Subcon Incorporated
How we got $3.8M
Based on its 22 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Likely to sell
- In business 62 years (since 1964)
- No family successor named on its website
From public records and the company's website, not a statement that it's for sale.
What they do
Subcon is a Tulsa commercial general contractor that builds tenant-ready spaces, including tenant improvements, office renovations and commercial maintenance, for Tulsa businesses and building owners, property managers and tenants.
From the company's website. Industry: Commercial construction.
Customers & suppliers
Customers
- Mapco Plaza · named on its website
- Cityplex Towers · named on its website
- The Root · named on its website
- Coterra · named on its website
- BOK Tower · named on its website
- One & Two Warren Place · named on its website
- 21 Lewis Plaza · named on its website
Estimated value over time
▲ 28% 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.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| SUBCON INCORPORATED this business | $22.1M | — |
| TIMBER SOLUTIONS INTERNATIONAL, INC Tulsa · 4 employees | $3.6M | 0.5 mi |
| FLINTCO, LLC Tulsa | $1.02B | 0.6 mi |
| PARDEE CONSTRUCTION, LLC Tulsa · 1 employees | $712K | 0.8 mi |
| THE ROSS GROUP Tulsa · 103 employees | $167.3M | 1.0 mi |
| XTG, LLC Tulsa · 7 employees | $4.0M | 1.4 mi |
| JIM FRENCH DESIGN INC. Tulsa · 1 employees | $850K | 1.4 mi |
The full calculation
| Employees reported to the SBA | 22 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $21.7M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $17.3M |
| Estimate: the two combined (geometric mean) | $22.1M |
| EBITDA margin (industry, adjusted for size) | 5% |
| EBITDA = revenue × margin | $1.1M |
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 | $3.8M |
| Multiple for this size and industry | 3.4× |
| Value range | $2.0M – $5.2M |
| Revenue range | $14.5M – $25.2M |
| EBITDA range | $733K – $1.3M |
| Industry (NAICS) | Commercial and Institutional Building Construction (236220) |
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
People & advisors
“When Subcon first opened in 1964, the company focused on commercial drywall and acoustical work across Tulsa, adding a painting division in 1972.”
Leadership
- RDRyan DukeCo-Owner & Estimator/Project Manager · Company website · source
- LRLindsay RossCo-Owner & General Manager · Company website · source
Advisors
- BankingRCB BankPPP / 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
| RCB Bank PPP 2020 | All 1,690 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 | $207K | 22 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Subcon Incorporated
Subcon Incorporated is a commercial construction company in Tulsa, Oklahoma, in business since 1964. It is owned by Michael Houser (Co-Owner & Estimator/Project Manager). Its estimated annual revenue is about $22.1M, with roughly $1.1M of EBITDA. It has about 22 employees. Its estimated business value is $3.8M (likely range $2.0M–$5.2M).
Common questions
- Who owns Subcon Incorporated?
- Subcon Incorporated is owned by Michael Houser (Co-Owner & Estimator/Project Manager), according to public sources such as the company's website or filings.
- How much revenue does Subcon Incorporated make?
- SeeBITDA estimates Subcon Incorporated's annual revenue at about $22.1M (likely between $14.5M and $25.2M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Subcon Incorporated worth?
- About $3.8M, roughly 3.4× its estimated EBITDA of $1.1M, typical for a commercial construction company its size. Likely range: $2.0M–$5.2M.
- How many employees does Subcon Incorporated have?
- About 22, as reported on its PPP loan.
- When was Subcon Incorporated founded?
- Subcon Incorporated has been in business since 1964.
- Is Subcon Incorporated for sale?
- There's no public listing, but it shows signs that often come before a sale: in business 62 years (since 1964); no family successor named on its website.