51 | 26.2% | 60.26 |
| Planet Labs PBC | PL | $15.5B | -62.84 | 82.33 | -131.0% | -79.96 |
| IES Holdings, Inc. | IESC | $14.8B | 48.32 | 16.73 | 34.6% | 33.35 |
| Dycom Industries, Inc. | DY | $14.7B | 52.18 | 7.89 | 15.1% | 24.09 |
| Legence Corp. | LGN | $14.6B |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| -244.26 |
| 20.78 |
| -8.5% |
| 96.52 |
| Advanced Energy Industries, Inc. | AEIS | $12.8B | 86.52 | 9.42 | 10.9% | 52.10 |
| Kratos Defense & Security Solutions, Inc. | KTOS | $11.9B | 540.40 | 5.96 | 1.1% | 111.51 |
| SPX Technologies, Inc. | SPXC | $11.8B | 48.45 | 5.28 | 10.9% | 24.67 |
| Joby Aviation, Inc. | JOBY | $11.0B | -11.78 | 7.77 | -66.0% | -15.83 |
| Peer Median | - | 48.39 | 8.66 | 6.0% | 29.01 | |