NYSE : GVA
Granite Construction Incorporated — Financial statements
Industrials · Engineering & Construction · United States
Last price 123.62 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.46B
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Financial statements
Granite Construction Incorporated (GVA) reported revenue of 5.30B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.30B | 4.42B | 4.01B | 3.51B | 3.30B | 3.50B |
| Cost of Revenue | 4.45B | 3.71B | 3.43B | 3.11B | 2.93B | 3.14B |
| Gross Profit | 852.16M | 711.22M | 572.70M | 396.40M | 369.49M | 362.64M |
| Selling, General & Admin | 456.99M | 407.56M | 334.16M | 294.47M | 272.61M | 303.01M |
| Other Operating Expenses | 24.22M | 24.22M | 37.44M | 45.72M | 25.92M | 101.35M |
| Operating Expenses | 481.20M | 431.78M | 371.60M | 340.18M | 298.53M | 404.37M |
| Operating Income | 370.95M | 279.44M | 201.10M | 56.22M | 70.96M | -41.72M |
| Interest Expense | -347.59M | -47.22M | -29.19M | -18.46M | -12.62M | -20.74M |
| Interest & Investment Income | 26.33M | 26.88M | 24.35M | 17.54M | 6.53M | 1.18M |
| Earnings From Equity Investments | 18.98M | 14.96M | 16.98M | 25.75M | 13.57M | 12.59M |
| Other Non Operating Income (Expenses) | 34.79M | 11.77M | 4.24M | 6.02M | -1.04M | 4.39M |
| EBT Excluding Unusual Items | 103.46M | 285.82M | 217.48M | 87.06M | 77.40M | -44.31M |
| Merger & Restructuring Charges | -5.60M | -17.20M | -2.50M | |||
| Impairment of Goodwill | -4.50M | |||||
| Gain (Loss) on Sale of Assets | 17.98M | 20.21M | 8.76M | 28.35M | 14.42M | 66.44M |
| Other Unusual Items | -260.85M | -27.55M | -51.05M | |||
| Pretax Income | -146.86M | 288.83M | 196.19M | 59.85M | 91.82M | 22.13M |
| Income Tax Expense | 91.78M | 68.48M | 55.75M | 30.27M | 12.96M | 19.71M |
| Earnings From Continuing Operations | -238.65M | 220.35M | 140.44M | 29.59M | 78.86M | 2.41M |
| Net Income to Company | -238.65M | 220.35M | 140.44M | 29.59M | 78.86M | 2.41M |
| Minority Interest in Earnings | -25.98M | -27.35M | -14.10M | 14.01M | 4.45M | 7.68M |
| Net Income | -264.62M | 193.00M | 126.35M | 43.60M | 83.30M | 10.10M |
| Net Income to Common | -264.62M | 193.00M | 126.35M | 43.60M | 83.30M | 10.10M |
| Shares Outstanding (Basic) | 43.73M | 43.65M | 43.85M | 43.88M | 44.48M | 45.79M |
| Shares Outstanding (Diluted) | 43.73M | 53.13M | 52.51M | 52.56M | 52.33M | 47.60M |
| EPS (Basic) | -6.05 | 4.42 | 2.88 | 0.99 | 1.87 | 0.22 |
| EPS (Diluted) | -6.05 | 3.86 | 2.62 | 0.97 | 1.70 | 0.21 |
| Free Cash Flow | 443.15M | 330.65M | 319.94M | 43.32M | -65.97M | -72.88M |
| Free Cash Flow Per Share | 10.13 | 6.22 | 6.09 | 0.82 | -1.26 | -1.53 |
| Dividend Per Share | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 |
| Gross Margin | 16.08% | 16.07% | 14.29% | 11.30% | 11.19% | 10.36% |
| Operating Margin | 7.00% | 6.32% | 5.02% | 1.60% | 2.15% | -1.19% |
| Profit Margin | -4.99% | 4.36% | 3.15% | 1.24% | 2.52% | 0.29% |
| Free Cash Flow Margin | 8.36% | 7.47% | 7.98% | 1.23% | -2.00% | -2.08% |
| EBITDA | 559.54M | 441.87M | 327.43M | 148.49M | 153.53M | 67.33M |
| EBITDA Margin | 10.56% | 9.99% | 8.17% | 4.23% | 4.65% | 1.92% |
