Warren Paving
10-K - Feb 13, 2026
On August 5, 2025, we completed the acquisition of Warren Paving for $540.0 million in cash, subject to customary closing adjustments. We purchased all of the outstanding equity interests in Warren...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Granite Construction Inc.
GVAActiveCIK 861459 · Environmental Engineering & Consulting
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, GVA filings, SEC EDGAR
$6,207
Market cap ($MM)
$7,305
Enterprise value ($MM)
$4,637
Revenue · LTM ($MM)
$482
EBITDA · LTM ($MM)
10%
EBITDA margin
1.6x
EV / revenue
15.2x
EV / EBITDA
2.0x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01GVA is a scaled public consolidator in Env Engineering, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is TTEK, ACM, PWR, J, KBR, EME.
Balance sheet & capacity
Indicative capacity read: 2.0x net debt / EBITDA with EBITDA of $482MM.
$266
Cash & equiv. ($MM)
$1,241
Total debt ($MM)
$975
Net debt ($MM)
2.0x
Net debt / EBITDA
Valuation
Where it trades against its peer set
GVA versus the scaled public Environmental Engineering & Consulting comparables.
Indexed share-price performance
GVA versus available Environmental Engineering & Consulting peers and SPY.
+231%
GVA
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Granite Construction Inc. | GVA | $4,637 | $482 | 10% | $6,207 | $7,305 | 1.6x | 15.2x | 2.0x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
GVA's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
48
Active years
6
Named deals
10
Avg / active year
8.0
Acq. cash outflow ($MM)
N/A
Banker read
- 01GVA reads as a programmatic acquirer: 48 disclosed acquisitions across 6 active years, or 8.0 per active year. The chart shows activity in 6 of the last 8 visible years.
- 02In the last three years, the file shows 7 acquisitions versus 3 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $1.1B of disclosed spend is concentrated in lumpy years, with FY25 the largest year at $778MM. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
GVA count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
7 / 3
Last three years is up 133% vs prior three.
Peak count year
FY23
3 disclosed acquisitions in the peak visible year.
Recent spend
$912MM
is up 538% vs prior three; peak FY25 at $778MM.
Named evidence
10 rows
21% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Aug 5, 2025 | Warren Paving | Environmental engineering, consulting, and infrastructure services | $540 | On August 5, 2025, we completed the acquisition of Warren Paving for $540.0 million in cash, subject to customary closing adjustments. We purchased all of the outstanding equity... | 10-K† |
| Jun 14, 2018 | Layne | Environmental engineering, consulting, and infrastructure services | $350 | On June 14, 2018 (“acquisition date”), we completed the acquisition of Layne for $349.8 million in a stock-for-stock merger. We paid $321.0 million of the purchase price with 5.... | 10-K† |
| Nov 30, 2023 | LRC/MSG | Environmental engineering, consulting, and infrastructure services | $278 | On November 30, 2023, we completed the acquisition of LRC/MSG for $278.0 million, subject to customary closing adjustments, plus an estimated amount related to tax make-whole ag... | 10-K† |
| Aug 5, 2025 | Papich Construction | Environmental engineering, consulting, and infrastructure services | $170 | On August 5, 2025, we completed the acquisition of Papich Construction for $170.0 million in cash, subject to customary closing adjustments. We purchased all of the issued and o... | 10-K† |
| Aug 9, 2024 | Dickerson & Bowen, Inc. | Environmental engineering, consulting, and infrastructure services | $126 | On August 9, 2024, we completed the acquisition of Dickerson & Bowen, Inc. (“D&B”) for $125.5 million in cash, subject to customary closing adjustments. D&B is an aggregates, as... | 10-K† |
| Oct 3, 2025 | Cinderlite Trucking Corporation | Environmental engineering, consulting, and infrastructure services | $59 | On October 3, 2025, we completed the acquisition of Cinderlite, for $58.5 million in cash, subject to customary closing adjustments. We purchased all of the outstanding equity i... | 10-K† |
