Centuri: A Utility Contractor Becoming An Integrated Power-Buildout Platform

Centuri Holdings is rated a Buy, with a fair value estimate of $36, reflecting 30% upside potential if the backlog converts to sustained margin improvement.

CTRI leverages recurring utility MSAs, expanding data center work, and the J.J. White acquisition to drive margin expansion and EPS growth above revenue growth through 2029.

Q1 2026 results show accelerating financial improvement: 31% revenue growth, nearly doubled base gross profit, and a 34% increase in adjusted EBITDA.

Valuation is demanding on trailing earnings but reasonable on forward estimates; execution on margin and earnings growth is essential to justify further upside.

I would rate Centuri Holdings, Inc. (CTRI) a “Buy.” A major part of my premise is not merely that utilities will have to spend more money on their grids. Instead, I believe Centuri can combine a