IES Holdings Inc IESC

IndustrialsConstruction & EngineeringUnited States of America

Last close 196.07 USD on Nov 2, 2026, +0.8% year to date

Quant rating

Quant rating B Rank 152 of 486 in Industrials

Growth D 410 of 486
Valuation B 104 of 486
Quality A 1 of 486
Revisions B 193 of 486
Momentum D 363 of 486

Wall Street consensus Hold (3.00)Average target 440.00 USD +124.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.9B
Enterprise value: 7.5B
52-week range: 170.18 – 405.50
3-year range: 30.35 – 405.50
Dividend yield: –
Beta (5 years): 1.85
Shares outstanding: 40.3M
Next earnings: Nov 19, 2026

About the company

IES Holdings, Inc. designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Its Communications segment is a national provider of technology infrastructure services, including the design, build and maintenance of communications infrastructure. Its Residential segment is a regional provider of electrical installation services for single-family housing and multifamily apartment complexes. Its Infrastructure Solutions segment is a provider of electro-mechanical solutions for industrial operations, including apparatus repair and custom-engineered products. It is also a steel fabricator and service provider to the industrial, energy and government sectors. Its Commercial & Industrial segment is a provider of electrical and mechanical design, construction and maintenance services to the commercial and industrial markets.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,371	2,884	2,377	2,167	1,536	–
Revenue growth	16.9%	21.3%	9.7%	41.0%	29.0%	23.1%
EPS (basic, normalized)	6.83	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	25.5%	24.2%	18.7%	14.7%	18.7%	20.4%
Net margin	9.1%	7.6%	4.6%	1.6%	4.3%	5.4%
ROE	40.9%	41.3%	26.7%	9.8%	21.2%	28.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	388
Current ratio	1.63x
Long-term debt (mil)	0
Net debt (mil)	−383
Total equity (mil)	1,229
Net debt / equity	−0.31x
Net debt / EBITDA	−0.87x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,371	+16.9%	2.2x	438	–	17.2x	6.83	–	28.7x
2026	4,236	+25.6%	1.8x	597	+36.5%	12.6x	9.85	+44.1%	19.9x
2027	6,275	+48.1%	1.2x	829	+38.9%	9.1x	11.10	+12.7%	17.7x
2028	7,457	+18.8%	1.0x	1,101	+32.8%	6.8x	12.81	+15.4%	15.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,236	0.0%	+5.5%	+5.5%	9.85	0.0%	0.0%	0.0%
2027	6,275	0.0%	+33.1%	+33.1%	11.10	0.0%	0.0%	0.0%
2028	7,457	0.0%	+38.5%	+38.5%	12.81	0.0%	0.0%	0.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	890	898	871	974	1,243
Sales mean (mil)	–	–	–	–	–	833	843	876	1,006	1,080
Surprise	–	–	–	–	–	+6.9%	+6.5%	−0.6%	−3.2%	+15.1%
EPS reported	–	–	–	–	–	1.91	1.89	1.85	2.72	3.79
EPS mean	–	–	–	–	–	1.77	1.55	1.91	1.98	2.42
Surprise	–	–	–	–	–	+7.3%	+21.2%	−2.9%	+37.7%	+56.7%

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IESC IES Holdings Inc	7.9B	−0.87x	9.1%	6.36x	19.9x	17.7x	12.6x	9.1x
FIX Comfort Systems USA, Inc.	42.0B	−1.45x	11.2%	12.59x	23.6x	18.1x	16.2x	12.7x
STRL Sterling Infrastructure, Inc.	10.2B	−0.15x	11.7%	6.81x	17.5x	13.2x	10.5x	8.2x
VMI Valmont Industries, Inc.	8.2B	1.01x	8.2%	4.64x	18.3x	16.2x	11.5x	10.3x
STN Stantec Inc.	8.6B	2.00x	7.4%	3.54x	17.2x	15.5x	11.2x	10.4x
DY Dycom Industries Inc	6.7B	3.41x	5.1%	3.23x	13.0x	10.8x	8.4x	7.3x
Mean		0.66x	8.8%	6.19x	18.2x	15.3x	11.7x	9.7x
Median		0.43x	8.6%	5.50x	17.9x	15.9x	11.4x	9.7x

