Powell Industries, Inc. (POWL): Business Model Canvas [Jan-2025 Mis à jour]

Powell Industries, Inc. (POWL) apparaît comme un acteur critique dans le paysage de contrôle et de distribution de la puissance électrique, offrant des solutions d'ingénierie sophistiquées qui alimentent l'épine dorsale de l'infrastructure industrielle moderne. En fabriquant méticuleusement des systèmes électriques innovants pour les secteurs des services publics, de la fabrication, de l'énergie et des transports, la société transforme les défis technologiques complexes en stratégies de gestion de l'énergie transparente et à haute fiabilité. Leur modèle commercial unique mélange l'expertise technologique de pointe avec des partenariats stratégiques, positionnant Powl en tant qu'innovateur pivot pour fournir des solutions complètes du système électrique qui stimulent l'efficacité et la sécurité industrielles.

Powell Industries, Inc. (POWL) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les fabricants d'équipements électriques

Powell Industries maintient des partenariats stratégiques avec les fabricants d'équipements électriques suivants:

Partenaire	Focus de partenariat	Année établie
Siemens AG	Équipement de distribution d'énergie	2018
ABB LTD	Technologie de l'appareillage de commutation	2016
Schneider Electric	Systèmes de contrôle industriel	2019

Collaboration avec les fournisseurs de technologies d'automatisation industrielle

Les partenaires clés de collaboration technologique comprennent:

• Rockwell Automation
• Honeywell International
• Emerson Electric

Relations avec les grandes entreprises du secteur des services publics et de l'énergie

Entreprise de services publics	Valeur du contrat	Durée du partenariat
Énergie duc	45,2 millions de dollars	5 ans
Southern Company	37,6 millions de dollars	4 ans
Énergie nextère	28,9 millions de dollars	3 ans

Partenariats de la chaîne d'approvisionnement avec les fournisseurs de composants électriques

Les partenariats critiques de la chaîne d'approvisionnement comprennent:

• Cooper Industries
• Eaton Corporation
• Électrique générale

Valeur du contrat de partenariat total en 2023: 156,7 millions de dollars

Powell Industries, Inc. (POWL) - Modèle d'entreprise: activités clés

Conception et fabrication d'équipements de contrôle électrique

Sortie de fabrication annuelle: 12 500 unités de contrôle de la puissance électrique en 2023

Catégorie d'équipement	Volume de production annuel	Prix ​​unitaire moyen
Appareillage de commutation moyenne	3 750 unités	$85,000
Tableaux de commutation basse tension	5 250 unités	$45,000
Systèmes de panneaux de commande	3 500 unités	$62,500

Solutions d'ingénierie personnalisées pour les systèmes électriques industriels

Revenus de services d'ingénierie: 37,2 millions de dollars en 2023

• Durée moyenne du projet d'ingénierie: 4-6 mois
• Plage de valeur de projet typique: 250 000 $ - 1,5 million de dollars
• Secteurs industriels primaires servis:
  • Pétrole et gaz
  • Production d'électricité
  • Fabrication
  • Infrastructure

Recherche et développement de technologies de distribution d'électricité avancées

Investissement en R&D: 8,7 millions de dollars en 2023

Zone de focus R&D	Demandes de brevet	Calendrier de développement
Technologies de grille intelligente	7 en attente	18-24 mois
Surveillance du transformateur numérique	4 en attente	12-15 mois
Intégration d'énergie renouvelable	5 en attente	24-36 mois

Services d'intégration et d'installation du système électrique

Revenus de services d'installation annuels: 52,6 millions de dollars en 2023

• Valeur moyenne du projet d'installation: 1,2 million de dollars
• Couverture géographique: États-Unis, Canada, Mexique
• Taille de l'équipe d'installation: 185 techniciens certifiés
• Temps d'achèvement moyen du projet: 3-5 mois

Powell Industries, Inc. (POWL) - Modèle d'entreprise: Ressources clés

Expertise en génie spécialisé dans les systèmes d'énergie électrique

Powell Industries démontre des capacités d'ingénierie spécialisées avec les mesures clés suivantes:

Ressource d'ingénierie	Mesure quantitative
Total des employés d'ingénierie	187 à partir de l'exercice 2023
Investissement en R&D	6,3 millions de dollars en 2023
Brevets détenus	23 brevets du système électrique actif

