Primoris Services Corporation (PRIM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de infraestructura y construcción, Primoris Services Corporation (Prim) surge como una potencia, transformando desafíos de ingeniería complejos en soluciones perfectas en múltiples sectores. Al aprovechar un modelo de negocio sofisticado que integra asociaciones estratégicas, capacidades técnicas de vanguardia y una cartera diversa de servicios, Primoris se ha posicionado como un jugador crítico para ofrecer proyectos de infraestructura integrales para agencias gubernamentales, compañías de energía y clientes industriales. Esta exploración de su lienzo de modelo de negocio revela el intrincado marco que permite a Prim Prime navegar en paisajes técnicos desafiantes mientras mantiene la excelencia operativa e impulsando el crecimiento sostenible.

Primoris Services Corporation (Prim) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con empresas de energía, infraestructura y servicios públicos

Primoris Services Corporation mantiene asociaciones estratégicas con múltiples organizaciones clave de energía y servicios públicos:

Tipo de socio	Número de asociaciones	Valor anual del contrato
Compañías energéticas	37	$ 425.6 millones
Empresas de infraestructura	24	$ 312.3 millones
Corporaciones de servicios públicos	19	$ 276.8 millones

Asociaciones con proveedores de equipos de ingeniería y construcción

Primoris colabora con proveedores de equipos especializados:

• Caterpillar Inc. - Equipo de maquinaria pesada
• Komatsu America - Equipo de construcción
• John Deere - maquinaria industrial
• Maquinaria de construcción de Hitachi - Equipo de excavación

Proveedor	Categoría de equipo	Valor de adquisición anual
Caterpillar Inc.	Maquinaria pesada	$ 87.4 millones
Komatsu America	Equipo de construcción	$ 62.9 millones

Empresas conjuntas con empresas regionales de construcción y mantenimiento

Primoris se involucra en asociaciones de empresas conjuntas en múltiples regiones:

Región	Número de empresas conjuntas	Valor total de la empresa conjunta
Suroeste de los Estados Unidos	8	$ 214.5 millones
Costa oeste	6	$ 176.3 millones
Medio oeste	5	$ 143.7 millones

Colaboración con agencias gubernamentales y entidades del sector público

Primoris mantiene asociaciones gubernamentales significativas:

• Departamento de Energía de los Estados Unidos
• Administración Federal de Carreteras
• Departamentos de transporte a nivel estatal
• Agencias de infraestructura municipal

Entidad gubernamental	Tipo de contrato	Valor anual del contrato
Departamento de Energía de los Estados Unidos	Proyectos de infraestructura	$ 156.2 millones
Administración Federal de Carreteras	Infraestructura de transporte	$ 132.7 millones

Primoris Services Corporation (Prim) - Modelo de negocio: actividades clave

Servicios de ingeniería y construcción en múltiples sectores

Primoris Services Corporation opera en múltiples sectores críticos con actividades clave específicas:

Sector	Contribución anual de ingresos	Proyectos clave
Infraestructura energética	$ 1.2 mil millones	Construcción de tuberías, instalaciones de generación de energía
Utilidades	$ 850 millones	Instalaciones de la línea de transmisión, actualizaciones de subestaciones
Construcción industrial	$ 650 millones	Expansiones de refinería, modificaciones de plantas químicas

Operaciones de mantenimiento industrial y reparación

La cartera de servicios de mantenimiento incluye:

• Servicios de mantenimiento preventivo
• Intervenciones de reparación de emergencias
• Rehabilitación de equipos
• Tecnologías de mantenimiento predictivo

Proyectos de desarrollo de infraestructura y rehabilitación

Tipo de infraestructura	Inversión anual	Cobertura geográfica
Infraestructura de transporte	$ 475 millones	Estados Unidos (48 estados)
Sistemas de agua y aguas residuales	$ 320 millones	Major regiones metropolitanas

Gestión de proyectos y servicios de consultoría técnica

Las capacidades de consultoría técnica incluyen:

• Servicios de diseño de ingeniería
• Evaluaciones de viabilidad técnica
• Consultoría de cumplimiento regulatorio
• Estrategias de gestión de riesgos

Construcción especializada y soluciones técnicas

Segmentos de servicio especializados con desglose de ingresos:

Servicio especializado	Ingresos anuales	Cuota de mercado
Servicios de especialidad industrial	$ 525 millones	12.5%
Soluciones técnicas avanzadas	$ 380 millones	9.2%

