Recent News
On November 7, 2025 the company announced a definitive agreement to acquire Gulf Island Fabrication, expanding its fabrication and infrastructure capabilities. On November 20, 2025 an industry publication highlighted a surge in IES’s Relative Strength rating into the 90s and noted the stock trading extended after clearing a prior buy point.
Technical Analysis
ADX / DI+/DI-: ADX at 19.8 signals no meaningful trend strength; directional indicators show DI+ at 27.17 with a peak-and-reversal (bearish) and DI- at 17.21 with a dip-and-reversal (bearish), together implying fading bullish directional conviction and a short-term tilt toward sellers despite the absence of a strong trend.
MACD: MACD has peaked and reversed, a bearish momentum development, although the MACD value (17.10) currently sits above its signal line (13.01), indicating the prior bullish crossover remains in place but momentum appears to have rolled over.
MRO: MRO at 8.82 sits positive and is increasing; price sits above WMDST’s target level, implying measured downside potential if momentum weakens further.
RSI: RSI at 56.75 has peaked and reversed, indicating a short-term loss of upward momentum from over the last swing.
Price vs. Moving Averages & Structure: Price at $447.35 trades above the 20-day average ($438.24), 50-day average ($402.92) and 200-day average ($309.37), showing longer-term upside carry while short-term momentum shows signs of stalling. The super trend lower at $422.42 and the 20-day average provide nearby technical reference points. Ichimoku Tenkan-Sen at $439.68 sits below price, supporting recent upside but not contradicting momentum deterioration.
Volatility & Volume: 42-day beta of 3.29 and 52-week beta of 1.98 indicate elevated short-term volatility relative to the broader market. Recent volume sits slightly below the 10-day average, suggesting limited follow-through on the latest intraday move.
Fundamental Analysis
Earnings & Margins: Fiscal Q4 revenue totaled $897,803,000 with net income of $101,790,000 and diluted EPS of $4.99, beating the $3.11 estimate and producing a 60.45% surprise. EBIT of $109,132,000 yields an EBIT margin of 12.16%, above the industry peer mean of 9.58% and the industry peer median of 9.74%, and improved 17.34% year-over-year while dipping 0.87 percentage points quarter-over-quarter.
Top Line & Growth Rates: Reported revenue growth shows a YoY decline of 10.24% while the headline revenue growth metric reads 0.86%; earnings growth runs 30.97% YoY. The mix indicates improved profitability and cost management despite top-line pressure in the comparable period.
Cash, Liquidity & Capital Structure: Cash and short-term investments total $231,758,000 with operating cash flow of $132,001,000 and free cash flow of $112,018,000 (free cash flow yield 1.51%, slightly below the industry peer mean of 1.68%). Current ratio at 1.71 exceeds the industry peer mean of 1.48; debt-to-assets at 5.52% and debt-to-equity at 9.97% sit well below the industry peer mean levels, and interest coverage at 317.24x far surpasses the industry peer mean of 14.50x, indicating ample coverage of interest obligations.
Efficiency & Returns: Asset turnover at 0.586 runs above the industry peer mean of 0.363, return on assets at 6.64% and return on equity at 11.52% reflect solid operational returns. Return on invested capital near 9.93% shows positive capital efficiency even as ROIC registered a large YoY change on the data (a negative YoY swing of 117.26%).
Multiples & Valuation Context: Price-to-book at 8.39 sits above the industry peer mean of 6.42; price-to-sales at 8.26 also exceeds the industry peer mean of 6.64. Price-to-earnings at 74.83 falls below the industry peer mean of 85.30. Enterprise multiple at 59.90 slightly exceeds the industry peer mean of 54.03. The current valuation as determined by WMDST: over-valued, with market prices running above WMDST’s central price target mean of $432.24 while some analyst targets still show a wide range ($227.18–$850.96).
