Quanta Services, Inc.

The forensic screens in the data give a mixed but not alarming picture. The Beneish M-Score is -2.449, which is below the -1.78 cutoff and therefore not in the elevated manipulation-risk zone. That is a screening result, not proof that the reported figures are accurate. The Altman Z″-Score is 2.21, which falls in the grey zone between 1.10 and 2.60, meaning it is neither in the safe range nor the distress range; readers should treat it as one input among several. The Piotroski F-Score is 6 of 8 computable signals, which summarizes profitability, leverage and efficiency tests that the data could compute. The fog index is not on file, so no readability finding is offered. Readers may want to look at the MD&A's discussion of the Canadian renewable transmission project, which it links to change orders, claims and weaker days sales outstanding, and at the 50% equity interest in LUMA Energy, the joint venture operating Puerto Rico's transmission and distribution system, which is reported within the Electric segment. The March 31, 2026 liquidity table shows $2.82 billion of total available capacity, including $364.8 million of cash, $2.45 billion of available revolver commitments after $252.0 million of commercial paper and $65.8 million of letters of credit. Days sales outstanding was 61 days at March 31, 2026, versus a five-year historical average of 72 days, which the company describes as favorable. Read together, the filings show revenue and cash generation growing alongside a larger, more working-capital-dependent balance sheet, with the main open questions centered on receivables timing and the Canadian project rather than on the forensic screens.

Catalyst.According to the data provided, revenue rose to $28.48 billion in 2025 from $23.67 billion in 2024, and net income reached $1.03 billion versus $904.82 million. Operating income grew to $1.61 billion from $1.35 billion. The MD&A and business overview tie demand to utility grid hardening, electrification, data center and large load center projects, and renewable generation and battery storage work within the Electric segment, which combines the former Electric Power and Renewable Energy segments. Operating cash flow was $391.7 million in the first quarter of 2026, compared with $243.2 million in the same quarter of 2025.

Hidden risk.Growth has come with a sharp expansion of the balance sheet. Total assets rose from $18.68 billion at the end of 2024 to $24.93 billion at the end of 2025, and liabilities rose from $11.35 billion to $15.9 billion. Operating cash flow is high relative to earnings, at 2.17 times net income, but the MD&A says working capital needs can rise when project costs are paid before receivables are collected. It also flags unpaid change orders and claims in contract assets from a large renewable transmission project in Canada, which weighed on days sales outstanding and operating cash flow in both quarters presented.