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IES Holdings, Inc. (IESC) stock

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NASDAQ: IESC Nasdaq Construction & Engineering Next results ~November 20, 2026

B+ Fundamentals grade

IES Holdings, Inc. is a US-listed company in the construction & engineering industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$600

Cash-flow model

Base case. Range ~$460–$770 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 195% above it.

Price used: $202.34, November 3, 2026

IES Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 11 selling0 purchases and 144 sales by directors and officers, last 12 monthsInsider trades
  • Funds220 adding, 176 cuttingOf 45 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter IES Holdings files

Where IES stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.99bn, up 22.7% on a year earlier, faster than 16.2% a quarter earlier. That growth ranks 152 of 931 among all the companies we cover. Free-cash-flow margin held at 5.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $246 a share, against a share price of $243. At that price, our model says the market is pricing in about 19.7% a year of cash-flow growth for five years, close to the 21.0% a year revenue growth it has delivered.

Source: 10-Q filed July 31, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 20, 2026 (estimated)

IES Holdings, Inc.'s trailing-twelve-month revenue grew 22.7% year on year, with a free-cash-flow margin of 5.7%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 35 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$600 per share in the base case (~$460–$770 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 23.2% while net income grew 70.6%: a 47pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $196.07 is 204% below our value per share of $600.
  • Fast growth. Revenue grew 22.7% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.
  • Growth speeding up. The growth rate is 6.5 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 21.7% over 90 days.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 74% and a beta of 2.8 against the S&P 500.
  • Insiders selling. 11 insiders sold $256M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 50% of net income over the last 12 months.
  • Short interest rising. Shares sold short rose 25% in a month to 9.3% of tradable shares.

Latest results: FY2026 Q3

Filed July 31, 2026
Earnings per share
$3.79 against an average estimate of $2.42: beat by 56.7%
Revenue
$1.24bn, up 39.6% on a year earlier
Share reaction
+26.8% in the first session after the results on July 31, 2026, against +2.2% for the S&P 500
Next report
November 20, 2026

IES Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.2%
  • 1 week-11.0%
  • 1 month-40.4%
  • This year+0.8%
  • 1 year+2.3%
  • 5 years+693.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4B
Operating margin
12.4%
Net margin
11.4%
EPS (TTM, diluted)
$22.60

Growth

Revenue growth
+22.7%
Change in growth rate
+6.5 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
$228M
FCF margin
5.7%
Stock pay % of revenue
0.4%

Earnings

Last results
July 31, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Agreement
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

IES Holdings, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 2.2% a year of cash-flow growth for five years.That is slower than the 21.0% a year revenue growth IES Holdings has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in2.2%
  • Last 12 months22.7%
  • 3 years a year19.3%
  • 5 years a year21.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($201.96, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$600
Price used
$201.96close November 3, 2026
Implied change
▲ +195%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of IES Holdings, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($219M, FY2026 Q3 TTM), growing 31.3% and 23.8% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$460–~$770 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of IES Holdings, Inc.'s free cash flow after stock-based pay ( $219M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value IES Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.51 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$600 ~$460–$770 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$480 ~$450–$770 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$370 ~$270–$520 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$200 ~$180–$230 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$450 ~$200–$600 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare IES Holdings, Inc. with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −17%
  • Last year's free-cash-flow margin change, if it persists ▲ +0%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $176$233$308$408$537$704
8.5% $139$180$234$306$398$516
10% $117$148$190$245$315$405

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$8.89$8.65$9.75$10.29$15.88$22.84$13.81$32.94$99.81$198.82$196.07
Market value$191m$186m$207m$219m$335m$482m$289m$672m$2.0bn$4.0bn$4.0bn
+ Net debt (− = net cash)−$3m$1m$3m−$19m−$53m$17m$57m−$76m−$101m−$127m−$42m
Enterprise value$188m$187m$210m$201m$282m$498m$345m$597m$1.9bn$3.9bn$3.9bn
Multiples
Price / sales 0.3x0.2x0.2x0.2x0.3x0.3x0.1x0.3x0.7x1.2x1.0x
Price / earnings 1.6x13.9x—6.6x8.1x7.2x8.3x6.2x9.3x13.1x8.7x
Price / free cash flow 8.9x10.5x27.0x6.8x4.7x15.8x—4.9x10.8x18.3x17.3x
EV / EBITDA 6.2x6.3x6.0x3.9x4.5x4.6x4.2x3.2x5.7x9.0x7.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

53 /100

Moderate moat

How hard IES Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Cash operating profit has been a median 7.7% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 17.9%, moving by 3.7 percentage points (standard deviation) across 10 years.