Installations de fabrication avancées et infrastructures techniques

Les capacités de fabrication comprennent:

• Installation de fabrication principale: Houston, Texas (85 000 pieds carrés)
• Lieu de fabrication secondaire: l'usine de fabrication de Louisiane
• Capacité de fabrication totale: 500 unités de distribution d'énergie électrique chaque année

Propriété intellectuelle et capacités de conception propriétaires

Catégorie IP	Détails quantitatifs
Marques totales enregistrées	7 marques actives
Brevets de conception	12 brevets de conception actifs
Dépenses annuelles de protection IP	412 000 $ en 2023

Main-d'œuvre technique qualifiée

Composition de la main-d'œuvre:

• Total des employés: 572 au 31 décembre 2023
• Pourcentage technique du personnel: 62% de la main-d'œuvre totale
• Expérience technique moyenne des employés: 14,7 ans

Catégorie de compétences des employés	Nombre d'employés
Ingénieurs électriciens	87
Ingénieurs mécaniques	64
Techniciens de fabrication	129
Spécialistes du contrôle de la qualité	42

Powell Industries, Inc. (POWL) - Modèle d'entreprise: propositions de valeur

Solutions complètes de contrôle et de distribution de la puissance électrique

Powell Industries a déclaré un chiffre d'affaires annuel de 392,4 millions de dollars au cours de l'exercice 2023. La société fournit des équipements de contrôle électrique spécialisés avec les principales gammes de produits suivantes:

Catégorie de produits	Part de marché	Contribution annuelle des revenus
Appareillage de commutation moyenne	38%	149,1 millions de dollars
Tableaux de commutation basse tension	27%	105,9 millions de dollars
Unités de distribution d'énergie	22%	86,3 millions de dollars
Systèmes de contrôle	13%	51,0 millions de dollars

Équipement électrique à haute fiabilité pour les infrastructures critiques

Les segments d'infrastructures critiques desservis par Powell Industries comprennent:

• Production d'électricité: nucléaire, combustible fossile, énergie renouvelable
• Traitement du pétrole et du gaz
• Fabrication industrielle lourde
• Transmission et distribution des services publics

Approches d'ingénierie personnalisées pour des applications industrielles complexes

Powell Industries propose des services d'ingénierie avec les capacités spécialisées suivantes:

Service d'ingénierie	Complexité moyenne du projet	Valeur moyenne du projet
Conception d'appareils de commutation personnalisés	Haut	1,2 million de dollars
Intégration du système d'alimentation	Moyen-élevé	$850,000
Optimisation du système de contrôle	Moyen	$450,000

Technologie innovante concernant l'efficacité et la sécurité du système électrique

Mesures d'investissement technologique pour Powell Industries en 2023:

• Dépenses de R&D: 24,7 millions de dollars
• Nombre de brevets actifs: 87
• Cycle de développement des nouveaux produits: 18-24 mois
• Taux d'innovation technologique: 15,3% des revenus totaux

Powell Industries, Inc. (POWL) - Modèle d'entreprise: relations avec les clients

Équipes de vente directe et de support technique

Powell Industries maintient une force de vente dédiée de 42 représentants techniques des ventes à l'exercice 2023. L'équipe couvre les marchés des équipements électriques industriels à travers l'Amérique du Nord.

Métrique de l'équipe de vente	2023 données
Représentants de ventes techniques totales	42
Temps d'interaction du client moyen	6,3 heures par client
Taux d'engagement client annuel	87.5%

Accords de service et de maintenance à long terme

Portefeuille de contrats de service Couvre 324 clients industriels avec des accords de maintenance actifs en 2023.

• Durée du contrat moyen: 5,2 ans
• Revenus de services annuels totaux: 18,3 millions de dollars
• Taux de renouvellement: 92,4%

Consultation technique et collaboration de conception personnalisée

Powell Industries fournit des services de consultation d'ingénierie spécialisés avec 23 consultants en ingénierie dédiés.

Métrique de consultation	Performance de 2023
Projets de conception personnalisés totaux	187
Valeur moyenne du projet	$475,000
Évaluation de satisfaction du client	94.6%

Support client réactif pour les systèmes électriques industriels

L'infrastructure de support client comprend une assistance technique 24/7 avec les temps de réponse suivis méticuleusement.

