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Short answer: Sterling Infrastructure is not a one-for-one match with any large engineering and construction peer. Its current earnings mix is dominated by E-Infrastructure—data-center, semiconductor, manufacturing and other mission-critical site and electrical work—while Transportation and Building Solutions add civil infrastructure and residential/commercial concrete exposure. Investors should compare Sterling with partial peers by end-market mix, organic versus acquired growth, like-for-like margins, backlog quality and conversion, cash generation, risk and same-date valuation rather than by headline revenue or backlog alone.
The latest available results as of October 13, 2026, cover the quarter ended June 30, 2026. Sterling reported $1.168 billion of revenue, up 90% year over year, and $5.62 billion of combined backlog, up 150%. Those figures show momentum, but the backlog includes $1.28 billion of unsigned awards and the growth was concentrated in E-Infrastructure. The comparison below separates what is reported from what an investor still needs to verify.
What Sterling Infrastructure actually does
Sterling operates three businesses that behave differently through the economic cycle. E-Infrastructure performs large-scale site development and mission-critical electrical services for data centers, semiconductor fabrication, manufacturing, distribution and warehousing, and power-generation projects. Transportation builds and rehabilitates highways, roads, bridges, airports, ports, rail infrastructure and storm-drainage systems. Building Solutions provides residential and commercial concrete foundations, parking structures, elevated slabs, plumbing and surveying for new single-family construction.
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Its footprint is primarily in U.S. regions including the South, Northeast, Mid-Atlantic and Rocky Mountain areas, plus the Pacific Islands. That geographic concentration matters when comparing it with a peer whose work is more utility-based, national, materials-heavy or service-oriented.
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The mix means Sterling can look like several different companies at once: a data-center site contractor, a civil infrastructure builder and a housing-related concrete provider. A useful peer is therefore one that illuminates a particular exposure, not one that replicates the whole portfolio.
Which public companies are useful partial peers?
Three public companies provide practical reference points, but each answers a different comparison question.
| Company | Why investors use it as a reference | Latest reported quarterly scale in the supplied results | Backlog or future-work metric | Why it is not a clean Sterling match |
|---|---|---|---|---|
| Sterling Infrastructure | Data-center and advanced-manufacturing site development and electrical services, transportation construction, and Building Solutions | Q2 2026 revenue: $1.168 billion; segment revenue of $905.0 million E-Infrastructure, $156.7 million Transportation and $106.5 million Building Solutions | $5.62 billion combined backlog at June 30, 2026, including $1.28 billion of unsigned awards | Its three-segment mix combines mission-critical, public-infrastructure and housing-related work |
| Quanta Services (NYSE: PWR) | Electric infrastructure, utility, power and underground-infrastructure exposure | Q2 2026 revenue: $9.56 billion | $53.4 billion total backlog in Q2 2026 | Much larger scale and greater utility and power exposure than Sterling’s mixed portfolio |
| EMCOR Group (NYSE: EME) | Mechanical and electrical construction plus facilities services and building systems | Q2 2026 revenue: $5.15 billion; operating income: $547.3 million, or 10.6% of revenue | $17.14 billion of remaining performance obligations | Facilities services and building-systems work differ from Sterling’s site-development and concrete activities |
| Granite Construction (NYSE: GVA) | Civil infrastructure and transportation construction | Q2 2026 revenue: $1.5 billion; adjusted EBITDA: $186 million | $7.4 billion of committed and awarded projects | Materials and heavy-civil exposure make its business mix different from Sterling’s E-Infrastructure concentration |
Use Quanta to test how investors value electric and utility infrastructure, EMCOR to examine building-systems and mechanical/electrical execution, and Granite to assess civil and transportation exposure. None should be treated as a full-company twin.
Start with end-market mix, not the ticker symbol
End-market mix determines what drives demand, pricing and project timing. For Sterling, E-Infrastructure is the central issue in 2026. Mission-critical data-center, manufacturing and semiconductor projects represented 92% of E-Infrastructure backlog at June 30, 2026. That concentration can support rapid growth when customers expand capacity, but it also makes consolidated results sensitive to the timing of a relatively narrow set of large projects.
Data centers, semiconductors and advanced manufacturing
These projects often require extensive earthwork, utilities, power distribution and electrical installation before a facility can operate. They can be larger and more technically demanding than ordinary commercial construction. Investors should ask whether revenue is coming from repeat programs with large customers or from a few awards whose schedules can move, whether Sterling is being paid for early site work or later higher-value electrical scopes, and whether margins remain stable as projects progress.
