Forgent Power Solutions, Inc. (FPS)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2026 basis

$25.81▼ 8.96%

EOD close · as of 2026-10-30

Market Cap

$7.09B

Enterprise Value

$7.57B

P/E

86.6×

EV/EBITDA

30.4×

P/S

5.0×

Revenue (FY)

$1.42B

Rev. growth

88.5%/yr

Gross margin

35%

Net margin

ROIC

Net debt / EBITDA

1.9×

Revenue· FY2026$1.42B

Net Income· FY2026$81.8M

Free Cash Flow· FY2026-$6.8M

Deep analysis

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 1.3× net income

1.33×

Capital intensity

Reinvests 106% of operating cash flow

high

Balance-sheet strength

1.94× net debt / EBITDA

moderate

Returns on capital

ROIC 7%

Pricing power

Gross margin 35%

35%

Income statement

How a revenue dollar becomes profit

FY2026 · every deduction from revenue to net income

Returns

Why ROE is 14.5%

DuPont — the three levers

Net margin

5.8%

profit / rev

Asset turns

0.64×

rev / assets

Leverage

3.95×

assets / year-end equity

ROE

14.5%

on year-end equity

ROE 15% against ROIC 7% — 7% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$582.2M

Cash & Equivalents

$97.5M

Net Debt

$484.7M

Net debt / EBITDA1.9×

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+88.5%

Op. income Δ

+152.6%

Op. leverage

1.7×

High operating leverage: profit moved 1.7× as fast as sales — great in an upturn, painful in a downturn.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2025	FY2026
Cost of Revenue	63.1	65.0
Gross Profit	36.9	35.0
SG&A	19.4	18.5
Operating Income	9.6	12.9
Income Tax	0.7	1.5
Net Income	2.0	5.8

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2025 → FY2026

How the ratios & debt developed

The metrics that matter, over time

ROE

15%

FY2026 · latest

—

Net margin

FY2026 · latest

ROIC

FY2026 · latest

—

Gross margin

35%

FY2026 · latest

Net debt / EBITDA

1.9×

FY2026 · latest

Current ratio

1.5×

FY2026 · latest

FCF margin

-0%

FY2026 · latest

Free cash flow

-$6.8M

FY2026 · latest

Institutional ownership: 75 holders · 2% of shares · 87th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on FPS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$25.81▼ 8.96%

EOD close · as of 2026-10-30

Market Cap

$7.09B

Enterprise Value

$7.57B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2026

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2026	FY2025
Revenue	$1.42B 100.0%	$753.2M 100.0%
Cost of Revenue	$922.5M 65.0%	$475.1M 63.1%
Gross Profit	$497.6M 35.0%	$278.1M 36.9%
Selling, General & Admin	$262.9M 18.5%	$146.3M 19.4%
Total Operating Expenses	$315.1M 22.2%	$205.8M 27.3%
Operating Income	$182.5M 12.9%	$72.2M 9.6%
Interest Expense	$57.1M 4.0%	$54.8M 7.3%
Interest & Investment Income	$2.8M 0.2%	$5.6M 0.7%
Other Income (Expense), net	-$55.1M -3.9%	-$49.5M -6.6%
Pretax Income	$127.4M 9.0%	$22.8M 3.0%
Income Tax Expense	$21.4M 1.5%	$5.3M 0.7%
Net Income	$81.8M 5.8%	$15.2M 2.0%

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

Loading financials...

Is the business good?

Adequate

Earns 2.96pts above its cost of capital, without much margin of safety.

Not enough history to draw the spread — it needs at least two fiscal years with a computable ROIC and a cost of capital.

ROIC − WACC spread

3.0pts

robust to a ±2pt WACC move

Net margin vs 3yr ago

—

not enough history

ROIC

12.8%

invested capital: average of quarter-ends

WACC

9.8%

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2025	36.9%	9.6%	2.0%
FY2026	35.0%	12.9%	5.8%

Shared scale — the distance between the lines is the cost structure▨ each line's own 2-year range

ROE

15%

ROIC

Gap

+7pts

Leverage and buybacks account for 7 points of the 15% return on equity in FY2026. The business earns 7% on the capital it employs; the rest is balance sheet.

ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.

What the acquisitions cost the return

ROIC as reported

12.8% · on $1.1B

ROIC ex-goodwill

23.3% · on $627M

$517M of goodwill — 45% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.

