Aug. 31 at 6:01 PM
$PRIM One of the loneliest boards on Stocktwits. That by itself is a contrarian indicator. In 2025, PRIM did
$7.57 billion of revenue,
$531 million of adjusted EBITDA, and
$5.62 of adjusted EPS. Then six renewables projects detonated 2026 profitability. Management cut 2026 adjusted EPS all the way from
$4.80–
$5.00 to
$2.05–
$2.60 and EBITDA from
$480–
$500 million to
$275–
$325 million. That is an enormous reset, and the stock has responded accordingly. At
$72, PRIM is priced like the execution problem is permanent.
But meanwhile, the rest of the business does not look like it is collapsing. Backlog hit a record
$13.9 billion, versus
$11.9 billion at year-end, and roughly
$2 billion of new Q2 awards were concentrated in natural-gas generation, industrial/electrical work and data-center-related power infrastructure—not the troubled renewables bucket.
And the six bad projects have a defined runoff schedule.
