HIGHBuilt-inCustomer
70%
Utility and Power customers
“10-K Item 1: 'Utility and Power| | 70 | %'”
PWR · Concentration risk · 10-K extracted
Quanta Services (PWR) concentration risks
Updated
The most significant concentration Quanta Services discloses is Utility and Power customers at 70%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Quanta Services’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
30%
ten largest customers
“10-K Item 1: 'our ten largest customers accounted for 30% of our consolidated revenues'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is led by a high-share structural exposure to utility and power customers. This customer segment represents the largest disclosed share of consolidated revenues by a significant margin, reflecting the company's strategic positioning as a specialty contractor serving the electrical infrastructure build-out. The structural character is clear: the concentration reflects where the company's workforce capabilities, contractor relationships, and long-term backlog are organized — it is not an accidental dependency but the core of the business design. Revenue from utility and power customers moves with infrastructure capital expenditure cycles and regulatory investment allowances, rather than with any single counterparty's decision. (Note: the specific percentage for this segment appears only inside a pipe-delimited table in the filing and is therefore described qualitatively rather than cited numerically.) Layered within the broader customer base, the ten largest customers accounted for 30% of consolidated revenues — a moderate share by disclosed size with dependency character. This means that while revenue is spread across a large number of customers, the top decile still represents a meaningful concentration at the named-account level. A simultaneous reduction in capital programs from several of the ten largest customers could affect results meaningfully. Together these exposures describe a business whose revenue is structurally tied to the pace of U.S. electricity infrastructure investment, with a moderate additional layer of top-customer dependency. Both are consistent with the business model, and neither introduces a single-name idiosyncratic risk at a level that would disproportionately move results.
For the engine’s reasoning on PWR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Engineering & Construction
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ACA | Arcosa, Inc. | 1 | 1 | 1 | 3 |
| PWR● | Quanta Services, Inc. | 1 | 1 | 0 | 2 |
| AGX | Argan, Inc. | 1 | 0 | 3 | 4 |
| ACM | AECOM | 0 | 2 | 0 | 2 |
| BLD | TopBuild Corp. | 0 | 1 | 0 | 1 |
| APG | APi Group Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.