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Side-by-side financial comparison of BELDEN INC. (BDC) and IES Holdings, Inc. (IESC). Click either name above to swap in a different company.
IES Holdings, Inc. is the larger business by last-quarter revenue ($871.0M vs $720.1M, roughly 1.2× BELDEN INC.). IES Holdings, Inc. runs the higher net margin — 10.5% vs 9.4%, a 1.1% gap on every dollar of revenue. On growth, IES Holdings, Inc. posted the faster year-over-year revenue change (16.2% vs 8.1%). BELDEN INC. produced more free cash flow last quarter ($121.3M vs $-18.9M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (15.9% CAGR vs 11.1%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
IES Holdings, Inc., formerly known as Integrated Electrical Services, Inc., designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities.
BDC vs IESC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $720.1M | $871.0M |
| Net Profit | $67.9M | $91.8M |
| Gross Margin | 36.6% | 25.3% |
| Operating Margin | 12.2% | 11.2% |
| Net Margin | 9.4% | 10.5% |
| Revenue YoY | 8.1% | 16.2% |
| Net Profit YoY | 16.3% | 59.1% |
| EPS (diluted) | $1.70 | $4.51 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $720.1M | $871.0M | ||
| Q3 25 | $698.2M | $897.8M | ||
| Q2 25 | $672.0M | $890.2M | ||
| Q1 25 | $624.9M | $834.0M | ||
| Q4 24 | $666.0M | $749.5M | ||
| Q3 24 | $654.9M | $775.8M | ||
| Q2 24 | $604.3M | $768.4M | ||
| Q1 24 | $535.7M | $705.7M |
| Q4 25 | $67.9M | $91.8M | ||
| Q3 25 | $56.7M | $102.3M | ||
| Q2 25 | $61.0M | $79.3M | ||
| Q1 25 | $51.9M | $72.6M | ||
| Q4 24 | $58.4M | $57.7M | ||
| Q3 24 | $53.7M | $65.5M | ||
| Q2 24 | $49.0M | $66.6M | ||
| Q1 24 | $37.3M | $56.8M |
| Q4 25 | 36.6% | 25.3% | ||
| Q3 25 | 37.7% | 26.0% | ||
| Q2 25 | 38.5% | 26.9% | ||
| Q1 25 | 39.3% | 25.0% | ||
| Q4 24 | 37.5% | 23.8% | ||
| Q3 24 | 37.3% | 24.0% | ||
| Q2 24 | 37.5% | 25.3% | ||
| Q1 24 | 37.6% | 24.3% |
| Q4 25 | 12.2% | 11.2% | ||
| Q3 25 | 10.9% | 11.6% | ||
| Q2 25 | 11.8% | 12.6% | ||
| Q1 25 | 11.6% | 11.1% | ||
| Q4 24 | 10.4% | 10.0% | ||
| Q3 24 | 11.5% | 9.7% | ||
| Q2 24 | 11.4% | 11.7% | ||
| Q1 24 | 9.9% | 11.0% |
| Q4 25 | 9.4% | 10.5% | ||
| Q3 25 | 8.1% | 11.4% | ||
| Q2 25 | 9.1% | 8.9% | ||
| Q1 25 | 8.3% | 8.7% | ||
| Q4 24 | 8.8% | 7.7% | ||
| Q3 24 | 8.2% | 8.4% | ||
| Q2 24 | 8.1% | 8.7% | ||
| Q1 24 | 7.0% | 8.0% |
| Q4 25 | $1.70 | $4.51 | ||
| Q3 25 | $1.41 | $4.99 | ||
| Q2 25 | $1.53 | $3.81 | ||
| Q1 25 | $1.27 | $3.50 | ||
| Q4 24 | $1.41 | $2.72 | ||
| Q3 24 | $1.30 | $3.06 | ||
