IES Holdings, Inc. (IESC): what the price assumes
In the published model solve dated 2026-Q2, anchored at $495.88, IES Holdings, Inc. (IESC) is priced for +30.8% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-06-27.
Generated: 2026-07-29 · Exported: 2026-08-01 · Source: https://boothcheck.com/report/IESC
Headline
| Field | Value |
|---|---|
| Ticker | IESC |
| Company | IES Holdings, Inc. |
| Current price | $495.89/sh |
| Composition | Communications 34% / Residential - Single-family Electrical 20% / Residential - Single-family Plumbing & HVAC 10% / Residential - Multi-family and Other 9% / Infrastructure Solutions - Industrial Services 3% / Infrastructure Solutions - Custom Engineered Solutions 12% / Commercial & Industrial 13% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Operating margin (value-band context) | 3.8% |
| Operating margin today | 11.7% |
| Margin compression (value-band) | -7.9pp |
| Implied growth | 30.8% |
| Multiple paid | 22x operating income |
The operating-margin figure is value-band context at year 9: derived from the framework's value band, a separate calculation — not part of the priced-in solve.
Solve inputs: computed at a 11.4% cost of capital with 4% terminal growth over a 5-year stage; each 1pp of cost of capital moves the implied operating-profit growth ~5.9pp.
Reconcile: at the x-ray's 9.3% required return this reads ~18.1%/yr; the models below use their own rates.
How unusual the bet is: elevated
| Reference | Value |
|---|---|
| vs own history | -0.55σ |
| cohort percentile (of 222 peers) | 55 |
| sustained it ~5 years at this level | 23% |
| implied end-window share | 0% |
Valuation X-Ray
The price is justified by relative-multiple and growth-DCF; asset-based/earnings-power land below the price.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 2.45x | 5 | expensive |
| Earnings | 3.96x | 5 | expensive |
| Relative | 1.10x | 5 | expensive |
| Growth | 0.98x | 3 | justifies |
Families that justify the price: Relative, Growth Families that call it expensive: Asset, Earnings
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 9.2%); the inversion above states its own rate.
Per-Model Detail (n=18)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $436.52 | 1.14x | yes | FCF base $0.3B, growth 16% (input: historical growth), terminal g 4.0%, WACC 9.2%, 6yr projection |
| DCF Exit Multiple | Growth | $592.14 | 0.84x | yes | Exit EV/EBITDA: 19.0x / 21.0x / 23.0x (bear / base = today's held flat / bull), 6yr |
| Relative Valuation | Relative | $368.69 | 1.34x | yes | P/E 18x (static sector reference · 2026-04), scenarios: 14.7x / 18.0x / 21.3x (bear / base = reference held flat / bull), EV/EBITDA 14.71x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | — | — | no | — |
| Simple Excess Return | Asset | $202.32 | 2.45x | yes | BV/sh $52.91, ROE (TTM) 35.4%, ke 9.3% |
| Two-Stage Excess Return | Asset | $423.68 | 1.17x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $503.76 | 0.98x | yes | Rev $3.6B, growth 16% (input: historical growth; tapered), Terminal P/S: 2.2x / 2.8x / 3.3x (bear / base = today's held flat / bull, cap 12x) |
| Peter Lynch Fair Value | Relative | $656.25 | 0.76x | yes | EPS $18.75, growth 35% (input: historical EPS growth), PEG=0.76 (Undervalued) |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $96.40 | 5.14x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $0.23B × (1−21%) / WACC 9.2% → EPV (no growth) |
| Residual Income | Asset | $315.69 | 1.57x | yes | BV $52.91 + 5yr PV of (ROE (TTM) 35.4% − Kₑ 9.3%) × BV; BV grows 8.8%/yr |
| Graham Number | Asset | $149.41 | 3.32x | yes | √(22.5 × EPS $18.75 × BVPS $52.91) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | $281.76 | 1.76x | yes | EBITDA $0.48B × sector EV/EBITDA 12.0x |
| FCF Yield | Earnings | $125.32 | 3.96x | yes | FCF $239.4M / Kₑ 9.3% — zero-growth perpetuity |
| SBC-Adj FCF Yield | Earnings | $117.20 | 4.23x | yes | SBC-adj FCF $0.22B (FCF $0.24B − SBC $0.02B) capitalized at Kₑ |
| Ben Graham Formula | Earnings | $605.00 | 0.82x | yes | EPS $18.75 × (8.5 + 2×15.0%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $45.44 | 10.91x | yes | BV $52.91 × (ROIC 7.9% / WACC 9.2%) |
| P/Sales Sector | Relative | $449.96 | 1.10x | yes | Revenue $3.63B × sector P/S 2.5x |
| PEG Fair Value | Relative | $703.12 | 0.71x | yes | EPS $18.75 × (PEG 1.5 × growth 25.0% (input: historical EPS growth)) → PE 37.5x |