  • Durability 9 / 20

    Operating margin has been a median 4.7%; its worst year was 2.8%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 9 of 10 years, at a median 4.3% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 4.3% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 20, 2026, before the open. Analysts expect revenue of $1.1bn for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.57 +54% $4.2bn +26%
Next $13.51 +17% $6.3bn +48%

Next year's EPS estimate has moved +21.7% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +17.5% on 90 days ago. In the last 30 days, 1 analyst raised IES Holdings, Inc.'s forecast and 0 cut it.

Consensus EPS forecast IES Holdings, Inc., last 90 days
$9.00 $10.00 $11.00 $12.00 $13.00 $14.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.85 Current fiscal year, 60 days ago: $9.85 Current fiscal year, 30 days ago: $11.57 Current fiscal year, 7 days ago: $11.57 Current fiscal year, Now: $11.57 $11.57 Next fiscal year, 90 days ago: $11.10 Next fiscal year, 60 days ago: $11.10 Next fiscal year, 30 days ago: $13.46 Next fiscal year, 7 days ago: $13.46 Next fiscal year, Now: $13.51 $13.51

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.85$11.10
60 days ago $9.85$11.10
30 days ago $11.57$13.46
7 days ago $11.57$13.46
Now $11.57$13.51

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.42 $3.79 +56.7%
Mar 2026 $1.98 $2.72 +37.7%
Dec 2025 $1.97 $2.25 +14.5%
Sept 2025 $1.55 $2.50 +60.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 31, 2026

No numeric guidance in IES Holdings, Inc.'s latest earnings release (filed July 31, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows IES Holdings, Inc.'s revenue by +31.3% next year and +23.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+44.8%, weight 45%) and the company's own record (+20.0%, weight 55%) . How the weights are set.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611
  2. Sep 202611

Counts of recommendations published by analysts covering IES Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.3%
of tradable shares
Days to cover
5.54
at average volume
Short interest, 1 month
+25%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
3.0%
of shares
Employees
10,262
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +0.1%

$195.94 on October 31, 2025 to $196.07

ThenNowEffect
Revenue (last 12 months) $3.2bn $4.0bn +22.7%
Net margin 8.2% 11.4% +39.1%
P/E multiple 14.8x 8.7x −41.4%
Share count 20m 20m +0.1%

Biggest factor: p/e multiple.

Last 3 years +533.9%

$30.93 on November 3, 2023 to $196.07

ThenNowEffect
Revenue (last 12 months) $2.3bn $4.0bn +69.9%
Net margin 3.7% 11.4% +209.4%
P/E multiple 7.3x 8.7x +18.5%
Share count 21m 20m +1.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IESC+10%−30%+123%+154%+94%+1%
Industry peers (median)+41%−8%+43%+47%+25%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IESC58%42%83%83%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IESC−23%−53%−20%−35%−49%−51%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 54% from June 8, 2021 to May 3, 2022. Getting back needed a 119% gain, reached on June 28, 2023, 421 days after the low.

Price behaviour

52-week range
$178.97 – $396.98
From 52-week high
−50.6%
vs 50-day average
−33.4%
vs 200-day average
−33.7%
Volatility (1 year)
75%
Beta vs S&P 500
2.84

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±10.1%
After a week
9 up, 3 down
typical move ±13.1%
After a month
8 up, 4 down
typical move ±13.8%
Results releasedNext dayS&P 500 next day5 days21 days
July 31, 2026 +26.8% +2.2% +33.4% +6.0%
May 1, 2026 −2.7% −0.1% +3.5% +9.4%
January 30, 2026 −15.5% +0.2% −3.9% +2.7%
November 21, 2025 +12.5% +2.5% +12.9% +14.0%
August 1, 2025 −3.2% −0.1% −2.0% −1.5%
May 2, 2025 +13.7% +0.9% +16.1% +28.4%
February 4, 2025 +1.5% +1.1% −0.9% −25.0%
November 22, 2024 +3.4% +0.7% +9.9% −22.2%
August 2, 2024 +3.9% −4.7% +13.4% +15.5%
May 3, 2024 +23.4% +2.3% +33.2% −1.4%
February 2, 2024 +0.3% +0.7% +7.3% +31.4%
December 7, 2023 +14.6% +1.2% +20.6% +8.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How IES Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: model/market divergence under review.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

