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IESC

IES Holdings, Inc.

IESC

IES Holdings, Inc. • NASDAQ
$418.57 ▼ -0.52% (-2.18)
Market Cap $8.31 B
52w High $442.93
52w Low $146.51
Dividend Yield 0%
P/E 27.85
Volume 80.65K
Outstanding Shares 19.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $897.8M ▲ $128.6M ▲ $100.5M ▲ 11.194% ▲ $5.06 ▲ $104.3M ▼
Q3-2025 $890.158M ▲ $127.695M ▲ $77.23M ▲ 8.676% ▲ $3.86 ▲ $120.803M ▲
Q2-2025 $833.96M ▲ $116.174M ▲ $70.652M ▲ 8.472% ▲ $3.54 ▲ $92.695M ▲
Q1-2025 $749.547M ▼ $103.039M ▼ $56.303M ▼ 7.512% ▼ $2.76 ▼ $89.269M ▲
Q4-2024 $775.766M $111.396M $63.151M 8.14% $3.13 $86.576M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $231.758M ▲ $1.596B ▲ $707.699M ▲ $883.955M ▲
Q3-2025 $168.26M ▲ $1.47B ▲ $647.304M ▲ $781.441M ▲
Q2-2025 $88.275M ▼ $1.365B ▲ $618.028M ▲ $705.783M ▲
Q1-2025 $112.04M ▼ $1.265B ▲ $572.632M ▼ $652.439M ▲
Q4-2024 $135.835M $1.244B $591.917M $611.113M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $79.287M ▲ $91.991M ▲ $-16.995M ▲ $11.025M ▲ $86.021M ▲ $74.843M ▲
Q2-2025 $72.592M ▲ $24.844M ▼ $-38.679M ▲ $-22.811M ▼ $-36.646M ▲ $7.891M ▼
Q1-2025 $57.681M ▼ $37.26M ▼ $-58.425M ▼ $-20.594M ▲ $-41.759M ▼ $24.091M ▼
Q4-2024 $65.474M ▲ $92.783M ▲ $-12.45M ▲ $-24.398M ▲ $55.935M ▲ $78.515M ▲
Q3-2024 $62.1M $82.928M $-85.033M $-58.967M $-61.072M $65.396M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Commercial and Industrial
Commercial and Industrial
 $90.00M ▲$130.00M ▲$120.00M ▼$100.00M ▼
Communications
Communications
 $230.00M ▲$270.00M ▲$300.00M ▲$340.00M ▲
Infrastructure Solutions
Infrastructure Solutions
 $110.00M ▲$120.00M ▲$130.00M ▲$140.00M ▲
Residential
Residential
 $320.00M ▲$320.00M ▲$350.00M ▲$320.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have grown steadily over the past few years, with a particularly strong jump in the most recent period. The company isn’t just getting bigger; it is also becoming more profitable on each dollar of sales, suggesting better pricing, a richer mix of higher‑value projects, and improved execution. After a softer year earlier in the period, margins have expanded meaningfully, and earnings per share have multiplied several times over. This pattern points to a business moving from a lower-margin contractor profile toward a more specialized, higher-return operator, though results can still be influenced by the timing and profitability of large projects.

Balance Sheet

Balance Sheet The balance sheet has become stronger over time. Total assets and shareholder equity have both increased, while debt remains relatively modest and has not grown in step with the business. Cash balances have improved from a low base, giving the company more flexibility. Overall, leverage looks conservative for a contractor, which provides some cushion against economic or project-specific setbacks and leaves room for continued investment or acquisitions. The main watchpoint is that, as a project-based business, a fair amount of capital is still tied up in working capital and job performance guarantees, which can be sensitive to the cycle.

Cash Flow

Cash Flow Cash generation has improved significantly. Operating cash flow has grown alongside profits, and free cash flow has shifted from roughly breakeven a few years ago to clearly positive more recently. The company is spending more on capital investments, but still at a measured pace compared with the cash the business is producing, suggesting reinvestment without overextending. Importantly, cash flow now better matches the earnings story, which supports the quality of reported profits. That said, in construction and infrastructure work, cash flows can be lumpy from year to year depending on contract timing and customer payments.

Competitive Edge

Competitive Edge IES Holdings operates in a competitive, often low-margin industry, but has carved out a stronger position than a typical contractor. Its diversification across data centers, infrastructure, residential, and commercial work reduces dependence on any single end market. The data center and infrastructure solutions businesses, with their custom power equipment and mission‑critical installations, offer higher barriers to entry than standard electrical contracting. Scale, national reach, bonding capacity, and long-standing relationships with large customers and homebuilders further differentiate it from small regional firms. Still, parts of the portfolio—especially residential services—face intense price competition and exposure to housing and construction cycles, so the moat is stronger in some segments than others.

Innovation and R&D

Innovation and R&D Innovation here is more about methods and solutions than about classic laboratory-style R&D. The company has steadily moved up the value chain by offering custom‑engineered power distribution products, integrated data center infrastructure, and a broad package of residential services, including solar and smart-home capabilities. Use of tools like prefabrication, digital design, and advanced project planning improves efficiency, lowers rework, and makes IES a more reliable partner on complex jobs. Vertical integration in areas such as bus ducts, enclosures, and switchgear also tightens control over quality and lead times. Formal R&D reporting is limited, so most innovation appears embedded in operations, processes, and targeted acquisitions rather than in standalone technology programs.

Summary

IES Holdings has transitioned from a relatively plain-vanilla contractor into a more diversified infrastructure and services platform with a clear tilt toward higher-value, technically demanding work. Revenues, margins, and earnings have improved meaningfully, and cash flow now supports the growth story rather than lagging it. The balance sheet is solid, with modest leverage and growing equity, which underpins resilience and strategic flexibility. Competitively, the company benefits from its scale, national footprint, and specialization in data centers and custom power solutions, though it still operates in inherently cyclical and competitive end markets. Future performance will likely hinge on continued strength in data center and energy-related investments, successful integration of acquisitions, and disciplined execution on complex projects while managing the more commoditized parts of the portfolio.

NEWS

November 21, 2025 · 7:45 AM UTC

IES Holdings Reports Fiscal 2025 Fourth Quarter and Full Year Results

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November 10, 2025 · 11:51 AM UTC

Gulf Island Fabrication Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Gulf Island Fabrication, Inc. - GIFI

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November 7, 2025 · 8:15 AM UTC

IES Holdings to Acquire Gulf Island Fabrication

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