Quanta Services (PWR): Gangbangcheon B × Geochajesi 13/20 — North America Electric Construction #1, 62,000-Person Labor Moat, $48.5B Record Backlog, All K-PER Scenarios Overvalued — Watch-and-Wait
North America's undisputed #1 in electric/energy infrastructure construction ($28.5B revenue, 2x+ MasTec) with a 62,000-person labor moat and triple mega-trend (AI, grid modernization, energy transition) — Gangbangcheon Steps 1–4 all pass. But all K-PER scenarios show overvaluation (optimistic -5%, base -22%, conservative -36%), failing Step 5. Geochajesi 13/20 watch-and-wait. Entry trigger: $646–652 (50-day SMA touch) with volume confirmation. R:R 3.26:1.
Core Position
North America's undisputed #1 in electric and energy infrastructure construction, backed by 62,000 skilled workers and a record $48.5B backlog — structural beneficiary of the triple mega-trend of AI, grid modernization, and energy transition. Gangbangcheon Steps 1–4 all pass at Grade B, but all K-PER scenarios show overvaluation (optimistic -5%, conservative -36%). Geochajesi 13/20 watch-and-wait. Entry trigger: $646–652 (50-day SMA touch) with volume confirmation.
Investment Thesis
Quanta Services (PWR) is rated 'watch-and-wait — await timing' at Gangbangcheon B × Geochajesi 13/20. Business quality is close to Grade A: North America's undisputed #1 in electric and energy infrastructure construction ($28.5B revenue, 2x+ MasTec), a 62,000-person skilled workforce 'labor moat,' integrated EPC+MSA capability from 765kV extra-high-voltage transmission to data-center last-mile power, and the AEP $72B capital-plan strategic partnership — all pass Gangbangcheon Steps 1–4. The triple structural growth of AI data-center power demand, grid modernization, and energy transition is reflected in the record $48.5B backlog and FY2026 guidance of $34.7–35.2B (+22%). However, the Gangbangcheon Step 5 K-PER shows overvaluation across all three scenarios — optimistic (-5%), base (-22%), and conservative (-36%) — meaning the current price ($716) already exceeds the fair market cap under a FY2028 basis. Geochajesi 13/20 — institutional flows are net-buy majority, but large sells from UBS (-70%) and Capital World (-15%), a short-term MACD sell signal on the chart, and the CEO's May $120M stock sale are timing caution signals. Entry triggers: $646–652 (50-day SMA touch, R:R 3.26:1 to first target $750) or 3-tranche average $687 (R:R 1.48:1 to second target $789).
① Non-Financial — 62,000-Person Labor Moat, Scale Monopoly, Triple Mega-Trend Positioning
The core of the moat is the 'labor moat.' Skilled tradespeople in electric and pipeline construction require years of training, and Quanta maintains a 62,000-person workforce pool through its proprietary training programs and union partnerships. The capital barrier (large equipment fleet), reference barrier (track record on mega-projects), and safety-certification barrier combine to create a de facto monopoly with 2x+ revenue gap over nearest rival MasTec ($14B). The triple mega-trend of AI data-center power infrastructure (Cupertino Electric acquisition 2024), grid modernization (unique 765kV extra-high-voltage capability), and energy transition (IRA-beneficiary renewable energy EPC) is generating simultaneous demand. CEO Duke Austin with 10 years of internal-promotion tenure and CFO Jayshree Desai with 14 years provide exceptional management consistency and stability. → Full 5-layer analysis, moat, and competitive landscape in the Non-Financial tab.
② Validator — Gangbangcheon B (Steps 1–4 All Pass) × Geochajesi 13/20 = Structural Growth, Expensive Price
Gangbangcheon 5 steps: Step 1 (Industry/Infrastructure) ✅ — TAM 5%+, no technology substitution risk; Step 2 (Market Position) ✅ — North America #1, AEP strategic partnership; Step 3 (Business Model) ✅ — vertical integration, consistent guidance beats; Step 4 (Financial Quality) ✅ — ROA/ROE both improving (Quadrant 1); Step 5 (K-PER Upside) ❌ — conservative -36%. Grade B. Geochajesi 13/20 — Volume/Flows 3, Chart 3, Catalyst 4, Market 3. Q1 2026 EPS +28% surprise, $48.5B backlog, and $1B buyback defend the Catalyst score (4pts). Flows caution due to large UBS and Capital World sell-downs. K-PER base target market cap $83.5B is -22% vs. current market cap $107.6B — textbook 'great company, expensive price.' → Full Gangbangcheon steps, 3 K-PER scenarios, and Geochajesi details in the Validator tab.
