IES Holdings, Inc. (IESC) 10-Year Financial Performance & Capital Metrics

IESC • • Industrial / General

IndustrialsEngineering & ConstructionElectrical & Mechanical ContractingBuilding Systems Contractors

AboutIES Holdings, Inc. designs and installs integrated electrical and technology systems, and provides infrastructure products and services in the United States. Its Commercial & Industrial segment offers electrical and mechanical design, construction, and maintenance services for office buildings, manufacturing facilities, data centers, chemical plants, refineries, wind farms, solar facilities, municipal infrastructures, and health care facilities. Its Communications segment designs, installs, and maintains network infrastructure within data centers for co-location and managed hosting customers; corporate, educational, financial, hospitality, and healthcare buildings; e-commerce distribution centers; and high-tech manufacturing facilities. This segment also provides design and installation services for audio/visual, telephone, fire, and wireless access and intrusion alarm systems; and engages in designing/building, servicing, and maintaining data network systems. Its Infrastructure Solutions segment maintains and repairs alternating and direct current electric motors and generators, and power generating and distribution equipment; manufactures custom-engineered metal enclosed bus duct solutions used in power distribution; manufactures custom commercial and industrial generator enclosures; manufactures, re-manufactures, and repairs industrial lifting magnets; and maintains and repairs railroad main and auxiliary generators, main alternators, and traction motors. Its Residential segment offers electrical installations to single-family housing and multi-family apartments; and cable television installations to residential and light commercial applications, as well as installs residential solar power for new construction and existing residences. The company was formerly known as Integrated Electrical Services, Inc. and changed its name to IES Holdings, Inc. in May 2016. The company was incorporated in 1997 and is headquartered in Houston, Texas.Show more

Revenue $3.37B +16.9%
EBITDA $430M +27.4%
Net Income $306M +39.6%
EPS (Diluted) 15.02 +51.9%
Gross Margin 25.49% +5.6%
EBITDA Margin 12.77% +9.0%
Operating Margin 11.38% +9.1%
Net Margin 9.08% +19.5%
ROE 39.74% +4.5%
ROIC 39.33% -4.2%
Debt/Equity 0.10 +3.6%
Interest Coverage 211.43 -6.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 34.0%
✓Strong 5Y profit CAGR of 49.0%
✓Momentum leader: RS Rating 80 (top 20%)
✓Strong 5Y sales CAGR of 23.1%
✓Efficient asset utilization: 2.1x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.37%

5Y23.14%

3Y15.88%

TTM16.89%

Profit (Net Income) CAGR

10Y33.91%

5Y49.05%

3Y106.47%

TTM39.64%

EPS CAGR

10Y34.59%

5Y50.12%

3Y118.49%

TTM51.41%

ROCE

10Y Avg21.85%

5Y Avg30.78%

3Y Avg40.15%

Latest45.56%

Peer Comparison

Building Systems Contractors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MAGHMagnitude International Ltd Ordinary Shares	225.45M	6.76	5633.33	-36.54%	0.28%	3.37%		3.90
MYRGMYR Group Inc.	3.56B	229.50	125.41	-7.73%	2.78%	15.84%	0.31%	0.20
ECGEverus Construction Group, Inc.	4.42B	86.60	30.82	-0.16%	5.18%	31.58%	2.61%	0.86
EMEEMCOR Group, Inc.	29.58B	660.73	30.70	15.76%	6.96%	33.88%	4.51%	0.12
IESCIES Holdings, Inc.	8.36B	419.73	27.94	16.89%	9.08%	34.46%	2.62%	0.10
BLDTopBuild Corp.	13.65B	486.10	23.96	2.6%	10.84%	25.54%	5.18%	0.71
MIMIMint Incorporation Limited	6.03M	0.30	-4.67	-25.48%	-54.55%	-26.04%		0.22
OFALOFA Group	7.05M	0.50	-7.71	-61.93%	-110.27%

