Week 5: Most Interesting D-Sheets from the Past Week
Week of May 11 – May 17, 2026 | $TPC, $WLDN, $FTK, $PKOH & $MYE
Here are the InfoArb Tear Sheets we think you should pay the most attention to, where the differences between press releases and earnings calls are dramatic because they outline new catalysts, trends, and clarify misconceptions from just reading the press release.
These summaries are created to help you speed up your research on interesting companies. They are not buy/sell recommendations.
💡 These are tear sheet summaries; click any title to read the full tear sheet.
[TPC] — Tutor Perini Corporation 🟢 Strong Signal
Description: Large civil and building construction contractor (mass transit, airports, bridges, specialty/electrical) with project-based revenue. ~$5.1B cap, $1,389.5M Q1 revenue.
Set-up: Adjusted EPS jumped to $1.03 from $0.65 while operating cash flow surged 542% to $146.9M, and the company sits in a $404M net cash position. Management called 2027 a “blowout year” on the call, even without new bookings, with a refinancing (400–500bps savings) and ~$1B of Midtown Bus Terminal backlog expected in 2H 2026. Information arbitrage:
2027 “blowout year” framing — Press release said 2027 adjusted EPS would be “significantly higher” than the upper end of 2026 guidance; the call upgraded that to “blowout year” without booking more work, suggesting embedded earnings power isn’t being modeled.
Midtown ~$1B backlog add in 2H 2026 — A near-term catalyst quantified only on the call and tied to finished-trades scope on an existing project — backlog growth without new wins.
Refinancing with 400–500bps savings on top of net cash — Management targeted a coupon “with a six handle,” which combined with the net cash position could meaningfully amplify adjusted EPS.
Risks: A $175M unfavorable ruling on the W Element Hotel dispute is being appealed (2+ years), which could pressure earnings if upheld. GAAP volatility from stock-comp accounting may continue obscuring adjusted EPS momentum.
[WLDN] — Willdan Group, Inc. 🟢 Strong Signal
Description: Engineering and consulting services firm focused on energy efficiency, electrification, and infrastructure for utilities, municipalities, and increasingly commercial customers via the Burton acquisition. ~$1.1B cap, $155.1M Q1 revenue.
Set-up: Reported contract revenue grew only 1.8%, but that was a 13-week vs. 14-week quarter — normalized net revenue growth was 16.6% and adjusted EPS jumped 44% to $0.91. The call disclosed APG (power-block segment) may more than double and possibly approach tripling this year on confidential large data center power-block work, and leverage sits at just 0.2x net debt/EBITDA. Information arbitrage:
APG data center exposure is the hidden growth engine — Press release barely mentions APG, but the call describes it potentially tripling in 2026 on confidential data center power-block work — a direct AI infrastructure tie not yet in consensus.
Margin already approaching long-term target — Management said 2026 could exceed 24% adjusted EBITDA margin on net revenue, making the high-20s long-term target more credible than a typical aspirational guide.
Buyer-of-choice M&A at sub-1x leverage — 0.2x net debt/EBITDA (0.6x post-Burton) plus seller preference for Willdan as acquirer enables an acquisition-led compounder thesis without capital raises.
Risks: Q1 operating cash use of $24.4M was timing-driven (one client payment two weeks late = $18M), but AR build, the 0% effective tax rate supporting EPS, and acquisition integration are real watch items. APG growth depends on confidential customer projects with no public visibility into pipeline conversion.
[FTK] — Flotek Industries, Inc. 🟢 Strong Signal
Description: Energy services and chemistry company pivoting toward Data Analytics (real-time mobile gas analyzers) and Power Services (behind-the-meter mobile power for oilfield and increasingly data center applications). ~$609M cap, $70.1M Q1 revenue.
