Primoris Services Corporation (PRIM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de infraestrutura e construção, a Primoris Services Corporation (PRIM) surge como uma potência, transformando desafios complexos de engenharia em soluções perfeitas em vários setores. Ao alavancar um modelo de negócios sofisticado que integra parcerias estratégicas, capacidades técnicas de ponta e um portfólio diversificado de serviços, a Primoris se posicionou como um participante crítico no fornecimento de projetos de infraestrutura abrangentes para agências governamentais, empresas de energia e clientes industriais. Essa exploração de seu modelo de negócios Canvas revela a estrutura intrincada que permite que o PIR navegue para navegar em paisagens técnicas desafiadoras, mantendo a excelência operacional e impulsionando o crescimento sustentável.

Primoris Services Corporation (PRIM) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com empresas de energia, infraestrutura e serviços públicos

A Primoris Services Corporation mantém parcerias estratégicas com várias organizações de energia e serviços públicos:

Tipo de parceiro	Número de parcerias	Valor anual do contrato
Empresas de energia	37	US $ 425,6 milhões
Empresas de infraestrutura	24	US $ 312,3 milhões
Corporações de serviços públicos	19	US $ 276,8 milhões

Parcerias com fornecedores de equipamentos de engenharia e construção

Primoris colabora com fornecedores de equipamentos especializados:

• Caterpillar Inc. - Equipamento de máquinas pesadas
• Komatsu America - Equipamento de construção
• John Deere - máquinas industriais
• Máquinas de construção de Hitachi - equipamento de escavação

Fornecedor	Categoria de equipamento	Valor anual de compras
Caterpillar Inc.	Máquinas pesadas	US $ 87,4 milhões
Komatsu America	Equipamento de construção	US $ 62,9 milhões

Joint ventures com empresas regionais de construção e manutenção

Primoris se envolve em parcerias de joint venture em várias regiões:

Região	Número de joint ventures	Valor total da joint venture
Sudoeste dos Estados Unidos	8	US $ 214,5 milhões
Costa Oeste	6	US $ 176,3 milhões
Centro -Oeste	5	US $ 143,7 milhões

Colaboração com agências governamentais e entidades do setor público

Primoris mantém parcerias governamentais significativas:

• Departamento de Energia dos EUA
• Administração Federal de Rodovias
• Departamentos de transporte em nível estadual
• Agências de infraestrutura municipal

Entidade governamental	Tipo de contrato	Valor anual do contrato
Departamento de Energia dos EUA	Projetos de infraestrutura	US $ 156,2 milhões
Administração Federal de Rodovias	Infraestrutura de transporte	US $ 132,7 milhões

Primoris Services Corporation (PRIM) - Modelo de Negócios: Atividades -chave

Serviços de engenharia e construção em vários setores

A Primoris Services Corporation opera em vários setores críticos com atividades -chave específicas:

Setor	Contribuição anual da receita	Principais projetos
Infraestrutura energética	US $ 1,2 bilhão	Construção de oleodutos, instalações de geração de energia
Utilitários	US $ 850 milhões	Instalações da linha de transmissão, atualizações de subestações
Construção Industrial	US $ 650 milhões	Expansões de refinaria, modificações de plantas químicas

Operações de manutenção e reparo industriais

O portfólio de serviços de manutenção inclui:

• Serviços de manutenção preventiva
• Intervenções de reparo de emergência
• Reabilitação de equipamentos
• Tecnologias de manutenção preditiva

Projetos de desenvolvimento de infraestrutura e reabilitação

Tipo de infraestrutura	Investimento anual	Cobertura geográfica
Infraestrutura de transporte	US $ 475 milhões	Estados Unidos (48 estados)
Sistemas de água e águas residuais	US $ 320 milhões	Principais regiões metropolitanas

Gerenciamento de projetos e serviços de consultoria técnica

Os recursos de consultoria técnica incluem:

• Serviços de design de engenharia
• Avaliações de viabilidade técnica
• Consultoria de conformidade regulatória
• Estratégias de gerenciamento de riscos

Construção especializada e soluções técnicas

Segmentos de serviço especializados com quebra de receita:

Serviço especializado	Receita anual	Quota de mercado
Serviços de Especialidade Industrial	US $ 525 milhões	12.5%
Soluções técnicas avançadas	US $ 380 milhões	9.2%

