GVA GRANITE CONSTRUCTION INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $15M, Q3 2025: $0M, Q2 2025: $14M, Q1 2025: $7M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $15M vs trailing avg $7M (+113%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-295M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 4,229,921 shares = 19.4% of 43,496,781 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by Krusi Alan

• Krusi Alan () bought 1,250 shares at $82.63 on 2025-05-12

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters but insufficient insider buying

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $7M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 86.7x more than bought. 6 C-suite officers among sellers

• Larkin Kyle T (President & CEO) sold 13,066 shares on 2026-03-27
• Larkin Kyle T (President & CEO) sold 12,285 shares on 2026-03-27
• Larkin Kyle T (President & CEO) sold 1,300 shares on 2026-03-27
• Larkin Kyle T (President & CEO) sold 1,846 shares on 2026-03-30
• Larkin Kyle T (President & CEO) sold 8,290 shares on 2026-03-30
• Larkin Kyle T (President & CEO) sold 1,588 shares on 2026-03-30
• Larkin Kyle T (President & CEO) sold 300 shares on 2026-03-30
• WOOLSEY STACI M (Chief Financial Officer) sold 3,501 shares on 2026-03-27
• Dowd Brian R (Senior Vice President) sold 2,025 shares on 2026-03-27
• Dowd Brian R (Senior Vice President) sold 4,050 shares on 2026-03-27