At a glance
Powell Industries Inc is worth $6.12B, about 34 times its fiscal 2025 earnings. Revenue grew 9.1% to $1.10B in fiscal 2025, with 16.4% kept as profit; over 5 years it has grown 16.3% a year. It pays a 0.21% dividend yield, raised every year for at least 3 years, and returned $62.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −56.2% over the past year with dividends reinvested and +46.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.0% in the 2020 crash (S&P 500: 33.7%) and 37.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 8 months after the lows.
The business in plain English
Powell Industries, founded in 1947 and based in Houston, Texas, designs, builds and services custom-engineered equipment that distributes, controls and monitors electricity at large facilities. Its main products are switchgear (cabinets of switches and circuit breakers that route and protect power), medium-voltage circuit breakers, motor control centers and power control rooms, which are prefabricated buildings that house a site's electrical gear. It also sells spare parts and replacement breakers for obsolete equipment. Its services include installation, repair and commissioning, which means testing and starting up new equipment.
Powell earns its money project by project. Each order is engineered to one customer's specifications. Most orders are won in competitive bidding, either from the facility owner or from an engineering, procurement and construction firm working for that owner. Big projects rarely repeat on a set schedule, so revenue can swing with the timing of large awards.
In fiscal 2025 (the year ended September 30, 2025), revenue was $1.10 billion. Oil and gas customers supplied about 37%, electric utilities 25%, commercial and other industrial users such as data centers and mines 16%, and petrochemical plants 14%. The United States accounted for about 80% of sales and Canada for 14%. No single customer made up more than 10% of revenue in fiscal 2024 or 2025.
Price history
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POWL -56.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Oil and gas (excludes petrochemical) | $406.6M | 36.8% |
| Electric utility | $279.0M | 25.3% |
| Commercial and other industrial | $178.2M | 16.1% |
| Petrochemical | $151.2M | 13.7% |
| All others | $48.1M | 4.4% |
| Light rail traction power | $41.3M | 3.7% |
By geography
| United States | $880.2M | 79.7% |
| Canada | $157.2M | 14.2% |
| Middle East and Africa | $27.4M | 2.5% |
| Europe | $25.1M | 2.3% |
| Asia/Pacific | $9.3M | 0.8% |
| Mexico, Central and South America | $5.1M | 0.5% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $311.7M, up 8.9% from a year earlier, and net income was $52.2M (+8.1%).
- For fiscal 2025, revenue was $1.10B (+9.1% year over year; +16.3% a year from FY2020 to FY2025) with a 16.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.3% good |
|---|---|
| Operating margin | 19.7% good |
| Free cash flow margin | 14% good |
| Return on equity (FY2025) | 28.2% good |
| Return on assets (FY2025) | 16.3% good |
| Cash and investments | $633.6M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $518.5M | $16.7M | $67.2M |
| FY2021 | $470.6M | $631K | $-33.4M |
| FY2022 | $532.6M | $13.7M | $-6.0M |
| FY2023 | $699.3M | $54.5M | $174.7M |
| FY2024 | $1.01B | $149.8M | $96.7M |
| FY2025 | $1.10B | $180.7M | $154.8M |
Valuation snapshot
| Market value | $6.12B |
|---|---|
| P/E ratio | 33.9 |
| Dividend yield | 0.21% |
Rank among 1514 US companies
Market value at each year end
Powell Industries’s market value went from $1.34B at the end of 2016 to $6.12B on Oct 28, 2026, about 4.6 times as much; since the end of 2025 it is down 47%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.12B | -47.1% |
| 2025 | $11.56B | +44.7% |
| 2024 | $7.99B | +152.0% |
| 2023 | $3.17B | +154.2% |
| 2022 | $1.25B | +20.3% |
| 2021 | $1.04B | +0.7% |
| 2020 | $1.03B | -39.5% |
| 2019 | $1.70B | +97.4% |
| 2018 | $863.0M | -12.1% |
| 2017 | $982.3M | -26.4% |
| 2016 | $1.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| POWL price data to Oct 28, 2026 | -47.2% | -56.2% | +31.6% | +46.1% | +17.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -47.2% |
| 2025 | +44.1% |
| 2024 | +151.3% |
| 2023 | +152.7% |
| 2022 | +20.9% |
| 2021 | +1.2% |
| 2020 | -39.1% |
| 2019 | +97.8% |
| 2018 | -11.8% |
| 2017 | -25.7% |
| 2016 | +51.4% |
| 2015 | -46.4% |
| 2014 | -26.3% |
| 2013 | +61.5% |
| 2012 | +32.8% |
| 2011 | -4.9% |
| 2010 | +4.3% |
| 2009 | +8.7% |
| 2008 | -34.1% |
| 2007 | +39.6% |
| 2006 | +75.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 23.6% over that stretch · deepest drop along the way 68.7%, back to its old high 51.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.9% over that stretch · deepest drop along the way 57%, back to its old high 11.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.5% over that stretch · deepest drop along the way 37.8%, back to its old high 7.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 50 sales ($22.8M), 38 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 25, 2026 | Thomas W Powell 10% owner | sell | $10.0M |
| May 14, 2026 | Brett Alan Cope President & CEO, Director | sell (plan) | $1.3M |
| May 14, 2026 | Richard E Williams Director | sell (plan) | $1.3M |
| Jun 11, 2026 | Brett Alan Cope President & CEO, Director | sell (plan) | $1.2M |
| Jul 9, 2026 | Brett Alan Cope President & CEO, Director | sell (plan) | $1.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.7% | Jun 30, 2026 |
| First Trust Portfolios L.P. | 5.32% | Sep 30, 2026 |
ETFs with the most weight in POWL
| DSMC Distillate Small/Mid Cash Flow ETF | 1.58% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 1.34% |
| MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.5% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.47% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.42% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.42% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.34% |
| SEIS SEI Select Small Cap ETF | 0.33% |
What could go wrong
- Energy customers drive much of demand. Oil and gas customers (37% of fiscal 2025 revenue) and petrochemical customers (14%) cut or delay big projects when energy prices, budgets or the cost of capital turn against them. This has hurt Powell's results in past downturns.
