Latest Ratios: P/E Ratio 39.7x · EV/EBITDA 17.4x · ROE 16.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.3B | $6.1B | $4.6B | $2.7B | $1.8B | $1.8B | $1.2B | $1.3B | $1.8B | $2.6B | $2.2B |
| Enterprise Value | $7.4B | $7.2B | $4.9B | $3.0B | $1.9B | $1.7B | $1.2B | $1.4B | $1.9B | $2.6B | $2.3B |
| P/E Ratio → | 39.69 | 31.78 | 33.48 | 61.28 | 20.63 | 175.91 | — | — | 41.96 | 75.51 | 38.73 |
| P/S Ratio | 1.42 | 1.39 | 1.15 | 0.76 | 0.56 | 0.51 | 0.34 | 0.44 | 0.53 | 0.86 | 0.88 |
| P/B Ratio | 6.27 | 5.02 | 4.27 | 2.60 | 1.86 | 1.78 | 1.23 | 1.09 | 1.27 | 2.58 | 2.40 |
| P/FCF | 19.06 | 18.54 | 14.40 | 61.71 | — | — | 6.95 | 279.45 | — | 32.62 | — |
| P/OCF | 13.44 | 13.07 | 10.09 | 14.55 | 32.98 | 80.80 | 4.54 | 11.56 | 20.53 | 17.52 | 30.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.63 | 1.21 | 0.85 | 0.57 | 0.50 | 0.33 | 0.50 | 0.57 | 0.85 | 0.90 |
| EV / EBITDA | 17.42 | 17.01 | 14.57 | 17.36 | 11.20 | 13.08 | — | 18.05 | 15.72 | 15.46 | 14.59 |
| EV / EBIT | 28.21 | 27.54 | 21.57 | 38.19 | 18.00 | 40.81 | — | — | 30.34 | 32.27 | 20.93 |
| EV / FCF | — | 21.84 | 15.19 | 69.04 | — | — | 6.69 | 314.31 | — | 32.50 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.1% | 16.1% | 14.3% | 11.3% | 11.2% | 10.4% | 9.7% | 6.5% | 11.7% | 10.5% | 12.0% |
| Operating Margin | 5.9% | 5.9% | 5.2% | 2.3% | 2.6% | 0.7% | -4.4% | -1.4% | 0.2% | 3.3% | 3.7% |
| Net Profit Margin | 4.4% | 4.4% | 3.2% | 1.2% | 2.5% | 0.3% | -4.1% | -2.1% | 0.0% | 1.1% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.8% | 16.8% | 12.0% | 4.3% | 8.4% | 1.0% | -13.4% | -4.7% | 0.0% | 3.6% | 6.4% |
| ROA | 5.5% | 5.5% | 4.3% | 1.8% | 3.6% | 0.4% | -5.9% | -2.4% | 0.0% | 1.9% | 3.4% |
| ROIC | 10.8% | 10.8% | 11.6% | 5.1% | 6.4% | 1.9% | -10.4% | -2.2% | 0.5% | 7.6% | 7.5% |
| ROCE | 11.5% | 11.5% | 11.0% | 5.1% | 6.1% | 1.7% | -10.2% | -2.5% | 0.6% | 8.2% | 7.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.33 | 1.33 | 0.77 | 0.72 | 0.34 | 0.37 | 0.38 | 0.36 | 0.27 | 0.23 | 0.26 |
| Debt / EBITDA | 3.82 | 3.82 | 2.50 | 4.27 | 2.02 | 2.79 | — | 5.27 | 3.19 | 1.36 | 1.57 |
| Net Debt / Equity | — | 0.90 | 0.24 | 0.31 | 0.05 | -0.02 | -0.05 | 0.14 | 0.08 | -0.01 | 0.06 |
| Net Debt / EBITDA | 2.58 | 2.58 | 0.76 | 1.84 | 0.27 | -0.17 | — | 2.00 | 0.92 | -0.06 | 0.35 |
| Debt / FCF | — | 3.31 | 0.80 | 7.33 | — | — | -0.27 | 34.86 | — | -0.12 | — |
| Interest Coverage | 5.55 | 5.55 | 7.72 | 4.24 | 8.27 | 2.07 | -5.88 | -1.23 | 4.26 | 7.32 | 8.76 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.66 | 1.60 | 1.69 | 1.71 | 1.54 | 1.64 | 1.82 | 1.88 | 2.05 |
| Quick Ratio | 1.13 | 1.13 | 1.56 | 1.49 | 1.58 | 1.65 | 1.48 | 1.53 | 1.70 | 1.78 | 1.95 |
| Cash Ratio | 0.41 | 0.41 | 0.70 | 0.61 | 0.65 | 0.55 | 0.65 | 0.57 | 0.79 | 0.84 | 0.95 |
| Asset Turnover | — | 1.10 | 1.32 | 1.25 | 1.52 | 1.40 | 1.50 | 1.16 | 1.34 | 1.60 | 1.45 |
| Inventory Turnover | 25.94 | 25.94 | 31.75 | 29.96 | 33.77 | 50.66 | 51.51 | 30.66 | 33.05 | 42.80 | 40.06 |
| Days Sales Outstanding | — | 71.55 | 76.51 | 89.63 | 78.05 | 63.58 | 58.37 | 95.02 | 73.58 | 71.27 | 71.48 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.4% | 0.5% | 0.9% | 1.3% | 1.3% | 1.9% | 1.9% | 1.3% | 0.8% | 0.9% |
| Payout Ratio | 11.8% | 11.8% | 18.1% | 52.3% | 27.9% | 235.8% | — | — | 3852.9% | 60.6% | 36.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 3.1% | 3.0% | 1.6% | 4.8% | 0.6% | — | — | 2.4% | 1.3% | 2.6% |
| FCF Yield | 5.2% | 5.4% | 6.9% | 1.6% | — | — | 14.4% | 0.4% | — | 3.1% | — |
| Buyback Yield | 0.8% | 0.8% | 1.1% | 0.2% | 3.9% | 0.2% | 0.1% | 2.9% | 0.9% | 0.3% | 0.2% |
| Total Shareholder Yield | 1.1% | 1.2% | 1.6% | 1.0% | 5.1% | 1.5% | 2.0% | 4.8% | 2.2% | 1.1% | 1.2% |
| Shares Outstanding | — | $53M | $53M | $53M | $52M | $46M | $46M | $47M | $44M | $40M | $40M |
Seasonal margin volatility
