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Shimmick Corporation
(NASDAQ:SHIM)
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Rating:49Neutral
Price Target:
$3.00
▼(-24.81% Downside)
Action:Reiterated
Date:10/09/26
The score is held down primarily by weak financial performance (negative equity, ongoing losses, and significant cash burn) and bearish technicals (price below key moving averages with negative MACD). Offsetting these risks, the latest earnings call showed improving fundamentals and visibility via higher-quality backlog near $1B, better margins, positive adjusted EBITDA, and improved full-year guidance; the recent financing event provides incremental liquidity support but does not fully resolve underlying cash-flow pressure.
Positive Factors
Backlog Growth
A near-record backlog and sustained award activity improve revenue visibility beyond the current quarter. The fourth consecutive positive book-to-burn result suggests demand is replenishing completed work, supporting future scale and a stronger platform for margin improvement.
Negative Factors
Persistent Cash Burn
Materially negative operating and free cash flow show that reported project activity is not yet translating into cash generation. Continued consumption increases reliance on financing and leaves less flexibility to absorb project volatility, fund operations, or support growth internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog Growth
A near-record backlog and sustained award activity improve revenue visibility beyond the current quarter. The fourth consecutive positive book-to-burn result suggests demand is replenishing completed work, supporting future scale and a stronger platform for margin improvement.
Read all positive factors
Shimmick Corporation (SHIM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$116.98M
Dividend YieldN/A
Average Volume (3M)135.79K
Price to Earnings (P/E)―
Beta (1Y)2.69
Revenue Growth-15.98%
EPS Growth73.32%
CountryUS
Employees971
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-0.46
Shares Outstanding41,335,823
10 Day Avg. Volume100,001
30 Day Avg. Volume135,792
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)-1.86
Price to Sales (P/S)0.21
P/FCF Ratio-1.48
Enterprise Value/Market Cap1.92
Enterprise Value/Revenue0.51
Enterprise Value/Gross Profit5.10
Enterprise Value/Ebitda55.27
Forecast
1Y Price Target
$7.00Price Target Upside75.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.05
Revenue Forecast (FY)$520.05M
Shimmick Corporation Business Overview & Revenue Model
Company Description
Shimmick Corp. is engaged in delivering infrastructure solutions that help critical markets across water, energy, climate resiliency, and sustainable transportation. It is involved in completing complex water and other critical infrastructure proj...
How the Company Makes Money
Shimmick primarily makes money by performing contracted construction and infrastructure services on a project-by-project basis. Revenue is generated when the company enters into construction contracts (commonly for public agencies and other infras...
Shimmick Corporation Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful progress: stronger backlog (near $1 billion), materially improved gross margins (12% vs 6% prior year), positive adjusted EBITDA, and multiple sizeable new awards that should drive revenue and margin expansion as projects ramp. Offsetting items include a year-over-year revenue decline in the quarter, remaining (but shrinking) legacy project impacts, some longer-than-expected project start-up delays and modest near-term liquidity. On balance, operational improvements, improved profitability metrics, and a strengthened, higher-quality backlog outweigh the near-term revenue and legacy cash-flow headwinds.Positive Updates
Backlog Growth to Near $1 Billion
Total backlog rose to $991 million at quarter end (highest level since Q1 2024). The company also booked $138 million of new awards in Q2 and reported $221 million of additional awards subsequent to quarter-end, with management noting more than $265 million of new awards announced across water, industrial and energy/infrastructure.
Negative Updates
Year-Over-Year Revenue Decline
Consolidated revenue declined to $107 million in Q2 2026 from $128 million in Q2 2025, a decrease of approximately 16.4% year-over-year. Shimmick project revenue was $96 million versus $113 million in prior-year quarter (down ~15.0%), driven by projects reaching or nearing completion and wind-down of lower-margin work.
Read all updates
Q2-2026 Updates
Positive
Negative
Backlog Growth to Near $1 Billion
Total backlog rose to $991 million at quarter end (highest level since Q1 2024). The company also booked $138 million of new awards in Q2 and reported $221 million of additional awards subsequent to quarter-end, with management noting more than $265 million of new awards announced across water, industrial and energy/infrastructure.
