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Side-by-side financial comparison of IES Holdings, Inc. (IESC) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
IES Holdings, Inc. is the larger business by last-quarter revenue ($871.0M vs $614.5M, roughly 1.4× Cloudflare, Inc.). IES Holdings, Inc. runs the higher net margin — 10.5% vs -2.0%, a 12.5% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 16.2%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $-18.9M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 11.1%).
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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
IESC vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $871.0M | $614.5M |
| Net Profit | $91.8M | $-12.1M |
| Gross Margin | 25.3% | 73.6% |
| Operating Margin | 11.2% | -8.0% |
| Net Margin | 10.5% | -2.0% |
| Revenue YoY | 16.2% | 33.6% |
| Net Profit YoY | 59.1% | 6.0% |
| EPS (diluted) | $4.51 | $-0.03 |
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 | $871.0M | $614.5M | ||
| Q3 25 | $897.8M | $562.0M | ||
| Q2 25 | $890.2M | $512.3M | ||
| Q1 25 | $834.0M | $479.1M | ||
| Q4 24 | $749.5M | $459.9M | ||
| Q3 24 | $775.8M | $430.1M | ||
| Q2 24 | $768.4M | $401.0M | ||
| Q1 24 | $705.7M | $378.6M |
| Q4 25 | $91.8M | $-12.1M | ||
| Q3 25 | $102.3M | $-1.3M | ||
| Q2 25 | $79.3M | $-50.4M | ||
| Q1 25 | $72.6M | $-38.5M | ||
| Q4 24 | $57.7M | $-12.8M | ||
| Q3 24 | $65.5M | $-15.3M | ||
| Q2 24 | $66.6M | $-15.1M | ||
| Q1 24 | $56.8M | $-35.5M |
| Q4 25 | 25.3% | 73.6% | ||
| Q3 25 | 26.0% | 74.0% | ||
| Q2 25 | 26.9% | 74.9% | ||
| Q1 25 | 25.0% | 75.9% | ||
| Q4 24 | 23.8% | 76.4% | ||
| Q3 24 | 24.0% | 77.7% | ||
| Q2 24 | 25.3% | 77.8% | ||
| Q1 24 | 24.3% | 77.5% |
| Q4 25 | 11.2% | -8.0% | ||
| Q3 25 | 11.6% | -6.7% | ||
| Q2 25 | 12.6% | -13.1% | ||
| Q1 25 | 11.1% | -11.1% | ||
| Q4 24 | 10.0% | -7.5% | ||
| Q3 24 | 9.7% | -7.2% | ||
| Q2 24 | 11.7% | -8.7% | ||
| Q1 24 | 11.0% | -14.4% |
| Q4 25 | 10.5% | -2.0% | ||
| Q3 25 | 11.4% | -0.2% | ||
| Q2 25 | 8.9% | -9.8% | ||
| Q1 25 | 8.7% | -8.0% | ||
| Q4 24 | 7.7% | -2.8% | ||
| Q3 24 | 8.4% | -3.6% | ||
| Q2 24 | 8.7% | -3.8% | ||
| Q1 24 | 8.0% | -9.4% |
| Q4 25 | $4.51 | $-0.03 | ||
| Q3 25 | $4.99 | $0.00 | ||
| Q2 25 | $3.81 | $-0.15 | ||
| Q1 25 | $3.50 | $-0.11 | ||
| Q4 24 | $2.72 | $-0.05 | ||
| Q3 24 | $3.06 | $-0.04 | ||
| Q2 24 | $2.67 | $-0.04 | ||
| Q1 24 | $2.29 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $258.7M | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $961.1M | $1.5B |
| Total Assets | $1.7B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $258.7M | $943.5M | ||
| Q3 25 | $231.8M | $1.1B | ||
| Q2 25 | $168.3M | $1.5B | ||
| Q1 25 | $88.3M | $204.5M | ||
| Q4 24 | $112.0M | $147.7M | ||
| Q3 24 | $135.8M | $182.9M | ||
| Q2 24 | $44.9M | $157.0M | ||
| Q1 24 | $106.0M | $254.4M |
| Q4 25 | $961.1M | $1.5B | ||
| Q3 25 | $884.0M | $1.3B | ||
| Q2 25 | $781.4M | $1.2B | ||
| Q1 25 | $705.8M | $1.4B | ||
| Q4 24 | $652.4M | $1.0B | ||
| Q3 24 | $611.1M | $973.1M | ||
| Q2 24 | $567.5M | $881.5M | ||
| Q1 24 | $534.8M | $797.2M |
| Q4 25 | $1.7B | $6.0B | ||
| Q3 25 | $1.6B | $5.8B | ||
| Q2 25 | $1.5B | $5.6B | ||
| Q1 25 | $1.4B | $3.7B | ||
| Q4 24 | $1.3B | $3.3B | ||
| Q3 24 | $1.2B | $3.1B | ||
| Q2 24 | $1.2B | $2.9B | ||
| Q1 24 | $1.1B | $2.8B |
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 | $27.7M | $190.4M |
| Free Cash FlowOCF − Capex | $-18.9M | $105.2M |
| FCF MarginFCF / Revenue | -2.2% | 17.1% |
| Capex IntensityCapex / Revenue | 5.3% | 13.9% |
| Cash ConversionOCF / Net Profit | 0.30× | — |
| TTM Free Cash FlowTrailing 4 quarters | $175.9M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $190.4M | ||
| Q3 25 | $132.0M | $167.1M | ||
| Q2 25 | $92.0M | $99.8M | ||
| Q1 25 | $24.8M | $145.8M | ||
| Q4 24 | $37.3M | $127.3M | ||
| Q3 24 | $92.8M | $104.7M | ||
| Q2 24 | $82.9M | $74.8M | ||
| Q1 24 | $33.7M | $73.6M |
| Q4 25 | $-18.9M | $105.2M | ||
| Q3 25 | $112.0M | $82.5M | ||
| Q2 25 | $74.8M | $39.9M | ||
| Q1 25 | $7.9M | $59.9M | ||
| Q4 24 | $24.1M | $54.2M | ||
| Q3 24 | $78.5M | $54.5M | ||
| Q2 24 | $65.4M | $45.2M | ||
| Q1 24 | $26.9M | $41.5M |
| Q4 25 | -2.2% | 17.1% | ||
| Q3 25 | 12.5% | 14.7% | ||
| Q2 25 | 8.4% | 7.8% | ||
| Q1 25 | 0.9% | 12.5% | ||
| Q4 24 | 3.2% | 11.8% | ||
| Q3 24 | 10.1% | 12.7% | ||
| Q2 24 | 8.5% | 11.3% | ||
| Q1 24 | 3.8% | 11.0% |
| Q4 25 | 5.3% | 13.9% | ||
| Q3 25 | 2.2% | 15.1% | ||
| Q2 25 | 1.9% | 11.7% | ||
| Q1 25 | 2.0% | 17.9% | ||
| Q4 24 | 1.8% | 15.9% | ||
| Q3 24 | 1.8% | 11.7% | ||
| Q2 24 | 2.3% | 7.4% | ||
| Q1 24 | 1.0% | 8.5% |
| Q4 25 | 0.30× | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.65× | — | ||
| Q3 24 | 1.42× | — | ||
| Q2 24 | 1.24× | — | ||
| Q1 24 | 0.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