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-21 |
| NEXT REPORT DATE: | 2026-02-20 |
| CASH FLOW | Begin Period Cash Flow | $ 108.4 M |
| Operating Cash Flow | $ 132.0 M | |
| Capital Expenditures | $ -19.98 M | |
| Change In Working Capital | $ 33.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 18.7 M | |
| End Period Cash Flow | $ 127.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 897.8 M | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | $ 664.8 M | |
| Depreciation | $ 12.2 M | |
| Depreciation and Amortization | $ 12.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 793.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 233.0 M | |
| EBITDA | $ 121.4 M | |
| EBIT | $ 109.1 M | |
| Operating Income | $ 104.4 M | |
| Interest Income | $ 870.0 K | |
| Interest Expense | $ 344.0 K | |
| Net Interest Income | $ 374.0 K | |
| Income Before Tax | $ 108.8 M | |
| Tax Provision | $ 21.3 M | |
| Tax Rate | 19.55 % | |
| Net Income | $ 101.8 M | |
| Net Income From Continuing Operations | $ 102.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 3.11 | |
| EPS Actual | $ 4.99 | |
| EPS Difference | $ 1.88 | |
| EPS Surprise | 60.45 % | |
| Forward EPS | — | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.6 B | |
| Intangible Assets | $ 149.5 M | |
| Net Tangible Assets | $ 734.5 M | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 231.8 M | |
| Cash | $ 127.2 M | |
| Net Receivables | $ 652.1 M | |
| Inventory | $ 111.5 M | |
| Long-Term Investments | $ 13.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 209.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 633.4 M | |
| Net Debt | — | |
| Total Debt | $ 88.1 M | |
| Total Liabilities | $ 707.7 M | |
| EQUITY | ||
| Total Equity | $ 884.0 M | |
| Retained Earnings | $ 800.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 44.52 | |
| Shares Outstanding | 19.854 M | |
| Revenue Per-Share | $ 45.22 | |
| VALUATION | Market Capitalization | $ 7.4 B |
| Enterprise Value | $ 7.3 B | |
| Enterprise Multiple | 59.899 | |
| Enterprise Multiple QoQ | 17.786 % | |
| Enterprise Multiple YoY | 19.037 % | |
| Enterprise Multiple IPRWA | high: 131.097 IESC: 59.899 median: 59.103 mean: 54.031 low: -45.941 |
|
| EV/R | 8.098 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.805 | |
| Asset To Liability | 2.255 | |
| Debt To Capital | 0.091 | |
| Debt To Assets | 0.055 | |
| Debt To Assets QoQ | 11.671 % | |
| Debt To Assets YoY | 212.45 % | |
| Debt To Assets IPRWA | high: 0.792 median: 0.241 mean: 0.22 IESC: 0.055 low: 0.002 |
|
| Debt To Equity | 0.1 | |
| Debt To Equity QoQ | 7.173 % | |
| Debt To Equity YoY | 177.064 % | |
| Debt To Equity IPRWA | high: 1.946 mean: 0.685 median: 0.612 IESC: 0.1 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 8.387 | |
| Price To Book QoQ | 5.051 % | |
| Price To Book YoY | 8.734 % | |
| Price To Book IPRWA | high: 11.745 IESC: 8.387 mean: 6.423 median: 5.243 low: -0.303 |
|
| Price To Earnings (P/E) | 74.831 | |
| Price To Earnings QoQ | -0.111 % | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | high: 138.015 median: 90.147 mean: 85.304 IESC: 74.831 low: -31.573 |
|
| PE/G Ratio | 2.416 | |
| Price To Sales (P/S) | 8.258 | |
| Price To Sales QoQ | 17.82 % | |
| Price To Sales YoY | 35.902 % | |
| Price To Sales IPRWA | high: 24.589 IESC: 8.258 mean: 6.645 median: 5.826 low: 0.204 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | — | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.007 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.586 | |
| Asset Turnover Ratio QoQ | -6.745 % | |
| Asset Turnover Ratio YoY | -9.413 % | |
| Asset Turnover Ratio IPRWA | high: 0.643 IESC: 0.586 mean: 0.363 median: 0.342 low: 0.019 |
|
| Receivables Turnover | 1.396 | |
| Receivables Turnover Ratio QoQ | -2.328 % | |
| Receivables Turnover Ratio YoY | -0.294 % | |
| Receivables Turnover Ratio IPRWA | high: 6.931 mean: 1.773 median: 1.665 IESC: 1.396 low: 0.72 |
|
| Inventory Turnover | 6.035 | |
