Stantec is a global engineering and design consultancy. The firm provides planning, design, and technical advisory services across five verticals: Infrastructure (transportation, roads, bridges, transit), Water (water treatment, wastewater, flood resilience), Buildings (architecture and engineering for hospitals, data centers, and advanced manufacturing), Environmental Services (permitting and remediation), and Energy & Resources (mining and renewables). Stantec's clients are primarily public sector agencies — municipal governments, water utilities, and transit authorities — alongside private sector clients in advanced manufacturing, data centers, and resource extraction. Stantec intentionally avoids construction and integrated contracting, focusing on the higher-margin design and advisory phases. Stantec bills clients on fixed-fee, variable-fee, or time-and-material arrangements, and the business is asset-light with capital intensity around $100M annually. Stantec reports revenue across three geographies: the U.S. (~59% of gross revenue), Global (~25%), and Canada (~24%). The Water vertical has been the standout performer, delivering consistent organic growth across all three geographies. Stantec grows through organic expansion and M&A, having completed over 145 acquisitions over 30 years. Notable recent deals include Page, a ~1,400-person U.S. architecture firm, and ZETCON, a German infrastructure firm. Stantec maintains a contract backlog of $8.4B, providing roughly 13 months of revenue visibility.