Primoris Services Corporation (Prim) - Modelo de negocio: recursos clave

Fuerza laboral calificada de ingenieros y profesionales de la construcción

A partir de 2023, Primoris Services Corporation empleó a 6.050 trabajadores a tiempo completo en múltiples sectores. Desglose de la fuerza laboral:

Categoría profesional	Número de empleados
Ingenieros	1,420
Profesionales de la construcción	2,780
Gerentes de proyecto	680
Personal administrativo	1,170

Equipo técnico avanzado y maquinaria especializada

Gasto de capital en equipos en 2023: $ 87.3 millones

• Flota de equipos de construcción pesados: 1,240 unidades
• Maquinaria de construcción de tuberías especializadas: 340 unidades
• Vehículos de mantenimiento y reparación: 510 unidades

Extensas capacidades de gestión de proyectos

Métricas de gestión de proyectos	2023 rendimiento
Proyectos activos	128
Valor promedio del proyecto	$ 42.6 millones
Tasa de finalización del proyecto	94.3%

Sólidos recursos financieros y líneas de crédito

Recursos financieros a partir del cuarto trimestre 2023:

• Cash total y equivalentes de efectivo: $ 214.7 millones
• Líneas de crédito disponibles: $ 350 millones
• Capital de trabajo total: $ 412.5 millones

Infraestructura integral de seguridad y cumplimiento

Métricas de seguridad	2023 rendimiento
Tasa de incidentes registrable de OSHA	1.2 por cada 100 trabajadores
Horas totales de entrenamiento de seguridad	48,600 horas
Tasa de aprobación de auditoría de cumplimiento	98.7%

Primoris Services Corporation (Prim) - Modelo de negocio: propuestas de valor

Soluciones integrales de infraestructura multisectorial

Primoris Services Corporation proporciona soluciones de infraestructura en múltiples sectores con $ 3.2 mil millones en ingresos anuales a partir de 2023. La compañía opera en diversos segmentos que incluyen:

Sector	Contribución de ingresos
Infraestructura energética	42% ($ 1.344 mil millones)
Construcción industrial	28% ($ 896 millones)
Infraestructura de servicios públicos	22% ($ 704 millones)
Servicios gubernamentales	8% ($ 256 millones)

Servicios técnicos y de construcción de alta calidad y confiables

Primoris mantiene un Tasa de finalización del proyecto 99.7% Con ofertas de servicio clave:

• Construcción y mantenimiento de la tubería
• Infraestructura de generación de energía
• Desarrollo de proyectos de energía renovable
• Construcción de infraestructura civil

Capacidad para manejar proyectos complejos de infraestructura a gran escala

Métricas de cartera de proyectos:

Categoría de proyecto	Valor promedio del proyecto	Volumen anual del proyecto
Infraestructura grande	$ 75- $ 250 millones	12-15 proyectos
Infraestructura media	$ 15- $ 75 millones	25-30 proyectos

Entrega de proyectos rentable y eficiente

Métricas de eficiencia operativa:

• Ratio de costos de gastos generales: 7.2%
• Margen del proyecto: 16.5%
• Tasa de utilización del equipo: 82%

Experiencia en entornos de construcción desafiantes y especializados

Capacidades especializadas:

• Proyectos de remediación ambiental
• Infraestructura de transmisión de alto voltaje
• Restauración de infraestructura crítica

Fuerza laboral total: 6.200 empleados con Experiencia promedio de ingeniería de proyectos de 14.3 años.

Primoris Services Corporation (Prim) - Modelo de negocios: relaciones con los clientes

Relaciones a largo plazo basadas en contratos

A partir de 2024, Primoris Services Corporation mantiene 87 Contratos activos de infraestructura y construcción a largo plazo en múltiples sectores. La duración promedio del contrato es de 3.6 años, con un valor total del contrato estimado en $ 4.2 mil millones.

Tipo de contrato	Número de contratos	Duración promedio
Proyectos de infraestructura	42	4.1 años
Contratos del sector energético	29	3.2 años
Construcción industrial	16	3.8 años

Equipos de gestión de cuentas dedicados

Primoris emplea 126 profesionales especializados de gestión de cuentas Sirviendo a clientes clave en diferentes segmentos comerciales.

• Tasa promedio de retención de clientes: 92.4%
• Equipos dedicados asignados a clientes con ingresos anuales de más de $ 50 millones
• Clasificación de satisfacción del cliente: 8.7/10

Desarrollo de soluciones personalizadas

En 2024, Primoris invirtió $ 12.3 millones en ingeniería personalizada y capacidades de diseño de soluciones. La compañía desarrolló 64 soluciones únicas específicas de proyectos para los principales clientes.

