Quanta Services, Inc. (PWR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 13, 2026
Quanta Services, Inc. (PWR)
A forensic read on Quanta Services, Inc. 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
8.0
Distress distance
Clean
Earnings quality
3
Forensic signals
72.1
P / E (ttm)
11.5%
ROE
$93.5B
Market cap
0.18%
Dividend yield
20.3%
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.
Quanta Services, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 8.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+30.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +30.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by inventory up +42% against +20% in cost of sales and receivables up +32% against revenue +20%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 9% of net operating assets, against an accruals ratio of 30.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
7.3%
FY2025
Return on invested capital.Return on invested capital is 7.3% in the latest fiscal year and steady — slightly below its ~9% cost of capital — reinvestment is roughly a wash.
+0.7%/yr
FY2022–FY2025
Share count.Diluted share count changed +2% over the last 3 years to FY2025 (+0.7%/yr). Roughly flat — buybacks ($135M) are about offsetting stock comp ($182M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin3.6%
Debt / Equity0.67x
Free Cash Flow$1.62B
Latest Revenue$28.48B
Return on Equity11.5%
Revenue CAGR (3yr)+18.6%
Revenue Growth YoY+20.3%
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 Quanta Services, Inc.'s actual 10-K/10-Q/8-K filings?