IES
IESC · NasdaqElectrical Work · Fiscal year ends Sep 30
IES reported revenue of $3.4B in the fiscal year ended Sep 2025, up 16.9% from the year before. Operating income was $384M, an operating margin of 11.4%, and net income was $306M. Operating cash flow of $286M less capital expenditure of $67M left free cash flow of $219M. It held more cash than debt (net cash $127M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $2.2B | $2.4B | $2.9B | $3.4B |
| Cost of revenue | $1.2B | $1.8B | $1.9B | $2.2B | $2.5B |
| Gross profit | $288M | $319M | $445M | $697M | $859M |
| Selling, general & admin | $202M | $263M | $299M | $397M | $475M |
| Operating income | $86M | $56M | $160M | $301M | $384M |
| Interest expense | $962,000 | $3M | $3M | $1M | $2M |
| Pre-tax income | $85M | $53M | $159M | $305M | $394M |
| Income tax | $16M | $13M | $39M | $72M | $97M |
| Net income | $67M | $35M | $108M | $219M | $306M |
| Diluted EPS | 3.15 | 1.44 | 4.54 | 9.89 | 15.02 |
| Diluted shares | 21M | 21M | 20M | 20M | 20M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $23M | $25M | $76M | $101M | $127M |
| Receivables | $287M | $371M | $364M | $470M | $552M |
| Inventory | $69M | $96M | $96M | $102M | $112M |
| Current assets | $484M | $624M | $671M | $872M | $1.1B |
| Net PP&E | $35M | $54M | $63M | $134M | $183M |
| Goodwill | $92M | $92M | $92M | $94M | $108M |
| Total assets | $767M | $935M | $982M | $1.2B | $1.6B |
| Deferred revenue | $62M | $85M | $104M | $159M | $177M |
| Current liabilities | $312M | $402M | $401M | $523M | $633M |
| Short-term debt | – | – | – | – | $0 |
| Long-term debt | $40M | $82M | $0 | $0 | $0 |
| Total liabilities | $396M | $544M | $482M | $592M | $708M |
| Shareholders' equity | $346M | $361M | $450M | $611M | $884M |
| Backlog (remaining obligations) | $713M | $967M | $1.1B | $1.2B | $1.7B |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $38M | $16M | $154M | $234M | $286M |
| Capital expenditure | $7M | $29M | $18M | $45M | $67M |
| Free cash flow | $31M | −$13M | $136M | $189M | $219M |
| Depreciation & amortisation | $22M | $25M | $29M | $37M | $47M |
| Stock-based compensation | $4M | $4M | $4M | $6M | $13M |
| Acquisitions | $92M | $0 | $0 | $67M | $52M |
| Share buybacks | $7M | $19M | $8M | $44M | $42M |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 41.0% | 9.7% | 21.3% | 16.9% |
| Operating income growth (YoY) | – | −34.6% | 185.3% | 88.3% | 27.5% |
| EPS growth (YoY) | – | −54.3% | 215.3% | 117.8% | 51.9% |
| Gross margin | 18.7% | 14.7% | 18.7% | 24.2% | 25.5% |
| Operating margin | 5.6% | 2.6% | 6.7% | 10.4% | 11.4% |
| Net margin | 4.3% | 1.6% | 4.6% | 7.6% | 9.1% |
| Return on equityBlank when equity is negative | 19.3% | 9.6% | 24.1% | 35.9% | 34.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 18.8% | 10.5% | 27.5% | 41.7% | 39.9% |
| Free cash flow margin | 2.0% | −0.6% | 5.7% | 6.6% | 6.5% |
| Cash conversion (CFO ÷ net income) | 0.57x | 0.47x | 1.42x | 1.07x | 0.94x |
| Receivable days | 68 | 62 | 56 | 59 | 60 |
| Inventory days | 20 | 19 | 18 | 17 | 16 |
| Interest cover | 89.0x | 18.9x | 52.9x | 225x | 211x |
| Debt ÷ equity | 0.11x | 0.23x | 0.00x | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $17M | $57M | −$76M | −$101M | −$127M |
| Current ratio | 1.55x | 1.55x | 1.68x | 1.67x | 1.71x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.