Construction & Engineering

1721 Comsys Holdings

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥6.8B¥23.0B¥1.5B¥27.2B¥14.9B(¥3.0B)¥54.3B¥33.6B¥7.1B¥31.6B

Retained capital Retained ¥88.6B of earnings over 2017–2026; annual owner earnings grew ¥13.7B, ¥0.15 per ¥1 retained.

Balance sheet Net cash, +¥38.9B · dividend paid 10 of 10 yrs, never cut

1801 Taisei

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥210.9B¥200.0B(¥78.9B)¥67.6B¥54.8B¥67.3B¥18.6B¥27.5B(¥30.2B)¥130.5B

Retained capital Retained ¥338.4B of earnings over 2017–2026; annual owner earnings fell ¥68.1B, ¥-0.20 per ¥1 retained.

Balance sheet Modest net debt, ¥147.0B · dividend paid 10 of 10 yrs, never cut

1802 Obayashi

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥143.9B¥99.4B¥26.5B¥217.7B¥4.8B¥49.0B¥204.5B¥23.3B¥52.1B¥216.6B

Retained capital Retained ¥639.7B of earnings over 2017–2026; annual owner earnings grew ¥7.4B, ¥0.01 per ¥1 retained.

Balance sheet Net cash, +¥133.8B · dividend paid 10 of 10 yrs, cut at least once

1803 Shimizu

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥132.0B¥70.5B(¥28.2B)¥156.9B¥64.0B¥57.6B¥58.0B(¥51.5B)¥125.0B¥8.1B

Retained capital Retained ¥438.2B of earnings over 2017–2026; annual owner earnings fell ¥30.9B, ¥-0.07 per ¥1 retained.

Balance sheet Modest net debt, ¥69.5B · dividend paid 10 of 10 yrs, cut at least once

1812 Kajima

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥168.2B¥107.7B¥7.0B¥33.1B¥134.0B¥7.6B(¥53.8B)¥96.5B(¥219M)¥81.1B

Retained capital Retained ¥745.9B of earnings over 2017–2026; annual owner earnings fell ¥35.2B, ¥-0.05 per ¥1 retained.

Balance sheet Modest net debt, ¥444.5B · dividend paid 10 of 10 yrs, never cut

1963 JGC Holdings

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 (¥35.1B)(¥1.7B)(¥62.6B)¥88.0B¥6.0B¥13.8B¥104.2B¥1.4B¥37.2B¥67.1B

Retained capital Paid out ¥33.6B more than it earned over 2017–2026; annual owner earnings grew ¥68.3B.

Balance sheet Net cash, +¥365.4B · dividend paid 10 of 10 yrs, cut at least once

7004 Kanadevia

Revenue is Environmental Systems (78%), Machinery (11%) and Element (11%).

Owner earnings 2017–2026 ¥9.3B(¥13.4B)(¥12.4B)¥22.8B¥12.2B¥19.4B¥21.4B(¥7.3B)¥12.9B(¥4.0B)

Retained capital Retained ¥70.0B of earnings over 2017–2026; annual owner earnings grew ¥6.0B, ¥0.09 per ¥1 retained.

Balance sheet Heavy net debt, ¥106.8B · dividend paid 10 of 10 yrs, never cut

ACM AECOM

We are a leading global provider of professional infrastructure consulting and advisory services for governments, businesses and organizations throughout the world.

Owner earnings 2017–2025 $610M$661M$677M$215M$568M$577M$590M$708M$685M

Retained capital Paid out $2.0B more than it earned over 2017–2025; annual owner earnings grew $12M.

Balance sheet Modest net debt, $1.2B · dividend paid 4 of 9 yrs, never cut

AGX Argan Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 $256M($77M)($117M)$49M$174M$27M($33M)$114M$165M$412M

Retained capital Retained $194M of earnings over 2017–2026; annual owner earnings grew $210M, $1.08 per $1 retained.

Balance sheet Net cash, debt-free, +$491M · buybacks at an average near $41.72 · dividend paid 10 of 10 yrs, cut at least once

AMRC Ameresco Inc.

