Powell reported 3Q:F25 EPS of $3.96, up 4.6% year over year. Order intake was a stellar $362 million, compared to $249 million in 2Q:F25, upping the backlog to a record high $1.4 billion. The company maintains there have been no significant changes in the competitive pricing environment. New expansion is for new product introductions and to alleviate congestion. We assume large project work will sustain the revenue outlook through F2027. Reflecting the solid third quarter results, we raise our F2025 EPS estimate to $14.41 (from $14.14), maintain our F2026 EPS estimate of $15.08, and introduce our F2027 EPS estimate of $15.77. Powell has a clean balance sheet, with no long-term debt and $433.0 million in net cash ($35.57 per share) in 3Q:F25. With the introduction of our F2027, we shift our valuation horizon and raise our price target to $233, which is based on 12x (down from 13x) our F2027 operating EPS (excluding interest income from the large cash holding) estimate of $14.84, plus $55.16 in projected net cash at the end of F2027. Our moderate risk rating considers a clean balance sheet, end market cyclicality and uncertainty as to the timing of realizing project-based work.