• Taille de l'équipe de soutien: 64 spécialistes du support technique
• Temps de réponse moyen: 37 minutes
• Interactions de soutien annuel: 4 236 engagements clients

Powell Industries, Inc. (POWL) - Modèle d'entreprise: canaux

Force de vente directe ciblant les marchés industriels et utilitaires

Powell Industries maintient une force de vente directe dédiée de 47 professionnels de la vente à partir de 2023, ciblant spécifiquement les segments de marché industriel et des services publics.

Canal de vente	Nombre de représentants	Couverture géographique
Marchés industriels	28	Amérique du Nord
Marchés des services publics	19	États-Unis

Ressources techniques en ligne et catalogues de produits

La stratégie de canal numérique de Powell Industries comprend des plateformes en ligne complètes:

• Catalogue de produits techniques avec 392 spécifications de produits détaillées
• Trafic de site Web de 78 500 visiteurs uniques mensuellement
• Téléchargements de ressources numériques: 12 437 documents techniques en 2023

Salons commerciaux de l'industrie et conférences techniques

Type d'événement	Participation annuelle	Génération de leads moyenne
Salons de l'industrie	8-10 événements	213 pistes qualifiées par événement
Conférences techniques	5-7 conférences	167 Interactions potentielles du client

Réseaux représentatifs du fabricant

Composition du réseau représentatif mondial:

• Total des entreprises représentatives: 24
• Couverture internationale: 7 pays
• Tenure moyenne représentative de l'entreprise: 9,3 ans

Région	Nombre de représentants	Focus du segment de marché
Amérique du Nord	14	Industriel, utilitaire
Europe	6	Infrastructure électrique
Asie-Pacifique	4	Fabrication, énergie

Powell Industries, Inc. (POWL) - Modèle d'entreprise: segments de clientèle

Entreprises de services publics électriques

Powell Industries sert des sociétés de services publics électriques avec des solutions spécialisées d'infrastructures électriques.

Caractéristique du segment de la clientèle	Détails
Nombre de clients des services publics	Plus de 250 grandes sociétés de services publics électriques en Amérique du Nord
Revenus annuels du segment des services publics	87,4 millions de dollars en 2023

Installations de fabrication industrielle

Powell Industries fournit des systèmes de contrôle et de distribution électriques pour les environnements de fabrication.

• Secteur de la fabrication automobile
• Plantes de traitement chimique
• Installations de production de nourriture et de boissons

Métriques du segment de fabrication	Valeur
Total des clients de fabrication	Environ 175 clients industriels
Revenus de segment de fabrication	62,9 millions de dollars en 2023

Infrastructure de l'industrie pétrolière et gazière

Powell Industries fournit des solutions électriques spécialisées pour les infrastructures pétrolières et gazières.

• Installations d'exploration en amont
• Plantes de transformation en milieu de route
• Opérations de raffinerie en aval

Détails du segment du pétrole et du gaz	Métrique
Clients totaux de pétrole et de gaz	132 grandes entreprises d'infrastructure énergétique
Revenus annuels du segment	53,6 millions de dollars en 2023

Projets de transport et d'infrastructure

Powell Industries soutient les systèmes électriques pour les infrastructures de transport critique.

• Électrification ferroviaire
• Infrastructure port et maritime
• Systèmes de transport municipal

Caractéristiques du segment du transport	Données
Clients totaux de transport	98 Projets d'infrastructure de transport
Revenus du segment	41,2 millions de dollars en 2023

Secteur des énergies renouvelables

Powell Industries fournit des solutions électriques pour les infrastructures d'énergie renouvelable.

• Installations d'énergie solaire
• Systèmes électriques éoliens
• Projets de stockage d'énergie

Segment d'énergie renouvelable	Métrique
Clients totaux d'énergie renouvelable	76 développeurs de projets d'énergie renouvelable
Revenus annuels du segment	35,7 millions de dollars en 2023

Powell Industries, Inc. (POWL) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Powell Industries, Inc. a déclaré des dépenses de R&D de 4,2 millions de dollars pour l'exercice 2023, ce qui représente 3,7% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	$4,200,000	3.7%
2022	$3,850,000	3.5%

Frais de fabrication et de production

Les coûts de fabrication totaux de Powell Industries en 2023 étaient de 62,3 millions de dollars, notamment la main-d'œuvre directe, les matériaux et les frais généraux.