Transportation and public infrastructure
Transportation work includes roads, bridges, airports, ports, rail and drainage. It may benefit from public funding and long planning horizons, but bids can be competitive and margins can be affected by weather, labor, fuel, materials and change orders. Sterling’s Q2 2026 Transportation revenue fell 20% year over year even as adjusted operating income increased 8%, indicating that revenue volume and profitability can move in opposite directions when the company reallocates resources.
Residential and commercial concrete
Building Solutions is linked to homebuilder activity, affordability and housing starts, with additional commercial concrete work. In Q2 2026, segment revenue declined 1% and adjusted operating income declined 11%. Management cited relatively flat homebuilder activity and affordability pressure. This segment gives Sterling a different demand profile from Quanta and EMCOR and can dilute or diversify the effect of E-Infrastructure cycles depending on conditions.
Read the latest Sterling results in context
Sterling’s Q2 2026 revenue was $1.168 billion, a 90% year-over-year increase. E-Infrastructure generated $905.0 million, Transportation $156.7 million and Building Solutions $106.5 million. E-Infrastructure therefore represented 78% of consolidated quarterly revenue, so consolidated growth should not be interpreted as evenly distributed across the company.
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| Q2 2026 Sterling segment | Revenue | Share of consolidated revenue | Year-over-year revenue change | Segment operating margin |
|---|---|---|---|---|
| E-Infrastructure | $905.0 million | 78% | Up 192%; up 111% excluding the CEC and Stone Ridge acquisitions | 23.3% |
| Transportation | $156.7 million | Not stated as a separate percentage in the supplied results | Down 20% | 18.0% |
| Building Solutions | $106.5 million | Not stated as a separate percentage in the supplied results | Down 1% | 8.0% |
The segment margins above are operating metrics, not Sterling’s consolidated operating margin. They should not be compared directly with EMCOR’s 10.6% consolidated operating margin without aligning scope and accounting definitions.
For fiscal 2025, Sterling reported $2.49 billion of revenue, $290.2 million of GAAP net income, $336.7 million of adjusted net income and $503.8 million of adjusted EBITDA. The company said its 2025 revenue comparison was adjusted for the deconsolidation of RHB at the end of 2024. An investor should not combine that adjusted comparison with unadjusted GAAP figures as if they used the same basis.
Separate organic growth from acquisition growth
Sterling’s E-Infrastructure revenue increased 192% year over year in Q2 2026. Excluding the CEC and Stone Ridge acquisitions, management reported 111% growth. The difference—81 percentage points—illustrates why acquisition-adjusted growth is essential. Acquisitions can add capabilities, customers and geographic reach, but the acquired revenue is not evidence of same-business demand until the businesses are integrated and their organic performance is visible.
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Management also said consolidated revenue grew 90%, including approximately 50% organic growth. Those are company-reported figures, so investors should reconcile the definition of organic growth in the earnings materials and check whether it excludes divested operations, currency, pass-through revenue or partial-period acquisition contributions.
Growth quality is broader than a percentage. Examine whether Transportation and Building Solutions are stable, whether E-Infrastructure demand is spread across customers and project types, whether pricing or volume explains the increase, and whether working capital and cash collections rise with reported revenue.
Sterling CEO Joe Cutillo said, “We delivered an outstanding second quarter, with adjusted net income increasing 118% to deliver adjusted diluted EPS of $5.80. Revenue grew 90%, including organic growth of approximately 50%, and strong adjusted EBITDA margins of 22%.” The quoted adjusted net income, adjusted diluted EPS and adjusted EBITDA margin are company-reported non-GAAP measures; compare them with GAAP results and the reconciliation rather than treating them as GAAP earnings.
Compare profitability on the same basis
Profitability comparisons fail when one figure is a segment margin, another is consolidated operating income and a third is adjusted EBITDA. Build a like-for-like schedule with at least four columns: GAAP operating income, adjusted operating income, EBITDA definition and the level of reporting (segment or consolidated).
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- Sterling’s Q2 2026 segment operating margins were 23.3% for E-Infrastructure, 18.0% for Transportation and 8.0% for Building Solutions.
- EMCOR reported Q2 2026 operating income of $547.3 million on $5.15 billion of revenue, a 10.6% consolidated operating margin.
- Granite reported Q2 2026 adjusted EBITDA of $186 million on $1.5 billion of revenue; that is an adjusted EBITDA figure and should not be treated as a GAAP operating margin.
- Sterling’s FY2025 adjusted EBITDA was $503.8 million on $2.49 billion of revenue, while FY2025 GAAP net income was $290.2 million. The two measures answer different questions.
Ask what adjustments are excluded: acquisition costs, stock compensation, amortization, restructuring, gains or losses, or other items. Then determine whether the adjustments recur. A high adjusted margin is less informative if the reconciliation repeatedly removes ordinary operating costs.
