Latest Ratios: P/E Ratio 49.6x · EV/EBITDA 13.0x · ROE 6.6%. (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 | $4.0B | $3.6B | $1.3B | $472M | $387M | $635M | $661M | $646M | $803M | $1.3B | $1.4B |
| Enterprise Value | $3.7B | $3.3B | $1.3B | $991M | $1.1B | $1.4B | $1.3B | $1.3B | $1.4B | $1.8B | $2.0B |
| P/E Ratio → | 49.58 | 44.38 | — | — | — | 4.74 | 4.35 | — | 9.62 | 8.68 | 14.58 |
| P/S Ratio | 0.71 | 0.65 | 0.29 | 0.12 | 0.10 | 0.14 | 0.12 | 0.15 | 0.18 | 0.27 | 0.28 |
| P/B Ratio | 3.17 | 2.84 | 1.09 | 0.37 | 0.27 | 0.38 | 0.43 | 0.45 | 0.45 | 0.75 | 0.90 |
| P/FCF | 6.97 | 6.31 | 2.72 | 1.85 | 2.63 | — | 5.61 | 12.34 | — | 9.66 | 14.31 |
| P/OCF | 5.28 | 4.79 | 2.51 | 1.53 | 1.87 | — | 3.83 | 4.73 | 37.53 | 7.87 | 12.32 |
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 | — | 0.59 | 0.31 | 0.26 | 0.29 | 0.31 | 0.25 | 0.29 | 0.33 | 0.38 | 0.40 |
| EV / EBITDA | 12.96 | 11.64 | — | — | — | 4.14 | 3.55 | — | 6.06 | 7.91 | 7.46 |
| EV / EBIT | 15.75 | 12.64 | — | — | — | 6.28 | 5.49 | — | 7.47 | 8.51 | 9.88 |
| EV / FCF | — | 5.78 | 2.89 | 3.88 | 7.38 | — | 11.12 | 24.58 | — | 13.73 | 20.59 |
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 | 11.7% | 11.7% | 4.6% | 3.6% | 0.8% | 10.0% | 9.1% | 5.4% | 10.2% | 9.6% | 9.2% |
| Operating Margin | 4.2% | 4.2% | -2.4% | -3.0% | -5.4% | 4.9% | 4.9% | -8.2% | 4.3% | 3.8% | 4.1% |
| Net Profit Margin | 1.5% | 1.5% | -3.8% | -4.4% | -5.5% | 2.0% | 2.0% | -8.7% | 1.9% | 3.1% | 1.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.6% | 6.6% | -13.4% | -12.6% | -13.5% | 5.7% | 7.3% | -24.1% | 4.8% | 9.1% | 6.4% |
| ROA | 1.7% | 1.7% | -3.8% | -3.8% | -4.5% | 1.9% | 2.3% | -8.7% | 1.9% | 3.6% | 2.4% |
| ROIC | 15.8% | 15.8% | -5.1% | -4.4% | -6.7% | 7.3% | 9.2% | -12.2% | 6.1% | 6.1% | 7.0% |
| ROCE | 12.1% | 12.1% | -4.9% | -4.7% | -7.4% | 7.9% | 10.2% | -14.1% | 7.0% | 6.9% | 7.9% |
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 | 0.37 | 0.37 | 0.46 | 0.70 | 0.66 | 0.59 | 0.66 | 0.58 | 0.43 | 0.43 | 0.49 |
| Debt / EBITDA | 1.67 | 1.67 | — | — | — | 2.88 | 2.78 | — | 3.18 | 3.18 | 2.82 |
| Net Debt / Equity | — | -0.24 | 0.07 | 0.40 | 0.48 | 0.47 | 0.42 | 0.45 | 0.36 | 0.32 | 0.39 |
| Net Debt / EBITDA | -1.06 | -1.06 | — | — | — | 2.29 | 1.76 | — | 2.70 | 2.35 | 2.28 |
| Debt / FCF | — | -0.53 | 0.17 | 2.03 | 4.75 | — | 5.52 | 12.24 | — | 4.08 | 6.29 |
| Interest Coverage | 4.72 | 4.72 | -0.99 | -1.17 | -2.93 | 3.37 | 3.14 | -5.34 | 3.05 | 3.10 | 3.40 |
Net cash position: cash ($770M) exceeds total debt ($471M)
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 | 1.27 | 1.27 | 1.41 | 1.66 | 1.87 | 2.17 | 1.80 | 1.66 | 1.99 | 1.94 | 1.87 |
| Quick Ratio | 1.27 | 1.27 | 1.41 | 1.66 | 1.87 | 2.17 | 1.80 | 1.63 | 1.95 | 1.91 | 1.83 |
| Cash Ratio | 0.31 | 0.31 | 0.20 | 0.18 | 0.13 | 0.11 | 0.17 | 0.09 | 0.07 | 0.12 | 0.10 |
| Asset Turnover | — | 1.07 | 1.02 | 0.88 | 0.83 | 0.98 | 1.05 | 0.99 | 1.02 | 1.12 | 1.23 |
| Inventory Turnover | — | — | — | — | — | — | — | 53.02 | 64.59 | 74.45 | 89.42 |
| Days Sales Outstanding | — | 178.23 | 210.01 | 261.39 | 301.78 | 265.78 | 226.48 | 249.34 | 236.15 | 209.80 | 189.00 |
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 | 0.1% | 0.1% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 3.9% | 3.9% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 2.3% | — | — | — | 21.1% | 23.0% | — | 10.4% | 11.5% | 6.9% |
| FCF Yield | 14.4% | 15.8% | 36.8% | 54.2% | 38.0% | — | 17.8% | 8.1% | — | 10.4% | 7.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $53M | $52M | $52M | $51M | $51M | $51M | $50M | $50M | $51M | $50M |
