POWL
NASDAQ · Industrials · Electrical Equipment & Parts · US
Research · Nov 4, 2026
Onsite Gas Power Generation Adds Storage and Distribution to Manage AI Load Swings
Atlas Energy Solutions and Williams say AI load swings force onsite gas plants to add storage and power distribution, lifting Atlas's capex above $2 million per MW.
Research · Sep 3, 2026
[POWL] Powell Industries Thesis 2026: AI Data Center Substation Drives LNG Backlog Conversion
Powell Industries, Inc. (NASDAQ: POWL) FY2025 revenue ~$1.10-1.18B (+12-20%) with adj. EPS ~$15.50-17.00 reflecting continued post-2024 ~$830-895M aggregate Industrial revenue (~75%+ aggregate revenue mix; selected primary AI Data Center + LNG + Petrochemical + Refining + selected various aggregate Mining electrical power distribution) + selected continued post-2024 ~$220-265M aggregate Utility + Other revenue (~24%+ aggregate revenue mix; selected primary US utility) under continued President + CEO Brett Cope since 2018 (~7-year tenure as Powell Industries CEO). One of the largest US specialty electrical power distribution + substation manufacturers + Tier 1 supplier to AI Data Center + LNG + Petrochemical + Refining markets. Founded 1947 as Powell Industries by William Powell + family in Houston Texas (~78-year heritage); selected post-1985 NASDAQ listing; selected post-2018 Brett Cope CEO appointment. Headquartered in Houston Texas; ~2,500-2,800+ employees globally with ~$1.10-1.18B revenue. Two primary business segments: Industrial (~75%+ ~$830-895M), Utility + Other (~24%+ ~$220-265M). Geographic mix: US ~85%+ + selected various Canada + Mexico + EU + selected various international ~15%. AI Data Center substation cycle (post-2023 hyperscale ramp): ~$830-895M Industrial revenue; selected primary US AI Data Center hyperscale (NVIDIA + Microsoft + Google + Meta + Amazon hyperscale); ~+30-50% aggregate AI Data Center substation revenue growth; ~$10-30M aggregate average AI Data Center substation order size. LNG backlog conversion + Petrochemical recovery: ~$1.4-1.5B aggregate total backlog; ~3-4 year aggregate backlog visibility; ~$20-30M aggregate average LNG substation order size; selected primary Cheniere Corpus Christi + Sempra Port Arthur + Tellurian Driftwood. President + CEO Brett Cope since 2018 (~7-year tenure); CFO Mike Metcalf. Capital return: ~$1.10 annual dividend FY2025 (~+5-7% growth post-2024 dividend acceleration; ~30-year continuous dividend track post-1990s); minimal opportunistic buybacks; ~$0.4-0.5B aggregate cash + investments balance; net leverage ~negligible (~debt-free balance sheet); investment-grade Baa2/BBB credit rating; selected ~$60-80M+ aggregate Powell family + selected various aggregate ownership concentration. FY2026 thesis: AI Data Center substation cycle + LNG backlog conversion + Petrochemical recovery + ~$1.10 annual dividend + ~30-year continuous dividend track + ~$15-50M aggregate annual capital return + ~$1.4-1.5B aggregate ongoing backlog. Risks: Eaton + ABB + Siemens Energy + Schneider Electric + Hubbell + Hammond Power Solutions competition, AI capex cycle deceleration, hyperscale data center + LNG export terminal construction cycle considerations.
Research · Aug 25, 2026
Data Center Development Shifts Toward Developer-Purchased Power and Cooling
Goodman and Prologis now buy the cooling and power equipment for the data centers they develop, a shift Prologis prices at about five times the capital.