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Residential construction · Consumer Cyclical · Fiscal year ends Dec 31
Everus Construction reported revenue of $3.7B in the fiscal year ended Dec 2025, up 31.5% from the year before. Operating income was $265M, an operating margin of 7.1%, and net income was $202M. Operating cash flow of $157M less capital expenditure of $67M left free cash flow of $90M. Net debt was $111M.
Ranks among the 13 residential construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 2,699 | 2,854 | 2,850 | 3,746 |
| Cost of revenue | 2,423 | 2,532 | 2,510 | 3,292 |
| Gross profit | 276 | 322 | 339 | 454 |
| Selling, general & admin | 111 | 131 | 150 | 189 |
| Operating income | 165 | 191 | 190 | 265 |
| Interest expense | 6.4 | 17.0 | 14.0 | 21.5 |
| Pre-tax income | 160 | 178 | 181 | 258 |
| Income tax | 40.8 | 45.3 | 49.5 | 72.3 |
| Net income | 125 | 137 | 143 | 202 |
| Diluted EPS | 2.45 | 2.69 | 2.81 | 3.95 |
| Diluted shares | 51.0 | 51.0 | 51.1 | 51.1 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 2.1 | 1.6 | 86.0 | 171 |
| Receivables | – | 450 | 590 | 770 |
| Inventory | – | 42.7 | 43.8 | 45.3 |
| Current assets | – | 729 | 917 | 1,296 |
| Net PP&E | – | 116 | 134 | 168 |
| Goodwill | – | 143 | 143 | 143 |
| Total assets | – | 1,052 | 1,288 | 1,729 |
| Payables | – | 117 | 138 | 226 |
| Deferred revenue | 124 | 140 | 207 | 305 |
| Current liabilities | – | 394 | 513 | 736 |
| Short-term debt | – | 0.0 | 15.0 | 15.0 |
| Long-term debt | – | 169 | 281 | 267 |
| Total liabilities | – | 604 | 866 | 1,099 |
| Shareholders' equity | 382 | 449 | 423 | 630 |
| Backlog (remaining obligations) | – | 2,010 | 2,460 | 2,800 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −25.5 | 171 | 163 | 157 |
| Capital expenditure | 35.8 | 35.6 | 48.3 | 66.8 |
| Free cash flow | −61.3 | 136 | 115 | 90.0 |
| Depreciation & amortisation | 19.2 | 21.1 | 23.4 | 28.7 |
| Stock-based compensation | 1.1 | 0.8 | 1.6 | 6.3 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.7% | −0.2% | 31.5% |
| Operating income growth (YoY) | – | 15.7% | −0.3% | 39.4% |
| EPS growth (YoY) | – | 9.8% | 4.5% | 40.6% |
| Gross margin | 10.2% | 11.3% | 11.9% | 12.1% |
| Operating margin | 6.1% | 6.7% | 6.7% | 7.1% |
| Net margin | 4.6% | 4.8% | 5.0% | 5.4% |
| Return on equityBlank when equity is negative | 32.6% | 30.6% | 33.9% | 32.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 28.9% | 24.5% | 26.7% |
| Free cash flow margin | −2.3% | 4.8% | 4.0% | 2.4% |
| Cash conversion (CFO ÷ net income) | −0.20x | 1.25x | 1.14x | 0.78x |
| Receivable days | – | 57 | 76 | 75 |
| Inventory days | – | 6 | 6 | 5 |
| Payable days | – | 17 | 20 | 25 |
| Interest cover | 25.9x | 11.2x | 13.5x | 12.3x |
| Debt ÷ equity | – | 0.38x | 0.70x | 0.45x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 167 | 210 | 111 |
| Current ratio | – | 1.85x | 1.79x | 1.76x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.