Powell Industries Inc
POWL Nasdaq Switchgear & Switchboard Apparatus Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$1.1B
9.1%
vs prior year
Operating margin
Operating income as a share of revenue.
19.7%
2.1 pts
Net income
Profit after all expenses, interest and tax.
$181M
20.6%
Free cash flow
Cash from operations minus capital spending.
$155M
60.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $10.29 EPS (TTM)
What Powell Industries Inc does
No business description yet.
- Legal name
- POWELL INDUSTRIES INC
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Nov 19, 2025
- Accession · CIK
- 0000080420-25-000152
0000080420
Revenue and margins
Powell Industries Inc had $1.1B of revenue in fiscal 2025, up 9.1% on the year before.
FY16
Revenue $565M
FY17
Revenue $396M
FY18
Revenue $449M
FY19
Revenue $517M
FY20
Revenue $518M
FY21
Revenue $471M
FY22
Revenue $533M
FY23
Revenue $699M
FY24
Revenue $1.0B
FY25
Revenue $1.1B
Q4 '23
Revenue $209M
Q1 '24
Revenue $194M
Q2 '24
Revenue $255M
Q3 '24
Revenue $288M
Q4 '24
Revenue $275M
Q1 '25
Revenue $241M
Q2 '25
Revenue $279M
Q3 '25
Revenue $286M
Q4 '25
Revenue $298M
Q1 '26
Revenue $251M
Q2 '26
Revenue $297M
Q3 '26
Revenue $312M
FY16
Gross 18.8%
Operating 2.8%
Net 2.7%
FCF 12.7%
FY17
Gross 12.8%
Operating −4.9%
Net −2.4%
FCF 8.4%
FY18
Gross 14.6%
Operating −2.0%
Net −1.6%
FCF −7.3%
FY19
Gross 16.8%
Operating 2.2%
Net 1.9%
FCF 12.5%
FY20
Gross 18.2%
Operating 3.7%
Net 3.2%
FCF 13.0%
FY21
Gross 16.0%
Operating 0.2%
Net 0.1%
FCF −7.1%
FY22
Gross 16.0%
Operating 1.4%
Net 2.6%
FCF −1.1%
FY23
Gross 21.1%
Operating 8.9%
Net 7.8%
FCF 25.0%
FY24
Gross 27.0%
Operating 17.7%
Net 14.8%
FCF 9.5%
FY25
Gross 29.4%
Operating 19.7%
Net 16.4%
FCF 14.0%
Gross
Operating
Net
FCF
Q4 '23
Gross 24.9%
Operating 14.3%
Net 12.7%
FCF 35.2%
Q1 '24
Gross 24.8%
Operating 13.3%
Net 12.4%
FCF 42.6%
Q2 '24
Gross 24.6%
Operating 15.5%
Net 13.1%
FCF 6.3%
Q3 '24
Gross 28.4%
Operating 19.9%
Net 16.0%
FCF 4.3%
Q4 '24
Gross 29.2%
Operating 20.4%
Net 16.7%
FCF −5.3%
Q1 '25
Gross 24.7%
Operating 14.7%
Net 14.4%
FCF 14.4%
Q2 '25
Gross 29.9%
Operating 21.1%
Net 16.6%
FCF 6.6%
Q3 '25
Gross 30.7%
Operating 21.0%
Net 16.8%
FCF 14.8%
Q4 '25
Gross 31.4%
Operating 21.2%
Net 17.3%
FCF 19.9%
Q1 '26
Gross 28.4%
Operating 17.0%
Net 16.5%
FCF 16.6%
Q2 '26
Gross 29.6%
Operating 19.4%
Net 15.5%
FCF 16.6%
Q3 '26
Gross 30.6%
Operating 20.6%
Net 16.7%
FCF 30.1%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 30.4% a year. Loss periods are shown in red.
