Primoris Services Corporation

Primoris Services is a construction and engineering contractor that builds and maintains infrastructure, working on power lines, gas pipes, solar farms, refineries and highways, mainly in the United States and Canada. Customers include utilities, solar developers, refiners, pipeline and petrochemical companies, and state transportation departments, among them Xcel Energy, Pacific Gas & Electric, Duke Energy and ExxonMobil.

Primoris earns money in two ways. Under master service agreements, or MSAs, a customer such as a utility signs a multi-year deal and calls on Primoris for repairs, installations and upgrades as needed, usually paying per unit of work or for time and materials. MSAs produced 32.0% of fiscal 2025 revenue, down from 36.8% in 2024. The rest came from individual projects, some at a fixed price, where Primoris absorbs cost overruns. Most work comes in projects averaging under $3.0 million.

The Energy segment handles engineering, construction and maintenance for renewable energy and energy storage, renewable fuels, and refineries and petrochemical plants, plus highway work for state transportation departments. It brought in $5.02 billion, or 66.3% of fiscal 2025's $7.57 billion revenue. The Utilities segment builds and maintains gas pipes, power lines and communications networks across the U.S., bringing in $2.69 billion, or 35.5%. The segment figures add up to slightly more than the company total.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.69B, down 10.7% from a year earlier, and net income was $-24.2M (-128.7%).
• For fiscal 2025, revenue was $7.57B (+19.0% year over year; +16.8% a year from FY2020 to FY2025) with a 3.6% net margin.

• Over FY2021–FY2025: $20.7M in buybacks and $68.3M in dividends.
• Regular dividend per share increased 2 years in a row.
• Regular dividends per share grew +5.9% a year over 5 years (FY2020–FY2025).
• Dividends took 6.3% of earnings and 5.1% of free cash flow in the latest fiscal year.
• Shares outstanding changed +0.2% from Aug 2, 2021 to Jul 31, 2026.

Rank among 1514 US companies

Market value at each year end

Primoris Services’s market value went from $1.18B at the end of 2016 to $3.97B on Oct 28, 2026, about 3.4 times as much; since the end of 2025 it is down 41%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 3 open-market purchases ($5K) and 9 sales ($6.2M).

Large shareholders (13G filings)

ETFs with the most weight in PRIM

1. Cost overruns on fixed-price work. On fixed-price and unit-price contracts, Primoris bears cost increases from inflation, tariffs, poor estimates or inefficiency. Overruns, delays and late-completion penalties can shrink profits or turn a project into a loss.
2. Revenue depends on a few big customers. The top ten customers produced 53.1% of fiscal 2025 revenue, up from 41.3% in 2024. The group changes each year, so finishing a large project can leave a hole that new work must fill.
3. Renewable energy rules and demand could shift. Changes to renewable portfolio standards (state rules requiring utilities to get a share of power from renewable sources) or weaker demand for solar and storage projects could hurt the Energy segment, about two-thirds of revenue.
4. Backlog may not turn into revenue. Customers can cancel or shrink backlog, the value of signed work not yet done. Most customers under master service agreements aren't required to spend a set amount, so revenue Primoris expects may never arrive.
5. Needs surety bonds and credit to bid. Many projects require surety bonds (an insurer's guarantee the work will be finished) or bank letters of credit. Without them, Primoris may be unable to bid, and bonding requirements can limit borrowing.
6. Skilled labor, unions and pension costs. The work needs many skilled, partly unionized workers. Shortages could raise costs, strikes could halt jobs, and leaving union pension plans shared with other employers could trigger costly exit charges.

• Aug 31, 2026 Executive or board change
• Aug 4, 2026 Quarterly results released; Other company announcement
• Jun 22, 2026 Quarterly results released; Executive or board change; Investor presentation or announcement
• May 5, 2026 Quarterly results released; Executive or board change; Shareholder vote results; Other company announcement
• Mar 17, 2026 Executive or board change
• Feb 23, 2026 Quarterly results released; Other company announcement
• Nov 3, 2025 Quarterly results released; Other company announcement

Primoris pays a small but growing dividend. After four years at $0.24 per share, it rose to $0.26 in fiscal 2024 and $0.32 in 2025, two straight increases. The fiscal 2025 dividend used just 6.3% of earnings and 5.1% of free cash flow (cash left after costs and equipment spending), so it is well covered. Still, the yield was only 0.43% as of October 28, 2026, so the stock provides little income and returns depend mostly on the share price. Buybacks totaled $20.7 million over fiscal 2021–2025, and the share count barely moved.

The shares have swung hard. They fell 57.6% in the 2020 COVID crash and took about eight months to recover, then dropped 40.9% in the 2022 market downturn and regained their high in about five months. In the year to October 28, 2026, they fell 47.5%, at one point sitting 67.9% below their high. Single stocks carry more risk than diversified funds.