HIGHBuilt-inCustomer
75%
government customers
“10-K Item 1: 'Revenue derived from federal, state and local government customers as a percentage of our total revenue was 75% in 2025'”
TPC · Concentration risk · 10-K extracted
Tutor Perini (TPC) concentration risks
Updated
The most significant concentration Tutor Perini discloses is government customers at 75%, 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: Tutor Perini’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).
MEDIUMBuilt-inGeographic
New York and California
“10-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'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile combines a high-share customer-type dependency with a moderate geographic overlay. Revenue derived from federal, state, and local government customers represented 75% of total revenue in 2025 — the largest disclosed share — a high-share, structural concentration reflecting that the company operates primarily as a government contractor in the construction and specialty services space. The structural character is appropriate: government contracting is the company's deliberate market positioning, and demand is driven by public infrastructure budgets, legislative appropriations, and multi-year project cycles rather than the discretionary choices of individual private buyers. The dependency dimension arises because government funding priorities, budget authorizations, and procurement timelines can shift with political cycles in ways that private commercial demand generally does not. A geographic overlay adds a medium-share, structural layer: a significant portion of operations is concentrated in New York and California, making the company more susceptible to adverse economic conditions in those states. Both states are large public infrastructure spenders, which aligns with the government-customer concentration, but also means the company is exposed to state-level budget pressures, labor market dynamics, and regulatory environments that may differ from the national average. Taken together, the profile is coherent: a company built around public-sector infrastructure work in two of the most active but also most complex construction markets in the country. Federal, state, and local budget cycles — and the political environment shaping infrastructure appropriations — are the dominant external variables, with New York and California economic conditions as the geographic filter through which those variables are experienced.
For the engine’s reasoning on TPC’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 |
| TPC● | Tutor Perini Corporation | 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.