BID TerminalOpen complete report
Research library Industrials & Energy

Back of Napkin

IES Holdings, Inc. IESC

Three-pass checkedFresh as companies report

IES Holdings' backlog nearly doubled in nine months, from $2.37B to $4.53B, and the company says data centres did it.

Revenue grew 39.6% last quarter and operating income 59.5%, on a business with no long-term debt and one analyst covering it.

IESC · price with moving averages

Daily · 6MWeekly · 3Y
$-3$101$204$307$410 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

IES installs electrical infrastructure. Four segments: Communications wires up data centres and networks; Infrastructure Solutions builds the custom switchgear that distributes power inside them; Commercial and Industrial does electrical contracting for large buildings; and Residential wires new houses for homebuilders.

Three of those four now point at the same end market, and the fourth is the only one not growing. When a data centre gets built, somebody has to run the power distribution, and there are not many firms that can do it at scale.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

Continue with IESC

Get the complete Back of Napkin free.

Choose this as your free complete report. No card required.

Read the complete report

More company research

View all research
IES Holdings, Inc. IESCIES Holdings grew revenue 40% and operating income 60% in its most recent quarter. Moat Dive Vertiv Holdings Co VRTVertiv's deferred revenue doubled to $3.6B in six months, customers paying in advance for power and cooling gear they cannot get elsewhere fast enough, and the company just raised every number in its full-year guide. Back of Napkin GE Vernova Inc. GEVGE Vernova booked $24.2B of orders in a quarter, orders up 88%, against $11.1B of revenue, and its gas-turbine production is effectively sold out into the next decade. Back of Napkin The Boeing Company BABoeing's share count has risen 27.8% in under two years, from 619 million to 791 million. Back of Napkin