IESC
IES Holdings, Inc.IES Holdings, Inc. designs and installs integrated electrical and technology systems, and provides infrastructure products and services in the United States. Its Commercial & Industrial segment offers electrical and mechanical design, construction, and maintenance services for office buildings, manufacturing facilities, data centers, chemical plants, refineries, wind farms, solar facilities, municipal infrastructures, and health care facilities. Its Communications segment designs, installs, and
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2028-Q1 | 990.0 | 120.8 | -- | 87.1 | -- | 19.8 | -37.6 | 789.0 | -- | -- | -- | -- | -- |
| Est | 2027-Q4 | 1,040 | 140.4 | -- | 106.1 | -- | 130.0 | -26.0 | 769.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 1,020 | 134.6 | -- | 100.0 | -- | 76.5 | -30.6 | 639.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 980.0 | 125.4 | -- | 91.1 | -- | 39.2 | -34.3 | 562.7 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 940.0 | 117.5 | -- | 84.6 | -- | 23.5 | -37.6 | 523.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 980.0 | 135.2 | -- | 102.9 | -- | 127.4 | -24.5 | 500.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 960.0 | 129.6 | -- | 96.0 | -- | 76.8 | -28.8 | 372.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 920.0 | 117.8 | -- | 87.4 | -- | 32.2 | -32.2 | 295.8 | -- | -- | -- | -- | -- |
| Act | 2026-Q2 | 974.2 | 128.4 | 112.3 | 110.0 | 133.9 | 102.1 | -31.8 | 263.6 | 107.4 | 20.2 | 34.2% | 85.6x | 19.1x |
| Act | 2026-Q1 | 871.0 | 116.6 | 97.7 | 91.4 | 76.0 | 29.4 | -46.6 | 258.7 | 131.6 | 20.2 | 35.2% | 372.4x | 17.0x |
| Act | 2025-Q4 | 897.8 | 121.4 | 104.4 | 101.8 | 132.0 | 112.0 | -20.0 | 231.8 | 88.1 | 20.2 | 49.1% | 244.7x | 13.3x |
| Act | 2025-Q3 | 890.2 | 120.8 | 111.9 | 77.2 | 92.0 | 74.8 | -17.2 | 168.3 | 72.7 | 20.2 | 58.2% | 226.2x | 8.4x |
| Act | 2025-Q2 | 834.0 | 92.7 | 92.7 | 70.7 | 24.8 | 7.9 | -17.0 | 88.3 | 51.7 | 20.2 | 55.9% | 348.5x | 11.3x |
| Act | 2025-Q1 | 749.6 | 89.3 | 74.6 | 56.3 | 37.3 | 24.1 | -13.2 | 112.0 | 41.1 | 20.3 | 52.2% | 172.3x | 10.7x |
| Act | 2024-Q4 | 775.8 | 86.6 | 75.0 | 63.2 | 92.8 | 78.5 | -14.3 | 135.8 | 62.4 | 20.5 | 59.6% | 618.4x | 7.9x |
| Act | 2024-Q3 | 768.4 | 100.2 | 90.2 | 62.1 | 82.9 | 65.4 | -17.5 | 44.9 | 38.7 | 20.5 | 79.3% | 253.7x | 7.9x |
| Act | 2024-Q2 | 705.7 | 84.2 | 77.7 | 52.9 | 33.7 | 26.9 | -6.8 | 106.0 | 38.2 | 20.5 | 74.8% | 207.3x | 5.9x |
| Act | 2024-Q1 | 634.4 | 66.9 | 58.0 | 41.0 | 25.0 | 18.4 | -6.5 | 87.5 | 42.3 | 20.4 | 62.3% | 168.6x | 6.0x |
| Act | 2023-Q4 | 649.0 | 63.0 | 53.2 | 37.8 | 57.3 | 50.9 | -6.4 | 75.8 | 61.6 | 20.4 | 63.5% | 158.3x | 6.0x |
| Act | 2023-Q3 | 584.5 | 41.4 | 34.3 | 22.6 | 36.6 | 32.0 | -4.6 | 28.6 | 36.1 | 20.4 | 52.3% | 105.8x | 5.6x |
| Act | 2023-Q2 | 568.9 | 40.2 | 31.6 | 21.6 | 45.7 | 41.8 | -4.0 | 15.1 | 50.9 | 20.4 | 47.1% | 40.9x | 5.5x |
| Act | 2023-Q1 | 574.9 | 46.3 | 27.7 | 26.4 | 14.3 | 11.6 | -2.7 | 5.3 | 80.8 | 20.5 | 34.0% | 39.1x | 6.5x |
| Act | 2022-Q4 | 617.4 | 32.6 | 25.0 | 16.2 | 34.1 | 31.4 | -2.7 | 24.9 | 137.1 | 20.7 | 29.4% | 26.5x | 9.1x |
