At a glance
Granite Construction Incorporated is worth $4.93B, about 29 times its fiscal 2025 earnings. Revenue grew 10.4% to $4.42B in fiscal 2025, with 4.4% kept as profit; over 4 years it has grown 6.0% a year. It pays a 0.47% dividend yield, and returned $292.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +8.1% over the past year with dividends reinvested and +25.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 63.0% in the 2020 crash (S&P 500: 33.7%) and 35.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 4 months after the lows.
The business in plain English
Granite Construction builds and repairs public infrastructure across the United States: streets, highways, bridges, airports, transit systems, dams, tunnels, and water and power facilities. It also prepares sites and provides mining services for private industrial, commercial, residential and energy projects. The business dates to 1922. Granite calls itself one of the largest vertically integrated civil contractors and materials producers in the country. That means it owns or leases rock and gravel reserves and runs processing plants that supply its own crews. It also sells materials to outside buyers.
Granite reports two segments. In the fiscal year ended December 31, 2025, Construction brought in $3.65 billion, or 82.6% of $4.42 billion in revenue. Materials sells aggregates (crushed stone, sand and gravel), asphalt and recycled materials. It brought in $769.5 million, or 17.4%.
Public agencies are the main customers. Federal, state and local agencies funded about 70% of 2025 construction revenue. The California Department of Transportation (Caltrans) was the largest single customer at $446.6 million, or 10.1% of revenue, down from 14.2% in 2024. Home markets stretch from Alaska and California to Louisiana and Tennessee, plus the Midwest, Florida and Texas. National units handle tunnels, federal work, solar projects and water well drilling.
Price history
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GVA +8.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Construction | $3.65B | 82.6% |
| Materials | $769.5M | 17.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.77B, up 23.2% from a year earlier, and net income was $3.2M (-96.9%).
- For fiscal 2025, revenue was $4.42B (+10.4% year over year; +6.0% a year from FY2021 to FY2025) with a 4.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +6.0% good |
|---|---|
| Operating margin | 6.4% watch |
| Free cash flow margin | 7.5% watch |
| Return on equity (FY2025) | 16.4% good |
| Return on assets (FY2025) | 4.8% watch |
| Net cash (cash minus debt) | $-1.04B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.56B | $-145.1M | $175.2M |
| FY2021 | $3.50B | $10.1M | $-72.9M |
| FY2022 | $3.30B | $83.3M | $-66.0M |
| FY2023 | $3.51B | $43.6M | $43.3M |
| FY2024 | $4.01B | $126.3M | $319.9M |
| FY2025 | $4.42B | $193.0M | $330.6M |
Valuation snapshot
| Market value | $4.93B |
|---|---|
| P/E ratio | 28.9 |
| Dividend yield | 0.47% |
Rank among 1514 US companies
Market value at each year end
Granite Construction Incorporated’s market value went from $2.18B at the end of 2016 to $4.93B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.93B | -2.1% |
| 2025 | $5.04B | +31.3% |
| 2024 | $3.83B | +71.6% |
| 2023 | $2.23B | +45.7% |
| 2022 | $1.53B | -13.5% |
| 2021 | $1.77B | +42.1% |
| 2020 | $1.25B | -3.5% |
| 2019 | $1.29B | -31.5% |
| 2018 | $1.89B | -25.3% |
| 2017 | $2.53B | +16.0% |
| 2016 | $2.18B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GVA price data to Oct 28, 2026 | -2.9% | +8.1% | +49.2% | +25.4% | +10.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.9% |
| 2025 | +32.2% |
| 2024 | +73.8% |
| 2023 | +46.8% |
| 2022 | -7.8% |
| 2021 | +46.8% |
| 2020 | -0.7% |
| 2019 | -30.3% |
| 2018 | -35.8% |
| 2017 | +16.4% |
| 2016 | +29.6% |
| 2015 | +14.5% |
| 2014 | +10.3% |
| 2013 | +5.8% |
| 2012 | +44.3% |
| 2011 | -11.6% |
| 2010 | -16.9% |
| 2009 | -22.2% |
| 2008 | +23.2% |
| 2007 | -27.5% |
| 2006 | +41.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 32.9% over that stretch · deepest drop along the way 59.7%, back to its old high 92.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 53.5% over that stretch · deepest drop along the way 63%, back to its old high 8.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.2% over that stretch · deepest drop along the way 35.5%, back to its old high 3.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 4 open-market purchases ($157K) and 14 sales ($8.8M), 12 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 27, 2026 | Kyle T Larkin President & CEO, Director | sell (plan) | $1.5M |
| Mar 27, 2026 | Kyle T Larkin President & CEO, Director | sell (plan) | $1.5M |
| Jun 8, 2026 | Michael G Tatusko Senior Vice President | sell | $1.1M |
| Mar 30, 2026 | Kyle T Larkin President & CEO, Director | sell (plan) | $965K |
| Jun 8, 2026 | Bradley Jay Williams Senior Vice President | sell | $949K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.3% | Mar 31, 2025 |
| FMR LLC | 13.5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.6% | Mar 31, 2026 |
| First Trust Portfolios L.P. | 5.51% | Sep 30, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Fuller & Thaler Asset Management, Inc. | 4.11% | Jun 30, 2025 |
| Dimensional Fund Advisors LP | 4.1% | Dec 31, 2024 |
| Integrated Core Strategies (US) LLC | 3% | Mar 31, 2025 |
ETFs with the most weight in GVA
| AIRR First Trust RBA American Industrial Renaissance ETF | 2.77% |
| PKB Invesco Building & Construction ETF | 2.75% |
| XSMO Invesco S&P SmallCap Momentum ETF | 1.59% |
| FSGS First Trust SMID Growth Strength ETF | 0.96% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.76% |
| OASC OneAscent Small Cap Core ETF | 0.63% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.62% |
| IFRA iShares U.S. Infrastructure ETF | 0.59% |
What could go wrong
- Heavy reliance on government budgets. Federal, state and local agencies funded about 70% of 2025 construction revenue, and Caltrans alone supplied 10.1% of total revenue. Budget cuts, shutdowns or delayed funding could cancel or postpone projects.
