Home Industrial  Summary Sterling Infrastructure delivered a record Q1 2026, with 92% y/y revenue growth and a 131% increase in the combined backlog. STRL's transformation to an AI infrastructure platform is accelerating, driven by hyperscaler capex, CEC cross-sell execution, and record backlog visibility. Despite operational strength, STRL's valuation is stretched—trading at 45.59x EV/EBITDA and 68.58x P/E—prompting a Hold rating. I would buy STRL on a pullback to $700–$750 or if key operating catalysts materialize, with Q2 as the next major data point. Justin Paget/DigitalVision via Getty Images Sterling Infrastructure, Inc. ( STRL ) just printed the strongest quarter of its three-year transformation from a low-bid highway contractor into an AI-infrastructure platform. Q1 revenue grew 92% y/y to $825.7M. The combined backlog jumped 131% to $5.15B.…