Primoris Services Corporation (PRIM): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'infrastructure et de la construction, Primoris Services Corporation (Prim) émerge comme une centrale, transformant des défis d'ingénierie complexes en solutions transparentes dans plusieurs secteurs. En tirant parti d'un modèle commercial sophistiqué qui intègre des partenariats stratégiques, des capacités techniques de pointe et un portefeuille diversifié de services, Primoris s'est positionné comme un acteur critique dans la fourniture de projets d'infrastructure complets pour les agences gouvernementales, les sociétés énergétiques et les clients industriels. Cette exploration de leur toile de modèle commercial révèle le cadre complexe qui permet à Prim de naviguer dans des paysages techniques difficiles tout en maintenant l'excellence opérationnelle et en stimulant une croissance durable.

Primoris Services Corporation (PRIM) - Modèle commercial: partenariats clés

Alliances stratégiques avec l'énergie, les infrastructures et les sociétés de services publics

Primoris Services Corporation maintient des partenariats stratégiques avec plusieurs organisations clés d'énergie et de services publics:

Type de partenaire	Nombre de partenariats	Valeur du contrat annuel
Sociétés énergétiques	37	425,6 millions de dollars
Sociétés d'infrastructure	24	312,3 millions de dollars
Sociétés de services publics	19	276,8 millions de dollars

Partenariats avec les fournisseurs d'équipements d'ingénierie et de construction

Primoris collabore avec des fournisseurs d'équipement spécialisés:

• Caterpillar Inc. - équipement de machines lourds
• Komatsu America - Équipement de construction
• John Deere - Machines industrielles
• Hitachi Construction Machinery - Équipement d'excavation

Fournisseur	Catégorie d'équipement	Valeur d'achat annuelle
Caterpillar Inc.	Machinerie lourde	87,4 millions de dollars
Komatsu America	Équipement de construction	62,9 millions de dollars

Coentreprises avec des entreprises régionales de construction et d'entretien

Primoris se livre à des partenariats de coentreprise dans plusieurs régions:

Région	Nombre de coentreprises	Valeur totale de coentreprise
Sud-ouest des États-Unis	8	214,5 millions de dollars
Côte ouest	6	176,3 millions de dollars
Midwest	5	143,7 millions de dollars

Collaboration avec les agences gouvernementales et les entités du secteur public

Primoris maintient des partenariats gouvernementaux importants:

• Département américain de l'énergie
• Administration des routes fédérales
• Services de transport au niveau de l'État
• Agences d'infrastructure municipale

Entité gouvernementale	Type de contrat	Valeur du contrat annuel
Département américain de l'énergie	Projets d'infrastructure	156,2 millions de dollars
Administration des routes fédérales	Infrastructure de transport	132,7 millions de dollars

Primoris Services Corporation (Prim) - Modèle d'entreprise: activités clés

Services d'ingénierie et de construction dans plusieurs secteurs

Primoris Services Corporation opère dans plusieurs secteurs critiques avec des activités clés spécifiques:

Secteur	Contribution annuelle des revenus	Projets clés
Infrastructure énergétique	1,2 milliard de dollars	Construction de pipeline, installations de production d'électricité
Services publics	850 millions de dollars	Installations de lignes de transmission, mises à niveau de sous-station
Construction industrielle	650 millions de dollars	Extensions de raffinerie, modifications des plantes chimiques

Opérations d'entretien et de réparation industrielles

Le portefeuille de services de maintenance comprend:

• Services de maintenance préventive
• Interventions de réparation d'urgence
• Réhabilitation des équipements
• Technologies de maintenance prédictive

Projets de développement et de réadaptation des infrastructures

Type d'infrastructure	Investissement annuel	Couverture géographique
Infrastructure de transport	475 millions de dollars	États-Unis (48 États)
Systèmes d'eau et d'eaux usées	320 millions de dollars	Régions métropolitaines majeures

Services de gestion de projet et de conseil technique

Les capacités de conseil technique comprennent:

• Services de conception d'ingénierie
• Évaluations techniques de faisabilité
• Conseil de conformité réglementaire
• Stratégies de gestion des risques

Construction spécialisée et solutions techniques

Segments de service spécialisés avec une rupture de revenus:

Service spécialisé	Revenus annuels	Part de marché
Services spécialisés industriels	525 millions de dollars	12.5%
Solutions techniques avancées	380 millions de dollars	9.2%

