At a glance
Everus Construction Group, Inc. is worth $5.40B, about 27 times its fiscal 2025 earnings. Revenue grew 31.5% to $3.75B in fiscal 2025, with 5.4% kept as profit; over 3 years it has grown 11.5% a year. It pays no dividend. The stock returned +16.3% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Everus Construction Group is a specialty contractor based in Bismarck, North Dakota. It builds and maintains electrical, mechanical and power-line systems for buildings and utilities across most of the United States. It was MDU Resources' construction services arm until MDU spun it off on October 31, 2024. Everus works through 15 operating companies using 19 local brands. In 2025 it served about 4,000 customers on more than 44,000 projects and had revenue of about $3.75 billion.
The Electrical & Mechanical (E&M) segment produced about 77% of 2025 contract revenue. It mostly works for general contractors and building owners, installing electrical and communication wiring, fire suppression systems, mechanical piping and solar projects. Its work spans data centers, hotels and entertainment venues, factories, schools, hospitals and government buildings. The segment's operating margin, the share of revenue left after operating costs, was 7.5%.
The Transmission & Distribution (T&D) segment produced about 23%, with a higher 10.6% operating margin. It builds and maintains overhead and underground power, gas and communication lines for utilities, mainly in the Midwest and West, plus traffic signals, lighting and emergency restoration. It also makes, sells and rents equipment used to string power lines. Much of Everus' revenue comes from fixed-price contracts, so profit depends on finishing jobs within the agreed price.
Price history
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ECG +16.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| E&M | $2.92B | 78% |
| T&D | $848.5M | 22.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.23B, up 33.7% from a year earlier, and net income was $83.9M (+58.8%).
- For fiscal 2025, revenue was $3.75B (+31.5% year over year; +11.5% a year from FY2022 to FY2025) with a 5.4% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +11.5% good |
|---|---|
| Operating margin | 7.1% watch |
| Free cash flow margin | 2.4% watch |
| Return on equity (FY2025) | 32% good |
| Return on assets (FY2025) | 11.7% good |
| Net cash (cash minus debt) | $-77.4M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $2.70B | $124.8M | $-61.3M |
| FY2023 | $2.85B | $137.2M | $135.7M |
| FY2024 | $2.85B | $143.4M | $115.1M |
| FY2025 | $3.75B | $201.8M | $90.0M |
Valuation snapshot
| Market value | $5.40B |
|---|---|
| P/E ratio | 26.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Everus Construction Group’s market value went from $3.35B at the end of 2024 to $5.40B on Oct 28, 2026, up 61%; since the end of 2025 it is up 24%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.40B | +23.8% |
| 2025 | $4.36B | +30.2% |
| 2024 | $3.35B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ECG price data to Oct 28, 2026 | +23.7% | +16.3% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.7% |
| 2025 | +30.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($168K) and 1 sales ($451K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Paul R. Sanderson VP, CLO & Corporate Secretary | sell | $451K |
| Aug 17, 2026 | David M Sparby Director | buy | $145K |
| Dec 8, 2025 | Helena Mercedes Hernandez Director | buy | $23K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.07% | Mar 31, 2026 |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | 2.61% | Dec 31, 2025 |
| Wasatch Advisors LP | 2.3% | Jun 30, 2026 |
ETFs with the most weight in ECG
| CSD Invesco S&P Spin-Off ETF | 1.91% |
| IFRA iShares U.S. Infrastructure ETF | 0.54% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.23% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.19% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.18% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 0.17% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.17% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.17% |
What could go wrong
- Heavy reliance on data center projects. A significant portion of revenue comes from data center and similar high-tech contracts, and Everus expects that to continue at least in the short term. Losing or shrinking this work could seriously hurt results.
- Fixed-price contracts can squeeze profits. Much revenue comes from fixed-price contracts, so Everus absorbs cost overruns from labor, materials or delays. Getting paid for extra work can take lengthy negotiation, arbitration or lawsuits, with no guarantee of success.
- Short track record as a standalone company. Everus has been independent only since the October 31, 2024 spinoff from MDU Resources. It took on debt in the separation, and its earlier results as an MDU segment may not predict future performance.
- Needs skilled workers, including union labor. Everus must hire and keep enough skilled tradespeople to staff its projects. Union disputes could disrupt work, and obligations to multiemployer pension plans, shared with other union employers, could become costly.
- Material costs, supply chains and tariffs. Prices and availability of materials and equipment can swing with inflation, supply chain problems and trade tariffs. On fixed-price jobs, higher costs can come straight out of profit.
- Demand rises and falls with the economy. Construction demand is cyclical. In downturns, customers may delay or cancel large projects, and some may struggle to pay their bills. Seasonal weather also makes revenue and cash flow uneven from quarter to quarter.
Recent events
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Change of auditor
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Everus Construction Group does not pay a dividend. Its filings show no dividends and no share repurchases for fiscal 2022 through 2025, and the 10-K says the company cannot guarantee any future dividend. The share count barely changed, rising 0.2% from November 18, 2024 to August 3, 2026. For an income investor, that means no cash payouts: any return comes from the share price, and drawing income would mean selling shares.
Having traded independently only since the October 31, 2024 spinoff, Everus has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its short history has been volatile. As of October 28, 2026, its largest fall from a peak was 56.2%, and its beta, a measure of how much a stock moves relative to the market, was 2.62 over the prior 12 months, meaning swings about 2.6 times the market's. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Everus Construction pay a dividend?
No. Everus Construction Group does not pay a dividend, and its filings show no dividends or share repurchases for fiscal 2022 through 2025. Its 10-K states that the company cannot guarantee the timing, amount or payment of any future dividend. That means the stock offers no regular income, and any return depends on the share price.
How does Everus Construction make money?
Everus earns contract revenue, about $3.75 billion in 2025, by building and maintaining electrical, mechanical and utility systems. Its Electrical & Mechanical segment, which handles wiring, piping and fire suppression for data centers, factories, hospitals, schools and other buildings, produced about 77% of that revenue. Its Transmission & Distribution segment, which builds power, gas and communication lines for utilities, produced about 23% and also makes, sells and rents line-stringing equipment. Much of its revenue comes from fixed-price contracts, so profit depends on keeping costs within the bid.
Is Everus Construction a data center stock?
Partly. Everus says a significant portion of its revenue comes from data center and similar high-tech contracts, and it expects that to continue at least in the short term. Data center work is part of the commercial work in its Electrical & Mechanical segment, which produced about 77% of 2025 contract revenue and also serves hotels, factories, schools, hospitals and solar projects. The company warns that losing or reducing this type of work could seriously hurt its business.
When did Everus spin off from MDU Resources?
Everus became an independent public company on October 31, 2024, when MDU Resources completed the spinoff, which was generally tax-free for U.S. federal income tax purposes. MDU shareholders of record on October 21, 2024 received all of Everus' outstanding shares, which trade on the New York Stock Exchange under the ticker ECG. Before that, Everus was MDU's construction services segment. The business dates to 1997 and has grown through expansion into new regions and more than 25 acquisitions.
How has Everus stock performed since the spinoff?
Up overall, with sharp swings. As of October 28, 2026, the share price had risen 42.3% since trading began, including a 30.1% gain in 2025 and 23.7% year to date in 2026. But it had dropped 22.6% over the previous six months, and its largest fall from a peak was 56.2%. At that date, the stock traded at about 26.8 times fiscal 2025 earnings per share of $3.95. That price-to-earnings (P/E) ratio shows what investors pay for each dollar of yearly profit.