OVERHEAD BENCHMARKSUNDERGROUND UTILITY CONTRACTORS$1M TO $500M+REVENUE BAND DATAGROSS MARGINNET MARGINOVERHEAD RATEOVERHEAD BENCHMARKSUNDERGROUND UTILITY CONTRACTORS$1M TO $500M+REVENUE BAND DATAGROSS MARGINNET MARGINOVERHEAD RATE
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Underground Utilities · Water · Sewer · Storm · Dry Utilities — Overhead Rate Benchmarks — By Revenue Band

Underground Utility Contractor
Overhead Rate.

Underground utility subcontractors carry overhead driven by equipment, locating and damage prevention compliance, and the inspection coordination required by municipal and utility owners. Here is what normal overhead looks like at every revenue level.

Overhead Benchmarks — Underground Utility Contractors — By Revenue Band

What Normal Looks Like
At Your Revenue Level.

These benchmarks are drawn from SPM's work with commercial underground utility contractors and industry data. Calculate your actual overhead rate — total G&A expenses divided by total revenue for the trailing 12 months — and compare to your revenue band below.

How to use this data: If you're above the top of the range, specific categories need review. If you're below the bottom, you may be underinvesting in systems and staff. Use the benchmark as a target range, not a single number.

$1M – $5M
Overhead Rate
13–19%
Gross Margin Target
18–25%
Net Margin Target
5–7%
Largest Overhead Driver
Equipment and compliance
Small utility contractors carry equipment overhead alongside 811 locating and utility coordination costs.
$5M – $10M
Overhead Rate
11–16%
Gross Margin Target
20–26%
Net Margin Target
6–8%
Largest Overhead Driver
Fleet and supervision
Multiple simultaneous excavations require dedicated supervision and safety compliance infrastructure.
$10M – $25M
Overhead Rate
10–15%
Gross Margin Target
21–27%
Net Margin Target
7–9%
Largest Overhead Driver
Inspection coordination
Municipal inspection coordination, testing, and documentation overhead at mid-scale.
$25M – $50M
Overhead Rate
9–13%
Gross Margin Target
22–28%
Net Margin Target
8–10%
Largest Overhead Driver
Safety and compliance
OSHA confined space, trench safety, and utility damage prevention programs.
$50M – $100M
Overhead Rate
8–12%
Gross Margin Target
23–29%
Net Margin Target
9–11%
Largest Overhead Driver
Multi-jurisdiction overhead
Working across multiple municipal and utility jurisdictions with different requirements.
$100M – $500M
Overhead Rate
7–10%
Gross Margin Target
24–30%
Net Margin Target
10–12%
Largest Overhead Driver
Corporate overhead
Multi-region utility operations with significant compliance infrastructure.
$500M+
Overhead Rate
6–9%
Gross Margin Target
25–31%
Net Margin Target
11–13%
Largest Overhead Driver
Finance and legal
Scale overhead at large utility contractor level.

Trade note for Underground Utility Contractors: Underground utility contractors working on municipal projects face significant inspection and testing overhead — pressure tests, camera inspections, chlorination, and bacteriological testing are all project-specific costs that should flow to jobs rather than overhead. When these costs get miscoded, both overhead and job margins are distorted.

Why Overhead Rate Gets Off Track

Three Reasons Your
Overhead Is Drifting.

01

Inspection and Testing Costs Get Buried in Overhead

Pressure tests, camera inspections, chlorination, and bacteriological testing are direct job costs for the specific utilities being tested. When they're coded to overhead, job margins are overstated and overhead is inflated.

02

Locating and Damage Prevention Overhead Is Real

811 call center subscriptions, private locating services, and potholing for damage prevention are overhead costs specific to underground utility work. These costs are often undertracked and underestimated in bid pricing.

03

Restoration Cost Gets Coded Wrong

Surface restoration — pavement, concrete, or landscape — following utility installation is a direct job cost. When restoration costs get coded to overhead or to a general restoration account rather than to the specific utility job, job margins are understated.

How SPM Manages It

Overhead Rate as a
Managed Number.

Inspection Cost to Jobs

SPM codes all inspection and testing costs — pressure tests, camera inspections, bacteriological testing — to the specific utility jobs in ControlQore. Overhead drops, job margins reflect actual project cost, and restoration costs follow the same direct-to-job approach.

Locating Cost Tracking

Private locating and damage prevention costs are tracked as a dedicated category in ControlQore — both as overhead for the ongoing subscription cost and as direct job cost for project-specific potholing and locating. The split between overhead and direct cost is maintained consistently.

Municipal vs. Private Work Overhead Comparison

Municipal utility work carries higher inspection and documentation overhead than private utility work. SPM tracks overhead rate separately for municipal and private scopes — revealing which market segment is more overhead-efficient for your specific operation.

Service Tiers

Two Ways to
Work With SPM.

Core Financial
From $1,900/mo
  • ControlQore setup and management
  • Job costing aligned to your estimates
  • Bookkeeping and bank reconciliations
  • AR and AP management
  • Monthly overhead rate tracking
  • 1 monthly CFO meeting
  • 60-day onboarding
Executive Financial
From $2,900/mo
  • Everything in Core Financial
  • Monthly WIP schedule
  • 13-week cash flow forecast
  • CEO Report and financial dashboard
  • 3 monthly CFO advisory meetings
  • Overhead rate vs. benchmark monthly
  • Direct access to Josh
Common Questions

Straight Answers.

How do I calculate my overhead rate?
Add up every expense that isn't a direct job cost for the trailing 12 months — office staff, rent, insurance, equipment payments not allocated to jobs, vehicles, software, marketing. Divide by total revenue for the same period. That percentage is your overhead rate. Compare it to the benchmark for your revenue band above.
Does SPM serve underground utility contractors at all revenue levels?
SPM's direct engagement covers $1M–$12M in revenue. The benchmark data on this page covers the full revenue spectrum for reference. For contractors above $12M, SPM can make the right introduction to firms that specialize at larger scale.

IS YOUR OVERHEAD
IN RANGE?

Find out in a free 30-minute call. Josh will tell you straight where your overhead rate stands and what to do about it.

Schedule a Free Call →
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