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IES Holdings, Inc.

IESC Industrials Engineering & Construction

IES Holdings, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $3.4 billion, up 16.9% from fiscal 2024.

Revenue
+39.6%
EPS
+98.7%
Free cash flow
−14.6%

Quarter to June 2026, against a year earlier

145.73 23.34 −13.80%
Market cap
$5.9B
P/E
12.8×
Fwd P/E
17.8×
Dividend yield
—
F-score
7/9
Altman Z
10.63
Beneish M
−2.24
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 251.72
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 7 — 3 1 — 6 2 — — — — —
Insider Ownership 1.18%

Capital & Financial Ratios $m

Size
Market Cap 5,860.00
Revenue ttm 3,985.74
Net income ttm 457.91
Free cash flow ttm 229.16
Net debt Q (387.86)
Valuation
P/E 12.77
Forward P/E 17.80
Price / sales 1.46
Forward P/S Powerpack
Price / FCF 25.34
Price / book 4.72
Financial health
Current ratio Q 1.63 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 177.31
Growth
Revenue growth Q +39.60% (above 0%: growing)
Operating income growth Q +59.56% (above 0%: growing)
EPS, this year +69.40% (at or above 15%: strong)
EPS, next year A +16.77% (at or above 15%: strong)
Revenue, next year A +25.64% (at or above 10%: strong)
EPS, past 5 yrs +50.58% (at or above 15%: strong)
EPS, next 5 yrs A +32.34% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 0.5×; over the ten years it ranged from 0.3× in 2022 to 3.7× in 2026.
P/E against its own 10 years 17.80%
10-year low 10-year high
P/S against its own 10 years 83.13%
10-year low 10-year high
P/B against its own 10 years 76.38%
10-year low 10-year high
EV/Sales against its own 10 years 82.25%
10-year low 10-year high
EV/FCF against its own 10 years 64.36%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 76 136 232 388
Receivables 441 560 652 862
Inventory 96 102 112 134
Other 49 60 69 120
671 872 1,085 1,535
2023 2024 2025 Q'26
Payables 297 364 457 584
ST’ Debt — — — —
Other 104 159 177 358
401 523 633 942

Compound Annual Growth %

10y 5y 3y
Sales 19.37% 23.14% 15.88%
Cash Flow 37.90% 30.11% 160.08%
Earnings 33.75% 49.32% 116.06%
Book Value 24.17% 25.55% 34.75%

EPS $

Dec Mar Jun Sep Year
’26 2.26 2.72 3.79 — —
’25 1.36 1.75 1.91 2.50 7.51
’24 0.94 1.15 1.34 1.53 4.95
’23 0.57 0.46 0.41 0.83 2.27
’22 0.35 (0.15) 0.26 0.36 0.72
’21 0.29 0.29 0.46 0.54 1.58
’20 0.20 0.15 0.29 0.34 0.97
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 871 974 1,243 — —
’25 750 834 890 898 3,371
’24 634 706 768 776 2,884
’23 575 569 584 649 2,377
’22 481 502 567 617 2,167
’21 315 332 406 484 1,536
’20 276 291 293 330 1,191
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 28 103 108 — —
’25 37 25 92 132 286
’24 25 34 83 93 234
’23 14 46 37 57 154
’22 (24) 22 (15) 34 16
’21 20 28 (13) 3 38
’20 11 22 23 21 77
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (19) 72 64 — —
’25 24 8 75 112 220
’24 19 29 63 82 193
’23 31 42 33 51 157
’22 (37) 12 (20) 31 (13)
’21 19 26 (15) 1 31
’20 10 20 22 20 72
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 8.9% a year for ten years. It grew 32.9% a year over the last ten.

