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Side-by-side financial comparison of IES Holdings, Inc. (IESC) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
IES Holdings, Inc. is the larger business by last-quarter revenue ($871.0M vs $625.1M, roughly 1.4× WATTS WATER TECHNOLOGIES INC). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 13.4% vs 10.5%, a 2.9% gap on every dollar of revenue. On growth, IES Holdings, Inc. posted the faster year-over-year revenue change (16.2% vs 15.7%). WATTS WATER TECHNOLOGIES INC produced more free cash flow last quarter ($140.3M vs $-18.9M). Over the past eight quarters, IES Holdings, Inc.'s revenue compounded faster (11.1% CAGR vs 4.6%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
IESC vs WTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $871.0M | $625.1M |
| Net Profit | $91.8M | $83.7M |
| Gross Margin | 25.3% | 49.5% |
| Operating Margin | 11.2% | 18.2% |
| Net Margin | 10.5% | 13.4% |
| Revenue YoY | 16.2% | 15.7% |
| Net Profit YoY | 59.1% | 24.0% |
| EPS (diluted) | $4.51 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $897.8M | $611.7M | ||
| Q2 25 | $890.2M | $643.7M | ||
| Q1 25 | $834.0M | $558.0M | ||
| Q4 24 | $749.5M | $540.4M | ||
| Q3 24 | $775.8M | $543.6M | ||
| Q2 24 | $768.4M | $597.3M | ||
| Q1 24 | $705.7M | $570.9M |
| Q4 25 | $91.8M | $83.7M | ||
| Q3 25 | $102.3M | $82.2M | ||
| Q2 25 | $79.3M | $100.9M | ||
| Q1 25 | $72.6M | $74.0M | ||
| Q4 24 | $57.7M | $67.5M | ||
| Q3 24 | $65.5M | $69.1M | ||
| Q2 24 | $66.6M | $82.0M | ||
| Q1 24 | $56.8M | $72.6M |
| Q4 25 | 25.3% | 49.5% | ||
| Q3 25 | 26.0% | 48.8% | ||
| Q2 25 | 26.9% | 50.6% | ||
| Q1 25 | 25.0% | 48.8% | ||
| Q4 24 | 23.8% | 46.7% | ||
| Q3 24 | 24.0% | 47.3% | ||
| Q2 24 | 25.3% | 47.7% | ||
| Q1 24 | 24.3% | 46.9% |
| Q4 25 | 11.2% | 18.2% | ||
| Q3 25 | 11.6% | 18.2% | ||
| Q2 25 | 12.6% | 21.0% | ||
| Q1 25 | 11.1% | 15.7% | ||
| Q4 24 | 10.0% | 16.5% | ||
| Q3 24 | 9.7% | 17.1% | ||
| Q2 24 | 11.7% | 18.7% | ||
| Q1 24 | 11.0% | 16.9% |
| Q4 25 | 10.5% | 13.4% | ||
| Q3 25 | 11.4% | 13.4% | ||
| Q2 25 | 8.9% | 15.7% | ||
| Q1 25 | 8.7% | 13.3% | ||
| Q4 24 | 7.7% | 12.5% | ||
| Q3 24 | 8.4% | 12.7% | ||
| Q2 24 | 8.7% | 13.7% | ||
| Q1 24 | 8.0% | 12.7% |
| Q4 25 | $4.51 | $2.50 | ||
| Q3 25 | $4.99 | $2.45 | ||
| Q2 25 | $3.81 | $3.01 | ||
| Q1 25 | $3.50 | $2.21 | ||
| Q4 24 | $2.72 | $2.02 | ||
| Q3 24 | $3.06 | $2.06 | ||
| Q2 24 | $2.67 | $2.44 | ||
| Q1 24 | $2.29 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $961.1M | $2.0B |
| Total Assets | $1.7B | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $258.7M | $405.5M | ||
| Q3 25 | $231.8M | $457.7M | ||
| Q2 25 | $168.3M | $369.3M | ||
| Q1 25 | $88.3M | $336.8M | ||
| Q4 24 | $112.0M | $386.9M | ||
| Q3 24 | $135.8M | $303.9M | ||
| Q2 24 | $44.9M | $279.4M | ||
| Q1 24 | $106.0M | $237.1M |
| Q4 25 | $961.1M | $2.0B | ||
| Q3 25 | $884.0M | $2.0B | ||
| Q2 25 | $781.4M | $1.9B | ||
| Q1 25 | $705.8M | $1.8B | ||
| Q4 24 | $652.4M | $1.7B | ||
| Q3 24 | $611.1M | $1.7B | ||
| Q2 24 | $567.5M | $1.6B | ||
| Q1 24 | $534.8M | $1.6B |
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.6B | $2.7B | ||
| Q2 25 | $1.5B | $2.6B | ||
| Q1 25 | $1.4B | $2.5B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.2B | $2.4B | ||
| Q2 24 | $1.2B | $2.4B | ||
| Q1 24 | $1.1B | $2.3B |
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 | $154.7M |
| Free Cash FlowOCF − Capex | $-18.9M | $140.3M |
| FCF MarginFCF / Revenue | -2.2% | 22.4% |
| Capex IntensityCapex / Revenue | 5.3% | 2.3% |
| Cash ConversionOCF / Net Profit | 0.30× | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $175.9M | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $154.7M | ||
| Q3 25 | $132.0M | $122.4M | ||
| Q2 25 | $92.0M | $69.7M | ||
| Q1 25 | $24.8M | $55.2M | ||
| Q4 24 | $37.3M | $139.5M | ||
| Q3 24 | $92.8M | $90.7M | ||
| Q2 24 | $82.9M | $85.3M | ||
| Q1 24 | $33.7M | $45.6M |
| Q4 25 | $-18.9M | $140.3M | ||
| Q3 25 | $112.0M | $110.9M | ||
| Q2 25 | $74.8M | $59.5M | ||
| Q1 25 | $7.9M | $45.6M | ||
| Q4 24 | $24.1M | $127.5M | ||
| Q3 24 | $78.5M | $84.3M | ||
| Q2 24 | $65.4M | $78.5M | ||
| Q1 24 | $26.9M | $35.5M |
| Q4 25 | -2.2% | 22.4% | ||
| Q3 25 | 12.5% | 18.1% | ||
| Q2 25 | 8.4% | 9.2% | ||
| Q1 25 | 0.9% | 8.2% | ||
| Q4 24 | 3.2% | 23.6% | ||
| Q3 24 | 10.1% | 15.5% | ||
| Q2 24 | 8.5% | 13.1% | ||
| Q1 24 | 3.8% | 6.2% |
| Q4 25 | 5.3% | 2.3% | ||
| Q3 25 | 2.2% | 1.9% | ||
| Q2 25 | 1.9% | 1.6% | ||
| Q1 25 | 2.0% | 1.7% | ||
| Q4 24 | 1.8% | 2.2% | ||
| Q3 24 | 1.8% | 1.2% | ||
| Q2 24 | 2.3% | 1.1% | ||
| Q1 24 | 1.0% | 1.8% |
| Q4 25 | 0.30× | 1.85× | ||
| Q3 25 | 1.29× | 1.49× | ||
| Q2 25 | 1.16× | 0.69× | ||
| Q1 25 | 0.34× | 0.75× | ||
| Q4 24 | 0.65× | 2.07× | ||
| Q3 24 | 1.42× | 1.31× | ||
| Q2 24 | 1.24× | 1.04× | ||
| Q1 24 | 0.59× | 0.63× |
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% |
WTS
Segment breakdown not available.
