Upside case
Bull case
$1097+62.8%
IESC would need investors to value it at roughly 62x earnings — about 24x more generous than today's 38x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
IES Holdings, Inc. (IESC) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
1
analysts
1 bullish · 0 bearish · 1 covering IESC
Strong Buy
0
Buy
1
Hold
0
Sell
0
Strong Sell
0
Consensus Target
$458
-32.0% vs today
Scenario Range
$206 – $1097
Model bear to bull value window
Coverage
1
Published analyst ratings
Valuation Context
38.4x
Forward P/E · Market cap $13.4B
IESC price targets
Three scenarios for where IESC stock could go
Current
~$674
Confidence
71 / 100
Updated
May 1, 2026
Where we are now
Current · $674
Bear
$206
Base
$1090
Bull
$1097
Market caseClosest to today
Base case
$1090+61.8%
At 62x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$206-69.4%
If investor confidence fades or macro conditions deteriorate, a 27x multiple contraction could push IESC down roughly 69% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
IES Holdings, Inc.
IESC · NASDAQIndustrialsEngineering & ConstructionSeptember year-end
IES Holdings is a specialty contractor that designs and installs integrated electrical, technology, and mechanical systems for commercial, industrial, and infrastructure projects. It generates revenue primarily from three segments: Commercial & Industrial electrical services (~60% of revenue), Communications infrastructure for data centers and buildings (~25%), and Infrastructure Solutions for power equipment maintenance and manufacturing (~15%). The company's competitive advantage lies in its technical expertise across complex electrical and technology systems—particularly for data centers and industrial facilities—where specialized knowledge creates high barriers to entry.
Market Cap
$13.4B
Revenue TTM
$3.5B
Net Income TTM
$341M
Net Margin
9.8%
IESC Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
75%Exceptional
12 quarters tracked
Revenue Beat Rate
50%Exceptional
vs consensus estimates
Avg EPS Surprise
+8.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$3.95/$3.55
Revenue
$890M/$843M
Q4 2025
EPS
$3.77/$3.11
Revenue
$898M/$843M
Q1 2026
EPS
$3.71/$3.94
Revenue
$871M/$876M
Q2 2026
EPS
$4.16/$3.95
Revenue
$974M/$1.0B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $3.95/$3.55 | +11.3% | $890M/$843M | +5.6% |
| Q4 2025 | $3.77/$3.11 | +21.2% | $898M/$843M | +6.5% |
| Q1 2026 | $3.71/$3.94 | -5.8% | $871M/$876M | -0.6% |
| Q2 2026 | $4.16/$3.95 | +5.3% | $974M/$1.0B | -3.2% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$4.1B
+17.5% YoY
FY2
$4.8B
+17.4% YoY
EPS Outlook
FY1
$20.24
+19.7% YoY
FY2
$24.31
+20.1% YoY
Trailing FCF (TTM)$224M
FCF Margin: 6.4%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
IESC beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
IESC Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $3.4B
Product Mix
Latest annual revenue by segment or product family
Residential
38.7%
-6.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Residential is the largest disclosed segment at 38.7% of FY 2025 revenue, down 6.1% YoY.
IESC Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Overvalued
Fair value est. $572 — implies -12.7% from today's price.
