MYR Group Inc. (MYRG): History, Ownership, Mission, How It Works & Makes Money

MYR Group Inc. (MYRG) is a key player in the US electrical infrastructure buildout, but do you defintely know how this specialty contractor, with a trailing twelve-month revenue of $3.51 Billion as of late 2025, actually converts grid modernization into profit? The company's focus on its two core segments, Transmission & Distribution (T&D) and Commercial & Industrial (C&I), delivered a solid nine-month net income of $81.9 million this year, plus its $2.66 billion backlog shows a healthy pipeline of future work. Given that giants like BlackRock are major shareholders, understanding MYR Group Inc.'s history, mission, and revenue engine is crucial for mapping your own investment strategy in the surging electrification market.

MYR Group Inc. (MYRG) History

You're looking at a company whose roots predate modern electric grids, which is why MYR Group Inc. (MYRG) today is a powerhouse in electrical construction. The company's trajectory isn't a straight line from a single startup but a strategic consolidation of decades-old, best-in-class contractors, positioning them to capitalize on the current massive push for grid modernization and clean energy infrastructure.

Given Company's Founding Timeline

Year established

MYR Group Inc. was formally established in 1995 as a holding company, but its oldest subsidiary, The L.E. Myers Co., was founded in 1891.

Original location

The corporate functions were initially centered near Chicago, Illinois, leveraging the legacy locations of the founding companies. Today, the company is headquartered in Thornton, Colorado.

Founding team members

MYR Group didn't have a single founding team in 1995; it was a unification of established entities. The key predecessor companies and their founders were:

• The L.E. Myers Co. (1891), founded by Lewis Edward Myers, a salesman for Thomas Edison.
• Sturgeon Electric Company, Inc. (1912), founded by David Dwight "D.D." Sturgeon.
• Harlan Electric Company (1940), founded by C. Allen Harlan.

Initial capital/funding

The 1995 formation was a consolidation, combining the assets and operations of the predecessor companies. A significant funding event came later, in 2008, when the company re-entered the public market (NASDAQ: MYRG) through an Initial Public Offering (IPO), raising approximately $75 million to fuel growth and strategic initiatives.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's evolution is a masterclass in strategic aggregation and market timing. The biggest shifts weren't single innovations, but smart financial and operational moves to create a national-scale player.

The first major transformative moment was the 1995 consolidation. By uniting regional powerhouses like L.E. Myers and Sturgeon Electric, MYR Group instantly gained a national footprint and a diversified service offering, which is defintely a huge competitive advantage.

The second was the 2008 IPO, which provided the liquid capital needed to accelerate growth through targeted acquisitions. This funding allowed them to aggressively pursue a strategy of acquiring specialized contractors, like the 2019 purchase of CSI Electrical Contractors, which strengthened their position in the lucrative Commercial & Industrial market.

The most recent and ongoing transformation is the company's performance in the 2025 fiscal year, driven by infrastructure investment and the clean energy transition. This is where the strategy pays off in hard numbers:

• Record Revenue: Q3 2025 revenue hit $950.40 million, a 7.0 percent year-over-year increase, showing robust demand.
• Margin Improvement: The consolidated gross margin for the first half of 2025 rose to 11.6 percent, up from 7.7 percent in the first half of 2024, reflecting better project execution and favorable change orders.
• Future Visibility: The project backlog as of June 30, 2025, stood at a healthy $2.64 billion, signaling sustained demand for their T&D and C&I services well into the future.

This sustained performance, especially the Q2 2025 record net income, shows the company has successfully navigated the shift from being a collection of contractors to a unified, high-margin electrical infrastructure leader. To understand the current strategic focus driving these numbers, you should review the Mission Statement, Vision, & Core Values of MYR Group Inc. (MYRG).

MYR Group Inc. (MYRG) Ownership Structure

MYR Group Inc. (MYRG) is a publicly traded company, listed on the NASDAQ, meaning its ownership is distributed among a diverse group of institutional, retail, and insider stakeholders. This structure ensures broad market governance but means major asset managers like BlackRock and Vanguard Group hold significant sway in strategic decisions.

