QUANTA SERVICES, INC.
PWRdata completeness 100%19 fiscal years on fileQUANTA SERVICES, INC. earns about 13% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 4% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $51.01 and $580.16 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $13B1 | $17.1B2 | $20.9B3 | $23.7B3 | $28.5B3 |
| Net income | $486M4 | $491.2M5 | $744.7M6 | $904.8M6 | $1.03B6 |
| Operating cash flow | $582.4M7 | $1.13B8 | $1.58B9 | $2.08B9 | $2.23B9 |
| Capital expenditure | $385.9M10 | $427.6M11 | $434.8M12 | $604.1M12 | $609.2M12 |
| Free cash flow (derived) | $196.5M7 | $702.7M8 | $1.14B9 | $1.48B9 | $1.62B9 |
| Total debt | $44.9M13 | $37.5M13 | $535.2M14 | $62.7M15 | $763.9M15 |
| Cash & equivalents | $229.1M16 | $428.5M17 | $1.29B17 | $742M17 | $439.5M17 |
| Diluted shares | 145.4M | 148.0M | 148.8M | 150.1M | 151.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $590.8 of net worth that earned you $67.97 and generated $107.13 of cash last year, against $50.49 of debt.
It earned about 13% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1603% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $51.01 and $580.16 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$1.48B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$1.48B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$744.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $137.35 |
| Base | 20.0% | $316.18 |
| Bull | 20.0% | $316.18 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001050915-24-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001050915-25-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001050915-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001050915-24-000009 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001050915-25-000005 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001050915-26-000006 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001050915-24-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001050915-25-000005 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001050915-26-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001050915-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001050915-25-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001050915-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001050915-23-000010 (ShortTermBorrowings)
- 10-K · period ending 2023-12-31 · accession 0001050915-25-000005 (DebtCurrent)
- 10-K · period ending 2024-12-31 · accession 0001050915-26-000006 (DebtCurrent)
- 10-K · period ending 2021-12-31 · accession 0001050915-25-000005 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001050915-26-000006 (CashAndCashEquivalentsAtCarryingValue)