Code Red Underground, LLC
- Craig WestSigns company filings · Form 5500 (2025)
How we got $5.8M
Based on its 45 employees and its payroll, both reported for PPP in 2020 and brought up to date.
Estimated value over time
▲ 43% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▲ 11% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 45 | $13.4M |
| 2022 | Form 5500 | 33 | $9.9M |
| 2023 | Form 5500 | 35 | $10.4M |
| 2024 | Form 5500 | 36 | $10.7M |
| 2025 | Form 5500 | 50 | $14.9M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
What we know
Signs of a sale Unlikely to sell soon
- In business 21 years (since 2005)
From public records and the company's website, not a statement that it's for sale.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| CODE RED UNDERGROUND, LLC this business | $17.3M | — |
| FRANCIS RENEWABLE ENERGY, LLC Tulsa · 3 employees | $2.8M | 0.1 mi |
| INNOVATIVE ELECTRICAL CONCEPTS,LLC Tulsa · 1 employees | $556K | 0.6 mi |
| BKW, INC Tulsa · 8 employees | $3.4M | 1.3 mi |
| HEMPHILL, LLC Tulsa · 15 employees | $6.6M | 2.3 mi |
| LANDA MOBILE SYSTEMS, LLC Tulsa · 11 employees | $3.1M | 2.3 mi |
| Environmental Drilling Tulsa | $5.8M | 2.7 mi |
The full calculation
| Employees reported to the SBA | 45 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $17.2M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $13.4M |
| Estimate: the two combined (geometric mean) | $17.3M |
| EBITDA margin (industry, adjusted for size) | 10% |
| EBITDA = revenue × margin | $1.7M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $5.8M |
| Multiple for this size and industry | 3.4× |
| Value range | $3.0M – $7.9M |
| Revenue range | $11.4M – $19.8M |
| EBITDA range | $1.1M – $1.9M |
| Industry (NAICS) | Power and Communication Line and Related Structures Construction (237130) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
History & advisors
Advisors
- BankingAmerican Bank of OklahomaPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| American Bank of Oklahoma PPP 2020 | All 137 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/14/2020 | first | $402K | 45 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Code Red Underground, LLC
Code Red Underground, LLC is a power and communication line and related structures construction company in Tulsa, Oklahoma, in business since 2005. Its estimated annual revenue is about $17.3M, with roughly $1.7M of EBITDA. It has about 50 employees. Its estimated business value is $5.8M (likely range $3.0M–$7.9M).
Common questions
- Who owns Code Red Underground, LLC?
- The owner of Code Red Underground, LLC isn't in public records we've found yet. If you own or run the business, you can add or correct its details on SeeBITDA.
- How much revenue does Code Red Underground, LLC make?
- SeeBITDA estimates Code Red Underground, LLC's annual revenue at about $17.3M (likely between $11.4M and $19.8M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Code Red Underground, LLC worth?
- About $5.8M, roughly 3.4× its estimated EBITDA of $1.7M, typical for a power and communication line and related structures construction company its size. Likely range: $3.0M–$7.9M.
- How many employees does Code Red Underground, LLC have?
- About 50, from its 2025 retirement-plan filing.
- When was Code Red Underground, LLC founded?
- Code Red Underground, LLC has been in business since 2005.