MYR Group Inc.'s Current Status

As of November 2025, MYR Group Inc. is a Publicly Held company, trading on the NASDAQ under the ticker symbol MYRG. Its market capitalization stands at approximately $3.41 billion as of late October 2025, reflecting its position as a major player in the electrical construction services market, particularly in the Transmission & Distribution (T&D) and Commercial & Industrial (C&I) segments. The company's financial health is strong, with a reported backlog of $2.64 billion as of March 31, 2025, which provides clear visibility into near-term revenue. For a deeper dive into the company's long-term direction, you should review its Mission Statement, Vision, & Core Values of MYR Group Inc. (MYRG).

MYR Group Inc.'s Ownership Breakdown

The company's stock ownership is heavily weighted toward institutional investors, a common pattern for stable, large-cap companies in the infrastructure space. This high institutional ownership-nearly four-fifths of the outstanding shares-suggests a strong belief in the company's long-term growth story, especially in the context of increasing electrification demand. The small insider stake, at just 1.85%, is something to watch; high insider ownership defintely aligns incentives, but this percentage is typical for a large, established public company.

Here's the quick math on institutional power: BlackRock Institutional Trust Company, N.A. alone holds a 13.85% stake, while The Vanguard Group, Inc. holds another 7.87% as of September 30, 2025. These two firms, alongside others, essentially control the majority of the voting power, which is a key factor in board elections and major corporate actions.

MYR Group Inc.'s Leadership

The company is steered by a seasoned leadership team with deep industry experience, a critical factor given the complexity of large-scale electrical infrastructure projects. The current executive committee focuses on operational excellence across its dual segments, T&D and C&I.

• Richard S. Swartz: President and Chief Executive Officer (CEO). He has over 40 years in the electrical construction industry and has been CEO since January 2017.
• Kelly M. Huntington: Senior Vice President and Chief Financial Officer (CFO). Appointed in 2023, she brings two decades of experience in power generation and utilities.
• Brian Stern: Senior Vice President and Chief Operating Officer (COO) of the Transmission and Distribution (T&D) division, appointed in 2024.
• Don Egan: Senior Vice President and COO of the Commercial and Industrial (C&I) division, appointed in 2023. He recently sold 2,900 shares in November 2025 for over $676,000, a routine insider transaction to note.

The board of directors was recently strengthened with the addition of Aurelie H. Richard as a Director, effective August 26, 2025, bringing expertise in strategy, finance, and human development from the energy management sector. This move signals a focus on both strategic growth and leadership development.

MYR Group Inc. (MYRG) Mission and Values

MYR Group Inc.'s core purpose extends beyond its impressive TTM revenue of roughly $3.51 billion as of September 2025; it's about safely building the essential electrical infrastructure that powers the future. Their mission and values are the cultural DNA, focusing on people, safety, and a long-term commitment to the clean energy transition.

MYR Group Inc.'s Core Purpose

You're looking for the 'why' behind the numbers, and for a specialty contractor, that 'why' has to start with getting the job done right and safely. The company's framework is built on seven core values that guide their over 8,500 employees, which is defintely a lot of people to keep aligned.

Official mission statement

The mission is a clear statement of how they operate, focusing on the quality of service, the environment they create, and the relationships they build. It's concise, but it covers all the bases: safety, sustainability, and inclusion.

• To provide superior specialty contracting services by creating mutually rewarding relationships in a safe, sustainable, inclusive, and inspiring environment.

Vision statement

A vision statement should be aspirational, and MYR Group Inc.'s is simple and powerful. It connects their work-building power lines and substations-to the human impact.

• Creating connections that empower people.

This vision is why their Commercial & Industrial segment saw quarterly revenues of $371.9 million in Q1 2025; they are literally connecting the power to data centers, hospitals, and manufacturing plants. Mission Statement, Vision, & Core Values of MYR Group Inc. (MYRG).

MYR Group Inc. Core Values

Their values are the non-negotiables, the principles that ensure they stay on track even when project backlogs hit $2.64 billion, as they did at the end of Q1 2025. Honesty, speed, and safety are the pillars.

• Safety: They call it 'Safety is Life,' which is a perfect one-liner for a construction company.
• Integrity: Building trust with clients like electric utilities.
• Creativity: Finding innovative solutions for complex electrical infrastructure.
• Responsiveness: Providing timely solutions, especially during crisis restoration.
• Teamwork: Combining skills across their many subsidiaries.
• Respect: Ensuring a positive and inclusive work environment.
• Initiative: Driving continuous improvement in practices.

MYR Group Inc. slogan/tagline

While they don't use a catchy, single-word slogan, their most prominent descriptive phrase highlights their role in the biggest energy shift happening right now. It's a statement of capability and market positioning.