Primoris Services Corporation (Prim) - Modèle d'entreprise: Ressources clés

Travail qualifié des ingénieurs et des professionnels de la construction

En 2023, Primoris Services Corporation a employé 6 050 travailleurs à temps plein dans plusieurs secteurs. Répartition des effectifs:

Catégorie professionnelle	Nombre d'employés
Ingénieurs	1,420
Professionnels de la construction	2,780
Chefs de projet	680
Personnel administratif	1,170

Équipement technique avancé et machines spécialisées

Dépenses en capital pour l'équipement en 2023: 87,3 millions de dollars

• Flotte d'équipement de construction lourd: 1 240 unités
• Machines de construction de pipelines spécialisées: 340 unités
• Véhicules d'entretien et de réparation: 510 unités

Capacités étendues de gestion de projet

Métriques de gestion de projet	Performance de 2023
Projets actifs	128
Valeur moyenne du projet	42,6 millions de dollars
Taux d'achèvement du projet	94.3%

Solides ressources financières et lignes de crédit

Ressources financières au quatrième trimestre 2023:

• Total de trésorerie et équivalents en espèces: 214,7 millions de dollars
• Lignes de crédit disponibles: 350 millions de dollars
• Total du fonds de roulement: 412,5 millions de dollars

Infrastructure complète de sécurité et de conformité

Métriques de sécurité	Performance de 2023
Taux d'incident enregistrable de l'OSHA	1,2 pour 100 travailleurs
Heures de formation totale en matière de sécurité	48 600 heures
Taux de réussite d'audit de la conformité	98.7%

Primoris Services Corporation (Prim) - Modèle d'entreprise: propositions de valeur

Solutions d'infrastructure multisectorielles complètes

Primoris Services Corporation fournit des solutions d'infrastructure dans plusieurs secteurs avec 3,2 milliards de dollars de revenus annuels à partir de 2023. La société opère dans divers segments, notamment:

Secteur	Contribution des revenus
Infrastructure énergétique	42% (1,344 milliard de dollars)
Construction industrielle	28% (896 millions de dollars)
Infrastructure utilitaire	22% (704 millions de dollars)
Services gouvernementaux	8% (256 millions de dollars)

Services techniques et de construction fiables de haute qualité

Primoris maintient un Taux d'achèvement du projet à 99,7% avec des offres de services clés:

• Construction et entretien des pipelines
• Infrastructure de production d'électricité
• Développement du projet d'énergie renouvelable
• Construction d'infrastructures civiles

Capacité à gérer des projets d'infrastructure complexes et à grande échelle

Métriques du portefeuille de projets:

Catégorie de projet	Valeur moyenne du projet	Volume annuel du projet
Grande infrastructure	75 $ à 250 millions de dollars	12-15 projets
Infrastructure moyenne	15 à 75 millions de dollars	25-30 projets

Livraison de projet rentable et efficace

Métriques d'efficacité opérationnelle:

• Ratio de coûts aériens: 7,2%
• Marge du projet: 16,5%
• Taux d'utilisation de l'équipement: 82%

Expertise dans les environnements de construction stimulants et spécialisés

Capacités spécialisées:

• Projets de restauration environnementale
• Infrastructure de transmission à haute tension
• Restauration d'infrastructures critiques

Total de main-d'œuvre: 6 200 employés avec Expérience moyenne d'ingénierie du projet de 14,3 ans.

Primoris Services Corporation (Prim) - Modèle d'entreprise: relations clients

Relations à long terme basées sur les contrats

Depuis 2024, Primoris Services Corporation maintient 87 Contrats d'infrastructures et de construction à long terme actives sur plusieurs secteurs. La durée moyenne du contrat est de 3,6 ans, la valeur totale du contrat est estimée à 4,2 milliards de dollars.

Type de contrat	Nombre de contrats	Durée moyenne
Projets d'infrastructure	42	4,1 ans
Contractes du secteur de l'énergie	29	3,2 ans
Construction industrielle	16	3,8 ans

Équipes de gestion des comptes dédiés

Primoris emploie 126 professionnels de la gestion des comptes spécialisés Servant des clients clés dans différents segments d'entreprise.

• Taux de rétention de clientèle moyen: 92,4%
• Des équipes dédiées affectées à des clients avec un chiffre d'affaires annuel supérieur à 50 millions de dollars
• Évaluation de satisfaction du client: 8.7 / 10

Développement de solutions personnalisées

En 2024, Primoris a investi 12,3 millions de dollars en capacités d'ingénierie et de conception de solutions personnalisées. La société a développé 64 solutions uniques spécifiques au projet pour les principaux clients.

