Detailed financial statements for CSW Industrials, Inc. (CSW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CSW Industrials, Inc. is a global enterprise that supplies a diverse portfolio of industrial products across the United States and international markets. The company's business activities are structured into three primary divisions: Contractor Solutions, Engineered Building Solutions, and Specialized Reliability Solutions. The Contractor Solutions division caters to the needs of HVAC and plumbing professionals.
Analysis Summary
CSW Industrials, Inc. reported revenue of $1.08B in the most recent fiscal year, growing at a 5-year CAGR of 11.6%. Net income reached $112.0M, with a 11.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 42.1%, operating margin 18.2%, net margin 10.2%. Free cash flow grew at 18.2% CAGR over 5 years.
At $286.16 (closing price, October 30, 2026), CSW trades at a P/E of 36.69 and an ROE of 11.84%. Market capitalisation stands at $4.7B.
Balance sheet quality for CSW: debt-to-equity ratio of 0.75, current ratio of 2.35 over the last 12 months, net debt of $898.2M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $132.4M represents 118% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $327.1M | $326.2M | $350.2M | $385.9M | $626.4M | $626.4M | $757.9M | $792.8M | $878.3M | $1.08B |
| Cost of Revenue | $193.2M | $178.3M | $188.8M | $209.0M | $370.5M | $373.7M | $439.7M | $442.1M | $485.0M | $628.9M |
| Gross Profit | $133.8M | $147.9M | $161.4M | $176.8M | $256.0M | $252.7M | $318.2M | $350.7M | $393.3M | $453.7M |
| Research & Development | $4.8M | $4.6M | $4.3M | 0 | 0 | $4.8M | $4.8M | $5.9M | $5.3M | 0 |
| Selling, General & Admin | $107.2M | $97.2M | $100.9M | $110.0M | $158.6M | $149.8M | $174.4M | $183.6M | $203.3M | $269.5M |
| Operating Expenses | $107.2M | $97.2M | $100.9M | $111.0M | $158.6M | $154.6M | $179.1M | $191.6M | $212.1M | $269.5M |
| Operating Income | $22.5M | $50.7M | $60.4M | $65.9M | $97.4M | $98.1M | $139.1M | $159.1M | $181.2M | $184.2M |
| EBITDA | $48.2M | $65.3M | $77.1M | $73.6M | $120.0M | $133.6M | $174.5M | $198.9M | $223.4M | $249.9M |
| Interest Expense | $2.7M | $2.3M | $1.4M | $1.3M | $2.4M | $5.4M | $13.2M | $12.7M | $269,000 | $22.2M |
| Pre-tax Income | $21.5M | $48.2M | $61.4M | $57.4M | $91.5M | $91.5M | $125.9M | $140.5M | $180.1M | $145.5M |
| Income Tax | $10.5M | $15.6M | $15.4M | $12.7M | $24.1M | $24.1M | $29.3M | $37.9M | $42.6M | $32.7M |
| Net Income | $11.1M | -$11.9M | $45.6M | $45.7M | $66.4M | $66.4M | $96.4M | $101.6M | $136.7M | $112.0M |
| EPS | $0.70 | -$0.76 | $2.96 | $3.05 | $2.67 | $4.21 | $6.22 | $6.54 | $8.41 | $6.73 |
| EPS (Diluted) | $0.70 | -$0.76 | $2.93 | $3.02 | $2.65 | $4.20 | $6.20 | $6.52 | $8.38 | $6.70 |
| Shares Outstanding (Diluted) | 15.8 M | 15.7 M | 15.5 M | 15.2 M | 15.1 M | 15.8 M | 15.5 M | 15.6 M | 16.3 M | 16.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $233.0M | $309.0M | $350.6M | $361.4M |
| Gross Profit | $92.4M | $126.6M | $157.4M | $151.9M |
| Operating Income | $19.2M | $53.1M | $79.9M | $75.5M |
| EBITDA | $35.3M | $75.7M | $100.3M | $95.2M |
| Net Income | $10.3M | $20.2M | $49.8M | $47.3M |
| EPS | $0.62 | $1.26 | $3.05 | $2.91 |
