POWELL INDUSTRIES INC

Listed Company

POWLCIK 0000080420NasdaqLarge AcceleratedSwitchgear & Switchboard ApparatusNevadaFY ends Sep 30

Period

FY 2025

Revenue

$1.10B

Net Income

$180.75M

Total Assets

$1.11B

Equity

$640.77M

Shares Out

12.14M

Op. Cash Flow

$167.94M

Business

POWELL INDUSTRIES INC develops, designs, manufactures and services custom-engineered equipment and systems that distribute, control and monitor electrical energy and provide protection to motors, transformers and other electrically powered equipment. Its principal products include integrated power control room substations, custom-engineered modules and E-Houses, traditional and arc-resistant switchgear, medium-voltage circuit breakers, motor control centers, monitoring and control communications systems, switches and bus duct, along with spare parts, retrofit components and field services. The company operates through its engineering, manufacturing and project management capabilities and wholly owned subsidiaries such as Powell Electrical Systems, Powell Canada, Powell (UK) and Powell Industries International. Powell primarily serves the oil and gas, petrochemical, electric utility and commercial/industrial markets, selling directly to end users, EPC firms and through OEM and distribution channels.

Summary from filing dated 2025-11-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenues	1,104	1,012	699	533	471
Cost of goods sold	780	739	552	448	395
Gross profit	324	273	148	85	75
Selling, general and administrative expenses	95	85	79	71	67
Research and development expenses	11	9	6	7	7
Amortization of intangible assets	100,000	0	0	0	200,000
Operating income	218	179	63	7	1
Interest income, net	−16	−17	−6	−334,000	—
Income before income taxes	234	196	69	10	1
Income tax provision	53	46	14	−4	461,000
Net income	181	150	55	14	631,000
Basic (in dollars per share)	14.98	12.51	4.59	1.16	0.05
Diluted (in dollars per share)	14.86	12.29	4.5	1.15	0.05
Basic (in shares)	12	12	12	12	12
Diluted (in shares)	12	12	12	12	12
Dividends per share (in dollars per share)	1.07	1.06	1.05	1.04	1.04

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	451	315	246	102	114
Short-term investments	25	43	33	15	20
Accounts receivable, less allowance for credit losses of $368 and $414, respectively	217	214	207	106	78
Contract assets	137	103	61	88	54
Inventories	85	86	64	50	30
Prepaid expenses	11	7	5	5	4
Other current assets	7	7	6	4	2
Total Current Assets	932	776	622	370	302
Property, plant and equipment, net	111	103	98	99	109
Operating lease assets, net	2	1	1	2	3
Goodwill	6	1	1	—	—
Intangible assets, net	6	500,000	—	—	—
Deferred income tax assets	33	27	17	9	5
Other assets	19	18	13	12	15
Total Assets	1,109	928	752	493	436
Accounts payable	67	74	57	63	45
Contract liabilities	298	288	280	80	42
Accrued compensation and benefits	39	34	30	25	20
Accrued product warranty	6	6	3	2	3
Current operating lease liabilities	882,000	595,000	773,000	2	1
Income taxes payable	11	9	7	2	1
Other current liabilities	24	17	19	12	8
Total Current Liabilities	446	428	396	186	121
Deferred compensation (Note J)	14	12	9	8	9
Long-term operating lease liabilities	782,000	621,000	663,000	545,000	2
Deferred income tax liabilities	5	3	0	—	—
Other long-term liabilities	2	2	2	2	3
Total Liabilities	468	445	407	196	135
Commitments and Contingencies (Note H)	—	—	—	—	—
Preferred stock, par value $0.01; 5,000,000 shares authorized; none issued	0	0	0	0	0
Common stock, par value $0.01; 30,000,000 shares authorized; Shares issued: 12,876,196 and 12,795,256, respectively Shares outstanding: 12,070,178 and 11,989,238, respectively	129,000	128,000	127,000	126,000	125,000
Additional paid-in capital	63	70	72	67	64
Retained earnings	630	462	325	284	283
Treasury stock, 806,018 shares at cost	−25	−25	−25	−25	−25
Accumulated other comprehensive loss	−27	−24	−27	−29	−20
Total Stockholders Equity	641	483	345	297	301
Total Liabilities and Stockholders Equity	1,109	928	752	493	436

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	7	7	9	9	10
Stock-based compensation	5	5	5	4	3
Unrealized mark-to-market gain on derivative contracts	−234,000	−326,000	0	0	—
Bad debt expense (recovery), net	−3,000	278,000	−54,000	162,000	48,000
Deferred income taxes	−5	−7	−8	−5	—
Accounts receivable, net	−2	−7	−100	−32	−8
Contract assets and liabilities, net	−23	−35	228	3	−40
Inventories	3	−22	−13	−21	−599,000
Income taxes	1	3	5	688,000	−473,000
Prepaid expenses and other current assets	−2	−3	−3	−3	412,000
Accounts payable	−7	16	−6	19	10
Accrued liabilities	10	5	12	9	−3
Other, net	2	−2	999,000	258,000	−2
Net cash provided by operating activities	168	109	183	−4	−30
Purchases of short-term investments	−37	−43	−34	−22	−28
Maturities of short-term investments	54	33	15	26	28
Cash paid for business acquisition, net of cash acquired	−11	0	0	—	—
Purchases of property, plant and equipment	−13	−12	−8	−2	−3
Proceeds from sale of property, plant and equipment	20,000	107,000	12,000	629,000	40,000
Purchase of intangible assets	0	−250,000	0	0	—
Net cash used in investing activities	−8	−22	−27	6	−2
Shares withheld in lieu of employee tax withholding	−12	−7	−652,000	−675,000	−632,000
Dividends paid	−13	−13	−12	−12	−12
Net cash used in financing activities	−25	−19	−13	−13	−13
Net increase in cash and cash equivalents	134	68	143	−10	−46
Effect of exchange rate changes on cash and cash equivalents	930,000	2	1	−2	197,000

Filings

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