Is MYR Group, Inc. overvalued or undervalued?

As of 17 October 2025, MYR Group, Inc. moved from expensive to very expensive, indicating a significant shift in its valuation. The company is overvalued, as reflected by its high P/E ratio of 74, a Price to Book Value of 4.68, and an EV to EBIT of 46.14. In comparison to peers, MasTec, Inc. has a P/E of 57.22 and APi Group Corp. has an even higher P/E of 87.46, both of which are also considered expensive, but MYR Group's valuation stands out as particularly elevated.
Despite the high valuation, MYR Group has demonstrated strong performance with a YTD return of 39.83%, significantly outperforming the S&P 500's return of 13.30% over the same period. This impressive return may suggest that the market has high expectations for the company's future growth, yet the current valuation metrics indicate that it is priced for perfection.