Detailed financial statements for Tutor Perini Corporation (TPC): 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.
Tutor Perini Corporation, a long-standing construction firm founded in 1894 and based in Sylmar, California (which operated as Perini Corporation until 2009), offers a comprehensive suite of general contracting, construction management, and design-build solutions to a global clientele of private entities and public sector organizations. The company's operations are segmented into three main areas.
Analysis Summary
Tutor Perini Corporation reported revenue of $5.54B in the most recent fiscal year, growing at a 5-year CAGR of 0.8%. Net income reached $80.4M, with a -5.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 11.5%, operating margin 4.5%, net margin 2.1%. Free cash flow grew at 36.9% CAGR over 5 years.
At the current price of $86.43, TPC trades at a P/E of 36.64 and an ROE of 10.13%. Market capitalisation stands at $4.6B.
Balance sheet quality for TPC: current ratio of 1.3, net cash position of $528.2M. 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 $567.2M represents 705% 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.97B | $4.76B | $4.45B | $4.45B | $5.32B | $4.64B | $3.79B | $3.88B | $4.33B | $5.54B |
| Cost of Revenue | $4.52B | $4.30B | $4.00B | $4.21B | $4.83B | $4.18B | $3.76B | $3.74B | $4.13B | $4.90B |
| Gross Profit | $457.2M | $454.4M | $454.5M | $241.8M | $486.2M | $466.4M | $29.6M | $140.6M | $197.0M | $647.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $255.3M | $274.9M | $262.6M | $226.9M | $223.8M | $239.6M | $234.4M | $255.2M | $300.8M | $415.6M |
| Operating Expenses | $255.3M | $274.9M | $262.6M | $606.8M | $223.8M | $239.6M | $234.4M | $255.2M | $300.8M | $415.6M |
| Operating Income | $201.9M | $179.5M | $191.9M | -$365.0M | $262.3M | $226.8M | -$204.8M | -$114.6M | -$103.8M | $232.0M |
| EBITDA | $276.2M | $275.3M | $243.4M | -$295.7M | $346.3M | $345.5M | -$135.3M | -$54.0M | -$34.7M | $309.3M |
| Interest Expense | $59.8M | $69.4M | $63.5M | $67.5M | $76.2M | $67.5M | $68.0M | $85.2M | $89.1M | $55.0M |
| Pre-tax Income | $149.1M | $154.0M | $132.6M | -$425.8M | $174.3M | $159.8M | -$267.7M | -$182.6M | -$173.0M | $204.5M |
| Income Tax | $53.3M | -$569,000 | $34.8M | -$65.6M | $21.9M | $25.6M | -$75.1M | -$55.0M | -$50.7M | $61.4M |
| Net Income | $95.8M | $148.4M | $83.4M | -$387.7M | $108.4M | $91.9M | -$210.0M | -$171.2M | -$163.7M | $80.4M |
| EPS | $1.95 | $2.99 | $1.67 | $-7.17 | $3.01 | $2.63 | $-3.75 | $-3.30 | $-3.13 | $1.53 |
| EPS (Diluted) | $1.92 | $2.92 | $1.66 | $-7.17 | $2.98 | $2.61 | $-3.75 | $-3.30 | $-3.13 | $1.51 |
| Shares Outstanding (Diluted) | $49.9M | $50.8M | $50.3M | $50.2M | $51.1M | $51.4M | $51.3M | $51.8M | $52.3M | $53.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.42B | $1.51B | $1.39B | $1.64B |
| Gross Profit | $169.4M | $147.7M | $154.6M | $211.3M |
| Operating Income | $40.1M | $50.1M | $59.2M | $117.7M |
| EBITDA | $59.8M | $71.4M | $54.6M | $117.1M |
| Net Income | $3.6M | $28.8M | $25.7M | $65.7M |
| EPS | $0.07 | $0.55 | $0.49 | $1.25 |