| Act | 2022-Q3 | 567.3 | 21.8 | 15.6 | 9.5 | -14.9 | -19.9 | -5.0 | 17.1 | 123.8 | 20.9 | 20.6% | 28.7x | -- |
| Act | 2022-Q2 | 501.6 | 1.2 | -4.9 | -5.4 | 21.6 | 12.3 | -9.3 | 19.3 | 97.9 | 20.8 | -7.0% | 2.2x | -- |
| Act | 2022-Q1 | 480.5 | 25.7 | 20.3 | 14.5 | -24.5 | -36.8 | -12.3 | 7.8 | 95.4 | 21.0 | 30.9% | 58.9x | -- |
AI Analysis
LLM Evaluations
IES Holdings is an exceptionally well-run specialty contractor riding the data center/AI infrastructure megatrend, with margins at multi-year highs, zero debt, and a 47% ROIC. However, the stock at ~$442 is pricing in sustained 20%+ revenue growth and margin expansion that is unrealistic given competitive dynamics, residential weakness, and the inherent cyclicality of construction spending. At 39x TTM FCF, the market is capitalizing peak-cycle earnings at a premium multiple, creating significant downside risk if hyperscaler capex pauses or margins normalize. Massive insider selling ($118M+ by the Executive Chairman alone) corroborates that management views the stock as fully valued. The Tontine control structure and growing marketable securities portfolio add governance complexity. This is a great business at a stretched valuation — better entry points likely ahead.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $580.00 | $109.00/$116.00 | 11 | $27.20/$32.90 | 19 |
| $600.00 | $96.60/$103.00 | 11 | $34.30/$39.70 | 19 |
| $620.00 | $84.90/$91.00 | 25 | $42.20/$48.20 | 12 |
| $640.00 | $74.40/$81.00 | 20 | $50.50/$58.00 | 5 |
| $660.00 | $64.40/$71.00 | 33 | $60.30/$67.50 | 3 |
| $680.00 | $55.00/$62.00 | 45 | $71.10/$79.00 | 1 |
| $700.00 | $47.10/$54.00 | 41 | $83.10/$91.00 | 4 |
| $720.00 | $38.50/$46.70 | 6 | $95.50/$103.80 | 0 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 4.3% of float, sold 1.4%. 1 filer moved >1% of shares (1 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| GENDELL JEFFREY L | $4.93B | $40.20 | −$3.9M | −$180M | -1.4% | $7.34B |
| FMR LLC | $1.13B | $199.04 | +$169M | +$119M | +0.3% | $1.89T |
| BlackRock, Inc.Passive | $338M | $203.00 | −$6.3M | −$21.3M | -0.2% | $5.69T |
| DIMENSIONAL FUND ADVISORS LPPassive | $218M | $46.92 | +$420K | −$88.3M | -0.4% | $480.92B |
| FIRST TRUST ADVISORS LP | $166M | $410.22 | +$47.8M | +$151M | -0.9% | $139.72B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $141M | $226.71 | +$10.1M | +$20.9M | +2.3% | $1.61T |
| Pertento Partners LLP | $110M | $334.51 | +$10.4M | +$110M | -0.8% | $942M |
| STATE STREET CORPPassive | $98.9M | $134.27 | +$781K | +$4.8M | -0.2% | $2.89T |
| UBS Group AG | $85.0M | $356.30 | +$42.7M | +$60.5M | -0.3% | $562.11B |
| MORGAN STANLEY | $84.6M | $155.35 | +$2.9M | −$14.3M | -0.3% | $1.65T |
| FRANKLIN RESOURCES INC | $78.7M | $203.28 | +$5.3M | +$17.8M | -0.2% | $403.03B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $74.5M | $194.87 | −$4.0M | +$39.5M | +0.1% | $184.72B |
| THRIVENT FINANCIAL FOR LUTHERANS | $72.7M | $186.41 | +$5K | −$43.2M | -0.3% | $51.55B |
| ROYCE & ASSOCIATES LP | $71.0M | $208.70 | −$10.6M | −$13.9M | -1.0% | $10.09B |
| AltraVue Capital, LLC | $61.8M | $71.72 | −$6.1M | −$13.2M | +1.5% | $1.16B |
