Did Flat Backlog and Margin Pressure in Q4 2025 Just Shift MYR Group's (MYRG) Investment Narrative?

• In February 2026, MYR Group announced that it had released its fourth-quarter 2025 results on February 25 and held a conference call and webcast on February 26 to discuss performance across its Transmission & Distribution and Commercial & Industrial segments in the US and Canada.
• At the same time, the company’s flat project backlog over the past two years and margin pressure from higher production costs raised concerns about its ability to secure new long-term contracts and sustain returns on capital.
• With backlog stagnating despite earlier optimism on multi-year contracts, we’ll now examine how this development reshapes MYR Group’s investment narrative.

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MYR Group Investment Narrative Recap

To own MYR Group, you need to believe that its role in North American electrical infrastructure offsets concerns about growth visibility and capital efficiency. The latest update of a flat two-year backlog and margin pressure directly affects the key near term catalyst of multi year contract wins, while also sharpening the immediate risk that higher production costs and diminishing returns on capital could weigh on future project economics.

The upcoming fourth quarter 2025 results release on 25 February 2026, followed by the conference call on 26 February, is particularly relevant here. It gives investors a timely chance to hear how management is addressing backlog stagnation, rising costs and contract mix across its Transmission & Distribution and Commercial & Industrial segments, all of which sit at the heart of the current catalyst and risk balance.

Yet behind MYR Group’s recent execution, investors should also be aware of rising labor and production cost pressures that could...

Read the full narrative on MYR Group (it's free!)

MYR Group's narrative projects $4.3 billion revenue and $157.2 million earnings by 2028. This requires 8.0% yearly revenue growth and an earnings increase of about $80.8 million from $76.4 million today.

Uncover how MYR Group's forecasts yield a $254.33 fair value, a 7% downside to its current price.

Exploring Other Perspectives

Two members of the Simply Wall St Community currently see MYR Group’s fair value in a tight band around US$251.60 to US$254.33 per share. Set against concerns about flat backlog and margin pressure, these differing views highlight why you should weigh several perspectives on how sustainable MYR Group’s recent performance really is.

Explore 2 other fair value estimates on MYR Group - why the stock might be worth as much as $254.33!

Build Your Own MYR Group Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your MYR Group research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free MYR Group research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate MYR Group's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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