Sterling INFRASTRUCTURE, Inc. (STRL) intrinsic value & 10-year financials
Sterling INFRASTRUCTURE, Inc. (STRL) has a Graham intrinsic value of $311.56 per share. At $424.36 on Oct 17, 2026, the stock trades 36% above that value. Over the last 10 fiscal years revenue grew 15.3% a year to $2.5B, with an average return on invested capital of 19.3%.
- Graham intrinsic value
- $311.56
- Share price (Oct 17, 2026)
- $424.36
- Price vs Graham value
- 36% above
- Market cap
- $13.1B
- Revenue (FY2025)
- $2.5B
- Revenue growth (10-yr CAGR)
- 15.3%
- ROIC (10-yr avg)
- 19.3%
- Free cash flow (FY2025)
- $362.7M
STRL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.5B | $290.2M | $9.38 | $362.7M | 16.3% | 39.3% |
| FY2024 | $2.1B | $257.5M | $8.27 | $416.1M | 12.5% | 38.7% |
| FY2023 | $2.0B | $138.7M | $4.44 | $414.2M | 10.4% | 23.7% |
| FY2022 | $1.8B | $106.5M | $3.48 | $158.2M | 9.0% | 15.2% |
| FY2021 | $1.6B | $62.6M | $2.15 | $104.9M | 6.8% | 11.6% |
| FY2020 | $1.4B | $42.3M | $1.50 | $86.4M | 6.6% | 10.4% |
| FY2019 | $1.1B | $40.7M | $1.47 | $25.7M | 3.4% | 9.8% |
| FY2018 | $1.0B | $29.5M | $0.93 | $26.3M | 4.1% | 26.8% |
| FY2017 | $958.0M | $11.6M | $0.43 | $13.6M | 2.7% | 23.8% |
| FY2016 | $690.1M | -$9.2M | -$0.40 | $33.0M | -0.7% | -6.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
STERLING INFRASTRUCTURE, INC. is a consistent compounder, expanding top-line revenue at 15.3% annually over the past decade.
STERLING INFRASTRUCTURE, INC. has earned high returns on invested capital, averaging 19.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
STERLING INFRASTRUCTURE, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, STERLING INFRASTRUCTURE, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $311.56 per share.