At a glance
MYR Group Inc is worth $4.36B, about 37 times its fiscal 2025 earnings. Revenue grew 8.8% to $3.66B in fiscal 2025, with 3.2% kept as profit; over 5 years it has grown 10.2% a year. It pays no dividend; it spent $189.8M buying back its shares over FY2021–FY2025. The stock returned +28.2% over the past year with dividends reinvested and +21.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.3% in the 2020 crash (S&P 500: 33.7%) and 30.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 10 months after the lows.
The business in plain English
MYR Group is a specialty electrical contractor. Through its subsidiaries, it builds, upgrades, maintains and repairs electrical systems for power companies and for commercial and industrial sites in the United States and Canada. It was formed in 1995 by merging long-standing contractors, and its power-line work dates to 1891. It wins most work through competitive bids, where price is a principal factor.
The larger of its two segments, Transmission and Distribution (T&D), produced 54.7% of the $3.66 billion in revenue for the year ended December 31, 2025. It builds and maintains high-voltage power lines, substations and local distribution lines, plus clean energy and electric vehicle charging projects, and handles emergency power restoration. Customers include investor-owned utilities, cooperatives and independent power producers, often under master service agreements: one- to four-year deals for ongoing work in a region.
Commercial and Industrial (C&I), 45.3% of revenue, wires data centers, airports, hospitals, stadiums and factories and installs roadway lighting and traffic signals, usually as a subcontractor to a general contractor. Fixed-price contracts, where MYR agrees to one price up front, made up 57.0% of total revenue, including 84.5% of C&I revenue. They can pay better, but MYR may have to absorb cost overruns. The top 10 customers supplied 38.0% of revenue, and none topped 10%.
Price history
The interactive chart needs JavaScript.
MYRG +28.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| T&D | $2.00B | 54.7% |
| C&I | $1.66B | 45.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.26B, up 32.5% from a year earlier, and net income was $60.0M (+87.0%).
- For fiscal 2025, revenue was $3.66B (+8.8% year over year; +10.2% a year from FY2020 to FY2025) with a 3.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.2% good |
|---|---|
| Operating margin | 4.6% weak |
| Free cash flow margin | 6.3% watch |
| Return on equity (FY2025) | 17.9% good |
| Return on assets (FY2025) | 7.2% watch |
| Net cash (cash minus debt) | $-189.8M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.25B | $58.8M | $130.8M |
| FY2021 | $2.50B | $85.0M | $84.9M |
| FY2022 | $3.01B | $83.4M | $90.4M |
| FY2023 | $3.64B | $91.0M | $-13.7M |
| FY2024 | $3.36B | $30.3M | $11.2M |
| FY2025 | $3.66B | $118.4M | $232.2M |
Valuation snapshot
| Market value | $4.36B |
|---|---|
| P/E ratio | 37.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
MYR Group’s market value went from $605.3M at the end of 2016 to $4.36B on Oct 28, 2026, about 7.2 times as much; since the end of 2025 it is up 28%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.36B | +28.5% |
| 2025 | $3.39B | +41.4% |
| 2024 | $2.40B | -0.8% |
| 2023 | $2.42B | +58.1% |
| 2022 | $1.53B | -18.0% |
| 2021 | $1.86B | +85.5% |
| 2020 | $1.01B | +85.3% |
| 2019 | $542.5M | +16.3% |
| 2018 | $466.6M | -20.7% |
| 2017 | $588.2M | -2.8% |
| 2016 | $605.3M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MYRG price data to Oct 28, 2026 | +28.1% | +28.2% | +35.8% | +21.9% | +25.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +28.1% |
| 2025 | +46.9% |
| 2024 | +2.9% |
| 2023 | +57.1% |
| 2022 | -16.7% |
| 2021 | +83.9% |
| 2020 | +84.4% |
| 2019 | +15.7% |
| 2018 | -21.2% |
| 2017 | -5.2% |
| 2016 | +82.8% |
| 2015 | -24.8% |
| 2014 | +9.3% |
| 2013 | +12.7% |
| 2012 | +16.3% |
| 2011 | -8.9% |
| 2010 | +16.2% |
| 2009 | +80.7% |
| 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 | Lost 33.1% over that stretch · deepest drop along the way 46.3%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.6% over that stretch · deepest drop along the way 30.1%, back to its old high 9.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (24 read): 0 open-market purchases and 20 sales ($11.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 3, 2026 | Donald C.I. Lucky Director | sell | $5.4M |
| Jun 3, 2026 | Kenneth Michael Hartwick Director | sell | $1.6M |
| Jun 3, 2026 | Donald C.I. Lucky Director | sell | $1.1M |
| Nov 4, 2025 | Don A. Egan SVP and COO C&I | sell | $352K |
| Jun 1, 2026 | Kelly Michelle Huntington Senior VP and CFO | sell | $349K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.5% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.43% | Jun 30, 2026 |
| Vanguard Capital Management | 5.15% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.1% | Mar 31, 2026 |
ETFs with the most weight in MYRG
| IFRA iShares U.S. Infrastructure ETF | 0.55% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.44% |
| OASC OneAscent Small Cap Core ETF | 0.39% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.33% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.28% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.27% |
| PAVE Global X US Infrastructure Development ETF | 0.26% |
| CCSO Carbon Collective Climate Solutions U.S. Equity ETF | 0.23% |
What could go wrong
- Fixed-price jobs can run over budget. Fixed-price contracts, where MYR agrees to one price up front, produced 57.0% of fiscal 2025 revenue. If labor, materials or delays push costs above the bid, MYR may not recover the overrun.
