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Engineering & construction · Industrials · Fiscal year ends Dec 31
MYR reported revenue of $3.7B in the fiscal year ended Dec 2025, up 8.8% from the year before. Operating income was $167M, an operating margin of 4.6%, and net income was $118M. Operating cash flow of $327M less capital expenditure of $94M left free cash flow of $232M. It held more cash than debt (net cash $91M).
Ranks among the 23 engineering & construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,498 | 3,009 | 3,644 | 3,362 | 3,658 |
| Cost of revenue | 2,173 | 2,665 | 3,280 | 3,072 | 3,234 |
| Gross profit | 325 | 344 | 364 | 290 | 424 |
| Selling, general & admin | 207 | 222 | 235 | 238 | 256 |
| Operating income | 119 | 115 | 129 | 54.1 | 167 |
| Interest expense | 1.8 | 3.6 | 4.9 | 6.5 | 5.6 |
| Pre-tax income | 116 | 114 | 125 | 46.5 | 161 |
| Income tax | 31.3 | 30.8 | 34.0 | 16.2 | 42.9 |
| Net income | 85.0 | 83.4 | 91.0 | 30.3 | 118 |
| Diluted EPS | 4.95 | 4.91 | 5.40 | 1.83 | 7.53 |
| Diluted shares | 17.2 | 17.0 | 16.8 | 16.5 | 15.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 82.1 | 51.0 | 24.9 | 3.5 | 150 |
| Receivables | 375 | 473 | 522 | 653 | 604 |
| Current assets | 748 | 890 | 1,026 | 929 | 1,061 |
| Net PP&E | 196 | 233 | 269 | 278 | 306 |
| Goodwill | 66.1 | 116 | 117 | 113 | 115 |
| Total assets | 1,121 | 1,399 | 1,579 | 1,489 | 1,644 |
| Payables | 201 | 315 | 359 | 295 | 315 |
| Deferred revenue | 168 | 227 | 161 | 237 | 301 |
| Current liabilities | 499 | 667 | 747 | 664 | 795 |
| Short-term debt | 1.0 | 5.1 | 7.1 | 4.4 | 4.6 |
| Long-term debt | 3.5 | 35.5 | 29.2 | 70.0 | 54.5 |
| Total liabilities | 602 | 839 | 928 | 888 | 984 |
| Shareholders' equity | 519 | 560 | 651 | 600 | 660 |
| Backlog (remaining obligations) | 1,680 | 2,330 | 2,301 | 2,339 | 2,516 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 137 | 167 | 71.0 | 87.1 | 327 |
| Capital expenditure | 52.4 | 77.1 | 84.7 | 75.9 | 94.4 |
| Free cash flow | 84.9 | 90.4 | −13.7 | 11.2 | 232 |
| Depreciation & amortisation | 46.2 | 58.2 | 59.1 | 65.2 | 66.5 |
| Stock-based compensation | 7.5 | 7.9 | 8.4 | 8.5 | 14.8 |
| Acquisitions | 0.0 | 111 | 0.0 | 0.0 | – |
| Share buybacks | 0.0 | 37.0 | 2.9 | 75.0 | 75.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.4% | 21.1% | −7.7% | 8.8% |
| Operating income growth (YoY) | – | −3.1% | 12.3% | −58.1% | 208.6% |
| EPS growth (YoY) | – | −0.8% | 10.0% | −66.1% | 311.5% |
| Gross margin | 13.0% | 11.4% | 10.0% | 8.6% | 11.6% |
| Operating margin | 4.7% | 3.8% | 3.5% | 1.6% | 4.6% |
| Net margin | 3.4% | 2.8% | 2.5% | 0.9% | 3.2% |
| Return on equityBlank when equity is negative | 16.4% | 14.9% | 14.0% | 5.0% | 17.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.0% | 15.7% | 15.5% | 6.6% | 19.7% |
| Free cash flow margin | 3.4% | 3.0% | −0.4% | 0.3% | 6.3% |
| Cash conversion (CFO ÷ net income) | 1.61x | 2.01x | 0.78x | 2.88x | 2.76x |
| Receivable days | 55 | 57 | 52 | 71 | 60 |
| Payable days | 34 | 43 | 40 | 35 | 36 |
| Interest cover | 65.9x | 32.3x | 26.1x | 8.29x | 29.5x |
| Debt ÷ equity | 0.01x | 0.07x | 0.06x | 0.12x | 0.09x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −77.6 | −10.5 | 11.3 | 70.9 | −91.1 |
| Current ratio | 1.50x | 1.33x | 1.37x | 1.40x | 1.33x |
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.