| Inventory Turnover Ratio QoQ | 0.349 % | |
| Inventory Turnover Ratio YoY | 6.793 % | |
| Inventory Turnover Ratio IPRWA | high: 44.608 median: 24.647 mean: 19.051 IESC: 6.035 low: 0.269 |
|
| Days Sales Outstanding (DSO) | 65.357 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 80.808 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | 78.645 % | |
| Cash Conversion Cycle Days IPRWA | high: 152.993 IESC: 80.808 mean: 25.646 median: 21.255 low: -36.642 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.986 | |
| CapEx To Revenue | -0.022 | |
| CapEx To Depreciation | -1.632 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 884.0 M | |
| Net Invested Capital | $ 884.0 M | |
| Invested Capital | $ 884.0 M | |
| Net Tangible Assets | $ 734.5 M | |
| Net Working Capital | $ 452.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.366 | |
| Current Ratio | 1.714 | |
| Current Ratio QoQ | -7.525 % | |
| Current Ratio YoY | 2.729 % | |
| Current Ratio IPRWA | high: 3.71 IESC: 1.714 mean: 1.483 median: 1.27 low: 0.103 |
|
| Quick Ratio | 1.538 | |
| Quick Ratio QoQ | -7.044 % | |
| Quick Ratio YoY | 4.351 % | |
| Quick Ratio IPRWA | high: 2.965 IESC: 1.538 mean: 1.47 median: 1.195 low: 0.069 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.726 | |
| Cost Of Debt | 0.344 % | |
| Interest Coverage Ratio | 317.244 | |
| Interest Coverage Ratio QoQ | 12.783 % | |
| Interest Coverage Ratio YoY | -74.34 % | |
| Interest Coverage Ratio IPRWA | IESC: 317.244 high: 88.977 mean: 14.5 median: 7.704 low: -42.909 |
|
| Operating Cash Flow Ratio | 0.147 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 8.569 % | |
| Revenue Growth | 0.859 % | |
| Revenue Growth QoQ | -87.253 % | |
| Revenue Growth YoY | -10.24 % | |
| Revenue Growth IPRWA | high: 45.722 % median: 8.216 % mean: 6.737 % IESC: 0.859 % low: -30.219 % |
|
| Earnings Growth | 30.971 % | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 156.25 % IESC: 30.971 % median: 22.835 % mean: 22.243 % low: -96.429 % |
|
| MARGINS | ||
| Gross Margin | 25.953 % | |
| Gross Margin QoQ | -3.578 % | |
| Gross Margin YoY | 8.016 % | |
| Gross Margin IPRWA | high: 49.439 % IESC: 25.953 % median: 22.315 % mean: 20.085 % low: -13.331 % |
|
| EBIT Margin | 12.155 % | |
| EBIT Margin QoQ | -0.865 % | |
| EBIT Margin YoY | 17.338 % | |
| EBIT Margin IPRWA | high: 23.417 % IESC: 12.155 % median: 9.744 % mean: 9.581 % low: -14.014 % |
|
| Return On Sales (ROS) | 11.633 % | |
| Return On Sales QoQ | -7.762 % | |
| Return On Sales YoY | 12.298 % | |
| Return On Sales IPRWA | high: 19.158 % IESC: 11.633 % median: 9.431 % mean: 9.293 % low: -66.34 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 112.0 M | |
| Free Cash Flow Yield | 1.511 % | |
| Free Cash Flow Yield QoQ | 25.917 % | |
| Free Cash Flow Yield YoY | -9.304 % | |
| Free Cash Flow Yield IPRWA | high: 16.122 % median: 1.862 % mean: 1.676 % IESC: 1.511 % low: -15.175 % |
|
| Free Cash Growth | 49.671 % | |
| Free Cash Growth QoQ | -94.146 % | |
| Free Cash Growth YoY | 147.6 % | |
| Free Cash Growth IPRWA | high: 583.204 % mean: 59.973 % IESC: 49.671 % median: 30.667 % low: -490.961 % |
|
| Free Cash To Net Income | 1.1 | |
| Cash Flow Margin | 10.379 % | |
| Cash Flow To Earnings | 0.915 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 6.641 % | |
| Return On Assets QoQ | 21.853 % | |
| Return On Assets YoY | 26.159 % | |
| Return On Assets IPRWA | IESC: 6.641 % high: 5.967 % mean: 2.232 % median: 1.988 % low: -12.201 % |
|
| Return On Capital Employed (ROCE) | 11.342 % | |
| Return On Equity (ROE) | 0.115 | |
| Return On Equity QoQ | 16.513 % | |
| Return On Equity YoY | 11.428 % | |
| Return On Equity IPRWA | high: 0.131 IESC: 0.115 mean: 0.06 median: 0.058 low: -0.333 |
|
| DuPont ROE | 12.224 % | |
| Return On Invested Capital (ROIC) | 9.932 % | |
| Return On Invested Capital QoQ | 0.04 % | |
| Return On Invested Capital YoY | -117.257 % | |
| Return On Invested Capital IPRWA | high: 12.406 % IESC: 9.932 % mean: 5.192 % median: 3.699 % low: -6.036 % |
|