Reviewed listing: NASDAQ:MYRG · Analysis dated Nov 03, 2026
How does the company make money?
MYR builds and maintains power lines, substations, and electrical facilities for utilities and commercial and industrial customers in the United States and Canada. Revenue comes mainly from construction, expansion, and maintenance contracts.
What supports the business?
In the first nine months of 2026, MYR earned 156.7 million USD after taxes, compared with 81.9 million USD in the same period last year. The strong increase is documented, but it is not necessarily lasting.
What could improve?
The backlog—the work awarded but not yet completed—reached 3.68 billion USD on September 30, 38 percent higher than a year earlier. If these projects are completed reliably and profitably, they could support business performance.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 278.24 USD per share, the implied market value is about 4.33 billion USD, or roughly 22 times the most recently reported annual profit. Given weaker cash flows and project-dependent profits, the price looks demanding.
What is the main risk?
Projects can earn less because of cost-estimating errors or delays; favorable revaluations of individual projects also helped recently. At the same time, less cash came in from operations despite higher profit.
What is the overall assessment?
MYR Group is earning significantly higher profits and has a much larger backlog. However, weaker cash flows, project-dependent profit improvements, and acquisition financing cloud the picture; at the given share price, the balance of price and risk is not yet compelling.
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