• YOUR Clean Energy Transformation Partner.

MYR Group Inc. (MYRG) How It Works

MYR Group Inc. operates as a holding company for a network of specialty electrical contractors, essentially acting as a critical infrastructure partner that designs, builds, and maintains the power grid and large-scale commercial facilities across the United States and Canada. They make money by executing complex, high-value electrical construction projects, capitalizing on the massive, ongoing investment in Breaking Down MYR Group Inc. (MYRG) Financial Health: Key Insights for Investors, grid modernization, and the boom in data center construction.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The operational framework is built on a decentralized model, using a network of subsidiaries like CSI Electrical Contractors and Great Southwestern Construction, which allows them to maintain local expertise while leveraging the financial and resource strength of the parent company. This structure lets them bid and execute projects across a wide geographic footprint, defintely a smart move for a contractor.

• Project Sourcing: They secure work through a mix of fixed-price contracts and long-term Master Service Agreements (MSAs) with utility customers; MSAs represented approximately 60% of T&D revenue in the second quarter of 2025.
• Value Creation: Value is created by combining specialized electrical engineering and construction expertise with efficient project execution, driving higher gross margins-which hit 11.5% in Q2 2025, up significantly from the prior year.
• Resource Deployment: They maintain a large fleet of specialized equipment and a skilled union and non-union labor force, allowing them to mobilize quickly for emergency restoration services, such as after a hurricane or wildfire.

Given Company's Strategic Advantages

MYR Group Inc.'s market success stems from being perfectly positioned to capture the massive capital expenditure cycle in US electrical infrastructure, plus their proven ability to handle complex, large-scale projects. Honestly, their backlog is the clearest indicator of future revenue.

• Massive Backlog: The total backlog stood at a robust $2.66 billion as of September 30, 2025, signaling strong revenue visibility well into the future.
• High-Growth Market Exposure: They are a direct beneficiary of the AI-driven data center boom and the energy transition, with their C&I segment specifically targeting these high-margin, complex projects.
• Financial Strength: A strong balance sheet, evidenced by a low funded debt to EBITDA leverage ratio of 0.68 times as of March 31, 2025, gives them the flexibility to fund organic growth and pursue strategic acquisitions.
• Diversified Business Mix: Operating across both the regulated utility (T&D) and the commercial construction (C&I) markets provides a defense against cyclical downturns in any single sector. For the last twelve months ending June 30, 2025, the company achieved total revenue of $3.45 billion.

MYR Group Inc. (MYRG) How It Makes Money

MYR Group Inc. (MYRG) generates its revenue by providing specialized electrical construction and infrastructure services across the United States and Canada, essentially building and maintaining the power grid and the complex electrical systems for large commercial and industrial facilities.

The company operates as a holding entity for a network of specialty contractors, securing income through diverse project contracts-from multi-year utility master service agreements (MSAs) to large, fixed-price contracts for data centers. This model allows them to capture revenue from both the stable, recurring maintenance work on the electric grid and the high-growth, project-based work driven by electrification and data infrastructure demand.

MYR Group Inc.'s Revenue Breakdown

Looking at the first nine months of the 2025 fiscal year, MYR Group Inc. reported consolidated revenues of approximately $2.68 billion. The business is clearly segmented into two primary, high-demand areas. Here's the quick math on where that money came from:

The T&D segment, which focuses on electric transmission lines, distribution networks, and substations, accounted for roughly $1.47 billion in revenue for the first nine months of 2025. This segment is the backbone of the business, driven by the critical need for grid modernization and resiliency. The C&I segment, which includes complex electrical installations for data centers, hospitals, and manufacturing, brought in approximately $1.21 billion. Both segments saw revenue increase year-over-year in the first nine months of 2025, with C&I showing particularly strong growth of over $110 million.

Business Economics

MYR Group Inc. is a classic low-margin, high-capital turnover business. That means they don't make a huge profit on every dollar of sales, but they cycle their invested capital quickly to generate a high return over time.

• Pricing Strategy: The company uses a mix of contract types, including fixed-price, time-and-materials, cost-plus, and unit-price agreements. Fixed-price contracts often carry higher risk but offer the potential for greater profit if the project is executed efficiently, which is a core competitive advantage for MYR Group Inc.
• Margin Differential: The T&D work, which is often for regulated utilities, generally yields higher operating margins, typically ranging from 6% to 8%. The C&I work, while growing faster due to the data center boom, is more competitive and operates on thinner margins, usually between 2% and 5%. This mix is margin-accretive as the higher-margin T&D work outpaces C&I growth.
• Economic Tailwinds: The business is positioned to capitalize on massive, long-term secular trends: the accelerating pace of electrification, the need for grid resilience against extreme weather, and the explosion in demand for data centers driven by AI. These factors translate into a defintely healthy bidding environment for the company.