Segment de l'industrie	Solutions personnalisées développées	Investissement
Infrastructure énergétique	28	5,6 millions de dollars
Infrastructure civile	22	4,2 millions de dollars
Services industriels	14	2,5 millions de dollars

Support technique et consultation en cours

Primoris maintient 247 Personnel de soutien technique actif à travers ses régions de service. Le temps de réponse technique du support dure en moyenne 2,3 heures pour les projets d'infrastructure critiques.

• Disponibilité du support technique 24/7
• Temps de résolution moyenne des billets de support: 8,6 heures
• Budget de soutien technique annuel: 18,7 millions de dollars

Gestion des relations basées sur la performance

Le suivi des mesures de performance indique 276 millions de dollars en bonus contractuels liés à la performance pour rencontrer ou dépasser les spécifications du projet en 2024.

Catégorie de métrique de performance	Valeur du bonus total	Nombre de projets de qualification
Performance de sécurité	94,2 millions de dollars	37 projets
En cours d'achèvement	112,5 millions de dollars	52 projets
Rentabilité	69,3 millions de dollars	29 projets

Primoris Services Corporation (Prim) - Modèle d'entreprise: canaux

Équipe de vente directe

Primoris Services Corporation maintient une équipe de vente directe dédiée ciblant les marchés d'infrastructure et de construction. En ce qui concerne le rapport annuel de 2023, l'entreprise a employé 7 342 employés au total avec un personnel de vente important dans plusieurs segments d'entreprise.

Catégorie de canal de vente	Nombre de représentants commerciaux	Focus du marché primaire
Division des infrastructures	124	Construction civile
Division industrielle	87	Projets énergétiques et industriels
Entrepreneurs spécialisés	53	Services de construction spécialisés

Conférences et salons commerciaux de l'industrie

Primoris participe activement à des événements clés de l'industrie avec des budgets annuels de fréquentation de conférence et d'exposition.

Type d'événement	Compte de participation annuelle	Budget estimé
Conférences nationales d'infrastructure	12	$875,000
Les salons du secteur de l'énergie montrent	8	$650,000

Site Web d'entreprise et plateformes en ligne

Primoris utilise les canaux numériques pour le développement et la communication des entreprises.

• Site Web Visiteurs mensuels uniques: 87 543
• Taux de soumission des propositions en ligne: 62% du total des demandes de projets
• Budget annuel du marketing numérique: 1,2 million de dollars

Demande de processus de proposition (DP)

Primoris s'engage dans des enchères compétitives dans plusieurs secteurs.

Secteur du marché	Soumissions annuelles de DP	Taux d'offre réussi
Infrastructure	214	38%
Énergie	156	45%
Industriel	98	33%

Réseaux de référence et connexions de l'industrie

Primoris exploite les réseaux professionnels pour le développement commercial.

• Adhésions à l'association professionnelle: 27
• Partenariats actifs de l'industrie: 46
• Revenus générés par référence: 124,5 millions de dollars en 2023

Primoris Services Corporation (Prim) - Modèle d'entreprise: segments de clientèle

Agences d'infrastructure gouvernementales

Primoris Services Corporation dessert plusieurs segments d'infrastructure gouvernementaux avec des valeurs de contrat précises:

Type d'agence	Valeur du contrat annuel	Catégories de projets
Projets d'infrastructure fédéraux	412,6 millions de dollars	Transport, systèmes d'eau
Départements des transports d'État	287,3 millions de dollars	Construction des routes, réhabilitation des ponts
Infrastructure municipale	156,9 millions de dollars	Services publics urbains, installations publiques

Entreprises d'énergie et de services publics

Segments de clientèle dans les infrastructures énergétiques:

• Huile & Transmission de gaz: 623,4 millions de dollars de revenus annuels
• Projets d'énergie renouvelable: 215,7 millions de dollars de revenus annuels
• Infrastructure de production d'électricité: 348,2 millions de dollars de revenus annuels

Entreprises de fabrication industrielle

Secteur manufacturier	Valeur du contrat	Type de service
Traitement chimique	187,5 millions de dollars	Construction des usines, entretien
Installations pétrochimiques	276,8 millions de dollars	Développement des infrastructures
Amélioration de l'usine de fabrication	142,3 millions de dollars	Modernisation des installations

Secteurs des transports et des télécommunications

Segments d'infrastructure spécialisés:

