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Value investors looking for construction exposure do not have to choose another general contractor trading at a premium. A broader shortlist includes Granite Construction for civil work and materials, Builders FirstSource and Advanced Drainage Systems for building products, Sterling Infrastructure for e-infrastructure and transportation, and the asset owners Brookfield Infrastructure and Sempra for more recurring, regulated or contracted cash flows.
None should be called definitively cheap without a same-date share price, earnings forecast and balance-sheet analysis. The practical approach is to compare each company’s normalized valuation, leverage, backlog quality, cash-flow conversion, cyclicality and sensitivity to interest rates and public spending.
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Six ways to get construction and infrastructure exposure
The companies below are alternatives to a narrowly defined construction-stock portfolio, but they are not interchangeable. Contractors earn money by bidding and executing projects. Product suppliers depend on construction volumes, pricing and raw materials. Infrastructure owners invest capital in long-lived assets and collect regulated, contracted or usage-based revenue.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →| Candidate | Ticker | Primary exposure | How it diversifies a high-priced construction holding | Main checks |
|---|---|---|---|---|
| Granite Construction | GVA | Civil construction, aggregates and asphalt | Backlog and vertically integrated materials can diversify project mix | Bid discipline, margin conversion, working capital and public funding |
| Builders FirstSource | BLDR | Structural products, components and services | Supplier economics differ from builders and general contractors | Housing starts, mortgage rates, repair-and-remodel demand and debt |
| Advanced Drainage Systems | WMS | Water-management and drainage products | Product exposure reaches infrastructure, residential, non-residential and agriculture | Credit conditions, raw materials, volume and pricing |
| Sterling Infrastructure | STRL | E-infrastructure, transportation and building solutions | Data and electrical infrastructure plus alternative-delivery work broaden the cycle | Customer concentration, project execution, Texas exposure and backlog |
| Brookfield Infrastructure | BIP or BIPC | Utilities, transport, midstream and data infrastructure | Asset ownership can provide recurring cash flow instead of project bidding | Leverage, refinancing costs, foreign exchange and regulation |
| Sempra | SRE | Regulated utilities and energy infrastructure | Utility cash flows and a large modernization program add a regulated element | Rate-base growth, regulation, financing and execution |
Granite Construction: civil contracting with materials integration
Granite is the closest substitute for a traditional construction holding while still offering a second earnings engine. Its civil business works on infrastructure projects, while its materials segment produces aggregates and asphalt. Owning or controlling materials capacity can reduce dependence on buying every input at market prices and gives the company exposure to material demand even when its project mix changes.
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Backlog and near-term visibility
Granite reported a $7.0 billion committed-and-awarded project portfolio at year-end 2025. About $3.0 billion of that portfolio was expected to be completed during 2026, according to Granite Construction’s 2025 Annual Report. A committed-and-awarded portfolio is an indicator of work secured, not a guarantee of revenue or profit: timing, change orders, labor, equipment, costs and customer decisions still determine margin conversion.
Materials growth
Granite’s 2025 materials-segment revenue was $1.177 billion, up from $916 million in 2024. That growth can make the company less dependent on a single large civil contract, but investors should separate revenue growth from returns. Review materials pricing, volumes, reserve life, maintenance capital and cash generated after capital spending.
What to verify before buying
- Whether backlog margins are higher or lower than the margins already reported.
- Whether public-sector awards are converting into profitable revenue rather than merely expanding the backlog headline.
- Accounts receivable, contract assets and liabilities, and operating cash flow relative to reported earnings.
- Bid discipline when competitors chase a limited pool of publicly funded work.
Granite is a useful candidate when you want direct infrastructure execution but prefer a business with materials integration. It is not a low-risk utility: earnings remain exposed to project execution and public spending.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Builders FirstSource: a building-products supplier rather than a builder
Builders FirstSource serves professional customers with structural building products, value-added components and services for new residential construction, as well as repair and remodeling. Its position in the supply chain changes the investment question. Instead of asking whether the company can win a large construction contract, you assess housing activity, component penetration, pricing, manufacturing utilization and the financial health of professional customers.