Premium to Fair Value
12.7%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
IESC
44.9x
vs
S&P 500
25.2x
+78% premium
vs Industrials Trailing P/E
IESC
44.9x
vs
Industrials
25.9x
+73% premium
vs IESC 5Y Avg P/E
Today
44.9x
vs
5Y Average
19.0x
+137% premium
Forward PE
38.4x
S&P 500
19.1x
+101%
Industrials
20.8x
+84%
5Y Avg
—
—
Trailing PE
44.9x
S&P 500
25.2x
+78%
Industrials
25.9x
+73%
5Y Avg
19.0x
+137%
PEG Ratio
0.90x
S&P 500
1.75x
-49%
Industrials
1.59x
-44%
5Y Avg
—
—
EV/EBITDA
31.3x
S&P 500
15.3x
+105%
Industrials
13.9x
+125%
5Y Avg
11.1x
+181%
Price/FCF
61.4x
S&P 500
21.3x
+188%
Industrials
20.6x
+197%
5Y Avg
24.9x
+146%
Price/Sales
4.0x
S&P 500
3.1x
+27%
Industrials
1.6x
+151%
5Y Avg
1.1x
+279%
Dividend Yield
—
S&P 500
1.88%
—
Industrials
1.24%
—
5Y Avg
—
—
| Metric | IESC | S&P 500 | Industrials | 5Y Avg IESC |
|---|---|---|---|---|
| Forward PE | 38.4x | 19.1x+101% | 20.8x+84% | — |
| Trailing PE | 44.9x | 25.2x+78% | 25.9x+73% | 19.0x+137% |
| PEG Ratio | 0.90x | 1.75x-49% | 1.59x-44% | — |
| EV/EBITDA | 31.3x | 15.3x+105% | 13.9x+125% | 11.1x+181% |
| Price/FCF | 61.4x | 21.3x+188% | 20.6x+197% | 24.9x+146% |
| Price/Sales | 4.0x | 3.1x+27% | 1.6x+151% | 1.1x+279% |
| Dividend Yield | — | 1.88% | 1.24% | — |
IESC trades above S&P 500 benchmarks on 5 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolIESC Financial Health
Verdict
Strong
IESC 37.5% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$3.5B
Revenue Growth
TTM vs prior year
+16.5%
Gross Margin
Gross profit as a share of revenue
25.8%
Operating Margin
Operating income divided by revenue
11.6%
Net Margin
Net income divided by revenue
9.8%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$16.91
Free Cash Flow (TTM)
Cash generation after capex
$224M
FCF Margin
FCF as share of revenue — the primary cash quality signal
6.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
37.5%
ROA
Return on assets, trailing twelve months
22.4%
Cash & Equivalents
Liquid assets on the balance sheet
$127M
Net Debt
Total debt minus cash
$30M
Debt Serviceability
Net debt as a multiple of annual free cash flow
0.1× FCF
~0.1 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
39.9%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.3%
Dividend
—
Buyback
0.3%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$42M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
20M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageIESC Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Overvaluation Concerns
IESC is currently trading at approximately 156.7% above its GF Value™, indicating significant overvaluation. This status suggests a lack of margin of safety and raises the risk of a price correction, particularly as the current P/E ratio is considerably higher than its historical median.
High Risk
Significant Insider Selling
In the last three months, insiders have sold $10.6 million worth of IESC stock, with no reported insider buying. This significant selling activity may indicate a lack of confidence among insiders regarding the stock's future performance at current price levels.
Medium
Residential Construction Slowdown
A potential slowdown in the residential construction segment poses a key risk for IESC. Market data suggests a sector-wide slowdown, which could negatively impact the company's growth prospects.
Medium
Market Sentiment Shift
Market sentiment is shifting away from high-momentum infrastructure names, influenced by geopolitical events such as a ceasefire in the Middle East. This shift could further pressure IESC's stock price as investors reassess their positions.
Medium
Analyst Downgrades
Recent analyst downgrades have amplified concerns regarding IESC, particularly following an earlier quarterly earnings miss. These downgrades may lead to reduced investor confidence and further stock price declines.
Lower
Broader Economic Conditions
IESC's stock price is susceptible to broader economic conditions, including interest rates, inflation rates, and political developments. Changes in these factors could impact investor sentiment and stock performance.
Lower
Growth Expectations vs. P/E Ratio
While IESC has strong growth potential, its high P/E ratio raises concerns. If future growth aligns only with the wider market, the share price may decline, leading to a correction in the high P/E ratio.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why IESC Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strategic Market Position
IES Holdings provides essential electrical and technology systems, making it a vital player in the build-out of data centers, which are crucial for the AI revolution. The company also serves growing markets such as solar farms, wind farms, and industrial automation.
Consistent Growth and Profitability
The company has demonstrated a track record of organic growth, healthy free cash flow generation, and disciplined reinvestment through acquisitions. Its net income and earnings per share (EPS) have shown significant growth over recent years, with strong revenue increases reported.
Financial Strength and Capital Discipline
IES Holdings operates with a conservative financial approach, characterized by low corporate overhead, selective acquisitions, and a focus on cash flow. Notably, the company is debt-free, which enhances its financial flexibility and reduces risk.
