CSW Industrials

CSW · NYSE · Industrials · Financials, fiscal 2017 to 2026

CSW · Last close · November 6, 2026

$271.74

CSW Industrials' revenue rose 23.2% to $1.1 billion in fiscal 2026. Its operating margin was 15.6%, down from 20.6% a year earlier. Free cash flow was $132 million, down 12.9%. It paid out $151 million in dividends and buybacks, 114% of free cash flow. The diluted share count rose 2.4%.

CSW INDUSTRIALS, INC. Latest fiscal year ended March 31, 2026 10-K filed May 26, 2026 · 0001624794-26-000027 Updated November 5, 2026

Revenue

$1.1B

23.2%

Operating margin

15.6%

5.1 pts

Net income

$112M

18.0%

Free cash flow

$132M

12.9%

Return on capital

7.2%

3.9 pts

Market cap

$4.4B

Nov 6 close

P/E

34.9x

On $7.79 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What CSW Industrials does

CSW Industrials makes niche industrial products and sells them mainly to contractors. It has three segments: Contractor Solutions, Specialized Reliability Solutions and Engineered Building Solutions. Its products include mechanical products for heating, ventilation, air conditioning and refrigeration (HVAC/R), plumbing products, grilles, registers and diffusers, building safety solutions, and specialty lubricants and sealants.

It earns money by selling these products directly to end users or through wholesale distributors, in over 100 countries, mainly the United States, Canada, the United Kingdom and Australia. Its end markets include HVAC/R, plumbing, architecturally specified building products, general industrial, energy, rail, mining and electrical. It manufactures mostly in the United States, Vietnam and Canada, and has distribution operations in the United States, Australia, Canada and the United Kingdom.

It grows through its own products and by buying other businesses. It was incorporated in 2014 and separated from Capital Southwest on September 30, 2015. In fiscal 2026 it decided to pursue a sale of its Greco US business and to exit its Greco Canada business.

Its biggest risks, as it describes them

Tariffs and changes in global trade policy.
Cyclical end markets that make its results swing.
Competition that could cost it market share to rivals' products.
Losing key suppliers, or being unable to get raw materials and pass higher costs on to customers.
Risks of its international sales and its use of third-party manufacturers.

From CSW Industrials's annual report on Form 10-K, filed May 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2026, earnings per share grew 28.5% a year and net income 29.3% a year, as new shares raised the share count by 6% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	17	18	22	226	34
Debt incl. finance leases	253	253	166	872	869
Net debt (negative means net cash)	236	234	144	646	836
Net debt to EBITDA	1.8x	1.4x	0.7x	2.9x	3.6x
Debt to equity	0.5x	0.5x	0.3x	0.8x	0.8x
Interest coverage	19.6x	11.1x	13.0x	37.9x	8.1x
Current ratio	2.6x	3.0x	2.9x	4.0x	2.6x
Quick ratio	1.3x	1.5x	1.6x	2.7x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project CSW Industrials' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open CSW Industrials' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $76,986 of CSW Industrials shares on the open market, and 6 insiders sold $8.7 million, $5.2 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Joseph B ArmesChairman, President & CEO, Director	Sold plan	1,500	$289.58	$434,370	Form 4
Aug 14, 2026	Joseph B ArmesChairman, President & CEO, Director	Sold plan	1,500	$345.16	$517,740	Form 4
Aug 10, 2026	Jeff UnderwoodEVP, GM Contractor Solutions	Sold	720	$346.96	$249,811	Form 4
Aug 5, 2026	Don SullivanEVP, Chief Strategy Officer	Sold	4,526	$343.75	$1.6 million	Form 4
Jul 15, 2026	Joseph B ArmesChairman, President & CEO, Director	Sold plan	1,500	$289.95	$434,925	Form 4
Jun 15, 2026	Joseph B ArmesChairman, President & CEO, Director	Sold plan	1,500	$279.52	$419,280	Form 4
May 27, 2026	Joseph B ArmesChairman, President & CEO, Director	Sold plan	1,500	$283.94	$425,910	Form 4
May 1, 2026	Luke AlversonSVP, GC & Secretary	Sold plan	1,007	$289.57	$291,597	Form 4
Apr 15, 2026	Joseph B ArmesChairman, President & CEO, Director	Sold plan	1,500	$286.77	$430,155	Form 4
Apr 15, 2026	Don SullivanEVP, Chief Strategy Officer	Sold plan	166	$300.26	$49,843	Form 4
Apr 7, 2026	Luke AlversonSVP, GC & Secretary	Sold plan	1,007	$266.11	$267,973	Form 4
Mar 23, 2026	Joseph B ArmesChairman, President & CEO, Director	Sold plan	1,500	$270.11	$405,165	Form 4