- Customers can cancel on short notice. Most contracts, including multi-year service agreements, can be ended in 30 to 90 days even when MYR is not at fault. Backlog, the signed work not yet done, may not turn into revenue or profit.
- Wildfire and accident claims may exceed insurance. Power-line and construction work carries safety risks. MYR's insurance has limits and exclusions that may not fully cover claims, including those from wildfires or other natural disasters, and coverage could become costlier or unavailable.
- Hiring, union and pension pressures. MYR may struggle to attract and keep qualified workers. Its union workforce could stage work stoppages, and its obligations to multi-employer pension plans (pensions shared by many employers) could hurt earnings.
- Profits swing sharply from year to year. Net income fell from $91.0 million in fiscal 2023 to $30.3 million in fiscal 2024, then rose to $118.4 million in fiscal 2025. Weather, project timing, cost overruns and customer disputes can move results.
- Spending cuts, tariffs or policy shifts. Demand depends on utility and construction budgets. Recessions, higher interest rates, tariffs, inflation on materials, or changes to transmission and clean energy rules could cut customer spending on MYR's services.
Recent events
- Quarterly results released; Other company announcement
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Investor presentation or announcement
For income and retirement investors
MYR Group paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 28, 2026. Instead, it bought back $189.8 million of its own shares over those five years, including $75.0 million in each of fiscal 2024 and 2025. The share count fell 8.2% between February 18, 2022 and October 23, 2026. Buybacks raise each remaining share's claim on profits but put no cash in shareholders' pockets. Income would have to come from cashing in shares.
The stock has fallen sharply in past downturns. In the 2020 COVID crash it dropped 46.3% between March 5 and March 18, 2020, then recovered by June 5, 2020. In the 2022 bear market it fell 30.1% by May 3, 2022 and did not regain its peak until February 23, 2023. Its largest decline in the year to October 28, 2026 was 49.2%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does MYR Group make money?
MYR Group earns fees for building, upgrading and maintaining electrical systems. Its Transmission and Distribution segment, 54.7% of fiscal 2025 revenue, works on power lines and substations for utilities. Its Commercial and Industrial segment, 45.3%, wires data centers, hospitals, airports and factories. Most jobs are won by competitive bid and paid under fixed-price, unit-price, time-and-materials or cost-plus (costs plus an agreed margin) contracts. Margins are thin: net income was 3.2% of the $3.66 billion in fiscal 2025 revenue.
Does MYR Group pay a dividend?
No. MYR Group paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 28, 2026. It returns cash through share buybacks instead, spending $189.8 million over those five years. The share count fell 8.2% between February 18, 2022 and October 23, 2026. Buybacks can lift earnings per share, but investors who want regular income would need to cash in shares to get it.
What is MYR Group's P/E ratio?
MYR Group traded at 37.2 times its fiscal 2025 earnings as of October 28, 2026. The price-to-earnings (P/E) ratio divides the share price by profit per share, which was $7.53 diluted in fiscal 2025. Net income rose 291.3% that year from a weak fiscal 2024, and third-quarter fiscal 2026 net income rose 87% from a year earlier. A high P/E builds in expectations of continued growth. If profits fall short, the price can drop.
Does MYR Group depend on a few big customers?
Not on any single one. No customer accounted for more than 10% of revenue in fiscal 2023, 2024 or 2025. Still, its top 10 customers supplied 38.0% of fiscal 2025 revenue. Customers include investor-owned utilities, cooperatives, government-funded utilities, independent power producers, general contractors and facility owners. Most contracts can be ended on 30 to 90 days' notice, and service agreements are often rebid when they expire, so MYR has to keep winning the work.
How much debt does MYR Group have?
MYR Group had $215.8 million of total debt and $26.0 million in cash and investments as of September 30, 2026. Shareholders' equity, the company's assets minus its liabilities, was $819.0 million. A September 10, 2026 filing reported a major agreement and a new debt or financial obligation. Many projects also require performance and payment bonds or letters of credit, guarantees that MYR will finish the work and pay its suppliers. Losing access to them could limit the jobs it can bid on.