{"slug":"quanta-services","name":"Quanta Services","name_en":"Quanta Services","ticker":"PWR","updated_at":"2026-07-12T08:22:58.966617+00:00","canonical":"https://valuechain.wiki/quanta-services","same_as":["https://finance.yahoo.com/quote/PWR","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1050915"],"citable":"밸류체인 그래프 기준 Quanta Services의 직접 연결 기업은 4곳(관계 기준 공급 0·매출 4)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Quanta Services is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 6 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"전력망·전기 인프라 건설(EPC)","kicker_en":"Grid & electrical infrastructure (EPC)","lead":"전력망·전기 인프라 건설(EPC) 1위. 송전·변전·배전과 데이터센터 전기 인프라를 유틸리티·하이퍼스케일러에 시공한다. 2025년 매출 $285억(+20%), 수주잔고 사상 최대 $440억. 데이터센터·전력화 붐의 시공 축으로, 발전·변압기와 데이터센터 사이의 건설 레이어다.","lead_en":"The No.1 in grid and electrical-infrastructure construction (EPC). It builds transmission, substation and distribution plus datacenter electrical infrastructure for utilities and hyperscalers. 2025 revenue $28.5B (+20%), a record $44B backlog. The construction axis of the datacenter and electrification boom, the build layer between generation/transformers and datacenters.","segments":{"fy":2025,"parts":[{"desc":"매출의 축 — 유틸리티·하이퍼스케일러의 송전·변전·배전 시공. 그리드 노후교체와 데이터센터 전력수요가 겹쳐 사상 최대 백로그($44B)를 만든다.","name":"전력(송변전·배전)"},{"desc":"재생에너지 연계·통신 인프라 시공으로 전력화 사이클의 인접 수요를 흡수하는 보조 축.","name":"재생·통신 인프라"}],"total":"2025 매출 $28.5B (+20%), 잔고 $44B","concentration":"유틸리티·하이퍼스케일러 그리드 시공."},"segments_en":{"fy":2025,"parts":[{"desc":"The revenue core — building transmission, substation and distribution for utilities and hyperscalers. Grid replacement and datacenter power demand together drive the record $44B backlog.","name":"Electric (T&D/substation)"},{"desc":"A secondary axis absorbing adjacent electrification demand via renewable-interconnection and communications-infrastructure construction.","name":"Renewable/comms infra"}],"total":"2025 revenue $28.5B (+20%), $44B backlog","concentration":"Grid build for utilities and hyperscalers."},"returns_yearly":{"2021":59.5,"2022":24.6,"2023":51.7,"2024":46.6,"2025":33.7,"2026":56.1},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"planet-labs","name":"플래닛랩스","name_en":"Planet Labs","tier":3,"returns_yearly":{"2022":-29.3,"2023":-43.2,"2024":63.6,"2025":388.1,"2026":32.1}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":3,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":3,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":3,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":3,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"mcdonalds","name":"McDonald's","name_en":"McDonald's","tier":3,"returns_yearly":{"2021":27.8,"2022":0.5,"2023":15.1,"2024":0.1,"2025":7.9,"2026":-9}},{"slug":"lvmh","name":"LVMH","name_en":"LVMH Moet Hennessy Louis Vuitton","tier":3,"returns_yearly":{"2021":46.6,"2022":12.7,"2023":-1.8,"2024":-7.3,"2025":-20.4,"2026":-9}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":2,"returns_yearly":{"2026":24.1}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":2,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"core-scientific","name":"Core Scientific","name_en":"Core Scientific","tier":1,"returns_yearly":{"2025":3.6,"2026":61.3}},{"slug":"aep","name":"American Electric Power","name_en":"American Electric Power","tier":1,"returns_yearly":{"2021":10.7,"2022":10.4,"2023":-11,"2024":18.2,"2025":29.4,"2026":19.2}},{"slug":"nextera-energy","name":"NextEra Energy","name_en":"NextEra Energy","tier":1,"returns_yearly":{"2021":23.4,"2022":-8.5,"2023":-25.3,"2024":21.5,"2025":15.5,"2026":11.1}},{"slug":"nuscale","name":"NuScale Power","name_en":"NuScale Power","tier":1,"returns_yearly":{"2023":-67.9,"2024":445,"2025":-21,"2026":-36.2}}],"benefiting":[],"analysis":"콴타의 논점은 '데이터센터·전력화 붐의 시공(build) 레이어'다. 