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	696M	810.7M	876.8M	1.08B	1.19B	1.54B	2.17B	2.38B	2.88B	3.37B
Revenue Growth %	0.21%	0.16%	0.08%	0.23%	0.11%	0.29%	0.41%	0.1%	0.21%	0.17%
Cost of Goods Sold+	569M	670.2M	726.9M	894.9M	962.9M	1.25B	1.85B	1.93B	2.19B	2.51B
COGS % of Revenue	0.82%	0.83%	0.83%	0.83%	0.81%	0.81%	0.85%	0.81%	0.76%	0.75%
Gross Profit+	127M	140.5M	149.9M	182.1M	227.96M	288M	318.9M	444.54M	696.59M	859.5M
Gross Margin %	0.18%	0.17%	0.17%	0.17%	0.19%	0.19%	0.15%	0.19%	0.24%	0.25%
Gross Profit Growth %	0.27%	0.11%	0.07%	0.21%	0.25%	0.26%	0.11%	0.39%	0.57%	0.23%
Operating Expenses+	100.6M	120.4M	123.9M	140.6M	177.88M	202.3M	262.7M	284.76M	395.71M	474.98M
OpEx % of Revenue	0.14%	0.15%	0.14%	0.13%	0.15%	0.13%	0.12%	0.12%	0.14%	0.14%
Selling, General & Admin	100.6M	120.4M	123.9M	140.6M	170.91M	202.3M	262.7M	298.63M	396.68M	474.98M
SG&A % of Revenue	0.14%	0.15%	0.14%	0.13%	0.14%	0.13%	0.12%	0.13%	0.14%	0.14%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.42M	0	0	0	6.96M	0	0	-13.86M	-970K	0
Operating Income+	25M	20.3M	26M	41.9M	50.08M	85.58M	56M	159.78M	300.88M	383.53M
Operating Margin %	0.04%	0.03%	0.03%	0.04%	0.04%	0.06%	0.03%	0.07%	0.1%	0.11%
Operating Income Growth %	0.35%	-0.19%	0.28%	0.61%	0.2%	0.71%	-0.35%	1.85%	0.88%	0.27%
EBITDA+	30.66M	29.91M	34.86M	51.46M	62.59M	107.5M	81.47M	189.18M	337.98M	430.47M
EBITDA Margin %	0.04%	0.04%	0.04%	0.05%	0.05%	0.07%	0.04%	0.08%	0.12%	0.13%
EBITDA Growth %	0.46%	-0.02%	0.17%	0.48%	0.22%	0.72%	-0.24%	1.32%	0.79%	0.27%
D&A (Non-Cash Add-back)	5.66M	9.61M	8.86M	9.56M	12.51M	21.91M	25.47M	29.41M	37.1M	46.94M
EBIT	24.7M	20.51M	26.01M	41.68M	49.92M	85.87M	55.77M	161.57M	305.72M	395.22M
Net Interest Income+	-1.28M	-1.7M	-1.95M	-1.86M	-777K	-962K	-2.97M	-3.02M	2.7M	1.11M
Interest Income	0	0	0	0	0	0	0	0	4.04M	2.92M
Interest Expense	1.28M	1.7M	1.95M	1.86M	777K	962K	2.97M	3.02M	1.34M	1.81M
Other Income/Expense	-1.2M	-1.54M	-1.61M	-1.71M	-789K	-676K	-3.01M	-1.23M	3.79M	25.12M
Pretax Income+	23.8M	18.8M	24.3M	40.1M	49.29M	84.91M	53M	158.55M	304.67M	408.65M
Pretax Margin %	0.03%	0.02%	0.03%	0.04%	0.04%	0.06%	0.02%	0.07%	0.11%	0.12%
Income Tax+	-97.1M	5.2M	38.2M	6.7M	8.7M	16.2M	12.8M	38.76M	72.17M	96.81M
Effective Tax Rate %	5.08%	0.71%	-0.58%	0.83%	0.84%	0.79%	0.66%	0.68%	0.72%	0.75%
Net Income+	120.8M	13.4M	-14.2M	33.2M	41.6M	66.66M	34.76M	108.29M	219.12M	305.98M
Net Margin %	0.17%	0.02%	-0.02%	0.03%	0.03%	0.04%	0.02%	0.05%	0.08%	0.09%
Net Income Growth %	6.32%	-0.89%	-2.06%	3.34%	0.25%	0.6%	-0.48%	2.12%	1.02%	0.4%
Net Income (Continuing)	120.88M	13.59M	-13.8M	33.48M	40.55M	68.68M	40.19M	119.79M	232.5M	311.84M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.79M	3.27M	3.23M	3.29M	1.8M	24.59M	29.19M	49.95M	41M	4.01M
EPS (Diluted)+	5.62	0.62	-0.67	1.56	1.97	3.16	1.44	4.54	9.89	15.02
EPS Growth %	6.3%	-0.89%	-2.08%	3.33%	0.26%	0.6%	-0.54%	2.15%	1.18%	0.52%
EPS (Basic)	5.63	0.62	-0.67	1.58	2.00	3.21	1.45	4.58	10.02	15.22
