Ies Holdings, Inc. (IESC) intrinsic value & 10-year financials
Ies Holdings, Inc. (IESC) has a Graham intrinsic value of $409.23 per share. At $251.96 on Oct 17, 2026, the stock trades 38% below that value. Over the last 10 fiscal years revenue grew 19.2% a year to $3.4B, with an average return on invested capital of 20.4%.
- Graham intrinsic value
- $409.23
- Share price (Oct 17, 2026)
- $251.96
- Price vs Graham value
- 38% below
- Market cap
- $5.1B
- Revenue (FY2025)
- $3.4B
- Revenue growth (10-yr CAGR)
- 19.2%
- ROIC (10-yr avg)
- 20.4%
- Free cash flow (FY2025)
- $218.8M
IESC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.4B | $306.0M | $15.02 | $218.8M | 11.4% | 42.5% |
| FY2024 | $2.9B | $219.1M | $9.89 | $189.2M | 10.4% | 46.8% |
| FY2023 | $2.4B | $108.3M | $4.54 | $136.2M | 6.7% | 27.0% |
| FY2022 | $2.2B | $34.8M | $1.44 | -$13.0M | 2.6% | 9.7% |
| FY2021 | $1.5B | $66.7M | $3.15 | $30.5M | 5.6% | 21.4% |
| FY2020 | $1.2B | $41.6M | $1.94 | $72.0M | 4.2% | 17.3% |
| FY2019 | $1.1B | $33.2M | $1.55 | $32.4M | 3.9% | 15.4% |
| FY2018 | $876.8M | -$14.2M | -$0.67 | $7.7M | 3.0% | 5.6% |
| FY2017 | $810.7M | $13.4M | $0.62 | $17.8M | 2.5% | 6.4% |
| FY2016 | $696.0M | $120.8M | $5.62 | $21.6M | 3.6% | 11.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
IES Holdings, Inc. is a consistent compounder, expanding top-line revenue at 19.2% annually over the past decade.
IES Holdings, Inc. has earned high returns on invested capital, averaging 20.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
IES Holdings, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, IES Holdings, Inc. is modeled at 11.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $409.23 per share.