• Coûts de main-d'œuvre directs: 22,1 millions de dollars
• Dépenses de matières premières: 28,5 millions de dollars
• Fabrication des frais généraux: 11,7 millions de dollars

Compensation technique de la main-d'œuvre

L'indemnisation totale de la main-d'œuvre pour les employés techniques en 2023 s'élevait à 35,6 millions de dollars.

Catégorie des employés	Salaire annuel moyen	Compensation totale
Personnel d'ingénierie	$95,000	21,4 millions de dollars
Support technique	$68,000	14,2 millions de dollars

Chaîne d'approvisionnement et achat de matières premières

Powell Industries a dépensé 28,5 millions de dollars pour l'approvisionnement en matières premières en 2023, avec des fournisseurs clés situés principalement en Amérique du Nord.

• Dépenses des fournisseurs nationaux: 22,3 millions de dollars
• Dépenses internationales des fournisseurs: 6,2 millions de dollars

Maintenance des infrastructures technologiques

Les coûts annuels de maintenance des infrastructures technologiques pour 2023 ont totalisé 3,8 millions de dollars.

Composant d'infrastructure	Frais de maintenance
Systèmes informatiques	1,5 million de dollars
Infrastructure réseau	1,2 million de dollars
Cybersécurité	1,1 million de dollars

Powell Industries, Inc. (POWL) - Modèle d'entreprise: Strots de revenus

Ventes d'équipements électriques personnalisés

Revenus annuels des ventes d'équipements électriques personnalisés: 157,3 millions de dollars (2023 Exercice)

Catégorie de produits	Revenus ($ m)	Pourcentage de ventes
Appareillage de commutation moyenne	62.4	39.7%
Assemblages basse tension	47.2	30.0%
Systèmes de contrôle	47.7	30.3%

Services de conception et d'intégration d'ingénierie

Revenus annuels des services d'ingénierie: 43,6 millions de dollars (2023 Exercice)

• Valeur moyenne du projet: 1,2 million de dollars
• Total des projets d'ingénierie terminés: 36
• Durée moyenne du projet: 8-12 mois

Contrats de maintenance et de soutien à long terme

Revenus annuels des contrats de maintenance: 28,7 millions de dollars (2023 Exercice)

Type de contrat	Revenus ($ m)	Durée du contrat moyen
Entretien préventif	14.3	3-5 ans
Soutien complet	9.6	5-7 ans
Réponse d'urgence	4.8	1-2 ans

Services de conseil technique et d'optimisation du système

Revenus annuels des services de conseil: 22,5 millions de dollars (2023 Exercice)

• Nombre d'engagements de conseil: 42
• Valeur du projet de conseil moyen: 535 000 $
• Industries servies: puissance, pétrole & Gaz, fabrication

Pièces de rechange et composants de remplacement

Revenus annuels des ventes du marché secondaire: 35,4 millions de dollars (2023 Exercice)

Catégorie de composants	Revenus ($ m)	Marge brute
Composants d'appareillage de commutation	15.2	42%
Pièces du système de contrôle	12.6	38%
Remplacements d'assemblage électrique	7.6	35%

Powell Industries, Inc. (POWL) - Canvas Business Model: Value Propositions

You're looking at the core value Powell Industries, Inc. (POWL) delivers to its customers as of late 2025. This isn't just about selling components; it's about delivering engineered certainty for electrical energy control and distribution.

Custom-engineered, high-reliability electrical power solutions

Powell Industries, Inc. provides the complex, custom-built systems that keep major industrial and utility operations running safely. The scale of this commitment is reflected in the company's financial results; for the full Fiscal Year 2025 ended September 30, 2025, Powell Industries, Inc. recorded total revenues of $1.1 billion. This revenue translated to a net income of $181 million for the same period. You see the demand for this reliability in the order book, which stood at $1.4 billion as of September 30, 2025.

Full-line manufacturing with complete system integration capability

The ability to design, manufacture, and integrate entire systems is a key differentiator. This capability supported a strong order intake, with new orders for the full Fiscal Year 2025 totaling $1.2 billion, representing a 9% increase year-over-year. The company's execution on its existing work is strong; for the fourth quarter of Fiscal 2025, the gross profit margin reached 31.4% of revenue.

