The combination of accelerating revenue, expanding profitability, record backlog, and strong IPO execution suggests SOLV is gaining significant traction in the power infrastructure market. Traders should monitor whether the company can maintain gross margins above 15% while scaling and whether it delivers on its aggressive 2026 guidance. The stock may re-rate higher if execution continues to outpace expectations.
Price Chart
Executive Summary
SOLV Energy (MWH) reported strong fourth-quarter and full-year 2025 results, with revenue up 35% YoY to $2.49 billion and net income soaring to $149.7 million from $9.9 million in 2024. The company also announced its first financial guidance as a public company, forecasting 2026 revenue between $3.72 billion and $3.82 billion, representing ~50% growth over 2025. Backlog surged to $8 billion, up 87% YoY, signaling strong future demand.
Key Financial Metrics
Key Facts
- Revenue for 2025 was $2.49 billion, up 34.8% from $1.85 billion in 2024
- Net income attributable to controlling interests rose to $149.2 million in 2025 from $9.9 million in 2024
- Adjusted EBITDA nearly doubled to $341.7 million in 2025 from $165.1 million in 2024
- Year-end 2025 backlog reached $8 billion, an 87% increase from year-end 2024
- Company initiated 2026 guidance: revenue of $3.72B–$3.82B, Adjusted EBITDA of $400M–$420M
- Completed IPO in early 2026, raising $552.5 million in net proceeds and retiring term debt
Financial Impact
Revenue growth of 34.8% and net income up over 14x in 2025; 2026 revenue guidance implies ~50% growth over 2025
Risk Factors
- Gross margin declined to 18.6% in 2025 from 14.0% in 2024 — but note: 2024 margin was abnormally low; still, 2026 guidance projects lower gross margin (15.6%-16.2%) despite scale, which could pressure profitability
- Company disclosed material weaknesses in internal controls — a red flag for a newly public company
- Heavy reliance on forward-looking guidance; any miss could trigger sharp downside
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3258862 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Press Release | $21.53 | awaiting T+60 | — | $22.58 (+4.85%) |
Jun 4, 2026 20w ago | Press Release | $32.81 $25.52 | ▲ +22.22% | ▲ +26.22% | $22.58 (+31.19%) |
May 29, 2026 21w ago | 424B4 | $34.63 $28.19 | ▲ +18.60% | ▲ +19.83% | $22.58 (+34.81%) |
May 29, 2026 21w ago | EFFECT | $35.53 $28.04 | ▼ −21.08% | ▼ −22.26% | $22.58 (−36.46%) |
May 28, 2026 21w ago | Press Release | $35.53 $28.04 | ▲ +21.08% | ▲ +22.26% | $22.58 (+36.46%) |
May 26, 2026 21w ago | Press Release | $38.11 $28.92 | ▲ +24.11% | ▲ +25.99% | $22.58 (+40.76%) |
May 26, 2026 21w ago | S-1 | $38.11 $28.92 | ▼ −24.11% | ▼ −25.99% | $22.58 (−40.76%) |
May 12, 2026 24w ago | 8-K | $45.84 $27.66 | ▼ −39.66% | ▼ −44.04% | $22.58 (−50.75%) |
May 12, 2026 24w ago | Press Release | $45.84 $27.66 | ▼ −39.66% | ▼ −44.04% | $22.58 (−50.75%) |
May 4, 2026 25w ago | Press Release | $42.51 $23.86 | ▼ −43.87% | ▼ −45.73% | $22.58 (−46.89%) |
US Market Status
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