Diluted Shares Outstanding	21.49M	21.53M	21.2M	21.32M	21.09M	21.09M	20.89M	20.41M	20.41M	20.18M
Basic Shares Outstanding	21.28M	21.28M	21.06M	21.08M	20.8M	20.79M	20.67M	20.2M	20.16M	19.92M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	209.73M	231.75M	262.69M	296.45M	371.45M	484.18M	624.4M	671.3M	871.69M	1.09B
Cash & Short-Term Investments	32.96M	28.29M	26.25M	18.93M	53.58M	23.11M	24.85M	75.77M	135.84M	231.76M
Cash Only	32.96M	28.29M	26.25M	18.93M	53.58M	23.11M	24.85M	75.77M	100.83M	127.17M
Short-Term Investments	0	0	0	0	0	0	0	0	35M	104.59M
Accounts Receivable	160.06M	177.74M	207.34M	245.35M	283.83M	371.44M	487.87M	489.39M	619.76M	652.09M
Days Sales Outstanding	83.94	80.03	86.31	83.15	86.99	88.24	82.18	75.14	78.43	70.6
Inventory	13.24M	16.92M	20.97M	21.54M	24.89M	68.57M	96.33M	95.66M	101.73M	111.54M
Days Inventory Outstanding	8.49	9.22	10.53	8.79	9.43	20.05	19.03	18.07	16.97	16.21
Other Current Assets	260K	0	0	0	0	0	0	10.48M	14.37M	90.1M
Total Non-Current Assets+	184.61M	192.74M	159.3M	148.8M	189.08M	282.44M	310.31M	310.3M	372.33M	510.18M
Property, Plant & Equipment	15.69M	24.64M	25.36M	25.75M	57.98M	82.3M	120.56M	125.17M	196.15M	271.62M
Fixed Asset Turnover	44.35x	32.90x	34.57x	41.83x	20.54x	18.67x	17.97x	18.99x	14.70x	12.41x
Goodwill	39.94M	46.69M	50.7M	50.62M	53.76M	92.39M	92.39M	92.39M	93.96M	107.83M
Intangible Assets	31.72M	31.41M	30.59M	26.62M	39.36M	85.62M	71.94M	56.21M	45.89M	41.65M
Long-Term Investments	919K	558K	558K	408K	0	10K	2.45M	675K	0	59.66M
Other Non-Current Assets	2.79M	3.22M	5.51M	4.53M	4.18M	3.11M	2.45M	15.47M	13.87M	13.37M
Total Assets+	394.34M	424.49M	421.99M	445.26M	560.53M	766.62M	934.71M	981.6M	1.24B	1.6B
Asset Turnover	1.76x	1.91x	2.08x	2.42x	2.12x	2.00x	2.32x	2.42x	2.32x	2.11x
Asset Growth %	0.75%	0.08%	-0.01%	0.06%	0.26%	0.37%	0.22%	0.05%	0.27%	0.28%
Total Current Liabilities+	133.05M	150.63M	164.42M	193.47M	242.45M	311.6M	401.89M	400.57M	522.55M	633.43M
Accounts Payable	64.96M	63.25M	75.29M	85.28M	93.31M	136.97M	184.96M	138.59M	149.38M	209.36M
Days Payables Outstanding	41.67	34.44	37.81	34.78	35.37	40.04	36.53	26.17	24.92	30.42
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	26.83M	33.56M	34.06M	42.83M	53.93M	61.11M	75.19M	90.67M	116.47M	160.44M
Current Ratio	1.58x	1.54x	1.60x	1.53x	1.53x	1.55x	1.55x	1.68x	1.67x	1.71x
Quick Ratio	1.48x	1.43x	1.47x	1.42x	1.43x	1.33x	1.31x	1.44x	1.47x	1.54x
Cash Conversion Cycle	50.76	54.8	59.03	57.16	61.06	68.24	64.68	67.03	70.48	56.38
Total Non-Current Liabilities+	36.09M	33.89M	33.94M	2.24M	32.96M	84.47M	142.34M	81.1M	69.36M	74.27M
Long-Term Debt	29.26M	29.43M	29.56M	299K	217K	39.75M	81.63M	0	0	0
Capital Lease Obligations	0	0	0	0	20.53M	28.65M	38.14M	42.1M	40.45M	61.97M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	6.83M	4.46M	4.37M	1.95M	12.21M	16.08M	22.57M	39M	28.92M	12.3M
Total Liabilities	169.14M	184.52M	198.35M	195.72M	275.41M	396.07M	544.23M	481.66M	591.92M	707.7M