③ Technical — Medium- and Long-Term Uptrend Intact, -9% Pullback from $789 High, Await $646–652 (50-Day SMA) for R:R 3.26:1 Optimal Entry
After a +130% mega-rally from the H2-2025 low of $342 to the May 6, 2026 high of $789, the stock is in post-earnings-surprise correction mode. Long-term trend fully intact — +43% above the 200-day MA (~$500). Short-term: 20-day MA ($746) broken, 5/20-day death cross, MACD turned negative — short-term weak. RSI ~51 neutral, overbought condition fully cleared. Key support: $649 (50-day SMA), $618 (Fib 38.2%). Key resistance: $750 (Bollinger Band midline), $789 (52-week high). Three scenarios: ⓐ recommended $646–652 entry R:R 3.26:1 (first target $750); ⓑ 3-tranche average $687 R:R 1.48:1; ⓒ immediate $716 not recommended R:R 0.74:1. Q2 earnings on July 30 is the next catalyst. → Full 3 scenarios, Fibonacci, and RSI in the Technical tab.
Key Metrics
Price (Analysis Date)
~$716
2026-06-08 기준
Market Cap
~$107.6B
발행주식 ~150M
Total Backlog (Q1 2026)
$48.5B
사상 최고 · 1.4년치 매출
Geochajesi
13 / 20
강방천 B · 관망
K-PER Base Target
~$556/주
-22% 업사이드
FY2026 Guidance
$34.7–35.2B
+22% YoY 예상
Bull Case
- 62,000-person labor moat — skilled tradespeople require years of training and cannot be replicated. Positioned as the only viable option for large-scale North American electric construction. $48.5B backlog pre-secures 1.4+ years of revenue, making earnings visibility extremely high
- Structural beneficiary of triple mega-trend (AI, grid modernization, energy transition) — Quanta's role persists under any energy scenario. Q1 2026 EPS $2.68 (vs. estimate $2.09, +28% beat) and quarterly revenue $7.87B (+26.3%) — both all-time highs — prove the thesis
- AEP $72B strategic partnership + MSA recurring revenue structure — utilities rarely swap proven partners. Long-term contract structure provides outstanding revenue visibility. FY2026 guidance $34.7–35.2B (+22%) reflects management's track record of conservative guidance then beat
- Vertical integration accelerating — transformer self-manufacturing ($500–700M planned investment), 6.7M sq.ft off-site fabrication expansion internalizes supply-chain bottlenecks. Cupertino Electric (2024) + Dynamic Systems (2025, $1.35B) acquisitions strengthen data-center and industrial construction capabilities
- Disciplined management + credit upgrade — CEO Duke Austin (10-year internal tenure), CFO Jayshree Desai (14-year tenure). 91% performance-linked pay. 2024 BBB credit upgrade lowers borrowing costs. $1B active share buyback program underway
Bear Case
- All K-PER scenarios show overvaluation — optimistic -5%, base -22%, conservative -36%. P/E of 42–50x is justified only if perfect execution continues. A single consensus miss or backlog delay could trigger a sharp decline
- CEO $120M stock sale (May 2026, near $765–778 highs) — large insider sell-down is a caution signal about management's internal valuation perception. Need to confirm whether it is a 10b5-1 plan trade (tax purpose) or active selling
- AEP single-customer concentration + backlog execution risk — large projects within the $48.5B backlog are exposed to weather, labor, and materials delays and cost overruns. AEP $72B capital plan delay or scale-back would directly hit Quanta backlog and revenue. Fixed-price contract risk borne by Quanta
- Tariff and inflation cost pressure — import tariffs on transformers and cables driving up costs. Some contracts have escalation clauses but full hedging is impossible. Explicitly cited by management in Q1 2026. Thin 5.1–5.5% operating margins make the stock sensitive to cost pressure
- IRA policy uncertainty + aggressive M&A debt — renewable energy segment dependent on IRA tax credits, with modification discussions underway under current administration. Cumulative M&A debt rising — BBB credit maintained but Dynamic Systems ($1.35B acquisition) integration synergy not yet confirmed
Technical Summary
After a +130% mega-rally from the H2-2025 low of $342 to the May 6, 2026 52-week high of $789, the stock is pulling back to $716 (-9.2%). MA alignment: long-term bullish structure fully intact above the 200-day MA (~$500). Short-term: 20-day MA ($746) broken, 5/20-day death cross formed, MACD turned negative. RSI ~51 neutral. Key support: $649 (50-day SMA). Key resistance: $750 (Bollinger Band midline) and $789 (52-week high).
