Ies Holdings, Inc. (IESC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 13, 2026
Ies Holdings, Inc. (IESC)
A forensic read on Ies Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
17.7
Distress distance
Clean
Earnings quality
2
Forensic signals
28.1
P / E (ttm)
34.6%
ROE
$12.8B
Market cap
0.13%
Dividend yield
16.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ies Holdings, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 17.7, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+31.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +31.9% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +18% against revenue +17% and inventory up +10% against +15% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 31.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
$7M
FY2020–FY2020
Goodwill impairments.Took $7M of goodwill writedowns across 1 year (FY2020 ($7M)) — about 17% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Net Margin9.1%
Debt / Equity0.00x
Free Cash Flow$218.8M
Latest Revenue$3.37B
Return on Equity34.6%
Revenue CAGR (3yr)+15.9%
Revenue Growth YoY+16.9%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ies Holdings, Inc.'s actual 10-K/10-Q/8-K filings?