IES Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IES Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2024
Revenue	696	811	877	1,077	1,191	1,536	2,167	2,377	2,884	3,371
Cost of revenue	569	670	727	895	963	1,248	1,848	1,933	2,188	2,512
Gross profit	127	140	150	182	228	288	319	445	697	859
Selling, general and administrative	101	120	124	141	171	202	263	299	397	475
Operating income	25	20.3	26	41.9	50.1	85.6	56	160	301	384
Interest expense	1.28	1.7	1.95	1.86	0.78	0.96	2.97	3.02	1.34	1.81
Other non-operating income		0.17	0.34	0.15	-0.01	0.29	-0.04	1.79	5.13	12.2
Pre-tax income	23.8	18.8	24.3	40.1	49.3	84.9	53	159	305	394
Income tax	-97.1	5.21	38.2	6.66	8.74	16.2	12.8	38.8	72.2	96.8
Income from continuing operations	121	13.4
Net income to minority interests	0.1	0.17	0.35	0.27	-1.05	2.02	5.42	11.5	13.4	5.87
Net income	121	13.4	-14.2	33.2	41.6	66.7	34.8	108	219	306
EBITDA	30.6	30	34.8	51.4	62.6	107	81.5	189	338	430
EPS, basic	5.63	0.62	-0.67	1.56	1.96	3.19	1.45	4.58	10.02	15.22
EPS, diluted	5.62	0.62	-0.67	1.55	1.94	3.15	1.44	4.54	9.89	15.02
Shares, basic (weighted)	21.3	21.3	21.2	21.1	20.8	20.8	20.7	20.2	20.2	19.9
Shares, diluted (weighted)	21.5	21.5	21.2	21.3	21.1	21.1	20.9	20.4	20.4	20.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2024
Cash and equivalents	33	28.3	26.2	18.9	53.6	23.1	24.8	75.8	101	127
Short-term investments								0	35	105
Receivables	124	143	152	186	213	287	371	364	470	552
Inventory	13.2	16.9	21	21.5	24.9	68.6	96.3	95.7	102	112
Other current assets	3.21	8.8	8.14	10.6	9.15	21.1	15.4	10.5	14.4	20.9
Total current assets	210	232	263	296	371	484	624	671	872	1,085
Property, plant and equipment	15.7	24.6	25.4	25.7	24.6	35.5	54.4	63.4	134	183
Lease right-of-use assets				0	31.8	42.9	55.9	61.8	62	88.4
Goodwill	39.9	46.7	50.7	50.6	53.8	92.4	92.4	92.4	94	108
Intangible assets	31.7	31.4	30.6	26.6	39.4	85.6	71.9	56.2	45.9	41.6
Other non-current assets	3.71	3.78	6.07	4.94	5.78	7.05	15.1	16.1	13.9	13.4
Total assets	394	424	422	445	561	767	935	982	1,244	1,596
Accounts payable	109	121	75.3	85.3	93.3	137	185	139	149	209
Deferred revenue				40.6	55.7	62.5	84.9	104	159	177
Short-term debt	0									0
Total current liabilities	133	151	164	193	242	312	402	401	523	633
Long-term debt	29.3	29.4	29.6	0.3	0.22	39.7	81.6	0	0	0
Lease liabilities				0	20.5	28.6	38.1	42.1	40.4	62
Other non-current liabilities	6.83	4.46	4.37	1.95	12.2	16.1	12.7	17	12.2	5.55
Total liabilities	169	185	198	196	275	396	544	482	592	708
Total debt	30.2	29.4	29.6	0.3	0.22	39.7	81.6	0	0	0
Paid-in capital	195	197	197	193	201	202	202	203	203	211
Retained earnings	32.7	46.4	32.3	65.6	107	173	203	296	498	801
Treasury stock	-4.78	-6.9	-8.94	-12.5	-24.5	-29.3	-44	-49.5	-90.3	-128
Other comprehensive income	0
Shareholders' equity	223	237	220	246	283	346	361	450	611	884
Minority interests			3.23	3.29	1.8	24.6	29.2	50	41	4.01
Total equity	223	237	220	250	285	371	390	500	652	888
Total liabilities and equity	394	424	422	445	561	767	935	982	1,244	1,596
Shares outstanding	21.5	21.3	21.2	21.2	20.8	20.8	20.3	20.2	20	19.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2024
Net income	121	13.6	-13.8	33.5	40.6	68.7	40.2	120	233	312
Depreciation and amortization	5.66	9.63	8.86	9.56	12.5	21.9	25.5	29.4	37.1	46.9
Stock-based compensation		1.71	-0.14	2.36	3.32	3.52	3.78	4.37	5.53	12.9
Deferred income tax	-98.4	6.9	38.2	5.68	5.12	11.7	-0.03	5.19	-1.13	-3.31
Change in receivables	-22.4	-7.62	-7.57	-35.3	-25.4	-55.4	-87.2	2.92	-93.5	-79.9
Change in inventory	3.9	-1.86	-3.97	-0.68	-2.82	-30.5	-27.8	-1.14	-3.52	4.15
Change in payables	19.7	-2.83	6.58
Cash from operations	25	22.3	12.2	38.7	76.7	37.9	16.3	154	234	286
Capital expenditures	-3.42	-4.59	-4.56	-6.3	-4.75	-7.4	-29.3	-17.7	-45.2	-67.3
Acquisitions	-59.5	-20.2	-7.41	-0.05	-29	-92.5	0	0	-67	-52.4
Cash from investing	-60.7	-24.5	-11.9	-5.75	-33.6	-99.6	-29.5	2.77	-109	-164
Debt issued	20.3	5.43	0.17
Debt repaid	-0.29	-5.43	-0.18
Stock issued	0.22	0.22	0.01	0	0.03	0	0.05	0.02	0.02	0
Share buybacks	-0.59	-2.37	-2.06	-9.8	-7.7	-7.01	-18.6	-8.28	-44	-41.6
Cash from financing	19.6	-2.75	-2.41	-40.3	-8.51	31.2	15	-106	-100	-96.1
Net change in cash	-16.1	-4.93	-2.04	-7.31	34.6	-30.5	1.74	50.9	25.1	26.3
Free cash flow	21.6	17.8	7.66	32.4	72	30.5	-13	136	189	219
Interest paid	1.01	1.52	1.68	1.74	0.78	0.74	3.07	2.09	0.54	0.88
Income taxes paid	1.42	2.43	2.84	1.37	0.32	5.06	3.95	12.1	61.6	117

