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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"The immediate question is execution and liquidity, not the record backlog headline. Q2 revenue declined 10.7%, operating income turned negative and six renewables projects required material estimate changes. Two were substantially complete in Q2, three were expected in Q3 and one in Q4. Annual guidance requires a significant second-half margin recovery. Backlog includes $8.152B of estimated MSA demand, while recognized unapproved modifications create an additional collection test.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Require evidence that the troubled projects close within updated estimates, new work earns acceptable margins and receivables become cash. Compare the June-reset net-income range with the actual remaining-year profit required, not with a repeated pre-loss margin."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1361538/000136153826000021/prim-20260731xex99d1.htm","title":"August 4 Q2 results and June-reset annual outlook","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1361538/000110465926090540/prim-20260630x10q.htm","title":"August 5 Form 10-Q: contract estimates, segments, backlog and cash","retrieved":"2026-09-19"}],"business":{"drivers":["Completion and cost control on troubled renewables projects","Utilities and Energy margins after contract estimate changes","Claim collections, acquired operations and working-capital recovery"],"description":"Primoris provides construction, maintenance and engineering services through Utilities and Energy. Utilities serves power and communications networks; Energy includes renewables, industrial and other large projects, with PayneCrest adding electrical construction. Master service agreements support recurring work but do not guarantee purchase volumes. Project estimates, labor productivity, contract modifications and customer collections determine profit and cash."},"earnings":{"source":"estimated from 10-Q filed 2026-08-05 plus 90 days","next_report_date":"2026-11-03"},"identity":{"cik":1361538,"sic":"1623","name":"Primoris Services Corp","symbol":"PRIM","cluster":"AI infrastructure & power","exchange":"NYSE"},"research":{"risks":["Further renewables project estimate changes can reduce profit immediately.","Unapproved contract modifications may be disputed or collected late.","MSA backlog is estimated demand, including possible renewals, rather than guaranteed sales.","Acquisition integration and debt service compete with working capital.","Labor, weather, subsurface conditions and sequencing can change completion costs.","Tax benefits and contract provisions can separate accounting earnings from cash."],"title":"A project-loss recovery with an explicit cash and claims test","question":"Can the remaining projects finish within revised estimates and release cash without relying on uncertain claims?","economics":"H1 revenue was $3,248.1M, gross profit $217.1M and operating loss $2.3M. Utilities earned $147.1M gross profit on $1,345.5M segment sales; Energy earned $70.0M on $1,955.3M. Intersegment revenue of $52.7M is eliminated once. The model derives H2 profit by subtracting those actuals from annual segment margin scenarios. H1 CFO was negative $131.3M; $50.3M gross capex left negative $181.6M before $401.4M acquisition cash. June cash was $218.2M, debt carrying amount $797.0M, and accrued contract losses $16.1M. Unapproved modifications totaled $244.0M, of which $205.9M had been recognized as revenue cumulatively. A separate $87.6M H1 revenue reduction related to estimate changes on obligations satisfied before 2026; it is not a complete measure of Q2 project overruns. Total backlog of $13,856.3M includes $5,704.3M fixed work and $8,152.0M estimated MSA work; $6,094.9M is the next-twelve-month subset.","change_note":"First sourced recovery scenarios preserving the H1 loss, distinguishing annual versus H2 margins, and separating MSA estimates and accrued-loss cash.","checkpoints":[{"event":"Troubled-project completion","watch":"Check the three Q3 and one Q4 expected completions against cost estimates and remaining accrued losses.","timing":"Q3 and Q4 2026 management targets","date_status":"estimated"},{"event":"Full-year recovery","watch":"Test the $71M-$101M net-income outlook against the remaining profit required after H1 loss.","timing":"FY2026 results","date_status":"estimated"},{"event":"Collections and liquidity","watch":"Track recognized unapproved modifications, contract assets, reserve settlement and available cash.","timing":"Each quarterly filing","date_status":"estimated"}],"countercase":"Completion dates can slip and claims may fail to convert into cash. Even a recovery in reported margins can leave liquidity constrained by suppliers, contract assets, acquisitions and debt. Aggregate backlog growth does not establish project profitability or customer purchase commitments.","limitations":["FY2026 segment margin ranges are annual guidance. They are not applied unadjusted to H2: the model subtracts the actual H1 gross profit to calculate the required remaining contribution.","Revenue and project mix are desk assumptions; management did not provide the annual segment revenue amounts used here. Forecast margins can fall outside guidance in the downside.","Existing accrued contract losses are not added back to operating earnings. Their assumed cash settlement reduces CFO once, separately from ordinary working capital. Further project losses are represented by weaker aggregate margins.","MSA backlog is estimated demand over agreement terms, potentially including renewals, without a customer obligation to purchase the stated volume. Next-twelve-month backlog is a subset of total backlog.","CFO is an earnings/noncash/working-capital approximation. It is not a full claim-by-claim collection model or a covenant forecast. Unapproved modifications create collection and earnings risk.","FCF excludes acquisitions, debt principal, dividends, repurchases and financing-classified equity-award withholding. No forward EPS, valuation or full share-count model is provided."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":2045726000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":1811173999.9999998},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":1764015000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":2008485000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Consolidated revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount.","label":"H1 revenue","value":3248.1,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1361538/000110465926090540/prim-20260630x10q.htm","source_date":"2026-08-05"},{"id":"h1_utilities","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported in millions. 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segment margin ranges are annual guidance. They are not applied unadjusted to H2: the model subtracts the actual H1 gross profit to calculate the required remaining contribution.","Revenue and project mix are desk assumptions; management did not provide the annual segment revenue amounts used here. Forecast margins can fall outside guidance in the downside.","Existing accrued contract losses are not added back to operating earnings. Their assumed cash settlement reduces CFO once, separately from ordinary working capital. Further project losses are represented by weaker aggregate margins.","MSA backlog is estimated demand over agreement terms, potentially including renewals, without a customer obligation to purchase the stated volume. Next-twelve-month backlog is a subset of total backlog.","CFO is an earnings/noncash/working-capital approximation. It is not a full claim-by-claim collection model or a covenant forecast. 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