The other side

ROIC ex-goodwill is 23.25% against 12.75% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.

Basis: FY2026Source: SEC EDGAR XBRL

Are the earnings real?

Can't say

Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.

The cash bridge needs net income and operating cash flow for the same year — one of them has no value on file here.

The other side

No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.

Missing from our data, so excluded from this answer: 3 years of cash flow.

Basis: FY2026Source: SEC EDGAR XBRL

Can it survive?

Adequate

Covers interest 2.2x under stress — adequate, without much room.

Interest coverage at each level of EBITDA decline
EBITDA decline	Interest coverage
0%	3.20x
5%	3.04x
10%	2.88x
15%	2.72x
20%	2.56x
25%	2.40x
30%	2.24x
35%	2.08x
40%	1.92x
45%	1.76x
50%	1.60x
55%	1.44x
60%	1.28x

Stress

At 0% EBITDA, coverage is 3.20×

Interest stays covered across the whole range tested (to −60%). Interest expense is held constant; only EBIT declines.

Interest coverage, stressed

2.24×

EBIT after a 30% decline

Net debt / EBITDA

2.43×

includes $121,596,000 of lease liabilities

Interest coverage, today

3.20×

Can the maturities be paid?

cumulative principal duecash + free cash flow held flat at -$7M/yr exceeds resources

Ladder as of 2026-06-30 (10-K); cash from the 2026-06-30 balance sheet; FCF from FY2026. Free cash flow is negative, so projected resources fall rather than accumulate.

What is on hand

Cash & equivalents

$97M

excludes restricted cash

Net debt

$485M

total debt less cash

Current ratio

1.54×

current assets / current liabilities

Quick ratio

1.07×

excludes inventory

Balance sheet at 2026-06-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

Free cash flow is negative, so debt service depends on the cash balance rather than on the business.

Basis: FY2026Source: SEC EDGAR XBRL

What's priced in?

Can't say

No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.

Comparing the market's assumption against the record needs a solvable growth requirement and at least two years of free cash flow growth.

P / E

not reported for this company

P / S

5.0× · med 4.9× · 2.5×–11.3×

EV / EBITDA

30.4× · med 24.9× · 15.3×–57.3×

P / B

not reported for this company

FPS cohort median p25–p7539 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).

Missing from our data, so excluded from this answer: free_cash_flow.

Basis: FY2026Source: SEC EDGAR XBRL

Loading analysis...