FY16
Net income $15.5M
FY17
Net income −$9.5M
FY18
Net income −$7.2M
FY19
Net income $9.9M
FY20
Net income $16.7M
FY21
Net income $0.6M
FY22
Net income $13.7M
FY23
Net income $54.5M
FY24
Net income $150M
FY25
Net income $181M
Q4 '23
Net income $26.4M
Q1 '24
Net income $24.1M
Q2 '24
Net income $33.5M
Q3 '24
Net income $46.2M
Q4 '24
Net income $46.1M
Q1 '25
Net income $34.8M
Q2 '25
Net income $46.3M
Q3 '25
Net income $48.2M
Q4 '25
Net income $51.4M
Q1 '26
Net income $41.4M
Q2 '26
Net income $45.9M
Q3 '26
Net income $52.2M
FY16
Diluted EPS $1.36
FY17
Diluted EPS −$0.83
FY18
Diluted EPS −$0.62
FY19
Diluted EPS $0.85
FY20
Diluted EPS $1.42
FY21
Diluted EPS $0.05
FY22
Diluted EPS $1.15
FY23
Diluted EPS $4.50
FY24
Diluted EPS $12.29
FY25
Diluted EPS $14.86
Q4 '23
Diluted EPS $2.17
Q1 '24
Diluted EPS $1.98
Q2 '24
Diluted EPS $2.75
Q3 '24
Diluted EPS $3.79
Q4 '24
Diluted EPS $3.77
Q1 '25
Diluted EPS $2.86
Q2 '25
Diluted EPS $1.27
Q3 '25
Diluted EPS $1.32
Q4 '25
Diluted EPS $4.22
Q1 '26
Diluted EPS $3.40
Q2 '26
Diluted EPS $1.25
Q3 '26
Diluted EPS $1.42
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 5.7%
Return on equity 4.6%
Return on assets 3.4%
FY17
Return on capital −6.7%
Return on equity −2.9%
Return on assets −2.2%
FY18
Return on capital −2.8%
Return on equity −2.3%
Return on assets −1.7%
FY19
Return on capital 5.2%
Return on equity 3.3%
Return on assets 2.2%
FY20
Return on capital 12.2%
Return on equity 5.5%
Return on assets 3.5%
FY21
Return on capital 0.4%
Return on equity 0.2%
Return on assets 0.1%
FY22
Return on capital 4.0%
Return on equity 4.6%
Return on assets 3.0%
FY23
Return on capital —
Return on equity 17.0%
Return on assets 8.8%
FY24
Return on capital —
Return on equity 36.2%
Return on assets 17.8%
FY25
Return on capital —
Return on equity 32.2%
Return on assets 17.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $155M in fiscal 2025, 14.0% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $71.9M
FY17
Free cash flow $33.2M
FY18
Free cash flow −$33.0M
FY19
Free cash flow $64.5M
FY20
Free cash flow $67.2M
FY21
Free cash flow −$33.4M
FY22
Free cash flow −$6.0M
FY23
Free cash flow $175M
FY24
Free cash flow $96.7M
FY25
Free cash flow $155M
Q4 '23
Free cash flow $73.4M
Q1 '24
Free cash flow $82.7M
Q2 '24
Free cash flow $16.1M
Q3 '24
Free cash flow $12.4M
Q4 '24
Free cash flow −$14.4M
Q1 '25
Free cash flow $34.9M
Q2 '25
Free cash flow $18.3M
Q3 '25
Free cash flow $42.3M
Q4 '25
Free cash flow $59.3M
Q1 '26
Free cash flow $41.6M
Q2 '26
Free cash flow $49.3M
Q3 '26
Free cash flow $93.7M
FY16
Cash from operations $74.9M
Capital spending $3.0M
FY17
Cash from operations $36.8M
Capital spending $3.6M
FY18
Cash from operations −$28.5M
Capital spending $4.4M
FY19
Cash from operations $68.8M
Capital spending $4.3M
FY20
Cash from operations $72.4M
Capital spending $5.2M
FY21
Cash from operations −$30.5M
Capital spending $2.9M
FY22
Cash from operations −$3.6M
Capital spending $2.5M
FY23
Cash from operations $183M
Capital spending $7.8M
FY24
Cash from operations $109M
Capital spending $12.0M
FY25
Cash from operations $168M
Capital spending $13.1M
Cash from operations
Capital spending
Q4 '23
Cash from operations $77.2M
Capital spending $3.8M
Q1 '24
Cash from operations $83.9M
Capital spending $1.2M
Q2 '24
Cash from operations $17.0M
Capital spending $0.9M
Q3 '24
Cash from operations $13.8M
Capital spending $1.4M
Q4 '24
Cash from operations −$6.0M
Capital spending $8.5M
Q1 '25
Cash from operations $37.1M
Capital spending $2.2M
Q2 '25
Cash from operations $22.4M
Capital spending $4.1M
Q3 '25
Cash from operations $47.4M
Capital spending $5.1M
Q4 '25
Cash from operations $61.1M
Capital spending $1.8M
Q1 '26
Cash from operations $43.6M
Capital spending $2.0M
Q2 '26
Cash from operations $51.2M
Capital spending $1.8M
Q3 '26
Cash from operations $100M
Capital spending $6.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Powell Industries Inc returned $12.9M to shareholders in fiscal 2025, 8% of free cash flow. The diluted share count fell 0.2%.
