Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 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

Safe

Financial health

2.8

Distress distance

Clean

Earnings quality

Forensic signals

72.8

P / E (ttm)

2.6%

ROE

$2.4B

Market cap

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 (red flags, auditor quality, say on pay, board independence). 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 2.8, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

4.6%

FY2025

Return on invested capital. Return on invested capital is 4.6% in the latest fiscal year and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.

+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: 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. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 8.4% a year, small enough that totals and per-share results tell the same story.

Key fundamentals

Latest Revenue$2.98B

Revenue Growth YoY+13.1%

Net Margin0.8%

Free Cash Flow-$8.2M

Return on Equity2.6%

Debt / Equity0.84x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.