• Infrastructure ferroviaire: 294,6 millions de dollars de contrats annuels
• Construction du réseau de télécommunications: 176,2 millions de dollars
• Projets d'infrastructure aéroportuaire: 203,7 millions de dollars

Développeurs d'infrastructures commerciales et municipales

Catégorie de développement	Valeur du contrat annuel	Types de projet
Immobilier commercial	213,4 millions de dollars	Parcs de bureaux, complexes industriels
Infrastructure municipale	189,6 millions de dollars	Traitement de l'eau, installations publiques
Réaménagement urbain	167,2 millions de dollars	Réhabilitation des infrastructures

Primoris Services Corporation (Prim) - Modèle d'entreprise: Structure des coûts

Frais de main-d'œuvre et de main-d'œuvre

Depuis l'exercice 2022, Primoris Services Corporation a déclaré des coûts de main-d'œuvre totaux de 1 359,7 millions de dollars. La main-d'œuvre était composée d'environ 6 500 employés dans divers segments opérationnels.

Catégorie de dépenses	Montant (en millions)
Coûts de main-d'œuvre directes	$1,084.7
Avantages sociaux	$275.0

Procurement et entretien de l'équipement

En 2022, la société a investi 187,3 millions de dollars dans les dépenses liées à l'équipement.

• Dépenses en capital: 142,5 millions de dollars
• Entretien de l'équipement: 44,8 millions de dollars

Coût des matériaux spécifiques au projet

Les coûts des matériaux pour 2022 ont totalisé 612,4 millions de dollars dans divers segments opérationnels.

Segment	Coût des matériaux (en millions)
Services publics	$276.1
Industriel	$224.3
Énergie	$112.0

Investissements de recherche et développement

Primoris a alloué 18,6 millions de dollars aux efforts de recherche et développement en 2022.

Frais généraux et administratifs

Les frais administratifs et frais généraux pour 2022 s'élevaient à 204,5 millions de dollars.

Catégorie aérienne	Montant (en millions)
Coûts administratifs généraux	$154.3
Dépenses de l'entreprise	$50.2

Structure totale des coûts pour 2022: 2 382,5 millions de dollars

Primoris Services Corporation (PRIM) - Modèle d'entreprise: Strots de revenus

Contrats de construction à prix fixe

En 2023, Primoris Services Corporation a déclaré des revenus de contrat de construction à prix fixe de 2,87 milliards de dollars. Ces contrats représentaient environ 45% du total des revenus de l'entreprise.

Type de contrat	Revenu 2023	Pourcentage du total des revenus
Construction des infrastructures	1,24 milliard de dollars	21.3%
Construction d'énergie	1,03 milliard de dollars	17.7%
Construction industrielle	0,60 milliard de dollars	10.3%

Facturation du projet de temps et de matériaux

La facturation du projet de temps et de matériaux a généré 680 millions de dollars de revenus pour 2023, représentant environ 23% du total des revenus de l'entreprise.

• Les taux de facturation horaires moyens varient de 85 $ à 225 $
• Marquage des matériaux généralement entre 10 et 15%
• Secteurs prédominants: utilité, énergie et marchés industriels

Frais d'entretien et de réparation

Les services de maintenance et de réparation ont contribué 425 millions de dollars aux revenus de Primoris en 2023, ce qui représente 14,5% des revenus totaux.

Catégorie de service	Revenus annuels	Marchés clés
Maintenance des services publics	210 millions de dollars	Électricité, gaz, infrastructure d'eau
Entretien industriel	155 millions de dollars	Fabrication, pétrochimique
Réparation des infrastructures	60 millions de dollars	Transport, municipal

Revenus d'ingénierie et de conseil

Les services d'ingénierie et de conseil ont généré 290 millions de dollars de revenus au cours de 2023, représentant 10% du total des revenus de l'entreprise.

• Valeur moyenne du projet: 1,2 million de dollars
• Durée typique du projet: 6-18 mois
• Zones de service primaires: génie environnemental, conception des infrastructures, conseil technique

Projets de développement des infrastructures à long terme

Les projets de développement à long terme des infrastructures ont représenté 385 millions de dollars de revenus pour 2023, ce qui représente 7,2% des revenus totaux.

Type de projet	Valeur totale	Durée moyenne du projet
Infrastructure municipale	185 millions de dollars	3-5 ans
Infrastructure énergétique	140 millions de dollars	2-4 ans
Infrastructure de transport	60 millions de dollars	4-6 ans

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.