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Compare a construction stock in three passes: normalize its P/E, test its P/B against return on equity and asset quality, then audit the quality and timing of its order backlog. Use the same reporting date and accounting basis for every company. A low multiple is attractive only when the earnings, balance sheet and contracts supporting it are credible.
What each measure tells you
Construction companies combine cyclical earnings, substantial working-capital swings and long contracts. No single ratio captures all three. P/E addresses the price paid for current earnings, P/B tests the market value against the accounting value of the net assets, and backlog indicates potential future revenue. The measures answer different questions:
- P/E: How much are investors paying for a dollar of reported or expected profit?
- P/B: How much are investors paying for a dollar of net assets, and are those assets earning an acceptable return?
- Backlog: How much contracted or otherwise identified work might become revenue, how soon, and with what execution risk?
Read them together. A low P/E can reflect a temporary peak in a construction cycle. A low P/B can reflect impaired equipment, disputed receivables, litigation or weak future returns. A large backlog can contain unfunded bids, options, claims or work that ultimately loses money.
Step 1: Normalize P/E before ranking stocks
Use the same formula and date
Investor.gov and the Securities and Exchange Commission define P/E as the current share price divided by earnings per share (EPS). EPS uses profit attributable to common shareholders and the relevant common shares outstanding; a trailing figure generally covers the prior 12 months. For a fair comparison, capture each company’s share price, diluted trailing EPS and forward EPS on the same date.
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| Multiple | Calculation | What it represents |
|---|---|---|
| Trailing P/E | Current share price ÷ diluted EPS for the latest 12 months | What investors pay for profit already reported |
| Forward P/E | Current share price ÷ expected EPS for a specified future period | What investors pay for forecast profit |
Label the earnings basis beside every number: GAAP, adjusted, continuing operations or analyst consensus. Adjusted earnings can exclude restructuring, impairment, project claims or other items that are economically important to a contractor. If two companies use different adjustments, their P/Es are not directly comparable until you reconcile those items.
Handle negative or distorted earnings correctly
A company with negative EPS has a non-meaningful trailing P/E. Do not rank a negative or near-zero denominator as “cheap”; instead, examine P/B, enterprise-value measures, cash flow and the causes of the loss. Also investigate whether a one-time gain, asset sale, tax benefit or unusually high project margin makes the latest EPS unrepresentative.
Trailing versus forward P/E
Trailing P/E is observable but backward-looking. Forward P/E can reflect a known project ramp or an expected margin recovery, but it depends on estimates. Record the forecast period and estimate source, and test whether the forecast requires backlog conversion, a favorable claim resolution, lower material costs or other assumptions. A lower forward P/E is not persuasive if the expected earnings have little support in signed work or recent cash generation.
Use industry and company history, not a universal cutoff
The SEC notes that desirable P/E ratios vary by industry. Compare each multiple with the company’s own historical range and with close peers that have similar end markets, contract types, leverage and accounting policies. A highway contractor, a building contractor and a specialty subcontractor may deserve different multiples even when their headline growth rates look similar.
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Step 2: Use P/B as a balance-sheet cross-check
Calculate price to book value
FINRA defines P/B as price per share divided by book value per share. Book value is assets minus liabilities, attributable to the relevant shareholders. Calculate the ratio using the same share-count convention for every peer and use the latest balance-sheet date available at your comparison date.
P/B = share price ÷ book value per share
P/B is most informative among similar, asset-heavy companies. It is not a stand-alone estimate of liquidation value: accounting assets may be specialized, difficult to sell or worth less than their recorded amounts.
Inspect what is inside book value
Break net assets into categories rather than treating book value as one number. Review cash, equipment, land, contract receivables, retainage, unbilled receivables, goodwill, deferred tax assets and project claims. Ask whether each item is readily realizable, subject to a valuation allowance or dependent on successful contract completion.
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- Equipment and land: Consider age, utilization, maintenance needs and the possibility that carrying values exceed current resale values.
- Receivables and retainage: Check aging, customer concentration and the history of collections. Retainage can remain outstanding until a project is completed.
- Unbilled amounts and claims: Determine whether recognition depends on customer approval, negotiation or litigation.
- Goodwill and deferred tax assets: These may not produce cash if acquisitions underperform or taxable income is insufficient.
