CTRI

Company Overview — What Does Centuri Holdings, Inc. Do?

Our mission is to be the leader in safe, sustainable utility infrastructure services, while fulfilling our roles as a values-driven employer of choice and a responsible corporate citizen in the communities in which we live and work. Centuri is a leading, pure-play North American utility infrastructure services company with over 110 years of operating history that partners with regulated utilities to maintain, upgrade and expand the energy network that powers millions of homes and businesses. We are a leader in utility infrastructure services and serve as long-term strategic partners to, and an extension of, North America’s electric, gas and combination utility providers, delivering a wide range of infrastructure solutions that ensure safe, reliable and environmentally sustainable grid operations. Our service offerings primarily consist of the modernization of utility infrastructure through the maintenance, retrofitting and installation of electric and natural gas distribution networks to meet current and future demands while also preparing systems for the transition to clean energy sources. We also serve complementary, attractive and growing end markets such as renewable energy and 5G datacom. Guided by our values and our unwavering commitment to serve as long-term partners to customers and communities, our more than 12,500 employees enable our customers to safely and reliably deliver electricity and natural gas and achieve their goals for environmental sustainability. North America relies on electric and gas delivery infrastructure for the basic energy needs of homes and businesses and generally to maintain its dynamic economy, but existing infrastructure is subject to degradation and is often decades old. Despite significant recent investment, much of the existing electric grid and, according to the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (“PHMSA”), more than 409,000 miles of gas main lines are more than 50 years old (including pipelines of unknown vintage) and in need of significant upgrade or replacement as of August 2023. Federal, state and local governments have increased regulatory stringency and enacted legislation to support the necessary infrastructure investments in the sector aimed at preventing disruption, enhancing safety and readying to meet current and future demands. Additionally, labor market constraints, the need for cost efficiency and a steadily declining utility workforce have led utilities to become increasingly reliant on outsourced utility service providers, creating an overall growing market well positioned for consolidation. We believe these trends represent a significant challenge for utilities, but also an opportunity for outsourced utility infrastructure services companies to build and maintain more efficient, sustainable infrastructure that can meet the needs of future generations. We often serve as an extension of our diverse utility customer base’s workforce, which consists of more than 400 customers as of the date of this prospectus. Our customers are leading electric, gas and combination utility companies across North America, including American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy and Southern Company, among others. We also contract with certain large-scale 5G datacom providers to support increased utilization of 5G and network expansion with the addition of C-band and small cells. Our top 10 and top 20 customers are almost exclusively investment grade utilities and represented 49% and 71% of our revenues, respectively, during fiscal 2023. We have over 110 years of industry operating experience and a leading market share across a wide range of services in the electric and gas utility value chains. We believe our brand, scale, experience and fulsome service offerings compose the necessary profile to attract and retain the best talent and to competitively position ourselves among the largest providers in the sector, while prioritizing the safety of our employees, customers and other stakeholders. We place a strong emphasis on employee training and development and have implemented a robust safety program that strives to ensure that all projects are executed with the highest level of safety and quality standards. We operate through a family of integrated companies that work together across different geographies allowing us to establish solid relationships and a strong reputation for a wide range of capabilities. Operating across the utility value chain allows us to address diverse customer initiatives, and our knowledge, expertise and resources enable us to deliver successful projects that meet these ever-evolving needs. Furthermore, the composition of our workforce, which includes both union and non-union field labor, enables us to access a wide range of opportunities across regions, customers and projects. Our core operations are focused on modernizing utility infrastructure, which reduces risks of hazardous gas leaks, reduces methane emissions from natural gas pipelines, and hardens electric infrastructure from weather events, thereby increasing electric grid and delivery infrastructure resiliency, and improving overall safety, reliability, and sustainability of North American energy networks. By helping enable utility infrastructure to deliver safer, more sustainable solutions to meet the needs of our customers and the communities we collectively serve, our services are Environmental, Social and Governance (“ESG”)-focused in nature, improving and expanding positive and sustainable impacts across the energy network. We are committed to being an ESG leader through both our work to advance infrastructure for clean energy delivery, as well as our internal commitments for sustainability that guide our operations and vision for the future. A robust internal ESG framework aligns directly with our overall corporate strategy and long-term vision. To accommodate incremental demands from the broader transition to clean energy sources supported by key U.S. legislation, including the Inflation Reduction Act (“IRA”) and the Infrastructure Investment and Jobs Act (“IIJA”), numerous infrastructure upgrades or replacements are needed. We are strongly positioned to support this transition by providing the infrastructure needed to connect renewable energy to existing distribution systems as well as expanding electric grid capacity and modernizing electric and gas delivery infrastructure to support future demand. Examples of this work include supporting the infrastructure needed to transport renewable natural gas from dairy farms, enabling grid connectivity for wind and solar energy, and building out infrastructure for electric vehicle (“EV”) charging stations and battery storage facilities. We currently operate across 87 locations in 43 U.S. states and two Canadian provinces, enabling us to support our customers across multiple geographies. The majority of our customer relationships are governed by long-term master services agreements (“MSAs”), comprising approximately 82% of our total revenue during fiscal 2023. Additionally, of the remaining 18% of our total revenue that was generated from bid contracts, 7% was generated from existing MSA customers. Our MSAs generally have terms of between three and seven years, with a current weighted average remaining contract length of approximately three years. We predominantly perform smaller, lower-risk distribution projects for our customers. Our focus on MSA-driven work, long-term customer partnerships and recurring maintenance-oriented work orders provides us with a highly visible demand outlook. The utility services industry is highly fragmented and is comprised of a range of providers, from small, regional providers to scaled companies like Centuri. The top five largest utility service providers (including Centuri) collectively produced 18% of the 2022 utility services revenues in the industry, while the remaining 82% of those revenues were either produced by a large number of independent, regional providers or represent work self-performed by utilities, according to the ENR Top 600 Specialty Contractors 2023 Report and S&P Global Market Intelligence. Brand, scale, geographic footprint and breadth of services are key differentiating characteristics in the industry, which allow scaled companies such as ours to position themselves to capture opportunities that arise from sector tailwinds, including increasingly large utility footprints. We maintain a favorable mix of contracts, with 77% of our fiscal 2023 revenue generated from variable-priced contracts (54% of revenue from unit-priced contracts and 23% from time and materials (“T&M”) contracts). We believe that our exposure to fixed-price contracts, which represent the remaining 23% of our fiscal 2023 revenue, is among the lowest in the industry and serves to minimize execution risk across our operations. We were incorporated in Delaware on June 9, 2023. The address of our principal executive offices is 19820 North 7th Avenue, Suite 120, Phoenix, Arizona. Centuri Holdings, Inc. (CTRI) is classified as a mid-cap stock in the Utilities sector. The company is led by CEO William J. Fehrman, headquartered in PHOENIX, Arizona. With a market capitalization of $3.1B, CTRI is one of the notable companies in the Utilities sector.

