Sterling Infrastructure: Record Backlog And Secular Drivers Support Further Upside

2025-12-10 12:47:31 ET

Investment Thesis

Sterling Infrastructure, Inc. ( STRL ) is poised to benefit from its strong backlog and exposure to structural demand drivers, including data center build-outs and reshoring of manufacturing. The company’s E-Infrastructure segment continues to benefit from increased hyperscale investments and a growing pipeline of semiconductor and e-commerce projects. Federal stimulus, like IIJA funding, supports revenue growth in its Transportation Solutions segment, while the Building Solutions segment’s revenue growth should also turn positive with interest rate cycle reversal. Further, the recently acquired CEC Facilities enhances STRL's ability in the high-margin electrical and mechanical services business and presents a good cross-sell opportunity....

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