| EPS (Diluted) | $0.07 | $0.54 | $0.48 | $1.23 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $146.1M | $192.9M | $116.1M | $193.7M | $374.3M | $202.2M | $259.4M | $380.6M | $455.1M | $770.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $229.0M |
| Receivables | $2.58B | $2.73B | $2.88B | $3.04B | $3.30B | $3.38B | $3.13B | $2.78B | $2.49B | $2.71B |
| Inventory | $50.5M | $57.8M | $61.9M | $79.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.84B | $3.07B | $3.18B | $3.51B | $4.08B | $3.86B | $3.68B | $3.52B | $3.29B | $4.12B |
| Property, Plant & Equipment | $477.6M | $467.5M | $490.7M | $509.7M | $489.2M | $429.6M | $435.1M | $441.3M | $423.0M | $606.6M |
| Goodwill | $585.0M | $585.0M | $585.0M | $205.1M | $205.1M | $205.1M | $205.1M | $205.1M | $205.1M | $205.1M |
| Intangible Assets | $93.0M | $89.5M | $85.9M | $155.3M | $123.1M | $85.1M | $70.5M | $68.3M | $66.1M | $63.8M |
| Total Assets | $4.04B | $4.26B | $4.39B | $4.49B | $5.05B | $4.72B | $4.54B | $4.43B | $4.24B | $5.16B |
| Accounts Payable | $994.0M | $961.8M | $833.7M | $934.9M | $1.11B | $781.0M | $741.9M | $689.7M | $872.4M | $990.2M |
| Short-term Debt | $85.9M | $30.7M | $16.8M | $124.1M | $100.2M | $24.4M | $70.3M | $117.4M | $24.1M | $26.4M |
| Total Current Liabilities | $1.52B | $1.58B | $1.60B | $2.11B | $2.26B | $1.78B | $1.97B | $2.12B | $2.33B | $3.24B |
| Long-term Debt | $673.6M | $705.5M | $744.7M | $710.4M | $925.3M | $969.2M | $888.2M | $782.3M | $510.0M | $392.8M |
| Total Liabilities | $2.49B | $2.56B | $2.60B | $3.06B | $3.50B | $3.05B | $3.10B | $3.15B | $3.08B | $3.90B |
| Retained Earnings | $473.6M | $622.0M | $701.7M | $314.0M | $422.4M | $514.3M | $304.3M | $133.1M | -$30.6M | $46.4M |
| Total Equity | $1.55B | $1.71B | $1.81B | $1.44B | $1.55B | $1.65B | $1.45B | $1.29B | $1.13B | $1.22B |
| Total Debt | $759.5M | $736.3M | $761.5M | $834.5M | $1.03B | $993.7M | $958.4M | $899.7M | $534.1M | $470.9M |
| Net Debt | $613.4M | $543.4M | $645.4M | $640.8M | $651.2M | $791.5M | $699.1M | $519.2M | $79.1M | -$528.2M |
| Working Capital | $1.32B | $1.49B | $1.58B | $1.40B | $1.82B | $2.09B | $1.71B | $1.40B | $954.0M | $877.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $758.1M | $770.2M | $826.8M | $938.2M |
| Total Assets | $5.17B | $5.16B | $5.14B | $5.36B |
| Total Liabilities | $3.91B | $3.90B | $3.87B | $4.03B |
| Total Equity | $1.19B | $1.22B | $1.21B | $1.27B |
| Total Debt | $473.0M | $470.9M | $466.0M | $464.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $95.8M | $154.5M | $97.8M | -$360.2M | $152.3M | $134.2M | -$192.6M | -$171.2M | -$122.3M | $80.4M |
| Depreciation & Amortization | $67.3M | $51.9M | $47.3M | $65.0M | $107.0M | $118.2M | $64.4M | $45.2M | $53.8M | $49.8M |
| Stock-based Compensation | $13.4M | $21.2M | $22.8M | $19.1M | $11.8M | $11.6M | $9.1M | $12.3M | $40.4M | 0 |
| Change in Working Capital | -$90.5M | -$60.2M | -$156.8M | $131.3M | -$170.0M | -$422.2M | $390.4M | $432.7M | $604.0M | $351.3M |
| Operating Cash Flow | $113.3M | $163.6M | $21.4M | $136.5M | $172.8M | -$148.5M | $207.0M | $308.5M | $503.5M | $748.1M |
