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    New Army Corps Contract Could Be A Game Changer For Tutor Perini’s Backlog Story (TPC)

    Simply Wall St·12/14/2025 12:17:44
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    • Tutor Perini Corporation, through its subsidiary Perini Management Services, was awarded a US$35.8 million U.S. Army Corps of Engineers contract to build a 56,000-square-foot Tool and Die Facility at the Iowa Army Ammunition Plant, with work that began in November 2025 and substantial completion targeted for June 2027 now included in its backlog.
    • This win expands Tutor Perini’s federal defense footprint while adding environmentally focused, LEED Silver–targeted work that complements its broader civil and infrastructure portfolio.
    • We’ll now explore how this new US$35.8 million Army Corps contract influences Tutor Perini’s backlog-led investment narrative and risk profile.

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    Tutor Perini Investment Narrative Recap

    To own Tutor Perini, you need to believe that its record US$21.1 billion backlog will convert into steadier earnings while legacy project and litigation issues remain contained. The new US$35.8 million Army Corps contract modestly reinforces the backlog-led story and federal work mix, but it is not large enough on its own to change the near term earnings trajectory or overshadow the key risk around execution on major projects and fixed price work.

    The recent decision to initiate a quarterly dividend of US$0.06 per share and authorize up to US$200 million in buybacks is more directly relevant for near term catalysts, as it signals a shift toward returning cash to shareholders after a period of uneven profitability. Against that backdrop, incremental defense and infrastructure awards like the Iowa Army Ammunition Plant facility help support the case that a healthier backlog can underpin future cash generation to sustain these capital return plans.

    Yet while the backlog is growing and capital returns are starting, investors still need to be aware of the ongoing risk that large, complex contracts...

    Read the full narrative on Tutor Perini (it's free!)

    Tutor Perini's narrative projects $7.1 billion revenue and $515.9 million earnings by 2028.

    Uncover how Tutor Perini's forecasts yield a $89.00 fair value, a 32% upside to its current price.

    Exploring Other Perspectives

    TPC 1-Year Stock Price Chart
    TPC 1-Year Stock Price Chart

    Four fair value estimates from the Simply Wall St Community span about US$67 to US$89 per share, showing how widely opinions can differ. You can set those views against the backlog driven thesis and the lingering execution and litigation risks that could still influence how much of that backlog turns into durable earnings.

    Explore 4 other fair value estimates on Tutor Perini - why the stock might be worth as much as 32% more than the current price!

    Build Your Own Tutor Perini Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.