Centuri Holdings, Inc. (CTRI) Stock Rating — Hold (April 2026)

As of April 2026, Centuri Holdings, Inc. receives a Hold rating with a composite score of 45.2/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CTRI ranks #789 out of 4,446 stocks in our coverage universe. Within the Utilities sector, Centuri Holdings, Inc. ranks #65 of 112 stocks, placing it in the lower half of its Utilities peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

CTRI Stock Price and 52-Week Range

Centuri Holdings, Inc. (CTRI) currently trades at $33.69. The stock gained $0.28 (0.8%) in the most recent trading session. The 52-week high for CTRI is $32.38, which means the stock is currently trading 4.0% from its annual peak. The 52-week low is $14.46, putting the stock 133.1% above its annual trough. Recent trading volume was 630K shares, suggesting relatively thin trading activity.

Is CTRI Overvalued or Undervalued? — Valuation Analysis

Centuri Holdings, Inc. (CTRI) carries a value factor score of 50/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 134.76x, compared to the Utilities sector average of 23.47x — a premium of 474%. The price-to-book ratio stands at 3.71x, versus the sector average of 1.98x. The price-to-sales ratio is 1.14x, compared to 0.82x for the average Utilities stock. On an enterprise value basis, CTRI trades at 33.12x EV/EBITDA, versus 4.75x for the sector.

Overall, CTRI's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.

Centuri Holdings, Inc. Profitability — ROE, Margins, and Quality Score

Centuri Holdings, Inc. (CTRI) earns a quality factor score of 31/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -1.3%, compared to the Utilities sector average of 9.9%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -0.5% versus the sector average of 3.1%.

