IES Holdings, Inc.IESC
NasdaqGM•Industrials•Engineering & Construction
IES Holdings, Inc. designs and installs integrated electrical and technology systems and provides infrastructure products and services in the United States. The Communications segment designs, builds, and maintains communications 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. It also designs and installs audio/visual, telephone, fire, and wireless access and intrusion alarm systems; and engages in designing/building, servicing, and maintaining data network systems. The Residential segment offers electrical installations to single-family housing and multi-family apartments; heating, ventilation and air conditioning and plumbing installation services; and cable television installations to residential and light commercial applications, as well as installs residential solar power for new construction and existing residences. The 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. The Commercial & Industrial segment offers electrical and mechanical design, construction, and maintenance services for office buildings, manufacturing facilities, data centers, wind farms, solar facilities, municipal infrastructures, and health care facilities. The company was formerly known as Integrated Electrical Services, Inc. and changed its name to IES Holdings, Inc. in May 2016. IES Holdings, Inc. was incorporated in 1997 and is headquartered in Sugar Land, Texas.
IES Holdings, Inc. (IESC) reported trailing twelve months revenue of $3.57B as of March 2026, a 19.0% increase year-over-year. Quarterly revenue reached $974.28M, reflecting continued top-line momentum.
IES Holdings, Inc. generated $353.96M in TTM net income, with quarterly EBITDA of $128.35M. The operating margin expanded from 10.0% to 11.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (11.5%) and net margin (11.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 7.7% a year ago, signaling stronger bottom-line efficiency.
IESC trades at a P/E of 40.9x (a premium multiple) and a P/S of 4.1x. The price-to-book ratio of 13.5x indicates a significant premium over book value.
The company generated $71.45M in free cash flow over the trailing twelve months, a 196.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $1.99B in total assets with no in long-term debt against $1.07B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~11.1%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 33.9% suggests a durable competitive advantage and efficient capital allocation.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~38.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~11.6% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 0.6x) — earnings may be inflated by non-cash items or aggressive accounting.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.