Tutor Perini Corporation (TPC) Stock Analysis
Industrials · Engineering & Construction
Sell if holding. Multiple concerning factors at $76.19: Concentration risk — Customer: government customers (75.0%); Concentration risk — Customer: government entities (backlog) (86.0%).
Tutor Perini is a leading US general contractor with Civil, Building, and Specialty Contractors segments executing large, complex infrastructure and building projects primarily for government clients. Federal, state, and local government customers accounted for 75% of 2025... Read more
Sell if holding. Multiple concerning factors at $76.19: Concentration risk — Customer: government customers (75.0%); Concentration risk — Customer: government entities (backlog) (86.0%). Chart setup: No clear chart pattern; technical signals are mixed. Score 5.3/10, moderate confidence.
Passes 8/8 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, earnings proximity 50d clear, semi cycle peak clear, materials cycle peak clear). Suitability: aggressive.
About Tutor Perini Corporation
About Tutor Perini Corporation
Tutor Perini Corporation entered 2026 with a project backlog of $20.6 billion as of December 31, 2025—49% in its Civil segment, 36% in Building, and 15% in Specialty Contractors—with approximately $6 billion, or 29%, expected to convert to revenue in 2026. International operations contributed $489.7 million, or 9%, of 2025 revenue, concentrated in Guam and the Asia-Pacific region. Government entities represented 86% of backlog by customer type and 75% of 2025 revenue. The company performed work on approximately 1,600 construction projects during 2025.
Tutor Perini's revenue model is almost entirely fixed-price government contracting: 79% of backlog as of December 31, 2025 consisted of fixed-price contracts and 13% guaranteed maximum price, with state and local agencies representing 78% of backlog by customer type. The Civil segment—focused on mass transit, tunneling, bridges, and military facilities—competes with FlatironDragados USA, Kiewit Corporation, Lane Construction Corporation, Skanska USA, and The Walsh Group. The Building segment serves hospitality and gaming, healthcare, detention, and government facilities markets; the Specialty Contractors segment provides electrical and mechanical services internally to Civil and Building projects through subsidiaries including Five Star Electric in the greater New York City metropolitan region and Fisk Electric in the southwestern and southern United States. This vertical integration—encompassing earthwork, concrete forming, steel erection, electrical, mechanical, plumbing, and HVAC—allows the company to self-perform a higher proportion of project components than competitors and supports bidding on the largest fixed-price civil infrastructure awards.
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Government-contract concentration defines Tutor Perini's risk profile. With 86% of its $20.6 billion backlog held by government entities and government customers contributing 75% of 2025 revenue, the company depends on sustained public infrastructure appropriations. The Bipartisan Infrastructure Law's funding window closes September 30, 2026; the 10-K notes Congress had not yet committed to replacement legislation as of the filing date, introducing award-volume uncertainty beyond that date. The fixed-price structure amplifies this exposure: an October 2024 adverse arbitration ruling on a completed California bridge project produced a non-cash charge of $101.6 million, illustrating how scope disputes on fixed-price government contracts can generate significant losses years after project completion.
See also: Industrials · Engineering & Construction
From Tutor Perini Corporation's most recent 10-K filing, extracted June 16, 2026.
Recent developments
updated 2026-06-17Recent Developments — Tutor Perini Corporation
Latest news
- NEWS TUTOR PERINI ($TPC) Releases Q1 2026 Earnings - Quiver Quantitative — Quiver Quantitative neutral
- NEWS Tutor Perini (TPC) Surpasses Q1 Earnings Estimates - Yahoo Finance — Yahoo Finance positive
- NEWS Tutor Perini (NYSE:TPC) Misses Q1 CY2026 Sales Expectations, Stock Drops - StockStory — StockStory negative
- NEWS Tutor Perini (NYSE:TPC) Misses Q1 CY2026 Sales Expectations, Stock Drops - Yahoo Finance — Yahoo Finance negative
- NEWS Tutor Perini (NYSE:TPC) Misses Q1 CY2026 Sales Expectations, Stock Drops - Yahoo Finance UK — Yahoo Finance UK negative
Generated 2026-06-17T08:56:48Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHCustomergovernment customers75%10-K Item 1: 'Revenue derived from federal, state and local government customers as a percentage of our total revenue was 75% in 2025'
- HIGHCustomergovernment entities (backlog)86%10-K Item 1A: 'The percentage of our business coming from government entities has continued to increase in recent years, and as of December 31, 2025 accounted for 86% of our backlog.'
- MEDIUMGeographicNew York and California10-K Item 1A: 'we are more susceptible to adverse economic conditions in New York and California, as a significant portion of our operations are concentrated in those states.'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
3 floor-breakers
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Price Targets
Position Sizing
Analyst Consensus
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Multiple concerning factors at $76.19: Concentration risk — Customer: government customers (75.0%); Concentration risk — Customer: government entities (backlog) (86.0%). Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $70.86. Score 5.3/10, moderate confidence.
Take-profit target: $96.26 (+26.3% upside). Prior stop was $70.86. Stop-loss: $70.86.
Concentration risk — Customer: government customers (75.0%); Concentration risk — Customer: government entities (backlog) (86.0%); Consecutive earnings misses (2).
Tutor Perini Corporation trades at a P/E of 51.4 (forward 12.7). TrendMatrix value score: 7.7/10. Verdict: Sell.
9 analysts cover TPC with a consensus score of 4.1/5. Average price target: $113.
What does Tutor Perini Corporation do?Tutor Perini is a leading US general contractor with Civil, Building, and Specialty Contractors segments executing...
Tutor Perini is a leading US general contractor with Civil, Building, and Specialty Contractors segments executing large, complex infrastructure and building projects primarily for government clients. Federal, state, and local government customers accounted for 75% of 2025 revenue and 86% of the $20.6B backlog. Operations are concentrated in New York and California.