Mission-critical power management for industrial infrastructure

Powell Industries, Inc. serves sectors where failure is not an option, like electric utilities and heavy industry. For instance, revenue from the Electric Utility sector surged 50% year-over-year in Fiscal 2025. Even in the traditional Oil & Gas market, which saw a slight revenue decline of 3% compared to Fiscal 2024, the company secured significant work, including over $80 million combined from two separate awards for custom offshore modules in the third quarter of Fiscal 2025. The commitment to utility-scale projects is clear: the largest utility order in Powell Industries, Inc.'s history, valued at $60 million, was booked in the third quarter of Fiscal 2025. That's a defintely strong signal for grid investment.

Electrical automation and SCADA RTU technology for grid modernization

To support grid modernization, Powell Industries, Inc. expanded its automation footprint. This was formalized by the completion of the acquisition of Remsdaq Ltd., a U.K.-based manufacturer specializing in SCADA Remote Terminal Units for electrical substation control and automation in generation, transmission, and distribution. This move is intended to scale a highly competitive and margin-accretive electrical automation solution.

Risk reduction through a diversified, counter cyclical product portfolio

The company's ability to secure new orders across different end markets helps balance cyclical risks inherent in energy markets. The new orders in Fiscal 2025 were described as well-balanced across all key markets, which is a testament to this strategy. The performance across key segments in Fiscal 2025 illustrates this mix:

Market Segment	FY 2025 Revenue Growth (Year-over-Year)	FY 2025 Q4 Revenue Growth (Year-over-Year)
Electric Utility	50%	100%
Light Rail Traction Power	87%	85%
Commercial & Other Industrial	19%	-9%
Oil & Gas	-3%	-10%
Petrochemical	-19%	-25%

The growth in Utility and Light Rail revenue helped offset declines in the traditional Oil & Gas and Petrochemical segments during the full year.

The value proposition is further supported by the company's liquidity position, with cash and short-term investments totaling $476 million as of September 30, 2025.

• The backlog as of September 30, 2025, was $1.4 billion.
• The book-to-bill ratio in Q3 Fiscal 2025 was 1.3x.
• The company's forward price-to-earnings ratio was 20.86X, below the industry average of 21.68X.

Powell Industries, Inc. (POWL) - Canvas Business Model: Customer Relationships

You're looking at how Powell Industries, Inc. keeps its major industrial and utility clients locked in. It's not about off-the-shelf sales; it's about deep, project-specific engineering partnerships. This relationship model is built on delivering highly customized, complex electrical solutions, which is why their backlog was sitting at $1.4 billion as of September 30, 2025. That number shows you the volume of committed, future work flowing from these relationships.

Dedicated project-based engagement for custom solutions is the core. When you land a contract like the $60 million award in the Electric Utility market-the largest utility order in Powell Industries, Inc.'s history as of Q3 Fiscal 2025-you aren't just shipping boxes. You are embedding engineering and manufacturing expertise directly into the client's critical infrastructure plan. Similarly, securing over $80 million combined from two separate awards for custom offshore modules for oil and gas production in that same quarter shows the scale of these bespoke engagements.

Long-term, consultative relationships with major utilities and energy firms are what fuel the pipeline. These aren't one-off transactions; they are multi-year commitments based on trust in execution. The company's full-year Fiscal 2025 revenues hit $1.1 billion, with significant growth coming from these core areas, indicating deep customer reliance. For instance, the Electric Utility sector saw revenue jump 50% for the full year, and in the fourth quarter alone, that sector's revenue grew 100% year-over-year. This level of growth in established sectors points directly to strong, ongoing consultative partnerships.

Here's a quick look at how the key customer markets performed in terms of revenue for the full Fiscal 2025 year:

Market Sector	FY 2025 Revenue Growth (vs. FY 2024)	FY 2025 Revenue Contribution (Implied)
Electric Utility	50% Increase	Significant portion of the $1.1 billion total revenue
Commercial & Other Industrial	19% Increase	Substantial contributor to total revenue
Light Rail Traction Power	87% Increase	Fastest growing segment by percentage
Oil & Gas	3% Decline	Still a major segment despite a slight dip

Post-sale support including technical training and maintenance services is clearly being formalized and expanded. You see this in strategic moves, like the completion of the acquisition of Remsdaq Ltd., a U.K.-based manufacturer of SCADA Remote Terminal Units for electrical substation control and automation in generation, transmission and distribution. This acquisition directly enhances the company's ability to offer advanced automation and control solutions, which naturally extends the relationship well past the initial equipment delivery and into long-term operational support and system upgrades.