The latest 12 of 24 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	6 of 9	7 of 9	4 of 9
Rule of 40	23.2%	28.1%	35.5%
Altman Z''	5.79	8.60	3.52
Accruals ratio	−6.0%	−2.6%	−2.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	6 of 9	7 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put CSW Industrials side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
CSW Industrials	FY26	23.2%	15.6%	12.2%	7.2%	3.6x	4
Carlisle Companies	FY25	0.3%	20.0%	19.3%	21.9%	1.5x	6	Compare
DuPont	FY25	1.9%	—	3.3%	1.1%	2.1x	6	Compare
3M	FY25	1.5%	18.6%	5.6%	34.2%	1.1x	5	Compare
Honeywell Technologies	FY25	7.8%	21.7%	14.5%	17.1%	2.3x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	288	326	350	386	419	626	758	793	878	1,082
Revenue growth	7.7%	13.5%	7.3%	10.2%	8.6%	49.4%	21.0%	4.6%	10.8%	23.2%
Gross profit	129	148	161	177	184	256	318	351	393	454
Research and development	—	—	—	—	—	—	5	6	5	6
Operating income	32	50	60	66	59	97	139	159	181	168
Net income	11	−12	46	46	40	66	96	102	137	112
Diluted EPS (US$)	0.70	−0.76	2.93	3.01	2.65	4.20	6.20	6.52	8.38	6.70
Diluted shares (millions)	16	16	16	15	15	16	16	16	16	17
Cash flow
Cash from operations	39	43	60	70	66	69	122	164	168	150
Capital expenditure	7	6	8	11	9	16	14	17	16	17
Free cash flow	32	38	52	58	57	53	108	148	152	132
Dividends paid	0	0	0	8	8	10	11	12	15	18
Share buybacks	1	2	47	28	10	19	39	15	28	133
Acquisitions	28	0	10	12	287	36	56	30	85	1,021
Stock-based compensation	3	4	4	5	5	—	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	23	12	27	18	10	17	18	22	226	34
Debt incl. finance leases	73	24	32	11	242	253	253	166	872	869
Total assets	398	341	353	374	880	995	1,044	1,043	1,379	2,317
Total liabilities	126	75	89	92	464	511	499	408	287	1,247
Shareholders' equity	272	266	268	280	415	469	526	616	1,072	1,050
Margins and ratios
Gross margin	44.9%	45.4%	46.1%	45.8%	44.0%	40.9%	42.0%	44.2%	44.8%	41.9%
Operating margin	11.2%	15.2%	17.3%	17.1%	14.1%	15.6%	18.4%	20.1%	20.6%	15.6%
Net margin	3.9%	−3.6%	13.0%	11.8%	9.6%	10.6%	12.7%	12.8%	15.6%	10.3%
Free cash flow margin	11.2%	11.5%	14.9%	15.2%	13.7%	8.5%	14.2%	18.6%	17.3%	12.2%
Rule of 40 (growth + FCF margin)	18.9%	25.0%	22.2%	25.4%	22.3%	58.0%	35.2%	23.2%	28.1%	35.5%
Return on capital	5.5%	11.2%	16.5%	18.8%	10.1%	10.6%	14.6%	15.3%	11.2%	7.2%
Return on equity	4.2%	−4.4%	17.1%	16.7%	11.5%	15.0%	19.4%	17.8%	16.2%	10.6%
Return on assets	2.8%	−3.2%	13.1%	12.6%	6.4%	7.1%	9.5%	9.7%	11.3%	6.1%
Net debt to EBITDA	1.1x	0.2x	0.1x	−0.1x	2.8x	1.8x	1.4x	0.7x	2.9x	3.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: CSW Industrials' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with CSW Industrials.