PRIM · CIK 0001361538
What Primoris Services Corp. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for PRIM. More may follow as additional filings are processed.
In its own words
What could break it.
Customer concentration
- top-10 customers 53.1% of revenue; one customer 12.1%medium
Primoris's customer base is concentrated: its top ten customers were ~53.1% of 2025 revenue (up from ~41% in 2024/2023) and one customer was ~12.1% of revenue, though the specific top-ten members vary year to year.
“Our customer base is reasonably concentrated, with our top ten customers accounting for approximately 53.1% of our revenue in 2025, 41.3% of our revenue in 2024 and 41.1% of our revenue in 2023.”
SEC filing →As of 2026
Other disclosures
- contracts terminable for convenience by owner/contractormedium
Most of Primoris's construction contracts allow termination at the convenience of the owner or contractor (reimbursing costs plus demobilization), creating backlog/revenue uncertainty.
“Most contracts provide for termination of the contract at the convenience of the owner or contractor.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Southern California Gas Company
“Our customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas & Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E. Shaw Renewable Investments”
Cited →Pacific Gas & Electric (PG&E Corp.)
“Our customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas & Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E. Shaw Renewable Investments”
Cited →“Our customers include many of the leading energy and utility companies in the United States, such as; Xcel Energy, Pacific Gas & Electric, Southern California Gas, Oncor Electric, Duke Energy, Sempra Energy, Williams, Hecate Energy, Consumers Energy, Dominion, Valero, D.E. Shaw Renewable Investments”
In the MyPRIA app, this is checked against the companies you actually own.
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