Everus Construction Group

What Everus Construction Group does

Everus Construction Group (NYSE: ECG) is a U.S. construction services provider headquartered in Bismarck, North Dakota, operating through two primary service lines: Electrical & Mechanical (E&M) construction and Transmission & Distribution (T&D) infrastructure. The E&M segment delivers electrical construction, mechanical systems, packaged controls and manufacturing, low-voltage systems, fire protection, modular offsite manufacturing, renewable energy installations, and specialized data center construction. The T&D segment covers transmission lines, substations, excavation and underground utility work, signals and lighting, and equipment rental, sales, and manufacturing. The company operates a decentralized model of specialized operating companies and employs more than 9,000 skilled craft workers across the United States.

The company was spun off from MDU Resources Group in October 2024 as an independent publicly traded entity and joined the S&P SmallCap 600 index the following month. Revenue is generated primarily through project-based B2B contracts with enterprise customers, structured as either cost-plus or fixed-price agreements, with revenue recognition driven by project completion milestones. Marquee customers span healthcare (Asante Rogue Regional Medical Center), hospitality (Fontainebleau Las Vegas), entertainment (Las Vegas Sphere), aviation (KCI Terminal Modernization), industrial (Lake Charles Coke Drum), and a growing book of data center and utility infrastructure work. In April 2026, the company completed its first acquisition as a standalone public entity, purchasing SE&M Constructors for $158 million to expand mechanical, electrical, and plumbing capabilities and geographic reach in the Southeast U.S.

FY 2025 revenue reached $3.75 billion (up 31.5% year-over-year), with record backlog of $3.23 billion at year-end expanding to $3.68 billion by Q1 2026 (up 20.4% YoY). Management raised FY 2026 revenue guidance to $4.3–$4.4 billion following the SE&M acquisition and strong Q1 2026 results. The company maintains a low-leverage balance sheet (net leverage of approximately 0.35x) with $285 million of available capacity under its term loan, supporting both organic growth and a stated M&A pipeline. The investment thesis centers on exposure to two secular tailwinds: AI-driven data center buildout and U.S. grid modernization/renewable interconnection.

Name

Everus Construction Group

Legal name

Everus Construction Group, Inc.

Website

https://mducsg.com

Company type

Public

Founded year

2024

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Everus Construction Group is a U.S.-based electrical, mechanical, and transmission infrastructure construction services provider serving data center, utility, healthcare, and industrial clients, operating 9,000+ employees nationwide following its October 2024 spin-off from MDU Resources Group.

Ownership category

akta.pro rank

Product category

Electrical & Mechanical Construction Services

NAICS

Power and Communication Line and Related Structures Construction (237130), Other Building Equipment Contractors (23829), Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing (532412)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro industry

PRIMARYIMAFAAAC

Construction Management (Agency/Owner’s Rep)

Industrials, Manufacturing & Construction/Construction & Civil Engineering/General Contracting & Construction Management

SECONDARYEUAMAFAJ

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE)

Energy, Utilities & Environment/Renewable Energy (Solar, Wind, Hydro & Geothermal)/Renewable EPC & Construction (Balance of Plant)

SECONDARYEUAEAAAM

Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls)

Energy, Utilities & Environment/Energy Infrastructure & Services (EPC, O&M, Field Services)/Power Generation EPC & Construction

SECONDARYEUAEADAG

Overhead & Underground Collection System Construction (MV/HV Lines, Duct Banks)

Energy, Utilities & Environment/Energy Infrastructure & Services (EPC, O&M, Field Services)/Renewable Balance-of-Plant EPC (Wind/Solar/Hydro)

SECONDARYEUAEACAA

Overhead Distribution Line Construction (MV/LV)

Energy, Utilities & Environment/Energy Infrastructure & Services (EPC, O&M, Field Services)/Distribution Grid EPC & Line Services (Medium/Low Voltage)

Keywords

• Electrical construction services
• Mechanical construction services
• Transmission and distribution
• Data center construction
• Utility infrastructure services

Headquarters

HQ city

Bismarck

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Project-Based Construction Services: Revenue generated from construction project contracts across electrical, mechanical, transmission, and distribution segments. Revenue recognition is project-based with both cost-plus and fixed-price contract structures. Q1 2026 revenue of $1.04 billion, up 25.4% year-over-year. FY 2025 revenue of $3.75 billion. The Electrical & Mechanical segment is the primary revenue driver, with Q4 2025 revenue of $791.6 million growing 44% year-over-year.
2. Maintenance and Retrofit Services: Recurring maintenance and retrofit services, particularly from the SE&M acquisition targeting pharmaceutical, industrial, and healthcare sectors, providing recurring revenue streams alongside project-based work.
3. Equipment Rental, Sales & Manufacturing: Revenue from equipment rental, sales, and manufacturing operations within the Transmission & Distribution segment.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Everus Construction Group delivers project-based electrical, mechanical, transmission, and distribution construction services across the United States, serving data center, utility, healthcare, hospitality, and industrial end markets. The company specializes in MEP construction, modular offsite prefabrication, packaged controls manufacturing, and grid infrastructure, contracting directly with enterprise owners, general contractors, and utilities on cost-plus and fixed-price project agreements.