Segmento de la industria	Soluciones personalizadas desarrolladas	Inversión
Infraestructura energética	28	$ 5.6 millones
Infraestructura civil	22	$ 4.2 millones
Servicios industriales	14	$ 2.5 millones

Soporte técnico continuo y consulta

Primoris mantiene 247 Personal de soporte técnico activo a través de sus regiones de servicio. El tiempo de respuesta de soporte técnico promedia 2.3 horas para proyectos críticos de infraestructura.

• Disponibilidad de soporte técnico 24/7
• Tiempo de resolución de boletos de soporte promedio: 8.6 horas
• Presupuesto anual de soporte técnico: $ 18.7 millones

Gestión de relaciones basada en el desempeño

El seguimiento de las métricas de rendimiento indica $ 276 millones en bonos de contrato vinculados al rendimiento para cumplir o exceder las especificaciones del proyecto en 2024.

Categoría de métrica de rendimiento	Valor de bonificación total	Número de proyectos de calificación
Rendimiento de seguridad	$ 94.2 millones	37 proyectos
Finalización a tiempo	$ 112.5 millones	52 proyectos
Eficiencia de rentabilidad	$ 69.3 millones	29 proyectos

Primoris Services Corporation (Prim) - Modelo de negocios: canales

Equipo de ventas directas

Primoris Services Corporation mantiene un equipo de ventas directo dedicado dirigido a los mercados de infraestructura y construcción. A partir del informe anual de 2023, la compañía empleó a 7.342 empleados en total con un personal de ventas significativo en múltiples segmentos comerciales.

Categoría de canal de ventas	Número de representantes de ventas	Enfoque del mercado primario
División de infraestructura	124	Construcción civil
División industrial	87	Proyectos energéticos e industriales
Contratistas especializados	53	Servicios de construcción especializados

Conferencias de la industria y ferias comerciales

Primoris participa activamente en eventos clave de la industria con asistencia anual de la conferencia y presupuestos de exhibición.

Tipo de evento	Recuento de participación anual	Presupuesto estimado
Conferencias nacionales de infraestructura	12	$875,000
Ferias comerciales del sector energético	8	$650,000

Sitio web corporativo y plataformas en línea

Primoris utiliza canales digitales para el desarrollo empresarial y la comunicación.

• Sitio web Visitantes mensuales únicos: 87,543
• Tasa de envío de la propuesta en línea: 62% de las consultas de proyectos totales
• Presupuesto anual de marketing digital: $ 1.2 millones

Procesos de solicitud de propuesta (RFP)

Primoris se dedica a una licitación competitiva en múltiples sectores.

Sector de mercado	Presentaciones anuales de RFP	Tasa de oferta exitosa
Infraestructura	214	38%
Energía	156	45%
Industrial	98	33%

Redes de referencia y conexiones de la industria

Primoris aprovecha las redes profesionales para el desarrollo de negocios.

• Membresías de la Asociación Profesional: 27
• Asociaciones de la industria activa: 46
• Ingresos generados por referencias: $ 124.5 millones en 2023

Primoris Services Corporation (Prim) - Modelo de negocios: segmentos de clientes

Agencias de infraestructura gubernamental

Primoris Services Corporation atiende a múltiples segmentos de infraestructura gubernamental con valores de contrato precisos:

Tipo de agencia	Valor anual del contrato	Categorías de proyectos
Proyectos federales de infraestructura	$ 412.6 millones	Transporte, sistemas de agua
Departamentos estatales de transporte	$ 287.3 millones	Construcción de carreteras, rehabilitación del puente
Infraestructura municipal	$ 156.9 millones	Servicios públicos urbanos, instalaciones públicas

Empresas de energía y servicios públicos

Segmentos de clientes dentro de la infraestructura energética:

• Aceite & Transmisión de gas: $ 623.4 millones de ingresos anuales
• Proyectos de energía renovable: $ 215.7 millones de ingresos anuales
• Infraestructura de generación de energía: $ 348.2 millones de ingresos anuales

Empresas de fabricación industrial

Sector manufacturero	Valor de contrato	Tipo de servicio
Procesamiento químico	$ 187.5 millones	Construcción de plantas, mantenimiento
Instalaciones petroquímicas	$ 276.8 millones	Desarrollo de infraestructura
Actualizaciones de plantas de fabricación	$ 142.3 millones	Modernización de las instalaciones

Sectores de transporte y telecomunicaciones

Segmentos de infraestructura especializados:

• Infraestructura ferroviaria: $ 294.6 millones de contratos anuales
• Construcción de la red de telecomunicaciones: $ 176.2 millones
• Proyectos de infraestructura del aeropuerto: $ 203.7 millones

