Is MYR Group, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for MYR Group, Inc. moved from expensive to very expensive, indicating a significant increase in perceived overvaluation. The company appears to be overvalued based on 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, peers such as MasTec, Inc. and APi Group Corp. have P/E ratios of 57.22 and 87.46, respectively, suggesting that MYR Group, while very expensive, is not the highest in its peer group.
Despite the overvaluation, MYR Group has delivered impressive returns, outperforming the S&P 500 with a 1-year return of 67.37% compared to the index's 14.08%. This strong performance may attract investors, but the high valuation metrics suggest caution moving forward.