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SOLV Energy, Inc. Class A Common Stock logo

SOLV Energy, Inc. Class A Common Stock

MWH
22
Renewable Utilities · Utilities
Price
$28.34
-0.58 (-2.01%)
Market Cap
$3.48B
Winston Score
22
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Data not available
Cash Flow
Data not available
Stability
Good
Valuation
Good

Share count rising — dilution

+1.5% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 199.4M (2022) → 202.5M (2025)

Winston Score History

The full picture

SOLV Energy is a construction and engineering company that builds large solar power plants across the United States. Its main customers are utility companies, energy developers, and corporations that need big solar farms built on their behalf. The company is one of the largest utility-scale solar contractors in the country.

SOLV Energy makes money by winning contracts to design and build solar projects, then charging fees for that construction work. It operates primarily in the United States and has completed several gigawatts worth of solar installations, giving it a strong track record that helps it compete for large, complex projects. The key growth driver is the continued expansion of renewable energy in the U.S., supported by federal incentives like the Inflation Reduction Act — but the main risk is that project delays, rising material costs, or labor shortages can squeeze profit margins on fixed-price contracts.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
12.8%
Thin — 12.8% gross margin
Profit after running costs
Operating Margin
7.3%
Modest — 7.3% operating margin
Return on the money invested
ROCE
13.0%
Good — 13.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
N/A
Data not available

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
N/A
Data not available

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Stability

What it owes vs what it owns
Debt / Equity
0.08
Conservative — low debt load (0.08)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
118.1x
Expensive — P/E 118.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+101.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (118.1 → 16.6)

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Dividends

Not applicable for this business.
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