- Fixed-price bids can turn into losses. Work is typically won through competitive bids at a set price. If Powell underestimates the cost of labor, raw materials or inflation, it absorbs the extra cost. That can erase a project's profit or create a loss.
- Big orders are lumpy and can vanish. Results can hinge on a few large, one-off projects whose timing is hard to predict. Customers can also cancel, delay or shrink signed orders, leaving Powell with unrecovered costs and idle workers or plants.
- Competing with much larger rivals. Powell's principal competitors include ABB, Eaton, Schneider and Siemens. Some rivals are far larger, with more engineering and manufacturing resources. Some may also have lower costs that let them underbid Powell.
- Supplier, material and tariff pressures. Powell relies on a concentrated group of suppliers with limited capacity. Shortages, swings in material prices or new tariffs could raise costs or delay deliveries already promised to customers.
- Skilled workers are hard to find. Building custom electrical equipment takes skilled labor. If Powell cannot hire and keep enough qualified workers, it may struggle to finish projects on time and within budget.
Recent events
- Quarterly results released; Other company announcement
- Executive or board change
- Other company announcement
- Quarterly results released
- Bylaws or fiscal year changed
- Shareholder vote results; Other company announcement
- Quarterly results released; Other company announcement
- Executive or board change
- Quarterly results released
- Other company announcement
For income and retirement investors
Powell pays a small dividend. Adjusted for its 3-for-1 stock split, completed by May 2026, it paid about $0.36 per share in fiscal 2025, up from about $0.35 in fiscal 2020. That is growth of about 0.5% a year. The dividend has risen three years running and took just 7.1% of fiscal 2025 earnings and 8.3% of free cash flow (the cash left after capital spending). Powell kept paying it in fiscal 2021, when earnings fell to about 2 cents per share. The yield was 0.21% as of October 28, 2026, so the stock offers little income. Powell bought back no shares from fiscal 2021 through 2025, and its share count rose 3.6% from December 2021 to August 2026.
The shares have fallen sharply in past downturns. They dropped 68.7% in the 2008 financial crisis and took about 51 months to recover. They fell 57% in the 2020 COVID crash (about 12 months to recover) and 37.8% in 2022 (about 8 months). A single stock carries more risk than a diversified fund.
Questions investors ask
How does Powell Industries make money?
Powell designs, builds and services custom electrical equipment for large industrial and utility projects. It sells switchgear, medium-voltage circuit breakers, motor control centers and prefabricated power control rooms. It usually wins this work through competitive bids, either from facility owners or from the engineering and construction firms they hire. It also earns revenue from spare parts, retrofits and field services such as installation and repair. Revenue was $1.10 billion in fiscal 2025, the year ended September 30, 2025, up 9.1% from the year before.
How much of Powell Industries' revenue comes from oil and gas?
About 37% of Powell's fiscal 2025 revenue came from oil and gas customers, down from 41% in fiscal 2024. Petrochemical plants added another 14%. Electric utilities rose to 25% from 19%, and commercial and other industrial customers, a group that includes data centers, made up 16%. Powell describes spreading into more end markets as part of its strategy. Within energy, it has expanded into hydrogen production, carbon capture and alternative fuels such as biofuels.
Does Powell Industries pay a dividend?
Yes, but it is small. Adjusted for its 3-for-1 stock split, Powell paid about $0.36 per share in fiscal 2025, and the yield was 0.21% as of October 28, 2026. The dividend has risen three years in a row, but only by about 0.5% a year since fiscal 2020. It used just 7.1% of fiscal 2025 earnings. Powell's annual report notes there is no assurance that future dividends will be declared or paid.
Does Powell Industries have any debt?
No borrowings appeared on Powell's balance sheet as of June 30, 2026. At that date it held $634 million in cash and investments and shareholders' equity of $756 million. It does have a bank credit agreement with terms it must meet. Winning some contracts can also require surety bonds or letters of credit, which are guarantees, typically from an insurer or bank, that Powell will meet its obligations. The company lists its financial strength among its competitive advantages.
Who are Powell Industries' main competitors?
Powell's principal competitors include ABB, Eaton, Schneider and Siemens. Some rivals are far larger, with much greater engineering, manufacturing and marketing resources. It also faces smaller regional firms with narrower capabilities. Powell competes on custom engineering, project management and combining many systems into a single deliverable. A significant share of its business comes from repeat customers and from engineering firms it has long worked with. Customers also weigh price, delivery schedules and equipment ratings when awarding bids.