| D&A For EBITDA | 188.59M | 162.43M | 126.33M | 92.27M | 82.57M | 109.05M |
| EBIT | 370.95M | 279.44M | 201.10M | 56.22M | 70.96M | -41.72M |
| EBIT Margin | 7.00% | 6.32% | 5.02% | 1.60% | 2.15% | -1.19% |
| Effective Tax Rate | 23.71% | 28.42% | 50.57% | 14.12% | 89.09% | |
| Revenue as Reported | 3.50B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 480.29M | 529.22M | 578.33M | 417.66M | 293.99M | 395.65M |
| Short-Term Investments | 154.98M | 205.69M | 148.24M | 207.10M | 223.18M | 189.91M |
| Trading Asset Securities | 11.61M | 830.00K | ||||
| Cash & Short-Term Investments | 646.88M | 735.74M | 726.57M | 624.76M | 517.17M | 585.56M |
| Accounts Receivable | 1.21B | 796.79M | 761.79M | 785.61M | 634.11M | 550.53M |
| Other Receivables | 42.84M | 70.48M | 78.31M | 76.08M | 71.79M | 59.50M |
| Receivables | 1.25B | 867.27M | 840.10M | 861.69M | 705.90M | 610.02M |
| Inventory | 181.20M | 143.13M | 108.17M | 103.90M | 86.81M | 61.97M |
| Other Current Assets | 43.91M | 66.09M | 41.82M | 53.10M | 37.41M | 569.85M |
| Total Current Assets | 2.12B | 1.81B | 1.72B | 1.64B | 1.35B | 1.83B |
| Property, Plant & Equipment | 1.52B | 1.41B | 805.98M | 741.04M | 558.29M | 482.82M |
| Long-Term Investments | 99.41M | 146.30M | 94.03M | 92.91M | 107.29M | 38.97M |
| Goodwill | 448.39M | 400.81M | 214.47M | 155.00M | 73.70M | 53.72M |
| Other Intangible Assets | 202.82M | 179.55M | 127.89M | 117.32M | 9.21M | 9.50M |
| Long-Term Deferred Tax Assets | 8.18M | 22.21M | 24.14M | |||
| Other Long-Term Assets | 78.84M | 78.00M | 66.64M | 55.63M | 49.93M | 58.39M |
| Total Assets | 4.47B | 4.03B | 3.03B | 2.81B | 2.17B | 2.49B |
| Accounts Payable | 639.56M | 430.30M | 407.22M | 408.36M | 334.39M | 324.31M |
| Accrued Expenses | 260.39M | 229.85M | 200.31M | 187.35M | 159.34M | 164.46M |
| Current Portion of Long-Term Debt | 381.69M | 375.90M | 1.11M | 39.93M | 1.45M | 12.24M |
| Current Portion of Leases | 40.87M | 32.73M | 20.16M | 16.83M | 18.66M | |
| Current Unearned Revenue | 465.00M | 327.37M | 299.67M | 243.85M | 173.29M | 200.04M |
| Other Current Liabilities | 118.35M | 85.60M | 103.48M | 133.56M | 110.47M | 368.26M |
| Total Current Liabilities | 1.91B | 1.48B | 1.03B | 1.03B | 797.59M | 1.07B |
| Long-Term Debt | 1.17B | 963.23M | 737.94M | 614.78M | 286.93M | 331.19M |
| Long-Term Leases | 150.64M | 125.73M | 73.64M | 63.55M | 32.17M | 32.93M |
| Pension & Post-Retirement Benefits | 3.40M | 3.40M | 3.70M | 3.70M | 4.90M | |
| Long-Term Deferred Tax Liabilities | 147.38M | 141.49M | 13.87M | 3.71M | 1.89M | 1.86M |
| Other Long-Term Liabilities | 93.48M | 93.26M | 85.48M | 70.95M | 60.50M | 59.17M |
| Total Liabilities | 3.47B | 2.81B | 1.95B | 1.79B | 1.18B | 1.50B |
| Common Stock | 441.00K | 435.00K | 434.00K | 439.00K | 437.00K | 458.00K |
| Additional Paid-In Capital | 496.19M | 402.39M | 410.74M | 474.13M | 470.41M | 559.75M |
| Retained Earnings | 440.68M | 774.64M | 604.63M | 501.84M | 481.38M | 410.83M |
| Comprehensive Income & Other | 8.68M | 1.58M | -582.00K | 881.00K | 788.00K | -3.36M |
| Total Common Equity | 945.99M | 1.18B | 1.02B | 977.30M | 953.02M | 967.68M |
| Minority Interest | 50.71M | 42.48M | 64.14M | 49.67M | 32.13M | 27.88M |