Ameresco is a leading energy infrastructure solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition.

Owner earnings 2016–2024 ($55M)($138M)($57M)($203M)($105M)($177M)($344M)($76M)$113M

Retained capital not read

Balance sheet Heavy net debt, $1.4B

BBCP Concrete Pumping Holdings Inc.

Concrete Pumping Holdings, Inc. is a Delaware corporation headquartered in Thornton, Colorado.

Owner earnings 2018–2025 $22M$51M$47M$42M$42M$43M$18M

Retained capital Paid out $57M more than it earned over 2018–2025; annual owner earnings fell $6M.

Balance sheet Heavy net debt, $373M · buybacks at an average near $7.91 · dividend paid 1 of 7 yrs, never cut

BBUC Brookfield Business Corporation

Revenue is Industrials (54%), Business services (34%) and Infrastructure services (11%).

Owner earnings 2016–2025 $85M($310M)$796M$958M$2.8B$243M($737M)($158M)$761M$1.2B

Retained capital Retained $8.0B of earnings over 2016–2025; annual owner earnings grew $401M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $37.3B · dividend paid 1 of 10 yrs, never cut

BLD TopBuild

TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer of insulation and commercial roofing and a specialty distributor of insulation and other building products to the construction industry in the United States and Canada.

Owner earnings 2016–2025 $63M$97M$128M$226M$317M$347M$419M$785M$707M$697M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $634M, $0.46 per $1 retained.

Balance sheet Meaningful net debt, $2.7B · buybacks at an average near $182

CDNL Cardinal Infrastructure Group Inc.

Cardinal Group is a holding company with no direct operations and our principal asset is our equity interest in Cardinal.

Owner earnings 2023–2025 $19M$22M$13M

Retained capital not read

Balance sheet Meaningful net debt, $121M

CTRI Centuri Holdings Inc.

We are a leading North American utility and energy infrastructure services company with over 115 years of operating history, and we partner with regulated utilities to maintain, upgrade and expand the energy network that powers millions of homes and businesses.

Owner earnings 2022–2025 ($35M)$61M$59M($8M)

Retained capital Paid out $354M more than it earned over 2022–2025; annual owner earnings grew $9M.

Balance sheet Heavy net debt, $611M · dividend paid 1 of 4 yrs, cut at least once

DY Dycom Industries

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2026 $151M$109M($41M)($63M)$324M$152M$21M$96M$151M$402M

Retained capital Retained $731M of earnings over 2016–2026; annual owner earnings grew $143M, $0.20 per $1 retained.

Balance sheet Heavy net debt, $2.1B · buybacks at an average near $85.70

EME EMCOR Group

We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services.

Owner earnings 2016–2025 $223M$331M$228M$307M$758M$283M$449M$848M$1.3B$1.2B

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $863M, $0.43 per $1 retained.

Balance sheet Net cash, +$865M · buybacks at an average near $172 · dividend paid 10 of 10 yrs, never cut

ENGS Energys Group Limited

We are an energy service company founded in the United Kingdom with over 23 years of experience in deploying energy-saving technologies and services.

Owner earnings 2023–2025 (£631K)(£1M)(£508K)

Retained capital not read

Balance sheet Net debt against an operating loss, £6M

ESOA Energy Services of America Corporation

Energy Services of America Corporation, formed in 2006, is a contractor and service company that operates primarily in the mid-Atlantic and central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries.

Owner earnings 2017–2025 ($2M)$7M$962K$11M($4M)$3M$14M$10M($2M)

Retained capital Retained $2M of earnings over 2017–2025; annual owner earnings grew $5M, $2.41 per $1 retained.

Balance sheet Heavy net debt, $50M · buybacks at an average near $5.18 · dividend paid 5 of 9 yrs, cut at least once

FER Ferrovial N.V.

Revenue is led by Construction division (79%) and Toll roads division (14%), with 3 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +€4.3B

FIX Comfort Systems

We provide mechanical and electrical contracting services.