PWR Technical Analysis — Daily Price, Moving Averages, Support/Resistance, RSI
Support
S1: $695~700 (단기 추세선 하단 + 심리적 지지), S2: $646~652 (50일 SMA, 핵심 진입 대기 구간), S3: $618 (Fib 38.2%, $342→$789 기준), S4: $566 (Fib 50.0%, 추세 훼손 경보선)
Resistance
R1: $748~750 (볼린저밴드 중심 + 전 지지→저항 전환), R2: $789~790 (52주 고점 / 사상 최고가)
Trend Analysis
Long-term (200-day MA ~$500, sharply rising): Bullish — current price is +43.1% above the 200-day MA; long-term trend fully intact. Medium-term (60-day MA ~$680): Rising — +5.3% above 60-day MA. Short-term (20-day MA ~$746): Declining — -4.1% below 20-day MA. MA alignment: semi-bullish order — 200/60-day bullish order maintained, 5/20-day bearish reversal + death cross formed.
Momentum & Indicators
RSI (14) ~51 — neutral (overbought condition fully cleared; entry at 30–35 zone would be a technical rebound trigger). MACD: turned negative short-term, histogram negative (medium-term weakening signal). Bollinger Band: lower $663 / midline $731 / upper $774 — below midline, lower band test possible. Volume: ~61% of 20-day average (volume rising on declines → real sell pressure). OBV: tracking price (bearish confirmation).
Key Technical Points
All-time high recorded on May 6, 2026. Recapturing $789 restarts the all-time high rally — strongest resistance line and also a buy confirmation trigger
First target for a short-term bounce. Volume-confirmed break above this zone is required for $789 re-challenge. As immediate-entry target from current price, the upside is narrow
Entry zone for recommended scenario ⓐ. 50-day SMA touch + volume-confirmed bounce achieves R:R 3.26:1 (first target $750). Stop-loss at $618 (Fib 38.2% break)
38.2% retracement of the $342 low → $789 high. Breaking below opens a fast path to Fib 50.0% ($566) — trend-damage confirmation. Stop-loss for scenario ⓐ
Trading Scenarios
Entry
$646–652 (50-day SMA touch + volume-backed bounce)
Stop
$618 (Fib 38.2% break)
Target
T1 $750 (+15.4%) / T2 $789 (+21.4%)
Best R:R. Must confirm 50-day support hold. Opportunity cost if price recovers before reaching $649. Confirmation recommended before July 30 Q2 earnings
Entry
$716 (1/3) + $695 (1/3) + $649 (1/3) → average entry $687
Stop
$618 (-10.0%, Fib 38.2% break)
Target
T1 $750 (+9.2%) / T2 $789 (+14.9%)
No opportunity-cost risk but T1 R:R below 1. R:R only holds if full position held to T2 ($789). Wide stop at -10%
Entry
Immediate entry at $716
Stop
$618 (-13.7%)
Target
T2 $789 (+10.2%)
R:R below 1 — insufficient basis for immediate entry given K-PER conservative -36% overvaluation. Short-term MACD sell signal active
Bullish Signals
$695–700 support reconfirmed with volume-backed bounce
$750 (Bollinger Band midline) breakout + MACD golden cross recovery
July 30 Q2 earnings — EPS beat guidance + backlog maintained at all-time high
UBS/Capital World sell-down absorbed, institutional net-buy confirmed
Bearish Risks
$695 (short-term trend line) breaks — accelerated decline toward $649 (50-day SMA)
Fib 23.6% ($684) breakdown opens fast path to 38.2% ($618)
Geochajesi drops below 8 + three consecutive large red candles
Q2 earnings miss + FY2026 guidance cut → business model damage warning
* Technical analysis is based on historical data and does not guarantee future returns. Final investment decisions are your own responsibility.