| Earnings Yield | Earnings | $202.70 | 2.45x | yes | EPS $18.75 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Solvency
| Field | Value |
|---|---|
| Net cash | $223.4m |
| Net debt / NOPAT (after-tax) | -0.66x (net cash) |
| Net debt / operating income (pre-tax) | -0.52x (net cash) |
| Interest coverage | 140.8x |
| Share count CAGR (buyback) | -0.7% |
| Burning cash | no |
Bullet Takeaways
- IES Holdings is a collection of electrical, mechanical, and communications-infrastructure contractors whose Communications segment, roughly a third of the company, has become a direct play on data-center construction.
- The price is the risk: at about 33 times operating income, it is paying for growth at the company's self-funding ceiling to persist for roughly seven years, a pace only a small minority of fast-growers have sustained that long.
- Watch the backlog conversion, which reached about $3.9 billion in the March 2026 quarter, up 62% since fiscal 2025 year-end; the durability of the data-center wave is the whole thesis.
Bull Case
Start with what management does with the cash, because it tells you how they see the business. The share count has drifted lower, falling about 0.7% a year, so the company is retiring stock rather than issuing it. There is no dividend. Net cash sits at roughly $223 million against gross debt of only $39 million, and interest is covered well over a hundred times by operating profit. That is a balance sheet built to fund acquisitions and buybacks out of its own cash flow, and management has used it that way: the company closed the Gulf Island acquisition for about $143 million in January 2026, folding capacity into the infrastructure side without leaning on lenders. Cash generated by the business goes back into the business or back to holders, not to servicing debt.
The operating story underneath that capital discipline is the data-center build-out. IES groups several skilled-trade contractors under one roof, and the Communications segment, about a third of revenue, installs the electrical and network backbone that hyperscale data centers run on. Revenue grew 17% in the March 2026 quarter and operating income rose 21%, with diluted EPS of $5.44. The demand is not a one-quarter blip: the company reported backlog near $3.9 billion, up 62% since the prior fiscal year-end, with conversion expected to extend beyond fiscal 2026. The peers confirm the wave is real and durable. Comfort Systems describes demand that "has been especially strong in the technology sector, particularly for data centers", with same-store revenue lifted by "an increase in activity in the technology sector at our Texas electrical operation ($649.3 million)". When the largest mechanical and electrical contractors in the country are all pointing at the same end market, a smaller specialist riding the same trend has a long runway in front of it.
The returns the business earns are the reason the price is where it is. Trailing return on equity runs above 35%, and the company turns each dollar of capital into far more operating profit than its book value would suggest, which is why the asset-based valuation methods anchored to book value land so far below the price. A contractor that compounds book value at that rate while buying back stock and acquiring complementary operations is doing the two things that build per-share value at once. The bull case is that the data-center cycle keeps the top line growing while management keeps the cash working, and the combination earns the multiple the market has put on it.
Bear Case
The bear case begins with the question every cyclical contractor eventually has to answer: are these peak earnings or sustainable earnings? IES is riding a construction wave concentrated in one end market. The Communications segment, the engine of the recent growth, is leveraged to data-center spending, and that spending is itself a function of a hyperscaler capital-expenditure cycle that has run hot for two years. Backlog up 62% in a single fiscal year is the kind of number that flatters a stock at the top of a cycle and haunts it at the bottom. The order book that looks like visibility on the way up becomes a cancellation risk if the customers building those data centers slow their commitments. Demand cycles in construction do not fade gently; they turn, and a contractor's revenue turns with them.