FPS vs. Electrical Industrial Apparatus peers

Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

FPS — · med 33.2× · p25–p75 20.6×–57.8×

not enough peer data

—

P / S

FPS 5.0× · med 4.9× · p25–p75 2.5×–11.3×

50th pct

EV / EBITDA

FPS 30.4× · med 24.9× · p25–p75 15.3×–57.3×

45th pct

P / B

FPS — · med 4.9× · p25–p75 3.4×–9.2×

not enough peer data

—

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

FPS 88.5% · med 9.1% · p25–p75 3.7%–26.1%

100th pct

ProfitabilityMargins vs the sector

Gross margin

FPS 35.0% · med 42.1% · p25–p75 29.3%–52.8%

35th pct

Operating margin

FPS 12.9% · med 7.0% · p25–p75 1.6%–12.6%

78th pct

Net margin

FPS 5.8% · med 4.5% · p25–p75 -3.0%–10.2%

58th pct

FCF margin

FPS -0.5% · med 9.3% · p25–p75 4.1%–16.1%

2nd pct

Returns on capitalHow hard the capital works

Return on equity

FPS 14.5% · med 6.1% · p25–p75 -3.0%–15.4%

70th pct

Return on invested capital

FPS 7.1% · med 5.2% · p25–p75 -2.2%–14.1%

62nd pct

LeverageLess debt scores higher

Net debt / EBITDA

FPS 1.9× · med 0.1× · p25–p75 -1.6×–1.4×

15th pct

13F convictionInstitutional breadth & ownership

13F holders

FPS 75 · med 111 · p25–p75 81–131

23rd pct

Institutional ownership

FPS 1.6% · med 2.1% · p25–p75 1.2%–3.0%

38th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
WWDWoodward, Inc.	$18.0B	42.4×	33.1×	5.0×	7.3%	26.8%	12.4%	17.2%	14.1%	0.5×	152
MTSIMACOM Technology Solut…	$17.9B	—	94.8×	18.5×	32.6%	54.7%	-5.6%	-4.1%	-3.0%	2.0×	131
SITMSITIME Corp	$13.4B	—	—	41.1×	61.2%	53.6%	-13.1%	-3.7%	-3.7%	—	124
LSCCLATTICE SEMICONDUCTOR …	$13.2B	—	—	25.2×	2.7%	68.2%	0.6%	0.4%	0.4%	-4.3×	128
SMTCSEMTECH CORP	$11.9B	—	195.1×	11.3×	15.5%	51.6%	-3.8%	-7.3%	-3.9%	4.7×	110
FNFabrinet	$11.7B	25.1×	21.5×	2.5×	35.7%	12.0%	10.2%	19.3%	19.3%	-0.7×	150
GNRCGENERAC HOLDINGS INC.	$11.7B	73.6×	26.0×	2.8×	-2.0%	38.3%	3.8%	6.1%	4.1%	1.9×	250
NJDCYNIDEC CORP	$10.6B	0.5×	7.6×	1.3×	31.1%	25.5%	7.6%	14.7%	10.3%	0.5×	1
QRVOQorvo, Inc.	$10.1B	31.5×	18.5×	2.7×	-1.1%	45.9%	9.2%	10.1%	6.9%	0.6×	115
LFUSLITTELFUSE INC /DE	$10.0B	—	91.0×	4.2×	8.9%	38.0%	-3.0%	-3.0%	-2.2%	2.1×	135
AMKRAMKOR TECHNOLOGY, INC.	$9.8B	26.3×	8.9×	1.5×	6.2%	14.0%	5.6%	8.4%	6.3%	0.1×	137
AYIACUITY INC. (DE)	$9.5B	18.7×	11.0×	2.0×	6.8%	50.6%	11.4%	17.9%	14.5%	0.1×	148
RMBSRAMBUS INC	$9.1B	40.1×	32.6×	12.8×	27.1%	79.6%	32.6%	16.9%	16.9%	-0.7×	131
AEISADVANCED ENERGY INDUST…	$8.9B	57.8×	40.2×	4.9×	21.4%	37.7%	8.2%	10.9%	5.9%	1.5×	141
SANMSANMINA CORP	$8.9B	37.1×	17.4×	1.1×	7.4%	8.8%	3.0%	9.7%	8.7%	-1.3×	111
VICRVICOR CORP	$8.8B	73.2×	82.0×	19.5×	26.1%	57.3%	26.2%	16.7%	16.7%	-3.9×	111
TTMITTM TECHNOLOGIES INC	$8.7B	49.4×	24.4×	3.0×	19.0%	20.7%	6.1%	10.1%	6.6%	1.1×	127
AOSSMITH A O CORP	$8.5B	16.4×	10.4×	2.2×	0.3%	38.8%	14.3%	29.4%	27.1%	-0.0×	163
SLABSILICON LABORATORIES I…	$7.4B	—	—	9.5×	34.3%	58.2%	-8.3%	-5.9%	-5.9%	—	68
VIAVVIAVI SOLUTIONS INC.	$7.4B	—	47.8×	4.8×	40.0%	57.7%	-2.0%	-2.1%	-1.8%	-2.8×	112
FPSForgent Power Solution…	$7.1B	—	30.4×	5.0×	88.5%	35.0%	5.8%	14.5%	7.1%	1.9×	75
SIMOSilicon Motion Technol…	$7.1B	229.3×	55.8×	8.0×	10.2%	48.3%	13.8%	14.8%	14.8%	-1.6×	77
FORMFORMFACTOR INC	$6.8B	126.9×	71.3×	8.7×	2.8%	39.3%	6.9%	5.3%	5.2%	-1.0×	102
ESEESCO TECHNOLOGIES INC	$6.2B	20.6×	25.4×	5.6×	19.2%	42.1%	27.3%	19.4%	17.3%	0.3×	91
MXLMAXLINEAR, INC	$6.1B	—	—	13.1×	29.7%	56.8%	-29.2%	-30.2%	-23.7%	—	83

Peers = companies sharing FPS's sector (Electrical Industrial Apparatus) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

Loading peer comparison...

