Primoris Services
PRIMNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $71.55 Prior regular-session close from the quote source.
- $67.45–$72.65 Regular-session low and high so far today.
- 620.2K Regular-session shares traded · Nov 13, 3:36 PM ET.
- Feb 22 projected Projected for 2027-02-22 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $57.72–$205.50 52-week trading low and high returned by the quote source.
Understand the Business
- Customers buy construction, maintenance, replacement, and engineering work for utility and energy assets; Primoris earns as crews and equipment complete contracted work.↗
- Gas and electric distribution work is largely under renewable Master Service Agreements, creating repeat unit-priced jobs; Primoris still absorbs unit costs that exceed its bids.↗
Why this business is different
- The company-specific edge is service-relationship renewal, not product ownership: substantially all gas, electric distribution, and communications services use renewable Master Service Agreements.↗
- The weakness is contract risk: if labor, equipment, or execution costs exceed unit-price bids, Primoris absorbs the overrun before customers order the next project.↗
What could matter next
- The key question is whether record backlog converts into profitable revenue after 2026 renewables overruns; backlog helps demand visibility, but project controls drive earnings quality.↗↗↗
- Renewables execution could decide near-term margins: Primoris blamed weak results on a limited number of challenged projects, not a collapse in utility and energy demand.↗↗
Why the Stock Moved
- February 2025 · Cash conversion improved: The story broadened from backlog growth to cash conversion. Primoris reported $508.3 million of 2024 operating cash flow, driven mainly by improved working capital and higher net income. The cash could support debt service and investment, but working-capital benefits need not recur.↗↗
- June 2026 · Renewables reset: Execution risk moved back to the center of the thesis. Primoris identified additional renewables cost overruns and cut 2026 guidance sharply. A few projects impaired earnings and margin durability confidence.↗↗
The core investment thesis
Own PRIM if utility and energy customers keep expanding infrastructure work, Primoris turns backlog into profitable cash, and 2026 renewables overruns prove contained rather than systemic.
PRIM price history
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Investment thesis
What must happen next
Backlog must convert into profitable revenue, not simply grow as customers order more power and utility infrastructure work.HoldingMateriality: High
Backlog reached a record, while unit-price contracts leave cost increases above bids with Primoris. Large awards only create value if Primoris estimates costs well and converts backlog into revenue at acceptable margins.
Watch: Watch whether second-half 2026 Energy margins recover as challenged renewables projects finish.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
At June quarter end, total backlog was $13.9 billion, with MSAs accounting for $8.2 billion.
Open source ↗On unit-priced work, Primoris bears costs that exceed its negotiated per-unit price.
Open source ↗The stock needs 2026 renewables overruns to be isolated, with better project controls preventing repeat losses on future jobs.WeakeningMateriality: High
Management identified additional renewables cost overruns in June, then reported weak Q2 earnings in August. Renewable power construction is a major Energy opportunity, but a few poorly estimated projects can erase benefits from strong end-market demand.
Watch: Watch for further loss provisions, project delays, or another guidance cut tied to renewables.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
June’s update identified additional overruns, mainly on six previously discussed renewable projects.
Open source ↗Q2 adjusted EBITDA fell 92.6% to $11.4 million, despite the record backlog.
Open source ↗Utility customers must keep renewing Master Service Agreements so Primoris retains a steadier earnings base beside project work and renewables exposure.HoldingMateriality: High
The 2025 Form 10-K says substantially all gas, electric distribution, and communications services use renewable Master Service Agreements. Renewable Master Service Agreements make utility work less episodic than one-off projects and can support utilization for crews and equipment.
Watch: Watch Master Service Agreement backlog and renewal commentary for signs utilities reduce outsourced work.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Nearly all gas, electric distribution and communications services operate under renewing MSAs.
Open source ↗Contract pricing must keep pace with labor, equipment, and materials costs so growth does not dilute margins over time.HoldingMateriality: Medium
The Form 10-K says unit cost increases over the unit-price bid are borne by Primoris. Contract structures reduce some volume risk but do not eliminate cost risk when labor, materials, or execution assumptions move against bids.
Watch: Watch whether future filings cite inflation, labor, or equipment costs exceeding contractual recovery.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Unit-price contracts leave the contractor exposed when inflation or execution raises per-unit costs beyond the bid.
