Arcosa is a growth-oriented conglomerate with an ongoing portfolio shift toward more highly valued businesses. For 4Q:25, we look for ACA to post year-over-year sales growth of 6% and EPS growth of 104%, led by gains across all three segments and lower interest expense. Exposure to aggregates, U.S. power infrastructure investment, and aging transportation fleets represent key themes heading into 2026 and beyond. ACA's net debt stood at $1.4 billion at 3Q:25 for a total debt ratio of 38% and leverage ratio of 2.4x. We model net debt of $869 million (30%, 1.3x) at year-end 2027. ACA's solid balance sheet and record of strong cash flow generation support our moderate risk rating. We maintain our $131 price target, based on 28x our 2026 EPS estimate of $4.67.