Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 9, 2026

Sterling Infrastructure, Inc. (STRL)

A forensic read on Sterling Infrastructure, 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

13.7

Distress distance

Clean

Earnings quality

Forensic signals

48.1

P / E (ttm)

26.2%

ROE

$16.7B

Market cap

17.7%

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.

Sterling Infrastructure, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 13.7, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+71.1%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +71.1% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 20% of net operating assets, diverging from the balance-sheet accrual read.

+0.4%/yr

FY2022–FY2025

Share count. Diluted share count changed +1% over the last 3 years to FY2025 (+0.4%/yr). Roughly flat — buybacks ($74M) are about offsetting stock comp ($24M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$2.49B

Revenue Growth YoY+17.7%

Revenue CAGR (3yr)+12.1%

Net Margin11.7%

Free Cash Flow$362.7M

Return on Equity26.2%

Debt / Equity0.26x

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Data from SEC EDGAR public filings · metrics as of Aug 9, 2026. Forensic signals flag probability, not certainty.