Quanta Services (PWR) rallies 65.9% as backlog and earnings growth support valuation

Quanta Services shares have climbed 65.9% over the six months through May 13, 2026, reaching $744.79, after stronger quarterly results and continued demand for infrastructure services. The company reported a backlog of $48.5 billion in its latest quarter. Backlog growth averaged 21.2% year over year over the past two years, signaling a large pipeline of contracted work and improved revenue visibility. Wall Street analysts expect Quanta’s revenue to rise 19.4% over the next 12 months, near its 22% annualized growth rate over the past five years. Earnings per share increased at a 22.7% annual rate over the same period. After the rally, the stock trades at about 52 times forward earnings.