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 high valuation ratios, including a P/E ratio of 74, a Price to Book Value of 4.68, and an EV to EBITDA of 21.59. In comparison to peers, MYR Group's P/E ratio is significantly higher than MasTec, Inc. at 57.22 and APi Group Corp. at 87.46, indicating a premium valuation relative to its competitors.
Despite the overvaluation, MYR Group has demonstrated strong stock performance, with a year-to-date return of 50.78%, outperforming the S&P 500's return of 16.45% during the same period. This suggests that while the stock may be overvalued, investor sentiment and market performance have been favorable.