IES Holdings
IESC on Nasdaq. IES Holdings sells electrical and technology systems to data centers, homes, and businesses. Market value $6.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.35 of spare cash in the past 12 months. A savings account pays about $4.
You pay 13.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 33 cents a year. Above 10 is good.
Quality score: 84 of 100. Price score: 82 of 100. Our list needs 70 on quality and 60 on price.
$341.85 a share, 101% above its 1-year low
Over the past year the price has ranged from $170.07 to $408.26.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.5bn | $2.2bn | $2.4bn | $2.9bn | $3.4bn |
| Operating margin | |||||
| Operating margin | 5.6% | 2.6% | 6.7% | 10.4% | 11.4% |
| Debt to equity | |||||
| Debt to equity | 0.13 | 0.25 | 0.03 | 0.02 | 0.01 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt0.01× equity
- Revenue growth, five yearsStrong, 23.1% a year
- Buying back its own sharesYes, 3% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.2 billion last quarter, up 40% on a year ago.
- Profit: $153 million, up 98% on a year ago.
- It keeps 12 cents of each $1 of sales as operating profit, up from 11 cents a year earlier.
- Spare cash over the past 12 months: $228 million, up from $185 million.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $776m |
| December 2024 | $750m |
| March 2025 | $834m |
| June 2025 | $890m |
| September 2025 | $898m |
| December 2025 | $871m |
| March 2026 | $974m |
| June 2026 | $1.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $65m |
| December 2024 | $56m |
| March 2025 | $71m |
| June 2025 | $77m |
| September 2025 | $102m |
| December 2025 | $91m |
| March 2026 | $110m |
| June 2026 | $153m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 21 November 2025
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 413 funds in all.
- Royce & AssociatesChuck Royce
- Value
- $109m
- Share of fund
- 0.9%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $463,570
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $109m | 0.9% | |
| Polen CapitalDan Davidowitz | $5m | <0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $463,570 | <0.1% |
Largest holders overall
- Gendell Jeffrey L$7.6bn
- FMR$1.6bnCut
- BlackRock$649mAdded
- Dimensional Fund Advisors LP$309mCut
- Vanguard Capital Management$295m
- Vanguard Portfolio Management$279mCut
- First Trust Advisors LP$255m
- State Street$201mAdded
- Geode Capital Management$196mCut
- Capital International Investors$151mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Jeffrey L. GendellInsider or founderat least 51.7%−1.5 pts(filed with 7 related holders)Since 5 October 2026
What they said
On October 5, 2026, in connection with the closing of the Company's acquisition of DBM Global, Inc., the Company issued 430,974 shares of Common Stock as part of the consideration for such acquisition, resulting in 40,279,686 shares of Common Stock outstanding, based on…
Read the filing - FMR LLCPassive investorat least 11.9%+1.5 pts(filed with 1 related holder)Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Jeffrey L. Gendell Insider or founder | at least 51.7%−1.5 pts (filed with 7 related holders) | 5 October 2026 | What they saidOn October 5, 2026, in connection with the closing of the Company's acquisition of DBM Global, Inc., the Company issued 430,974 shares of Common Stock as part of the consideration for such acquisition, resulting in 40,279,686 shares of Common Stock outstanding, based on… Read the filing |
FMR LLC Passive investor | at least 11.9%+1.5 pts (filed with 1 related holder) | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $256m.
- GENDELL JEFFREY L ET ALExecutive Chairman, DirectorSold
- Date
- 12 June 2026
- Shares
- 46,720
- Price
- $756.47
- Value
- $35m
- Cleveland Todd MDirectorSold
- Date
- 12 June 2026
- Shares
- 5,000
- Price
- $761.89
- Value
- $4m
- GENDELL JEFFREY L ET ALExecutive Chairman, DirectorSold
- Date
- 27 May 2026
- Shares
- 30,310
- Price
- $705.93
- Value
- $21m
- GENDELL JEFFREY L ET ALExecutive Chairman, DirectorSold
- Date
- 26 May 2026
- Shares
- 2,055
- Price
- $702.28
- Value
- $1m
- GENDELL JEFFREY L ET ALExecutive Chairman, DirectorSold
- Date
- 14 May 2026
- Shares
- 39,361
- Price
- $694.01
- Value
- $27m
- GENDELL JEFFREY L ET ALExecutive Chairman, DirectorSold
- Date
- 13 May 2026
- Shares
- 15,000
- Price
- $692.71
- Value
- $10m
- McLauchlin TracySVP & CFOSold
- Date
- 8 May 2026
- Shares
- 3,000
- Price
- $662.61
- Value
- $2m
- Cleveland Todd MDirectorSold
- Date
- 8 May 2026
- Shares
- 11,578
- Price
- $663.52
- Value
- $8m
- GENDELL JEFFREY L ET ALExecutive Chairman, DirectorSold
- Date
- 8 May 2026
- Shares
- 7,052
- Price
- $674.25
- Value
- $5m
- GENDELL JEFFREY L ET ALExecutive Chairman, DirectorSold
- Date
- 7 May 2026
- Shares
- 1
- Price
- $677.47
- Value
- $677
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 June 2026 | GENDELL JEFFREY L ET AL Executive Chairman, Director | Sold | 46,720 | $756.47 | $35m |
| 12 June 2026 | Cleveland Todd M Director | Sold | 5,000 | $761.89 | $4m |
| 27 May 2026 | GENDELL JEFFREY L ET AL Executive Chairman, Director | Sold | 30,310 | $705.93 | $21m |
| 26 May 2026 | GENDELL JEFFREY L ET AL Executive Chairman, Director | Sold | 2,055 | $702.28 | $1m |
| 14 May 2026 | GENDELL JEFFREY L ET AL Executive Chairman, Director | Sold | 39,361 | $694.01 | $27m |
| 13 May 2026 | GENDELL JEFFREY L ET AL Executive Chairman, Director | Sold | 15,000 | $692.71 | $10m |
| 8 May 2026 | McLauchlin Tracy SVP & CFO | Sold | 3,000 | $662.61 | $2m |
| 8 May 2026 | Cleveland Todd M Director | Sold | 11,578 | $663.52 | $8m |
| 8 May 2026 | GENDELL JEFFREY L ET AL Executive Chairman, Director | Sold | 7,052 | $674.25 | $5m |
| 7 May 2026 | GENDELL JEFFREY L ET AL Executive Chairman, Director | Sold | 1 | $677.47 | $677 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 21 Nov 2025, plus the 10-Q filed 31 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.