Forgent Power Solutions (FPS) Registration Filing summary

Company overview and business model

• Designs and manufactures electrical distribution equipment for data centers, power grids, and industrial facilities, with a focus on engineered-to-order custom products and powertrain solutions for technically demanding applications.

• Offers a broad product portfolio including transformers, switchgear, panelboards, power skids, eHouses, and related services, serving data center, grid, and industrial end-markets.

• Operates ten manufacturing campuses in the US and Mexico, with significant recent capacity expansion to support growth and rapid lead times.

• Business model emphasizes customization, vertical integration, and prefabrication to address industry bottlenecks and labor shortages.

• Customer base is diversified, with no single customer accounting for more than 9% of FY2025 revenues.

Financial performance and metrics

• FY2025 revenues reached $753.2 million, a 56% increase from the prior year, with 84% organic growth in Q1-FY2026.

• Adjusted EBITDA for the LTM ended September 30, 2025 was $169.2 million, with an adjusted EBITDA margin of 22.5%.

• Backlog as of September 30, 2025 was $1.03 billion, up 44% year-over-year, and book-to-bill ratio was 1.6x in Q1-FY2026.

• Cash and cash equivalents as of September 30, 2025 were $81.4 million; total debt was $501.1 million.

• Net income for the year ended June 30, 2025 was $17.4 million.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to indirectly purchase Opco LLC Interests from Opco, which will use the funds to redeem interests from existing owners.

• No proceeds will be received from shares sold by selling stockholders.

• Capital expenditures for recent manufacturing expansion are expected to total $205 million, with most spending completed by fiscal 2026.

• No current plans to pay dividends; future earnings will be used for debt service, working capital, and growth.