Centuri Holdings
CTRI on NYSE. Centuri Holdings builds and maintains electric and gas networks for utility providers. Market value $2.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Utilities stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.71 of spare cash in the past 12 months. A savings account pays about $4.
You pay 30.5 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 7 of 100. Our list needs 70 on quality and 60 on price.
$21.20 a share, 11% above its 1-year low
Over the past year the price has ranged from $19.03 to $42.99.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $15 million in the past 12 months, a shortfall of $8 million in the year to December 2025.
| Revenue | ||
| Revenue | $2.6bn | $3.0bn |
| Operating margin | ||
| Operating margin | 3.3% | 3.1% |
| Debt to equity | ||
| Debt to equity | 1.62 | 0.86 |
| Shares outstanding | ||
| Shares outstanding | 0.09bn | 0.10bn |
Health checks
- Free cash flow positive1 of 2 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.86× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 14% more shares since 2024
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $962 million last quarter, up 33% on a year ago.
- Profit: $6 million, down 24% on a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, down from 4 cents a year earlier.
- Over the past 12 months it spent $15 million more cash than it brought in. A year earlier it had $132 million spare.
- 14% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $691 million more than cash, down from $910 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $720m |
| December 2024 | $717m |
| March 2025 | $550m |
| June 2025 | $724m |
| September 2025 | $850m |
| December 2025 | $859m |
| March 2026 | $723m |
| June 2026 | $962m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$4m |
| December 2024 | $10m |
| March 2025 | -$18m |
| June 2025 | $8m |
| September 2025 | $2m |
| December 2025 | $30m |
| March 2026 | -$10m |
| June 2026 | $6m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
5 long-term investors we follow own it, up from 4 last quarter. 251 funds in all.
- Icahn Enterprises (Carl Icahn)Carl Icahn
- Value
- $434m
- Share of fund
- 5.2%
- GAMCO InvestorsMario Gabelli
- Value
- $6m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Icahn Enterprises (Carl Icahn)Carl Icahn | $434m | 5.2% | |
| Tensile Capital ManagementTensile Capital team | $44m | 6.1% | Cut |
| Irenic CapitalAdam Katz | $16m | 1.1% | Added |
| GAMCO InvestorsMario Gabelli | $6m | <0.1% | |
| Horizon KineticsMurray Stahl | $3m | <0.1% | New |
Largest holders overall
- Icahn Enterprises (Carl Icahn)$434m
- BlackRock$208mCut
- Carronade Capital Management, LP$167mAdded
- FMR$163mCut
- D. E. Shaw$149mAdded
- Hill City Capital, LP$122m
- Vanguard Portfolio Management$116mCut
- Vanguard Capital Management$114mCut
- TWO Sigma Investments, LP$78mCut
- Geode Capital Management$74mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%; 1 of them is pushing for change.
- at least 14.4%+2.2 pts(filed with 1 related holder)Since 10 November 2025
What they said
The Reporting Persons acquired their positions in the shares of Common Stock in the belief that they were undervalued and represented an attractive investment opportunity. On November 10, 2025, the Reporting Persons and certain of their Affiliates and Mr. Dustin DeMaria entered…
Read the filing - Icahn Enterprises L.P.Passive investor12.2%+3.2 ptsSince 5 September 2025
- BlackRock, Inc.Passive investor6.6%+1.1 ptsSince 30 June 2026
- FMR LLCPassive investorat least 5.7%−3.4 pts(filed with 1 related holder)Since 30 September 2025
- Carronade Capital Management, LPPassive investorat least 5.5%(filed with 1 related holder)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Southwest Gas Holdings, Inc.Passive investorSold down below 5%Since 5 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
at least 14.4%+2.2 pts (filed with 1 related holder) | 10 November 2025 | What they saidThe Reporting Persons acquired their positions in the shares of Common Stock in the belief that they were undervalued and represented an attractive investment opportunity. On November 10, 2025, the Reporting Persons and certain of their Affiliates and Mr. Dustin DeMaria entered… Read the filing | |
Icahn Enterprises L.P. Passive investor | 12.2%+3.2 pts | 5 September 2025 | |
BlackRock, Inc. Passive investor | 6.6%+1.1 pts | 30 June 2026 | |
FMR LLC Passive investor | at least 5.7%−3.4 pts (filed with 1 related holder) | 30 September 2025 | |
Carronade Capital Management, LP Passive investor | at least 5.5% (filed with 1 related holder) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Southwest Gas Holdings, Inc. Passive investor | Sold down below 5% | 5 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $100,204 of shares on the open market. 1 sold $174,217.
- DeMaria DustinDirectorBought
- Date
- 18 September 2026
- Shares
- 5,200
- Price
- $19.27
- Value
- $100,204
- Brown ChristianChief Executive Officer, DirectorSold
- Date
- 4 December 2025
- Shares
- 7,108
- Price
- $24.51
- Value
- $174,217
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 September 2026 | DeMaria Dustin Director | Bought | 5,200 | $19.27 | $100,204 |
| 4 December 2025 | Brown Christian Chief Executive Officer, Director | Sold | 7,108 | $24.51 | $174,217 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 30.5× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.