IES Holdings, Inc. (IESC) Stock Price & How to Invest
Short answer
IES Holdings (NASDAQ: IESC) is a US electrical and technology infrastructure contractor whose Communications and Infrastructure Solutions segments have become a direct play on the data center buildout. Investing in IESC means owning a profitable, acquisitive project-services company whose growth is now tightly linked to how long the AI and data center capital spending cycle runs.
IESC stock price
As of 2026-07-08, IES Holdings, Inc. (IESC) last closed at $619.29, up 103.5% over the past year. Over the past 52 weeks it has traded between $302.70 and $766.54.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or IES Holdings, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does IES Holdings, Inc. (IESC) do?
IES Holdings designs, installs, and maintains integrated electrical and technology systems across the United States, operating through four segments: Communications (network and electrical infrastructure for data centers and mission-critical facilities), Infrastructure Solutions (custom engineered products such as switchgear and power distribution), Residential (electrical work for single and multi-family housing), and Commercial & Industrial. In fiscal 2025 (year ended September 30, 2025), the company generated roughly $3.37 billion in revenue, with the Communications segment at about $1.14 billion (up 47%) and Infrastructure Solutions at about $498.7 million (up 42%), both driven by data center demand, while the Residential segment (about $1.30 billion) declined 6% on softer housing activity.
The investment picture centers on whether the data center and AI infrastructure cycle keeps feeding IES's order book. Backlog reached about $3.9 billion as of March 31, 2026, up sharply since fiscal year end, and net income attributable to IES rose about 40% in fiscal 2025 to roughly $306 million. The company is also an active acquirer (it closed the Gulf Island purchase for about $143 million net of cash in January 2026) and carries a valuation that already reflects strong growth expectations. The offsetting reality is that IES is a project-services contractor exposed to construction cycles, labor availability, project execution, and a residential segment tied to housing demand.
What's driving IES Holdings, Inc. (IESC)?
1. Data center and AI infrastructure demand
The Communications and Infrastructure Solutions segments have become the growth engine, driven by electrical and technology work for data centers and mission-critical facilities. Communications revenue grew about 47% in fiscal 2025 and backlog expanded to roughly $3.9 billion by March 2026. This concentration turns IES into a way to express a view on the durability of the current data center capital spending wave.
2. Backlog and margin expansion
Rising backlog and remaining performance obligations (about $2.3 billion as of March 2026) give visibility into future revenue. Operating income grew about 27% in fiscal 2025 to roughly $383.5 million, outpacing revenue growth of 17%, which indicates improving project mix and operating leverage. Sustained margin gains would depend on continued strong demand and disciplined project selection.
3. Acquisitions and capital allocation
IES has grown partly through acquisitions, including the Gulf Island deal (about $143 million net of cash) closed in January 2026, and has historically repurchased shares. Bolt-on deals can add capabilities and geographic reach in electrical and infrastructure services. Execution and integration of acquired businesses is a recurring factor in how the company compounds.
4. Diversified end markets beyond data centers
Beyond data centers, IES serves residential housing, commercial and industrial construction, and custom engineered products. The Commercial & Industrial segment grew about 16% in fiscal 2025 while Residential declined about 6% on housing softness. This mix provides some diversification but also ties parts of the business to interest-rate-sensitive construction cycles.
What are the risks to IES Holdings, Inc. (IESC)?
IES is a project-based contractor whose results depend on construction activity, labor availability, and project execution, all of which are cyclical. A meaningful share of recent growth is concentrated in data center demand, so a slowdown in AI or hyperscaler capital spending could pressure the Communications and Infrastructure Solutions segments. The Residential segment is exposed to housing demand and interest rates, which have already weighed on that unit. The stock trades at a valuation (trailing P/E near 29 as of May 2026) that embeds continued strong growth, leaving room for multiple compression if results disappoint. Acquisitions add integration risk and can complicate comparisons across periods.
How is IES Holdings, Inc. (IESC) valued? (approximate, MAY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see IES Holdings, Inc.'s investor relations page or your broker.
