Forgent Power Solutions, Inc (NYSE: FPS) is an electrical distribution equipment company that designs and manufactures custom power products for data centers, the power grid, and energy-intensive industrial facilities. Revenue is transactional, generated by selling engineered-to-order Custom Products and Powertrain Solutions directly to technology, power, utility, and industrial companies, as well as to OEMs, integrators, contractors, and electrical products distributors. The company reported revenues of $958.4M for the nine months ended March 31, 2026, up 86% from $515.6M in the same period of the prior year. Net income for the nine months ended March 31, 2026 was $39.9M. FPS is more vertically integrated than many competitors, manufacturing components such as medium voltage switchgear and transformers in-house. Principal manufacturing campuses are located in Minnesota, Texas, Maryland, California, and Mexico. The company completed an IPO and a follow-on equity offering, with a combined share sale of approximately 64.4M Class A shares as of February 6, 2026.

Revenue model

Transactional product sales of engineered-to-order electrical distribution equipment. Revenue is recognized on custom-manufactured units sold to direct end customers, OEMs, integrators, contractors, and distributors. Gross profit is affected by sales volume, raw material costs (primarily electrical steel, carbon steel, copper, and aluminum), product mix, customer mix, end market mix, and capacity utilization. The company does not hedge against raw material price changes.

Products and services

Custom Products and Powertrain Solutions engineered-to-order for technically demanding applications. Key manufactured components include medium voltage switchgear and transformers. Products address data center power distribution, utility substations, and energy-intensive manufacturing applications.

Customers and end markets

Customers include technology companies, power producers, utilities, and industrial companies purchasing directly; OEMs and integrators who incorporate FPS products into larger systems; contractors building data centers, power plants, and transmission and distribution infrastructure; and electrical products distributors. Primary end markets are data centers (including AI and cloud computing infrastructure), independent power producers, utility grid infrastructure, and energy-intensive industrial facilities.

Value-chain role

Vertically integrated manufacturer. FPS produces in-house components, including medium voltage switchgear and transformers, that competitors typically purchase externally. This vertical integration provides cost and supply advantages when those components are in short supply. The company sits between raw material inputs and end-system integrators or direct facility operators.

Geographic exposure

U.S.-based company with principal manufacturing campuses in Minnesota, Texas, Maryland, California, and Mexico. Components manufactured in Mexico are shipped to the United States. Business is described as a U.S. company in the 10-Q filed 2026-05-14.

Source: SEC 10-Q, filed 2026-05-14

Industry: Electrical Industrial Apparatus