Implied
8.9%
10 years, reported
32.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 696 811 877 1,077 1,191 1,536 2,167 2,377 2,884 3,371 3,986 +19.2% 4,236 6,275 7,457 +30.3%
Gross margin, % 18.24 17.33 17.10 16.91 19.14 18.74 14.72 18.70 24.15 25.49 26.31 +7.3 pt
EBT 24 19 24 40 49 85 53 159 305 394 578 +36.6%
EBT margin, % 3.41 2.32 2.78 3.73 4.14 5.53 2.45 6.67 10.56 11.68 14.51 +8.3 pt
Net income 121 14 (14) 33 41 69 40 120 233 312 458 +11.1%
Per share, $
Per share, $ Revenue 16.35 19.05 20.68 25.54 28.63 36.95 52.42 58.85 71.54 84.64 100.02 +20.0%
Earnings 2.82 0.31 (0.33) 0.78 0.98 1.60 0.73 2.29 5.01 7.61 11.41 +11.7%
Cash flow 0.59 0.53 0.29 0.92 1.85 0.91 0.39 3.81 5.81 7.18 9.32 +32.1%
Capex (0.03) (0.10) (0.11) (0.14) (0.11) (0.17) (0.70) 0.07 (1.03) (1.67) (3.57) +57.5%
Free cash flow 0.56 0.42 0.18 0.78 1.73 0.74 (0.31) 3.88 4.79 5.51 5.75 +29.0%
Book value 5.25 5.56 5.20 5.84 6.81 8.32 8.74 11.14 15.16 22.19 30.85 +17.4%
Shares, m 43 43 42 42 42 42 41 40 40 40 40 (0.7%)
Valuation, ×
Valuation, × P/E 3.17 28.87 0.00 13.12 16.13 14.37 16.60 14.20 19.92 26.13 12.77 15.3
P/S 0.54 0.47 0.46 0.40 0.56 0.62 0.26 0.55 1.40 2.35 1.46 0.8
P/B 1.70 1.61 1.85 1.76 2.33 2.75 1.58 2.92 6.59 8.96 4.72 3.2
EV/Sales 0.54 0.47 0.47 0.39 0.52 0.64 0.30 0.55 1.37 2.29 1.37 0.8
EV/FCF 15.76 21.19 52.81 12.62 8.58 31.86 (50.70) 8.36 20.54 35.20 23.89 15.6
Cash, $m
Cash, $m Operating cash flow 25 22 12 39 77 38 16 154 234 286 371 +31.1%
Capex (1) (4) (4) (6) (5) (7) (29) 3 (41) (66) (142) +56.3%
Free cash flow 24 18 8 33 72 31 (13) 157 193 220 229 +28.0%
Balance, $m
Balance, $m Working capital 77 81 98 103 129 173 223 271 349 452 593 +21.8%
Net debt (4) 1 3 (19) (53) 17 57 (76) (136) (232) (388) +57.2%
Shareholders’ equity 223 237 220 246 283 346 361 450 611 884 1,229 +16.5%
Returns, %
Returns, % ROA 38.62 3.24 (3.33) 7.60 8.12 9.99 3.53 9.66 18.15 21.34 24.26 (17.3) pt
ROIC 7.11 5.35 7.25 11.49 13.61 14.75 8.37 26.69 39.57 36.75 36.61 +29.6 pt
ROE 73.72 5.77 (6.17) 14.12 15.42 21.07 8.50 22.82 38.07 40.54 45.20 (33.2) pt
People
People Employees 4,063 3,532 4,564 5,389 5,243 6,845 8,078 8,427 9,485 10,283 — +10.9%
Revenue/emp, $m 0.17 0.23 0.19 0.20 0.23 0.22 0.27 0.28 0.30 0.33 — +7.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Business profile

Updated

IES Holdings designs and installs electrical and technology systems and provides infrastructure products and services. Its customers include homebuilders, data center operators and owners of commercial and industrial facilities. Founded in 1997, IES is headquartered in Sugar Land, Texas. Matthew J. Simmes is its president and chief executive officer.

The company has four operating segments. Communications designs, installs and maintains network infrastructure, including systems inside data centers. It also installs building technologies such as audio-visual, wireless access, fire and intrusion alarm systems.