FY16
Dividends $11.8M
Buybacks $3.7M
FY17
Dividends $11.9M
Buybacks $0.0M
FY18
Dividends $11.9M
Buybacks $0.0M
FY19
Dividends $12.0M
Buybacks —
FY20
Dividends $12.1M
Buybacks —
FY21
Dividends $12.1M
Buybacks —
FY22
Dividends $12.2M
Buybacks —
FY23
Dividends $12.4M
Buybacks —
FY24
Dividends $12.7M
Buybacks —
FY25
Dividends $12.9M
Buybacks —
Dividends
Buybacks
Q4 '23
Dividends $3.1M
Buybacks —
Q1 '24
Dividends $3.1M
Buybacks —
Q2 '24
Dividends $3.2M
Buybacks —
Q3 '24
Dividends $3.2M
Buybacks —
Q4 '24
Dividends $3.2M
Buybacks —
Q1 '25
Dividends $3.2M
Buybacks —
Q2 '25
Dividends $3.2M
Buybacks —
Q3 '25
Dividends $3.2M
Buybacks —
Q4 '25
Dividends $3.2M
Buybacks —
Q1 '26
Dividends $3.2M
Buybacks —
Q2 '26
Dividends $3.3M
Buybacks —
Q3 '26
Dividends $3.3M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.01B
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably Powell Industries Inc can carry it.
FY16
Cash $97.7M
Debt $2.4M
FY17
Cash $95.2M
Debt $2.0M
FY18
Cash $49.8M
Debt $1.6M
FY19
Cash $125M
Debt $1.2M
FY20
Cash $179M
Debt $0.8M
FY21
Cash $134M
Debt $0.4M
FY22
Cash $117M
Debt $0.0M
FY23
Cash $279M
Debt —
FY24
Cash $358M
Debt —
FY25
Cash $476M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $134M | $117M | $279M | $358M | $476M |
| Debt incl. finance leases | $0.4M | $0.0M | — | — | — |
| Net debt / EBITDA | −11.8x | −7.0x | — | — | — |
| Debt / equity | 0.0x | 0.0x | — | — | — |
| Interest coverage | 5.0x | — | — | — | — |
| Current ratio | 2.5x | 2.0x | 1.6x | 1.8x | 2.1x |
| Quick ratio | 2.3x | 1.7x | 1.4x | 1.6x | 1.9x |
| Total assets | $436M | $493M | $752M | $928M | $1.1B |
| Total liabilities | $135M | $196M | $407M | $445M | $468M |
| Shareholders' equity | $301M | $297M | $345M | $483M | $641M |
| Net debt (− = net cash) | −$134M | −$117M | — | — | — |
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
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | — | — | — |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Gross margin rose | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ |
| F-score | — / 3 | 4 / 9 | 4 / 9 | 7 / 9 | 7 / 9 | 3 / 9 | 5 / 9 | 5 / 8 | 6 / 8 | 6 / 8 |
| Accruals ratio | −12.8% | −10.6% | 5.1% | −13.1% | −11.9% | 6.8% | 3.7% | −20.6% | 4.9% | 1.3% |
| Altman Z'' | 7.97 | 8.33 | 6.96 | 6.45 | 6.78 | 7.20 | 6.00 | 4.83 | 6.52 | 7.48 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $565M | $396M | $449M | $517M | $518M | $471M | $533M | $699M | $1.0B | $1.1B |
| Gross profit | $106M | $50.8M | $65.4M | $87.0M | $94.6M | $75.1M | $85.0M | $148M | $273M | $324M |
| Research and development | $6.7M | $6.9M | $6.7M | $6.3M | $6.3M | $6.7M | $7.0M | $6.2M | $9.4M | $11.0M |
