How new Texas billionaire Thomas Powell grew a $6.7 billion Houston business

Powell Industries, a company founded in Houston in 1947 as a metal-working shop, has evolved into a $6.7 billion business specializing in electrical infrastructure equipment and systems. The company's growth has been significantly bolstered by the expanding data center industry, contributing to a 9% revenue increase to $1.1 billion in fiscal year 2025 and a surge in its share price by over 1,500% in five years. Thomas Powell, who started at the company in 1964 and served as CEO and chairman for many years, has recently achieved billionaire status, joining Forbes' World Billionaires list with an estimated net worth of $1.3 billion. In response to its strong performance and growth outlook, Powell Industries' board approved a three-for-one stock split, set to take effect on April 6. CEO Brett A. Cope stated that the split aims to improve stock accessibility for investors and support liquidity. The company maintains three manufacturing facilities and two engineering offices in the Houston area.