On a margin basis, Centuri Holdings, Inc. reports gross margins of 8.2%, compared to 53.1% for the sector. The operating margin is 3.1% (sector: 21.5%). Net profit margin stands at -0.6%, versus 12.8% for the average Utilities stock. Revenue growth is running at 26.5% on a trailing basis, compared to 20.1% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

CTRI Debt, Balance Sheet, and Financial Health

Centuri Holdings, Inc. has a debt-to-equity ratio of 175.0%, compared to the Utilities sector average of 164.5%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.78x, suggesting adequate working capital coverage. Total debt on the balance sheet is $937M. Cash and equivalents stand at $16M.

CTRI has a beta of 1.36, meaning it is more volatile than the broader market — a $10,000 investment in CTRI would be expected to move 36.2% more than the S&P 500 on any given day. The stability factor score for Centuri Holdings, Inc. is 56/100, reflecting average volatility within the normal range for its sector.

Centuri Holdings, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Centuri Holdings, Inc. reported revenue of $2.84B and earnings per share (EPS) of $0.25. Net income for the quarter was $-11M. Gross margin was 8.2%. Operating income came in at $98M.

In FY 2025, Centuri Holdings, Inc. reported revenue of $2.98B and earnings per share (EPS) of $0.25. Net income for the quarter was $23M. Gross margin was 8.3%. Revenue grew 13.1% year-over-year compared to FY 2024. Operating income came in at $93M.

In Q3 2025, Centuri Holdings, Inc. reported revenue of $850M and earnings per share (EPS) of $0.02. Net income for the quarter was $2M. Gross margin was 9.2%. Revenue grew 18.1% year-over-year compared to Q3 2024. Operating income came in at $36M.

In Q2 2025, Centuri Holdings, Inc. reported revenue of $724M and earnings per share (EPS) of $0.09. Net income for the quarter was $8M. Gross margin was 9.4%. Revenue grew 7.7% year-over-year compared to Q2 2024. Operating income came in at $32M.

Over the past 8 quarters, Centuri Holdings, Inc. has demonstrated a growth trajectory, with revenue expanding from $672M to $2.84B. Investors analyzing CTRI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

CTRI Dividend Yield and Income Analysis

Centuri Holdings, Inc. (CTRI) does not currently pay a dividend. This is common among smaller companies in the Utilities industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Utilities dividend stocks may want to explore other Utilities stocks or use the stock screener to filter by dividend yield.

CTRI Momentum and Technical Analysis Profile

Centuri Holdings, Inc. (CTRI) has a momentum factor score of 69/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 34/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

CTRI vs Competitors — Utilities Sector Ranking and Peer Comparison

Within the Utilities sector, Centuri Holdings, Inc. (CTRI) ranks #65 out of 112 stocks based on the Blank Capital composite score. This places CTRI in the lower half of all Utilities stocks in our coverage universe. Key competitors and sector peers include Energy Transfer LP (ET) with a score of 52.6/100, Southwest Gas Holdings, Inc. (SWX) with a score of 54.8/100, NEXTERA ENERGY INC (NEE) with a score of 51.6/100, EDISON INTERNATIONAL (EIX) with a score of 53.0/100, and TC ENERGY CORP (TRP) with a score of 53.1/100.

Comparing CTRI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CTRI vs S&P 500 (SPY) comparison to assess how Centuri Holdings, Inc. stacks up against the broader market across all factor dimensions.

CTRI Next Earnings Date

No upcoming earnings date has been announced for Centuri Holdings, Inc. (CTRI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy CTRI? — Investment Thesis Summary

Centuri Holdings, Inc. presents a balanced picture with arguments on both sides. The quality score of 31/100 flags below-average profitability. Price momentum is positive at 69/100, suggesting the trend favors buyers.

In summary, Centuri Holdings, Inc. (CTRI) earns a Hold rating with a composite score of 45.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CTRI stock.

Related Resources for CTRI Investors

Explore more research and tools: CTRI vs S&P 500 comparison, top Utilities stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare CTRI head-to-head with peers: CTRI vs ET, CTRI vs SWX, CTRI vs NEE.