Primoris Services Corporation (PRIM) 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

+12.4%

$84.98

vs $75.60 price

Levered DCF

$285.80

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

Safe zone

Rating

Overall 3 / 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	24.39×	22.67×	14.01×	8.78×	10.95×	12.72×	13.73×	12.67×
P/B	3.99×	2.91×	1.43×	1.05×	1.28×	1.87×	1.8×	1.63×
P/S	0.88×	0.64×	0.31×	0.26×	0.36×	0.38×	0.36×	0.33×
EV / EBITDA	14.74×	11.62×	7.91×	7.61×	6.83×	6.19×	7.22×	5.76×
Gross margin	10.7%	11.0%	10.3%	10.3%	11.9%	10.6%	10.7%	11.1%
Operating margin	5.5%	5.0%	4.4%	4.4%	4.9%	4.7%	4.5%	4.4%
Net margin	3.6%	2.8%	2.2%	3.0%	3.3%	3.0%	2.7%	2.6%
Current ratio	1.26×	1.29×	1.41×	1.5×	1.56×	1.46×	1.36×	1.49×
Debt / equity	0.76×	0.84×	1.07×	1.21×	0.83×	0.74×	0.95×	0.61×
Interest coverage	14.42×	4.86×	3.24×	4.98×	9.2×	11.63×	7.36×	6.96×
Dividend yield	0.3%	0.3%	0.7%	1.1%	1.0%	0.9%	1.1%	1.3%
Payout ratio	6.3%	7.1%	10.1%	9.6%	10.9%	11.0%	14.8%	15.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.4%	12.8%	10.2%	12.0%	11.7%	14.7%	13.1%	12.8%
Return on invested capital	10.7%	8.3%	6.8%	6.4%	6.8%	8.9%	7.8%	9.7%
Return on assets	6.2%	4.3%	3.3%	3.8%	4.6%	5.3%	4.5%	4.9%
Free cash flow yield	5.1%	9.3%	5.4%	-1.0%	-4.3%	18.6%	2.2%	1.7%
Earnings yield	4.1%	4.4%	7.1%	11.4%	9.2%	7.9%	7.3%	7.9%
Enterprise value	$7.4B	$4.8B	$2.9B	$2.3B	$1.9B	$1.5B	$1.6B	$1.2B
Net debt / EBITDA	1.46×	1.77×	3.03×	3.69×	2.25×	0.81×	2.14×	1.04×
Cash conversion cycle (days)	40	55	53	7	61	51	57	54