발전기·변압기와 데이터센터 사이에서 송전·변전·배전을 실제로 짓는 EPC 1위로, 2025 매출 $285억(+20%)에 사상 최대 수주잔고 $440억이 향후 수년 매출을 사실상 선확정했다. 수요는 유틸리티 그리드 노후 교체와 하이퍼스케일러 전력 인프라(코어사이언티픽 전환형 DC·AEP·넥스트에라 그리드·뉴스케일 SMR)로 다변화돼 단일 고객 리스크가 낮다. 진짜 해자는 숙련 인력·안전 실적 — 전력 시공 인력 부족이 되레 진입장벽이 된다. 관전 포인트는 백로그의 매출 전환 속도와 인건비 인플레이션이다.","analysis_en":"Quanta's thesis is 'the build layer of the datacenter and electrification boom.' As the No.1 EPC that physically constructs transmission, substation and distribution between generators/transformers and datacenters, 2025 revenue of $28.5B (+20%) and a record $44B backlog effectively pre-book years of revenue. Demand is diversified across utility grid replacement and hyperscaler power infrastructure (Core Scientific's converted DCs, AEP and NextEra grids, NuScale SMRs), lowering single-customer risk. The real moat is skilled labor and safety record — the shortage of power-construction crews is itself the barrier to entry. What to watch is the pace of backlog conversion and wage inflation.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"하이퍼스케일러·데이터센터 (전력 건설)","counterparty_slug":null,"confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"하이퍼스케일러·데이터센터 전기 인프라 시공(잔고 $44B).","note_en":"Datacenter electrical-infrastructure build for hyperscalers (record $44B backlog).","sources":[{"stance":"confirms","publisher":"Quanta Services","publisher_en":"Quanta Services","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://investors.quantaservices.com/news-events/press-releases/detail/390/quanta-services-reports-fourth-quarter-and-full-year-2025-results","title":"Quanta Services FY2025 실적(매출 $28.5B·잔고 $44B)","title_en":"Quanta Services FY2025 results ($28.5B, $44B backlog)","excerpt":"하이퍼스케일러·데이터센터 전기 인프라 시공(잔고 $44B).","excerpt_en":"Datacenter electrical-infrastructure build for hyperscalers (record $44B backlog)."},{"stance":"confirms","publisher":"AlphaStreet","publisher_en":"AlphaStreet","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://news.alphastreet.com/quanta-services-pwr-has-a-backlog-and-power-demand-setup-that-looks-bigger-than-a-typical-contractor-story/","title":"Quanta, 백로그·전력수요 셋업","title_en":"Quanta backlog and power-demand setup","excerpt":"하이퍼스케일러·데이터센터 전기 인프라 시공(잔고 $44B).","excerpt_en":"Datacenter electrical-infrastructure build for hyperscalers (record $44B backlog)."}]},{"direction":"revenue","counterparty":"NextEra Energy","counterparty_slug":"nextera-energy","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"최대 재생에너지·유틸리티 넥스트에라의 그리드·발전 시공 — 전력화·재생 확대 수요를 콴타 매출로 잇는 핵심 발주처.","note_en":"Builds grid and generation for NextEra, the largest renewables/utility player — a key customer channeling electrification and renewables demand into Quanta's revenue.","sources":[{"stance":"confirms","publisher":"Quanta Services","publisher_en":"Quanta Services","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://investors.quantaservices.com/news-events/press-releases/detail/390/quanta-services-reports-fourth-quarter-and-full-year-2025-results","title":"Quanta Services FY2025 실적(매출 $28.5B·잔고 $44B)","title_en":"Quanta Services FY2025 results ($28.5B, $44B backlog)","excerpt":"유틸리티 그리드·발전 시공.","excerpt_en":"Grid and generation construction for the utility."},{"stance":"confirms","publisher":"Nasdaq","publisher_en":"Nasdaq","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.nasdaq.com/articles/quanta-biggest-winner-data-center-power-demand","title":"Quanta, 데이터센터 전력 수요 최대 수혜","title_en":"Quanta, biggest winner from datacenter power demand","excerpt":"유틸리티 그리드·발전 시공.","excerpt_en":"Grid and generation construction for the utility."