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Forensic Analysis · Homebuilders & Residential Construction · as of Nov 8, 2026

Primoris Services Corp (PRIM)

A forensic read on Primoris Services Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Safe
Financial health
3.0
Distress distance
Clean
Earnings quality
1
Forensic signals
17.8%
ROE
19.0%
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.

Primoris Services Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.0, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

13.9%
FY2025
Return on invested capital. Return on invested capital is 13.9% in the latest fiscal year and rising across FY2023–FY2025 from 7.7%. After-tax operating profit was $180M in FY2023 and $295M in FY2025, with operating income at 4.4% of revenue in FY2023, 5.0% in FY2024 and 5.4% in FY2025. The capital base behind it went from $2.3B in FY2023 to $2.1B in FY2025 (-10%), while the revenue it carried went from $5.7B to $7.6B.

Key fundamentals

Latest Revenue$7.57B
Revenue Growth YoY+19.0%
Revenue CAGR (2yr)+15.1%
Net Margin3.6%
Free Cash Flow$340.5M
Return on Equity17.8%
Debt / Equity0.28x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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