Forensic Analysis · Midstream Pipelines · as of Nov 8, 2026
Centuri Holdings, Inc. (CTRI)
A forensic read on Centuri Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.7
Distress distance
Clean
Earnings quality
3
Forensic signals
3.1%
ROE
13.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Centuri Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.7, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4.8%
FY2025
Return on invested capital.Return on invested capital is 4.8% in the latest fiscal year, close to the 4.1% of FY2024. After-tax operating profit was $69M in FY2024 and $84M in FY2025, with operating income at 3.3% of revenue in FY2024 and 3.1% in FY2025. The capital base behind it went from $1.7B in FY2024 to $1.7B in FY2025 (+4%), while the revenue it carried went from $2.6B to $3.0B.
+8.4%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +8% over the last 1 year to FY2025 (+8.4%/yr). The count is growing — 83.3M shares in FY2024, 90.3M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~8%.
0.3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.3% of revenue in FY2025 — about $0.09 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 8.4% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$2.98B
Revenue Growth YoY+13.1%
Net Margin0.8%
Free Cash Flow-$8.2M
Return on Equity3.1%
Debt / Equity0.84x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Centuri Holdings, Inc.'s actual 10-K/10-Q/8-K filings?