| Operating income | $15.8M | −$19.3M | −$9.1M | $11.5M | $19.1M | $1.0M | $7.2M | $62.5M | $179M | $218M |
| Interest expense | $0.1M | $0.2M | $0.2M | $0.2M | $0.2M | $0.2M | — | — | — | — |
| Pretax income | $17.8M | −$16.9M | −$7.7M | $12.3M | $20.3M | $1.1M | $9.8M | $69.0M | $196M | $234M |
| Income tax | $2.3M | −$7.4M | −$0.5M | $2.4M | $3.7M | $0.5M | −$3.9M | $14.4M | $46.2M | $52.8M |
| Net income | $15.5M | −$9.5M | −$7.2M | $9.9M | $16.7M | $0.6M | $13.7M | $54.5M | $150M | $181M |
| Diluted EPS | $1.36 | −$0.83 | −$0.62 | $0.85 | $1.42 | $0.05 | $1.15 | $4.50 | $12.29 | $14.86 |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | $74.9M | $36.8M | −$28.5M | $68.8M | $72.4M | −$30.5M | −$3.6M | $183M | $109M | $168M |
| Capital expenditure | $3.0M | $3.6M | $4.4M | $4.3M | $5.2M | $2.9M | $2.5M | $7.8M | $12.0M | $13.1M |
| Free cash flow | $71.9M | $33.2M | −$33.0M | $64.5M | $67.2M | −$33.4M | −$6.0M | $175M | $96.7M | $155M |
| Depreciation and amortization | $13.0M | $12.8M | $12.9M | $12.0M | $10.5M | $10.3M | $9.4M | $8.6M | $6.9M | $7.3M |
| Stock-based compensation | $4.9M | $2.7M | $3.2M | $3.8M | $3.5M | $2.6M | $4.1M | $4.6M | $4.7M | $4.6M |
| Acquisitions | — | — | — | — | — | — | — | $0.0M | $0.0M | $11.5M |
| Share buybacks | $3.7M | $0.0M | $0.0M | — | — | — | — | — | — | — |
| Dividends paid | $11.8M | $11.9M | $11.9M | $12.0M | $12.1M | $12.1M | $12.2M | $12.4M | $12.7M | $12.9M |
| Dividends and buybacks | $15.6M | $11.9M | $11.9M | $12.0M | $12.1M | $12.1M | $12.2M | $12.4M | $12.7M | $12.9M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $97.7M | $95.2M | $49.8M | $125M | $179M | $134M | $117M | $279M | $358M | $476M |
| Total debt | $2.4M | $2.0M | $1.6M | $1.2M | $0.8M | $0.4M | $0.0M | — | — | — |
| Current assets | $304M | $250M | $277M | $329M | $336M | $302M | $370M | $622M | $776M | $932M |
| Current liabilities | $118M | $85.6M | $118M | $158M | $153M | $121M | $186M | $396M | $428M | $446M |
| Inventory | $26.5M | $18.4M | $21.4M | $29.2M | $29.0M | $29.8M | $50.4M | $63.9M | $85.9M | $84.7M |
| Property and equipment, net | $145M | $139M | $129M | $121M | $114M | $109M | $98.6M | $97.6M | $103M | $111M |
| Goodwill | — | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $6.1M |
| Intangible assets | — | — | — | — | — | — | — | — | $0.5M | $6.1M |
| Total assets | $463M | $415M | $430M | $467M | $472M | $436M | $493M | $752M | $928M | $1.1B |
| Total liabilities | $127M | $93.7M | $128M | $168M | $166M | $135M | $196M | $407M | $445M | $468M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $335M | $321M | $302M | $299M | $307M | $301M | $297M | $345M | $483M | $641M |