Why the model can diversify contractors
A supplier can participate in many homebuilding projects without carrying the same direct warranty, labor and fixed-price execution risk as a general contractor. Value-added components can also increase the amount of work performed before products reach a job site. That may support productivity and customer retention, but it requires manufacturing capacity and consistent volumes.
Demand variables
- Housing starts and single-family versus multifamily mix.
- Mortgage rates, which influence affordability and builder order rates.
- Repair-and-remodel activity when new construction slows.
- Lumber and other input prices, which can change reported revenue without the same change in unit demand.
- Customer concentration and credit losses during a housing downturn.
For a value investor, the key is normalized earnings across a housing cycle. A low multiple based on unusually strong construction volumes can be misleading, while a temporarily depressed multiple during a housing slowdown may offer better long-term value if the balance sheet can withstand the trough.
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Advanced Drainage Systems: water-management products across several end markets
Advanced Drainage Systems makes water-management and drainage products used in infrastructure, residential and non-residential construction, and agriculture. Its product exposure can complement a contractor because demand is tied to installation volumes and water-management requirements rather than to the successful completion of one named project.
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What makes ADS different
The company’s end-market spread gives investors several demand drivers, but it does not eliminate cyclicality. Economic strength, residential and non-residential construction, infrastructure funding, credit availability, interest rates, unemployment, lot inventories and raw-material prices can all affect results, as ADS identifies in its annual report.
Operating questions
- Are volume changes driving growth, or is pricing doing most of the work?
- How quickly can higher resin and other raw-material costs be passed through?
- Does new capacity earn an adequate return through a full cycle?
- Are distributors and contractors carrying healthy inventories, or are they destocking?
- How much free cash flow remains after maintenance and growth capital expenditure?
ADS may suit investors who want infrastructure and construction exposure through manufactured products. The valuation should be tested against mid-cycle margins and cash flow, not only the latest quarter’s growth rate.
Sterling Infrastructure: e-infrastructure, transportation and building solutions
Sterling Infrastructure operates in E-Infrastructure, Transportation and Building Solutions. Its e-infrastructure work can include data-related and electrical infrastructure, while transportation has shifted toward alternative delivery, airports, commercial, piling and rail work. This mix gives investors exposure to projects that are not solely dependent on conventional highway construction.
Why the mix matters
Alternative-delivery contracts can change the timing and risk profile of transportation work. E-infrastructure demand may be supported by data and power requirements, while building solutions adds another channel. Diversification by segment is valuable only if the segments earn acceptable returns and do not introduce excessive customer or geographic concentration.
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Key diligence areas
- Customer concentration and the renewal or cancellation terms of major programs.
- Execution on complex electrical, piling and transportation projects.
- Exposure to Texas and whether regional growth assumptions are sustainable.
- Backlog quality, including expected gross margin, start dates and cancellation rights.
- Cash conversion after equipment purchases and working-capital investment.
Sterling can be attractive when you want a growth-oriented infrastructure contractor with more than one end market. A premium valuation requires evidence that backlog converts into durable cash flow rather than merely larger reported revenue.
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Brookfield Infrastructure: owning infrastructure instead of bidding on it
Brookfield Infrastructure owns and operates assets in utilities, transport, midstream and data infrastructure. That asset-owner model can provide more recurring cash flow than project bidding, although it introduces leverage, refinancing, regulatory and foreign-exchange risks.
Distribution and cash-flow lens
Brookfield Infrastructure increased its quarterly distribution by 6% year over year to $0.455 per unit, or $1.82 annualized, beginning in March 2026, according to its first-quarter 2026 results. The distribution figure is not a valuation by itself. Investors should examine funds from operations, payout coverage, asset-level debt, corporate debt, refinancing dates and the portion of cash flow exposed to inflation indexing or volume risk.
Risks unique to an owner
- Higher interest rates can raise refinancing costs and reduce the value of long-duration assets.
- Foreign-exchange movements can reduce reported results for a globally diversified portfolio.