Owner earnings 2016–2025 $68M$79M$120M$118M$262M$158M$268M$601M$801M$1.1B

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $753M, $0.37 per $1 retained.

Balance sheet Net cash, +$726M · dividend paid 10 of 10 yrs, never cut

FLR Fluor Corporation

We deliver professional and technical solutions that emphasize safety, operational excellence and capital efficiency for our clients.

Owner earnings 2016–2025 $470M$319M($49M)$38M$73M($50M)($44M)$106M$664M($437M)

Retained capital Paid out $851M more than it earned over 2016–2025; annual owner earnings fell $136M.

Balance sheet Net cash, +$1.1B · buybacks at an average near $45.86 · dividend paid 5 of 10 yrs, cut at least once

GVA Granite Construction

We deliver infrastructure solutions for public and private clients primarily in the United States.

Owner earnings 2016–2025 $9M$79M($25M)$5M$175M($73M)($27M)$91M$320M$331M

Retained capital Paid out $127M more than it earned over 2016–2025; annual owner earnings grew $226M.

Balance sheet Meaningful net debt, $739M · buybacks at an average near $54.34 · dividend paid 10 of 10 yrs, cut at least once

IESC IES Holdings Inc.

IES Holdings, Inc. designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing and commercial and industrial facilities.

Owner earnings 2016–2025 $22M$18M$8M$32M$72M$31M($13M)$136M$189M$239M

Retained capital Retained $788M of earnings over 2016–2025; annual owner earnings grew $173M, $0.22 per $1 retained.

Balance sheet Net cash, +$203M · buybacks at an average near $59.01

J Jacobs Solutions

Jacobs delivers innovative solutions to address the world's most complex challenges and create lasting value for clients, communities and society.

Owner earnings 2016–2025 $612M$498M$386M($457M)$716M$633M$347M$871M$934M$607M

Retained capital Retained $464M of earnings over 2016–2025; annual owner earnings grew $305M.

Balance sheet Modest net debt, $1.0B · dividend paid 10 of 10 yrs, never cut

JLHL Julong Holding Limited

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2023–2024 (CN¥14M)CN¥69M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥62M

KAZR Skyline Builders Group Holding Limited

We operate in a single segment that represents the Company's core business as an Approved Public Works Contractor undertaking roads and drainage to its customers in Hong Kong.

Owner earnings 2023–2024 $2M($7M)

Retained capital not read

Balance sheet Heavy net debt, $12M

KBR Kbr, Inc.

KBR, Inc., a Delaware corporation, delivers science, technology, engineering and logistics support solutions to the U.S. federal government, allied nations and commercial clients around the world .

Owner earnings 2016–2025 $50M$185M$148M$236M$347M$248M$325M$269M$410M$515M

Retained capital Paid out $149M more than it earned over 2016–2025; annual owner earnings grew $270M.

Balance sheet Meaningful net debt, $2.1B · buybacks at an average near $43.30 · dividend paid 10 of 10 yrs, never cut

LGN Legence Corp.

We are a leading provider of engineering, installation and maintenance services for mission-critical systems in buildings.

Owner earnings 2023–2025 $17M$10M$219M

Retained capital not read

Balance sheet Heavy net debt, $606M

LMB Limbach Holdings Inc.

Limbach Holdings Inc. is a building systems solutions firm that designs, delivers, and maintains mechanical, electrical, plumbing, and controls systems.

Owner earnings 2017–2025 ($7M)$21M($4M)$38M($25M)$34M$55M$29M$42M

Retained capital Retained $105M of earnings over 2017–2025; annual owner earnings grew $39M, $0.37 per $1 retained.

Balance sheet Modest net debt, $24M

MG Mistras Group Inc

Mistras Group, Inc. is a global leader in technology-enabled industrial asset integrity and laboratory testing solutions, serving critical industries including oil & gas, aerospace & defense, power & utilities, manufacturing, and civil infrastructure.