The key to their economic value is capital efficiency. They turn invested capital into new revenue very quickly, which is why they generate a robust return on capital despite the construction industry's inherently tight margins. You can learn more about the institutional interest driving their valuation by Exploring MYR Group Inc. (MYRG) Investor Profile: Who's Buying and Why?

MYR Group Inc.'s Financial Performance

The company's performance through the first nine months of 2025 shows a clear improvement in profitability and a strong pipeline of future work. The focus on execution has translated directly into better margins.

• Backlog: As of September 30, 2025, the total project backlog stood at $2.66 billion. This figure provides excellent revenue visibility, with the C&I segment holding the larger portion at $1.73 billion, driven by large-scale projects like data centers.
• Gross Margin: Consolidated gross margin for the first nine months of 2025 increased significantly to 11.6%. This is up from 8.1% in the same period of 2024, a notable jump that reflects better operational efficiency and favorable contract execution.
• Profitability Metrics: Net income for the first nine months of 2025 surged to $81.9 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA), a key measure of operational cash flow, reached $168.5 million in the same period.
• Balance Sheet Health: The balance sheet remains strong, with a low debt-to-equity ratio of just 0.14. This financial strength gives the company the flexibility to pursue strategic acquisitions or invest in the necessary heavy equipment to take on larger projects.

MYR Group Inc. (MYRG) Market Position & Future Outlook

MYR Group Inc. is positioned as a critical specialty contractor in the multi-year upcycle for U.S. electrical infrastructure, with its future trajectory tied directly to the massive build-out of data centers and the ongoing grid modernization efforts. The company's strong backlog of $2.64 billion as of June 30, 2025, provides clear revenue visibility, but investors must watch for margin pressure in its core segments.

You're seeing strong demand in the market, so MYR Group is focused on disciplined execution to convert that demand into profit, especially given the competition. The company's strategic focus is on high-growth, high-margin projects, moving away from lower-margin clean energy work that has historically caused volatility.

Competitive Landscape

In the electrical construction space, MYR Group is a significant player, but it operates in a highly fragmented industry dominated by a few giants. To be fair, most of the industry's estimated $312.2 billion in 2025 revenue is spread across thousands of regional contractors, but the largest firms capture the biggest, most complex utility projects.

Here's the quick math on how MYR Group stacks up against its largest publicly traded peers, based on their 2025 revenue guidance relative to the overall U.S. electrical services market. We are talking about a competitive set that includes multi-segment infrastructure conglomerates.

Opportunities & Challenges

The market tailwinds are defintely strong, driven by federal infrastructure spending and the energy transition, but MYR Group must manage rising input costs and project execution risks. The opportunity in data center construction alone is massive, demanding new power delivery and high-capacity infrastructure that plays directly into their core strengths.

Industry Position

MYR Group is a top-tier specialty contractor, primarily focused on the utility and heavy industrial sectors, which gives it a defensive position against residential construction cycles. They are one of the go-to firms for high-voltage transmission and distribution work, a segment that is seeing structural, multi-year growth.

• Dominant in the T&D segment, which generated $1.90 billion in revenue for the twelve months ended June 30, 2025.
• Strong focus on the higher-margin Commercial and Industrial (C&I) segment, which had a $1.72 billion backlog as of mid-2025, driven by data centers and healthcare.
• Operational excellence is key: The company's gross margin climbed to 11.5% in Q2 2025, up from 4.9% in Q2 2024, showing a significant turnaround in execution.
• The company's strategy is to grow its core business while being selective on clean energy projects, especially solar, which have historically dragged down margins. You can read more about their long-term vision in their Mission Statement, Vision, & Core Values of MYR Group Inc. (MYRG).

What this estimate hides is the market's fragmentation; while MYR Group's 1.1% market share seems small, it represents a significant portion of the specialized high-voltage and large-scale C&I work, not the entire local electrician market. Finance: monitor T&D and C&I segment margins closely for Q4 2025 to see if the lowered guidance holds or if execution can push margins higher.