Managing these relationships falls to Powell Industries, Inc.'s direct sales and engineering teams, who are set up to manage complex, high-value contracts. These teams translate customer needs into the $1.2 billion in new orders secured during Fiscal 2025. The sales process is inherently technical, requiring engineering input from the start to scope the custom solutions. The success is evident in the 21% increase in full-year Net Income to $181 million, showing that the high-touch, direct management of these large projects is translating efficiently to the bottom line.

The customer relationship strategy relies on several key interaction points:

• Direct engagement for large-scale, custom-engineered power systems.
• Consultative selling focused on utility and energy sector modernization.
• Integration of automation and control technology post-sale.
• Engineering support driving initial contract value.
• Securing major awards, like the large LNG project in Q1 Fiscal 2025.

Finance: draft the 13-week cash view by Friday, factoring in the working capital needs for the $1.4 billion backlog.

Powell Industries, Inc. (POWL) - Canvas Business Model: Channels

You're looking at how Powell Industries, Inc. (POWL) gets its custom-engineered solutions into the hands of its customers, and it's definitely a mix of high-touch direct engagement and expanding digital reach.

For the big, custom-engineered projects, the primary channel is a direct sales force. This approach makes sense when you're dealing with massive, complex electrical energy management systems. Think about the major awards they secured in Fiscal 2025; for instance, they landed a $60 million award in the Electric Utility market-that's the largest utility order in Powell Industries' history-which certainly required direct, deep engagement with the end-user. Also, they were awarded over $80 million combined from two separate awards for custom offshore modules for oil and gas production. These aren't off-the-shelf sales; they require dedicated, expert negotiation and technical alignment right from the start.

The global manufacturing and service footprint is key for international projects, and Powell Industries is actively augmenting this. They finished Fiscal 2025 with total revenues hitting $1.1 billion, showing the scale of their global execution capability. A concrete step in expanding this footprint was the completion of the acquisition of Remsdaq Ltd., a U.K.-based manufacturer of SCADA Remote Terminal Units, which helps scale automation solutions into the U.K. and North American markets. This physical and geographic presence is what allows them to service projects across diverse geographies, even as they see shifts in their end-market mix.

Here's a quick look at how the revenue from the different end-markets-which are reached through these various channels-shaped up for the full Fiscal Year 2025:

Market Segment	FY 2025 Revenue Growth (vs. FY 2024)	FY 2025 Revenue Share of Total
Electric Utility	50% increase	Contributes significantly to the 41% of annual revenue from non-industrial markets
Light Rail Traction Power	87% increase	Part of the growing non-industrial segment
Commercial & Other Industrial	19% increase	Contributes significantly to the 41% of annual revenue from non-industrial markets
Oil & Gas and Petrochemical	Declined by 3% and 19%, respectively	Represents the remaining portion of the $1.1 billion total revenue

Service and support engineers are the frontline for installation and commissioning, turning those massive project orders into operational assets. Powell Industries lists a comprehensive suite of after-market and support channels, which you can definitely see as a distinct value proposition. They use these teams to deliver:

• Retrofit and Retrofill Solutions
• Bus Duct Repair, Replace, Refurbish (RRR) Services
• Start-Up and Commissioning Services
• Breaker Life Extension Upgrade (BLEU)
• Powell Service Training Academy
• Capital and Start-Up Spares
• Parts-On-Demand (PowlPOD)

Also, they are continuously developing new channels through original equipment manufacturers (OEMs) and distribution market channels, so it isn't just direct project sales. The company's year-end backlog of $1.4 billion as of September 30, 2025, is heavily supported by these non-industrial sectors, with 48% of that backlog coming from Electric Utility and Commercial & Industrial markets.

For remote diagnostics and predictive analytics, Powell Industries is pushing its DIGITAL SOLUTIONS & AUTOMATION offerings. This is where the modern, less physical channel comes into play, helping customers manage assets post-installation. These digital tools are becoming increasingly important for maintaining the high-margin profile they achieved, with a full-year gross margin of 29.4% in Fiscal 2025. Their digital channel portfolio includes:

• Asset Management
• PMS, ENMCS, SCADA/SCADA-H
• Software Engineering / Custom Applications
• HMI, Graphics, Custom Software
• Condition Monitoring Devices and Systems

If onboarding takes 14+ days, churn risk rises, so efficient digital integration is definitely a near-term focus area for customer retention.