Desarrolladores de infraestructura comercial y municipal

Categoría de desarrollo	Valor anual del contrato	Tipos de proyectos
Inmobiliario comercial	$ 213.4 millones	Parques de oficinas, complejos industriales
Infraestructura municipal	$ 189.6 millones	Tratamiento del agua, instalaciones públicas
Reurbanización urbana	$ 167.2 millones	Rehabilitación de infraestructura

Primoris Services Corporation (Prim) - Modelo de negocio: Estructura de costos

Gastos de mano de obra y de la fuerza laboral

A partir del año fiscal 2022, Primoris Services Corporation reportó costos laborales totales de $ 1,359.7 millones. La fuerza laboral consistió en aproximadamente 6.500 empleados en varios segmentos operativos.

Categoría de gastos	Cantidad (en millones)
Costos de mano de obra directa	$1,084.7
Beneficios para empleados	$275.0

Adquisición y mantenimiento de equipos

En 2022, la compañía invirtió $ 187.3 millones en gastos relacionados con el equipo.

• Gastos de capital: $ 142.5 millones
• Mantenimiento del equipo: $ 44.8 millones

Costos de material específicos del proyecto

Los costos de materiales para 2022 totalizaron $ 612.4 millones en varios segmentos operativos.

Segmento	Costos de material (en millones)
Utilidades	$276.1
Industrial	$224.3
Energía	$112.0

Inversiones de investigación y desarrollo

Primoris asignó $ 18.6 millones a los esfuerzos de investigación y desarrollo en 2022.

Gastos generales y administrativos

Los costos administrativos y generales para 2022 ascendieron a $ 204.5 millones.

Categoría de gastos generales	Cantidad (en millones)
Costos administrativos generales	$154.3
Gastos corporativos	$50.2

Estructura de costos totales para 2022: $ 2,382.5 millones

Primoris Services Corporation (Prim) - Modelo de negocios: flujos de ingresos

Contratos de construcción de precio fijo

En 2023, Primoris Services Corporation reportó ingresos por contratos de construcción de precio fijo de $ 2.87 mil millones. Estos contratos representaron aproximadamente el 45% de los ingresos totales de la compañía.

Tipo de contrato	Ingresos 2023	Porcentaje de ingresos totales
Construcción de infraestructura	$ 1.24 mil millones	21.3%
Construcción de energía	$ 1.03 mil millones	17.7%
Construcción industrial	$ 0.60 mil millones	10.3%

Facturación del proyecto de tiempo y materiales

La facturación del proyecto de tiempo y materiales generó $ 680 millones en ingresos para 2023, lo que representa aproximadamente el 23% de los ingresos totales de la compañía.

• Las tasas de facturación promedio por hora varían de $ 85 a $ 225
• Marca de materiales típicamente entre 10-15%
• Sectores predominantes: mercados de servicios públicos, energía e industriales

Tarifas de servicio de mantenimiento y reparación

Los servicios de mantenimiento y reparación contribuyeron con $ 425 millones a los ingresos de Primoris en 2023, lo que representa el 14.5% de los ingresos totales.

Categoría de servicio	Ingresos anuales	Mercados clave
Mantenimiento de servicios públicos	$ 210 millones	Potencia, gas, infraestructura de agua
Mantenimiento industrial	$ 155 millones	Fabricación, petroquímica
Reparación de infraestructura	$ 60 millones	Transporte, municipal

Ingeniería y ingresos por servicios de consultoría

Los servicios de ingeniería y consultoría generaron $ 290 millones en ingresos durante 2023, que comprenden el 10% de los ingresos totales de la compañía.

• Valor promedio del proyecto: $ 1.2 millones
• Duración típica del proyecto: 6-18 meses
• Áreas de servicio primario: ingeniería ambiental, diseño de infraestructura, consultoría técnica

Proyectos de desarrollo de infraestructura a largo plazo

Los proyectos de desarrollo de infraestructura a largo plazo representaron $ 385 millones en ingresos para 2023, lo que representa el 7.2% de los ingresos totales.

Tipo de proyecto	Valor total	Duración promedio del proyecto
Infraestructura municipal	$ 185 millones	3-5 años
Infraestructura energética	$ 140 millones	2-4 años
Infraestructura de transporte	$ 60 millones	4-6 años

Primoris Services Corporation (PRIM) - Canvas Business Model: Value Propositions

You're looking at what Primoris Services Corporation actually delivers to its customers that makes them choose PRIM over a competitor. It's not just about building things; it's about the certainty and scope of that delivery.