| Parsifal Capital Management, LP | $42.9M | $394.60 | −$4.8M | +$42.9M | -0.7% | $775M |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $39.8M | $225.30 | +$957K | +$3.7M | +1.0% | $645.81B |
| RENAISSANCE TECHNOLOGIES LLC | $39.2M | $82.53 | −$7.2M | −$32.4M | +1.2% | $63.91B |
| AMERICAN CENTURY COMPANIES INC | $38.3M | $212.69 | −$6.6M | +$12.8M | +0.3% | $193.48B |
| Invesco Ltd. | $37.0M | $152.78 | −$6.7M | +$6.7M | -0.2% | $652.04B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
Top-5 holders · 77.9%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Related Stocks
Investors who own this also own
Stocks held by the same active managers as this one, ranked by score — how much more often these appear together than random chance (1× = baseline). Excludes index ETFs and market makers; minimum 3 shared holders.
| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| COMP | Compass, Inc. | 3 | 78.74× |
Analyst Coverage
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-14 | SELL | GENDELL JEFFREY L ET AL | director, 10 percent owner, officer: Executive Chairman | 39,361 | $694.01 | $27.32M | $7.28B |
| 2026-05-13 | SELL | GENDELL JEFFREY L ET AL | director, 10 percent owner, officer: Executive Chairman | 15,000 | $692.71 | $10.39M | $7.29B |
| 2026-05-08 | SELL | Cleveland Todd M | director | 11,578 | $663.52 | $7.68M | $43.67M |
| 2026-05-08 | SELL | GENDELL JEFFREY L ET AL | director, 10 percent owner, officer: Executive Chairman | 7,052 | $674.25 | $4.75M | $7.11B |
| 2026-05-08 | SELL | McLauchlin Tracy | officer: SVP & CFO | 3,000 | $662.61 | $1.99M | $41.43M |
| 2026-05-07 | SELL | GENDELL JEFFREY L ET AL | director, 10 percent owner, officer: Executive Chairman | 1 | $677.47 | $677 | $7.15B |
| 2026-05-06 | SELL | Cleveland Todd M | director | 922 | $681.55 | $628K | $52.75M |
| 2026-05-06 | SELL | GENDELL JEFFREY L ET AL | director, 10 percent owner, officer: Executive Chairman | 40,103 | $677.19 | $27.16M | $7.14B |
| 2026-05-05 | SELL | Simmes Matthew J | officer: President and CEO | 7,000 | $658.24 | $4.61M | $56.99M |
| 2026-03-04 | SELL | Cleveland Todd M | director | 1,425 | $500.84 | $714K | $39.11M |
| 2026-03-03 | SELL | Cleveland Todd M | director | 875 | $501.13 | $438K | $39.85M |
| 2026-03-02 | SELL | Cleveland Todd M | director | 200 | $513.54 | $103K | $41.40M |
| 2026-02-26 | SELL | Cleveland Todd M | director | 1,700 | $511.29 | $869K | $41.32M |
| 2026-02-25 | SELL | Cleveland Todd M | director | 3,119 | $511.81 | $1.60M | $42.23M |
| 2026-02-24 | SELL | Cleveland Todd M | director | 181 | $520.25 | $94K | $44.55M |
| 2026-02-18 | SELL | Simmes Matthew J | officer: President and CEO | 5,000 | $506.26 | $2.53M | $47.37M |
| 2026-02-17 | SELL | GENDELL JEFFREY L ET AL | director, 10 percent owner, officer: Executive Chairman | 320 | $520.43 | $167K | $5.51B |
| 2026-02-13 | SELL | GENDELL JEFFREY L ET AL | director, 10 percent owner, officer: Executive Chairman | 2,791 | $520.10 | $1.45M | $5.51B |
| 2026-02-12 | SELL | GENDELL JEFFREY L ET AL | director, 10 percent owner, officer: Executive Chairman | 5,048 | $529.50 | $2.67M | $5.61B |
| 2025-12-15 | SELL | Allen Matthew Michael | officer: Chief Technical Officer | 700 | $457.95 | $321K | $503K |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Communications | $351.9M | +51% |
