IESCIES Holdings, Inc.
Electrical Work
- Revenue
- $3.4B
- 17% YoY
- Operating margin
- 11.4%
- 9.1% YoY
- EBITDA
- $430M
- 27% YoY
- Market cap
- $4.1B
- Employees
- 10,283
- $328K revenue each
- Net debt / EBITDA
- -0.2×
- −$77M net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo94% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo15% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo6% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeNo$328K · 25th pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.2× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$256M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.5B | $2.2B | $2.4B | $2.9B | $3.4B | 17% |
| Operating income | $86M | $56M | $160M | $301M | $384M | 27% |
| Net income | $67M | $35M | $108M | $219M | $306M | 40% |
| Operating cash flow | $38M | $16M | $154M | $234M | $286M | 22% |
| Capex | $7M | $29M | $18M | $45M | $67M | 49% |
| Stock-based comp | $4M | $4M | $4M | $6M | $13M | 134% |
| Buybacks | $7M | $19M | $8M | $44M | $42M | 5.4% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 6, 2026 | TONTINE CAPITAL PARTNERS L P | SCHEDULE 13D/A | 27.2% | Passive |
| Jan 9, 2026 | TONTINE CAPITAL PARTNERS L P | SCHEDULE 13D/A | 27.8% | Passive |
| Sep 17, 2025 | TONTINE CAPITAL PARTNERS L P | SCHEDULE 13D/A | 28.3% | Passive |
| Jun 13, 2024 | TONTINE CAPITAL PARTNERS L P | SC 13D/A | 55.3% | Active |
| Mar 15, 2024 | TONTINE CAPITAL PARTNERS L P | SC 13D/A | 56.4% | Passive |
| Feb 16, 2024 | TONTINE CAPITAL PARTNERS L P | SC 13D/A | 27.9% | Passive |
| Sep 8, 2023 | TONTINE CAPITAL PARTNERS L P | SC 13D/A | 57.5% | Active |
| Dec 16, 2022 | TONTINE CAPITAL PARTNERS L P | SC 13D/A | 57.4% | Passive |
| Feb 26, 2021 | TONTINE CAPITAL PARTNERS L P | SC 13D/A | 27.2% | Passive |
| Oct 9, 2020 | TONTINE CAPITAL PARTNERS L P | SC 13D/A | 26.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $256M · 144
- Net
- −$256M
Pay vs performance
No pay-versus-performance disclosure yet.