Financial Performance - The company reported a total revenue of $28.48 billion for the fiscal year 2025, representing a year-over-year growth of 20.31%. The fourth quarter revenue was $7.84 billion, with a year-over-year increase of 19.66%. This growth was primarily driven by the expanding demand in power infrastructure and underground utility services [1][2] - The net income for the fiscal year was $1.03 billion, reflecting a year-over-year increase of 13.66%, with a net profit margin of 3.61%. In the fourth quarter, the net income was $315 million, with a sequential increase in net profit margin to 4.02%, indicating improved operational efficiency [1] - The operating cash flow for the year was $2.23 billion, and free cash flow was $1.62 billion, supporting the company's capital expenditure and dividend payment capabilities [1] Business Segments - The power infrastructure segment dominated the revenue, accounting for 80.76% ($23.00 billion) of total revenue, driven by North American grid upgrades, renewable energy projects, and AI data center power demand [2] - The underground utility segment contributed 19.24% ($5.48 billion) of total revenue, covering areas such as communications and pipelines, which are related to 5G deployment and energy pipeline investments [2] Company Fundamentals - The asset turnover ratio improved to 1.31 times, while the debt ratio remained stable at 63.78%. Although there was a slight increase due to expansion, the current ratio of 1.14 indicates sufficient short-term debt repayment capability [3] Institutional Sentiment - As of February 2026, 61% of 33 rating agencies provided a "buy" recommendation, reflecting market recognition of the company's leading position and growth prospects in the infrastructure sector [4]