- Regulators may limit allowed returns, tariffs or capital-recovery mechanisms.
- Acquisitions and asset sales can make reported growth look stronger or weaker than organic performance.
Brookfield Infrastructure is a way to shift from construction execution toward infrastructure cash flows. It should be assessed like a leveraged infrastructure platform, not like a pure contractor.
Sempra: regulated utilities and energy-infrastructure investment
Sempra combines regulated utility operations with energy infrastructure. Its 2026 value-creation plan calls for nearly $13 billion of investment to modernize energy infrastructure within its 2025–2029 capital plan. The plan creates a substantial capital-deployment opportunity, but the eventual return depends on regulatory approvals, financing and execution.
Why regulated exposure can help
Utility rate-base growth can make earnings less sensitive to individual construction bids. Approved investment is generally recovered through regulated rates over time, subject to jurisdictional rules and allowed returns. Energy infrastructure outside the regulated businesses may have different commodity, contract and permitting risks.
Checks before treating the plan as value
- Which projects are approved, under construction or still seeking permits.
- The expected timing of rate-base additions and cash earnings.
- Debt issuance, interest expense and credit metrics required to fund the capital plan.
- Regulatory decisions that could delay recovery or lower allowed returns.
- Execution costs, reliability requirements and political or environmental constraints.
Sempra is best viewed as a utility and energy-infrastructure allocation, not a direct replacement for a construction contractor. It can broaden a portfolio toward recurring regulated cash flows while retaining exposure to large infrastructure investment.
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How to decide whether an alternative is actually cheap
A stock is not a value investment merely because its share price fell or its price-to-earnings ratio is below a peer’s. Use the same valuation date and comparable assumptions for every candidate.
| Measure | How to use it | What can mislead you |
|---|---|---|
| Forward P/E | Compare the current price with next-year earnings estimates | Estimates may reflect peak construction or housing earnings |
| Normalized P/E | Use mid-cycle earnings across several years | Normalization is subjective and must account for structural change |
| Enterprise value to EBITDA | Compare operating value before financing and taxes | It ignores maintenance capital spending and working-capital needs |
| Free-cash-flow yield | Divide sustainable free cash flow by market value | One year of unusually low capital spending can inflate the yield |
| Net debt to EBITDA | Test leverage against operating earnings | Peak EBITDA can make leverage appear temporarily safer |
| Distribution or dividend coverage | Check whether recurring cash flow funds shareholder distributions | Asset sales, borrowings or unusually favorable working capital can mask weak coverage |
| Backlog conversion | Compare backlog, start dates and expected margin with projected revenue | Backlog can be canceled, delayed or less profitable than expected |
| Return on invested capital | Assess whether growth creates value above the cost of capital | Acquisition accounting and commodity cycles can distort the denominator |
Use a dated sector reference carefully
A 2026 materials-sector review by Kiplinger defines the sector broadly to include construction materials, metals, minerals, chemicals, forest products, glass, paper and packaging. Its comparison table listed CRH at a 17.8 forward P/E and a 1.5% dividend yield. Those figures are a dated secondary snapshot, not a substitute for current prices, company filings or a construction-specific peer set.
Separate price from business quality
A low multiple can signal cyclicality, leverage, customer concentration or earnings near a peak. A higher multiple may be justified for regulated or contracted cash flows, but only when projected growth, financing costs and distribution coverage support it. Compare each company with its own history and business model before comparing it with a contractor.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Match the candidate to the risk you want
| If your priority is… | Start with… | Why | What you give up |
|---|---|---|---|
| Direct civil-construction exposure | Granite Construction | Project backlog plus materials revenue | Execution, bid and public-spending risk |
| Residential supply-chain exposure | Builders FirstSource | Structural products, components and services | Housing and mortgage-rate sensitivity |
| Water and drainage demand | Advanced Drainage Systems | Multiple end markets and product sales | Raw-material and volume cyclicality |
| Data and electrical infrastructure growth | Sterling Infrastructure | E-infrastructure plus transportation and building solutions | Customer concentration and project execution |
| Recurring infrastructure cash flow | Brookfield Infrastructure | Owned utilities, transport, midstream and data assets | Leverage, refinancing, regulation and currency risk |
| Regulated utility modernization | Sempra | Rate-base investment and utility cash flows | Regulatory, financing and permitting risk |
A practical screening process for value investors
- Set the valuation date. Record the share price, analyst estimates, debt, cash, dividends or distributions and the most recent filing date. Do not mix a current price with an old earnings estimate.
