Is MYRG a Buy? What to Consider in 2026
Last updated July 2026
Short answer
The bull case for MYR Group (MYRG) rests on Grid modernization and electrification spending: US and Canadian utilities are investing heavily in aging transmission and distribution infrastructure, grid hardening, and capacity to support electrification. Revenue (TTM) is ~$3.8B. If you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: As a project-based contractor, MYRG faces execution risk: fixed-price contracts, cost overruns, weather delays, and unfavorable change orders can compress margins in any given quarter, and margins are historically lumpy. Whether MYRG is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
MYR Group Inc. is a holding company for specialty electrical construction firms operating through two segments: Transmission & Distribution (T&D), which builds high-voltage transmission lines, substations, and distribution networks for utilities, and Commercial & Industrial (C&I), which handles electrical work for data centers, transportation, healthcare, manufacturing, and clean-energy facilities. Founded over a century ago and headquartered in the Denver area, the company employs a large skilled and union workforce and competes on execution, safety, and utility relationships rather than proprietary technology. The investment picture centers on secular tailwinds in grid modernization, electrification, renewable interconnection, and data-center buildout, balanced against the inherent cyclicality and execution risk of a project-based contractor. MYRG carries a large, record backlog and generates recurring maintenance and storm-restoration work, but its margins can swing quarter to quarter on project mix, change orders, and closeouts. The stock trades at a premium construction multiple that embeds continued backlog growth and margin discipline.
What's the case for buying MYRG?
1. Grid modernization and electrification spending
US and Canadian utilities are investing heavily in aging transmission and distribution infrastructure, grid hardening, and capacity to support electrification. As a leading pure-play electrical contractor, MYRG is positioned to capture a share of this multi-year utility capital cycle through its T&D segment.
2. Data centers and clean-energy demand in C&I
The Commercial & Industrial segment benefits from electrical work tied to data-center construction, transportation projects, and renewable and battery-storage facilities. C&I backlog reached roughly $1.86 billion at the most recent quarter, reflecting broad demand beyond traditional utility work.
3. Record backlog and margin recovery
Total backlog hit a record of about $2.84 billion, up roughly 8% year over year, giving visibility into future revenue. Recent quarters showed gross margin expansion (to roughly 13.4%) helped by higher-margin projects, favorable change orders, and strong closeouts, and management raised operating-margin guidance.
4. Conservative balance sheet
MYRG maintains minimal debt and meaningful cash resources, giving it flexibility to fund equipment, bond large projects, and pursue selective bolt-on acquisitions or buybacks through the construction cycle.
What are the risks to MYRG?
As a project-based contractor, MYRG faces execution risk: fixed-price contracts, cost overruns, weather delays, and unfavorable change orders can compress margins in any given quarter, and margins are historically lumpy. Revenue depends on utility and commercial capital budgets, which are cyclical and sensitive to interest rates, permitting, and supply-chain conditions. Skilled-labor availability and union labor costs can constrain growth or pressure profitability. Customer concentration on large projects and reliance on timely project closeouts add variability. Finally, the shares trade at a premium earnings multiple that assumes continued backlog growth and margin strength, leaving limited room for execution disappointment.
How is MYRG valued? (as of JULY 2026)
Snapshot for MYRG as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
- Market cap: ~$6.1B
- Revenue (TTM): ~$3.8B
- Diluted EPS (TTM): ~$9.13
- Q1 2026 revenue: ~$1.0B
- Total backlog: ~$2.84B
- P/E (TTM): ~40x
MYRG reported record Q1 2026 results with roughly $1.0 billion in revenue (up about 20% year over year), net income near $46.8 million, and diluted EPS of about $2.99. The stock trades around a low-to-mid 40s price near a market cap of roughly $6 billion, a premium multiple that reflects backlog growth and improved margins. Figures are approximate and change with each report.
How do you decide if MYRG is a buy?
Rather than asking whether MYRG is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold MYRG indirectly through an index or sector ETF before adding more.
For the full picture, see the MYRG stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about MYRG against your real portfolio and see your actual exposure before deciding.
The bottom line on MYRG
The bottom line: MYR Group's story right now is Grid modernization and electrification spending, with revenue (ttm) at ~$3.8B. If you believe that narrative continues, the call is about sizing MYRG sensibly and checking overlap with what you own; if you doubt it (the risk: as a project-based contractor, MYRG faces execution risk: fixed-price contracts, cost overruns, weather delays, and unfavorable change orders can compress margins in any given quarter, and margins are historically lumpy.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
Build a basket around MYRG with Walnut
Use MYR Group as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is MYRG a good stock to buy right now?
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The case for MYR Group right now is Grid modernization and electrification spending, with revenue (ttm) at ~$3.8B. If you believe that thesis holds, MYRG is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view is as a project-based contractor, MYRG faces execution risk: fixed-price contracts, cost overruns, weather delays, and unfavorable change orders can compress margins in any given quarter, and margins are historically lumpy. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does MYR Group do?
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MYR Group Inc.
What are the main risks of MYRG?
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As a project-based contractor, MYRG faces execution risk: fixed-price contracts, cost overruns, weather delays, and unfavorable change orders can compress margins in any given quarter, and margins are historically lumpy. Revenue depends on utility and commercial capital budgets, which are cyclical and sensitive to interest rates, permitting, and supply-chain conditions. Skilled-labor availability and union labor costs can constrain growth or pressure profitability. Customer concentration on large projects and reliance on timely project closeouts add variability. Finally, the shares trade at a premium earnings multiple that assumes continued backlog growth and margin strength, leaving limited room for execution disappointment.
What does MYR Group do?
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MYR Group is a specialty electrical construction contractor. Through its T&D segment it builds high-voltage transmission lines, substations, and distribution systems for utilities, and through its C&I segment it performs electrical work for commercial and industrial projects like data centers, transportation, and clean-energy facilities.
Is MYRG profitable?
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Yes. MYR Group is consistently profitable, reporting trailing-twelve-month EPS of roughly $9.13 and record Q1 2026 net income near $46.8 million, though its margins vary quarter to quarter based on project mix and closeouts.
What are MYR Group's two business segments?
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The two segments are Transmission & Distribution (T&D), serving electric utilities, and Commercial & Industrial (C&I), serving commercial, industrial, and clean-energy customers. In Q1 2026 T&D revenue was about $541 million and C&I about $459 million.
How big is MYR Group's backlog?
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Total backlog reached a record of roughly $2.84 billion as of March 31, 2026, up about 8% year over year, split between roughly $981 million in T&D and $1.86 billion in C&I. Backlog gives visibility into future revenue but does not guarantee margins.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell MYRG; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.