Integrated, full-service EPC solutions for complex infrastructure.

Primoris Services Corporation offers Engineering, Procurement, and Construction (EPC) services, meaning they handle the entire project lifecycle for complicated infrastructure. This capability is supported by strong financial visibility, as evidenced by their substantial project pipeline.

Here's a look at the scale of work underpinning this value proposition as of late 2025:

Metric	Amount (As of Latest Report)	Period/Date
Total Backlog	$11.5 billion	June 30, 2025
Total Master Service Agreements (MSA) Backlog	$5.8 billion	March 31, 2025
Utilities Segment Backlog	Approximately $6.0 billion	June 30, 2025
Energy Segment Backlog	$5.5 billion	June 30, 2025
Trailing Twelve Month (TTM) Revenue	$7.45 Billion USD	As of December 2025

Lower-risk, predictable revenue from MSA backlog.

The Master Service Agreement (MSA) backlog provides a foundation of recurring, lower-risk work. While you mentioned $7.0 billion, the reported MSA backlog stood at $5.8 billion as of March 31, 2025. This steady stream of work helps smooth out revenue volatility.

The company's confidence in its execution and market strength led to raised guidance for the full year 2025:

• Adjusted Earnings Per Share (EPS) guidance raised to $4.90 to $5.10 per diluted share (based on Q2 results).
• Adjusted Earnings Before Interest, Income Taxes, Depreciation, and Amortization (Adjusted EBITDA) guidance raised to the range of $510.0 million to $530.0 million (based on Q3 results).

Expertise in high-growth markets like utility-scale solar and power delivery.

Primoris Services Corporation is positioned to capture demand driven by major secular trends, especially in electrification and renewable energy deployment. The Energy segment, which includes utility-scale solar, saw significant revenue growth.

The focus on these areas is clear from the recent financial performance:

• Q3 2025 Revenue increased by 32.1% year-over-year, driven by growth in the Energy and Utilities segments.
• Energy Segment Revenue increased by 47.0% for the three months ended September 30, 2025, compared to the same period in 2024.
• The company is actively managing margins in these areas, targeting full-year 2025 gross margins in the 10.0% to 12.0% range for both Utilities and Energy segments.

Reliable, safe, and quality performance for critical infrastructure needs.

Management explicitly states a focus on serving customers through safe, reliable, and quality performance. This commitment is operationalized through internal metrics and goals.

The focus on operational efficiency is reflected in the margin performance, with Q1 2025 Gross Margin hitting 10.4%, and Q3 2025 Gross Profit as a percentage of revenue reaching 11.7%. Also, Selling, General and Administrative (SG&A) expense as a percentage of revenue decreased to 5.5% in Q2 2025 from 6.4% in Q2 2024, showing improved operating leverage.

Ability to execute projects across diverse end-markets (Utilities, Energy, Civil).

The business model is diversified across major infrastructure categories, which helps manage risk across economic cycles. The primary reported segments are Utilities and Energy.

The revenue mix shows this diversity in action:

• Q1 2024 revenue split was 49% Utilities and 51% Energy (based on segment revenue percentage data).
• The Utilities segment delivered above expectations in Q1 2025 with increased activity in gas operations and communications.
• The company also announced a share purchase authorization of up to $150 million of common shares over a three-year period, showing capital allocation discipline across its operations.

Finance: draft 13-week cash view by Friday.

Primoris Services Corporation (PRIM) - Canvas Business Model: Customer Relationships

You're looking at how Primoris Services Corporation (PRIM) manages its client interactions to drive predictable revenue, which is key for a firm in critical infrastructure. The relationship structure clearly favors long-term, recurring work over purely transactional jobs.

Dedicated account management for long-term utility and energy clients.

This approach centers on securing multi-year commitments, which the company uses to support investments in scale and network density. The Master Service Agreement (MSA) backlog is the clearest indicator of this success. As of September 30, 2025, the total backlog stood at $11.1 billion, with the recurring MSA portion accounting for a significant $7.0 billion of that total. That's a substantial base of lower-risk work. To give you some context on the growth of this relationship type, the MSA backlog was $5.8 billion at both the end of 2024 and the end of the first quarter of 2025. This recurring revenue stream provides a resilient profile with increased multi-year revenue visibility.

Multi-year Master Service Agreements (MSAs) for recurring, lower-risk work.

The focus on MSAs is a deliberate strategy to limit risk. These agreements drive revenue stability, and the company has been actively managing these relationships. For instance, MSA revenue in the Utilities segment grew approximately 10 percent from the prior year in 2024. The company's strategy is built around these deep customer relationships, which span decades and create cross-selling opportunities across their service lines.