Total Debt+	29.26M	29.43M	29.56M	299K	31.8M	82.37M	137.09M	61.59M	62.43M	88.09M
Net Debt	-3.7M	1.14M	3.32M	-18.64M	-21.77M	59.26M	112.24M	-14.18M	-38.41M	-39.08M
Debt / Equity	0.13x	0.12x	0.13x	0.00x	0.11x	0.22x	0.35x	0.12x	0.10x	0.10x
Debt / EBITDA	0.95x	0.98x	0.85x	0.01x	0.51x	0.77x	1.68x	0.33x	0.18x	0.20x
Net Debt / EBITDA	-0.12x	0.04x	0.10x	-0.36x	-0.35x	0.55x	1.38x	-0.07x	-0.11x	-0.09x
Interest Coverage	19.50x	11.93x	13.36x	22.56x	64.46x	88.96x	18.86x	52.87x	224.87x	211.43x
Total Equity+	225.2M	239.97M	223.64M	249.54M	285.12M	370.55M	390.48M	499.94M	652.11M	887.96M
Equity Growth %	1.22%	0.07%	-0.07%	0.12%	0.14%	0.3%	0.05%	0.28%	0.3%	0.36%
Book Value per Share	10.48	11.14	10.55	11.71	13.52	17.57	18.69	24.49	31.94	44.00
Total Shareholders' Equity	223.41M	236.7M	220.41M	246.25M	283.31M	345.95M	361.29M	449.99M	611.11M	883.96M
Common Stock	220K	220K	220K	220K	220K	220K	220K	220K	220K	220K
Retained Earnings	32.74M	46.43M	32.31M	65.6M	107M	173.13M	203.2M	295.78M	497.76M	800.82M
Treasury Stock	-4.78M	-6.9M	-8.94M	-12.48M	-24.5M	-29.3M	-44M	-49.45M	-90.33M	-127.75M
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.79M	3.27M	3.23M	3.29M	1.8M	24.59M	29.19M	49.95M	41M	4.01M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	25M	22.3M	12.22M	38.7M	76.7M	37.9M	16.3M	153.9M	234.4M	286.1M
Operating CF Margin %	0.04%	0.03%	0.01%	0.04%	0.06%	0.02%	0.01%	0.06%	0.08%	0.08%
Operating CF Growth %	1.17%	-0.11%	-0.45%	2.17%	0.98%	-0.51%	-0.57%	8.44%	0.52%	0.22%
Net Income	120.9M	13.6M	-13.8M	33.5M	41.6M	68.7M	40.2M	119.79M	232.5M	311.84M
Depreciation & Amortization	5.7M	9.6M	8.9M	9.6M	12.5M	21.9M	25.5M	29.41M	37.1M	46.94M
Stock-Based Compensation	1.6M	1.7M	-100K	2.36M	4.27M	3.52M	3.77M	4.37M	5.53M	12.93M
Deferred Taxes	-98.4M	6.9M	38.2M	5.7M	5.1M	11.7M	-31K	5.18M	-1.13M	-3.31M
Other Non-Cash Items	1.3M	500K	500K	800K	6.99M	1.5M	3.33M	-13.99M	-1.71M	-80.58M
Working Capital Changes	-6.1M	-10M	-21.5M	-13.3M	6.24M	-69.4M	-56.5M	9.14M	-37.9M	-1.73M
Change in Receivables	-22.4M	-7.6M	-7.6M	-35.3M	-25.4M	-55.4M	-87.2M	2.92M	-93.51M	-79.95M
Change in Inventory	3.9M	-1.9M	-4M	-700K	-2.82M	-30.5M	-27.8M	-1.14M	-3.52M	4.15M
Change in Payables	19.68M	-2.83M	-13.57M	16M	20.12M	9.8M	67.1M	-10.05M	57.89M	86.46M
Cash from Investing+	-60.7M	-24.5M	-11.86M	-5.7M	-33.6M	-99.6M	-29.5M	2.77M	-108.85M	-163.69M
Capital Expenditures	-3.4M	-4.6M	-4.6M	-6.3M	-4.7M	-7.4M	-29.3M	-17.67M	-45.16M	-67.25M
CapEx % of Revenue	0%	0.01%	0.01%	0.01%	0%	0%	0.01%	0.01%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.2M	300K	100K	500K	100K	300K	300K	20.6M	3.31M	-44.07M
Cash from Financing+	19.63M	-2.75M	-2.41M	-40.3M	-8.5M	31.2M	15M	-105.75M	-100.5M	-96.07M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-601K	-349K	-240K	-639K	-1.5M	-6.95M	-11.47M	-52.21M	-50.04M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	21.6M	17.7M	7.6M	32.4M	72M	30.5M	-13M	136.24M	189.25M	218.84M
FCF Margin %	0.03%	0.02%	0.01%	0.03%	0.06%	0.02%	-0.01%	0.06%	0.07%	0.06%
