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Electrical equipment & parts · Industrials · Fiscal year ends Sep 30
Powell Industries reported revenue of $1.1B in the fiscal year ended Sep 2025, up 9.1% from the year before. Operating income was $218M, an operating margin of 19.7%, and net income was $181M. Operating cash flow of $168M less capital expenditure of $13M left free cash flow of $155M.
Ranks among the 16 electrical equipment & parts companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 471 | 533 | 699 | 1,012 | 1,104 |
| Cost of revenue | 395 | 448 | 552 | 739 | 780 |
| Gross profit | 75.1 | 85.0 | 148 | 273 | 324 |
| Research & development | 6.7 | 7.0 | 6.2 | 9.4 | 11.0 |
| Selling, general & admin | 67.2 | 70.8 | 78.8 | 84.9 | 95.4 |
| Operating income | 1.0 | 7.2 | 62.5 | 179 | 218 |
| Interest expense | 0.2 | – | – | – | – |
| Pre-tax income | 1.1 | 9.8 | 69.0 | 196 | 234 |
| Income tax | 0.5 | −3.9 | 14.4 | 46.2 | 52.8 |
| Net income | 0.6 | 13.7 | 54.5 | 150 | 181 |
| Diluted EPS | 0.05 | 1.15 | 4.50 | 12.29 | 14.86 |
| Diluted shares | 11.8 | 11.9 | 12.1 | 12.2 | 12.2 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 114 | 102 | 246 | 315 | 451 |
| Receivables | 78.3 | 106 | 207 | 214 | 217 |
| Inventory | 29.8 | 50.4 | 63.9 | 85.9 | 84.7 |
| Current assets | 302 | 370 | 622 | 776 | 932 |
| Net PP&E | 109 | 98.6 | 97.6 | 103 | 111 |
| Goodwill | 1.0 | 1.0 | 1.0 | 1.0 | 6.1 |
| Total assets | 436 | 493 | 752 | 928 | 1,109 |
| Payables | 45.2 | 63.4 | 56.7 | 73.6 | 67.1 |
| Deferred revenue | 42.4 | 79.9 | 280 | 288 | 298 |
| Current liabilities | 121 | 186 | 396 | 428 | 446 |
| Short-term debt | 0.4 | 0.0 | – | – | – |
| Long-term debt | 0.0 | 0.0 | – | – | – |
| Total liabilities | 135 | 196 | 407 | 445 | 468 |
| Shareholders' equity | 301 | 297 | 345 | 483 | 641 |
| Backlog (remaining obligations) | 415 | 592 | 1,300 | 1,300 | 1,400 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −30.5 | −3.6 | 183 | 109 | 168 |
| Capital expenditure | 2.9 | 2.5 | 7.8 | 12.0 | 13.1 |
| Free cash flow | −33.4 | −6.0 | 175 | 96.7 | 155 |
| Depreciation & amortisation | 10.3 | 9.4 | 8.6 | 6.9 | 7.3 |
| Stock-based compensation | 2.6 | 4.1 | 4.6 | 4.7 | 4.6 |
| Acquisitions | – | – | 0.0 | 0.0 | 11.5 |
| Dividends paid | 12.1 | 12.2 | 12.4 | 12.7 | 12.9 |
| Dividend per share | 1.04 | 1.04 | 1.05 | 1.06 | 1.07 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.2% | 31.3% | 44.8% | 9.1% |
| Operating income growth (YoY) | – | 608.9% | 765.4% | 185.9% | 21.9% |
| EPS growth (YoY) | – | 2200.0% | 291.3% | 173.1% | 20.9% |
| Gross margin | 16.0% | 16.0% | 21.1% | 27.0% | 29.4% |
| Operating margin | 0.2% | 1.4% | 8.9% | 17.7% | 19.7% |
| Net margin | 0.1% | 2.6% | 7.8% | 14.8% | 16.4% |
| Return on equityBlank when equity is negative | 0.2% | 4.6% | 15.8% | 31.0% | 28.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 0.3% | 2.4% | 17.5% | 35.7% | 32.9% |
| Free cash flow margin | −7.1% | −1.1% | 25.0% | 9.5% | 14.0% |
| Cash conversion (CFO ÷ net income) | −48.3x | −0.26x | 3.35x | 0.73x | 0.93x |
| Receivable days | 61 | 73 | 108 | 77 | 72 |
| Inventory days | 28 | 41 | 42 | 42 | 40 |
| Payable days | 42 | 52 | 37 | 36 | 31 |
| Interest cover | 5.00x | – | – | – | – |
| Debt ÷ equity | 0.00x | 0.00x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −114 | −102 | – | – | – |
| Current ratio | 2.50x | 1.99x | 1.57x | 1.81x | 2.09x |
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.