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Backlog by Segment
Shows the value of contracted but unfinished work in each business line, indicating which segments provide near-term revenue visibility and which rely more on winning new bids.Utilities backlog has trended steadily higher and now provides a stable, higher‑quality revenue base that supports management’s push toward target margins; Energy backlog is much more volatile—recent renewables execution and timing issues drove a meaningful pullback and pressured margins and cash flow. Management expects Energy bookings and margins to recover in H2 as delayed projects restart, while the Pipeline line’s disappearance looks like a reporting/reclassification change rather than lost opportunity. Watch backlog conversion and renewables execution as the primary near‑term upside risk.
Date | Utilities | Energy | Pipeline |
|---|---|---|---|
Jun 30, 2026 | $2.31B | $3.79B | $0.00 |
Mar 31, 2026 | $2.01B | $3.25B | $0.00 |
Dec 31, 2025 | $2.00B | $3.29B | $0.00 |
Sep 30, 2025 | $2.03B | $2.98B | $0.00 |
Jun 30, 2025 | $1.83B | $3.30B | $0.00 |
Mar 31, 2025 | $1.91B | $3.27B | $0.00 |
Dec 31, 2024 | $1.89B | $3.30B | $0.00 |
Sep 30, 2024 | $1.95B | $3.25B | $0.00 |
Jun 30, 2024 | $1.89B | $2.37B | $0.00 |
Mar 31, 2024 | $1.83B | $2.77B | $0.00 |