Powell Industries Inc
powellind.comWhat Do They Do?
Builds custom-engineered equipment and systems that distribute and control electrical energy for oil and gas and petrochemical operators, electric utilities, and commercial and industrial customers.
10-K for FY2025, filed Nov 19, 2025Powell Industries, Inc. is a Delaware corporation founded by William E. Powell in 1947. We develop, design, manufacture and service…View ↗
We are headquartered in Houston, Texas and primarily serve the oil and gas and petrochemical markets, the electric utility market, and…View ↗
Our principal products include integrated power control room substations (PCRs®), custom-engineered modules, electrical houses (E-Houses)…View ↗
How Do They Make Money?
Most revenue comes from long-term, fixed-price contracts for custom-engineered equipment and systems; customers are billed according to project milestones as work progresses. Spare parts and replacement breakers are typically sold when shipped.
10-K for FY2025, filed Nov 19, 2025Our revenues are primarily generated from the manufacturing of custom-engineered products and systems under long-term, fixed-price…View ↗
Contract assets are recorded when revenues are recognized in excess of amounts billed for fixed-price contracts as determined by the…View ↗
We also have sales orders for spare parts and replacement circuit breakers for switchgear that are obsolete or that are no longer produced…View ↗
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10-K for FY2025, filed Nov 19, 2025
FY2025 revenue by product or service ↗
$1.1B
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10-K for FY2025, filed Nov 19, 2025
$1.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Oil and gas (excludes petrochemical)
Recurring
10-K for FY2025, filed Nov 19, 2025 |
37%
FY2022: 40%
|
Oil and gas (excludes petrochemical), FY2025
$406.6M Sources
|
Recurring |
|
Electric utility
Recurring
10-K for FY2025, filed Nov 19, 2025 |
25%
FY2022: 23%
|
Electric utility, FY2025
$279M Sources
|
Recurring |
|
Commercial and other industrial
Recurring
10-K for FY2025, filed Nov 19, 2025 |
16%
FY2022: 11%
|
Commercial and other industrial, FY2025
$178.2M Sources
|
Recurring |
|
Petrochemical
Recurring
10-K for FY2025, filed Nov 19, 2025 |
14%
FY2022: 12%
|
Petrochemical, FY2025
$151.2M Sources
|
Recurring |
|
Light rail traction power
Recurring
|
3.7%
FY2022: 8.4%
|
Light rail traction power, FY2025
$41.3M Sources
|
Recurring |
|
All others
Recurring
|
4.4%
FY2022: 5.1%
|
All others, FY2025
$48.1M Sources
|
Recurring |
Who Are Their Customers?
Projects are typically awarded through competitive bids; Powell sells directly to end users or to engineering, procurement and construction firms working on their behalf.
10-K for FY2025, filed Nov 19, 2025Products and services are principally sold directly to the end user or to an engineering, procurement and construction (EPC) firm on behalf…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 16 cents of every revenue dollar as net income in FY2025 and turned 14 cents into free cash flow.
10-K for FY2025, filed Nov 19, 2025
$217.9MView ↗
10-K for FY2025, filed Nov 19, 2025
$180.7MView ↗
10-K for FY2025, filed Nov 19, 2025
$154.8MView ↗
How Are They Changing?
10-Q for Q3 FY2026, filed Aug 4, 2026
Open tableView ↗
Growing. Revenue grew 2.3x in 4 years, from $470.6M in FY2021 to $1.1B in FY2025, about 24% a year.
Substation automation
Through the Remsdaq acquisition, Powell adds remote terminal units for electrical substation control and automation to its earlier-listed electrical equipment.
10-K for FY2022, filed Dec 6, 2022 10-K for FY2025, filed Nov 19, 2025Our principal products include integrated power control room substations (PCRs®), custom-engineered modules, electrical houses (E-Houses)…View ↗
On August 15, 2025, we completed the previously announced business acquisition of Remsdaq Limited (Remsdaq), a U.K.-based manufacturer of…View ↗
Broader oil and gas applications
The newer business description adds hydrogen production, carbon capture, and alternative fuels to oil and gas applications, alongside the refining, production, and feedstock markets described earlier.
10-K for FY2022, filed Dec 6, 2022 10-K for FY2025, filed Nov 19, 2025Specific to the oil and gas sector, we serve the upstream, midstream and downstream end markets. Within the downstream market, our primary…View ↗
In the oil and gas markets, we serve the upstream, midstream and downstream end markets, including onshore and offshore production…View ↗
Who Do They Compete With?
Competes with ABB, Eaton, Schneider, and Siemens Industries
10-K for FY2025, filed Nov 19, 2025We compete with a small number of multinational competitors that sell to a broad industrial and geographic market, as well as smaller…View ↗
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