IES Holdings, Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) IES Holdings, Inc.
$2B $2.5B $3B $3.5B $4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.4B Revenue (TTM), FY24 Q1: $2.4B Revenue (TTM), FY24 Q2: $2.6B Revenue (TTM), FY24 Q3: $2.8B Revenue (TTM), FY24 Q4: $2.9B Revenue (TTM), FY25 Q1: $3B Revenue (TTM), FY25 Q2: $3.1B Revenue (TTM), FY25 Q3: $3.2B Revenue (TTM), FY25 Q4: $3.4B Revenue (TTM), FY26 Q1: $3.5B Revenue (TTM), FY26 Q2: $3.6B Revenue (TTM), FY26 Q3: $4B $4B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.4B
FY24 Q1 $2.4B
FY24 Q2 $2.6B
FY24 Q3 $2.8B
FY24 Q4 $2.9B
FY25 Q1 $3B
FY25 Q2 $3.1B
FY25 Q3 $3.2B
FY25 Q4 $3.4B
FY26 Q1 $3.5B
FY26 Q2 $3.6B
FY26 Q3 $4B
Revenue growth, TTM YoY IES Holdings, Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 9.7% Revenue growth, TTM YoY, FY24 Q1: 7.8% Revenue growth, TTM YoY, FY24 Q2: 10.5% Revenue growth, TTM YoY, FY24 Q3: 17.6% Revenue growth, TTM YoY, FY24 Q4: 21.3% Revenue growth, TTM YoY, FY25 Q1: 23.1% Revenue growth, TTM YoY, FY25 Q2: 21.5% Revenue growth, TTM YoY, FY25 Q3: 17.8% Revenue growth, TTM YoY, FY25 Q4: 16.9% Revenue growth, TTM YoY, FY26 Q1: 16.5% Revenue growth, TTM YoY, FY26 Q2: 16.2% Revenue growth, TTM YoY, FY26 Q3: 22.7% 22.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 9.7%
FY24 Q1 7.8%
FY24 Q2 10.5%
FY24 Q3 17.6%
FY24 Q4 21.3%
FY25 Q1 23.1%
FY25 Q2 21.5%
FY25 Q3 17.8%
FY25 Q4 16.9%
FY26 Q1 16.5%
FY26 Q2 16.2%
FY26 Q3 22.7%
Operating margin (TTM) IES Holdings, Inc.
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 6.7% Operating margin (TTM), FY24 Q1: 7.3% Operating margin (TTM), FY24 Q2: 8.7% Operating margin (TTM), FY24 Q3: 10.1% Operating margin (TTM), FY24 Q4: 10.4% Operating margin (TTM), FY25 Q1: 10.6% Operating margin (TTM), FY25 Q2: 10.6% Operating margin (TTM), FY25 Q3: 10.9% Operating margin (TTM), FY25 Q4: 11.4% Operating margin (TTM), FY26 Q1: 11.6% Operating margin (TTM), FY26 Q2: 11.7% Operating margin (TTM), FY26 Q3: 12.4% 12.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 6.7%
FY24 Q1 7.3%
FY24 Q2 8.7%
FY24 Q3 10.1%
FY24 Q4 10.4%
FY25 Q1 10.6%
FY25 Q2 10.6%
FY25 Q3 10.9%
FY25 Q4 11.4%
FY26 Q1 11.6%
FY26 Q2 11.7%
FY26 Q3 12.4%
FCF margin (TTM) IES Holdings, Inc.
4.5% 5% 5.5% 6% 6.5% 7% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.7% FCF margin (TTM), FY24 Q1: 5.9% FCF margin (TTM), FY24 Q2: 5.0% FCF margin (TTM), FY24 Q3: 5.9% FCF margin (TTM), FY24 Q4: 6.6% FCF margin (TTM), FY25 Q1: 6.5% FCF margin (TTM), FY25 Q2: 5.6% FCF margin (TTM), FY25 Q3: 5.7% FCF margin (TTM), FY25 Q4: 6.5% FCF margin (TTM), FY26 Q1: 5.0% FCF margin (TTM), FY26 Q2: 6.6% FCF margin (TTM), FY26 Q3: 5.7% 5.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.7%
FY24 Q1 5.9%
FY24 Q2 5.0%
FY24 Q3 5.9%
FY24 Q4 6.6%
FY25 Q1 6.5%
FY25 Q2 5.6%
FY25 Q3 5.7%
FY25 Q4 6.5%
FY26 Q1 5.0%
FY26 Q2 6.6%
FY26 Q3 5.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar IES Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.4B
  2. Other income $19.3M · 0.6%
  3. Cost of revenue $2.5B · 74.5%
  4. Gross profit $859M · 25.5%
  5. Selling, general and admin $475M · 14.1%
  6. Operating income $384M · 11.4%
  7. Income tax $96.8M · 2.9%
  8. Net income $306M · 9.1%

