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IES

IESC Nasdaq Construction & Engineering Financials FY2016–FY2025

IES's revenue rose 16.9% to $3.4 billion in fiscal 2025. Its operating margin was 11.4%, up from 10.4% a year earlier. Free cash flow was $219 million, up 15.6%. It paid out $42 million in dividends and buybacks, 19% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$213.54

3.3%
Value it Compare
Revenue Total sales reported in the income statement.
$3.4B
16.9% vs prior year
Operating margin Operating income as a share of revenue.
11.4%
1.0 pts
Net income Profit after all expenses, interest and tax.
$306M
39.7%
Free cash flow Cash from operations minus capital spending.
$219M
15.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
50.5%
2.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
9.5x
On $22.51 EPS (TTM)

What IES does

No business description yet.

Legal name
IES Holdings, Inc.
Fiscal year ends
September 30, 2025
Latest annual report
—
Accession · CIK
0001048268-25-000174
0001048268

Revenue and margins

IES had $3.4B of revenue in fiscal 2025, up 16.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 11.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $219M in fiscal 2025, 6.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

IES returned $41.6M to shareholders in fiscal 2025, 19% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value IES yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $224M and divides by 20.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 9.5x · peers 22.3x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably IES can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $23.1M$24.8M$75.8M$136M$232M
Debt incl. finance leases $43.7M$91.8M$12.4M$10.3M$7.6M
Net debt / EBITDA 0.2x0.8x−0.3x−0.4x−0.5x
Debt / equity 0.1x0.3x0.0x0.0x0.0x
Interest coverage 89.0x18.9x52.9x224.9x211.4x
Current ratio 1.6x1.6x1.7x1.7x1.7x
Quick ratio 1.3x1.3x1.4x1.5x1.5x
Total assets $767M$935M$982M$1.2B$1.6B
Total liabilities $396M$544M$482M$592M$708M
Shareholders' equity $346M$361M$450M$611M$884M
Net debt (− = net cash) $20.6M$67.0M−$63.4M−$126M−$224M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$142M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 12, 2026 Todd M ClevelandDirector Sold 5,000 $761.89 $3.8M Form 4
Jun 12, 2026 Tontine Associates LLC10% owner Sold 46,720 $756.47 $35.3M Form 4
May 27, 2026 Tontine Associates LLC10% owner Sold 30,310 $705.93 $21.4M Form 4
May 26, 2026 Tontine Associates LLC10% owner Sold 2,055 $702.28 $1.4M Form 4
May 14, 2026 Tontine Capital Partners L P10% owner Sold 39,361 $694.01 $27.3M Form 4
May 13, 2026 Tontine Capital Partners L P10% owner Sold 15,000 $692.71 $10.4M Form 4
May 8, 2026 Todd M ClevelandDirector Sold 11,578 $663.52 $7.7M Form 4
May 8, 2026 Tontine Associates LLC10% owner Sold 7,052 $674.25 $4.8M Form 4
May 8, 2026 Tracy McLauchlinSVP & CFO Sold 3,000 $662.61 $2.0M Form 4
May 7, 2026 Tontine Associates LLC10% owner Sold 1 $677.47 $0.0M Form 4
May 6, 2026 Todd M ClevelandDirector Sold 922 $681.55 $0.6M Form 4
May 6, 2026 Tontine Associates LLC10% owner Sold 40,103 $677.19 $27.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✕
F-score 8 / 96 / 96 / 9
Accruals ratio −4.8%−1.4%1.4%
Altman Z'' 4.875.856.42