Quanta Services Growth Data and Business Model Dashboard
Switching Cost & Moat
Moat Strength by Type
Labor / Workforce
62,000 skilled tradespeople — require years of training, proprietary programs, union partnerships. Positioned as the "only option" for large-scale North American electric construction
Cost Structure / Scale
Large equipment fleet + national-scale procurement + economies of scale. Blocks mid-size competitor entry. $28.5B revenue vs. MasTec ($14B) is overwhelming
Brand / Reference Track Record
Overwhelmingly dominant track record on North American mega-projects. Trusted B2B brand for utilities. AEP, Duke, NextEra strategic partnerships are the evidence
Switching Costs
MSA long-term contracts (recurring maintenance revenue), customer infrastructure data embedded. Utilities rarely swap proven partners due to execution uncertainty
Technology / IP
765kV EHV design/construction know-how, in-house transformer manufacturing (expanding), drone inspection. Capability based on tacit knowledge rather than patents
Core moat is the 'labor moat.' Skilled tradespeople in electric and pipeline construction (62,000 workers) require years of training; Quanta monopolizes this workforce pool through proprietary training programs and union partnerships. Cost structure (large equipment fleet, national-scale procurement, economies of scale), brand (track record on mega-projects), and switching costs (MSA long-term contracts, customer infrastructure data embedded) form a composite moat. 2x+ revenue gap versus nearest rival MasTec ($14B).
Management & Governance
CEO Earl "Duke" Austin Jr. (internal promotion, 10-year tenure, COO → CEO track). Holds ~0.44% (707,102 shares direct + 20,000 trust shares, ~$295M). 91.4% of $15.63M compensation is performance/equity-linked. CFO Jayshree Desai 14+ years tenure (foundation of financial stability). Consistent track record of conservative guidance then beat every quarter. Caution: May 2026 CEO sale of 155,992 shares for $120M near the 52-week high is a warning signal.
Competitive Landscape
MasTec (MTZ)
#2 in North America ($14B). Strengths in telecom and renewable energy. Limited direct competition on mega-projects due to scale gap (50% of Quanta) and execution concerns
EMCOR Group (EME)
Strong in commercial and industrial electrical/mechanical. Limited capability in large-scale transmission projects. Direct overlap with Quanta is limited
MYR Group (MYRG)
Regional T&D specialist. Below scale threshold for mega-project bids. Niche competitor targeting mid-size utilities
Dycom Industries (DY)
Telecom infrastructure specialist (fiber, 5G). Partial overlap with Quanta Underground segment. No large-scale electric capability; full competition is limited
Undisputed #1 in North American electric and energy infrastructure construction. 2x+ scale advantage vs. nearest rival MasTec ($14B). Mid-tier players like MYR Group cannot even bid on mega-projects. Niche competitors like EMCOR (commercial/industrial electric) and Dycom (telecom) exist but Quanta is effectively the only option for large-scale electric projects.
ESG & Summary
Core enabler of clean energy transition through AI data-center power infrastructure and IRA renewable energy (solar, BESS, wind) EPC. Off-site modular fabrication reduces on-site safety incidents. Proprietary skilled-trade training programs create quality local jobs. North America focus after Latin America exit concentrates community impact. Aggressive M&A debt accumulation is a financial ESG risk factor.
Key Risks
Valuation — P/E 42–50x Multiple Compression Risk
All K-PER scenarios show overvaluation (optimistic -5%, base -22%, conservative -36%). Premium multiple justified only if perfect execution continues. Any disappointment can be a sharp-decline catalyst. InvestingPro flags "overvalued" warning.
AEP Customer Concentration + Large-Project Execution Risk
Growing single-customer dependency tied to AEP's $72B capital plan. Mega-projects within the $48.5B backlog exposed to weather, labor, and materials delays and cost overruns. Fixed-price contracts place execution risk on Quanta.
Tariff and Inflation Cost Pressure
Import tariffs on transformers and cables driving up costs. Some contracts include escalation clauses but full hedging impossible. Thin 5.1–5.5% operating margins mean cost pressure directly impacts profitability.
IRA Policy Uncertainty + M&A Debt Risk
Renewable energy segment dependent on IRA tax credits, with modification discussions underway. Cumulative M&A debt rising. Dynamic Systems ($1.35B) integration synergy not confirmed. BBB credit maintained but higher interest rates increase financial costs.
CEO Large Stock Sale — Caution Signal
CEO Duke Austin sold 155,992 shares for $120M in May 2026 (near $765–778 high). Insider selling near peak is a caution signal. Need to confirm whether it was a 10b5-1 planned sale (tax purpose) or active discretionary sale.