Shares of revenue. Source: IES Holdings's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 667 382 406 456 495 512 574 696 811 877 1,077 1,191 1,536 2,167 2,377 2,884 3,371 3,986
Gross profit 109 55 44 58 67 83 100 127 140 150 182 228 288 319 445 697 859 1,048
EBITDA 2 −14 −11 2 3 10 21 31 30 35 51 63 107 81 189 338 430 551
Operating income −6 −19 −17 −0 0 8 18 25 20 26 42 50 86 56 160 301 384 493
Net income −12 −31 −38 −12 −4 5 17 121 13 −14 33 42 67 35 108 219 306 456
Diluted EPS −$0.84 −$2.16 −$2.61 −$0.78 −$0.23 $0.29 $0.77 $5.62 $0.62 −$0.67 $1.55 $1.94 $3.15 $1.44 $4.54 $9.89 $15.02 $22.60
Growth (year on year)
Revenue — −42.7% +6.2% +12.3% +8.4% +3.6% +12.0% +21.3% +16.5% +8.2% +22.8% +10.6% +29.0% +41.0% +9.7% +21.3% +16.9% +22.7%
EBITDA — — — — — — — +45.8% −2.1% +16.1% +47.7% +21.8% +71.7% −24.2% +132.2% +78.7% +27.4% +37.7%
Operating income — — — — — — — +35.0% −18.5% +27.6% +61.2% +19.7% +70.9% −34.6% +185.3% +88.3% +27.5% +39.1%
Net income — — — — — — — +630.3% −88.9% — — +25.3% +60.2% −47.9% — +102.3% +39.6% +70.6%
Diluted EPS — — — — — — — +629.9% −89.0% — — +25.2% +62.4% −54.3% — +117.8% +51.9% +70.8%
Margins
Gross margin 16.4% 14.5% 10.9% 12.7% 13.5% 16.2% 17.4% 18.2% 17.3% 17.1% 16.9% 19.1% 18.7% 14.7% 18.7% 24.2% 25.5% 26.3%
EBITDA margin 0.4% −3.7% −2.7% 0.4% 0.6% 2.0% 3.7% 4.4% 3.7% 4.0% 4.8% 5.3% 7.0% 3.8% 8.0% 11.7% 12.8% 13.8%
Operating margin −0.9% −5.1% −4.2% −0.1% 0.1% 1.5% 3.2% 3.6% 2.5% 3.0% 3.9% 4.2% 5.6% 2.6% 6.7% 10.4% 11.4% 12.4%
Net margin −1.8% −8.1% −9.3% −2.6% −0.7% 1.0% 2.9% 17.4% 1.7% −1.6% 3.1% 3.5% 4.3% 1.6% 4.6% 7.6% 9.1% 11.4%
Free-cash-flow margin 1.0% −3.7% −3.6% −2.0% 0.3% 2.1% 1.5% 3.1% 2.2% 0.9% 3.0% 6.0% 2.0% −0.6% 5.7% 6.6% 6.5% 5.7%
Cash flow
Cash from operations 11 −13 −12 −7 2 13 12 25 22 12 39 77 38 16 154 234 286 371
Capital spending 5 1 3 2 0 2 3 3 5 5 6 5 7 29 18 45 67 143
Free cash flow 7 −14 −15 −9 2 11 9 22 18 8 32 72 31 −13 136 189 219 228
Stock-based pay 3 1 1 1 1 1 1 2 2 −0 2 3 4 4 4 6 13 15
Free cash flow after stock pay 4 −15 −15 −10 0 10 8 20 16 8 30 69 27 −17 132 184 206 214
Balance sheet
Cash 64 33 36 19 21 47 49 33 28 26 19 54 23 25 76 101 127 77
Total debt 0 11 10 10 14 10 10 30 29 30 0 0 40 82 0 0 0 35
Net debt (negative = net cash) −64 −22 −25 −8 −7 −37 −39 −3 1 3 −19 −53 17 57 −76 −101 −127 −42
Diluted shares 14m 14m 14m 15m 15m 18m 22m 21m 22m 21m 21m 21m 21m 21m 20m 20m 20m 20m
Returned to shareholders
Buybacks 4 0 0 0 0 0 4 1 2 2 10 8 7 19 8 44 42 20
Total returned 4 0 0 0 0 0 4 1 2 2 10 8 7 19 8 44 42 20