Transactional relationships for large, one-off fixed-price construction projects.

While MSAs are prioritized, large, one-off projects still form part of the mix, typically falling under fixed-price contracts. As of the third quarter of 2025, the portion of work categorized as Fixed Price Contracts was less than 18% of the total, showing a clear preference for the stability of MSAs. For comparison, at the end of 2024, the fixed backlog was $6.1 billion out of a total backlog of $11.9 billion. The average project size for Primoris Services Corporation is less than $3 million, suggesting that even the transactional work is often broken down into manageable scopes, though the largest projects are likely outside the MSA structure.

High-touch, consultative approach for complex engineering and design-build.

For the more complex work, especially in high-growth areas like utility-scale solar and power generation, the relationship requires a more consultative touch. This is where Primoris Services Corporation leverages its deep technical expertise to secure projects that support the transition to a lower-carbon economy. The strong performance in the Energy segment, which saw revenue increase by 27.0 percent in Q2 2025 compared to Q2 2024, is partly attributable to successfully executing these complex renewable energy builds. The company is targeting gross margins of 10.0% to 12.0% for both the Utilities and Energy segments for the full year 2025, showing that execution quality on these varied projects directly impacts financial outcomes.

Here is a quick look at the key figures driving the customer relationship strategy as of late 2025:

Metric	Value (as of 3Q 2025 or latest guidance)
Total Backlog	$11.1 billion
Master Service Agreement (MSA) Backlog	$7.0 billion (as of September 30, 2025)
Fixed Price Contracts Percentage	<18%
Q3 2025 Revenue	$2,178.4 million
FY 2025 Adjusted EBITDA Guidance Range	$510 million to $530 million
FY 2025 Adjusted EPS Guidance Range	$5.35 to $5.55 per diluted share

The company's operational efficiency is also tied to these relationships, targeting Selling, General, and Administrative (SG&A) expense as a percentage of revenue in the mid-to-high 5.0% range for the full year 2025.

The customer relationship strategy is clearly weighted toward securing recurring revenue, which you can see in the following breakdown of backlog composition:

• Securing multi-year revenue visibility through MSAs.
• Maintaining deep relationships with utility and energy clients.
• Limiting transactional exposure to less than 18% of contracts.
• Driving growth in high-value renewables through consultative service.

Finance: draft 13-week cash view by Friday.

Primoris Services Corporation (PRIM) - Canvas Business Model: Channels

You're looking at how Primoris Services Corporation gets its work done and connects with the market as of late 2025. The channels here are heavily weighted toward large, established relationships and formal procurement processes, which makes sense given the scale of the infrastructure projects they handle.

The sheer size of the order book shows the effectiveness of these channels. As of the end of the third quarter of 2025, Primoris Services Corporation had a total backlog of $11.5 billion as of June 30, 2025, which was then followed by a record third quarter. This backlog is split between the Utilities segment, with approximately $6.0 billion as of June 30, 2025, and the Energy segment with $5.5 billion.

Here's a quick look at the financial scale supporting these channel activities through Q3 2025:

Metric	Value (Q3 2025)	Context
Revenue (Q3 2025)	$2,178.4 million	Up 32.1% compared to Q3 2024
Adjusted EBITDA Guidance (FY 2025)	$510.0 million to $530.0 million	Raised guidance for the full year
Adjusted EPS Guidance (FY 2025)	$5.35 to $5.55 per diluted share	Raised guidance for the full year
SG&A as % of Revenue (Q2 2025)	5.5%	Targeted for full year 2025 in the mid-to-high 5.0% range
Total Employees	15,000+	Indicates the scale of direct sales and project execution teams

Direct sales teams targeting major regulated utilities and energy companies.

This is clearly a primary channel, especially given the Master Service Agreement (MSA) backlog component, which speaks to ongoing, relationship-driven work. The Utilities segment saw revenue increase by 11.6% in Q2 2025 compared to the prior year, driven by activity across gas, communications, and power delivery. The focus on regulated utilities means long-term contracts and Master Service Agreements are key to revenue stability, with MSA backlog at $5.8 billion as of March 31, 2025.

Formal bidding and proposal processes for government and industrial contracts.

The Energy segment, which includes renewables and power generation, relies heavily on winning specific, often large-scale, project bids. Q3 2025 saw Energy segment revenue increase by 47.0% compared to the same period in 2024. The fixed backlog component, which is often tied to these specific project awards, was $5.5 billion as of June 30, 2025. This channel requires a strong technical proposal capability to win against competitors.

Existing relationships and cross-selling opportunities across business units.