Open source ↗
Full investment case & evidence
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Original research
Backlog must convert into profitable revenue, not simply grow as customers order more power and utility infrastructure work. Large awards only create value if Primoris estimates costs well and converts backlog into revenue at acceptable margins.
The stock needs 2026 renewables overruns to be isolated, with better project controls preventing repeat losses on future jobs. Renewable power construction is a major Energy opportunity, but a few poorly estimated projects can erase benefits from strong end-market demand.
Utility customers must keep renewing Master Service Agreements so Primoris retains a steadier earnings base beside project work and renewables exposure. Renewable Master Service Agreements make utility work less episodic than one-off projects and can support utilization for crews and equipment.
Contract pricing must keep pace with labor, equipment, and materials costs so growth does not dilute margins over time. Contract structures reduce some volume risk but do not eliminate cost risk when labor, materials, or execution assumptions move against bids.
All standing thesis claims
Original report summary
utility and energy customers keep expanding infrastructure work, Primoris turns backlog into profitable cash, and 2026 renewables overruns prove contained rather than systemic.
Since this case
What has happened since Sep 29, 2026
The case above was written from evidence through Sep 29, 2026 and stays as written. This part is read from SEC filings and closing prices each time the page is built, so it moves as new reports are filed.
- Results
- The financial statements could not be read just now.
- Share price
- The price since this case could not be read just now.
- Filings
- The filings since this case could not be read just now.
- Insiders
- Insider filings since this case could not be read just now.
- Conditions
- None of the conditions the Thesis-Break Engine checks has crossed on Primoris Services since Sep 29, 2026.
Bull case and bear case
Bull case and bear case for Primoris Services Corp
Where the evidence on Primoris Services disagrees: Mixed on the latest evidence (Sep 29, 2026). Of its 4 thesis points, 3 holding and 1 weakening.
Bull case: what the evidence supports
Backlog must convert into profitable revenue, not simply grow as customers order more power and utility infrastructure work.
Utility customers must keep renewing Master Service Agreements so Primoris retains a steadier earnings base beside project work and renewables exposure.
Contract pricing must keep pace with labor, equipment, and materials costs so growth does not dilute margins over time.
Bear case: what the evidence questions
The stock needs 2026 renewables overruns to be isolated, with better project controls preventing repeat losses on future jobs.
Company research
Research on Primoris Services
- Reporting · Primoris Services Corporation (NYSE: PRIM) Nears the End of Solar Overruns
Five of six troubled projects have reached mechanical completion, but final closeout still has to protect margins.
Thesis-Break Engine
Thesis-break watch · Primoris Services
No break has crossed Primoris Services’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRecord backlog offset by weak Q2 earnings
Second-quarter results showed a loss and sharply lower adjusted earnings before interest, taxes, depreciation and amortization, but backlog reached a company record. Demand is holding; near-term earnings quality is not.
- ChallengingRenewables overruns forced a 2026 reset
Primoris disclosed additional renewables cost overruns, lowered full-year 2026 expectations, and changed operating leadership. This weakens the thesis because project control, not demand, became the binding constraint on earnings.
Risks / falsifiers
What could break the thesis
- Watch whether second-half 2026 Energy margins recover as challenged renewables projects finish.
- Watch for further loss provisions, project delays, or another guidance cut tied to renewables.
- Watch Master Service Agreement backlog and renewal commentary for signs utilities reduce outsourced work.
- Watch whether future filings cite inflation, labor, or equipment costs exceeding contractual recovery.
PRIM news
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Financial statements
PRIM income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PRIM: quick answers
- When does Primoris Services (PRIM) report earnings next?
- Primoris Services's next results are projected for February 22, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 3, 2026. Earnings calendar
- What is PRIM's short interest?
- As of October 30, 2026, 4.7M PRIM shares were sold short, 8.95% of its shares outstanding, down 2.2% from the count before. At the stock's average daily volume that is 3.1 days to cover. FINRA publishes the count twice a month. PRIM short interest history
- Which well-known investors own PRIM?
- 1 of the 37 well-known funds tracked here reported PRIM shares in their latest 13F filing. By share of the fund's portfolio: Soros Fund Management (George Soros), 0.0%. Fund portfolios
PRIM in well-known investors’ portfolios
1 of 37 funds reported PRIM shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| George SorosSoros Fund Management | 0.01% | $1.0M | New | Q2 2026 |