Centuri Holdings, Inc. (CTRI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Energy / Oil & Gas · as of Sep 24, 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
2.5
Distress distance
Clean
Earnings quality
3
Forensic signals
67.7
P / E (ttm)
2.6%
ROE
$2.0B
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, going concern, valuation). 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 2.5, 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
4.6%
FY2025
Return on invested capital.Return on invested capital is 4.6% in the latest fiscal year, close to the 4% of FY2024 — below the ~8% cost of capital we hold this sector to. If that gap persists through the cycle, incremental reinvestment reduces rather than creates value per share. The capital base behind it barely moved across FY2024–FY2025 ($1.7B to $1.8B, +8%), so there has been little new capital for that return to be earned on.
+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. 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, 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 Equity2.6%
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?