| Q2 24 | $1.19 | $2.67 | ||
| Q1 24 | $0.90 | $2.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $389.9M | $258.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $961.1M |
| Total Assets | $3.5B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $389.9M | $258.7M | ||
| Q3 25 | $314.3M | $231.8M | ||
| Q2 25 | $301.5M | $168.3M | ||
| Q1 25 | $259.0M | $88.3M | ||
| Q4 24 | $370.3M | $112.0M | ||
| Q3 24 | $323.0M | $135.8M | ||
| Q2 24 | $564.8M | $44.9M | ||
| Q1 24 | $506.8M | $106.0M |
| Q4 25 | $1.3B | $961.1M | ||
| Q3 25 | $1.2B | $884.0M | ||
| Q2 25 | $1.2B | $781.4M | ||
| Q1 25 | $1.2B | $705.8M | ||
| Q4 24 | $1.3B | $652.4M | ||
| Q3 24 | $1.2B | $611.1M | ||
| Q2 24 | $1.2B | $567.5M | ||
| Q1 24 | $1.2B | $534.8M |
| Q4 25 | $3.5B | $1.7B | ||
| Q3 25 | $3.4B | $1.6B | ||
| Q2 25 | $3.4B | $1.5B | ||
| Q1 25 | $3.3B | $1.4B | ||
| Q4 24 | $3.3B | $1.3B | ||
| Q3 24 | $3.3B | $1.2B | ||
| Q2 24 | $3.5B | $1.2B | ||
| Q1 24 | $3.1B | $1.1B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $160.4M | $27.7M |
| Free Cash FlowOCF − Capex | $121.3M | $-18.9M |
| FCF MarginFCF / Revenue | 16.8% | -2.2% |
| Capex IntensityCapex / Revenue | 5.4% | 5.3% |
| Cash ConversionOCF / Net Profit | 2.36× | 0.30× |
| TTM Free Cash FlowTrailing 4 quarters | $218.7M | $175.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $160.4M | $27.7M | ||
| Q3 25 | $105.0M | $132.0M | ||
| Q2 25 | $82.0M | $92.0M | ||
| Q1 25 | $7.4M | $24.8M | ||
| Q4 24 | $174.7M | $37.3M | ||
| Q3 24 | $91.7M | $92.8M | ||
| Q2 24 | $83.0M | $82.9M | ||
| Q1 24 | $2.7M | $33.7M |
| Q4 25 | $121.3M | $-18.9M | ||
| Q3 25 | $65.3M | $112.0M | ||
| Q2 25 | $56.9M | $74.8M | ||
| Q1 25 | $-24.8M | $7.9M | ||
| Q4 24 | $116.4M | $24.1M | ||
| Q3 24 | $67.2M | $78.5M | ||
| Q2 24 | $61.0M | $65.4M | ||
| Q1 24 | $-21.5M | $26.9M |
| Q4 25 | 16.8% | -2.2% | ||
| Q3 25 | 9.4% | 12.5% | ||
| Q2 25 | 8.5% | 8.4% | ||
| Q1 25 | -4.0% | 0.9% | ||
| Q4 24 | 17.5% | 3.2% | ||
| Q3 24 | 10.3% | 10.1% | ||
| Q2 24 | 10.1% | 8.5% | ||
| Q1 24 | -4.0% | 3.8% |
| Q4 25 | 5.4% | 5.3% | ||
| Q3 25 | 5.7% | 2.2% | ||
| Q2 25 | 3.7% | 1.9% | ||
| Q1 25 | 5.2% | 2.0% | ||
| Q4 24 | 8.8% | 1.8% | ||
| Q3 24 | 3.7% | 1.8% | ||
| Q2 24 | 3.6% | 2.3% | ||
| Q1 24 | 4.5% | 1.0% |
| Q4 25 | 2.36× | 0.30× | ||
| Q3 25 | 1.85× | 1.29× | ||
| Q2 25 | 1.34× | 1.16× | ||
| Q1 25 | 0.14× | 0.34× | ||
| Q4 24 | 2.99× | 0.65× | ||
| Q3 24 | 1.71× | 1.42× | ||
| Q2 24 | 1.69× | 1.24× | ||
| Q1 24 | 0.07× | 0.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