| Capital Expenditure | -$15.7M | -$30.3M | -$77.1M | -$84.2M | -$54.8M | -$38.6M | -$59.8M | -$53.0M | -$37.4M | -$180.9M |
| Acquisitions | $1.9M | $2.7M | -$16.0M | $6.6M | $17.6M | $14.2M | $17.3M | 0 | 0 | $16.5M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$3.2M |
| Free Cash Flow | $97.6M | $133.3M | -$55.7M | $52.3M | $118.0M | -$187.0M | $147.2M | $255.5M | $466.1M | $567.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $289.1M | $173.7M | $146.9M | $187.3M |
| Capital Expenditure | -$49.0M | -$75.0M | -$18.0M | -$33.7M |
| Free Cash Flow | $240.2M | $98.7M | $128.9M | $153.6M |
| Dividends Paid | 0 | -$3.2M | -$3.3M | -$3.2M |
| Stock-based Compensation | $58.7M | $29.3M | 0 | $57.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -4.3% | -6.4% | -0.1% | +19.5% | -12.7% | -18.3% | +2.4% | +11.5% | +28.1% | |
| Net Income Growth (YoY) | +54.9% | -43.8% | -564.7% | +128.0% | -15.2% | -328.5% | +18.5% | +4.3% | +149.1% | |
| EPS Growth (YoY) | +53.3% | -44.1% | -529.3% | +142.0% | -12.6% | -242.6% | +12.0% | +5.2% | +148.9% | |
| Shares Change (YoY) | +1.8% | -0.9% | -0.2% | +1.7% | +0.6% | -0.1% | +1.0% | +0.9% | +2.1% | |
| FCF Growth (YoY) | +36.6% | -141.8% | +194.0% | +125.5% | -258.5% | +178.7% | +73.6% | +82.4% | +21.7% | |
| Gross Margin | 9.2% | 9.6% | 10.2% | 5.4% | 9.1% | 10.0% | 0.8% | 3.6% | 4.6% | 11.7% |
| Operating Margin | 4.1% | 3.8% | 4.3% | -8.2% | 4.9% | 4.9% | -5.4% | -3.0% | -2.4% | 4.2% |
| EBITDA Margin | 5.6% | 5.8% | 5.5% | -6.6% | 6.5% | 7.4% | -3.6% | -1.4% | -0.8% | 5.6% |
| Net Margin | 1.9% | 3.1% | 1.9% | -8.7% | 2.0% | 2.0% | -5.5% | -4.4% | -3.8% | 1.5% |
| FCF Margin | 2.0% | 2.8% | -1.2% | 1.2% | 2.2% | -4.0% | 3.9% | 6.6% | 10.8% | 10.2% |
| Effective Tax Rate | 35.7% | -0.4% | 26.3% | 15.4% | 12.6% | 16.0% | 28.1% | 30.1% | 29.3% | 30.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.96 | $2.63 | $-1.11 | $1.04 | $2.31 | $-3.64 | $2.87 | $4.93 | $8.91 | $10.62 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.06 |
| Shares Outstanding (Basic) | $49.1M | $49.6M | $50.0M | $50.2M | $50.7M | $51.0M | $51.3M | $51.8M | $52.3M | $52.7M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 10.13% |
| Return on Invested Capital | 9.26% |
| Return on Assets | 2.31% |
| Gross Margin | 11.48% |
| Operating Margin | 4.49% |
| Net Margin | 2.08% |
Financial Health
| Debt / Equity | 0.37 |
| Current Ratio | 1.29 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.98 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.36 | 8.48 | 9.56 | -1.79 | 4.30 | 4.70 | -2.01 | -2.76 | -7.73 | 43.80 |
| P/B | 0.89 | 0.73 | 0.44 | 0.45 | 0.42 | 0.38 | 0.27 | 0.37 | 1.12 | 2.90 |
| P/S | 0.28 | 0.26 | 0.18 | 0.15 | 0.12 | 0.14 | 0.10 | 0.12 | 0.29 | 0.64 |
| Gross Margin | 9.2% | 9.6% | 10.2% | 5.4% | 9.1% | 10.0% | 0.8% | 3.6% | 4.6% | 11.7% |
| Operating Margin | 4.1% | 3.8% | 4.3% | -8.2% | 4.9% | 4.9% | -5.4% | -3.0% | -2.4% | 4.2% |
| Net Margin | 1.9% | 3.1% | 1.9% | -8.7% | 2.0% | 2.0% | -5.5% | -4.4% | -3.8% | 1.5% |
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