Pair P/B with return on equity and impairments
Return on equity (ROE) shows how effectively the company turns book equity into profit. A premium P/B can be justified when sustainable ROE is high and risk is controlled. A low P/B can signal undervaluation, but it can also indicate deteriorating prospects, legal risks or assets that will need to be written down. Review several years of ROE, impairment charges, project-loss provisions and changes in tangible equity before interpreting a discount to book.
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Step 3: Standardize the backlog before comparing it
Backlog is an issuer-defined measure
There is no single industry-wide backlog definition. Tutor Perini describes backlog as the total value of work remaining on awarded projects and includes awarded work without major remaining uncertainties. Construction Partners includes work when funding is probable and separately reports low-bid/no-contract work. Those definitions produce numbers that should not be placed side by side without adjustment.
For every issuer, record the definition and classify the amount by certainty:
- Executed contracts with work in progress
- Awarded contracts awaiting execution or notice to proceed
- Funded work versus work dependent on future funding
- Options, task orders and framework capacity
- Low bids or apparent awards without a contract
- Change orders, claims and disputed amounts
Then read cancellation, termination-for-convenience and price-adjustment provisions. A nominally large award can have less economic value if the customer can cancel it, if funding is not appropriated or if the contractor bears fixed-price labor and material inflation.
Examples that show why composition matters
| Issuer and date | Reported amount | Composition or qualification |
|---|---|---|
| Tutor Perini, December 31, 2025 | $20.56 billion backlog | Awarded work under the issuer’s definition; approximately $6 billion, or 29%, was estimated for recognition in 2026 |
| Construction Partners, September 30, 2025 | $3.0 billion contract backlog | $2.2 billion executed/in progress and $0.8 billion low-bid/no-contract |
| Granite Construction, December 31, 2025 | $7.0 billion committed and awarded projects | Up 32% from $5.3 billion; the issuer separately distinguishes unearned revenue from other awards |
| One 2025 annual-report disclosure | $682 million backlog | The issuer cautioned that backlog might not be realized or become profitable |
The Construction Partners split demonstrates why the headline total is insufficient: $0.8 billion was not executed contract work. Granite’s distinction between unearned revenue and other awards likewise prevents treating every reported project amount as identical accounting revenue.
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Measure backlog relative to the business
Calculate backlog-to-revenue = comparable backlog ÷ latest annual revenue, but use the same backlog category for every company. A high ratio can indicate multi-year visibility or simply a different definition. Add geographic mix, end-market mix, customer concentration and contract duration to the ratio. A backlog concentrated in one public agency, region or project type carries different risk from a diversified book.
Step 4: Turn backlog into an earnings hypothesis
Build the backlog bridge
Use each annual report’s bridge from beginning backlog to new awards, revenue recognized and ending backlog. The bridge answers whether growth comes from genuine bookings or from carrying forward old work. Compare new awards with revenue recognized and check whether ending backlog is rising because awards exceed execution.
For Tutor Perini, the December 31, 2025 filing reported $20.56 billion of backlog and estimated about $6 billion, or 29%, for recognition in 2026. The same disclosure indicates that civil projects typically convert over three to five years, while building and specialty work generally converts over one to three years. Do not treat the remaining 71% as next year’s revenue; it is spread over the stated project lives and remains subject to execution.
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Test conversion, margin and cash together
For the next 12 months, estimate the portion of backlog expected to convert and the margin expected on that work. Compare that hypothesis with recent revenue recognition, gross or operating margin and operating cash flow. A growing backlog with falling margins, large claims or weak cash conversion is not automatically bullish.
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- Check whether revenue growth is accompanied by stable or improving gross margin.
- Review cost-to-complete revisions and provisions for estimated project losses.
- Separate approved change orders from unapproved claims.
- Compare operating cash flow with net income, allowing for retainage and unbilled receivables.
- Look for cancellations, delayed notices to proceed and customer funding changes.
