POWLPOWELL INDUSTRIES INC

Switchgear & Switchboard Apparatus

Revenue: $1.1B; 9.1% YoY
Operating margin: 19.7%; 12% YoY
EBITDA: $225M; 21% YoY
Market cap: $5.7B
Employees: 3,143; $351K revenue each
Net debt / EBITDA: -2.8×; −$634M net debt
AI in 10-K: 3.4; mentions per 10K words

Takeover score 2 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 cashNo
93% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$351K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 74th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$69M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$471M	$533M	$699M	$1.0B	$1.1B	9.1%
Operating income	$1M	$7M	$63M	$179M	$218M	22%
Net income	$631K	$14M	$55M	$150M	$181M	21%
Operating cash flow	−$30M	−$4M	$183M	$109M	$168M	55%
Capex	$3M	$2M	$8M	$12M	$13M	9.7%
Stock-based comp	$3M	$4M	$5M	$5M	$5M	2.4%
Dividends	$12M	$12M	$12M	$13M	$13M	1.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 10, 2024	POWELL THOMAS W	SC 13D/A	19.5%	Passive
Feb 14, 2024	POWELL THOMAS W	SC 13D/A	20.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $69M · 73
Net: −$69M

Pay vs performance

No pay-versus-performance disclosure yet.