Forgent Power Solutions reported 89% revenue growth and a $3 billion backlog, driven by surging demand for AI datacenter power infrastructure and fuel-cell systems.

Forgent Power Solutions, a data center power distribution provider, reported an 89% year-over-year revenue increase to $1.42 billion for fiscal year 2026, capitalizing on strong demand for modular solutions amid the ongoing AI data center buildout cycle. The company achieved a 375% rise in Q4 bookings and reached a record $3 billion backlog.

Looking forward, FPS projects 69% revenue growth to $2.4–$2.6 billion for fiscal year 2027, alongside 86% EBITDA growth. The company's valuation multiples have normalized to more reasonable levels. With its strong execution track record and defensible niche market position, FPS presents an attractive investment opportunity, with a target price of $35.