Open-market buys

$0 · 0 holders

Discretionary sales

$649.8m · 3 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

0 of 16 filings

0 open-market purchases and 4 discretionary sales against the share price · hover a marker

2026-02-06$24.22 – $63.412026-10-23

Shares held by reporting insiders3 → 7 insiders reporting — no comparable change

2026-02-09 · 506,806,9352026-09-01 · 250,173,735 (7 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-09-01	2 co-filers Chief Accounting Officer	Grant	7,043	$0.00	$0
2026-09-01	2 co-filers Chief Financial Officer	Grant	2,817	$0.00	$0
2026-09-01	2 co-filers Chief Executive Officer	Grant	88,029	$0.00	$0
2026-09-01	2 co-filers Chief Legal Officer	Grant	10,564	$0.00	$0
2026-09-01	2 co-filers Chief Legal Officer	Grant	25,721	$0.00	—
2026-09-01	2 co-filers Chief Accounting Officer	Grant	17,147	$0.00	—
2026-09-01	2 co-filers Chief Executive Officer	Grant	214,335	$0.00	—
2026-09-01	2 co-filers Chief Financial Officer	Grant	6,859	$0.00	—
2026-07-06	24 co-filers Group filing	Grantindirect	14,555,925	—	—
2026-07-06	18 co-filers Group filing	Grantindirect	14,555,925	—	—
2026-07-06	27 co-filers Group filing	Grantindirect	14,555,925	—	—
2026-07-06	24 co-filers Group filing	Open-market saleindirect	43,650,000	—	—
2026-07-06	18 co-filers Group filing	Open-market saleindirect	43,650,000	—	—
2026-07-06	27 co-filers Group filing	Open-market saleindirect	43,650,000	—	—
2026-07-06	24 co-filers Group filing	Otherindirect	14,555,925	—	—
2026-07-06	18 co-filers Group filing	Otherindirect	14,555,925	—	—
2026-07-06	27 co-filers Group filing	Otherindirect	14,555,925	—	—
2026-06-01	18 co-filers Group filing	Grantindirect	15,852,319	—	—
2026-06-01	27 co-filers Group filing	Grantindirect	15,852,319	—	—
2026-06-01	24 co-filers Group filing	Grantindirect	15,852,319	—	—
2026-06-01	27 co-filers Group filing	Open-market saleindirect	48,622,000	—	—
2026-06-01	24 co-filers Group filing	Open-market saleindirect	48,622,000	—	—
2026-06-01	18 co-filers Group filing	Open-market saleindirect	48,622,000	—	—
2026-06-01	24 co-filers Group filing	Otherindirect	15,852,319	—	—
2026-06-01	18 co-filers Group filing	Otherindirect	15,852,319	—	—
2026-06-01	27 co-filers Group filing	Otherindirect	15,852,319	—	—
2026-03-30	24 co-filers Group filing	Grantindirect	10,783,205	—	—
2026-03-30	18 co-filers Group filing	Grantindirect	10,783,205	—	—
2026-03-30	27 co-filers Group filing	Grantindirect	10,783,205	—	—
2026-03-30	24 co-filers Group filing	Open-market saleindirect	34,500,000	—	—
2026-03-30	18 co-filers Group filing	Open-market saleindirect	34,500,000	—	—
2026-03-30	27 co-filers Group filing	Open-market saleindirect	34,500,000	—	—
2026-03-30	18 co-filers Group filing	Otherindirect	10,783,205	—	—
2026-03-30	27 co-filers Group filing	Otherindirect	10,783,205	—	—
2026-03-30	24 co-filers Group filing	Otherindirect	10,783,205	—	—
2026-02-09	18 co-filers Group filing	Grantindirect	2,487,964	—	—
2026-02-09	24 co-filers Group filing	Grantindirect	2,487,964	—	—
2026-02-09	27 co-filers Group filing	Grantindirect	2,487,964	—	—
2026-02-09	27 co-filers Group filing	Open-market saleindirect	8,400,000	$25.79	$216.6m
2026-02-09	24 co-filers Group filing	Open-market saleindirect	8,400,000	$25.79	$216.6m

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

Loading insider activity...

Forgent Power Solutions, Inc. (FPS)

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is 14.5%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $598.5M scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

FPS vs. Electrical Industrial Apparatus peers

Where it ranks

Peer table

Ownership Map

Institutional Trends (3 Quarters)

Institutional Holders

Institutional Holders

Ownership Map

Institutional Trends (3 Quarters)

Reverse DCF — what growth does the price assume?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is 14.5%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Debt & Leverage

When the debt comes due · $598.5M scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Financials

Revenue → Profit Flow

FPS vs. Electrical Industrial Apparatus peers

Where it ranks

Peer table

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?