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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.4B | $442M | $306M | $219M | 34.6% | 16.9% | 39.6% |
| 2024 | $2.9B | $343M | $219M | $189M | 35.9% | 21.3% | 102.3% |
| 2023 | $2.4B | $191M | $108M | $136M | 24.1% | 9.7% | 211.5% |
| 2022 | $2.2B | $81M | $35M | $-13M | 9.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,166.81 | 2,377.23 | 2,884.36 | 3,371.47 |
| Operating Revenue | - | 2,166.81 | 2,377.23 | 2,884.36 | 3,371.47 |
| Cost Of Revenue | - | 1,847.88 | 1,932.69 | 2,187.77 | 2,511.97 |
| Gross Profit | - | 318.93 | 444.54 | 696.59 | 859.50 |
| Operating Expense | - | 262.71 | 298.62 | 396.68 | 474.98 |
| Selling General And Administration | - | 262.71 | 298.62 | 396.68 | 474.98 |
| Total Expenses | - | 2,110.59 | 2,231.31 | 2,584.45 | 2,986.95 |
| Operating Income | - | 56.22 | 145.91 | 299.91 | 384.52 |
| Total Operating Income As Reported | - | 56.01 | 159.78 | 300.88 | 383.53 |
| EBITDA | - | 81.24 | 190.71 | 342.82 | 442.16 |
| Normalized EBITDA | - | 81.45 | 176.85 | 341.85 | 443.16 |
| EBIT | - | 55.77 | 161.30 | 305.72 | 395.22 |
| Interest Income | - | 0.01 | 0.56 | 4.04 | 2.92 |
| Interest Expense | - | 2.77 | 2.75 | 1.05 | 1.34 |
| Net Interest Income | - | -2.96 | -2.46 | 2.70 | 1.11 |
| Other Non Operating Income Expenses | - | -0.05 | 1.23 | 1.09 | 9.24 |
| Other Income Expense | - | -0.26 | 15.09 | 2.06 | 8.26 |
| Interest Income Non Operating | - | 0.01 | 0.56 | 4.04 | 2.92 |
| Interest Expense Non Operating | - | 2.77 | 2.75 | 1.05 | 1.34 |
| Net Non Operating Interest Income Expense | - | -2.96 | -2.46 | 2.70 | 1.11 |
| Pretax Income | - | 53 | 158.55 | 304.67 | 393.88 |
| Tax Provision | - | 12.82 | 38.76 | 72.17 | 96.80 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.05 | 3.39 | 0.23 | -0.24 |
| Net Income Continuous Operations | - | 40.19 | 119.79 | 232.50 | 311.84 |
| Net Income From Continuing And Discontinued Operation | - | 34.76 | 108.29 | 219.12 | 305.98 |
| Net Income From Continuing Operation Net Minority Interest | - | 34.76 | 108.29 | 219.12 | 305.98 |
| Net Income | - | 34.76 | 108.29 | 219.12 | 305.98 |
| Net Income Common Stockholders | - | 30.05 | 92.58 | 201.98 | 303.06 |
| Net Income Including Noncontrolling Interests | - | 40.19 | 119.79 | 232.50 | 311.84 |
| Normalized Income | - | 34.92 | 97.81 | 218.38 | 306.72 |
| Diluted NI Availto Com Stockholders | - | 30.05 | 92.58 | 201.98 | 303.06 |
| Basic Average Shares | - | 20.67 | 20.20 | 20.16 | 19.92 |
| Diluted Average Shares | - | 20.90 | 20.41 | 20.42 | 20.18 |
| Reconciled Depreciation | - | 25.47 | 29.41 | 37.10 | 46.94 |
| Reconciled Cost Of Revenue | - | 1,847.88 | 1,932.69 | 2,187.77 | 2,511.97 |
| Total Unusual Items | - | -0.21 | 13.86 | 0.97 | -0.99 |
| Total Unusual Items Excluding Goodwill | - | -0.21 | 13.86 | 0.97 | -0.99 |
| Minority Interests | - | -5.42 | -11.50 | -13.38 | -5.87 |
| Earnings From Equity Interest Net Of Tax | - | - | 0 | 0 | 14.76 |
| Special Income Charges | - | -0.21 | 13.86 | 0.97 | -0.99 |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | - | 0.28 | 0.28 | 0.71 | 1.14 |
| Gain On Sale Of Ppe | - | 0.07 | 14.14 | 1.68 | 0.16 |
| Total Other Finance Cost | - | 0.20 | 0.27 | 0.29 | 0.48 |
| Otherunder Preferred Stock Dividend | - | 4.72 | 15.71 | 17.14 | 2.92 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| IES Holdings, Inc.this co. | IESC | $14.8B | 48.32β premium | 16.73 | 34.6% | 33.35 |
| Planet Labs PBC | PL | $15.5B | -62.84 | 82.33 | -131.0% | -79.96 |
| Dycom Industries, Inc. | DY | $14.7B | 52.18 | 7.89 | 15.1% | 24.09 |
| Legence Corp. | LGN | $14.6B | -244.26 | 20.78 | -8.5% | 96.52 |
| Advanced Energy Industries, Inc. | AEIS | $12.8B |
| - |
| - |
| - |
| - |
| - |
| 86.52 |
| 9.42 |
| 10.9% |
| 52.10 |
| Kratos Defense & Security Solutions, Inc. | KTOS | $11.9B | 540.40 | 5.96 | 1.1% | 111.51 |
| SPX Technologies, Inc. | SPXC | $11.8B | 48.45 | 5.28 | 10.9% | 24.67 |
| Joby Aviation, Inc. | JOBY | $11.0B | -11.78 | 7.77 | -66.0% | -15.83 |
| Watts Water Technologies, Inc. | WTS | $10.5B | 30.87 | 5.19 | 16.8% | 20.02 |
| Peer Median | - | 39.66 | 7.83 | 6.0% | 24.38 | |