IES Holdings, Inc. vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TTEK Tetra Tech, Inc. $10.4B 24.2× 23.8× −4.47% (below 0%: shrinking) −2.33% (below 0%: shrinking) −34.95% (below 0%: shrinking) 18.59% 12.07% Compare
ACM AECOM $8.6B 30.2× 24.2× −14.18% (below 0%: shrinking) n/m −78.95% (below 0%: shrinking) (0.95%) (2.12%) Compare
STRL Sterling Infrastructure, Inc. $7.5B 13.2× 19.7× +126.98% (above 0%: growing) +148.46% (above 0%: growing) −16.84% (below 0%: shrinking) 24.12% 19.62% Compare
FLR Fluor Corporation $6.0B — (loss-making) 13.2× +8.82% (above 0%: growing) n/m −825.71% (below 0%: shrinking) 4.13% 3.12% Compare
IESC IES Holdings, Inc. $5.9B 12.8× 17.8× +39.60% (above 0%: growing) +98.70% (above 0%: growing) −14.63% (below 0%: shrinking) 27.41% 14.37%
DY Dycom Industries, Inc. $5.8B 17.4× 20.0× +45.57% (above 0%: growing) +13.95% (above 0%: growing) +106.51% (above 0%: growing) 21.96% 9.57% Compare
GVA Granite Construction Incorporated $5.3B — (loss-making) — (loss-making) +23.22% (above 0%: growing) −97.02% (below 0%: shrinking) −9.92% (below 0%: shrinking) 19.01% 12.70% Compare
KBR KBR, Inc. $4.8B 10.8× 11.0× +5.02% (above 0%: growing) +19.93% (above 0%: growing) −14.21% (below 0%: shrinking) 14.84% 9.17% Compare
ROAD Construction Partners, Inc. $4.4B 30.2× 31.2× +28.25% (above 0%: growing) +33.75% (above 0%: growing) −19.66% (below 0%: shrinking) 16.85% 10.94% Compare
Median of peers $5.9B 20.8× 20.0× +16.02% +16.94% −18.25% 17.72% 10.26%

All 51 Engineering & Construction stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 96.79%
Held by the ten largest 80.35%
Holder Shares Stake Change
GENDELL JEFFREY L 10.29m 51.66% −46.72k
Fidelity (FMR) 2.25m 11.27% −126.16k
BlackRock 883.52k 4.43% +173.95k
Vanguard 855.45k 4.29% −13.23k
Dimensional Fund Advisors 420.42k 2.11% −37.53k
First Trust 346.73k 1.74% −2.43k
State Street 274.07k 1.38% +66.53k
Geode Capital Management 267.00k 1.34% −28.85k
UBS 217.42k 1.09% +22.68k
Capital Group 205.60k 1.03% +205.60k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 7 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 4.70m 15.81m 969.50
2023 3.17m 5.48m 319.91
2022 2.23m 1.38m 134.14
2021 2.87m 5.81m 221.90

Ownership

Directors and executive officers, together 56.43%
Jeffrey L. Gendell 53.17%
FMR LLC 10.37%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

IES Holdings, Inc. (IESC) Latest News

26 Oct

Impact 4 · · Simply Wall St.

6 Oct

Impact 4 · · Zacks

5 Oct

Impact 4 · · GlobeNewswire

28 Sep

Impact 4 · · The Motley Fool

27 Aug

Impact 4 · · MarketBeat

31 Jul

Impact 4 ·
Impact 3 ·

9 Jul

Impact 3 ·

24 Jun

Impact 4 · · Investor's Business Daily

11 May

Impact 3 · · Simply Wall St.

9 May

Impact 4 · · Insider Monkey

7 May

Impact 4 · · Simply Wall St.
Impact 4 · · Insider Monkey

6 May

Impact 4 · · Simply Wall St.

1 May

Impact 4 · · GlobeNewswire

31 Jan

Impact 4 · · Simply Wall St.
Impact 4 · · TipRanks

30 Jan

Impact 4 · · GlobeNewswire earnings

29 Jan

Impact 4 · · Investor's Business Daily

20 Jan

Impact 4 · · Insider Monkey
Impact 3 · · Simply Wall St.

16 Jan

Impact 4 · · GlobeNewswire

13 Jan

Impact 4 · · GlobeNewswire

30 Dec

Impact 4 · · Simply Wall St.

1 Dec

Impact 4 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

29 Nov

Impact 4 · · Insider MonkeyInsider MonkeyInsider MonkeyInsider MonkeyInsider MonkeyInsider MonkeyInsider Monkey

21 Nov

Impact 4 · · GlobeNewswire

14 Nov

Impact 3 · · Simply Wall St.

12 Nov

Impact 3 · · GlobeNewswireMT NewswiresOilprice.comZacksMT NewswiresGuruFocus.comGuruFocus.com

7 Nov

Impact 4 · · GlobeNewswire

IESC metrics, ten years each

stockrow.com/IESC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com