Owner earnings 2016–2025 $53M$36M$21M$37M$52M$24M$14M$6M$32M$8M

Retained capital Paid out $51M more than it earned over 2016–2025; annual owner earnings fell $21M.

Balance sheet Meaningful net debt, $150M

MTRX Matrix Service Company

Revenue is Storage and Terminal Solutions (48%), Utility and Power Infrastructure (32%) and Process and Industrial Facilities (20%).

Owner earnings 2016–2025 $20M($31M)$66M$22M$26M($7M)($58M)$1M$66M$110M

Retained capital Paid out $223M more than it earned over 2016–2025; annual owner earnings grew $41M.

Balance sheet Net cash, debt-free, +$225M · buybacks at an average near $16.24

MTZ MasTec

We offer our services under the MasTec and other service marks and we are ranked among the top five contractors within Engineering News-Record's Top 400 Contractors.

Owner earnings 2016–2025 $88M$21M$350M$424M$724M$623M$89M$494M$973M$286M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $431M, $0.25 per $1 retained.

Balance sheet Meaningful net debt, $1.9B · buybacks at an average near $46.95

MYRG MYR Group

We are a holding company of specialty electrical construction service providers that was established in 1995 through the merger of long-standing specialty contractors.

Owner earnings 2016–2025 $29M($40M)$45M$20M$131M$85M$109M$12M$11M$260M

Retained capital Retained $282M of earnings over 2016–2025; annual owner earnings grew $83M, $0.29 per $1 retained.

Balance sheet Net cash, +$91M · buybacks at an average near $48.44

NOA North American Construction Group Ltd.

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2025 C$13M(C$4M)C$51MC$48MC$70MC$53MC$58MC$147MC$56MC$47M

Retained capital Retained C$171M of earnings over 2016–2025; annual owner earnings grew C$63M, C$0.37 per C$1 retained.

Balance sheet Meaningful net debt, C$279M · dividend paid 10 of 10 yrs, cut at least once

ORN Orion Group Holdings Inc. Common

Orion Group Holdings, Inc. is a leading specialty construction company focused on large-scale, mission-critical, capital projects within the marine and infrastructure sectors.

Owner earnings 2017–2025 $23M$4M($18M)$31M($17M)($5M)$8M($1M)$14M

Retained capital Paid out $124M more than it earned over 2017–2025; annual owner earnings grew $4M.

Balance sheet Meaningful net debt, $54M

PBK PowerBank Corporation

PowerBank Corporation provides solar energy solutions by developing, permitting, designing and building BTM solar power generation and transmission or distribution electricity grid connected community solar gardens and utility scale solar farms.

Owner earnings 2023–2024 C$2MC$8M

Retained capital not read

Balance sheet Net debt against an operating loss, C$45M

PHOE Phoenix Asia Holdings Limited

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2023–2025 ($80K)$1M

Retained capital not read

Balance sheet Net cash, debt-free, +$893K

PLPC Preformed Line Products Company

Revenue is led by PLP-USA (47%) and EMEA (20%), with 2 more segments behind.

Owner earnings 2016–2025 $14M$23M$13M$13M$28M$15M$10M$89M$53M$50M

Retained capital Retained $278M of earnings over 2016–2025; annual owner earnings grew $47M, $0.17 per $1 retained.

Balance sheet Net cash, +$44M · buybacks at an average near $8.47 · dividend paid 10 of 10 yrs, never cut

PRIM Primoris Services

Primoris Services Corporation is a leading provider of critical infrastructure services operating mainly in the United States and Canada.

Owner earnings 2016–2025 $5M$109M$48M$24M$249M($26M)($11M)$96M$413M$379M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $242M, $0.24 per $1 retained.

Balance sheet Net cash, +$66M · buybacks at an average near $20.01 · dividend paid 10 of 10 yrs, never cut

PWR Quanta Services Inc.

Quanta Services Inc. is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, power generation, large load center, manufacturing, communications, pipeline and energy industries in the United States, Canada, Australia and select other international markets.