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Backlog: compare quality and definitions, not just dollars
Sterling reported $5.62 billion of combined backlog at June 30, 2026, up 150% year over year. The figure included $1.28 billion of unsigned awards. Sterling’s future-phase opportunities are not yet reported backlog. That distinction is critical: an unsigned award or potential later phase may represent attractive work, but it does not provide the same contractual certainty as signed work.
The peers use different labels. Quanta reports total backlog and remaining performance obligations; EMCOR reports remaining performance obligations; Granite reports committed and awarded projects. These measures can differ in cancellation rights, project duration, margin profile and whether work is under a signed contract. A larger number is not automatically a stronger order book.
| Backlog question | Why it matters | What to request from the filing or call |
|---|---|---|
| Is the work signed? | Unsigned awards and future phases may carry less certainty than executed contracts | Separate signed backlog, unsigned awards and pipeline opportunities |
| How long is the duration? | A multi-year project supports visibility but delays revenue conversion | Expected start, completion and annual revenue cadence |
| What is the margin? | Backlog growth can destroy value if awarded at weak prices | Expected gross or operating margin by major project or segment |
| How is book-to-bill or burn trending? | Shows whether new awards replenish work consumed by revenue | Quarterly bookings, revenue recognized and backlog change excluding acquisitions |
| How much converts to cash? | Accounting backlog does not pay bills until customers are invoiced and collected | Contract assets, receivables, retainage, operating cash flow and collection history |
For Sterling’s E-Infrastructure backlog, the fact that 92% was tied to mission-critical data-center, manufacturing and semiconductor work describes exposure, not guaranteed revenue. Monitor cancellations, schedule changes, margin revisions and the pace at which backlog becomes revenue and cash.
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Construction companies can report strong earnings while cash is absorbed by equipment, mobilization, contract assets, retainage or slow customer payments. A comparison should therefore place operating cash flow, capital expenditures, debt, acquisition spending and bonding capacity next to revenue and EBITDA.
Operating cash flow
Check whether operating cash flow tracks GAAP net income over several quarters, not just whether one quarter is positive. Investigate a widening gap caused by receivables, unbilled work, inventory, contract assets or retainage. A backlog that grows while cash conversion deteriorates can increase financing needs and execution risk.
Acquisitions and integration
Sterling’s 2026 E-Infrastructure growth includes the CEC and Stone Ridge acquisitions. Evaluate purchase prices, acquired margins, integration costs, cross-selling claims and the amount of goodwill or intangible assets added to the balance sheet. Organic growth should remain visible after the first full year of ownership.
Debt, bonding and capacity
Contractors need liquidity and bonding capacity to bid and perform large projects. Compare net debt with EBITDA using the same EBITDA definition, review maturities and interest costs, and examine whether surety capacity could constrain growth. An acquisition-led expansion can look attractive until debt, working capital and bonding requirements rise together.
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Sterling’s 2025 Form 10-K identifies risks involving economic cycles and customer demand; construction-material, fuel, subcontractor and labor-cost escalation; bidding and backlog estimation; government funding; competitive bidding; design or build errors; bonding; weather; customer concentration; personnel and labor costs; permits and regulation; project delays; acquisitions and integration; capital raising; cash generation; and debt obligations.
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These risks are relevant to contractors generally, but Sterling’s filing should not be treated as a verified risk inventory for every peer. Build a company-specific risk map.
Demand and funding risk
Data-center and semiconductor investment can be powerful but project timing may change with customer capital budgets. Transportation work can depend on public funding and appropriations. Residential concrete depends on homebuilder activity and affordability. Match each risk to the segment that bears it rather than applying a single cyclicality label to the whole company.
Execution and estimate risk
Fixed-price or unit-price projects can lose margin when quantities, designs, schedules or labor assumptions change. Review historical estimate-at-completion revisions, claims, change orders and large-project concentration. Backlog is valuable only if it can be delivered at the expected margin.
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Ask whether a small number of customers or regions account for a large share of revenue or backlog. Concentration can strengthen relationships and repeat work, but it also magnifies the effect of one delayed facility, canceled phase or regional downturn.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare valuation without creating a false precision
The available results do not include market prices or valuation multiples, so no defensible current Sterling-versus-peer multiple can be stated here. The correct method is to choose one market-data date and use consistent denominators.
- Record each share price, diluted share count and net debt on the same date.
- Calculate enterprise value and equity value using the same treatment of cash, restricted cash, leases and noncontrolling interests.
- Compare forward and trailing revenue, GAAP earnings, adjusted earnings and free cash flow separately. Do not mix Sterling’s adjusted EPS with a peer’s GAAP EPS.
