IES Holdings, Inc.
- Open
- 647.89
- Day high
- 653.66
- Day low
- 640.98
- Prev close
- 619.29
- Volume
- 161K
- Mkt cap
- $12.8B
- P/E (TTM)
- 33.8
- EPS (TTM)
- $19.01
- P/B
- 11.9
- P/S
- 3.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$138.0M over the last 3 months (0 open-market buys, 61 sales)
- 🏛Institutions accumulating (13F)
IES Holdings, Inc. (IESC) is a Industrials company listed on NASDAQ. The stock is up 103% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 61 sales (SEC Form 4).
IES Holdings, Inc. (IESC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IESC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $3.95 | $4.16 | +5.3% | $974M | -3.2% |
| Jan 30, 2026 | $3.94 | $3.71 | -5.8% | $871M | -13.4% |
| Nov 21, 2025 | $3.11 | $3.77 | +21.2% | $898M | +6.5% |
| Aug 1, 2025 | $3.55 | $3.95 | +11.3% | $890M | +5.6% |
| May 2, 2025 | — | $3.30 | — | $834M | — |
| Feb 4, 2025 | — | $2.64 | — | $750M | — |
| Nov 22, 2024 | — | $2.79 | — | $2.9B | — |
| Aug 2, 2024 | — | $2.67 | — | $768M | — |
| May 3, 2024 | — | $2.29 | — | $706M | — |
| Feb 2, 2024 | — | $1.87 | — | $634M | — |
| Dec 7, 2023 | — | $1.74 | — | $649M | — |
| Aug 4, 2023 | — | $1.08 | — | $584M | — |
IESC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Gendell David B.director | Grant | 34 | — |
| Jul 6, 2026 | Baldock Jennifer Adirector | Grant | 36 | — |
| Jul 6, 2026 | Cleveland Todd Mdirector | Grant | 37 | — |
| Jul 6, 2026 | Koshkin Joe Ddirector | Grant | 39 | — |
| Jul 6, 2026 | Janzen Kellydirector | Grant | 34 | — |
| Jul 6, 2026 | Fouts John Louisdirector | Grant | 69 | — |
| Jun 16, 2026 | GENDELL JEFFREY L ET ALdirector, 10 percent owner, officer: Executive Chairman | Sell | 6,720 | $764.54 |
| Jun 16, 2026 | GENDELL JEFFREY L ET ALdirector, 10 percent owner, officer: Executive Chairman | Sell | 4 | $752.18 |
| Jun 16, 2026 | Cleveland Todd Mdirector | Sell | 1,500 | $763.35 |
| Jun 16, 2026 | GENDELL JEFFREY L ET ALdirector, 10 percent owner, officer: Executive Chairman | Sell | 7,491 | $758.74 |
| Jun 16, 2026 | GENDELL JEFFREY L ET ALdirector, 10 percent owner, officer: Executive Chairman | Sell | 19,996 | $750.24 |
| Jun 16, 2026 | GENDELL JEFFREY L ET ALdirector, 10 percent owner, officer: Executive Chairman | Sell | 10,000 | $760.47 |
| Jun 16, 2026 | Cleveland Todd Mdirector | Sell | 1,200 | $761.31 |
| Jun 16, 2026 | GENDELL JEFFREY L ET ALdirector, 10 percent owner, officer: Executive Chairman | Sell | 2,509 | $761.73 |
| Jun 16, 2026 | Cleveland Todd Mdirector | Sell | 1,100 | $760.41 |
Source: IESC SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full IESC insider & 13F page →IES Holdings, Inc. company profile
Overview
IES Holdings, Inc. (NASDAQ:IESC) is a Houston-based engineering and construction company that has evolved from its origins as Integrated Electrical Services, Inc. Founded in 1997 and going public in 1998, the company rebranded to IES Holdings in 2016 to better reflect its expanded scope beyond traditional electrical services. Today, IES operates as a diversified infrastructure services provider across four distinct business segments, serving both commercial and residential markets throughout the United States. The company has experienced significant growth and transformation over the past several years, expanding from primarily electrical contracting into communications infrastructure, industrial equipment services, and residential construction.
Business
IES Holdings operates in the engineering and construction industry, specifically focusing on electrical and technology infrastructure systems. The company provides design, installation, and maintenance services for the critical systems that power and connect modern buildings and facilities. The company operates through four primary business segments. The Commercial & Industrial segment represents the largest portion of the business, offering electrical and mechanical design, construction, and maintenance services for office buildings, manufacturing facilities, data centers, chemical plants, refineries, renewable energy facilities like wind farms and solar installations, municipal infrastructure, and healthcare facilities. This segment handles the complex electrical systems that keep large-scale commercial and industrial operations running. The Communications segment specializes in network infrastructure within data centers for co-location and managed hosting customers, as well as corporate, educational, financial, hospitality, and healthcare buildings. This division also handles e-commerce distribution centers and high-tech manufacturing facilities, providing design and installation services for audio/visual systems, telephone networks, fire safety systems, wireless access points, and intrusion alarm systems. Additionally, they design, build, service, and maintain data network systems that form the backbone of modern digital infrastructure. The Infrastructure Solutions segment focuses on maintaining and repairing both alternating and direct current electric motors and generators, along with power generating and distribution equipment. This division also manufactures custom-engineered metal enclosed bus duct solutions used in power distribution, produces custom commercial and industrial generator enclosures, and manufactures, re-manufactures, and repairs industrial lifting magnets. They also maintain and repair railroad electrical systems including main and auxiliary generators, main alternators, and traction motors. The Residential segment provides electrical installations for single-family homes and multi-family apartment complexes, cable television installations for residential and light commercial applications, and residential solar power installations for both new construction and existing homes.