Owner earnings 2016–2025 $178M$188M$156M$265M$856M$327M$840M$1.3B$1.7B$1.8B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $1.4B, $0.36 per $1 retained.

Balance sheet Meaningful net debt, $5.6B · buybacks at an average near $44.15 · dividend paid 7 of 10 yrs, never cut

ROAD Construction Partners

We are a civil infrastructure company that specializes in the construction and maintenance of roadways across Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.

Owner earnings 2017–2025 $23M$41M$24M$66M($8M)($52M)$88M$121M$153M

Retained capital Retained $355M of earnings over 2017–2025; annual owner earnings grew $92M, $0.26 per $1 retained.

Balance sheet Heavy net debt, $1.5B · dividend paid 1 of 9 yrs, cut at least once

STN Stantec

Stantec is a global leader in sustainable engineering, architecture, and environmental consulting.

Owner earnings 2016–2022 C$227MC$205MC$123MC$396MC$573MC$351MC$236M

Retained capital Retained C$298M of earnings over 2016–2022; annual owner earnings grew C$202M, C$0.68 per C$1 retained.

Balance sheet Modest net debt, C$1.1B · dividend paid 7 of 7 yrs, never cut

STRL Sterling Infrastructure

Sterling Infrastructure operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and the Pacific Islands.

Owner earnings 2016–2025 $33M$15M$26M$27M$90M$125M$158M$414M$416M$363M

Retained capital Retained $812M of earnings over 2016–2025; annual owner earnings grew $373M, $0.46 per $1 retained.

Balance sheet Net cash, +$100M · buybacks at an average near $167

TPC Tutor Perini Corporation

Tutor Perini Corporation is a leading construction company offering diversified general contracting, construction management and design-build services to private customers and public agencies throughout the world.

Owner earnings 2016–2025 $98M$133M($56M)$52M$118M($187M)$147M$256M$466M$567M

Retained capital Paid out $327M more than it earned over 2016–2025; annual owner earnings grew $371M.

Balance sheet Net cash, +$327M · dividend paid 1 of 10 yrs, never cut

TTEK Tetra Tech

Tetra Tech is a leading global provider of high-end consulting and engineering services that focuses on water, environment and sustainable infrastructure.

Owner earnings 2016–2025 $130M$132M$176M$192M$250M$296M$326M$342M$341M$439M

Retained capital Retained $627M of earnings over 2016–2025; annual owner earnings grew $228M, $0.36 per $1 retained.

Balance sheet Modest net debt, $608M · buybacks at an average near $14.66 · dividend paid 10 of 10 yrs, never cut

VSEC VSE Corporation

Revenue is Products (63%) and Services (37%).

Owner earnings 2016–2025 $41M$47M$16M$8M$31M($28M)($3M)($40M)($52M)$6M

Retained capital Retained $188M of earnings over 2016–2025; annual owner earnings fell $63M, $-0.34 per $1 retained.

Balance sheet Meaningful net debt, $223M · dividend paid 10 of 10 yrs, never cut

VSECU VSE Corporation Tangible Equity

Revenue is Products (63%) and Services (37%).

Owner earnings 2016–2025 $41M$47M$16M$8M$31M($28M)($3M)($40M)($52M)$6M

Retained capital Retained $188M of earnings over 2016–2025; annual owner earnings fell $63M, $-0.34 per $1 retained.

Balance sheet Meaningful net debt, $223M · dividend paid 10 of 10 yrs, never cut

WLDN Willdan Group Inc.

Willdan Group Inc. is a provider of professional, technical and consulting services to utilities, private industry, and public agencies at all levels of government.

Owner earnings 2016–2025 $20M$9M$5M$5M$42M$1M($169K)$29M$64M$71M

Retained capital Retained $90M of earnings over 2016–2025; annual owner earnings grew $43M, $0.48 per $1 retained.

Balance sheet Modest net debt, $35M

WXM WF International Limited

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings FY2024 $705K

Retained capital not read

Balance sheet Net debt against an operating loss, $763K