- Normalize earnings. Adjust your expectations for a full construction, housing or utility cycle. Identify whether the latest margin reflects unusually favorable pricing, weather, backlog mix or commodity costs.
- Read the backlog or capital plan. For contractors, inspect awarded work, expected timing, margin and cancellation provisions. For owners and utilities, identify approved projects, regulatory recovery and financing requirements.
- Stress the balance sheet. Model higher interest rates, lower volumes, delayed projects and weaker pricing. Include lease obligations, equipment commitments and debt maturities where material.
- Check cash conversion. Reconcile operating cash flow with net income and then subtract maintenance capital expenditure. Investigate large changes in receivables, contract assets, inventory or payables.
- Rank the risks you can tolerate. Choose whether you prefer contractor execution, product volume, regulated cash flow or asset ownership. A lower multiple is not useful if its principal risk is unacceptable.
- Define a purchase margin of safety. Set the valuation range at which expected returns compensate for downside cases instead of buying solely because a stock is cheaper than a famous peer.
Common mistakes when buying construction alternatives
Confusing backlog with guaranteed profit
Backlog becomes revenue only when projects are executed. Delays, cost inflation, change orders, labor shortages and cancellations can reduce the profit eventually earned. Always examine backlog margin and conversion, not just its dollar size.
Using a peak-cycle multiple
Contractors, suppliers and manufacturers often look cheapest when earnings are strongest. Test the valuation against mid-cycle revenue, margins and free cash flow before concluding that a low P/E represents a bargain.
Ignoring financing sensitivity
Higher rates can reduce housing demand, increase the cost of carrying inventory, raise refinancing expense for infrastructure owners and pressure utility customers. Run a rate and volume downside case for every candidate.
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Comparing unlike cash flows
A regulated utility’s dividend, a contractor’s project cash flow and a materials supplier’s free cash flow have different durability and capital requirements. Compare coverage and reinvestment needs within the same business model before ranking yields.
Overlooking concentration
Large customers, a single state, one end market or a small number of major projects can make headline diversification less meaningful. Read customer and geographic disclosures in the latest annual report.
Building a diversified position
An investor does not need to own all six companies. A balanced approach might pair one execution-heavy contractor or product supplier with one infrastructure owner, then size each position according to its cycle and balance-sheet risk. For example, Granite or Sterling can provide direct project exposure, while Brookfield Infrastructure or Sempra can add asset-based or regulated cash flows. Builders FirstSource and ADS offer different product channels, but both still require a view on construction volumes and input costs.
Position sizing should reflect downside behavior, not just expected return. A company with a large backlog can still experience a sharp drawdown if margins collapse. An infrastructure owner can offer visible distributions yet decline when refinancing costs rise. Rebalance when the thesis changes, leverage increases beyond your stress case or the price implies assumptions your analysis no longer supports.
Bottom line for value investors
The best alternative depends on which part of construction economics you want. Granite is the most direct civil-construction and materials combination. Builders FirstSource and Advanced Drainage Systems shift the exposure to building products with different end-market drivers. Sterling adds e-infrastructure and a broader transportation mix. Brookfield Infrastructure and Sempra move furthest toward owned, regulated or contracted infrastructure cash flows.
Use normalized earnings, enterprise value, free-cash-flow yield, leverage, coverage, backlog conversion and return on invested capital to make the comparison. Then test the thesis against weaker construction demand, higher rates, cost inflation, delayed projects and regulatory or refinancing setbacks. That process is more reliable than labeling any candidate cheap from a single headline multiple.
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