SOLV Energy, Inc. Class A Common Stock (MWH) 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

-79.8%

$4.85

vs $24.00 price

Levered DCF

$6.03

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.24

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022
P/E	41.77×	70.25×	-31.54×	-28.62×
P/B	13.84×	8.89×	8.95×	0×
P/S	2.51×	1.88×	1.65×	1.5×
EV / EBITDA	22.55×	24.47×	117.02×	0×
Gross margin	16.3%	14.0%	5.2%	4.2%
Operating margin	7.8%	3.5%	-2.5%	-3.5%
Net margin	6.0%	2.7%	-5.2%	-5.3%
Current ratio	0.99×	0.89×	0.83×	0×
Debt / equity	1.04×	1.08×	1.12×	0×
Interest coverage	3.71×	17.52×	-0.89×	-2.07×
Dividend yield	0.0%	0.3%	0.0%	0.0%
Payout ratio	0.0%	21.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	33.0%	12.8%	-28.3%	0.0%
Return on invested capital	20.2%	6.8%	-6.3%	0.0%
Return on assets	8.2%	3.4%	-6.9%	0.0%
Free cash flow yield	5.0%	3.1%	1.0%	1.6%
Earnings yield	2.4%	1.4%	-3.2%	-3.5%
Enterprise value	$6.3B	$3.7B	$3.7B	$0
Net debt / EBITDA	0.27×	1.42×	8.1×	0×
Cash conversion cycle (days)	-2	-9	-8	0