Centuri Holdings, Inc.
Centuri Holdings, Inc. is a North American utility and energy infrastructure services company that works alongside regulated electric and gas utilities to maintain, upgrade, and expand distribution and transmission networks. The business was separated from Southwest Gas Holdings and began trading on the NYSE in 2024, but its operating history dates back more than a century through its predecessor businesses. Centuri’s work is centered on replacing, repairing, retrofitting, and installing utility infrastructure that supports safe and reliable energy delivery to homes and businesses. It also serves adjacent growth areas such as renewable-energy-related projects, data centers, distributed power, and 5G datacom. The company’s revenue base is concentrated in investment-grade utility customers, making it closely tied to utility capital spending and regulatory-driven infrastructure programs.
Fiscal year 2025 · change from previous year
Development 2023–2025
Business
Share of revenueMaintenance, replacement, repair, and installation work for local natural gas distribution utilities and related infrastructure.
Modernization, installation, and retrofitting services for electric distribution and utility-scale transmission networks.
Utility infrastructure services delivered in Canada, including expanded capabilities following the Connect acquisition.
Electric utility work performed through non-union crews for customers and projects requiring that labor model.
Complementary work in water, fiber, distributed power, data centers, and 5G datacom.
Products
Reported · share of revenue- Master Services Agreement78.0 %
- Bid Contract22.0 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Centuri sells primarily to regulated utilities, especially investment-grade electric, gas, and combination utility providers that outsource infrastructure work to specialized contractors. Its customer base includes large North American utilities such as American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy, and Southern Company. The company also serves end markets tied to energy transition and digital infrastructure, including renewable-energy-associated projects, distributed power, data centers, and 5G datacom. These customers buy Centuri’s services because they need recurring field execution capacity, technical expertise, and rapid response for network modernization, storm restoration, and capacity expansion. The top 20 customers represented a majority of revenue, so customer concentration and utility capital budgets are central to the business model.
Buy installation, maintenance, and upgrade services for electric distribution and transmission networks to improve reliability and expand capacity.
Buy replacement, repair, and installation services for gas distribution systems and related underground infrastructure.
Buy both gas and electric infrastructure services from a single contractor to simplify execution and vendor management.
Buy infrastructure support for data centers, distributed power, renewable-energy-related projects, and 5G datacom.
Strategy
Centuri’s strategy is to remain the outsourced field-execution partner for regulated utilities that need recurring capacity to modernize aging electric and gas networks. The company is emphasizing long-term customer relationships, scale, and a broad service mix so it can win work across maintenance, replacement, transmission, and installation programs. It is also extending into adjacent growth areas such as data centers, distributed power, renewable-energy-related work, and 5G datacom, which can diversify demand beyond traditional utility capex. Management highlights the value of a large footprint and rapid response capability, especially as utilities reduce internal workforces and rely more heavily on specialized contractors. The business is also positioned to benefit from grid investment tied to higher power demand, electrification, AI, and extreme-weather restoration needs.
Recurring replacement and upgrade programs provide more predictable demand than one-off projects and fit the company’s utility-focused model.
Data centers, distributed power, renewable-energy-related projects, and 5G datacom can diversify revenue and reduce dependence on traditional utility capex cycles.
Utilities increasingly outsource field work to specialized contractors, and Centuri’s footprint and labor model are intended to capture that shift.
Geography
Q1/2026Centuri primarily operates in the United States, where most of its utility infrastructure work is performed. It also has operations in Canada, which expose the company to Canadian-dollar translation effects and some foreign-currency transaction risk. Management disclosed that Canadian operations represented approximately 8% of total revenue for each of fiscal 2025 and fiscal 2024, indicating a modest but meaningful cross-border presence. The business is therefore largely tied to North American utility spending, with geography shaped more by utility service territories than by global expansion. Because the work is local and field-based, operating footprint, labor availability, weather patterns, and utility customer concentration matter more than international scale.
Risks
Centuri’s biggest business risk is customer concentration, because a large share of revenue comes from a relatively small number of investment-grade utilities and long-term master service agreements that can be cancelled or renewed on less favorable terms. Project execution risk is also material: fixed-price and unit-price contracts can lose money if labor, materials, productivity, or timing assumptions prove wrong, and the company notes that quarterly results can vary significantly. Demand is tied to utility budgets and regulatory support, so slower capital spending or adverse regulatory decisions can reduce work awarded. The business is exposed to weather and climate events, which can disrupt operations but also create unpredictable restoration demand and cost volatility. In addition, Canadian operations create foreign-exchange exposure, while competition in a bidding-based market can pressure margins and backlog realization.
- Customer concentrationImpact: HighLikelihood: Medium
A small number of large utility customers account for a major portion of revenue, so losing or reducing work from one customer can materially affect results.
Exposure: Top 20 customers represented 65% of fiscal 2025 revenue.
- Contract execution and pricing riskImpact: HighLikelihood: Medium
Fixed-price and unit-price contracts can become unprofitable if labor, materials, or productivity assumptions are wrong.
Exposure: Utility infrastructure projects and maintenance work
- Competitive bidding pressureImpact: MediumLikelihood: High
The business depends heavily on competitive bidding, which can compress margins and reduce win rates.
Exposure: Utility services market
- Weather and climate disruptionImpact: MediumLikelihood: Medium
Extreme weather can interrupt field operations, damage assets, and create volatile restoration demand and costs.
Exposure: North American operating footprint
- Foreign exchange exposureImpact: MediumLikelihood: Low
Canadian operations expose the company to translation effects from changes in the Canadian dollar.
Exposure: Canada
Accounting
Judgemental itemsUtility infrastructure work can span multiple periods, so estimates of progress and costs affect when revenue and profit are recognized.
Impact: Can materially change quarterly revenue and gross margin.
If actual labor, materials, or productivity differ from estimates, the company may need to record lower margins or losses.
Impact: Directly affects operating income and backlog quality.
Canadian operations are translated into U.S. dollars, so exchange-rate movements affect reported results.
Impact: Can move revenue, assets, and equity without underlying local-currency change.
Sold receivables and related facilities affect cash flow timing and liquidity presentation.
Impact: Important for understanding operating cash conversion and leverage.
Similar listed companies
Publicly listed companies with a comparable business focus.
Dycom Industries, Inc
DY · Water, Sewer, Pipeline, Comm & Power Line Construction
Dycom Industries is a U.S.-based specialty contractor that builds, maintains, and locates telecommunications and utility infrastructure across all 50 states.
Constellation Energy Corp
CEG · Electric Services
Constellation Energy Corp is a U.S.
Ceragon Networks Ltd
CRNT · Radio & Tv Broadcasting & Communications Equipment
The Southern Company
SO · Electric Services
Southern Company is a U.S.
Quanta Services, Inc
PWR · Electrical Work
Quanta Services is a U.S.-based infrastructure contractor that designs, builds, upgrades, and maintains systems for electric power, gas, communications, pipeline, and energy infrastructure.
Transportadora de Gas del Sur SA TGS
TGS · Natural Gas Transmission
GAS TRANSPORTER OF THE SOUTH INC is a natural gas infrastructure company centered on the transportation of gas through a regulated pipeline network and related midstream services.
Last updated: 24/09/2026