Is MYR Group, Inc. overvalued or undervalued?

As of 28 November 2025, MYR Group, Inc. has moved from a fair to an expensive valuation grade. The company appears overvalued based on its current P/E ratio of 74, which significantly exceeds the peer average of 36.23 for companies like MasTec, Inc. and Dycom Industries, Inc., both of which have P/E ratios of 57.22 and 28.01, respectively. Additionally, MYR Group's EV to EBITDA ratio stands at 21.59, while its peer average is notably lower, indicating a premium valuation compared to its industry counterparts.
The company's Price to Book Value of 4.68 and EV to Sales ratio of 0.79 further illustrate its expensive positioning relative to peers. Despite these valuation concerns, MYR Group has demonstrated strong stock performance, with a year-to-date return of 50.78%, significantly outpacing the S&P 500's return of 16.45% over the same period. This performance, however, does not mitigate the overvaluation indicated by the current ratios.