| Margins | ||||||||||
| Gross margin | 18.8% | 12.8% | 14.6% | 16.8% | 18.2% | 16.0% | 16.0% | 21.1% | 27.0% | 29.4% |
| Operating margin | 2.8% | −4.9% | −2.0% | 2.2% | 3.7% | 0.2% | 1.4% | 8.9% | 17.7% | 19.7% |
| EBITDA margin | 5.1% | −1.7% | 0.8% | 4.5% | 5.7% | 2.4% | 3.1% | 10.2% | 18.3% | 20.4% |
| Net margin | 2.7% | −2.4% | −1.6% | 1.9% | 3.2% | 0.1% | 2.6% | 7.8% | 14.8% | 16.4% |
| FCF margin | 12.7% | 8.4% | −7.3% | 12.5% | 13.0% | −7.1% | −1.1% | 25.0% | 9.5% | 14.0% |
| Returns | ||||||||||
| Return on capital | 5.7% | −6.7% | −2.8% | 5.2% | 12.2% | 0.4% | 4.0% | — | — | — |
| Return on capital employed | 4.6% | −5.9% | −2.9% | 3.7% | 6.0% | 0.3% | 2.4% | 17.5% | 35.7% | 32.9% |
| Return on equity | 4.6% | −2.9% | −2.3% | 3.3% | 5.5% | 0.2% | 4.6% | 17.0% | 36.2% | 32.2% |
| Return on assets | 3.4% | −2.2% | −1.7% | 2.2% | 3.5% | 0.1% | 3.0% | 8.8% | 17.8% | 17.7% |
| Return on tangible equity | 4.6% | −3.0% | −2.4% | 3.3% | 5.5% | 0.2% | 4.6% | 15.8% | 31.1% | 28.8% |
| Growth | ||||||||||
| Revenue growth | — | −30.0% | 13.3% | 15.3% | 0.3% | −9.2% | 13.2% | 31.3% | 44.8% | 9.1% |
| Net income growth | — | −161.2% | — | — | 68.5% | −96.2% | 2,077.0% | 296.9% | 174.8% | 20.6% |
| EPS growth | — | −161.0% | — | — | 67.1% | −96.5% | 2,200.0% | 291.3% | 173.1% | 20.9% |
| FCF growth | — | −53.8% | −199.3% | — | 4.2% | −149.7% | — | — | −44.7% | 60.1% |
| Share count change | — | 0.2% | 0.5% | 1.1% | 0.5% | 0.8% | 1.3% | 1.5% | 0.6% | −0.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | −3.3x | — | −12.7x | −5.3x | −6.0x | −11.8x | −7.0x | — | — | — |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | — | — | — |
| Interest coverage | 105.8x | −115.1x | −44.1x | 49.8x | 83.6x | 5.0x | — | — | — | — |
| Current ratio | 2.6x | 2.9x | 2.3x | 2.1x | 2.2x | 2.5x | 2.0x | 1.6x | 1.8x | 2.1x |
| Quick ratio | 2.3x | 2.7x | 2.2x | 1.9x | 2.0x | 2.3x | 1.7x | 1.4x | 1.6x | 1.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.5% | 0.9% | 1.0% | 0.8% | 1.0% | 0.6% | 0.5% | 1.1% | 1.2% | 1.2% |
| Stock comp / revenue | 0.9% | 0.7% | 0.7% | 0.7% | 0.7% | 0.5% | 0.8% | 0.7% | 0.5% | 0.4% |
| Payouts / FCF | 21.7% | 35.8% | — | 18.6% | 17.9% | — | — | 7.1% | 13.1% | 8.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 4.0 | 7.0 | 7.0 | 3.0 | 5.0 | 5.0 | 6.0 | 6.0 |
| Altman Z'' | 8.0 | 8.3 | 7.0 | 6.4 | 6.8 | 7.2 | 6.0 | 4.8 | 6.5 | 7.5 |
| Accruals ratio | −12.8% | −10.6% | 5.1% | −13.1% | −11.9% | 6.8% | 3.7% | −20.6% | 4.9% | 1.3% |
Source: SEC EDGAR XBRL filings (CIK 0000080420). Data updated October 24, 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.