Sterling Infrastructure
STRL · NasdaqHeavy Construction Other Than Bldg Const - Contractors · Fiscal year ends Dec 31
Sterling Infrastructure reported revenue of $2.5B in the fiscal year ended Dec 2025, up 17.7% from the year before. Operating income was $406M, an operating margin of 16.3%, and net income was $290M. Operating cash flow of $440M less capital expenditure of $77M left free cash flow of $363M. It held more cash than debt (net cash $100M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.8B | $2B | $2.1B | $2.5B |
| Cost of revenue | $1.2B | $1.5B | $1.6B | $1.7B | $1.9B |
| Gross profit | $204M | $275M | $338M | $426M | $572M |
| Operating income | $107M | $160M | $206M | $265M | $406M |
| Income tax | $25M | $42M | $48M | $87M | $99M |
| Net income | $63M | $106M | $139M | $257M | $290M |
| Diluted EPS | 2.15 | 3.48 | 4.44 | 8.27 | 9.38 |
| Diluted shares | 29M | 31M | 31M | 31M | 31M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $61M | $182M | $472M | $664M | $391M |
| Current assets | $435M | $597M | $848M | $1B | $1B |
| Goodwill | $258M | $263M | $281M | $265M | $585M |
| Total assets | $1.2B | $1.4B | $1.8B | $2B | $2.6B |
| Payables | $113M | $122M | $146M | $130M | $227M |
| Deferred revenue | $119M | $239M | $444M | $509M | $652M |
| Current liabilities | $352M | $447M | $678M | $742M | $1B |
| Short-term debt | $23M | $33M | $27M | $26M | $15M |
| Long-term debt | $429M | $399M | $315M | $290M | $276M |
| Total liabilities | $875M | $964M | $1.2B | $1.2B | $1.5B |
| Shareholders' equity | $359M | $475M | $619M | $808M | $1.1B |
| Backlog (remaining obligations) | $1.5B | $1.4B | $2.1B | $1.7B | $3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $159M | $219M | $479M | $497M | $440M |
| Capital expenditure | $47M | $61M | $64M | $81M | $77M |
| Free cash flow | $112M | $158M | $414M | $416M | $363M |
| Depreciation & amortisation | $34M | $52M | $57M | $68M | $77M |
| Stock-based compensation | $12M | $13M | $15M | $19M | $24M |
| Acquisitions | $181M | $18M | $51M | $11M | $482M |
| Share buybacks | $0 | $0 | $0 | $71M | $74M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.1% | 11.5% | 7.3% | 17.7% |
| Operating income growth (YoY) | – | 49.4% | 28.7% | 28.6% | 53.4% |
| EPS growth (YoY) | – | 61.9% | 27.6% | 86.3% | 13.4% |
| Gross margin | 14.4% | 15.5% | 17.1% | 20.1% | 23.0% |
| Operating margin | 7.6% | 9.0% | 10.4% | 12.5% | 16.3% |
| Net margin | 4.4% | 6.0% | 7.0% | 12.2% | 11.7% |
| Return on equityBlank when equity is negative | 17.5% | 22.4% | 22.4% | 31.9% | 26.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.1% | 16.1% | 18.7% | 20.8% | 25.2% |
| Free cash flow margin | 7.9% | 8.9% | 21.0% | 19.7% | 14.6% |
| Cash conversion (CFO ÷ net income) | 2.54x | 2.06x | 3.45x | 1.93x | 1.52x |
| Payable days | 34 | 30 | 33 | 28 | 43 |
| Debt ÷ equity | 1.26x | 0.91x | 0.55x | 0.39x | 0.26x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $391M | $250M | −$130M | −$348M | −$100M |
| Current ratio | 1.24x | 1.34x | 1.25x | 1.38x | 1.01x |
Recent filings
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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.