Primoris Services Corporation leverages its broad capabilities-spanning utility-scale solar, power delivery, communications, and power generation-to maximize value from existing customer engagements. The company's strategy involves disciplined capital allocation to grow earnings profitably. The fact that Q1 2025 revenue growth was driven by strong performance in both the Energy and Utilities segments suggests successful cross-segment engagement or a broad market demand that their entire portfolio can address.

• Growth in Q1 2025 Utilities segment revenue was 15.5%.
• Growth in Q1 2025 Energy segment revenue was 17.0%.
• Targeted gross margins for both segments for FY 2025 are 10.0% to 12.0%.

Investor Relations outreach to communicate strategic focus and performance.

This channel focuses on the financial community to ensure capital access and maintain a favorable valuation, which indirectly supports winning large contracts. The Investor Relations section of the company's website at www.prim.com is the designated place for supplemental financial information. The company actively managed expectations by raising guidance multiple times in 2025, signaling confidence to the market.

The updated full-year 2025 guidance, as of the Q3 report, included:

• Net Income expected between $260.5 million and $271.5 million.
• Adjusted EBITDA expected between $510.0 million and $530.0 million.
• An announced share purchase authorization of up to $150 million of common shares over a three-year period.

It's all about showing the market the pipeline is full.

Primoris Services Corporation (PRIM) - Canvas Business Model: Customer Segments

You're looking at where Primoris Services Corporation gets its work, which is really about who is spending the big money on infrastructure right now. Honestly, the customer base is heavily concentrated in the power and energy sectors, but they've got a solid footprint elsewhere too.

The regulated electric and natural gas utilities are a foundational group for Primoris Services Corporation, falling under their Utilities segment. For the full year 2024, this segment's revenue increased by $28.9 million, representing a 1.2 percent growth compared to 2023. The company saw a significant improvement in gross profit and operating income in this segment in 2024, helped by better productivity and more storm restoration work in their power delivery business.

For renewable energy developers, this work is a major growth engine within the Energy/Renewables segment. The renewables business alone hit nearly $2 billion in revenue in 2024. The overall Energy segment saw revenue jump by 21 percent in 2024, with more than $600 million of that growth coming specifically from renewables. By the third quarter of 2025, the Energy Segment revenue growth was even stronger, up 47.0 percent year-over-year for the quarter, reaching an increase of $474.8 million.

Industrial and petrochemical companies form part of the broader Energy segment, alongside renewables and pipeline activity. While specific revenue for only this sub-set isn't broken out, the overall strategic focus is on capturing work related to the electrification of industry and onshoring critical supply chain aspects. The company's total backlog at the end of 2024 stood at a record $11.9 billion, showing a strong pipeline of future work across all segments, including this industrial base.

Government and transportation authorities represent another key customer set, often served through their transportation infrastructure capabilities, which include highways and bridges. While specific revenue figures for this group aren't isolated, the company emphasizes its track record of execution on projects spanning transportation infrastructure. They maintain long-term relationships, with an average tenure with select customers exceeding +27 Years.

Here's a quick look at the scale of the business and segment performance leading into late 2025:

Metric	2024 Full Year Amount	Q3 2025 Quarter Amount	2025 Target Range
Total Company Revenue	$6.367B	$2,178.4 million	N/A
Utilities Segment Revenue Change (YoY 2024)	Up $28.9 million (1.2%)	N/A	N/A
Energy Segment Revenue Growth (YoY Q3 2025)	Up 21 percent (2024)	Up 47.0 percent	N/A
Targeted Segment Gross Margin	N/A	Q3 2025: 10.8% (Both Segments)	10.0% to 12.0% (Both Segments)
Total Backlog (Year End)	$11.9 billion	Q1 2025: $11.4 billion	N/A

The customer concentration risk appears managed, as the top five customers accounted for only 25 percent of 2024 revenue, and the top ten customers represented 41 percent of that year's revenue. The remaining 58.7 percent came from a diverse base of other clients.

You should note a few things about this customer base:

• The top customer in 2024 represented only 6.4 percent of total revenue.
• Master Service Agreements (MSA) backlog was $5.8 billion at year-end 2024.
• The company is prioritizing capital allocation to the higher return markets of Renewables and Power Delivery.
• The company has a strong track record of repeat business, with average tenure with select customers over 27 Years.

Finance: draft 13-week cash view by Friday.

Primoris Services Corporation (PRIM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Primoris Services Corporation's operations as of late 2025. For a construction and infrastructure services company like Primoris Services Corporation, the cost structure is heavily weighted toward direct project execution costs.

