We publish what we think.
Every note is built from the filings of the company it covers, on the same definitions we apply across the vertical. An argument that cannot survive being written down is not an argument.
Published notes.
Six pieces across the five verticals, on the companies and the cycles we follow most closely.
Market outlook
2026 North American Industrial Services Market Outlook
Where industrial demand is growing, where margins are under pressure, and what it means for operators in each vertical.
Design it
WSP Global: margin discipline at scale
How the largest engineering firm under coverage turns backlog into cash, and the utilization measures behind its margin.
Clean it up
GFL Environmental: pricing and route density
Q1 EBITDA margins expanded 120bps on pricing discipline and route density in Western Canada. The same two levers apply to regional operators.
Build it
Bird Construction: what backlog visibility is worth
Backlog at a record C$3.2B on defence and industrial awards. Why backlog conversion is a number every contractor should report monthly.
Equip it
United Rentals: utilization through the cycle
Time utilization held at 68% in Q1. The benchmark a regional rental fleet should measure itself against.
Maintain it
APi Group: the value of recurring inspection revenue
More than 85% of revenue comes from recurring inspection and service work. What fire protection contractors can take from that mix.
Published for information only. Not investment advice or a recommendation to buy or sell any security. BluPrint Capital and its principals may hold positions in the companies discussed.
See the model, not just the call.
We publish the conclusion. The valuation models behind it, the operating metrics and the full coverage universe are available on request.