Filing Flows › Tutor Perini (TPC) › Takeover & LBO
Is Tutor Perini (TPC) a takeover target?
A leveraged buyout at today's price plus 30% ($115.32 a share) would return a loss of about 2% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 3.1% of companies with its figures were bought within a year (0.61× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $115.32 | today's $88.70 plus 30% |
| × shares | 53.5 million | |
| = Equity value | $6.2B | |
| + Debt refinanced | $404M | |
| − Cash | $1.1B | |
| + Other claims | $73.6M | preferred stock, minority interests |
| = Enterprise value | $5.5B | 13.9× EBITDA of $397M |
| Fees | $111M | 2% of the price |
| New debt | $2.2B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $3.5B | 61% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $6.8B | $428M | $167M | −$24.6M | $2.2B |
| Year 2 | $7.2B | $457M | $169M | −$11.5M | $2.2B |
| Year 3 | $7.6B | $482M | $170M | $2.5M | $2.2B |
| Year 4 | $7.9B | $503M | $169M | $17.0M | $2.2B |
| Year 5 | $8.2B | $518M | $168M | $31.8M | $2.2B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 10.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $5.4B | |
| − Debt left | $2.2B | |
| = Buyer's equity | $3.2B | |
| Money multiple | 0.92× | on $3.5B put in |
| Buyer's yearly return (IRR) | −1.6% |
Price against return
What the buyer makes at other premiums over today's $88.70.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $97.58 | 5.1% |
| 20% | $106.45 | 1.5% |
| 30% | $115.32 | −1.6% |
| 40% | $124.19 | −4.1% |
| 50% | $133.06 | −6.3% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $6.3B | |
| EBITDA, last 12 months | $397M | 6.3% of revenue |
| Depreciation and amortization | $44.1M | |
| Capital spending | $166M | |
| Debt | $404M | |
| Cash | $1.1B | |
| Share price | $88.70 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 26% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Tutor Perini would cost about $124.19 a share, $6.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $101.74 | $5.4B |
| Median | 40% | $124.19 | $6.6B |
| High end (a quarter paid more) | 60.2% | $142.11 | $7.6B |
The odds, from history
Historically 3.1% of companies with its figures were bought within a year (0.61× the average). Its figures put it in decile 2 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Tutor Perini's latest quarter
Tutor Perini, Q3 2026: revenue $1.7B (+22% year over year), operating margin 7.3%, net earnings $20.7M, operating cash flow $331M. The chart follows the revenue to costs, profit and cash.
Questions
Is Tutor Perini being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Tutor Perini?
A leveraged buyout at today's price plus 30% ($115.32 a share) would return a loss of about 2% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Tutor Perini cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Tutor Perini would cost about $124.19 a share, $6.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.