Is Tutor Perini Entering a New Era After Backlog Tripled Since 2022?

Tutor Perini Corporation TPC is signaling the possibility of a new era, anchored by a record backlog that has reshaped its growth profile. In the second quarter of 2025, backlog reached $21.1 billion, up 102% year over year and nearly threefold since the end of 2022. This surge reflects the company’s ability to consistently secure large civil and building projects, while also expanding its position in specialty contracting. With this level of booked work, Tutor Perini now has multi-year visibility that strengthens the case for sustained growth and profitability.

The second quarter saw $3.1 billion in new awards, including the $1.87 billion Midtown Bus Terminal replacement in New York and a $538 million health care project in California. Additional transit and health care funding in California, as well as civil works in the Midwest, added to the total. These awards pushed both the Civil and Specialty Contractors segments to record backlog levels.

Looking ahead, the pipeline is equally significant, with projects such as the $12 billion Sepulveda Transit Corridor, the $3.8 billion Southeast Gateway Line and the $1.4 billion I-535 Blatnik Bridge in Minnesota. The Guam-based subsidiary Black Construction continues to win defense-related projects in the Indo-Pacific, adding geographic diversity.

By focusing on selective bidding and projects with favorable terms, the company is positioning its backlog at healthier margins. With record awards and a strong pipeline, Tutor Perini expects brighter prospects beyond 2025. It expects adjusted EPS to rise significantly in 2026 and 2027, alongside continued strong operating cash flow, reinforcing the case for a sustained new era of growth.

Industry Peers Expanding Backlogs

Among the companies competing with Tutor Perini, Primoris Services Corporation PRIM and MasTec, Inc. MTZ are also reporting backlog growth that supports long-term visibility.

Primoris Services ended the second quarter of 2025 with a backlog of $11.5 billion, reflecting an increase of about $100 million sequentially. Growth was led by MSA backlog, which rose more than $600 million on higher power delivery activity. This recurring work provides stability across market cycles, while renewables activity rebounded early in the third quarter, supporting momentum into 2026.

MasTec reported an 18-month backlog of $16.45 billion as of June 30, 2025, up 23.3% year over year and 4% sequentially. The Clean Energy and Infrastructure segment secured major new awards, while Pipeline Infrastructure added meaningful volume. The company’s diversified model has reinforced long-term growth potential, with backlog expected to reach new highs by year-end.

TPC’s Price Performance, Valuation & Estimates

Shares of Tutor Perini have gained 53% in the past three months compared with the Zacks Building Products - Heavy Construction industry’s growth of 25.8%.

From a valuation standpoint, TPC trades at a forward 12-month price-to-earnings ratio of 15.82X, down from the industry’s 21.25X.

Tutor Perini’s earnings estimates for 2025 and 2026 have trended upward in the past 60 days by 105.4% to $3.78 per share and 49.8% to $4.63, respectively. The estimated figures for 2025 and 2026 indicate 220.8% and 22.5% year-over-year growth, respectively.

Tutor Perini currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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