Set-up: Revenue grew 27% and adjusted EBITDA grew 44%, but the structural shift is in Data Analytics: service revenue grew 785% at 75% gross margin, transforming the segment into a recurring high-margin business. The call quantified a 200+ MW Power Services pipeline against just 12 MW deployed today, explicitly tied to behind-the-meter and data center demand. Information arbitrage:
Power Services pipeline is 16x deployed MW — 200+ MW opportunity pipeline against a 12 MW phase one means current run-rate dramatically understates potential, with explicit data center / behind-the-meter framing on the call.
DA model shifting to recurring services — 785% service revenue growth at 75% DA gross margin transforms DA from a product business into a high-quality recurring revenue platform — a multiple-relevant change.
Sub-1x leverage with capex partially funded — A $12.5M related-party equipment credit lets Flotek fund growth assets without heavy immediate cash burden, enabling 2026 deployment without balance sheet stress.
Risks: GAAP EPS declined while operational indicators improved (tax normalization, PowerTech amortization, dilution); Q1 cash conversion was weak and related-party revenue concentration in Chemistry remains a quality-of-earnings flag. Power conversion economics include some lower-margin pass-through revenue that could dilute consolidated margins.
[PKOH] — Park-Ohio Holdings Corp. 🟡 Moderate Signal
Description: Diversified industrial conglomerate with three segments: Supply Technologies (fasteners/supply chain), Assembly Components (auto), and Engineered Products (induction heating, forging, electrical infrastructure). ~$408M cap, $421.0M Q1 revenue.
Set-up: Headline Q1 was unremarkable (revenue +4%, adjusted EPS flat at $0.65), but two call-only details change the picture: electrical infrastructure is now a ~$150M business growing 10%+ tied to AI data centers, and Engineered Products backlog hit $195.9M, up 44% YoY. A Southwest Steel strategic review adds further optionality. Information arbitrage:
Electrical infrastructure quantified as $150M growing 10%+ — Press release treated this as thematic; the call sized it as a real growth vector tied to specific data center customer types — investors may not yet view PKOH as an AI infrastructure beneficiary.
Backlog +44% with faster conversion — Engineered Products backlog of $195.9M with 9–12 month production timing and execution speed better than the prior 4–6 years, reducing concern about stale backlog.
Southwest Steel review is unpriced optionality — Management’s softer tone on the call suggests a sale could happen without a fire-sale discount, potentially unmasking the core earnings power.
Risks: Leverage and interest expense are elevated, working capital is being consumed, and automation benefits are mostly a 2027 story. The Southwest Steel review has no firm timeline — investors are waiting on a process management hasn’t committed to.
[MYE] — Myers Industries, Inc. 🟡 Moderate Signal
Description: Diversified industrial manufacturer post-portfolio simplification, with Infrastructure (composite matting/Megadeck, signature turf), Food & Beverage, and Material Handling segments. MTS divestiture pending. ~$775M cap, $164.6M Q1 revenue.
Set-up: Reported sales grew only 1.8%, but adjusted EPS jumped 57% to $0.44 and adjusted EBITDA margin expanded 420bps. Infrastructure grew 26% with Megadeck orders up more than 130% vs. point-in-time last year, and the call tied composite matting demand explicitly to data centers, utilities, and large construction. Information arbitrage:
Megadeck orders +130% vs. point-in-time last year — A much stronger forward demand signal than the reported Q1 Infrastructure +26%, suggesting acceleration into 2H.
Data center / utility pull-through framing — Composite matting demand tied explicitly to data centers, utilities, and large construction — investors may not yet view MYE as an indirect AI infrastructure beneficiary.
Underlying growth was 5%, not 1.8% — Headline obscured by intentional low-margin product exits; the underlying revenue base is growing faster and at higher quality than reported.
Risks: Resin cost inflation could pressure Q2 gross margins; agriculture demand is weak; MTS divestiture timing is uncertain. The Infrastructure thesis depends on continued weather-event-related demand alongside the structural drivers — pure-play infrastructure investors may not get a clean read.