Gangbangcheon 4/5 passed
Business quality close to Grade A at B — industry structure, market leadership, business model, and financial quality all pass Steps 1–4. However, Step 5 K-PER shows overvaluation in all scenarios (conservative -36%) ❌. "Great company, expensive price." Wait for timing.
Quanta Services 3-Year Financial Quality (FY2022–2024) — Revenue, Operating Income, ROA, ROE Cross Model
Gangbangcheon 5-Step Checklist
Step 1
Industry / Infrastructure ✅
TAM growing 5%+ annually. Triple structural demand from grid modernization, renewable energy, and AI data-center power. Infrastructure for physical electricity transmission is required under any energy scenario — no technology substitution risk. Triple structural tailwinds from government (energy independence policy), regulation (grid modernization mandates), and market (AI demand).
Step 2
Market Position ✅ Grade A
Undisputed #1 in North American electric and energy infrastructure construction ($28.5B revenue, 2x+ MasTec). AEP $72B capital plan strategic partnership. Satisfies 4+ entry barriers (capital, labor, reference track record, safety certification). Effectively the only option in the mega-project market.
Step 3
Business Model ✅
Vertical integration (in-house transformer manufacturing, off-site fabrication expansion). CEO with 10-year internal tenure. Track record of conservative guidance then beat every quarter. Cupertino Electric and Dynamic Systems acquisitions expand data-center and industrial capabilities. Mixed MSA recurring revenue + EPC high-margin structure.
Step 4
Financial Quality ✅
ROA 3.7%→5.8%, ROE 9.4%→15.0% both improving — Quadrant 1 (ideal growth profile). Revenue CAGR +17.7%, operating income CAGR +22.2% (FY22–FY24). FCF $1.55B (FY2024). No excessive equity dilution. High financial predictability from consistent guidance beats.
Step 5
K-PER Upside ❌
Conservative scenario (FY28E OI $2,768M × 25x = $69.2B market cap) upside -36%. Base (-22%) and optimistic (-5%) both show overvaluation. Current price ($716) exceeds the FY2028-based fair market cap ($83.5B–$102.5B). Falls well short of 10% safety margin threshold.
K-PER Scenario Analysis (3-Year Target)
K-PER based on operating income. Quanta's EPC + MSA mixed structure makes operating income the core profitability measure. Anchor: FY2025E operating income ~$1,700M. Multiple: high-growth innovation / structural infrastructure growth (25–30x). Three growth scenarios project FY2028 operating income from FY25→FY28 consensus CAGR ~22%, then calculate fair market cap and upside. Based on ~150M shares outstanding.
| Scenario | Annual Growth | Non-GAAP Profit | Applied PER | Target Cap | Upside |
|---|---|---|---|---|---|
| Optimistic (Consensus High End) | FY25E $1,700M → FY28E +26.4% CAGR | FY28E OI $3,415M × 30배 | 30x | $102.5B 시총 → ~$682/주 | -5% |
| Base (Consensus Midpoint) | FY25E $1,700M → FY28E +22.0% CAGR | FY28E OI $3,093M × 27배 | 27x | $83.5B 시총 → ~$556/주 | -22% |
| Conservative (Consensus Low End) | FY25E $1,700M → FY28E +17.6% CAGR | FY28E OI $2,768M × 25배 | 25x | $69.2B 시총 → ~$460/주 | -36% |
Geochajesi Score (13/20)
805 institutions net-buying vs. 666 net-selling (net-buy majority). BlackRock added +856,400 shares. But large sells from UBS AM (-2,857,087 shares, -70%) and Capital World (-1,018,924 shares, -15%) are caution signals. ~98% institutional ownership. Intraday volume at 61% of 20-day average (volume favoring declines = real sell pressure).
+43% above 200-day MA (~$500) — long-term trend fully intact. However, 20-day MA broken, 5/20-day death cross formed, MACD turned negative — short-term bearish. RSI ~51 neutral. -9% correction from $789 high.
Q1 2026 EPS $2.68 vs. estimate $2.09 (+28% surprise). $48.5B backlog all-time high. $1B share buyback program announced. FY2026 guidance raised to $34.7–35.2B (+22%). However, CEO $120M sale and UBS large sell dilute the catalyst picture.
S&P hitting new all-time highs. Sector (industrials/infrastructure) flows are healthy. However, PWR is slightly underperforming the broader market. AI infrastructure and grid modernization theme remains valid but valuation headwind slowing sector inflows.