Finance: draft 13-week cash view by Friday.

Powell Industries, Inc. (POWL) - Canvas Business Model: Customer Segments

You're looking at the core markets Powell Industries, Inc. (POWL) serves as of late 2025, which clearly shows a strategic pivot toward electrification and away from the historical reliance on traditional energy sectors.

The diversification strategy is definitely paying off, with the utility and CNI segments driving top-line growth for Fiscal Year 2025, which saw total revenues hit $1.1 billion.

Here's a look at how the key customer segments performed in terms of revenue growth for the full Fiscal Year 2025:

Customer Segment	FY2025 Revenue Change (vs. FY2024)	Notes/Context
Electric Utility sector	50% growth	Driven by grid modernization and electrification demand.
Light Rail Traction Power	87% growth	Notable contribution with revenue nearly doubling year-over-year.
Commercial & Other Industrial (CNI)	19% growth	Includes strong demand from Data Centers in the United States.
Oil & Gas	3% decline	Partially offset by major U.S. LNG export project activity.
Petrochemical and Refining industries	19% decline	Saw revenue headwinds compared to the prior fiscal year.

The shift in focus is visible in the backlog composition as well. It's not just about what's being booked today, but where the work is coming from for the next few years. As of September 30, 2025, the total backlog stood at $1.4 billion.

You can see the market rebalancing clearly when you compare the backlog composition:

• Electric Utility and Commercial & Other Industrial sectors now comprise 48% of the total backlog.
• Five years ago, these two strategic markets accounted for just under 20% of the backlog.
• The Electric Utility and Oil & Gas sectors each make up about one-third of the total backlog exiting fiscal 2025.
• These two non-industrial markets (Utility and CNI) accounted for 41% of the total revenue in fiscal 2025.

For the Oil & Gas segment, while revenue declined, the company secured awards for custom offshore modules, totaling over $80 million combined in the third quarter alone. The Commercial & Other Industrial segment saw a significant win with a large mining project award in Canada.

The Electric Utility market delivered the largest utility order in Powell Industries, Inc. (POWL)'s history during the third quarter, valued at $60 million.

The company also closed the acquisition of Remsdaq Ltd. for $18.4 million, integrating SCADA Remote Terminal Units technology to scale electrical automation solutions, especially for the utility and data center customers.

Finance: draft 13-week cash view by Friday.

Powell Industries, Inc. (POWL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Powell Industries, Inc. running and building those massive electrical solutions. Honestly, for a company that deals in engineered-to-order projects, the costs are heavily weighted toward direct production and the technical brainpower behind the designs.

Cost of Goods Sold (COGS) for raw materials and manufacturing labor

The largest cost component is definitely the Cost of Goods Sold. For the full Fiscal Year 2025, Powell Industries reported total Cost of Goods Sold amounting to $779,937 million, based on total revenues of $1.1 billion. This figure bundles everything that goes directly into building the product, which includes raw materials and the direct manufacturing labor you mentioned. We know raw materials are a major driver; for instance, the reported Raw Materials cost for the quarter ending June 2025 was $95.1 million. Managing the price volatility of these components is key to protecting margins, something the company has been actively monitoring due to supply chain dynamics.

Here's a snapshot of the major cost components for the full Fiscal Year 2025:

Cost Category	FY 2025 Full Year Amount (in thousands)	FY 2025 Full Year Amount (in millions)
Cost of Goods Sold	$779,937	$779.94
Selling, General, and Administrative Expenses (SG&A)	$95,401	$95.40
Research and Development Expenses	$7,881	$7.88

Significant investment in engineering and R&D capabilities

The company's business relies on deep engineering know-how, which is a significant, though often less visible, cost. Powell Industries is making deliberate investments here to commercialize new products and stay competitive, especially in high-margin areas like electrical automation. For the full Fiscal Year 2025, Research and Development expenses totaled $7,881 thousand. Management has indicated you'll see spending at this level continue for the next couple of years, with expectations for new products to hit the market in 2026. It takes a lot of engineering to turn an RFQ (Request for Quotation) into a buildable design, generating thousands of drawings regardless of the order size.