FCF Growth %	1.48%	-0.18%	-0.57%	3.26%	1.22%	-0.58%	-1.43%	11.48%	0.39%	0.16%
FCF per Share	1.01	0.82	0.36	1.52	3.41	1.45	-0.62	6.67	9.27	10.84
FCF Conversion (FCF/Net Income)	0.21x	1.66x	-0.86x	1.17x	1.84x	0.57x	0.47x	1.42x	1.07x	0.94x
Interest Paid	1.01M	1.52M	1.68M	1.74M	782K	738K	3.07M	2.09M	536K	882K
Taxes Paid	1.42M	2.43M	-2.84M	1.37M	323K	5.06M	3.95M	12.06M	61.61M	117.31M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	73.97%	5.76%	-6.13%	14.03%	15.56%	20.33%	9.14%	24.32%	38.04%	39.74%
Return on Invested Capital (ROIC)	13.26%	6.58%	8.33%	13.73%	15.2%	18.52%	9.01%	24.25%	41.05%	39.33%
Gross Margin	18.25%	17.33%	17.1%	16.91%	19.14%	18.74%	14.72%	18.7%	24.15%	25.49%
Net Margin	17.36%	1.65%	-1.62%	3.08%	3.49%	4.34%	1.6%	4.56%	7.6%	9.08%
Debt / Equity	0.13x	0.12x	0.13x	0.00x	0.11x	0.22x	0.35x	0.12x	0.10x	0.10x
Interest Coverage	19.50x	11.93x	13.36x	22.56x	64.46x	88.96x	18.86x	52.87x	224.87x	211.43x
FCF Conversion	0.21x	1.66x	-0.86x	1.17x	1.84x	0.57x	0.47x	1.42x	1.07x	0.94x
Revenue Growth	21.28%	16.48%	8.15%	22.83%	10.57%	29.02%	41.02%	9.71%	21.33%	16.89%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Residential	225.89M	274.04M	285.71M	313.34M	411.79M	687.35M	1.13B	1.28B	1.39B	1.3B
Residential Growth	-	21.32%	4.26%	9.67%	31.42%	66.92%	64.61%	13.09%	8.55%	-6.08%
Communications	189.63M	225.28M	219.66M	321.25M	395.14M	445.97M	559.78M	600.78M	776.47M	1.14B
Communications Growth	-	18.79%	-2.49%	46.25%	23.00%	12.86%	25.52%	7.32%	29.25%	46.90%
Infrastructure Solutions	-	-	-	136.79M	128.38M	146.98M	167.11M	217.35M	351.1M	498.72M
Infrastructure Solutions Growth	-	-	-	-	-6.15%	14.49%	13.70%	30.06%	61.53%	42.05%
Commercial and Industrial	-	-	-	305.62M	255.55M	256.2M	308.5M	279.59M	367.95M	427.74M
Commercial and Industrial Growth	-	-	-	-	-16.39%	0.26%	20.42%	-9.37%	31.60%	16.25%
Corporate	-	-	-	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-
Commercial & Industrial	222.47M	227.61M	274.3M	-	-	-	-	-	-	-
Commercial & Industrial Growth	-	2.31%	20.51%	-	-	-	-	-	-	-
MISCOR	58M	83.82M	97.16M	-	-	-	-	-	-	-
MISCOR Growth	-	44.52%	15.91%	-	-	-	-	-	-	-
Corporate	-	-	-	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

IES Holdings, Inc. (IESC) has a price-to-earnings (P/E) ratio of 27.9x. This suggests investors expect higher future growth.

Growth & Financials

IES Holdings, Inc. (IESC) reported $3.37B in revenue for fiscal year 2025. This represents a 639% increase from $456.1M in 2012.

IES Holdings, Inc. (IESC) grew revenue by 16.9% over the past year. This is strong growth.

Yes, IES Holdings, Inc. (IESC) is profitable, generating $306.0M in net income for fiscal year 2025 (9.1% net margin).

Dividend & Returns

IES Holdings, Inc. (IESC) has a return on equity (ROE) of 39.7%. This is excellent, indicating efficient use of shareholder capital.

IES Holdings, Inc. (IESC) generated $218.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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