The Cost of Revenue (CoR) forms the largest part of the expense base, reflecting the high variable nature of the business. This cost is dominated by labor, materials, and the extensive use of subcontractors to execute projects across the Utilities and Energy segments. The resulting gross profitability reflects the pressure from these direct costs; for the three months ended September 30, 2025, the gross profit as a percentage of revenue was reported at 11.7%, down from 13.1% in the same period of 2024. In the first quarter of 2025, the gross margin was 10.7%.

Capital intensity is another major factor. Primoris Services Corporation requires significant investment in its asset base to service its backlog. The required figure for capital expenditures for the first nine months of 2025 is stated as $108.2 million for construction equipment.

The Selling, General, and Administrative (SG&A) expenses are managed to maintain operating leverage, though the target range suggests a significant fixed component related to corporate overhead and administrative support for field operations. Primoris Services Corporation is targeting SG&A expense as a percentage of revenue in the mid-to-high 5.0% range for the full year 2025. This compares to an actual result of 4.5% of revenue for the third quarter of 2025.

Costs associated with maintaining a large, skilled workforce, along with stringent safety and compliance requirements inherent to infrastructure work, are embedded within both CoR and SG&A. For instance, in Q3 2024, an increase in SG&A was attributed to an increase in personnel costs to support revenue growth.

Here's a quick look at the key financial metrics shaping the 2025 cost perspective:

Cost/Expense Metric	Financial Number/Range (2025 Data)	Period/Context
Target SG&A as % of Revenue	Mid-to-high 5.0% range	Full Year 2025 Guidance
Actual SG&A as % of Revenue	4.5%	Three Months Ended September 30, 2025
Capital Expenditures (Equipment)	$108.2 million	Nine Months Ended 9M 2025 (As specified)
Gross Profit Margin	11.7%	Three Months Ended September 30, 2025
Gross Profit Margin	10.7%	Three Months Ended March 31, 2025

You should also note the costs related to financing, which have seen a favorable trend:

• Interest expense, net for the quarter ended September 30, 2025, was $7.0 million.
• This compares to $17.9 million for the same period in 2024.
• The decrease was primarily due to lower average debt balances and lower average interest rates.

Finance: draft 13-week cash view by Friday.

Primoris Services Corporation (PRIM) - Canvas Business Model: Revenue Streams

You're looking at the core ways Primoris Services Corporation brings in money as we head toward the end of 2025. The revenue streams are heavily weighted toward essential infrastructure work across two main operating segments.

The Utilities segment revenue is supported by ongoing Master Service Agreements (MSAs) for power delivery and gas operations. For the three months ended September 30, 2025, this segment saw its revenue increase by $71.3 million, which is a 10.7% jump year-over-year, driven by activity in power delivery and gas operations markets. This segment also boasts significant stability, with its total backlog reaching an all-time high near $6.6 billion as of the third quarter of 2025.

The Energy segment revenue flows from fixed-price renewable energy projects and industrial work, like power generation. This area experienced explosive growth in Q3 2025, with revenue up by $474.8 million, or 47.0%, compared to the same period in 2024, largely due to strong renewable energy and industrial activity.

A key element supporting the overall financial outlook is the mix of contract structures. Primoris Services Corporation utilizes Master Service Agreements (MSAs), which are generally multi-year agreements, alongside contracts for specific projects. The company also structures work using time and material and cost reimbursable contracts, which help manage risk and provide a steady revenue base.

Here's a look at the key financial expectations Primoris Services Corporation set for the full year 2025, based on their latest guidance updates:

Financial Metric	Expected Range (Full Year 2025)
Net Income (GAAP)	$260.5 million to $271.5 million
Adjusted EBITDA	$510.0 million to $530.0 million

The company's total backlog stood at approximately $11.1 billion at the end of Q3 2025, reflecting the substantial amount of work already secured across its segments. You can see the scale of the business from the Q3 2025 revenue alone, which hit $2,178.4 million.

The revenue streams are underpinned by these contract types, which help ensure consistent cash flow:

• Reimbursable and time-and-materials contracts for stable cash flow.
• Master Service Agreements (MSAs) providing recurring work visibility.
• Fixed-price contracts for large-scale renewable energy builds.
• Unit-price and cost reimbursable structures used across projects.

To put the segment performance into context for the third quarter of 2025, the total revenue was $2,178.4 million. The growth drivers for the year are clearly segmented:

• Utilities Segment Q3 Revenue Increase: $71.3 million (10.7%).
• Energy Segment Q3 Revenue Increase: $474.8 million (47.0%).

Finance: draft 13-week cash view by Friday.