Granite Construction Incorporated (GVA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-97.0%

$3.98

vs $130.70 price

Levered DCF

$19.69

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.47

Grey zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.1×	30.45×	51.37×	18.75×	175.91×	-8.4×	-21.45×	41.53×
P/B	4.27×	3.79×	2.28×	1.64×	1.83×	1.25×	1.13×	1.3×
P/S	1.14×	0.96×	0.64×	0.47×	0.51×	0.34×	0.44×	0.53×
EV / EBITDA	12.3×	11.66×	14.94×	8.58×	11.51×	-39.98×	14.52×	10.74×
Gross margin	16.1%	14.3%	11.3%	11.2%	10.4%	9.7%	6.5%	11.7%
Operating margin	5.9%	5.2%	2.3%	2.2%	0.7%	-4.4%	-1.4%	0.2%
Net margin	4.4%	3.2%	1.2%	2.5%	0.3%	-4.1%	-2.1%	0.0%
Current ratio	1.22×	1.66×	1.6×	1.69×	1.71×	1.54×	1.64×	1.82×
Debt / equity	1.38×	0.82×	0.75×	0.36×	0.39×	0.39×	0.37×	0.28×
Interest coverage	5.55×	7.1×	4.34×	5.76×	1.19×	-6.54×	-2.31×	0.56×
Dividend yield	0.5%	0.6%	1.0%	1.5%	1.3%	1.9%	1.9%	1.3%
Payout ratio	11.8%	18.1%	52.3%	27.9%	235.8%	-16.3%	-40.4%	3852.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.4%	12.4%	4.5%	8.7%	1.0%	-14.9%	-5.3%	0.0%
Return on invested capital	6.8%	7.4%	2.2%	4.5%	0.2%	-10.9%	-1.7%	-0.1%
Return on assets	4.8%	4.2%	1.5%	3.8%	0.4%	-6.1%	-2.4%	0.0%
Free cash flow yield	6.6%	8.3%	1.9%	-4.2%	-4.1%	14.4%	0.4%	-1.4%
Earnings yield	3.8%	3.3%	2.0%	5.3%	0.6%	-11.9%	-4.7%	0.0%
Enterprise value	$6.1B	$4.1B	$2.5B	$1.6B	$1.7B	$1.2B	$1.4B	$1.9B
Net debt / EBITDA	2.19×	0.72×	1.86×	0.24×	-0.15×	1.59×	1.61×	0.63×
Cash conversion cycle (days)	43	45	54	47	33	29	53	53