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $2.3bn
Short-term assets $1.5bnLonger-term assets $741m
What it owes, and who funded it · $2.3bn
Short-term liabilities $942mLonger-term liabilities $99mShareholders' equity $1.2bn
  • Short-term assets cover short-term liabilities $1.5bn of assets due within a year against $942m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.5bn short-term assets against $99m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $493m against $4m of interest.

From IES Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$19.6M
Returned to shareholders
9%
of free cash flow
Buybacks, last 3 fiscal years
$94M
Diluted share count
−0.1%
year over year
Total shareholder yield
0.5%
dividends 0.0% + buybacks 0.5% of market value
Sales & admin spending
13.9%
of revenue
Days sales outstanding
66 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated IESC ECG STRL MYRG ROAD CTRI Median
Revenue, last 12 months $4.0bn $4.3bn $4.3bn $4.3bn $3.5bn $3.4bn $1.5bn
Revenue growth, last 12 months 22.7% 30.5% 93.1% 22.8% 41.9% 25.2% 21.2%
Revenue growth, 3-year average 19.3% — 30.6% 7.2% 32.9% — 11.3%
Revenue growth, latest quarter 39.6% 33.7% 127.0% 32.5% 28.2% 32.9% 26.9%
Gross margin 26.3% 13.0% 23.8% 13.0% 15.8% 7.8% 13.0%
Operating margin 12.4% 7.8% 18.2% 6.1% 8.6% 2.7% 4.1%
Operating margin, 3-year average 11.1% 7.2% 15.3% 4.0% 7.3% 0.4% 5.4%
Net margin 11.4% 6.0% 12.9% 4.5% 4.1% 0.9% 1.9%
Cash from operations / revenue 9.3% 7.5% 14.2% 5.8% 10.1% 2.2% 4.4%
Free-cash-flow margin 5.7% 5.9% 10.9% 3.2% 5.0% −0.4% 2.3%
Free-cash-flow margin, 3-year average 5.8% — 15.2% 2.8% 5.4% 1.5% 5.5%
Stock pay / revenue 0.4% 0.2% 0.7% 0.4% 1.1% 0.3% 0.7%
Change in share count −0.1% 0.1% 0.5% −1.0% 2.7% 9.0% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 22.7% 21.2% 20 of 43
Change in growth rate Growth +6.5pp +3.2pp 17 of 43
Gross margin Profitability 26.3% 11.8% 7 of 39
Operating margin Profitability 12.4% 4.1% 6 of 39
Net margin Profitability 11.4% 2.1% 6 of 42
Free-cash-flow margin Cash generation 5.7% 2.3% 15 of 43
Stock pay as % of revenue Cash generation 0.4% 0.7% 10 of 33
Long-term debt as % of assets Balance sheet 0.0% 16.2% 1 of 35
Change in share count Balance sheet -0.1% 1.9% 14 of 40
Days sales outstanding Balance sheet 66 days 67 days 13 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Segments
Line of business Revenue Share YoY
Residential $1.3B 38.7% ▼ 6.1%
Communications $1.1B 33.8% ▲ 46.9%
Infrastructure Solutions $499M 14.8% ▲ 42.0%
Commercial and Industrial $428M 12.7% ▲ 16.2%
Corporate $0 0.0% —

From IES Holdings, Inc.'s 10-K filed November 21, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$14.2B
Institutions reporting
411
Shares held vs prior quarter
▲ 0.8%
Positions opened / closed
99 / 35