Revenue model
IES Holdings generates revenue primarily through project-based service contracts and product sales across its four business segments. The company operates on a fee-for-service model where customers pay for design, installation, maintenance, and repair services, as well as for manufactured products like bus duct solutions and generator enclosures. The Commercial & Industrial segment, which appears to be the largest revenue generator, earns money through construction contracts for electrical and mechanical systems in large facilities. These projects can range from new construction installations to ongoing maintenance contracts. The Communications segment generates revenue through network infrastructure projects, particularly in the growing data center market, where companies pay for the installation and maintenance of critical communication systems. The Infrastructure Solutions segment combines service revenue from equipment maintenance and repair with product sales from their manufacturing operations. The Residential segment operates on smaller-scale projects but benefits from volume through housing developments and the growing residential solar market. Several factors can significantly impact the company's margins. Economic cycles directly affect construction activity, with recessions typically reducing demand for new projects while potentially increasing maintenance work. The growth of data centers and cloud computing infrastructure creates opportunities in the Communications segment, while the expansion of renewable energy drives demand in both Commercial & Industrial and Residential segments. Labor costs and availability represent major margin pressures, as skilled electricians and technicians command premium wages in tight labor markets. Material costs, particularly for copper wiring and electrical components, can fluctuate significantly based on commodity prices. Competition from both large national contractors and smaller regional players affects pricing power, while regulatory changes in electrical codes and safety standards can create both opportunities and compliance costs.
Competitive moat
IES Holdings operates in a moderately competitive industry with limited structural moats, though the company has developed several competitive advantages. The electrical contracting industry requires specialized expertise and licensing, creating some barriers to entry, but these are not insurmountable for well-capitalized competitors. The company's primary competitive advantages stem from its diversified service portfolio and geographic presence. By operating across multiple segments - from commercial electrical work to data center communications and industrial equipment services - IES can weather downturns in any single market better than specialized competitors. Their established relationships with large commercial and industrial customers provide some recurring revenue through maintenance contracts, though these relationships are not exclusive and must be continually renewed through competitive bidding. The Infrastructure Solutions segment's manufacturing capabilities provide somewhat stronger competitive positioning, as custom-engineered products like bus duct solutions require specialized knowledge and equipment. However, this represents a relatively small portion of the overall business. The company's experience in complex projects like data centers and renewable energy installations creates some differentiation, but this expertise can be replicated by competitors over time. The primary competitive threats come from large national contractors like EMCOR Group and Quanta Services, which have greater scale and resources, as well as numerous regional electrical contractors that can undercut pricing on local projects. The industry's project-based nature means customer loyalty is limited, and contracts are typically awarded based on competitive bidding processes that emphasize price and capability rather than long-term relationships.
Risks & safety
IES Holdings demonstrates a relatively strong financial position with manageable risk levels, though some metrics warrant attention. • Liquidity and Solvency: Current ratio of 1.70 indicates adequate short-term liquidity, with $22.4 million in cash as of Q2 2025. Debt-to-equity ratio of 0.07 shows minimal leverage and low solvency risk. • Cash Generation: Operating cash flow of $24.8 million and free cash flow of $7.9 million in Q2 2025, though this represents a decline from stronger prior periods. Full year 2024 generated $234.4 million in operating cash flow and $189.2 million in free cash flow. • Valuation Metrics: Trading at 11.7x P/E ratio and 9.0x EV/EBITDA, which appear reasonable for a cyclical construction company. Price-to-book ratio of 4.67 suggests some premium valuation. • Profitability: Return on equity of 10.0% demonstrates solid profitability, with net margins around 8-9% indicating efficient operations. • Other Considerations: Working capital management appears adequate with current assets significantly exceeding current liabilities. The project-based nature of the business creates some earnings volatility, but the diversified segment portfolio provides some stability.
Recent development
Based on the financial data trends, IES Holdings has undergone significant growth and transformation over recent years. The company's revenue has grown substantially from $2.17 billion in fiscal 2022 to $2.88 billion in fiscal 2024, representing a compound annual growth rate of approximately 15%. This growth appears to be driven by expansion across all business segments, particularly in high-demand areas like data center infrastructure and renewable energy projects. Profitability has improved dramatically, with net income increasing from $40.2 million in fiscal 2022 to $232.5 million in fiscal 2024, demonstrating significant operational leverage as the company scales. EBITDA margins have also expanded, indicating improved operational efficiency and potentially better project selection and pricing discipline. The company has strengthened its balance sheet considerably, reducing its debt-to-equity ratio from 0.38 in fiscal 2022 to just 0.07 by Q2 2025, while simultaneously building cash reserves and improving working capital management. This financial strengthening has positioned the company to take advantage of growth opportunities in emerging markets like renewable energy infrastructure and data center construction. The stock price appreciation from around $36 in fiscal 2022 to over $238 by Q2 2025 reflects both the operational improvements and market recognition of the company's positioning in growing infrastructure markets. The company appears to have successfully transformed from a traditional electrical contractor into a more diversified infrastructure services provider with exposure to high-growth sectors.
IESC company profile · for informational purposes only — not investment advice.
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