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POWL

Powell Industries, Inc.

POWL

Powell Industries, Inc. • NASDAQ
$323.22 ▲ 0.44% (+1.43)
Market Cap $3.90 B
52w High $413.00
52w Low $146.02
Dividend Yield 1.07%
P/E 21.74
Volume 65.28K
Outstanding Shares 12.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $286.273M ▲ $27.775M ▲ $48.234M ▲ 16.849% ▲ $4 ▲ $61.866M ▲
Q2-2025 $278.631M ▲ $24.513M ▲ $46.33M ▲ 16.628% ▲ $3.84 ▲ $60.637M ▲
Q1-2025 $241.431M ▼ $23.952M ▼ $34.763M ▼ 14.399% ▼ $2.89 ▼ $37.327M ▼
Q4-2024 $275.063M ▼ $24.318M ▼ $46.052M ▼ 16.742% ▲ $3.84 ▼ $57.913M ▼
Q3-2024 $288.168M $24.452M $46.223M 16.04% $3.85 $58.997M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $433.04M ▲ $1.042B ▲ $447.311M ▲ $594.905M ▲
Q2-2025 $389.292M ▲ $965.368M ▲ $424.005M ▲ $541.363M ▲
Q1-2025 $373.397M ▲ $912.675M ▼ $416.343M ▼ $496.332M ▲
Q4-2024 $358.392M ▼ $928.18M ▲ $445.107M ▲ $483.073M ▲
Q3-2024 $374.045M $868.983M $432.244M $436.739M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $48.234M ▲ $47.382M ▲ $-8.779M ▼ $-3.263M ▼ $38.924M ▲ $42.265M ▲
Q2-2025 $46.33M ▲ $22.408M ▼ $14.058M ▲ $-3.227M ▲ $33.944M ▲ $18.334M ▼
Q1-2025 $34.763M ▼ $37.072M ▲ $-9.494M ▼ $-15.18M ▼ $10.267M ▲ $34.883M ▲
Q4-2024 $46.052M ▼ $-5.991M ▼ $-8.898M ▼ $-3.301M ▼ $-16.681M ▼ $-14.447M ▼
Q3-2024 $46.223M $13.761M $-1.728M $-3.176M $8.756M $12.372M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Electricity
Electricity
 $50.00M ▲$120.00M ▲$70.00M ▼$30.00M ▼
Oil and Gas Service
Oil and Gas Service
 $100.00M ▲$100.00M ▲$110.00M ▲$100.00M ▼
Other Customers
Other Customers
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Petrochemical
Petrochemical
 $30.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have grown very strongly over the last few years. Sales have stepped up from a slow-growth base into a much higher level, and profitability has scaled even faster than revenue. Margins have expanded meaningfully, so a larger share of each dollar of sales is dropping to the bottom line. Earnings per share have moved from almost break-even to very robust levels in a short time, showing strong operating leverage. The flip side is that this kind of project-driven growth can be lumpy and tied to cycles in capital spending by customers, so current profitability may not be a smooth, straight line going forward.

Balance Sheet

Balance Sheet The balance sheet looks conservative and robust. The company holds a sizable cash cushion and carries essentially no debt, which reduces financial risk and gives management flexibility to invest, acquire, or weather downturns. Total assets and shareholders’ equity have both trended higher, reflecting business growth and retained earnings. The structure suggests a company that has grown mainly through its own profits rather than borrowing, though it also means returns can be more tied to the pace of project awards and internal capital deployment.

Cash Flow

Cash Flow Cash generation has improved meaningfully in recent years. After periods of weak or negative operating cash flow earlier in the period, the last two years have shown solid positive cash inflows from the core business. Free cash flow has been positive, even after modest investment in equipment and facilities, supporting the rising cash balance. That said, cash flows are noticeably more volatile than earnings, which is typical for project-based industrial companies where working capital swings—such as inventory build and timing of customer payments—can be large from year to year.

Competitive Edge

Competitive Edge Powell operates in a specialized corner of the electrical equipment market, focused on custom, mission-critical power systems rather than commodity hardware. Its strength lies in deep engineering know-how for harsh and hazardous environments, long experience with large, complex projects, and strong relationships in industries like energy, heavy industry, and increasingly utilities and data centers. The company offers integrated, turnkey solutions rather than just components, which can make it harder for customers to switch once a relationship is established. However, it still competes against large global players, and demand is tied to capital spending cycles in a relatively concentrated set of end markets.

Innovation and R&D

Innovation and R&D The firm’s innovation focus is on safety, reliability, and control of high-power electrical systems. Key examples include arc-resistant switchgear, advanced insulation for extreme conditions, integrated electrical “E-Houses,” and sophisticated monitoring and control systems. The acquisition of Remsdaq adds more automation and SCADA capabilities, pushing Powell further into higher-value digital and software-heavy offerings. Management is also investing in capacity and maintaining elevated R&D to support new products for data centers, utilities, and grid modernization. The opportunity is to move up the value chain into smarter, more automated systems; the main risk is execution—delivering new solutions on time while keeping up with fast-moving digital and AI-driven power management trends.

Summary

Powell has shifted from a low-growth, thin-margin business into a much more profitable and better scaled operation over the last few years. It combines a strong, debt-free balance sheet with improving cash generation and a portfolio focused on demanding, engineering-intensive applications. Strategically, it is leaning into long-term themes like data center expansion, LNG, and grid modernization, while broadening from its traditional oil and gas roots. The main watch points are the inherent lumpiness of project-driven revenue, exposure to cyclical capital spending by a limited set of large customers, and the need to keep innovating in automation and digital controls. Overall, the story is one of a niche industrial player that has used specialization and innovation to materially strengthen its financial profile, with both upside potential and typical project-cycle risks to monitor.

NEWS

November 18, 2025 · 4:15 PM UTC

Powell Industries Announces Fourth Quarter and Full Year Fiscal 2025 Results

Read more

November 4, 2025 · 4:01 PM UTC

Powell Industries Announces Date and Conference Call for Fiscal 2025 Fourth Quarter and Full Year Results

Read more