Remember that backlog is not guaranteed profit
Backlog is a probability-weighted revenue indicator, not a promise of profit. Annual-report language can explicitly warn that backlog may not be realized or may be realized without profit. Fixed-price contracts expose the contractor to labor, material and productivity risk; cost-plus or price-adjustable contracts have a different risk profile. Read the contract-risk discussion before assigning value to the backlog number.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Step 5: Add debt, cash and working-capital checks
Why P/E can hide leverage differences
Two companies with the same P/E can have very different debt burdens. Interest expense reduces net income and therefore changes P/E, but the ratio does not show the amount of debt supporting the operations. FINRA explains that enterprise value adds debt and subtracts cash. Use EV and, where meaningful, EV/EBITDA as secondary checks when capital structures differ materially.
Enterprise value = equity market value + debt − cash and cash equivalents
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Review the cash conversion cycle
Inspect net debt, interest cost, operating cash flow, working capital, retainage and unbilled receivables. A contractor can report accounting profit while cash is tied up in projects awaiting billing, customer approval or final completion. Rising receivables alongside backlog growth deserves a direct explanation in the filings.
A practical comparison framework
Put the following axes on one worksheet for each peer. Keep dates and definitions beside every figure.
| Axis | Questions to answer |
|---|---|
| Earnings valuation | What are trailing and forward P/Es on a consistent GAAP or adjusted basis? Are earnings cyclical or distorted by one-time items? |
| Asset valuation | What is P/B, and how much of book value is tangible, liquid and independently supported? What are ROE and impairment trends? |
| Backlog quality | What share is executed, funded and in progress? How much consists of low bids, options, claims or awards awaiting a contract? |
| Backlog duration | How much is expected within 12 months, and how much converts over multi-year civil, building or specialty cycles? |
| Profitability and cash | Are margins holding as backlog converts? Does operating cash flow support reported earnings after working-capital needs? |
| Risk exposure | How concentrated are geography, customers and end markets? What is the exposure to fixed-price terms, labor and material inflation, litigation and leverage? |
A repeatable stock-comparison process
- Set the comparison date. Use the latest share price and the latest filings available on that date. Record fiscal year-end differences.
- Collect earnings inputs. Record diluted trailing EPS, the forward estimate, the accounting basis and any unusual gains or charges.
- Calculate and normalize P/E. Divide the same-date price by each EPS figure. Mark negative EPS as non-meaningful rather than ranking it.
- Calculate P/B. Use book value per share from the matching balance-sheet date and reconcile goodwill, claims, receivables and other questionable assets.
- Measure returns and leverage. Add ROE, net debt, interest cost and impairment history; use EV as a cross-check where debt differs.
- Read the backlog footnotes. Copy the issuer’s definition, then split executed, funded, awarded, optional, claimed and low-bid work.
- Estimate conversion. Use the company’s timing disclosures, backlog bridge and project mix to estimate next-12-month revenue and margin, without treating the entire backlog as near-term sales.
- Stress the thesis. Ask what happens if a project is delayed, a claim is rejected, costs rise or customer funding is postponed. Recheck cash flow and covenant headroom under that scenario.
- Refresh volatile inputs. Market prices, analyst estimates and backlog can change after the filing date, so update them at publication or investment-decision time.
Common mistakes to avoid
- Using a universal “good” multiple: P/E and P/B depend on cycle position, growth, leverage, accounting choices and business mix.
- Mixing dates: A current share price against an older EPS or book value can create a false comparison.
- Mixing accounting bases: GAAP, adjusted, continuing-operations and consensus EPS are not interchangeable.
- Calling a negative P/E cheap: A negative denominator makes the ratio non-meaningful.
- Comparing headline backlog only: Definitions differ, and low bids or unfunded work may not be contracts.
- Assuming backlog equals profit: Execution costs, claims, cancellations and fixed-price exposure can destroy margins.
- Ignoring cash conversion: Retainage and unbilled receivables can absorb cash while reported revenue rises.
- Overlooking leverage: Similar P/Es can conceal very different debt and interest burdens.
How to reach a decision
Favor the stock whose valuation is supported by repeatable earnings, tangible and productive assets, and a backlog with a high proportion of executed or funded work. Treat a low P/E or P/B as a starting point for investigation, not as a buy signal. Treat backlog growth as evidence of potential demand only after checking its definition, conversion schedule, margins, claims, customer funding and cash realization. The strongest comparison is the one in which all three measures—earnings, assets and backlog—tell a consistent story.
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