Granite Construction Inc. (GRG)
XSTU 
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Granite Construction Incorporated (GVA) Q3 2025 Earnings Call Transcript
Granite Construction Incorporated ( GVA ) Q3 2025 Earnings Call November 6, 2025 11:00 AM EST Company Participants Michael Barker - Vice President of Investor Relations Kyle Larkin - President, CEO & Director Staci Woolsey - Executive VP & CFO Conference Call Participants Brent Thielman - D.A. Davidson & Co., Research Division Steven Ramsey - Thompson Research Group, LLC Michael Dudas - Vertical Research Partners, LLC Presentation Operator Good morning.
Granite Construction: Undervalued Contractor With Expanding Margins
Granite Construction is a leading U.S. civil works contractor with a balanced revenue mix from public and private infrastructure projects. GVA's vertical integration in materials boosts margins, and recent acquisitions position it for higher profitability and a potential business re-rating. Valuation analysis suggests GVA is undervalued relative to peers, with a three-year price target of $145 per share and a buy rating.
Granite Construction Is Deeply Undervalued (Rating Upgrade)
Granite Construction continues to deliver strong revenue, profit, and cash flow growth, driven by both organic gains and strategic acquisitions. GVA's recent purchases of Warren Paving and Papich Construction are expected to significantly boost EBITDA, operating cash flow, and net income. Despite recent share appreciation, GVA remains undervalued compared to peers, offering substantial upside potential based on relative valuation multiples.
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Granite Construction Inc. Profile
| Construction & Engineering Industry | Industrials Sector | Kyle T. Larkin CEO | XSTU Exchange | US3873281071 ISIN |
| US Country | 2,300 Employees | 30 Sep 2025 Last Dividend | 16 Apr 2001 Last Split | 20 Apr 1990 IPO Date |
Overview
Established in 1922 and based in Watsonville, California, Granite Construction Incorporated stands as a foremost infrastructure contractor within the United States. The company is divided into two primary segments: Construction and Materials, each focusing on distinct yet complementary aspects of the construction industry. The Construction segment is dedicated to the building and rehabilitation of a variety of infrastructure projects including roads, bridges, rail lines, airports, marine ports, and water-related structures for public and commercial use. This arm of the company also engages in complex project constructions like tunnels, solar storage, and power-related projects. On the other hand, the Materials segment plays a crucial role in producing essential materials such as aggregates, asphalt concrete, liquid asphalt, and recycled materials. These materials are not only used internally for the company’s construction projects but are also sold to third parties, showcasing the company's integral role in the supply chain of construction materials. Granite Construction's widespread service offering caters to a broad clientele ranging from federal and state agencies to local transit authorities and private owners, illustrating its pivotal position in advancing infrastructure development across various sectors.
Products and Services
- Construction of Infrastructure Projects
- Water-Related Construction
- Complex Project Construction
- Materials Production
- Site Preparation and Mining Services
- Construction Management Professional Services
This service includes the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, and other infrastructure projects. Granite Construction leverages its extensive experience to undertake public and private sector projects, delivering high-quality infrastructure vital for economic development and community welfare.
Granite Construction offers specialized construction services for municipal agencies, commercial water suppliers, industrial facilities, and energy companies. These projects encompass water-related construction such as dams, reservoirs, and aqueducts, ensuring sustainable water management and supply solutions.
The company undertakes the construction of complex projects including infrastructure/site development, mining, public safety, tunnels, solar storage, and power-related projects. By addressing the intricate demands of such projects, Granite Construction showcases its capability to deliver technically challenging and critical infrastructure developments.
Granite Construction's Materials segment is responsible for producing aggregates, asphalt concrete, liquid asphalt, and recycled materials. These products are essential for the internal needs of construction projects and are also available for sale to third parties, underlining the company’s role as a key materials supplier in the construction industry.
The company provides site preparation, mining, and infrastructure services for various projects including residential development, energy development, and commercial and industrial sites. These services ensure the readiness of sites for subsequent construction activities, highlighting Granite Construction’s versatility in handling projects from inception to completion.
Offering construction management professional services, Granite Construction assists clients in overseeing the planning, design, and construction of a project from start to finish. This service ensures that projects are completed on time, within budget, and to the required quality standards, adding a layer of project oversight and expertise.
Contact Information
