Thomas Powell, the longtime leader behind Powell Industries, has quietly slipped into the billionaire ranks as the Houston plant he helped build turned into a multibillion-dollar machine. The company that started as a modest metal-working shop in 1947 now cranks out custom switchgear, power control rooms and other electrical infrastructure for refineries, utilities and, more and more, data centers. After years of rapid stock gains, the board signed off on a three-for-one stock split that takes effect April 6.
According to the Houston Chronicle, Powell Industries now sports a market capitalization of about $6.7 billion and employs roughly 3,000 people. Forbes recently added Powell to its 2026 billionaires list, pegging his net worth at around $1.3 billion. The stock’s surge has been just as eye-popping: Nasdaq data show shares have climbed more than 1,500% over the past five years, a blistering run that helped set the stage for the split.
From Metal Shop to Global Power Supplier
Powell Industries traces its story back to a 1947 metal-working shop in Houston and credits the 1968 rollout of its first power control room with widening its industrial reach, according to Powell Industries. By focusing early on packaged, factory-tested systems, the company put itself on a path to deliver increasingly complex, turnkey electrical solutions for heavy industry.
Data Centers, Backlog and the Revenue Jump
The company reported revenue of $1.1 billion for fiscal 2025 and closed the year with a backlog of roughly $1.4 billion, per filings with the SEC. Executives say Powell is locking in larger commercial and data-center projects, including several multi-million-dollar awards discussed at investor meetings, that have helped push margins higher, as highlighted at a Sidoti investor conference covered by American Banking News. Those big-ticket wins, combined with a series of operational investments, are fueling the company’s rapid growth.
Why the Split Matters
The board says the three-for-one forward split is meant to improve accessibility and liquidity for investors and to signal confidence in Powell’s future. “Our board’s decision to approve this stock split reflects our continued strong performance and confidence in our growth outlook,” CEO Brett A. Cope said in the company’s announcement. The split will be effective after the close of trading April 2, with split-adjusted trading expected to start April 6, according to a Powell Industries press release.
What This Means for Houston
Powell still builds much of its equipment in the Houston area. Its filings list several Houston facilities and detail recent investments to expand local capacity, including a roughly $12.4 million project to enlarge the Jacintoport yard by hundreds of thousands of square feet so it can handle larger power control room builds, according to the SEC. The company reported about 3,143 full-time employees, plus contract staff, as of September 30, 2025, and management says the additional space should help it work through the hefty backlog of projects already on the books.
For Houston manufacturing and the broader energy-adjacent supply chain, Powell’s run is a reminder that specialized industrial players can scale in a hurry when long-term trends line up. Thomas Powell remains a major shareholder as the company trades in public markets and continues its push to turn a family business into a modern industrial winner, according to Forbes.