| Aug 5, 2025 | Warren Paving | Environmental engineering, consulting, and infrastructure services | $549 | As described in Note 2 to the consolidated financial statements, on August 5, 2025, the Company completed the acquisition of Warren Paving. The Company allocated the preliminary... | 10-K† |
| Jun 14, 2018 | Layne | Environmental engineering, consulting, and infrastructure services | $350 | On June 14, 2018 (“acquisition date”), we completed the acquisition of Layne for $349.8 million in a stock-for-stock merger. We paid $321.0 million of the purchase price with 5.... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 5 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
22
Named deal filings
5
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 13, 2026 | Annual M&A 10-K | quarantined (2 issue) | 3 | $769MM | $769MM | SEC filing |
| FY2024 | Feb 14, 2025 | Annual M&A 10-K | accepted | 1 | $134MM | $417MM | SEC filing |
| FY2023 | Feb 23, 2024 | Annual M&A 10-K | accepted | 2 | N/A | $304MM | SEC filing |
| FY2022 | Feb 21, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Feb 28, 2022 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2020 | Mar 30, 2021 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 0 | N/A | N/A | SEC filing |
| FY2020 | Feb 22, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2018 | Feb 22, 2019 | Annual M&A 10-K | accepted | 2 | $55.0MM | $386MM | SEC filing |
| FY2017 | Feb 16, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Feb 17, 2017 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2015 | Feb 25, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Feb 27, 2015 | Annual M&A 10-K | quarantined (2 issue) | 1 | N/A | $141MM | SEC filing |
| FY2013 | Mar 3, 2014 | Annual M&A 10-K | accepted | 1 | $8.4MM | $141MM | SEC filing |
| FY2012 | Mar 1, 2013 | Annual M&A 10-K | accepted | 1 | $79.6MM | $142MM | SEC filing |
| FY2011 | Feb 23, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Feb 24, 2011 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2009 | Feb 26, 2010 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Feb 27, 2009 | Annual M&A 10-K | accepted | 1 | $14.0MM | $14.0MM | SEC filing |
| FY2007 | Feb 26, 2008 | Annual M&A 10-K | accepted | 2 | $76.4MM | $76.4MM | SEC filing |
| FY2006 | Feb 27, 2007 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Mar 4, 2005 | Annual M&A 10-K | warning (1 warn) | 1 | $9.2MM | N/A | SEC filing |
| FY2003 | Mar 15, 2004 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.5 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 13, 2026 | 10-K | Warren Paving; Papich Construction; Dickerson & Bowen, Inc.; Cinderlite Trucking Corporation | Annual M&ANamed deals | SEC filing |
| Feb 14, 2025 | 10-K | LRC/MSG | Annual M&ANamed deals | SEC filing |
| Feb 23, 2024 | 10-K | Lehman-Roberts Company and Memphis Stone and Gravel Company | Annual M&ANamed deals | SEC filing |
| Mar 30, 2021 | 10-K | Layne; Layne Christensen Company | Annual M&ANamed deals | SEC filing |
| Feb 22, 2019 | 10-K | Layne | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Layne
10-K - Feb 22, 2019
On June 14, 2018 (“acquisition date”), we completed the acquisition of Layne for $349.8 million in a stock-for-stock merger. We paid $321.0 million of the purchase price with 5.6 million shares of ...
LRC/MSG
10-K - Feb 14, 2025
On November 30, 2023, we completed the acquisition of LRC/MSG for $278.0 million, subject to customary closing adjustments, plus an estimated amount related to tax make-whole agreements with the se...
Papich Construction
10-K - Feb 13, 2026
On August 5, 2025, we completed the acquisition of Papich Construction for $170.0 million in cash, subject to customary closing adjustments. We purchased all of the issued and outstanding common st...
Dickerson & Bowen, Inc.
10-K - Feb 13, 2026
On August 9, 2024, we completed the acquisition of Dickerson & Bowen, Inc. (“D&B”) for $125.5 million in cash, subject to customary closing adjustments. D&B is an aggregates, asphalt and highway co...
Cinderlite Trucking Corporation
10-K - Feb 13, 2026
On October 3, 2025, we completed the acquisition of Cinderlite, for $58.5 million in cash, subject to customary closing adjustments. We purchased all of the outstanding equity interest of Cinderlit...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.