Read all positive updates
Company Guidance
Management updated full-year 2026 revenue guidance to approximately $525 million–$575 million (midpoint ≈ 12% y/y growth) and reaffirmed adjusted EBITDA guidance of $15 million–$30 million (midpoint ≈ 350% y/y growth); Q2 results showed consolidated revenue of $107 million (Shimmick project revenue $96M, noncore $11M), gross margin expanded to 12% (consolidated gross margin $12M; project gross margin $11M; noncore gross margin $2M), adjusted EBITDA of $4M (versus -$0.234M a year ago) and net loss of $5M (improved from $9M); backlog rose to $991M (highest since Q1 2024) after $138M of new awards in Q2 and a book‑to‑burn of 1.4x (fourth consecutive positive), with ~$221M of awards pending and management announcing >$265M of additional post‑quarter awards (combined pipeline >$1.2B); less than 10% of the backlog booked over the past 12 months has been converted to revenue to date, noncore backlog is now <3% of total, liquidity was $33M ($17M cash, $16M available credit), and management expects typical project start‑ups of 3–4 months (some up to 6–7 months) with subsequent margin expansion as projects ramp.Shimmick Corporation Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
20
Very Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Jan 2026 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 436.98M | 492.84M | 480.24M | 632.81M | 664.16M | 572.67M |
| Gross Profit | 44.12M | 33.59M | -55.65M | 22.37M | 23.52M | -132.80M |
| EBITDA | 4.07M | -5.77M | -105.15M | 17.12M | -23.58M | -198.03M |
| Net Income | -16.65M | -25.58M | -124.75M | -2.55M | 3.76M | 45.40M |
Balance Sheet | ||||||
| Total Assets | 224.94M | 218.76M | 233.86M | 426.65M | 426.65M | 492.00M |
| Cash, Cash Equivalents and Short-Term Investments | 18.09M | 19.97M | 33.73M | 62.94M | 63.91M | 73.18M |
| Total Debt | 88.97M | 76.37M | 25.46M | 44.67M | 53.24M | 11.90M |
| Total Liabilities | 275.26M | 275.40M | 268.54M | 356.16M | 356.16M | 444.98M |
| Stockholders Equity | -50.32M | -56.64M | -34.52M | 71.24M | 71.24M | 46.59M |
Cash Flow | ||||||
| Free Cash Flow | -53.88M | -71.48M | -31.74M | -95.14M | -13.53M | -56.91M |
| Operating Cash Flow | -47.75M | -65.11M | -21.26M | -88.10M | -3.08M | -53.98M |
| Investing Cash Flow | 771.00K | 1.12M | 15.04M | 22.05M | 4.20M | 136.17M |
| Financing Cash Flow | 42.41M | 50.05M | -21.90M | 47.88M | -931.00K | -294.00K |
Shimmick Corporation Technical Analysis
Negative
3.99
Price Trends
3.55
Negative
3.67
Negative
3.84
Negative
Market Momentum
-0.19
Positive
29.46
Positive
28.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SHIM, the sentiment is Negative. The current price of 3.99 is above the 20-day moving average (MA) of 3.16, above the 50-day MA of 3.55, and above the 200-day MA of 3.84, indicating a bearish trend. The MACD of -0.19 indicates Positive momentum. The RSI at 29.46 is Positive, neither overbought nor oversold. The STOCH value of 28.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SHIM.
Shimmick Corporation Risk Analysis
Shimmick Corporation disclosed 70 risk factors in its most recent earnings report. Shimmick Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Shimmick Corporation Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.14B | 16.97 | 20.92% | ― | 18.09% | 78.28% | |
69 Neutral | $470.17M | 55.01 | 3.58% | 1.39% | 6.91% | 4.11% | |
64 Neutral | $191.82M | 17.07 | 14.64% | 1.36% | 21.21% | 252.85% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | $369.32M | 97.02 | 2.22% | ― | 7.05% | -67.59% | |
49 Neutral | $116.98M | -6.11 | 30.27% | ― | -15.98% | 73.32% | |
46 Neutral | $52.27M | -0.13 | 331.10% | ― | -32.66% | -397.97% |
* Industrials Sector Average
SHIM
Shimmick Corporation
2.59
0.17
6.82%
ESOA
Energy Services of America
10.19
0.33
3.32%
ORN
Orion Group Holdings
9.15
0.53
6.15%
WLDN
Willdan Group
74.13
-21.43
-22.43%
BBCP
Concrete Pumping Holdings
9.44
2.66
39.27%
SLND
Southland Holdings
0.81
-3.71
-82.17%
Shimmick Corporation Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Shimmick Corporation Secures New $14.3 Million Loan Facility
Positive
Oct 8, 2026
On October 2, 2026, Shimmick Corporation, via subsidiary Shimmick Construction Company, Inc., entered a new Loan and Security Agreement with Sixty-First Commercial Finance, LLC, securing up to $14.3 million in borrowing at a 9.31% interest rate, m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.