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Side-by-side financial comparison of IES Holdings, Inc. (IESC) and Qnity Electronics, Inc. (Q). Click either name above to swap in a different company.
Qnity Electronics, Inc. is the larger business by last-quarter revenue ($1.3B vs $871.0M, roughly 1.5× IES Holdings, Inc.). Qnity Electronics, Inc. runs the higher net margin — 16.5% vs 10.5%, a 6.0% gap on every dollar of revenue. On growth, IES Holdings, Inc. posted the faster year-over-year revenue change (16.2% vs 11.1%). Qnity Electronics, Inc. produced more free cash flow last quarter ($568.0M vs $-18.9M).
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.
IESC vs Q — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $871.0M | $1.3B |
| Net Profit | $91.8M | $211.0M |
| Gross Margin | 25.3% | 45.1% |
| Operating Margin | 11.2% | 21.3% |
| Net Margin | 10.5% | 16.5% |
| Revenue YoY | 16.2% | 11.1% |
| Net Profit YoY | 59.1% | 6.0% |
| EPS (diluted) | $4.51 | $1.01 |
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 | — | ||
| Q3 25 | $897.8M | $1.3B | ||
| Q2 25 | $890.2M | — | ||
| Q1 25 | $834.0M | — | ||
| Q4 24 | $749.5M | — | ||
| Q3 24 | $775.8M | $1.1B | ||
| Q2 24 | $768.4M | — | ||
| Q1 24 | $705.7M | — |
| Q4 25 | $91.8M | — | ||
| Q3 25 | $102.3M | $211.0M | ||
| Q2 25 | $79.3M | — | ||
| Q1 25 | $72.6M | — | ||
| Q4 24 | $57.7M | — | ||
| Q3 24 | $65.5M | $199.0M | ||
| Q2 24 | $66.6M | — | ||
| Q1 24 | $56.8M | — |
| Q4 25 | 25.3% | — | ||
| Q3 25 | 26.0% | 45.1% | ||
| Q2 25 | 26.9% | — | ||
| Q1 25 | 25.0% | — | ||
| Q4 24 | 23.8% | — | ||
| Q3 24 | 24.0% | 47.0% | ||
| Q2 24 | 25.3% | — | ||
| Q1 24 | 24.3% | — |
| Q4 25 | 11.2% | — | ||
| Q3 25 | 11.6% | 21.3% | ||
| Q2 25 | 12.6% | — | ||
| Q1 25 | 11.1% | — | ||
| Q4 24 | 10.0% | — | ||
| Q3 24 | 9.7% | 21.8% | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | 11.0% | — |
| Q4 25 | 10.5% | — | ||
| Q3 25 | 11.4% | 16.5% | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | 8.7% | — | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | 8.4% | 17.3% | ||
| Q2 24 | 8.7% | — | ||
| Q1 24 | 8.0% | — |
| Q4 25 | $4.51 | — | ||
| Q3 25 | $4.99 | $1.01 | ||
| Q2 25 | $3.81 | — | ||
| Q1 25 | $3.50 | — | ||
| Q4 24 | $2.72 | — | ||
| Q3 24 | $3.06 | $0.95 | ||
| Q2 24 | $2.67 | — | ||
| Q1 24 | $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 | $258.7M | $128.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $961.1M | $9.1B |
| Total Assets | $1.7B | $12.5B |
| Debt / EquityLower = less leverage | — | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $258.7M | — | ||
| Q3 25 | $231.8M | $128.0M | ||
| Q2 25 | $168.3M | — | ||
| Q1 25 | $88.3M | — | ||
| Q4 24 | $112.0M | — | ||
| Q3 24 | $135.8M | — | ||
| Q2 24 | $44.9M | — | ||
| Q1 24 | $106.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $961.1M | — | ||
| Q3 25 | $884.0M | $9.1B | ||
| Q2 25 | $781.4M | — | ||
| Q1 25 | $705.8M | — | ||
| Q4 24 | $652.4M | — | ||
| Q3 24 | $611.1M | $11.1B | ||
| Q2 24 | $567.5M | — | ||
| Q1 24 | $534.8M | — |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.6B | $12.5B | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $782.0M |
| Free Cash FlowOCF − Capex | $-18.9M | $568.0M |
| FCF MarginFCF / Revenue | -2.2% | 44.5% |
| Capex IntensityCapex / Revenue | 5.3% | 16.8% |
| Cash ConversionOCF / Net Profit | 0.30× | 3.71× |
| TTM Free Cash FlowTrailing 4 quarters | $175.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | — | ||
| Q3 25 | $132.0M | $782.0M | ||
| Q2 25 | $92.0M | — | ||
| Q1 25 | $24.8M | — | ||
| Q4 24 | $37.3M | — | ||
| Q3 24 | $92.8M | — | ||
| Q2 24 | $82.9M | — | ||
| Q1 24 | $33.7M | — |
| Q4 25 | $-18.9M | — | ||
| Q3 25 | $112.0M | $568.0M | ||
| Q2 25 | $74.8M | — | ||
| Q1 25 | $7.9M | — | ||
| Q4 24 | $24.1M | — | ||
| Q3 24 | $78.5M | — | ||
| Q2 24 | $65.4M | — | ||
| Q1 24 | $26.9M | — |
| Q4 25 | -2.2% | — | ||
| Q3 25 | 12.5% | 44.5% | ||
| Q2 25 | 8.4% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 8.5% | — | ||
| Q1 24 | 3.8% | — |
| Q4 25 | 5.3% | — | ||
| Q3 25 | 2.2% | 16.8% | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 1.8% | — | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | 1.0% | — |
| Q4 25 | 0.30× | — | ||
| Q3 25 | 1.29× | 3.71× | ||
| 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% |
Q
| Semiconductor Technologies | $693.0M | 54% |
| Interconnect Solutions | $583.0M | 46% |