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
IES IESC $4.3B 16.9% 11.4% 6.5% 50.5% 9.5x 6
Sterling Infrastructure STRL $11.0B 17.7% 16.3% 14.6% 40.8% 25.6x 7 Compare →
Tetra Tech TTEK $9.6B 4.7% 7.5% 8.1% 11.2% 22.3x 6 Compare →
Dycom Industries DY $6.8B 18.0% — 7.2% 10.9% 20.5x 6 Compare →
APi Group APG $17.2B 12.7% 7.0% 8.4% 7.7% — 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $696M $811M $877M $1.1B $1.2B $1.5B $2.2B $2.4B $2.9B $3.4B
Gross profit $127M $141M $150M $182M $228M $288M $319M $445M $697M $860M
Operating income $25.0M $20.3M $26.0M $41.9M $50.1M $85.6M $56.0M $160M $301M $384M
Interest expense $1.3M $1.7M $1.9M $1.9M $0.8M $1.0M $3.0M $3.0M $1.3M $1.8M
Pretax income $23.8M $18.8M $24.3M $40.1M $49.3M $84.9M $53.0M $159M $305M $394M
Income tax −$97.1M $5.2M $38.2M $6.7M $8.7M $16.2M $12.8M $38.8M $72.2M $96.8M
Net income $121M $13.4M −$14.2M $33.2M $41.6M $66.7M $34.8M $108M $219M $306M
Diluted EPS $5.62 $0.62 −$0.67 $1.55 $1.94 $3.15 $1.44 $4.54 $9.89 $15.02
Diluted shares 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B
Cash flow
Cash from operations $25.0M $22.3M $12.2M $38.7M $76.7M $37.9M $16.3M $154M $234M $286M
Capital expenditure $3.4M $4.6M $4.6M $6.3M $4.7M $7.4M $29.3M $17.7M $45.2M $67.3M
Free cash flow $21.6M $17.8M $7.7M $32.4M $72.0M $30.5M −$13.0M $136M $189M $219M
Depreciation and amortization $5.7M $9.6M $8.9M $9.6M $12.5M $21.9M $25.5M $29.4M $37.1M $46.9M
Stock-based compensation — $1.7M −$0.1M $2.4M $3.3M $3.5M $3.8M $4.4M $5.5M $12.9M
Acquisitions $59.5M $20.2M $7.4M $0.0M $29.0M $92.5M $0.0M $0.0M $67.0M $52.4M
Share buybacks $0.6M $2.4M $2.1M $9.8M $7.7M $7.0M $18.6M $8.3M $44.0M $41.6M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.6M $2.4M $2.1M $9.8M $7.7M $7.0M $18.6M $8.3M $44.0M $41.6M
Balance sheet
Cash and short-term investments $33.0M $28.3M $26.2M $18.9M $53.6M $23.1M $24.8M $75.8M $136M $232M
Total debt $30.2M $29.4M $29.6M $0.3M $0.2M $39.7M $81.6M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $1.6M $3.9M $10.1M $12.4M $10.3M $7.6M
Current assets $210M $232M $263M $297M $371M $484M $624M $671M $872M $1.1B
Current liabilities $133M $151M $164M $194M $242M $312M $402M $401M $523M $633M
Inventory $13.2M $16.9M $21.0M $21.5M $24.9M $68.6M $96.3M $95.7M $102M $112M
Property and equipment, net $15.7M $24.6M $25.4M $25.7M $24.6M $35.5M $54.4M $63.4M $134M $183M
Total assets $394M $425M $422M $445M $561M $767M $935M $982M $1.2B $1.6B
Total liabilities $169M $185M $198M $196M $275M $396M $544M $482M $592M $708M
Shareholders' equity $223M $237M $220M $246M $283M $346M $361M $450M $611M $884M
Margins
Gross margin 18.2% 17.3% 17.1% 16.9% 19.1% 18.7% 14.7% 18.7% 24.2% 25.5%
Operating margin 3.6% 2.5% 3.0% 3.9% 4.2% 5.6% 2.6% 6.7% 10.4% 11.4%
EBITDA margin 4.4% 3.7% 4.0% 4.8% 5.3% 7.0% 3.8% 8.0% 11.7% 12.8%
Net margin 17.4% 1.7% −1.6% 3.1% 3.5% 4.3% 1.6% 4.6% 7.6% 9.1%
FCF margin 3.1% 2.2% 0.9% 3.0% 6.1% 2.0% −0.6% 5.7% 6.6% 6.5%
Returns
Return on capital 17.6% 6.4% 5.6% 15.5% 18.0% 23.2% 10.7% 29.6% 52.7% 50.5%
Return on capital employed 13.2% 7.6% 9.8% 16.4% 17.6% 22.1% 11.3% 28.7% 46.2% 45.6%
Return on equity 74.4% 5.8% −6.2% 14.2% 15.7% 21.2% 9.8% 26.7% 41.3% 40.9%
Return on assets 39.0% 3.3% −3.3% 7.7% 8.3% 10.1% 4.1% 11.3% 19.7% 21.6%
Growth
Revenue growth 21.3% 16.5% 8.2% 22.8% 10.6% 29.0% 41.0% 9.7% 21.3% 16.9%
Net income growth 630.3% −88.9% −205.5% — 25.3% 60.2% −47.9% 211.5% 102.4% 39.6%
EPS growth 629.9% −89.0% −208.1% — 25.2% 62.4% −54.3% 215.3% 117.8% 51.9%
FCF growth 147.0% −17.6% −56.9% 323.2% 122.1% −57.6% −142.6% — 38.9% 15.6%
Share count change −0.2% 0.2% −1.6% 0.6% −1.1% −0.0% −0.9% −2.3% 0.0% −1.1%
Financial health
Net debt / EBITDA −0.1x 0.0x 0.1x −0.4x −0.8x 0.2x 0.8x −0.3x −0.4x −0.5x
Debt / equity 0.1x 0.1x 0.1x 0.0x 0.0x 0.1x 0.3x 0.0x 0.0x 0.0x
Interest coverage 19.5x 12.0x 13.3x 22.5x 64.5x 89.0x 18.9x 52.9x 224.9x 211.4x
Current ratio 1.6x 1.5x 1.6x 1.5x 1.5x 1.6x 1.6x 1.7x 1.7x 1.7x
Quick ratio 1.5x 1.4x 1.5x 1.4x 1.4x 1.3x 1.3x 1.4x 1.5x 1.5x
Capital allocation
Capex / revenue 0.5% 0.6% 0.5% 0.6% 0.4% 0.5% 1.4% 0.7% 1.6% 2.0%
Stock comp / revenue — 0.2% −0.0% 0.2% 0.3% 0.2% 0.2% 0.2% 0.2% 0.4%
Payouts / FCF 2.7% 13.3% 26.9% 30.2% 10.7% 23.0% — 6.1% 23.3% 19.0%
Quality scores
Piotroski F-score 6.0 4.0 6.0 6.0 8.0 6.0 4.0 8.0 6.0 6.0
Altman Z'' 3.4 3.3 3.4 4.0 3.8 3.9 3.4 4.9 5.9 6.4
Accruals ratio 30.9% −2.2% −6.2% −1.3% −7.0% 4.3% 2.2% −4.8% −1.4% 1.4%

Source: SEC EDGAR XBRL filings (CIK 0001048268). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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