That cyclical exposure runs straight into the price. At today's quote the market is paying about 33 times operating income, which embeds company-wide growth held near its self-funding ceiling for roughly seven years. Only about one in six comparable fast-growers has sustained that pace for that long. The valuation methods say the same thing from a different angle. Earnings-power and peer-multiple frames put fair value at a fraction of the price, asset-based methods anchored to the company's book value land lower still, and only the growth-driven discounted cash-flow approach, the one method that extrapolates the recent pace forward, reaches the current level. When a single family of methods, the one most dependent on the cycle continuing, is the only one that justifies the price, the price is a bet that the cycle does not break. If operating growth mean-reverts toward something more ordinary, the multiple the market is paying compresses toward where the other methods sit, and the de-rating does the damage even if revenue holds.
Customer and end-market concentration sharpens the point. The same data-center demand driving the upside is a narrow base to lean a thirty-three-times multiple on. The peer disclosures show how end-market mix swings results: EMCOR's building-services revenue moved on "the completion or substantial completion of several tenant fit-out or office projects, and... fewer active warehousing and distribution projects for some of our e-commerce customers during the year." Project-based contracting revenue arrives in lumps and leaves in lumps. IES has a clean balance sheet, so this is not a solvency bear; net cash and triple-digit interest coverage mean the company survives a downturn comfortably. The bear case is about the price, not the business. A strong company bought at a price that requires the best end market in construction to stay hot for the better part of a decade can still be a poor investment if that requirement is not met.
Valuation
Strip the price down to what it assumes. At about $712 (June 27, 2026) the market is valuing IES at roughly 33 times its operating income, and inverting that price says the company has to compound operating profit near its self-funding ceiling for about seven years to support it. The pace itself is not exotic; it is within what IES has recently delivered. The stretch is in the duration. Of fast-growers that have hit this rate, only about 16% kept it up for the six to seven years the price needs. The bet is less about whether IES can grow and more about how long the data-center cycle lets it.
The methods we use to triangulate disagree in a revealing pattern. Earnings-power approaches such as capitalized free cash flow and the zero-growth earnings anchor put value far below the price. Peer-multiple approaches land below it too. Asset-based methods built off book value, where book value per share is about $53 against return on equity above 35%, sit lowest of all, because a contractor earning multiples of its book value will always look expensive to a method that values the book. Only the growth-driven discounted cash-flow method, which carries the recent 16% growth forward, reaches today's price. When the single family that credits forward growth is the only one that gets there, the premium is a durability bet: the static frames structurally cannot price a moat that depends on the cycle persisting, so the gap between them and the price is the optionality the market is paying for. The peer cohort, the large mechanical and electrical contractors that share IES's end markets, are priced on the same data-center thesis, so IES is not an outlier within its group so much as a smaller participant in a richly valued cohort.
The balance sheet removes solvency from the downside calculus entirely. IES holds about $223 million of net cash against $39 million of gross debt, operating profit covers interest more than 140 times over, and the share count has been falling rather than rising. There is no leverage to amplify a downturn and no dilution eating into per-share value. What bounds the downside here is not a fragile balance sheet but the distance between the price and where the cycle-independent methods land. The buyer at today's price owns a well-run, debt-light contractor whose value rests on the data-center build-out lasting most of a decade.
Catalysts
The most recent print set the tone. For the quarter ended March 31, 2026, IES reported revenue of $974.0 million, up 17% year over year, operating income of $112.3 million, up 21%, and net income attributable to IES of $109.9 million, up 56%, with diluted EPS of $5.44. The driver was the Communications segment, where data-center demand lifted revenue, and the headline figure for the bulls was backlog: about $3.9 billion, up 62% since the fiscal 2025 year-end, with remaining performance obligations near $2.3 billion. Management noted that conversion of this backlog to revenue is expected to extend beyond fiscal 2026, which is the visibility the growth thesis runs on.