According to current market data, GVA trades at a forward P/E of 27.61, which appears elevated relative to its historical earnings volatility and suggests that investors are pricing in significant margin expansion that has yet to materialize in the company's recent quarterly financial performance reports.
The current valuation multiple reflects a market expectation of improved earnings quality following the strategic pivot away from high-risk mega-projects. However, given the historical tendency for earnings to swing into negative territory during seasonal troughs, this premium valuation warrants caution until consistent, sustainable profitability is demonstrated.
Based on reported figures, GVA's ROIC has fluctuated significantly, peaking at 5.5% in 2025Q3 before turning negative in 2026Q1, a trend that indicates the company is currently struggling to consistently generate returns above its cost of capital across the full construction cycle.
The volatility in ROIC is largely driven by the cyclical nature of the construction segment and the integration of recent acquisitions. Investors should monitor whether the company can stabilize these returns as it shifts focus toward higher-margin, smaller-scale projects that leverage its proprietary materials supply chain.
As reported in recent financial statements, GVA's cash conversion cycle has shown significant variance, reaching as high as 69 days in 2024Q1, which highlights the company's ongoing challenges in managing working capital efficiency amidst seasonal project-based billing and material procurement requirements.
The fluctuation in DSO and DPO suggests that Granite's cash flow is highly sensitive to the timing of public sector payments and the management of supplier credit terms. This inefficiency in working capital management often forces the company to rely on external financing during seasonal downturns, increasing liquidity risk.
Based on the provided quarterly data, GVA's debt-to-equity ratio has climbed to 1.26 as of 2026Q1, a level that indicates increased financial leverage used to fund inorganic growth and suggests a narrowing margin of safety for debt service during periods of negative operating income.
While the company has historically maintained a conservative balance sheet, the recent surge in debt levels to support acquisitions has reduced its financial flexibility. The interest coverage ratio, which turned negative in 2026Q1, underscores the vulnerability of the company's capital structure to seasonal earnings volatility.
The P/E ratio is frequently misapplied to GVA because it fails to account for the significant non-cash depreciation and amortization inherent in the company's heavy asset base, as well as the extreme quarterly earnings volatility caused by the percentage-of-completion accounting method for construction projects.
Investors should prioritize EV/EBITDA or P/FCF to better assess the company's true earning power and cash generation capabilities. Relying on P/E often obscures the underlying operational performance by including one-time project write-downs and seasonal accounting distortions that do not reflect the long-term value of the company's aggregate assets.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GVA stock.
Granite Construction Incorporated's current P/E ratio is 39.7x. The historical average is 32.3x. This places it at the 81th percentile of its historical range.
Granite Construction Incorporated's current EV/EBITDA is 17.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.3x.
Granite Construction Incorporated's return on equity (ROE) is 16.8%. The historical average is 7.7%.
Based on historical data, Granite Construction Incorporated is trading at a P/E of 39.7x. This is at the 81th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Granite Construction Incorporated's current dividend yield is 0.30% with a payout ratio of 11.8%.
Granite Construction Incorporated has 16.1% gross margin and 5.9% operating margin.
Granite Construction Incorporated's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.