Top buyers and sellers, Q2 2026: 220 institutions bought and 176 sold ; the biggest buyer was Capital International Investors (+206K shares) and the biggest seller FMR LLC (−126K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Gendell Jeffrey L $7.6B 10.3M 53.4% ▼ 0.5%
FMR LLC $1.6B 2.2M 11.6% ▼ 5.3%
Blackrock, Inc. $649M 884K 4.6% ▲ 24.5%
Dimensional Fund Advisors LP $309M 420K 2.2% ▼ 8.2%
Vanguard Capital Management LLC $295M 402K 2.1% ▲ 0.8%
Vanguard Portfolio Management LLC $279M 380K 2.0% ▼ 3.1%
First Trust Advisors LP $255M 347K 1.8% ▼ 0.7%
State Street Corp $201M 274K 1.4% ▲ 32.1%
Geode Capital Management, LLC $196M 267K 1.4% ▼ 9.8%
Capital International Investors $151M 206K 1.1% New
UBS Group AG $146M 199K 1.0% ▲ 11.3%
Pertento Partners LLP $124M 168K 0.9% ▼ 27.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not IES Holdings, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $256M 144 trades by 11 insiders · 0% under pre-set plans
Net ▼ $256M net selling
Insider Date Trade Shares Price Value
Cleveland Todd M Director June 12, 2026 Sell 1,100 $760.41 $836,451
Cleveland Todd M Director June 12, 2026 Sell 1,200 $761.31 $913,572
Cleveland Todd M Director June 12, 2026 Sell 1,200 $762.01 $914,412
Cleveland Todd M Director June 12, 2026 Sell 1,500 $763.35 $1.1M
Tontine Associates, Llc 10% owner June 12, 2026 Sell 7,491 $758.74 $5.7M
Tontine Associates, Llc 10% owner June 12, 2026 Sell 2,509 $761.73 $1.9M
Tontine Associates, Llc 10% owner June 12, 2026 Sell 10,000 $760.47 $7.6M
Tontine Associates, Llc 10% owner June 12, 2026 Sell 6,720 $764.54 $5.1M
Tontine Associates, Llc 10% owner June 12, 2026 Sell 4 $752.18 $3,009
Tontine Associates, Llc 10% owner June 12, 2026 Sell 19,996 $750.24 $15M
Tontine Associates, Llc 10% owner May 27, 2026 Sell 6,000 $702.65 $4.2M
Tontine Associates, Llc 10% owner May 27, 2026 Sell 2,250 $703.51 $1.6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 30, 2026 estimated from the company's past filing pattern, not announced

  • July 31, 2026
  • May 1, 2026
  • January 30, 2026
  • November 21, 2025
  • August 1, 2025
  • May 2, 2025

Recent SEC filings

Data status

When each part of this page on IES Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

IES Holdings, Inc. in brief

What does IES Holdings, Inc. do?
IES Holdings, Inc. is a US-listed company in the construction & engineering industry. Its financial year ends in September.
What is IES Holdings, Inc.'s stock ticker?
IES Holdings, Inc. trades under the ticker IESC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is IES Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, IES Holdings, Inc. reported revenue of $4B, 22.7% higher than a year earlier, according to its SEC filings.
What is IES Holdings, Inc.'s free cash flow?
IES Holdings, Inc.'s free-cash-flow margin is 5.7% of revenue over the trailing twelve months, ranking 15 of the 43 construction & engineering companies we cover.
What is IES Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of IES Holdings, Inc.'s free cash flow after stock-based pay gives ~$600 per share in the base case, and ~$460–$770 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are IES Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Gendell Jeffrey L, FMR LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is IES Holdings, Inc. buying back stock, and does it pay a dividend?
IES Holdings, Inc. spent $19.6M on share repurchases over the trailing twelve months, and its diluted share count fell 0.1% over the year.
What is IES Holdings, Inc.'s market cap?
On November 2, 2026, IES Holdings, Inc.'s market capitalisation was about $4B, with a price-to-earnings ratio of 8.7 and net debt of -$42.3M. Market figures come from third-party market data and may be delayed.
Who are IES Holdings, Inc.'s competitors?
In our Construction & Engineering peer group, the companies closest to IES Holdings, Inc. are Everus Construction Group, Inc., Sterling Infrastructure, Inc., MYR Group Inc., Construction Partners, Inc. and Centuri Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against IES Holdings, Inc.'s.
Are insiders buying or selling IES Holdings, Inc. stock?
Over the last 12 months, IES Holdings, Inc.'s directors and officers reported 0 open-market purchases and 144 sales on Form 4. The insider trading page charts every trade.
When is IES Holdings, Inc.'s next earnings date?
Around November 20, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — IES Holdings, Inc. announces its own schedule.