Strong Shareholder Returns
IESC has delivered substantial total returns over various timeframes, significantly outperforming the broader market in recent years. The company has also implemented share repurchase plans, indicating management's belief that the stock is undervalued.
Operational Efficiency and Decentralized Model
IES Holdings utilizes a decentralized operating model that allows individual business units to act with agility while benefiting from centralized financial discipline and low corporate overhead. This structure contributes to strong operating margins and returns on invested capital.
Positive Earnings Trends
Historically, IESC has shown a tendency to perform well around earnings announcements, often experiencing positive price movements. While there have been recent instances of missing EPS estimates, the overall trend in revenue and net income remains robust.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
IESC Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$673.84
52W Range Position
97%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$233.71
+188.3% from the low
52-Week High
$688.51
-2.1% from the high
1 Month
+37.82%
3 Month
+47.81%
YTD
+65.6%
1 Year
+182.8%
3Y CAGR
+148.5%
5Y CAGR
+67.0%
10Y CAGR
+49.0%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
IESC vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
38.4x
vs 46.8x median
-18% below peer median
Revenue Growth
+17.5%
vs +14.5% median
+21% above peer median
Net Margin
9.8%
vs 3.7% median
+163% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
IES IESC IES Holdings, Inc. | $13.4B | 38.4x | +17.5% | 9.8% | Buy | -32.0% |
MYR MYRG MYR Group Inc. | $7.1B | 46.8x | +8.0% | 3.7% | Hold | -20.4% |
POW POWL Powell Industries, Inc. | $11.7B | 58.0x | +14.5% | 16.5% | Hold | -33.3% |
WLD WLDN Willdan Group, Inc. | $1.1B | 18.4x | +8.0% | 7.7% | Buy | +55.2% |
PRI PRIM Primoris Services Corporation | $5.5B | 16.9x | +17.2% | 3.3% | Buy | +58.5% |
PWR PWR Quanta Services, Inc. | $117.8B | 60.0x | +14.9% | 3.7% | Buy | -17.6% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
IESC Dividend and Capital Return
IESC returns 0.3% annually — null% through dividends and 0.3% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
0.3%
Dividend + buyback return per year
Buyback Yield
0.3%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
1Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$42M
Estimated Shares Retired
61.8K
Approx. Share Reduction
0.3%
Shares Outstanding
Current diluted share count from the screening snapshot
20M
FAQ
7 questionsIESC Investor Questions
Common questions answered from live analyst data and company financials.
01Is IES Holdings, Inc. (IESC) stock a buy or sell in 2026?
IES Holdings, Inc. (IESC) is rated Buy by Wall Street analysts as of 2026. Of 1 analysts covering the stock, 1 rate it Buy or Strong Buy, 0 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $458, implying -32.0% from the current price of $674. The bear case scenario is $206 and the bull case is $1097.
02What is the IESC stock price target for 2026?
The Wall Street consensus price target for IESC is $458 based on 1 analyst estimates. The high-end target is $458 (-32.0% from today), and the low-end target is $458 (-32.0%). The base case model target is $1090.
03Is IES Holdings, Inc. (IESC) stock overvalued in 2026?
IESC trades at 38.4x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals slightly overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for IES Holdings, Inc. (IESC) stock in 2026?
The primary risks for IESC in 2026 are: (1) Overvaluation Concerns — IESC is currently trading at approximately 156. (2) Significant Insider Selling — In the last three months, insiders have sold $10. (3) Residential Construction Slowdown — A potential slowdown in the residential construction segment poses a key risk for IESC. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is IES Holdings, Inc.'s revenue and earnings forecast?
Analyst consensus estimates IESC will report consensus revenue of $4.1B (+17.5% year-over-year) and EPS of $20.24 (+19.7% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.8B in revenue.
06When does IES Holdings, Inc. (IESC) report its next earnings?
A confirmed upcoming earnings date for IESC is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does IES Holdings, Inc. generate?
IES Holdings, Inc. (IESC) generated $224M in free cash flow over the trailing twelve months — a free cash flow margin of 6.4%. IESC returns capital to shareholders through and share repurchases ($42M TTM).