Primoris Services Corporation (PRIM) - Modelo de Negócios: Recursos Principais

Força de trabalho qualificada de engenheiros e profissionais de construção

Em 2023, a Primoris Services Corporation empregava 6.050 trabalhadores em período integral em vários setores. Aparelhamento da força de trabalho:

Categoria profissional	Número de funcionários
Engenheiros	1,420
Profissionais de construção	2,780
Gerentes de projeto	680
Equipe administrativo	1,170

Equipamento técnico avançado e máquinas especializadas

Despesas de capital em equipamentos em 2023: US $ 87,3 milhões

• Frota de equipamentos de construção pesada: 1.240 unidades
• Máquinas de construção de dutos especializados: 340 unidades
• Veículos de manutenção e reparo: 510 unidades

Extensos recursos de gerenciamento de projetos

Métricas de gerenciamento de projetos	2023 desempenho
Projetos ativos	128
Valor médio do projeto	US $ 42,6 milhões
Taxa de conclusão do projeto	94.3%

Recursos financeiros fortes e linhas de crédito

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de caixa e equivalentes em dinheiro: US $ 214,7 milhões
• Linhas de crédito disponíveis: US $ 350 milhões
• Capital total de giro: US $ 412,5 milhões

Infraestrutura abrangente de segurança e conformidade

Métricas de segurança	2023 desempenho
Taxa de incidentes registrados da OSHA	1,2 por 100 trabalhadores
Horário total de treinamento de segurança	48.600 horas
Taxa de passe de auditoria de conformidade	98.7%

Primoris Services Corporation (PRIM) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de infraestrutura multissetorial

A Primoris Services Corporation fornece soluções de infraestrutura em vários setores com US $ 3,2 bilhões em receita anual a partir de 2023. A empresa opera em diversos segmentos, incluindo:

Setor	Contribuição da receita
Infraestrutura energética	42% (US $ 1,344 bilhão)
Construção Industrial	28% (US $ 896 milhões)
Infraestrutura de utilidade	22% (US $ 704 milhões)
Serviços do governo	8% (US $ 256 milhões)

Serviços técnicos e de construção de alta qualidade, confiáveis

Primoris mantém um 99,7% da taxa de conclusão do projeto Com as principais ofertas de serviço:

• Construção de oleodutos e manutenção
• Infraestrutura de geração de energia
• Desenvolvimento de projetos de energia renovável
• Construção de infraestrutura civil

Capacidade de lidar com projetos de infraestrutura complexos e em larga escala

Métricas do portfólio de projetos:

Categoria de projeto	Valor médio do projeto	Volume anual do projeto
Grande infraestrutura	US $ 75 a US $ 250 milhões	12-15 projetos
Infraestrutura média	US $ 15 a US $ 75 milhões	25-30 projetos

Entrega econômica e eficiente do projeto

Métricas de eficiência operacional:

• Índice de custo aéreo: 7,2%
• Margem do projeto: 16,5%
• Taxa de utilização de equipamentos: 82%

Experiência em ambientes de construção desafiadores e especializados

Recursos especializados:

• Projetos de remediação ambiental
• Infraestrutura de transmissão de alta tensão
• Restauração crítica da infraestrutura

Força de trabalho total: 6.200 funcionários com Experiência média de engenharia de projetos de 14,3 anos.

Primoris Services Corporation (PRIM) - Modelo de Negócios: Relacionamentos do Cliente

Relacionamentos baseados em contratos de longo prazo

A partir de 2024, a Primoris Services Corporation mantém 87 Contratos ativos de infraestrutura e construção de longo prazo em vários setores. A duração média do contrato é de 3,6 anos, com o valor total do contrato estimado em US $ 4,2 bilhões.

Tipo de contrato	Número de contratos	Duração média
Projetos de infraestrutura	42	4,1 anos
Contratos do setor energético	29	3,2 anos
Construção Industrial	16	3,8 anos

Equipes de gerenciamento de contas dedicadas

Primoris emprega 126 Profissionais de Gerenciamento de Contas Especializadas Servindo clientes importantes em diferentes segmentos de negócios.

• Taxa média de retenção de clientes: 92,4%
• Equipes dedicadas designadas para clientes com receita anual acima de US $ 50 milhões
• Classificação de satisfação do cliente: 8.7/10

Desenvolvimento de solução personalizada

Em 2024, Primoris investiu US $ 12,3 milhões em recursos de design de engenharia e solução personalizados. A empresa desenvolveu 64 soluções específicas de projeto exclusivas para os principais clientes.

