Powell Industries, Inc. (POWL)
Similar size · 0.53x market cap
Power distribution equipment. Custom electrical distribution systems with greater exposure to energy and industrial projects.
YouTube · Q3 FY2026 · 2026-08-04
FPS · NYSE
Forgent Power Solutions, Inc.
Electrical Equipment & Parts · United States
USD 39.443.6% daily changeQuote 2026-09-18 · USD
- Market cap (USD)
- US$12.58B
- Trailing P/E
- 131.47x
- Forward P/E
- 19.64x
- Quarterly revenue growth
- 94.3%
- Trailing net margin
- 5.8%
- Indicated dividend yield
- —
Snapshot 2026-09-20 · Latest financial period 2026-06-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Company background
Forgent Power Solutions, Inc. engages in the design and manufacture of electrical distribution equipment used in data centers, the power grid, and energy-intensive industrial facilities. The company's products include dry type transformers, liquid filled transformers, switchgear, switchboards, panelboards, remote power panels, generator connection cabinets, tap boxes, automatic transfer switches, gear ehouses, power skids, power distribution units, and ups ehouses. It also provides maintenance, testing, repair, modernization, start-up and commissioning and aftermarket retrofit services. It serves technology, power, utility and industrial companies. The company was founded in 2023 and is based in Dayton, Minnesota.
Company websiteQ4 FY2026
Go beyond the headline.
FPS Stock: Record Orders, but Who Funds the Cash Ramp? — Q4 FY2026
Published 2026-09-15
Q4 FY2026 REPORT HIGHLIGHTS
What’s changed for FPS
Record backlog and a stronger growth outlook meet a cash cycle funded by customer advances, an Up-C ownership bridge and a demanding valuation.
The commercial step-up is real.
Q4 sales rose 94.3% and bookings reached $1.503B. Powertrain Solutions revenue grew 259.3% for the full year, extending Forgent’s role beyond individual components.
The cash engine depends on advances.
Q4 operating cash was $73.901M, alongside a $130.345M increase in deferred revenue cash flow. That funding supports delivery; it should not be mistaken for cash already earned on completed orders.
The share count changes the valuation.
The September8 cover has 274.527M Class A shares and 29.902M Class B shares paired with Opco interests. Consolidated operating value is divided across those economic rights, not only public Class A shares.
The tax agreement needs a matched calculation.
The $338.925M gross tax receivable obligation transfers 85% of specified tax benefits. Our models charge normalized tax and exclude both special tax shields and their matched payments; acceleration remains a separate downside risk.
The guide raised the bar above old consensus.
FY2027 revenue midpoint is 22.5% above the fetched $2.04B consensus. Three valuation routes average $29.23 before rounding, versus a $30.67 verified early trade. Older bullish analyst targets are not post-release endorsements.
Comparable businesses
FPS peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | FPSForgent Power Solutions, Inc.Snapshot 2026-09-20Financial period: 2026-06-30 | POWLPowell Industries, Inc.Snapshot 2026-09-20Financial period: 2026-06-30 | NVTnVent Electric plcSnapshot 2026-09-20Financial period: 2026-06-30 | Peer medianSimilar-size peers only |
|---|---|---|---|---|
| Market capMarket value, converted to USD | US$12.58B | US$6.70B | US$25.55B | US$16.13Bn=2 |
| Forward P/EProvider forward earnings estimate | 19.64x | 26.32x | 24.36x | 25.34xn=2 |
| EV / EBITDAEnterprise value / trailing EBITDA | 46.31x | 25.70x | 25.66x | 25.68xn=2 |
| Revenue growthLatest quarter vs prior-year quarter | 94.3% | 8.9% | 52.8% | 30.9%n=2 |
| Operating marginLatest reported quarter | 19.9% | 20.6% | 18.8% | 19.7%n=2 |
| Free cash flow yieldTrailing cash flow / market cap | -0.7% | 2.8% | 1.8% | 2.3%n=2 |
| Net debt / EBITDANet debt / trailing EBITDA | 2.43x | -2.67x | 1.31x | -0.68xn=2 |
| Debt / equityTotal debt / positive book equity | 1.05x | 0.00x | 0.41x | 0.21xn=2 |
| Trailing P/ETrailing twelve-month earnings | 131.47x | 35.24x | 43.86x | 39.55xn=2 |
| Price / bookPrice / positive book equity per share | 18.17x | 8.86x | 6.41x | 7.64xn=2 |
| EV / salesEnterprise value / trailing revenue | 8.13x | 5.25x | 5.57x | 5.41xn=2 |
| Earnings growthLatest quarter vs prior-year quarter | — | 7.6% | 98.0% | 52.8%n=2 |
| Gross marginTrailing twelve months | 35.0% | 30.1% | 36.5% | 33.3%n=2 |
| Net marginTrailing twelve months | 5.8% | 16.5% | 12.4% | 14.4%n=2 |
| Return on equityProvider trailing return; positive equity only | 17.0% | 28.3% | 15.7% | 22.0%n=2 |
| Free cash flow marginTrailing free cash flow / revenue | -6.2% | 16.4% | 9.4% | 12.9%n=2 |
| Dividend yieldIndicated annual dividend / price | — | 0.2% | 0.5% | 0.4%n=2 |
| Earnings payoutProvider trailing dividend payout | 0.0% | 6.9% | 22.8% | 14.8%n=2 |
| Current ratioCurrent assets / current liabilities | 1.54x | 1.97x | 1.80x | 1.89xn=2 |
| BetaProvider historical market sensitivity | — | 1.19 | 1.35 | 1.27n=2 |
YouTube · Q3 FY2026 · 2026-08-04
nVent Electric plc (NVT)
Extended size range · 2.03x market cap
Power distribution equipment. Electrical connection and protection products across a broader industrial and infrastructure portfolio.
YouTube · Q1 2026 · 2026-05-02
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for FPS
Q4 FY20262026-09-15
FREE RESEARCH PACKET · Q4 FY2026
FPS: Record Orders, but Who Funds the Cash Ramp?
Record backlog and a stronger growth outlook meet a cash cycle funded by customer advances, an Up-C ownership bridge and a demanding valuation.
Research published September 15, 2026 · Download original report
Read Research PacketFPS Stock: Record Orders, but Who Funds the Cash Ramp? — Q4 FY2026
Presentation · 2026-09-15 · YouTube