| Residential | $284.0M | -11% |
| Infrastructure Solutions | $140.2M | +30% |
| Commercial and Industrial | $94.8M | +7% |
| Other Member | $7.5M | NEW |
Filing Risk Analysis
Filing Risk Scores
IES Holdings: A Construction Firm Moonlighting as a Related-Party Hedge Fund
Counter-Thesis
Counter-Thesis & Recent News
IES Holdings (IESC) reported a significant Q1 fiscal 2026 earnings miss on January 30, 2026, with an adjusted EPS of $3.71 compared to the $3.94 consensus estimate. Despite a 16% year-over-year revenue increase to $871 million, the stock fell approximately 11.6% in early March 2026 as the market digested the earnings miss and persistent weakness in the company's Residential segment, which saw an 11% revenue decline to $284.1 million due to a softening housing market (Sources: Investing.com, MarketBeat).
The bear case centers on peak cyclicality and valuation disconnect. Analysts at Simply Wall St and Seeking Alpha note that IESC's net margins (9-10%) are likely at or near cyclical highs, with limited room for further expansion. Furthermore, DCF models suggest a fair value of approximately $262.39, while the stock has recently traded between $380 and $450, implying a 30-45% overvaluation. There is also a significant risk that any normalization or 'pause' in hyperscaler data center spending—currently IESC's primary growth engine—would lead to a sharp de-rating of the stock (Sources: Simply Wall St, Seeking Alpha).
Aggressive insider selling is the primary red flag. In the six months leading up to March 2026, IESC insiders executed 99 sales and 0 purchases. Executive Chairman Jeffrey Gendell sold approximately 277,064 shares for an estimated $117.8 million, while CEO Matthew Simmes and Director Todd Cleveland also reduced their stakes significantly. This lack of insider buying at current levels suggests leadership may believe the stock is fully valued (Source: Quiver Quantitative). Additionally, 'fails-to-deliver' data spikes in late 2025 indicate periodic liquidity or settlement stress (Source: Fintel).
IESC faces intensifying competition in the high-stakes data center and infrastructure sectors, which may lead to margin compression as more players pivot to these lucrative markets. The company's recent acquisition of Gulf Island Fabrication introduces significant integration risk, particularly if the expected operational leverage fails to materialize in a cooling economic environment. Additionally, the continued 'softness' in the residential housing market serves as a structural headwind for its Residential segment (Source: Investing.com).
While specific end-user reviews are scarce, the 'customer sentiment' is reflected in the 11% revenue decline within the Residential segment, indicating a pullback in demand from homebuilders and residential developers. Market analysts have highlighted that IESC's performance is no longer 'fully meeting market expectations,' resulting in a sector rotation where institutional investors like JPMorgan and SG Capital have recently trimmed their positions (Sources: Intellectia AI, MarketBeat).