Product overview

Everus Construction Group is an industry-leading construction services provider offering two primary service lines: Electrical & Mechanical Services and Transmission & Distribution Services. The Electrical & Mechanical segment includes electrical construction, mechanical systems, packaged controls and manufacturing, low-voltage, industrial, renewable energy, fire protection, modular offsite manufacturing, and data center services. The Transmission & Distribution segment covers transmission infrastructure, substations, excavation and underground work, signals and lighting, and equipment rental operations. The company also provides Safety services across all projects. Everus operates as a unified construction services platform serving data center, utility, hospitality, high-tech, and industrial markets across the United States.

Differentiator

Problem solved

Functional benefit

Brands

• Building America's Future: Company tagline and brand positioning statement used across marketing materials.

Products and services

• Electrical & Mechanical Services
• Transmission & Distribution Services
• Safety Services

Quantifiable outcome

• Q1 2026 EPS of $1.14, beating estimates by 137.5% ($0.48 forecast)
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• SE&M Constructors (SE&M Constructor Inc., SE&M of the Triangle, Inc., SECO Rentals, LLC)coreStrategic or Co-development Partner · 2 April 2026Everus acquired SE&M Constructors and affiliates for $158 million in cash (with potential earnout up to 8% of purchase price). SE&M, founded in 1923 and headquartered in Elm City, North Carolina, provides mechanical, electrical, and plumbing services to pharmaceutical, industrial, and healthcare sectors, generating $109 million in 2025 revenue with EBITDA margins in the high teens. This was Everus's first acquisition as a stand-alone public company.

Scale indicators7 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Quanta Services: Quanta Services is a leading infrastructure construction firm specializing in electric power, oil and gas, and communications infrastructure. It is a direct peer to Everus through its electric power transmission and distribution construction services and renewable energy buildout work.
• MasTec: MasTec is a diversified infrastructure construction company serving power delivery, communications, oil and gas, and clean energy end markets. It is a direct peer to Everus through overlapping electrical transmission, distribution, and clean energy construction capabilities.
• EMCOR Group: EMCOR Group provides electrical and mechanical construction, facilities services, and energy solutions across commercial, industrial, and utility end markets. It is a direct peer through its electrical and mechanical (E&M) construction services and data center MEP work that directly overlap Everus's core service lines.
• MYR Group: MYR Group is a specialty electrical construction services provider focused on transmission, distribution, substation, and commercial and industrial electrical construction. It is a direct peer through its T&D and electrical construction services matching Everus's core offerings.
• Comfort Systems USA: Comfort Systems USA is a leading provider of mechanical and electrical contracting services, including HVAC, plumbing, and electrical systems for commercial, industrial, and institutional customers. It is a direct peer through its mechanical and electrical construction services that closely match Everus's E&M segment.
• APi Group: APi Group is a global leader in safety, specialty, and industrial services including fire protection, HVAC, and specialty contracting. It is a direct peer through Everus's fire protection and specialty contracting services overlap.
• Dycom Industries: Dycom Industries provides specialty contracting services including engineering, aerial and underground construction, and maintenance for telecommunications and utility infrastructure. It is a direct peer through Everus's T&D underground and signals/lighting offerings and similar growth end-market exposure.
• IES Holdings: IES Holdings provides electrical and mechanical contracting services, including communications, building services, and infrastructure solutions for commercial and industrial customers. It is a direct peer through electrical and mechanical construction services and data center infrastructure exposure.

Broad incumbents

• Granite Construction: Granite Construction is a large diversified construction services company providing heavy civil, transportation, and materials services. It is a broad incumbent peer through overlapping infrastructure construction services, though less concentrated in the electrical and specialty MEP focus that defines Everus.

Regional players

• Construction Partners Inc. Construction Partners Inc. is a civil infrastructure services company operating across the Sun Belt states, providing highway, heavy civil, and infrastructure site preparation services. It is comparable to Everus through its infrastructure construction services, though focused primarily on civil rather than electrical/MEP.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/EverusConstruction
• LinkedInlinkedin.com/company/mdu-construction-services-group-inc-
• Instagraminstagram.com/everusconstructiongroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Everus Construction Group