Forgent Power Solutions Inc.: Q3 26 First Take: EBITDA beat; FY EBITDA guide raise with Q4 EBITDA guide mid-point slightly >Street; Very strong orders/backlog

研报英文原文证据摘录

Forgent Power Solutions Inc.: Q3 26 First Take: EBITDA beat; FY EBITDA guide raise with Q4 EBITDA guide mid-point slightly >Street; Very strong orders/backlog

Equity Research

U.S. Multi-Industry

14 May 2026

Forgent Power Solutions Inc.

Q3 26 First Take: EBITDA beat; FY

EBITDA guide raise with Q4 EBITDA

FPS OVERWEIGHTguide mid-point slightly >Street;

U.S. Multi-Industry NEUTRAL

Price Target USD 44.00Very strong orders/backlog

Price (13-May-26) USD 45.52

FPS reported Q3 adj. NI $55m vs. our $49.5m est. and the Potential Upside/Downside -3.3%

Street at $43m. Sales were 12% above our est., with adj. Source: Bloomberg, Barclays Research

EBITDA 10.5% above. The extent of the backlog /orders U.S. Multi-Industry

growth should allow a +Ve reaction despite very high Julian Mitchell

expectations. +1 212 526 1661 julian.mitchell@barclays.com

BCI, US

2026 Guidance: FPS is guiding adj. net income at $197-207m vs the prior guide of $190-200m, Jimmy Yunhao Jiang

our est. of $196m, and our expectation of a $195-205m guided. +1 212 526 6042

jimmy.jiang@barclays.com

This is based off sales growth of ~82% y-o-y, or $1350-1390m vs $1,275-1,325m guided prior, our BCI, US

estimate of $1,317m. Adj. EBITDA margins are guided at 23.0% vs the prior guide of 23.5%, and

Haemaru Chung

our estimate of 23.1%. +1 212 526 4758

haemaru.chung@barclays.com

The capex buildout at the company is on track to be 'substantially completed' at the end of

FY26, allowing capex to then fall 'significantly.'

Drew Smith

Q426 Guidance: FPS guided Q426 adj. net income at $67-77m vs the Street / our est. at $63m / +1 212 526 1325

$71m. drew.smith@barclays.com

This is based off sales growth of +73% y-o-y, or $392-432m vs our est. of $399m. The adj. EBITDA

margin guide is 25.5% (vs 18.0% in the prior year) vs our est.