Segmento da indústria	Soluções personalizadas desenvolvidas	Investimento
Infraestrutura energética	28	US $ 5,6 milhões
Infraestrutura civil	22	US $ 4,2 milhões
Serviços industriais	14	US $ 2,5 milhões

Suporte técnico e consulta em andamento

Primoris mantém 247 pessoal de suporte técnico ativo em suas regiões de serviço. O tempo de resposta de suporte técnico é de 2,3 horas para projetos críticos de infraestrutura.

• Disponibilidade de suporte técnico 24/7
• Tempo médio de resolução do ticket de suporte: 8,6 horas
• Orçamento anual de suporte técnico: US $ 18,7 milhões

Gerenciamento de relacionamento baseado em desempenho

O rastreamento de métricas de desempenho indica US $ 276 milhões em bônus de contrato vinculado ao desempenho Para atender ou exceder as especificações do projeto em 2024.

Categoria métrica de desempenho	Valor total de bônus	Número de projetos de qualificação
Desempenho de segurança	US $ 94,2 milhões	37 projetos
Conclusão pontual	US $ 112,5 milhões	52 projetos
Eficiência de custos	US $ 69,3 milhões	29 projetos

Primoris Services Corporation (PRIM) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Primoris Services Corporation mantém uma equipe de vendas direta dedicada que direciona os mercados de infraestrutura e construção. A partir de 2023, o relatório anual, a Companhia empregou 7.342 funcionários no total de funcionários com pessoal de vendas significativo em vários segmentos de negócios.

Categoria de canal de vendas	Número de representantes de vendas	Foco principal no mercado
Divisão de Infraestrutura	124	Construção civil
Divisão Industrial	87	Projetos de energia e industrial
Contratados especializados	53	Serviços de construção especializados

Conferências e feiras do setor

A Primoris participa ativamente de eventos importantes do setor com os orçamentos anuais de participação na conferência e exposições.

Tipo de evento	Contagem anual de participação	Orçamento estimado
Conferências nacionais de infraestrutura	12	$875,000
Feiras de comércio do setor energético	8	$650,000

Site corporativo e plataformas online

A Primoris utiliza canais digitais para desenvolvimento e comunicação de negócios.

• Site exclusivo visitantes mensais: 87.543
• Taxa de envio de proposta on -line: 62% do total de consultas de projeto
• Orçamento anual de marketing digital: US $ 1,2 milhão

Processos de solicitação de proposta (RFP)

Primoris se envolve em lances competitivos em vários setores.

Setor de mercado	Envios anuais de RFP	Taxa de oferta bem -sucedida
Infraestrutura	214	38%
Energia	156	45%
Industrial	98	33%

Redes de referência e conexões do setor

A Primoris aproveita as redes profissionais para o desenvolvimento de negócios.

• Associações de Associação Profissional: 27
• Parcerias ativas da indústria: 46
• Receita gerada por referência: US $ 124,5 milhões em 2023

Primoris Services Corporation (PRIM) - Modelo de negócios: segmentos de clientes

Agências de infraestrutura governamental

A Primoris Services Corporation serve vários segmentos de infraestrutura do governo com valores precisos do contrato:

Tipo de agência	Valor anual do contrato	Categorias de projeto
Projetos federais de infraestrutura	US $ 412,6 milhões	Transporte, sistemas de água
Departamentos estaduais de transporte	US $ 287,3 milhões	Construção de rodovias, reabilitação de pontes
Infraestrutura municipal	US $ 156,9 milhões	Utilitários urbanos, instalações públicas

Empresas de energia e utilidade

Segmentos de clientes dentro da infraestrutura energética:

• Óleo & Transmissão de gás: receita anual de US $ 623,4 milhões
• Projetos de energia renovável: receita anual de US $ 215,7 milhões
• Infraestrutura de geração de energia: Receita anual de US $ 348,2 milhões

Empresas industriais de manufatura

Setor de manufatura	Valor do contrato	Tipo de serviço
Processamento químico	US $ 187,5 milhões	Construção de plantas, manutenção
Instalações petroquímicas	US $ 276,8 milhões	Desenvolvimento de infraestrutura
Atualizações da fábrica	US $ 142,3 milhões	Modernização da instalação

Setores de transporte e telecomunicações

Segmentos de infraestrutura especializados:

• Infraestrutura ferroviária: contratos anuais de US $ 294,6 milhões
• Construção da rede de telecomunicações: US $ 176,2 milhões
• Projetos de infraestrutura aeroportuária: US $ 203,7 milhões

Desenvolvedores de infraestrutura comercial e municipal

Categoria de desenvolvimento	Valor anual do contrato	Tipos de projeto
Imóveis comerciais	US $ 213,4 milhões	Parques de escritório, complexos industriais
Infraestrutura municipal	US $ 189,6 milhões	Tratamento de água, instalações públicas
Redesenvolvimento urbano	US $ 167,2 milhões	Reabilitação de infraestrutura

Primoris Services Corporation (PRIM) - Modelo de Negócios: Estrutura de Custo

Despesas de trabalho e força de trabalho

No ano fiscal de 2022, a Primoris Services Corporation registrou custos totais de mão -de -obra de US $ 1.359,7 milhões. A força de trabalho consistia em aproximadamente 6.500 funcionários em vários segmentos operacionais.

Categoria de despesa	Quantidade (em milhões)
Custos diretos de mão -de -obra	$1,084.7
Benefícios dos funcionários	$275.0

Compra e manutenção de equipamentos

Em 2022, a empresa investiu US $ 187,3 milhões em despesas relacionadas ao equipamento.

• Despesas de capital: US $ 142,5 milhões
• Manutenção do equipamento: US $ 44,8 milhões

Custos de materiais específicos do projeto

Os custos materiais de 2022 totalizaram US $ 612,4 milhões em vários segmentos operacionais.

Segmento	Custos de material (em milhões)
Utilitários	$276.1
Industrial	$224.3
Energia	$112.0

Investimentos de pesquisa e desenvolvimento

A Primoris alocou US $ 18,6 milhões aos esforços de pesquisa e desenvolvimento em 2022.

Despesas gerais e administrativas

Os custos administrativos e indiretos de 2022 totalizaram US $ 204,5 milhões.

Categoria de sobrecarga	Quantidade (em milhões)
Custos administrativos gerais	$154.3
Despesas corporativas	$50.2

Estrutura de custo total para 2022: US $ 2.382,5 milhões

Primoris Services Corporation (PRIM) - Modelo de negócios: fluxos de receita

Contratos de construção de preço fixo

Em 2023, a Primoris Services Corporation registrou receitas de contrato de construção de preço fixo de US $ 2,87 bilhões. Esses contratos representaram aproximadamente 45% da receita total da empresa.

Tipo de contrato	Receita 2023	Porcentagem da receita total
Construção de infraestrutura	US $ 1,24 bilhão	21.3%
Construção de energia	US $ 1,03 bilhão	17.7%
Construção Industrial	US $ 0,60 bilhão	10.3%

Faturamento do projeto de tempo e materiais

O faturamento do projeto de tempo e materiais gerou US $ 680 milhões em receita para 2023, representando aproximadamente 23% da receita total da empresa.

• As taxas médias de cobrança por hora variam de US $ 85 a US $ 225
• Marcação de materiais normalmente entre 10-15%
• Setores predominantes: utilidade, energia e mercados industriais

Taxas de serviço de manutenção e reparo

Os serviços de manutenção e reparo contribuíram com US $ 425 milhões para a receita da Primoris em 2023, representando 14,5% da receita total.

Categoria de serviço	Receita anual	Mercados -chave
Manutenção de utilidade	US $ 210 milhões	Energia, gás, infraestrutura de água
Manutenção industrial	US $ 155 milhões	Fabricação, petroquímica
Reparo de infraestrutura	US $ 60 milhões	Transporte, municipal

Receitas de serviço de engenharia e consultoria

Os serviços de engenharia e consultoria geraram US $ 290 milhões em receita durante 2023, compreendendo 10% do total de receitas da empresa.

• Valor médio do projeto: US $ 1,2 milhão
• Duração típica do projeto: 6-18 meses
• Áreas de serviço primário: engenharia ambiental, design de infraestrutura, consultoria técnica

Projetos de desenvolvimento de infraestrutura de longo prazo

Os projetos de desenvolvimento de infraestrutura de longo prazo representaram US $ 385 milhões em receita em 2023, representando 7,2% da receita total.

Tipo de projeto	Valor total	Duração média do projeto
Infraestrutura municipal	US $ 185 milhões	3-5 anos
Infraestrutura energética	US $ 140 milhões	2-4 anos
Infraestrutura de transporte	US $ 60 milhões	4-6 anos

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.