| EPS (Diluted) | $0.62 | $1.24 | $3.04 | $2.90 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.1M | $11.7M | $26.7M | $18.3M | $16.6M | $16.6M | $18.5M | $22.2M | $225.8M | $33.8M |
| Short-term Investments | $1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $59.8M | $63.4M | $66.1M | $74.9M | $122.8M | $122.8M | $124.1M | $144.6M | $157.7M | $213.6M |
| Inventory | $50.4M | $43.0M | $51.4M | $53.8M | $150.1M | $150.1M | $161.6M | $150.7M | $194.9M | $309.7M |
| Total Current Assets | $146.3M | $127.6M | $151.3M | $150.0M | $300.1M | $300.1M | $323.1M | $331.4M | $592.9M | $589.1M |
| Property, Plant & Equipment | $63.9M | $54.5M | $53.6M | $73.6M | $154.1M | $154.1M | $148.1M | $137.3M | $155.5M | $107.5M |
| Goodwill | $80.9M | $81.8M | $86.3M | $91.7M | $224.7M | $224.7M | $242.7M | $247.2M | $264.1M | $632.6M |
| Intangible Assets | $90.6M | $53.1M | $50.5M | $46.2M | $300.8M | $300.8M | $318.9M | $318.8M | $357.9M | $900.1M |
| Total Assets | $397.7M | $340.8M | $352.6M | $369.2M | $995.4M | $995.4M | $1.04B | $1.04B | $1.38B | $2.32B |
| Accounts Payable | $10.4M | $16.8M | $19.0M | $22.0M | $47.8M | $47.8M | $40.7M | $48.4M | $54.8M | $76.9M |
| Short-term Debt | $561,000 | $561,000 | $561,000 | $3.6M | $561,000 | $561,000 | $9.8M | 0 | 0 | $29.5M |
| Total Current Liabilities | $37.7M | $44.9M | $49.2M | $59.1M | $117.4M | $117.4M | $108.0M | $115.8M | $147.2M | $226.9M |
| Long-term Debt | $72.6M | $23.5M | $30.9M | $10.3M | $252.2M | $252.2M | $253.0M | $166.0M | 0 | $839.8M |
| Total Liabilities | $125.2M | $75.1M | $88.9M | $92.5M | $510.9M | $510.9M | $499.3M | $408.2M | $286.6M | $1.25B |
| Retained Earnings | $245.0M | $233.7M | $277.6M | $315.1M | $407.5M | $407.5M | $493.3M | $583.1M | $705.0M | $799.0M |
| Total Equity | $272.4M | $265.8M | $263.7M | $276.7M | $469.1M | $469.1M | $525.7M | $615.7M | $1.07B | $1.05B |
| Total Debt | $73.2M | $24.0M | $31.5M | $29.1M | $325.3M | $325.3M | $318.4M | $233.6M | $69.4M | $932.0M |
| Net Debt | $48.3M | $12.3M | $4.8M | $10.8M | $308.7M | $308.7M | $299.9M | $211.4M | -$156.5M | $898.2M |
| Working Capital | $108.5M | $82.7M | $102.1M | $90.9M | $182.7M | $182.7M | $215.0M | $215.6M | $445.7M | $362.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $31.5M | $40.2M | $33.8M | $47.5M |
| Total Assets | $1.52B | $2.29B | $2.32B | $2.33B |
| Total Liabilities | $369.4M | $1.20B | $1.25B | $1.24B |
| Total Equity | $1.13B | $1.07B | $1.05B | $1.07B |
| Total Debt | $135.5M | $797.8M | $932.0M | $855.5M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $11.1M | $32.7M | $46.1M | $45.7M | $40.3M | $67.3M | $96.6M | $101.6M | $137.5M | $112.8M |
| Depreciation & Amortization | $13.8M | $14.9M | $13.8M | $14.8M | $23.0M | $36.9M | $35.6M | $37.6M | $43.0M | $67.1M |
| Stock-based Compensation | $4.6M | $4.2M | $3.9M | $5.1M | $8.7M | $8.4M | $9.8M | $11.5M | $13.6M | $14.9M |
| Change in Working Capital | $2.3M | $5.3M | -$2.6M | -$1.3M | -$2.6M | -$43.3M | -$18.4M | $11.1M | -$25.1M | -$75.7M |
| Operating Cash Flow | $39.0M | $43.2M | $59.7M | $69.9M | $66.3M | $69.1M | $121.5M | $164.3M | $168.4M | $149.7M |
| Capital Expenditure | -$9.4M | -$5.5M | -$7.5M | -$11.4M | -$8.8M | -$15.7M | -$14.0M | -$16.6M | -$16.3M | -$17.3M |
