Forgent Power Solutions, Inc. (FPS)

Forgent Power Solutions, Inc. is a designer and manufacturer of electrical distribution equipment used in data centers, the power grid and energy-intensive industrial facilities. This equipment delivers electricity safely and efficiently from power plants to homes, businesses and industrial facilities, and between equipment within buildings. The company's Class A common stock trades on the New York Stock Exchange under the symbol "FPS". It emphasizes engineered-to-order products, supported by a team of more than 200 engineers, and says it can engineer a custom product in as little as a few hours and produce and ship it in as little as a week.

The company sells Custom Products, Powertrain Solutions and Standard Products, and also provides services. In fiscal 2026, these generated roughly 70%, 25%, 3% and 2% of revenues, respectively. Custom Products are designed for a specific project and typically produced in small quantities. Powertrain Solutions combine Custom Products into integrated systems. Standard Products use common designs and are made in large quantities. Product categories include dry type and liquid filled transformers, switchgear, switchboards, panelboards, remote power panels, generator connection cabinets, tap boxes, automatic transfer switches, power distribution units, and prefabricated eHouses and power skids. Services include on-site start-up, commissioning, maintenance, testing, repair, modernization and retrofit work, with 24/7 support available where uptime is critical.

Customers include technology, power, utility and industrial companies that buy directly; OEMs and integrators that incorporate or resell the products; contractors that build data centers, power plants and transmission and distribution infrastructure; and electrical products distributors. In fiscal 2026, about 59% of revenues came from Data Center, 21% from Grid, 10% from Industrial and 10% from other markets. Substantially all revenues came from North America, and one customer accounted for more than 10% of revenues. Sales go through a direct salesforce organized by end market, independent sales representatives across the United States, and private label arrangements with integrators and OEMs.

The company operates manufacturing campuses in Minnesota, Texas, Maryland, California and Mexico, totaling about 2.3 million square feet. A 2025-2026 Capacity Expansion Plan added 1.8 million square feet across five new campuses. Manufacturing is highly vertically integrated, including in-house medium voltage switchgear and transformers. It buys raw materials such as copper, steel and aluminum, and components such as breakers, mostly on a purchase-order basis from domestic and international suppliers. Competitors include Vertiv, Hubbell subsidiaries, Schneider Electric, Eaton, Hitachi Energy, GE-Prolec, nVent, WEG, IEM and Mission Critical Group, along with smaller private companies. At June 30, 2026, the company had about 3,000 full-time and 450 temporary employees, and some are represented by unions, including most in Mexico and those in Minnesota.