- Use the same EBITDA definition and reconcile company-specific adjustments.
- Stress-test the denominator: show what happens if E-Infrastructure growth slows, Transportation recovers, Building Solutions remains weak, or acquisition synergies arrive later.
- Compare valuation with backlog quality and cash conversion. A lower multiple may reflect weaker contract certainty, lower margins or greater working-capital needs rather than a bargain.
Valuation is an analytical input, not a recommendation. A rapidly growing contractor can deserve a premium, but only if its growth is repeatable, profitable and converted into cash.
A practical investor workflow
Use this sequence when reading Sterling alongside Quanta, EMCOR, Granite or another contractor.
- Normalize the business map. Assign each company’s revenue to data centers and advanced manufacturing, utilities and power, public infrastructure, building systems, residential construction, materials and maintenance or facilities services.
- Reconcile periods. Confirm fiscal quarter dates, acquisition closing dates, divestitures and the effect of the RHB deconsolidation in Sterling’s 2025 comparison.
- Split organic and acquired growth. Record reported growth, management’s organic figure and the contribution from named acquisitions.
- Separate segment and consolidated margins. Place Sterling’s segment margins beside peer consolidated margins only after labeling the difference.
- Classify backlog. Mark signed contracts, remaining performance obligations, committed awards, unsigned awards and pipeline phases in separate rows.
- Track conversion. Compare beginning backlog, bookings, revenue recognized, ending backlog, operating cash flow and receivables.
- Review the balance sheet. Check debt, maturities, cash, capital expenditure, goodwill, acquisition consideration and bonding availability.
- Run downside cases. Model project delays, material inflation, lower homebuilder demand, weaker public funding or an acquisition integration miss.
- Only then examine valuation. Use one market-data date and identical earnings and cash-flow definitions.
What the 2026 snapshot says—and what it does not
The snapshot supports three conclusions. First, Sterling’s reported growth is exceptional, with Q2 revenue up 90% and E-Infrastructure revenue up 192%. Second, the growth is concentrated: E-Infrastructure supplied 78% of quarterly revenue, while Transportation revenue declined and Building Solutions was nearly flat. Third, backlog is large but not homogeneous because $1.28 billion of the $5.62 billion combined figure consisted of unsigned awards.
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The snapshot does not establish that Sterling will achieve its full-year targets. Management raised 2026 guidance to revenue of $4.00 billion–$4.15 billion, GAAP diluted EPS of $17.25–$17.85, adjusted diluted EPS of $19.70–$20.30 and adjusted EBITDA of $891 million–$916 million. These are management guidance figures, not achieved results or guaranteed forecasts. Investors should compare subsequent reported revenue, margins, cash flow and backlog conversion with the guidance range.
Questions investors commonly ask
Is Quanta Services a direct competitor to Sterling?
No. Quanta is a useful reference for electric, utility, power and underground-infrastructure exposure, but its $9.56 billion Q2 2026 revenue and $53.4 billion total backlog reflect much greater scale and a different business mix. It is a partial peer, not a complete substitute.
Can Sterling’s $5.62 billion backlog be compared directly with EMCOR’s $17.14 billion?
Not without normalizing definitions. Sterling’s combined backlog includes $1.28 billion of unsigned awards, while EMCOR reports remaining performance obligations. Contract status, duration, cancellation rights and project mix must be compared before the dollar totals mean the same thing.
Why did Sterling’s Transportation revenue fall while adjusted operating income rose?
Q2 2026 Transportation revenue declined 20% year over year while adjusted operating income increased 8%. Management said it was shifting resources away from transportation projects toward higher-margin E-Infrastructure opportunities, so lower volume did not produce lower segment adjusted operating income in that quarter.
Are Sterling’s 2026 guidance figures actual results?
No. The $4.00 billion–$4.15 billion revenue range, $17.25–$17.85 GAAP diluted EPS range, $19.70–$20.30 adjusted diluted EPS range and $891 million–$916 million adjusted EBITDA range are management guidance for 2026.
Frequently Asked Questions
What is the single most important comparison for Sterling?
Start with end-market mix and growth quality. Determine how much revenue and backlog come from E-Infrastructure, then separate organic growth from the CEC and Stone Ridge acquisitions before comparing valuation.
What should replace a simple backlog ranking?
Compare signed work, unsigned awards, project duration, expected margins, customer concentration, book-to-bill and conversion to operating cash flow. Backlog labels are not standardized across contractors.
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Adjusted EPS, adjusted net income and adjusted EBITDA can improve comparability, but they are non-GAAP measures. Keep GAAP earnings and the reconciliation alongside them and check whether excluded items recur.
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