| Acquisitions | -$28.2M | $92,000 | -$10.1M | -$11.8M | -$287.2M | -$35.9M | -$55.9M | -$32.7M | -$84.7M | -$1.02B |
| Stock Repurchased | -$1.0M | -$2.2M | -$46.7M | -$28.5M | -$10.5M | -$19.3M | -$39.1M | -$15.3M | -$27.7M | -$132.7M |
| Dividends Paid | 0 | 0 | 0 | -$8.1M | -$8.1M | -$9.5M | -$10.6M | -$11.8M | -$14.6M | -$18.0M |
| Free Cash Flow | $29.7M | $37.6M | $52.2M | $58.5M | $57.4M | $53.4M | $107.5M | $147.8M | $152.1M | $132.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $61.8M | $28.9M | -$1.7M | $75.6M |
| Capital Expenditure | -$3.1M | -$6.1M | -$5.1M | -$6.0M |
| Free Cash Flow | $58.7M | $22.7M | -$6.8M | $69.6M |
| Dividends Paid | -$4.5M | -$4.5M | -$4.4M | -$4.9M |
| Stock-based Compensation | 0 | $3.8M | $7.1M | $4.1M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -0.3% | +7.3% | +10.2% | +62.3% | +0.0% | +21.0% | +4.6% | +10.8% | +23.3% | |
| Net Income Growth (YoY) | -207.3% | +483.6% | +0.3% | +45.2% | +0.0% | +45.3% | +5.4% | +34.4% | -18.0% | |
| EPS Growth (YoY) | -208.6% | +489.5% | +3.0% | -12.5% | +57.7% | +47.7% | +5.1% | +28.6% | -20.0% | |
| Shares Change (YoY) | -1.1% | -0.9% | -2.1% | -0.5% | +4.5% | -1.7% | +0.2% | +4.7% | +2.4% | |
| FCF Growth (YoY) | +26.8% | +38.7% | +12.0% | -1.8% | -6.9% | +101.2% | +37.4% | +2.9% | -13.0% | |
| Gross Margin | 40.9% | 45.3% | 46.1% | 45.8% | 40.9% | 40.3% | 42.0% | 44.2% | 44.8% | 41.9% |
| Operating Margin | 6.9% | 15.5% | 17.3% | 17.1% | 15.5% | 15.7% | 18.3% | 20.1% | 20.6% | 17.0% |
| EBITDA Margin | 14.7% | 20.0% | 22.0% | 19.1% | 19.1% | 21.3% | 23.0% | 25.1% | 25.4% | 23.1% |
| Net Margin | 3.4% | -3.6% | 13.0% | 11.8% | 10.6% | 10.6% | 12.7% | 12.8% | 15.6% | 10.3% |
| FCF Margin | 9.1% | 11.5% | 14.9% | 15.2% | 9.2% | 8.5% | 14.2% | 18.6% | 17.3% | 12.2% |
| Effective Tax Rate | 48.6% | 32.3% | 25.0% | 22.2% | 26.4% | 26.4% | 23.3% | 27.0% | 23.7% | 22.5% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.87 | $2.40 | $3.36 | $3.84 | $3.80 | $3.38 | $6.92 | $9.48 | $9.32 | $7.92 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.53 | $0.53 | $0.60 | $0.68 | $0.76 | $0.89 | $1.08 |
| Shares Outstanding (Basic) | 15.8 M | 15.7 M | 15.4 M | 15.0 M | 15.0 M | 15.8 M | 15.5 M | 15.5 M | 16.2 M | 16.7 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 11.84% |
| Return on Invested Capital | 8.37% |
| Return on Assets | 5.48% |
| Gross Margin | 42.13% |
| Operating Margin | 18.16% |
| Net Margin | 10.17% |
Financial Health
| Debt / Equity | 0.75 |
| Current Ratio | 2.35 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 3.49 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 52.43 | -59.28 | 19.49 | 21.26 | 50.56 | 27.93 | 22.34 | 35.46 | 34.66 | 38.72 |
| P/B | 2.12 | 2.66 | 3.37 | 3.52 | 4.32 | 3.95 | 4.10 | 5.85 | 4.42 | 4.13 |
| P/S | 1.77 | 2.16 | 2.54 | 2.53 | 3.24 | 2.96 | 2.84 | 4.54 | 5.39 | 4.01 |
| Gross Margin | 40.9% | 45.3% | 46.1% | 45.8% | 40.9% | 40.3% | 42.0% | 44.2% | 44.8% | 41.9% |
| Operating Margin | 6.9% | 15.5% | 17.3% | 17.1% | 15.5% | 15.7% | 18.3% | 20.1% | 20.6% | 17.0% |
| Net Margin | 3.4% | -3.6% | 13.0% | 11.8% | 10.6% | 10.6% | 12.7% | 12.8% | 15.6% | 10.3% |
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Explore sector: Industrials · Industrial - Specialties
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