Quanta Services, Inc. (PWR) Stock Price & How to Invest

Quanta Services is the largest specialty contractor for electric power, oil and gas pipeline, and communications infrastructure in North America. The company designs and constructs the physical infrastructure that delivers electricity from generation to customers: transmission lines, distribution networks, substations, and increasingly renewable energy interconnections. Quanta also has a meaningful underground utility infrastructure business (water, sewer, gas pipelines) and a communications infrastructure business (broadband, fiber).

The company operates through a portfolio of operating units that retain local brand and customer relationships. The Quanta model is particularly suited to electric utility customers because skilled lineworker labor is scarce and Quanta has scaled training and recruitment programs. Founded in 1997, headquartered in Houston, Texas. Duke Austin has been CEO since 2019.

The numbers have grown quickly. Revenue rose from about $23.7 billion in 2024 to about $28.5 billion in 2025, and trailing twelve-month revenue reached about $32.9 billion by mid-2026. The second quarter of 2026 delivered revenue of about $9.56 billion, up about 41% from a year earlier, net income of about $451 million, and adjusted EPS of $4.24 against a $3.31 consensus; the first quarter had also beaten ($2.68 vs $2.03). Margins stay thin for a contractor (operating margin about 7.2%, net margin about 4%), while operating cash flow was about $3.2 billion and free cash flow about $2.0 billion over the trailing year. Analysts expect about $39.6 billion of revenue and EPS of about $16.74 for 2026, rising to about $45.8 billion and $19.86 in 2027. At the October 16, 2026 close of about $632.47, the shares were up about 44% year to date, though roughly 20% below their 52-week high near $789.

Utility regulatory cycles affect transmission and distribution capex pace. Skilled labor availability remains a long-term constraint. Margin pressure during labor inflation periods; net margin is only about 4% on a trailing basis, so cost overruns on large fixed-price projects can hit earnings quickly. Renewable interconnection demand depends on policy support. Valuation is now a risk in its own right: at about 72 times trailing GAAP earnings and about 32 times forward estimates, the stock prices in continued growth, and it has already pulled back about 20% from its 52-week high near $789 even as estimates rose. Leverage has climbed, with about $6.6 billion of debt against about $0.5 billion of cash. Finally, the October 29, 2026 report carries high expectations (consensus EPS about $5.00 on revenue about $10.9 billion).

29 analysts publish price targets on PWR, averaging $766.01 against a $631.86 price as of October 2026, or +21.2%. The published targets run from $410.00 to $945.00, a moderate spread, and the ratings split 25 buy, 5 hold, 1 sell. Over the last six months there have been 6 raises and 3 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full PWR forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Quanta Services, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Grid investment and AI data center load. AI data center power demand is driving unprecedented investment in transmission capacity, new generation, and distribution upgrades. The most optimistic published target, $945.00, assumes this works close to its best case.

The case against. Utility regulatory cycles affect transmission and distribution capex pace. The most pessimistic target, $410.00, is roughly what PWR is worth if this bites instead.

Read the full bull and bear case on PWR, including what would have to change to break either one. Walnut is not an investment adviser.

No. Quanta Services, Inc. (PWR) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Quanta Services, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$32.9 billion; Q2 2026 revenue ~$9.56 billion, up ~41% year over year
• Margins (TTM): Gross ~15.5%, operating ~7.2%, net ~4.0% (cyclical and labor-intensive)
• Net income / EPS (TTM): ~$1.33 billion; GAAP EPS ~$8.73; Q2 2026 adjusted EPS $4.24 vs $3.31 consensus
• P/E: ~72x trailing GAAP, ~32x forward
• Price to sales: ~2.9x
• Market cap: ~$95 billion at ~$632 (October 16, 2026); YTD ~+44%
• Dividend yield: ~0.07% (~$0.44 per share annually)
• Cash flow and debt: Free cash flow ~$2.0 billion TTM; ~$6.6 billion debt vs ~$0.5 billion cash

Quanta trades at a premium reflecting the grid investment tailwind, the AI data center load growth narrative, and the structural labor moat. At about 32 times forward earnings and about 2.9 times sales, the October 2026 valuation assumes revenue keeps compounding toward the ~$45.8 billion analysts expect for 2027; the third-quarter report on October 29, 2026 (consensus EPS ~$5.00) is the next check on that path.

If you want PWR exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses PWR naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to PWR: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get PWR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (GRID, PAVE, VO), which spreads the position across many companies. Or build it into a focused thematic portfolio, so PWR sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where PWR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Quanta Services (PWR) converts a generational surge in utility capex, fueled by AI data center demand and renewable interconnection, into multi-year backlog visibility, with its lineworker training programs the binding-constraint moat that supports pricing. In a portfolio it behaves as a premium-valued, labor-intensive industrials and grid-infrastructure position tied to utility regulatory cycles and skilled-labor availability. After second-quarter revenue grew about 41% to roughly $9.6 billion and adjusted EPS of $4.24 beat the $3.31 consensus, the stock trades near 32 times forward earnings, so the October 29 report has a high bar to clear.

Whether PWR is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PWR a buy or a sell?, and where the stock could go from here in the PWR stock forecast.

For income investors, whether PWR pays a dividend and how the payout looks is covered in does PWR pay a dividend? And to weigh PWR against a peer, read the full side-by-side comparisons: PWR vs EME and PWR vs VRT.