Granite Construction
GVA on NYSE. Granite Construction builds roads and buildings for government agencies. Market value $5.2bn.
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
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.92 of spare cash in the past 12 months. A savings account pays about $4.
You pay 19.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 61 of 100. Price score: 53 of 100. Our list needs 70 on quality and 60 on price.
$120.92 a share, 24% above its 1-year low
Over the past year the price has ranged from $97.26 to $162.08.
Dividend: 0.4% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3.5bn | $3.3bn | $3.5bn | $4.0bn | $4.4bn |
| Operating margin | |||||
| Operating margin | 0.7% | 2.6% | 2.3% | 5.2% | 6.4% |
| Debt to equity | |||||
| Debt to equity | 0.35 | 0.30 | 0.67 | 0.73 | 1.14 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt1.14× equity
- Revenue growth, five yearsSlow, 4.4% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.5 billion last quarter, up 29% on a year ago.
- A loss of $278 million, after a profit of $72 million a year ago.
- It keeps 6 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $472 million, up from $309 million.
- 17% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $682 million more than cash, up from $418 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.3bn |
| December 2024 | $977m |
| March 2025 | $700m |
| June 2025 | $1.1bn |
| September 2025 | $1.4bn |
| December 2025 | $1.2bn |
| March 2026 | $912m |
| June 2026 | $1.5bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $79m |
| December 2024 | $41m |
| March 2025 | -$34m |
| June 2025 | $72m |
| September 2025 | $103m |
| December 2025 | $52m |
| March 2026 | -$42m |
| June 2026 | -$278m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
5 long-term investors we follow own it, up from 4 last quarter. 446 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $52m | <0.1% | Cut |
| Heartland AdvisorsBill Nasgovitz | $6m | 0.3% | Cut |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $946,267 | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $208,995 | <0.1% | New |
Largest holders overall
- BlackRock$1.1bnAdded
- FMR$902mAdded
- Vanguard Portfolio Management$386m
- State Street$368mAdded
- Vanguard Capital Management$311m
- First Trust Advisors LP$209mCut
- Geode Capital Management$201mAdded
- Frontier Capital Management$177mCut
- Hill City Capital, LP$176m
- Millennium Management$172mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor15.3%Since 31 March 2025
- FMR LLCPassive investorat least 13.5%+3.1 pts(filed with 1 related holder)Since 30 June 2026
- Vanguard Portfolio ManagementPassive investor5.6%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Millennium Management LLCPassive investorat least 3.0%(filed with 3 related holders)Since 31 March 2025
- Fuller & Thaler Asset Management, Inc.Passive investorSold down below 5%Since 30 June 2025
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 15.3% | 31 March 2025 | |
FMR LLC Passive investor | at least 13.5%+3.1 pts (filed with 1 related holder) | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 5.6% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Millennium Management LLC Passive investor | at least 3.0% (filed with 3 related holders) | 31 March 2025 | |
Fuller & Thaler Asset Management, Inc. Passive investor | Sold down below 5% | 30 June 2025 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $156,636 of shares on the open market. 6 sold $10m, $7m of it under preset trading plans.
- HERNANDEZ CARLOS MDirectorBought
- Date
- 6 August 2026
- Shares
- 400
- Price
- $123.99
- Value
- $49,596
- Romer John TimothyDirectorBought
- Date
- 15 June 2026
- Shares
- 375
- Price
- $143.65
- Value
- $53,869
- Romer John TimothyDirectorBought
- Date
- 12 June 2026
- Shares
- 375
- Price
- $141.79
- Value
- $53,171
- Williams Bradley JaySenior Vice PresidentSold
- Date
- 8 June 2026
- Shares
- 6,734
- Price
- $141.00
- Value
- $949,494
- Tatusko Michael GSenior Vice PresidentSold
- Date
- 8 June 2026
- Shares
- 7,500
- Price
- $141.00
- Value
- $1m
- Larkin Kyle TPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 30 March 2026
- Shares
- 12,024
- Price
- $116.49
- Value
- $1m
- Dowd Brian RSenior Vice PresidentSoldunder a preset trading plan
- Date
- 27 March 2026
- Shares
- 6,075
- Price
- $119.53
- Value
- $726,125
- WOOLSEY STACI MChief Financial OfficerSoldunder a preset trading plan
- Date
- 27 March 2026
- Shares
- 3,501
- Price
- $118.58
- Value
- $415,149
- Larkin Kyle TPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 27 March 2026
- Shares
- 26,651
- Price
- $118.12
- Value
- $3m
- WOOLSEY STACI MChief Financial OfficerSoldunder a preset trading plan
- Date
- 19 March 2026
- Shares
- 1,523
- Price
- $119.84
- Value
- $182,516
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 6 August 2026 | HERNANDEZ CARLOS M Director | Bought | 400 | $123.99 | $49,596 |
| 15 June 2026 | Romer John Timothy Director | Bought | 375 | $143.65 | $53,869 |
| 12 June 2026 | Romer John Timothy Director | Bought | 375 | $141.79 | $53,171 |
| 8 June 2026 | Williams Bradley Jay Senior Vice President | Sold | 6,734 | $141.00 | $949,494 |
| 8 June 2026 | Tatusko Michael G Senior Vice President | Sold | 7,500 | $141.00 | $1m |
| 30 March 2026 | Larkin Kyle T President & CEO, Director | Sold under a preset trading plan | 12,024 | $116.49 | $1m |
| 27 March 2026 | Dowd Brian R Senior Vice President | Sold under a preset trading plan | 6,075 | $119.53 | $726,125 |
| 27 March 2026 | WOOLSEY STACI M Chief Financial Officer | Sold under a preset trading plan | 3,501 | $118.58 | $415,149 |
| 27 March 2026 | Larkin Kyle T President & CEO, Director | Sold under a preset trading plan | 26,651 | $118.12 | $3m |
| 19 March 2026 | WOOLSEY STACI M Chief Financial Officer | Sold under a preset trading plan | 1,523 | $119.84 | $182,516 |
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 13 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 11 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
Cheap for a reason is the question the numbers cannot answer.
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.