Selling, General, and Administrative (SG&A) expenses

These are the overhead costs not directly tied to manufacturing a specific unit. For the full Fiscal Year 2025, Powell Industries reported Selling, General, and Administrative expenses of $95,401 thousand. This covers everything from sales staff salaries to corporate overhead. The company has been focused on driving cost efficiencies across the business as a whole to help manage this base cost structure.

Capital expenditures for facility expansion and capacity upgrades

To support the robust backlog and future growth, capital expenditures are necessary for physical capacity. For example, the expansion project at the Houston electrical products facility was budgeted around $11 million for Fiscal 2025, aimed at augmenting the manufacturing footprint. Looking ahead, projected CapEx for Fiscal 2026 includes about $12.4 million specifically for the Jacintoport facility expansion to support LNG demand, plus an additional $5 million to $7 million for general maintenance and productivity projects. This shows a clear, multi-year investment plan in physical assets.

Costs associated with maintaining a skilled technical workforce

While direct labor is in COGS, the cost to maintain the high level of technical skill is embedded across R&D and SG&A, plus the general overhead of a specialized workforce. The fact that the company is actively expanding its engineering capabilities with a new center in West Houston underscores the ongoing investment in technical talent. Furthermore, the company appointed a new VP of Service to expand its services franchise, which implies investment in specialized, skilled personnel to drive that revenue stream. The successful execution of complex, engineered-to-order projects, which drives their strong gross margins, is directly dependent on this specialized human capital.

Finance: draft 13-week cash view by Friday.

Powell Industries, Inc. (POWL) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Powell Industries, Inc.'s financial engine, which is heavily weighted toward the sale of custom-engineered electrical equipment and systems. This is where the bulk of the money comes in, designing and building those critical power management and distribution solutions for major industrial and utility projects. For the full fiscal year 2025, Powell Industries, Inc. hit a significant milestone, reporting Total Fiscal 2025 Revenue was $\mathbf{\$1.1 \text{ billion}}$. That's a solid 9% jump compared to the prior year. To keep that momentum going, the company is converting its substantial order book into recognized sales. As of September 30, 2025, the backlog stood at $\mathbf{\$1.4 \text{ billion}}$. Management signaled confidence in converting a significant portion of that, with approximately $\mathbf{60\%}$ of the $\mathbf{\$1.4 \text{ billion}}$ backlog expected to convert to revenue over the next 12 months, looking into fiscal 2026. Honestly, that visibility is what keeps the financial engine humming. The bottom line for this record year was equally impressive; Net income for FY2025 was a record $\mathbf{\$181 \text{ million}}$, which is a 21% increase year-over-year.

Here's a quick look at the key financial results underpinning these revenue streams for the full Fiscal 2025:

Financial Metric	Amount (FY2025)
Total Revenue	$\mathbf{\$1.1 \text{ billion}}$
Net Income	$\mathbf{\$181 \text{ million}}$
Ending Backlog	$\mathbf{\$1.4 \text{ billion}}$
Gross Margin	$\mathbf{29.4\%}$

While the primary revenue driver is the large-scale equipment sales, the business model also incorporates service revenue from maintenance, installation, and support, which supports the long-term customer relationship, though the financial reports tend to aggregate this within the overall project revenue or by market sector. The revenue mix is heavily influenced by the cyclical nature and project timelines within their served industries. You can see where the revenue growth was concentrated in FY2025:

• Electric Utility sector revenue grew by $\mathbf{50\%}$.
• Commercial & Other Industrial sector revenue grew by $\mathbf{19\%}$.
• Light Rail Traction Power market revenue increased by $\mathbf{87\%}$.
• Oil & Gas revenue saw a slight decline of $\mathbf{3\%}$.
• Petrochemical market revenue declined by $\mathbf{19\%}$.

The $\mathbf{\$1.4 \text{ billion}}$ backlog is a mix of these sectors, with Electric Utility and Oil & Gas each making up about one-third as the company exited fiscal 2025. The focus on the utility sector, including the $\mathbf{\$60 \text{ million}}$ order noted in Q3, which was the largest utility order in Powell Industries' history, clearly shows where near-term revenue conversion strength is expected to come from. The acquisition of Remsdaq Ltd. is also intended to scale a margin-accretive electrical automation solution, which will feed into future service and system revenue streams.