Tutor Perini: Large Backlog To Fuel Long-Term Growth, But A Pullback Is Underway

Tutor Perini delivered record 2025 results, with revenue up 28% to $5.5B and strong momentum expected to continue into 2026. TPC's Civil segment drove margin expansion, with operating income nearly tripling to $391M and margin reaching a record 13.7%. Valuation remains attractive, with forward EV/EBITDA of 8.2 and forward P/E of 13.7-14.9x, both below sector medians.