Entry Strategy (3 Tranches)
R:R 0.74:1 (to T2 $789) — below 1. No basis for new entry given K-PER conservative -36% overvaluation and active MACD sell signal.
50-day SMA touch + volume-confirmed bounce. R:R 3.26:1 to T1 $750 / 4.52:1 to T2 $789. Stop-loss $618 (-4.8%). Optimal entry scenario.
Staged entry with no opportunity-cost risk. Average $687, R:R 1.48:1 to T2 $789 (full hold required). Stop-loss $618 (-10.0%). Inferior R:R vs. ⓐ but allows partial participation if price doesn't reach $649.
Exit Triggers
T1 $750 (Bollinger Band midline) reached → sell half position. Consider holding remainder if Geochajesi recovers to 14+ and quarterly earnings beat is confirmed
K-PER optimistic target ~$682 reached → mostly exit. This is the K-PER upper bound; further upside is limited under all scenarios
Fib 38.2% $618 decisively broken + Bollinger Band lower band ($663) confirmed broken → stop-loss, exit position. Medium-term trend damage confirmed
Geochajesi drops below 8 + three consecutive large red candles → short-term exit signal for existing holders
Q2 2026 earnings (July 30) miss + FY2026 guidance cut → reassess for business model damage and adjust position accordingly
Portfolio Weight Recommendation
No new entry / add to watchlist. If $646–652 (50-day SMA) support is confirmed, maximum 2–3% portfolio weight; size position to keep risk within 1% of portfolio at $618 stop-loss. For long-term DCA, small staged entries ($716→$695→$649) are defensible but R:R is unfavorable. Ideal average cost is below $600.
Editor Note
Quanta is a textbook 'great company, expensive price' case at Gangbangcheon B × Geochajesi 13/20. The competitive strength is clear — labor moat, scale monopoly, triple mega-trend. But K-PER conservative -36% means the current price already substantially exceeds FY2028-based fair value. The July 30 Q2 earnings and clarification of the CEO stock sale nature (whether it was a 10b5-1 planned trade) are key timing variables. Remember that only the $649 (50-day SMA) entry scenario achieves a favorable R:R of 3.26:1.
Financial Data
Quanta Services uses a calendar fiscal year (Jan 1–Dec 31). FY2024 complete. FY2025 Q4 effectively complete (revenue ~$28.5B). FY2026 Q2 in progress (Q1 2026 reported: revenue $7.87B, EPS $2.68). Next earnings (Q2 FY2026): July 30, 2026.
| Period | Revenue | Growth | Op. Income | Op. Margin |
|---|---|---|---|---|
| FY2022ROA 3.7%, ROE 9.4%, FCF ~$900M | $17.07B | — | $872M | 5.1% |
| FY2023ROA 5.0%, ROE 12.8%, FCF ~$1,200M | $20.88B | +22.3% | $1,128M | 5.4% |
| FY2024ROA 5.8%, ROE 15.0%, FCF $1,550M — Quadrant 1 growth profile | $23.67B | +13.4% | $1,303M | 5.5% |
GAAP vs Non-GAAP Note
K-PER applied on operating income basis. Quanta's EPC + MSA mixed structure makes operating income the core profitability measure. FY2025 operating income estimated ~$1,700M (FY2024 $1,303M × consensus growth). Multiple: high-growth innovation (25–30x). K-PER fair market cap derived from FY2028 projected operating income.
Key Valuation Metrics
ROA (FY2024)
5.8%
FY2022 3.7% → FY2024 5.8% — improving trend (Quadrant 1 confirmed)
ROE (FY2024)
15.0%
FY2022 9.4% → FY2024 15.0% — improving asset efficiency
FCF (FY2024)
$1.55B
FCF margin ~6.5%, up 72% from FY2022 ~$900M
Operating Margin Trend
5.1%→5.5%
FY2022–FY2024 steady margin improvement — economies of scale
Q1 2026 Revenue Growth
+26.3% YoY
$7.87B — quarterly all-time high. EPS $2.68 vs. estimate $2.09 (+28% beat)
Trailing P/E (Current Price)
~42~50×
Based on FY2025 estimated EPS. High-growth innovation multiple, but significant premium vs. engineering/construction historical average
* GAAP basis. All figures are estimates based on public information and are not investment advice.
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