PRIMPrimoris Services Corporation
Is the business good?
The checks split: earnings fully cash-backed (1.2×), but margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Efficiency-driven, thin margins turned over fast (the retail model). ROE 14% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is PRIM?
Primoris Services Corporation earns 7.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 1.3 points below what the capital costs: growth destroys value
- Operating margin
- 2.9%
Operating margin · Engineering & Construction median 7.5% · 12 months to Q2 2026
- Cash conversion
- 1.22×
Cash conversion · 2.44× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −1.5%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 4.7% |
| FY2021 | 4.9% |
| FY2022 | 4.4% |
| FY2023 | 4.4% |
| FY2024 | 5.0% |
| FY2025 | 5.4% |
Details›
- Gross margin12 months to Q2 2026
- 8.6%
- Operating margin12 months to Q2 2026
- 2.9%
- Net margin12 months to Q2 2026
- 1.9%
- Free cash flow margin
- 1.2%
- Revenue, trailing twelve months
- $7.28B
- Free cash flow, trailing twelve months
- $88M
- Net income, trailing twelve months
- $140M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Engineering & Construction
Ranks #6 of 25 by RyuScore