Two developments feed the order book directly. The Communications backlog had already grown over 90% in fiscal 2025 versus the prior year, and in January 2026 the company closed the Gulf Island acquisition for about $143.1 million net of cash, adding infrastructure capacity. The next earnings release is the event to watch, because it shows whether backlog keeps building or starts to plateau. With the entire thesis resting on the durability of data-center construction spending, the quarter-to-quarter backlog trend is the single most informative number the company reports.
Peer Cohorts (Per Segment, With Filing Citations)
Communications (reported)
- EME (EMCOR Group, Inc.)
- FY2025 10-K: …of building services and industrial services to our customers. Our contracts are with many different customers in numerous industries. The following tables provide further disaggregation of our revenues by categories we use to evaluate our financial performance within each of our reportable segments (in thousands,…
- FY2025 10-K: …growth within the majority of the sectors we serve, with the most significant increases within: (a) network and communications, predominantly as a result of several data center construction contracts, (b) institutional, largely as we continue to see demand for our services from education customers, including a number…
- MYRG (MYR GROUP INC.)
- FY2025 10-K: …Technology Risks We rely on information, communications and data systems in our operations and we or our business partners may be subject to failures, interruptions or breaches of such systems, which could affect our operations or our competitive position, expose sensitive information or damage our reputation. We and…
- FY2025 10-K: …to improve reliability, reduce congestion, connect to new power generation sources and support future load growth. Consequently, we believe we will see continued bidding activity on large transmission projects going forward. The timing of multi-year transmission project awards and substantial construction activity is…
- PWR (Quanta Services, Inc.)
- FY2025 10-K: …approach for our high-quality customers. With respect to our communications service offerings, which are focused on the North American market, consumer and commercial demand for communication and data-intensive, high-bandwidth wireline and wireless services and applications are driving significant investment in…
- FY2025 10-K: …and energy delivery companies, as well as governmental entities. We have estimated revenues by customer type as a percentage of total revenues below. Such estimates 8 are based on management judgment and assumptions and are provided to show perceived trends in our customer types and should be considered directional…
- DY (DYCOM INDUSTRIES, INC.)
- FY2025 10-K: …equipment and infrastructure providers, as well as electric and gas utilities. Our customer base is highly concentrated, with our top five customers accounting for approximately 55.4%, 57.7%, and 66.7% of our total contract revenues during fiscal 2025, fiscal 2024, and fiscal 2023, respectively. 24 Table of Contents…
- FY2025 10-K: …respectively. 71 Table of Contents 20. Customer Concentration and Revenue Information Geographic Location We provide services throughout the United States. Significant Customers Our customer base is highly concentrated, with our top five customers accounting for approximately 55.4 %, 57.7 %, and 66.7 %, of our total…
- STRL (Sterling Infrastructure, Inc.)
- FY2025 10-K: …$80 million, contingent upon achieving certain operating income targets. CEC is included in the Company's E-Infrastructure Solutions segment. Segments, Markets and Customers The Company's internal and public segment reporting are aligned based upon the services offered by its operating groups, which represent the…
- FY2025 10-K: …statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not…
- MTZ (MasTec, Inc.)
- FY2025 10-K: …derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless…
- FY2025 10-K: …and distribution system expansion, reliability, resiliency, grid hardening and modernization resulting from rising electricity demand, growth in renewable generation, and aging grid infrastructure. • Our Pipeline Infrastructure segment is expected to benefit from continued investment in natural gas distribution and…
- PRIM (Primoris Services Corporation)
- FY2025 10-K: …such as pipe, solar panels, turbines, boilers and vessels, are typically supplied by the customer. Substantially all of our gas and electric distribution and communication services are provided pursuant to renewable MSAs on a "unit-price" basis. Fees on unit-price contracts are negotiated and earned based on units…
- FY2025 10-K: …the demand for our services, resulting in the delay, reduction or cancellation of certain projects and these conditions may continue to adversely affect us in the future. For example, much of the work that we perform in the highway markets involves funding by federal, state and local governments. This funding is…
Residential (reported)
- FIX (COMFORT SYSTEMS USA, INC.)