Unbilled receivables collection risk
Based on current market data, TPC trades at a P/E of 52.67, which appears to price in a significant earnings recovery rather than current profitability, as the forward P/E of 23.10 suggests investors are anticipating substantial margin expansion as the company burns through its massive infrastructure backlog.
The valuation premium relative to the company's historical earnings volatility suggests that the market is looking past the thin 1.45% net margin to the potential for improved project execution. Investors should monitor whether the current P/S of 0.76 provides a sufficient margin of safety given the inherent risks associated with the company's reliance on complex, fixed-price contracts.
According to recent financial statements, TPC's ROIC has fluctuated significantly, reaching 6.2% in 2026Q1 after periods of negative returns, which indicates that the company is still struggling to consistently generate returns above its cost of capital despite the recent acceleration in top-line revenue growth.
The volatility in ROIC highlights the difficulty of maintaining capital efficiency in a business model where project-level margins are frequently eroded by cost overruns and claims disputes. This trend warrants further investigation into whether the recent improvement in returns is a sustainable shift or merely a temporary byproduct of project timing and lumpy revenue recognition.
As reported in quarterly filings, TPC's DSO remains elevated at 125 days in 2026Q1, which suggests that the company continues to face significant challenges in converting its project-based revenue into cash, a structural issue that remains a primary bottleneck for operational efficiency compared to industry peers.
The persistent length of the collection cycle appears to be a direct consequence of the company's reliance on unbilled receivables and disputed change orders. This inefficiency implies that even during periods of rapid revenue growth, the company's liquidity remains tethered to the successful resolution of complex legal and contractual claims.
Based on an analysis of the company's business model, the P/E ratio is a fundamentally flawed metric for TPC, as it fails to account for the massive distortions caused by non-cash accruals and the lumpy nature of revenue recognition on long-term, high-risk infrastructure projects.
Investors should instead focus on EV/Backlog or adjusted cash flow metrics, as the P/E ratio obscures the underlying quality of earnings which are often inflated by unbilled receivables. Relying on standard valuation multiples may lead to an inaccurate assessment of the company's true earning power and its ability to navigate the cyclicality of the heavy civil construction sector.
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Quick answers to the most common questions about buying TPC stock.
Tutor Perini Corporation's current P/E ratio is 49.6x. The historical average is 16.5x. This places it at the 95th percentile of its historical range.
Tutor Perini Corporation's current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.7x.
Tutor Perini Corporation's return on equity (ROE) is 6.6%. The historical average is -4.0%.
Based on historical data, Tutor Perini Corporation is trading at a P/E of 49.6x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tutor Perini Corporation's current dividend yield is 0.08% with a payout ratio of 3.9%.
Tutor Perini Corporation has 11.7% gross margin and 4.2% operating margin.
Tutor Perini Corporation's Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.