We look for Powell to have maintained a profit recovery that began in F2023 into 3Q:F25; however, after more than a year of elevated growth, profit comparisons will become more challenging, in our view. As such, we project 3Q:F25 EPS of $3.69, compared to $3.79 a year earlier. Incoming orders were $249 million in 2Q:F25 (inclusive of two large, roughly $50 million, orders), compared to $269 million in 1Q:F25, keeping the backlog at a record $1.3 billion at the close of 1Q:F25 flat versus a year earlier. We assume large project work will sustain the revenue outlook through F2026 and maintain our EPS outlook of $14.14 and $15.08 in F2025 and F2026, respectively. Powell has a clean balance sheet, with no long-term debt and $389.3 million in net cash ($31.98 per share) as of the end of 2Q:F25. We maintain our $227 price target, which is based on 13x our F2026 operating EPS (excluding interest income from the large cash holding) estimate of $14.01, plus $44.90 in projected net cash at the end of F2026. Our moderate risk rating considers a clean balance sheet, end market cyclicality and uncertainty as to the timing of realizing project-based work.