- FY2025 10-K: …was established in 1997. We provide mechanical and electrical contracting services. Our mechanical segment principally includes heating, ventilation and air conditioning ("HVAC"), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes…
- FY2025 10-K: …term. We include the exercise of lease renewal options in the lease term when it is reasonably certain that we will exercise the option and such exercise is at our sole discretion. The weighted average remaining lease term for our operating leases was 11.7 years and 10.9 years at December 31, 2025 and 2024,…
- EME (EMCOR Group, Inc.)
- FY2025 10-K: …assigned the status of "multi-district litigation" and consolidated in the 281st District Court, Harris County. Repcon, Inc. ("Repcon") and EMCOR Industrial Services, Inc. ("EIS"), indirect subsidiaries of the Company, have been named in several of the lawsuits, and Repcon has also been subject to contractual…
- FY2025 10-K: …we provide a guarantee to the lessor that the value of the underlying asset will be at least a specified amount at the end of the lease. Amounts probable of being owed under these guarantees are included within the measurement of the right-of-use asset and lease liability. Lease Position The following table presents…
- MYRG (MYR GROUP INC.)
- FY2025 10-K: …2025-01-01 2025-12-31 0000700923 myrg:MarketTypeElectricalConstructionMember us-gaap:ProductConcentrationRiskMember us-gaap:SalesRevenueNetMember myrg:CommercialAndIndustrialMember 2025-01-01 2025-12-31 0000700923 myrg:CommercialAndIndustrialMember myrg:MarketTypeElectricalConstructionMember 2024-01-01 2024-12-31…
- FY2025 10-K: 12-31 0000700923 myrg:TopTenCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2024-01-01 2024-12-31 0000700923 myrg:TopTenCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2023-01-01 2023-12-31 0000700923…
Infrastructure Solutions (reported)
- POWL (Powell Industries, Inc.)
- FY2025 10-K: …support increased schedule flexibility and multiple ship lanes for the varied needs and project timelines of our customers. The incremental capacity is initially expected to support the Company's oil and gas customers but can be utilized to support each of our market sectors. Construction is expected to begin during…
- FY2025 10-K: …related to the acquisition of Remsdaq. In Fiscal 2024, we acquired land and buildings in Houston for a total cash purchase price of approximately $ 5.6 million to help further facilitate executing the current backlog as well as planning for modest future volume growth. Accrued Product Warranty Activity in our product…
- AZZ (AZZ INC.)
- FY2025 10-K: …segment is a leading provider of metal coating solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing and plating to the North American steel fabrication industry and other industries. The AZZ Precoat Metals segment provides aesthetic and corrosion protective…
- FY2025 10-K: …income. Resources Paint and customer-owned substrate availability are important for our toll-coating process. Although paint prices have risen in recent years, we carry limited risk associated with paint cost, as it is a pass-through to our customer base. There are currently no concerns regarding the availability of…
- ATKR (Atkore Inc.)
- FY2025 10-K: …is to be the customer's first choice by providing unmatched quality, delivery, and value based on sustainable excellence in strategy, people, and processes. Our Products Atkore is committed to providing our customers with a safe, sustainable, and innovative portfolio of high quality electrical, mechanical, safety,…
- FY2025 10-K: …Standards. Distribution Atkore adds value to the customer experience with a comprehensive portfolio of electrical products and strategically located regional service centers. Additionally, we drive value for our customers through a single order across our broad product portfolio coupled with services like our…
- MWA (MUELLER WATER PRODUCTS, INC.)
- FY2025 10-K: …Water Management Solutions business unit were approximately 42% of fiscal 2025 consolidated net sales. Business Strategy Our business strategy is to capitalize on the large, attractive and growing water infrastructure markets worldwide. Key elements of this strategy are as follows: Improve operational excellence and…
- FY2025 10-K: …to offer non-invasive leak detection and pipe condition assessment services is a key competitive advantage. With our Singer Valve and i2O products, we provide a range of intelligent water solutions including pressure control valves, advanced pressure management, network analytics, event management and data logging.…
- GNRC (GENERAC HOLDINGS INC.)
