# IES Holdings, Inc. (IESC)

> Source: Nexqual · https://nexqual.com/IESC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, IES Holdings, Inc. (IESC), nexqual.com/IESC" · informational, not investment advice.

**Price:** USD 220.75 (-6.70% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 236.61 · day 218–233.59 · 52w 170.07–408.26 · market cap $9.36B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.99B, net income $452M (11.3% margin), free cash flow $228M (SEC filings).
- 1 of 80 tracked superinvestors hold IESC (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $147M; 8 not under a Rule 10b5-1 plan ($147M); 4 by opportunistic insiders (4 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (1 analysts), mean target USD 440 (range 440–440).
- Total return with dividends: 1Y +16.1% vs S&P 500 +14.9%; 5Y +801.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-20, EPS estimate USD 2.81, revenue estimate $1.15B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.54B | $2.17B | $2.38B | $2.88B | $3.37B | $3.99B |
| Gross profit | $288M | $319M | $445M | $697M | $859M | — |
| Operating income | $85.6M | $56.0M | $160M | $301M | $384M | $493M |
| Net income | $66.7M | $34.8M | $108M | $219M | $306M | $452M |
| EPS (diluted) | $1.57 | $0.72 | $2.27 | $4.95 | $7.51 | — |
| Free cash flow | $30.5M | -$13.0M | $136M | $189M | $219M | $228M |
| Gross margin | 18.7% | 14.7% | 18.7% | 24.2% | 25.5% | — |
| Operating margin | 5.6% | 2.6% | 6.7% | 10.4% | 11.4% | 12.4% |
| Net margin | 4.3% | 1.6% | 4.6% | 7.6% | 9.1% | 11.3% |
| Revenue growth | +29.0% | +41.0% | +9.7% | +21.3% | +16.9% | — |
| Cash + short-term investments | $23.1M | $24.8M | $75.8M | $136M | $232M | — |
| Total debt | $39.7M | $81.6M | $0K | $0K | $0K | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Sep 2025 26.2x, Sep 2024 18.6x, Sep 2023 12.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold IESC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.05% | $5.3M | Reduced -39.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-12 | Gendell Jeffrey L Et Al | Executive Chairman | 46,720 | $35.3M | 0.4% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-12 | Cleveland Todd M | Director | 5,000 | $3.8M | 7.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26…2026-05-27 | Gendell Jeffrey L Et Al | Executive Chairman | 32,365 | $22.8M | 0.3% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-13…2026-05-14 | Gendell Jeffrey L Et Al | Executive Chairman | 54,361 | $37.7M | 0.5% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-08 | McLauchlin Tracy | SVP & CFO | 3,000 | $2.0M | 4.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06…2026-05-08 | Cleveland Todd M | Director | 12,500 | $8.3M | 16% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06…2026-05-08 | Gendell Jeffrey L Et Al | Executive Chairman | 47,156 | $31.9M | 0.4% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-05 | Simmes Matthew J | President and CEO | 7,000 | $4.6M | 7.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 1 analysts; mean target USD 440 (low 440, high 440).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-11 | Freedom Broker | Upgrade | Hold → Buy | $440 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +16.1% | +801.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +16.1% | +55.1% |
| Volatility (annualized) | 75.0% | 55.1% |
| Max drawdown | -44.4% (Aug 2026→Oct 2026) | -52.2% (Nov 2021→Sep 2022) |

## Peers (Engineering & Construction)
TTEK (Tetra Tech, Inc.) USD 36.81 +5.02% · STRL (Sterling Infrastructure, Inc.) USD 372.83 -9.72% · STN (Stantec Inc) USD 72.77 +3.63% · ACM (AECOM) USD 60.83 +2.25% · ACA (Arcosa, Inc.) USD 149.15 +0.08% · DY (Dycom Industries, Inc.) USD 225.16 -5.18%

## More
Full page: https://nexqual.com/IESC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Communications | $453.1M | 36.5% | +51.4% | $83.6M | 18.5% |
| Residential | $324.1M | 26.1% | -6.3% | $16.3M | 5.0% |
| Commercial and Industrial | $241.4M | 19.4% | +109.1% | $54.3M | 22.5% |
| Infrastructure Solutions | $224.1M | 18.0% | +73.1% | $53.4M | 23.8% |
| Total revenue | $1.24B | 100% | — | $178.5M | 14.4% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Custom Engineered Solutions | $179.5M | 14.4% | +69.7% |
| Single Family Electrical Contracts | $151.4M | 12.2% | -11.9% |
| Single Family Contracts Plumbing HVAC | $97.2M | 7.8% | +12.6% |
| Multi Familyand Other | $75.5M | 6.1% | -14.2% |
| Industrial Services | $44.6M | 3.6% | +88.2% |
| Total revenue | $1.24B | 100% | — |
The lines above cover 44.1% of total revenue.

## Company outlook (8-K filed 2026-07-31)

- "We are investing in repositioning each of these underutilized operations, and expect them to make a meaningful contribution to our results beginning in fiscal 2027."
- "The segment's operating income increased to $83.6 million for the third quarter of fiscal 2026, compared with $47.8 million for the third quarter of fiscal 2025, reflecting the increase in revenue and strong project execution."
- "The increase in revenue for the third quarter of fiscal 2026 was driven by an expansion of our capabilities in the data center end market, which allowed us to increase the size and number of projects we executed."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.81 | $2.46 | +14.5% | $1.15B | 1 |
| Next quarter (ends 2026-12-31) | $2.68 | $2.48 | +8.3% | $1.12B | 1 |
| Current fiscal year (ends 2026-09-30) | $11.57 | $9.85 | +17.5% | $4.24B | 1 |
| Next fiscal year (ends 2027-09-30) | $13.51 | $11.10 | +21.7% | $6.28B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-20): ±20.0%; last 8 reports averaged ±9.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 88.1% | ±20.0% |
| 2026-12-18 | 56 | 88.1% | ±28.0% |
| 2027-01-15 | 84 | 78.3% | ±30.3% |
| 2027-04-16 | 175 | 75.0% | ±41.7% |