| Shareholders' Equity | 996.70M | 1.22B | 1.08B | 1.03B | 985.14M | 995.56M |
| Total Liabilities & Equity | 4.47B | 4.03B | 3.03B | 2.81B | 2.17B | 2.49B |
| Total Debt | 1.75B | 1.50B | 832.85M | 735.09M | 339.21M | 376.36M |
| Net Cash (Debt) | -1.09B | -712.31M | -106.28M | -110.33M | 204.53M | 224.80M |
| Net Cash Per Share | -24.87 | -13.41 | -2.02 | -2.10 | 3.91 | 4.72 |
| Filing Date Shares Outstanding | 44.13M | 43.50M | 43.43M | 43.97M | 43.74M | 45.88M |
| Total Common Shares Outstanding | 44.13M | 43.50M | 43.42M | 43.94M | 43.74M | 45.84M |
| Working Capital | 216.86M | 330.49M | 684.70M | 613.57M | 549.70M | 758.08M |
| Book Value Per Share | 21.44 | 27.11 | 23.38 | 22.24 | 21.79 | 21.11 |
| Tangible Book Value | 294.77M | 598.69M | 672.88M | 704.97M | 870.10M | 904.47M |
| Tangible Book Value Per Share | 6.68 | 13.76 | 15.50 | 16.04 | 19.89 | 19.73 |
| Land | 202.67M | 174.66M | 128.12M | 105.87M | 105.73M | 108.52M |
| Buildings | 123.45M | 121.17M | 115.15M | 102.68M | 103.66M | 96.18M |
| Machinery | 1.66B | 1.55B | 1.29B | 1.21B | 1.08B | 945.72M |
| Order Backlog | 6.97B | 5.30B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -264.62M | 193.00M | 126.35M | 43.60M | 83.30M | 10.10M |
| Depreciation & Amortization | 188.59M | 162.43M | 126.33M | 92.27M | 82.57M | 109.05M |
| Loss (Gain) From Sale of Assets | -17.98M | -20.21M | -8.76M | -28.35M | -12.62M | -66.44M |
| Loss (Gain) on Equity Investments | -34.30M | -22.58M | -11.88M | -7.13M | 6.11M | -11.82M |
| Stock-Based Compensation | 48.87M | 39.15M | 19.59M | 10.48M | 7.76M | 6.41M |
| Other Operating Activities | 311.31M | 56.60M | 63.76M | 71.68M | 3.59M | 18.37M |
| Change in Accounts Receivable | -18.85M | 83.30M | 91.42M | -78.41M | -53.79M | 729.00K |
| Change in Inventory | -25.67M | -746.00K | -2.86M | -1.43M | -14.31M | 774.00K |
| Change in Accounts Payable | 86.26M | -20.37M | 420.00K | 66.83M | -9.78M | 7.40M |
| Change in Other Net Operating Assets | 46.84M | -1.66M | 51.97M | 14.17M | -37.20M | -52.63M |
| Operating Cash Flow | 583.57M | 468.92M | 456.34M | 183.71M | 55.65M | 21.93M |
| Capital Expenditures | -140.42M | -138.27M | -136.41M | -140.38M | -121.61M | -94.81M |
| Sale of Property, Plant & Equipment | 38.50M | 32.84M | 13.85M | 38.11M | 26.06M | 94.80M |
| Cash Acquisitions | -256.55M | -777.52M | -134.36M | -294.02M | ||
| Divestitures | 140.58M | |||||
| Investment in Securities | 130.60M | -113.15M | 27.02M | 30.26M | -49.10M | -10.00M |
| Other Investing Activities | 26.08M | 2.37M | 1.33M | 6.74M | -6.92M | -11.47M |
| Investing Cash Flow | -201.78M | -993.72M | -228.56M | -359.29M | -11.00M | -21.48M |
| Long-Term Debt Issued | 685.00M | 373.75M | 678.75M | 50.00M | ||
| Long-Term Debt Repaid | -86.11M | -310.50M | -305.12M | -125.16M | -8.92M | |
| Net Debt Issued (Repaid) | -408.18M | 598.89M | 63.25M | 373.63M | -75.16M | -8.92M |
| Repurchase of Common Stock | -82.38M | -48.21M | -50.63M | -4.12M | -70.90M | -2.73M |
| Common Dividends Paid | -22.72M | -22.72M | -22.81M | -22.81M | -23.27M | -23.80M |
| Other Financing Activities | 169.98M | -52.27M | -56.93M | -47.44M | 5.02M | 11.01M |
