Detailed financial statements for SOLV Energy, Inc. Class A Common Stock (MWH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
SOLV Energy, Inc. provides infrastructure services to the power industry in the United States. It offers engineering, procurement, construction, testing, commissioning, operations, maintenance, and repowering services. The company engages in designing, building, and maintaining utility-scale solar and battery storage projects, and related transmission and distribution infrastructure.
Analysis Summary
Balance sheet quality for MWH: current ratio of 1.0, net debt of $77.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $310.2M represents 208% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.32B | $2.10B | $1.85B | $2.49B |
| Cost of Revenue | $2.22B | $1.99B | $1.59B | $2.08B |
| Gross Profit | $97.9M | $110.0M | $259.2M | $406.5M |
| Research & Development | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $101.2M | $95.8M | $127.9M | $211.0M |
| Operating Expenses | $180.2M | $162.9M | $194.2M | $211.0M |
| Operating Income | -$82.3M | -$52.9M | $64.9M | $195.4M |
| EBITDA | $6.2M | $31.9M | $150.8M | $281.0M |
| Interest Expense | $39.7M | $59.7M | $3.7M | $52.7M |
| Pre-tax Income | -$121.8M | -$109.6M | $62.2M | $153.3M |
| Income Tax | $5,000 | $204,000 | $8.0M | $3.6M |
| Net Income | -$121.8M | -$109.8M | $49.9M | $149.2M |
| EPS | $-1.08 | $-0.98 | $0.44 | $0.74 |
| EPS (Diluted) | $-1.08 | $-0.98 | $0.25 | $0.74 |
| Shares Outstanding (Diluted) | $199.4M | $199.4M | $199.4M | $202.5M |
Balance Sheet (10y)
| Year | 2025 |
|---|---|
| Cash & Equivalents | $394.9M |
| Short-term Investments | 0 |
| Receivables | $431.8M |
| Inventory | $48.1M |
| Total Current Assets | $881.6M |
| Property, Plant & Equipment | $114.4M |
| Goodwill | $429.3M |
| Intangible Assets | $362.4M |
| Total Assets | $1.82B |
| Accounts Payable | $422.9M |
| Short-term Debt | $22.0M |
| Total Current Liabilities | $892.8M |
| Long-term Debt | $413.3M |
| Total Liabilities | $1.36B |
| Retained Earnings | -$98.1M |
| Total Equity | $452.2M |
| Total Debt | $471.9M |
| Net Debt | $77.0M |
| Working Capital | -$11.3M |
Cash Flow (10y)
| Year | 2025 |
|---|---|
| Net Income | $149.2M |
| Depreciation & Amortization | $85.5M |
| Stock-based Compensation | 0 |
| Change in Working Capital | $60.1M |
| Operating Cash Flow | $331.6M |
| Capital Expenditure | -$21.4M |
| Acquisitions | 0 |
| Stock Repurchased | 0 |
| Dividends Paid | 0 |
| Free Cash Flow | $310.2M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth (YoY) | -9.4% | -12.0% | +34.8% | |
| Net Income Growth (YoY) | +9.8% | +145.4% | +198.9% | |
| EPS Growth (YoY) | +9.3% | +144.9% | +68.2% | |
| Shares Change (YoY) | +0.0% | +0.0% | +1.5% | |
| Gross Margin | 4.2% | 5.2% | 14.0% | 16.3% |
| Operating Margin | -3.5% | -2.5% | 3.5% | 7.8% |
| EBITDA Margin | 0.3% | 1.5% | 8.2% | 11.3% |
| Net Margin | -5.3% | -5.2% | 2.7% | 6.0% |
| FCF Margin | 12.5% | |||
| Effective Tax Rate | -0.0% | -0.2% | 12.8% | 2.4% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| FCF Per Share | $1.53 | |||
| Dividends Per Share | $0.00 | |||
| Shares Outstanding (Basic) | $112.4M | $112.4M | $112.4M | $202.5M |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| P/E | -28.62 | -31.54 | 70.25 | 41.77 |
| P/B | 0.00 | 0.00 | 0.00 | 13.84 |
| P/S | 1.50 | 1.65 | 1.88 | 2.51 |
| Gross Margin | 4.2% | 5.2% | 14.0% | 16.3% |
| Operating Margin | -3.5% | -2.5% | 3.5% | 7.8% |
| Net Margin | -5.3% | -5.2% | 2.7% | 6.0% |
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Explore sector: Utilities · Renewable Utilities
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