Shimmick Keeps Gaining Projects And Is More Fairly Valued

Shimmick Corporation delivered a positive 1Q26, with record backlog, improved margins, and reaffirmed guidance for substantial revenue and adjusted EBITDA growth this year. SHIM's valuation is more reasonable than before, but remains unattractive at 15–20x optimistic earnings, given ongoing risks inherent to EPC project profitability. Despite strong backlog and margin improvements, sustainability of growth and profitability depends on continued project wins and avoidance of cost overruns.