| Financing Cash Flow | -343.30M | 475.69M | -67.12M | 299.25M | -164.31M | -24.45M |
| Net Cash Flow | 38.48M | -49.11M | 160.67M | 123.67M | -119.66M | -23.99M |
| Free Cash Flow | 443.15M | 330.65M | 319.94M | 43.32M | -65.97M | -72.88M |
| Free Cash Flow Margin | 8.36% | 7.47% | 7.98% | 1.23% | -2.00% | -2.08% |
| Free Cash Flow Per Share | 10.13 | 6.22 | 6.09 | 0.82 | -1.26 | -1.53 |
| Levered Free Cash Flow | 444.14M | 184.49M | 183.12M | -6.97M | 137.31M | -289.37M |
| Unlevered Free Cash Flow | 384.76M | 214.00M | 201.37M | 4.57M | 145.20M | -276.41M |
| Cash Interest Paid | 68.10M | 36.11M | 26.07M | 15.64M | 11.51M | 14.59M |
| Cash Income Tax Paid | 55.66M | 49.04M | 30.46M | 14.87M | 3.77M | 2.07M |
| Change in Working Capital | 88.58M | 60.52M | 140.95M | 1.16M | -115.07M | -43.73M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.70B | 5.04B | 3.83B | 2.23B | 1.53B | 1.77B |
| Enterprise Value | 6.79B | 5.81B | 4.11B | 2.21B | 1.39B | 1.53B |
| Last Close Price | 123.62 | 115.00 | 86.97 | 50.05 | 34.09 | 36.98 |
| PE Ratio | 26.09 | 30.34 | 51.25 | 18.41 | 175.66 | |
| Forward PE | 15.85 | 19.29 | 16.60 | 12.12 | 13.81 | 17.41 |
| PS Ratio | 1.09 | 1.14 | 0.96 | 0.64 | 0.47 | 0.51 |
| PB Ratio | 5.77 | 4.12 | 3.55 | 2.18 | 1.56 | 1.78 |
| P/TBV Ratio | 19.62 | 8.41 | 5.70 | 3.17 | 1.76 | 1.96 |
| P/FCF Ratio | 13.05 | 15.23 | 11.98 | 51.58 | ||
| P/OCF Ratio | 9.91 | 10.74 | 8.40 | 12.16 | 27.56 | 80.87 |
| PEG Ratio | 0.84 | 0.88 | 0.99 | 0.81 | 1.38 | 1.92 |
| EV/Sales Ratio | 1.30 | 1.31 | 1.02 | 0.63 | 0.42 | 0.44 |
| EV/EBITDA Ratio | 12.28 | 13.15 | 12.55 | 14.91 | 9.03 | 22.66 |
| EV/EBIT Ratio | 18.52 | 20.79 | 20.43 | 39.39 | 19.54 | |
| EV/FCF Ratio | 15.51 | 17.57 | 12.84 | 51.11 | ||
| Debt / Equity Ratio | 1.75 | 1.23 | 0.77 | 0.72 | 0.34 | 0.38 |
| Debt / EBITDA Ratio | 2.90 | 3.14 | 2.37 | 4.33 | 1.93 | 4.17 |
| Debt / FCF Ratio | 3.94 | 4.53 | 2.60 | 16.97 | ||
| Net Debt / Equity Ratio | 1.09 | 0.58 | 0.10 | 0.11 | -0.21 | -0.23 |
| Net Debt / EBITDA Ratio | 1.94 | 1.61 | 0.33 | 0.74 | -1.33 | -3.34 |
| Net Debt / FCF Ratio | 2.45 | 2.15 | 0.33 | 2.55 | 3.10 | 3.08 |
| Asset Turnover | 1.23 | 1.25 | 1.37 | 1.41 | 1.42 | 1.44 |
| Inventory Turnover | 27.25 | 29.55 | 32.39 | 32.64 | 39.41 | 50.45 |
| Quick Ratio | 1.00 | 1.08 | 1.52 | 1.44 | 1.53 | 1.12 |
| Current Ratio | 1.11 | 1.22 | 1.66 | 1.60 | 1.69 | 1.71 |
| Return on Equity (ROE) | -21.68% | 19.15% | 13.33% | 2.94% | 7.96% | 0.24% |
| Return on Assets (ROA) | 5.38% | 4.95% | 4.30% | 1.41% | 1.90% | -1.07% |
| Return on Invested Capital (ROIC) | 20.70% | 13.46% | 12.39% | 2.86% | 7.65% | -0.59% |
| Return on Capital Employed (ROCE) | 14.50% | 11.00% | 10.10% | 3.20% | 5.20% | -2.90% |
| Earnings Yield | -4.69% | 3.83% | 3.29% | 1.95% | 5.43% | 0.57% |
| FCF Yield | 7.66% | 6.57% | 8.34% | 1.94% | -4.30% | -4.11% |
| Dividend Yield | 0.40% | 0.45% | 0.59% | 1.02% | 1.48% | 1.34% |
| Payout Ratio | 11.77% | 18.06% | 52.32% | 27.94% | 235.78% | |
| Buyback Yield / Dilution | 17.19% | -1.18% | 0.10% | -0.46% | -9.93% | -4.35% |
| Total Shareholder Return | 17.59% | -0.73% | 0.69% | 0.57% | -8.45% | -3.01% |