Primoris Services Business Summary

Primoris Services Corporation (PRIM) is a leading specialty contractor providing critical infrastructure services across the United States and Canada. The company generates revenue primarily through a mix of fixed-price and cost-plus construction contracts, as well as recurring revenue from master service agreements (MSAs) and long-term maintenance contracts. Its operations are organized into two primary segments: Utilities, which focuses on the installation and maintenance of natural gas, electric, and communication distribution systems; and Energy, which provides engineering, procurement, and construction (EPC) services for renewables, pipelines, and industrial facilities. As of early 2026, Primoris maintains a record backlog of approximately $11.9 billion, positioning itself as a dominant mid-to-large-cap player in the infrastructure space. Its primary direct competitors include Quanta Services (PWR), MasTec (MTZ), MYR Group (MYRG), and Sterling Infrastructure (STRL), against whom Primoris competes by leveraging its specialized expertise in utility modernization and renewable energy balance-of-plant work. The company’s leadership is currently headed by President and CEO Koti Vadlamudi, a seasoned industry veteran who joined in November 2025 following a 30-year tenure at Jacobs, where he served as Executive Vice President of Operations. He is supported by Executive Vice President and CFO Kenneth M. Dodgen and Chief Operating Officer Jeremy Kinch, who previously led the company’s Energy segment. David L. King, the former CEO and a key figure in the company’s expansion, serves as Chairman of the Board. The board also features notable independent directors such as Lead Independent Director Terry D. McCallister (former Chairman/CEO of WGL Holdings) and Patricia K. Wagner (former Group President at Sempra Energy). Originally founded as ARB, Inc. in 1960 and reorganized as Primoris in 2004, the firm has evolved through strategic acquisitions and organic growth into a diversified infrastructure powerhouse with high institutional ownership exceeding 95%.