Mar. 4 at 7:50 PM
$STRL dropped Q4 and it was a monster. Revenue up 69% ex-RHB, E-Infrastructure now 69% of the business running at 22% margins, and backlog up 78% y/y to
$3B.
Management guided 2026 revenue
$3.05-3.20B with E-Infra growing 40%+. Stock sold off after earnings — valuation optics, GAAP noise from the CEC acquisition, buy-the-rumor crowd taking profits.
None of it changes the thesis.
Hyperscalers are on track to spend
$602B on infrastructure in 2026 alone.
STRL is embedded in that buildout at the ground level — literally.
My original
$455 target was hit last month. Ran the model again with everything I know now. New target:
$600. That's 44% upside from here.
https://www.beatingthetide.com/p/strl-q4-2025-earnings-sterling-infrastructure-analysis