- Fixed-price contracts can turn into losses. On fixed-price and fixed-unit-price contracts, Granite absorbs cost overruns. Inflation, tariffs, inefficiency or a wrong estimate can push costs above the bid, cutting profit or causing a project loss.
- Debt load and convertible notes. As of June 30, 2026, total debt was $1.56 billion against $914 million of cash and investments. Its 3.25% and 3.75% convertible notes could turn into shares and dilute owners. Breaking loan covenants would hurt.
- Acquisitions may not work out as planned. Granite grows partly by buying companies, including Warren Paving, Papich Construction and Cinderlite in 2025. Integration problems, hidden liabilities or write-downs of the premium paid (goodwill) could hurt earnings.
- Weather and seasons make results uneven. Bad weather and natural disasters can halt road and site work. Hourly staff ranged from about 2,500 to 5,200 during 2025, which shows how much activity swings with the seasons.
- Needs surety bonds to win public work. Public projects usually require surety bonds, which guarantee that the contractor will finish the job. If bonding or insurance becomes hard to get, Granite could win less work and its results could suffer.
Recent events
- Quarterly results released
- Unregistered sale of shares; Other company announcement
- Executive or board change
- Major agreement signed; Major agreement ended
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Granite pays a small dividend that has not grown. It paid $0.52 per share in every fiscal year from 2020 through 2025, including 2020, when it lost money. In fiscal 2025 the dividend used just 11.8% of earnings and 6.9% of free cash flow, which is the cash left after running and investing in the business. The yield was 0.47% as of October 28, 2026. That means income is modest, and returns depend mostly on the share price. Granite spent more on buybacks: $176.6 million from fiscal 2021 to 2025, compared with $115.4 million in dividends. The share count fell 4.5% from October 2021 to July 2026.
The stock has fallen hard in past slumps. It dropped 59.7% in the 2008 financial crisis and took about 92 months to recover. It fell 63% in the 2020 COVID crash and 35.5% in the 2022 bear market, then recovered in about 8 and 4 months. As a single stock, Granite carries more risk than a diversified fund.
Questions investors ask
How does Granite Construction make money?
Mostly by building and repairing roads, highways, bridges, airports, dams, tunnels and other infrastructure, largely for government agencies. In the fiscal year ended December 31, 2025, the Construction segment produced $3.65 billion, or 82.6% of $4.42 billion in revenue. The Materials segment, 17.4% of revenue, sells aggregates, asphalt and recycled materials to outside buyers and also supplies Granite's own projects. Granite says owning its reserves and plants secures supply and gives it an edge in many of its markets.
Does Granite Construction raise its dividend?
No. Granite paid $0.52 per share in each fiscal year from 2020 through 2025 and did not raise it in that period. The payout is small compared with profits: 11.8% of fiscal 2025 earnings and 6.9% of free cash flow. The dividend yield was 0.47% as of October 28, 2026. The company has spent more on buybacks than on dividends: $176.6 million on buybacks from fiscal 2021 to 2025, compared with $115.4 million on dividends.
Is Granite Construction profitable?
It was profitable for fiscal 2025 but reported a large loss in a later quarter. In the year ended December 31, 2025, net income rose 52.8% to $193.0 million, or $3.86 per diluted share, on revenue of $4.42 billion. That is a net margin of 4.4%. In the quarter ended June 30, 2026, revenue rose 29.3% from a year earlier to $1.46 billion, yet Granite reported a net loss of $278.2 million. The company warns that its results can swing unpredictably from period to period.
How much debt does Granite Construction have?
About $1.56 billion as of June 30, 2026, against $914 million of cash and investments. That leaves net debt of about $645 million. Shareholders' equity was $752.7 million on the same date. The annual report for fiscal 2025 lists 3.25% and 3.75% convertible notes. These are bonds that can be exchanged for shares, which could dilute existing owners. Granite also borrows under a credit agreement with covenants, which are loan conditions it must keep meeting.
How has Granite Construction stock performed?
Strongly over several years, with sharp swings. As of October 28, 2026, the share price had risen 8.1% over one year. Over three years it averaged 49.2% a year, and over five years 25.4% a year. It gained 73.8% in 2024 and 32.2% in 2025, but it was down 2.9% for 2026 through October 28. During that one-year period it fell 33.5% from peak to trough. Its deepest drop in 21.3 years of price history was 84.7%.