Technical analysis

1M−42.2%
3M−47.3%
1Y+0.1%
3Y+526.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, IES Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,371	2,884	2,377	2,167	1,536	1,191
Cost of revenue	2,512	2,188	1,933	1,848	1,248	963
Gross profit	859	697	445	319	288	228
Selling, general & administrative expenses	475	397	295	263	202	171
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−0.2	−1.7	−10.5	−0.1	0	7.0
Other operating expenses	1.1	0.7	0.3	0.3	0.2	0
Operating income	384	301	160	56.0	85.6	50.1
Net interest income (expense)	8.6	2.7	−3.0	−3.0	−1.0	−0.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.8	1.1	1.8	0	0.3	0
Net income before taxes	394	305	159	53.0	84.9	49.3
Provision for taxes	96.8	72.2	38.8	12.8	16.2	8.7
Minority interest	−5.9	−13.4	−11.5	−5.4	−2.0	1.0
Equity in affiliates	14.8	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	306	219	108	34.8	66.7	41.6
Extraordinary items	–	–	–	–	–	–
Net income	306	219	108	34.8	66.7	41.6
EBIT, normalized	383	299	149	55.9	85.5	57.1
EBITDA, normalized	430	336	179	81.4	107	69.6
Basic EPS, normalized	6.83	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, IES Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	232	136	75.8	24.8	23.1	53.6
Receivables	721	620	489	488	371	284
Total inventory	112	102	95.7	96.3	68.6	24.9
Prepaid expenses	20.9	14.4	10.5	15.3	21.1	9.2
Other current assets	0	0	0	0	0	0
Total current assets	1,085	872	671	624	484	371
Property, plant & equipment	272	196	138	121	82.3	56.4
Goodwill	108	94.0	92.4	92.4	92.4	53.8
Intangibles	41.6	45.9	56.2	71.9	85.6	39.4
Long-term investments	59.7	–	0.7	2.4	0	0
Note receivable	–	–	–	–	–	–
Other long-term assets	29.4	36.3	23.5	23.0	22.1	39.6
Total assets	1,596	1,244	982	935	767	561
Liabilities
Accounts payable	209	149	139	185	137	93.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	236	187	154	129	111	93.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4.2	4.6	4.3	2.9	1.0	0.4
Other current liabilities	184	182	104	84.9	62.5	55.7
Total current liabilities	633	523	401	402	312	242
Long-term debt	3.4	5.7	8.0	88.8	42.6	1.4
Minority interest	4.0	41.0	50.0	29.2	24.6	1.8
Other liabilities	70.9	63.6	73.1	53.5	41.9	31.6
Total liabilities	712	633	532	573	421	277
Shareholders' equity
Preferred stock	0	–	0	0	–	0
Common stock	0.2	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	211	203	203	202	202	201
Retained earnings (accumulated deficit)	801	498	296	203	173	107
Treasury stock	−128	−90.3	−49.5	−44.0	−29.3	−24.5
Other equity	0	0	0	0	0	0
Total equity	884	611	450	361	346	283
Total liabilities & shareholders' equity	1,596	1,244	982	935	767	561

Cash flow statement in millions of USD, fiscal years

Cash flow statement, IES Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	312	233	120	40.2	68.7	40.6
Depreciation, depletion & amortization	46.9	37.1	29.4	25.5	21.9	12.5
Deferred taxes	−3.3	−1.1	5.2	0	11.7	5.1
Non-cash items	−5.6	3.8	−9.6	7.0	4.9	12.3
Changes in working capital	−63.8	−37.9	9.1	−56.4	−69.3	6.2
Cash from operations	286	234	154	16.3	37.9	76.7
Investing activities
Capital expenditures	−67.3	−45.2	−17.7	−29.3	−7.4	−4.7
Other investing cash flows	−96.4	−63.7	20.4	−0.3	−92.2	−28.8
Cash from investing	−164	−109	2.8	−29.5	−99.6	−33.6
Financing activities
Financing cash flow items	−50.0	−52.2	−11.5	−7.0	−1.5	−0.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−46.0	−48.3	−94.3	22.0	32.7	−7.9
Cash from financing	−96.1	−100	−106	15.0	31.2	−8.5
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	26.3	25.1	50.9	1.7	−30.5	34.6
Free cash flow	219	189	136	−13.0	30.5	72.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.