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $324.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.3%	Gross profit / revenue.
Operating margin	12.4%	Operating income / revenue.
EBITDA margin	13.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.5%	Pre-tax income / revenue.
Net margin	11.4%	Net income / revenue.
FCF margin	5.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.3%	Cash from operations / revenue.
Effective tax rate	24.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	37.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	20.0%	Net income / average total assets.
Return on invested capital (ROIC)	32.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	23.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	39.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	30.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	27.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	89.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	50.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	27.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	74.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	47.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	39.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	106.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	49.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	51.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	118.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	50.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	160.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	30.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	24.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	44.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	34.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	25.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	28.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	23.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.63x	Current assets / current liabilities.
Quick ratio	1.18x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.41x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.8%	Total liabilities / total assets.
Interest coverage	141x	Operating income / interest expense.
Working capital	$592.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.05B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.75x	Revenue / average total assets.
Fixed asset turnover	11.3x	Revenue / average property, plant and equipment.
Inventory turnover	22.0x	Cost of revenue / average inventory.
Days inventory	17 days	365 x average inventory / cost of revenue.
Receivables turnover	5.52x	Revenue / average receivables.
Days sales outstanding	66 days	365 x average receivables / revenue.
Days payables	73 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	10 days	Days inventory + days sales outstanding - days payables.
FCF conversion	50.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$22.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$197.34	Revenue / diluted weighted shares.
FCF per share	$11.31	Free cash flow / diluted weighted shares.
Operating cash flow per share	$18.39	Cash from operations / diluted weighted shares.
Book value per share	$61.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$52.47	Tangible book value / shares outstanding.
Cash per share	$19.47	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	8.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.46B	Share price x shares outstanding.
Enterprise value	$6.07B	Market cap + total debt - cash - short-term investments.
P/E	14.2x	Market cap / net income. Only when net income is positive.
P/S	1.62x	Market cap / revenue.
P/B	5.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.18x	Market cap / tangible book value, when positive.
P/FCF	28.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.4x	Market cap / cash from operations, when positive.
EV/Sales	1.52x	Enterprise value / revenue.
EV/EBIT	12.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	7.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.12x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was IES Holdings, Inc.'s revenue in fiscal 2024?

IES Holdings, Inc. reported revenue of $3.37B for fiscal 2024, 16.9% higher than the year before.

Was IES Holdings, Inc. profitable in fiscal 2024?

Yes. Net income was $306.0M, a net margin of 9.1%.

How much free cash flow did IES Holdings, Inc. generate in fiscal 2024?

Cash from operations of $286.1M minus capital expenditures of $67.3M left free cash flow of $218.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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