Parsons Corporation (PSN) 株式分析

企業概要

Parsons Corporation is a provider of design, engineering, and technical services alongside smart and agile software solutions, serving primarily the United States federal government and critical infrastructure clients globally. The enterprise operates within the Technology sector, specifically categorized under the Information Technology Services industry, which denotes its focus on delivering specialized digital and technical expertise rather than manufacturing physical goods. The company's scale is substantial, with a market capitalization of $6.21B and a total annual revenue of $6.36B based on trailing twelve-month figures. It employs a workforce of approximately 21,000 individuals to execute these large-scale government and infrastructure projects. These valuation metrics, particularly the $6.21B market cap relative to its $6.36B revenue, indicate a mid-to-large cap entity where the market value is roughly equivalent to its sales, suggesting a company that is priced closely to its fundamental earnings power rather than speculative growth multiples typical of pure software firms.

財務健全性

The company reported a trailing twelve-month revenue of $6.36B, with a corresponding net income of $241.14M and an EBITDA of $530.67M. The significant gap between the $6.36B revenue and the $241.14M net income reveals a cost structure with substantial operating expenses, including cost of goods sold and administrative costs, which reduces the bottom line significantly before interest and taxes. Free cash flow stands at $278.07M, indicating that after capital expenditures, the company generates sufficient cash to fund operations, repay debt, or pursue strategic acquisitions without external financing. The gross margin is 22.5%, reflecting the high labor and service-intensive nature of the business where direct project costs consume a large portion of revenue. The operating margin of 6.8% and profit margin of 3.8% further illustrate the competitive pressures and efficiency challenges inherent in government contracting and infrastructure services. On the balance sheet, the company holds $466.39M in cash against $1.38B in debt, resulting in a debt-to-equity ratio of 49.76%, which suggests a moderately leveraged position rather than a conservative one. The current ratio of 1.75 indicates a healthy short-term liquidity position, as current assets are more than double current liabilities. Return on equity is 11.7% while return on assets is 4.6%, metrics that collectively demonstrate management's effectiveness in generating returns on shareholder capital relative to the total asset base utilized.

バリュエーション評価

The trailing twelve-month P/E ratio is 26.36, whereas the forward P/E ratio is 15.57, implying that the market expects a significant acceleration in earnings growth to justify the current multiple. The difference between the high trailing P/E and the lower forward P/E suggests analysts anticipate substantial improvements in profitability over the coming year. The price-to-book ratio stands at 2.35, indicating that the stock trades at a premium of roughly 135% over its book value, which is common for technology service firms with intangible assets. Alternative valuation metrics such as the price-to-sales ratio of 0.98 and an EV/EBITDA of 13.52 provide context that the company is valued at nearly one dollar of sales per dollar of revenue, with enterprise value being approximately 13.5 times adjusted earnings. The 52-week trading range spans from a low of $49.38 to a high of $89.50, providing a clear band for price volatility analysis. Without a specific current share price provided in the facts, the range defines the historical volatility envelope within which the stock has traded. The beta value of 0.73 indicates that the stock's price volatility is significantly lower than the broader market, making it a less sensitive instrument to general market swings.

Growth & Income

Revenue growth for the trailing twelve months is -7.5%, while earnings growth is 5.1%, indicating that earnings are growing faster than revenue or that revenue has contracted while earnings stabilized. This divergence often points to margin expansion or cost control measures offsetting the decline in top-line sales. The company does not pay dividends, as evidenced by a dividend yield of N/A and a payout ratio of 0.0%. Consequently, the company retains all earnings rather than distributing them, choosing to reinvest capital back into business operations, technology development, or debt reduction. This reinvestment strategy aligns with the service-based business model where capital efficiency is often prioritized over cash distributions. The overall growth and income profile is characterized by a contraction in revenue scale coupled with a decoupling of earnings growth and the absence of a dividend yield, focusing shareholder returns on potential capital appreciation and operational efficiency.