- Revenue (FY2025): ~$3.37 billion
- Revenue (TTM, Mar 2026): ~$3.6 billion
- Net income (FY2025): ~$306 million
- Operating income (FY2025): ~$383.5 million
- Backlog (Mar 2026): ~$3.9 billion
- Market cap: ~$7.5 billion
- Trailing P/E: ~29x
IES grew fiscal 2025 revenue about 17% and net income about 40%, with data center demand lifting the Communications and Infrastructure Solutions segments. As of May 2026 the shares carried a trailing P/E near 29 and a forward P/E near 23, valuations that reflect expectations for continued growth. Fiscal Q2 2026 (quarter ended March 2026) revenue rose about 17% year over year to roughly $974 million.
Who competes with IES Holdings, Inc. (IESC)?
Large diversified mechanical and electrical contractors
EMCOR Group and Comfort Systems USA are larger specialty contractors with growing data center and technology exposure. They compete for mission-critical electrical and mechanical projects and have greater scale, though IES is more concentrated in electrical and technology systems.
Infrastructure and specialty construction firms
Quanta Services, MasTec, MYR Group, Primoris, and Dycom serve overlapping infrastructure, utility, and communications construction markets. They compete for skilled labor and large projects and are, like IES, active acquirers in the industrial services space.
Private and regional electrical contractors
Privately held firms such as Rosendin and Cupertino Electric hold strong positions in data centers and complex commercial and industrial work. These competitors pursue the same mission-critical projects that drive IES's Communications segment.
How to invest in IES Holdings, Inc. (IESC)
There are three common ways to get IESC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so IESC sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where IESC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on IES Holdings, Inc. (IESC)
IESC pairs a genuine data center demand tailwind and strong profit growth with the cyclicality and execution risk that come with a project-based contracting business.
More on IES Holdings, Inc. (IESC)
Whether IESC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is IESC a buy?, and where the stock could go from here in the IESC stock forecast.
For income investors, whether IESC pays a dividend and how the payout looks is covered in does IESC pay a dividend?
Build a basket around IESC with Walnut
Use IES Holdings, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does IES Holdings do?
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IES Holdings designs, installs, and maintains integrated electrical and technology systems and supplies infrastructure products across the United States. It operates through Communications, Infrastructure Solutions, Residential, and Commercial & Industrial segments.
Why is IESC considered a data center stock?
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Its Communications and Infrastructure Solutions segments provide electrical and technology infrastructure for data centers and mission-critical facilities. Data center demand drove Communications revenue up about 47% and Infrastructure Solutions up about 42% in fiscal 2025.
How big is IES Holdings?
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IES generated roughly $3.37 billion in revenue in fiscal 2025 and carried a market capitalization near $7.5 billion as of May 2026. It is a mid-cap company listed on the Nasdaq under the ticker IESC.
Is IES Holdings profitable?
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Yes. Net income attributable to IES was roughly $306 million in fiscal 2025, up about 40% from the prior year, and operating income was about $383.5 million. The company has been consistently profitable in recent years.
What is IES Holdings' backlog?
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Backlog was approximately $3.9 billion as of March 31, 2026, up sharply since fiscal year end, with remaining performance obligations of about $2.3 billion. Backlog is a common visibility measure for project-based contractors.
Who are IES Holdings' main competitors?
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Publicly traded peers include EMCOR Group, Comfort Systems USA, Quanta Services, MYR Group, MasTec, and Dycom. Private firms such as Rosendin and Cupertino Electric compete strongly in data center electrical work.
What are the main risks for IESC?
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IES is a cyclical project-services contractor exposed to construction demand, labor availability, and execution risk. Growth is concentrated in data centers, its Residential segment is tied to housing, and the valuation assumes continued strong growth.
Does IES Holdings pay a dividend?
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IES has historically prioritized reinvestment, acquisitions, and share repurchases over a regular dividend. Investors interested in current income should confirm the company's latest capital-return policy in its most recent filings.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with IES Holdings, Inc.'s investor relations page or your broker before making investment decisions.