- FY2025 10-K: …aging and under-invested legacy infrastructure systems, such as energy production, telecommunications, transportation, and data centers. o Expanding investment for increasingly critical technology infrastructure as we transition to a more "connected" society. ● Home as a Sanctuary, driving increased demand for…
- FY2025 10-K: …causing increased power outage activity. o Increasing deployment of intermittent renewable generation sources coupled with accelerating electricity demand trends driving supply/demand imbalances for utilities and grid operators. ● Higher power prices driving the need for energy management solutions: o Electrification…
Commercial & Industrial (reported)
- EME (EMCOR Group, Inc.)
- FY2025 10-K: …and sanitization. These trends have led to outsourcing and privatization programs whereby customers in both the private and public sectors seek to contract out those activities that support, but are not directly associated with, the customer's core business. Clients of our building services business include major…
- FY2025 10-K: …customers through approximately 100 operating subsidiaries, which specialize principally in providing construction services relating to electrical and mechanical systems in all types of facilities and in providing various services relating to the operation, maintenance, and management of those facilities. Such…
- FIX (COMFORT SYSTEMS USA, INC.)
- FY2025 10-K: …was established in 1997. We provide mechanical and electrical contracting services. Our mechanical segment principally includes heating, ventilation and air conditioning ("HVAC"), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes…
- FY2025 10-K: …our 2025 revenue. Construction, Installation, Expansion and Renovation Services -Construction, installation, expansion and renovation services consist of "design and build" and "plan and spec" projects. In "design and build" projects, the commercial MEP company is responsible for designing, engineering and installing…
- MYRG (MYR GROUP INC.)
- FY2025 10-K: …individual project performance, project location and other items, to support the CODM's assessment of segment performance and resource allocation decisions. Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities…
- FY2025 10-K: …processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. In our C&I segment, we generally provide our electric construction and maintenance services as a subcontractor to general…
- PWR (Quanta Services, Inc.)
- FY2025 10-K: …and energy delivery companies, as well as governmental entities. We have estimated revenues by customer type as a percentage of total revenues below. Such estimates 8 are based on management judgment and assumptions and are provided to show perceived trends in our customer types and should be considered directional…
- FY2025 10-K: …and repair services related to commercial and industrial wiring; and • aviation services primarily for the utility industry, including transportation of line workers, pole and tower setting, and wire stringing, as well as certain emergency aerial firefighting services. This segment also includes (i) the majority of…
- MTZ (MasTec, Inc.)
- FY2025 10-K: …wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. Our Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets…
- FY2025 10-K: …derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless…
- PRIM (Primoris Services Corporation)
- FY2025 10-K: …based on units completed. Costs to obtain contracts are generally not significant and are expensed in the period incurred. The classification of revenue, gross profit, and operating income for segment reporting purposes can at times require judgment on the part of management. Our segments may perform services…
- FY2025 10-K: …the methods used by the segment to provide the services, and the regulatory environment of each segment's customers. The classification of certain operating expenses and SG&A expenses for segment reporting purposes can at times require judgment on the part of management. Our segments may perform services across…
- STRL (Sterling Infrastructure, Inc.)
- FY2025 10-K: 's revenue in 2025, 47% in 2024 and 50% in 2023. 5 Building Solutions -Our Building Solutions segment is comprised of our residential and commercial businesses. The principal geographic market for our residential business is Texas, specifically Dallas-Fort Worth, Houston and the surrounding communities. In 2021, we…
- FY2025 10-K: …E-Infrastructure Solutions business is driven by our customers' investments in the development of data centers, advanced manufacturing centers, e-commerce distribution centers and warehouses. We foresee significant growth opportunities tied to the implementation of multi-year capital deployment plans by data center…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.
Sources
IES fiscal Q2 2026 press release, 8-K · IES fiscal 2025 results, 8-K