MWH vs PRIM: How SOLV Energy, Inc. and Primoris Services Corporation Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. MWH and PRIM share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined MWH and PRIM exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

SOLV Energy designs, builds, commissions, operates and repowers large power projects, mostly utility-scale solar farms, co-located and standalone battery storage, and the high-voltage substations and transmission connections that tie them to the grid. It does not own the plants. Developers, independent power producers and utilities hire it under engineering, procurement and construction contracts, and it then keeps many of those same sites on long-term operations and maintenance agreements. The scale is the point: roughly 21 GW built across more than 500 power plants, about 22 GW under O&M contract across roughly 150 plants, and around 2,600 employees from a San Diego headquarters. Third-party rankings put it second in the Americas in solar EPC, in battery storage EPC, and in solar and storage O&M. The ticker, MWH, is a megawatt-hour.

Full MWH guide

Primoris Services Corporation (NYSE: PRIM) is a specialty infrastructure contractor that operates through two segments. The Utilities segment installs and maintains natural gas and electric distribution and transmission systems plus communications networks under long-term Master Service Agreements, while the Energy segment provides engineering, procurement, construction, and maintenance for renewables, energy storage, gas-fired power, renewable fuels, and petrochemical customers. Full-year 2025 revenue was roughly $7.57 billion, up about 19 percent, with EPS near $5.09, reflecting strong renewables and utility demand.

Full PRIM guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• MWH drivers: Power demand pulling the build-out forward; Storage and high-voltage scope, not just panels.
• PRIM drivers: Grid and utility MSA demand; Renewables and energy storage buildout.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: This is project-based construction, so results are lumpy and seasonal: the first quarter of 2026 produced $93 million of adjusted EBITDA but a GAAP operating loss of about $7 million and a net loss near $23 million, because the adjusted figure excludes largely non-cash items such as share-based compensation and amortization. For PRIM, primoris is a project-based engineering and construction firm, so results are cyclical and lumpy: fixed-price contracts carry execution, cost-overrun, and timing risk, which showed up in the Energy segment renewables weakness in Q1 2026.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick MWH if you believe its drivers more; PRIM if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the MWH and PRIM guides.

MWH. Trailing multiples and forward multiples tell different stories here, which is normal for a business growing revenue 50% in its first public year. On trailing numbers the stock screens at roughly 25 times earnings and about 20 times EV/EBITDA, but against the midpoint of 2026 adjusted EBITDA guidance the enterprise value of about $5.58 billion works out closer to 12 to 13 times. Eleven analysts cover the name with an average target of $47.18 and a range of $32 to $55, a spread that reflects genuine disagreement about how much of the backlog converts on schedule.

PRIM. In mid-July 2026 PRIM traded near the high $80s with a market cap around $4.8 billion and a trailing P/E near 19x on FY2025 EPS of about $5.09. Q1 2026 revenue fell about 5 percent to roughly $1.6 billion on Energy segment weakness, but management raised full-year 2026 guidance to net income of about $223 million to $234 million. The dividend yield is small (under half a percent), so valuation rests mainly on backlog and earnings growth.

Headline figures (approximate, August 2026): MWH shows revenue (ttm) ~$2.76 billion, up ~30% year over year, q1 2026 revenue ~$677 million, up ~66% year over year, backlog ~$8.2 billion, plus ~22 GW under O&M contract, 2026 guidance ~$3.72-3.82 billion revenue, ~$435-455 million adjusted EBITDA; PRIM shows revenue (fy2025) ~$7.57B, revenue (q1 2026) ~$1.6B (down ~5%), eps (fy2025) ~$5.09, total backlog ~$11.6B.

MWH and PRIM are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined MWH and PRIM exposure against your real portfolio. It is not an investment adviser.