}]},{"direction":"revenue","counterparty":"American Electric Power","counterparty_slug":"aep","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"미국 최대 송배전 유틸리티 AEP의 그리드 시공 — 노후 그리드 교체 사이클에서 반복 발주가 나오는 안정적 매출처.","note_en":"Builds grid for AEP, the largest US T&D utility — a stable customer that issues repeat orders through the aging-grid replacement cycle.","sources":[{"stance":"confirms","publisher":"Nasdaq","publisher_en":"Nasdaq","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.nasdaq.com/articles/quanta-biggest-winner-data-center-power-demand","title":"Quanta, 데이터센터 전력 수요 최대 수혜","title_en":"Quanta, biggest winner from datacenter power demand","excerpt":"AEP 송배전 그리드 시공.","excerpt_en":"Builds AEP transmission and distribution grid."}]},{"direction":"cost","counterparty":"장비·인력·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"전력기기·인력·소재.","note_en":"Power gear, labor and materials.","sources":[{"stance":"confirms","publisher":"Quanta Services","publisher_en":"Quanta Services","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://investors.quantaservices.com/news-events/press-releases/detail/390/quanta-services-reports-fourth-quarter-and-full-year-2025-results","title":"Quanta Services FY2025 실적(매출 $28.5B·잔고 $44B)","title_en":"Quanta Services FY2025 results ($28.5B, $44B backlog)","excerpt":"전력기기·인력·소재.","excerpt_en":"Power gear, labor and materials."}]},{"direction":"cost","counterparty":"변압기·부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"변압기·케이블·부품 조달.","note_en":"Transformers, cables and components.","sources":[{"stance":"confirms","publisher":"AlphaStreet","publisher_en":"AlphaStreet","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://news.alphastreet.com/quanta-services-pwr-has-a-backlog-and-power-demand-setup-that-looks-bigger-than-a-typical-contractor-story/","title":"Quanta, 백로그·전력수요 셋업","title_en":"Quanta backlog and power-demand setup","excerpt":"변압기·케이블·부품 조달.","excerpt_en":"Transformers, cables and components."}]},{"direction":"revenue","counterparty":"Core Scientific","counterparty_slug":"core-scientific","confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"비트코인 채굴에서 AI 데이터센터로 전환하는 코어사이언티픽의 전기 인프라를 시공 — 채굴장 전력설비를 AI용으로 개조하는 전환형 DC 수요의 단면.","note_en":"Builds the electrical infrastructure of Core Scientific as it converts from bitcoin mining to AI datacenters — a slice of the retrofit-DC demand that repurposes mining power gear for AI.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/Archives/edgar/data/0001839341/000162828025039283/q22025corescientificinc-ea.htm","title":"CoreScientific FY2025 2분기(8-K)","title_en":"Core Scientific FY2025 Q2 (8-K)","excerpt":"전환형 데이터센터 전기 인프라 시공.","excerpt_en":"Builds converted-datacenter electrical infrastructure."}]},{"direction":"revenue","counterparty":"NuScale Power","counterparty_slug":"nuscale","confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"SMR(소형모듈원전) 플랜트의 전기 인프라 시공 — 차세대 무탄소 발전이 상용화될 경우의 옵션적 파급으로, 아직은 규모보다 방향성.","note_en":"Builds the electrical infrastructure for NuScale's SMR plants — an optional exposure to next-gen carbon-free generation if it commercializes; directional rather than material for now.","sources":[{"stance":"confirms","publisher":"Nasdaq","publisher_en":"Nasdaq","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.nasdaq.com/articles/quanta-biggest-winner-data-center-power-demand","title":"Quanta, 데이터센터 전력 수요 최대 수혜","title_en":"Quanta, biggest winner from datacenter power demand","excerpt":"SMR 플랜트 전기 인프라 시공.","excerpt_en":"Builds SMR-plant electrical infrastructure."}]}]}