Csw Industrials, Inc.
CSW NYSE Adhesives & Sealants Financials FY2017–FY2026
Revenue
Total sales reported in the income statement.
$1.1B
23.3%
vs prior year
Operating margin
Operating income as a share of revenue.
15.6%
5.1 pts
Net income
Profit after all expenses, interest and tax.
$112M
18.0%
Free cash flow
Cash from operations minus capital spending.
$132M
13.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.0%
1.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $7.31 EPS (TTM)
What Csw Industrials, Inc. does
No business description yet.
- Legal name
- CSW INDUSTRIALS, INC.
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · May 26, 2026
- Accession · CIK
- 0001624794-26-000027
0001624794
Revenue and margins
Csw Industrials, Inc. had $1.1B of revenue in fiscal 2026, up 23.3% on the year before.
FY17
Revenue $287M
FY18
Revenue $326M
FY19
Revenue $350M
FY20
Revenue $386M
FY21
Revenue $419M
FY22
Revenue $626M
FY23
Revenue $758M
FY24
Revenue $793M
FY25
Revenue $878M
FY26
Revenue $1.1B
Q2 '24
Revenue $204M
Q3 '24
Revenue $175M
Q4 '24
Revenue $211M
Q1 '25
Revenue $226M
Q2 '25
Revenue $228M
Q3 '25
Revenue $194M
Q4 '25
Revenue $231M
Q1 '26
Revenue $264M
Q2 '26
Revenue $277M
Q3 '26
Revenue $233M
Q4 '26
Revenue $309M
Q1 '27
Revenue $351M
FY17
Gross 44.9%
Operating 11.1%
Net 3.9%
FCF 11.2%
FY18
Gross 45.3%
Operating 15.2%
Net −3.6%
FCF 11.5%
FY19
Gross 46.1%
Operating 17.3%
Net 13.0%
FCF 14.9%
FY20
Gross 45.8%
Operating 17.1%
Net 11.8%
FCF 15.2%
FY21
Gross 44.0%
Operating 14.1%
Net 9.6%
FCF 13.7%
FY22
Gross 40.9%
Operating 15.5%
Net 10.6%
FCF 8.5%
FY23
Gross 42.0%
Operating 18.3%
Net 12.7%
FCF 14.2%
FY24
Gross 44.2%
Operating 20.1%
Net 12.8%
FCF 18.6%
FY25
Gross 44.8%
Operating 20.6%
Net 15.6%
FCF 17.3%
FY26
Gross 41.9%
Operating 15.6%
Net 10.4%
FCF 12.2%
Gross
Operating
Net
FCF
Q2 '24
Gross 44.7%
Operating 20.6%
Net 14.8%
FCF 20.6%
Q3 '24
Gross 42.3%
Operating 15.8%
Net 5.3%
FCF 24.6%
Q4 '24
Gross 44.4%
Operating 21.0%
Net 15.1%
FCF 8.3%
Q1 '25
Gross 47.5%
Operating 24.3%
Net 17.1%
FCF 26.3%
Q2 '25
Gross 45.6%
Operating 22.6%
Net 15.8%
FCF 27.2%
Q3 '25
Gross 41.4%
Operating 15.3%
Net 13.9%
FCF 4.0%
Q4 '25
Gross 44.2%
Operating 19.5%
Net 15.2%
FCF 9.9%
Q1 '26
Gross 43.8%
Operating 20.8%
Net 15.5%
FCF 21.9%
Q2 '26
Gross 43.0%
Operating 20.5%
Net 14.7%
FCF 21.2%
Q3 '26
Gross 39.7%
Operating 7.4%
Net 4.4%
FCF 9.8%
Q4 '26
Gross 41.0%
Operating 12.8%
Net 6.5%
FCF −2.2%
Q1 '27
Gross 44.9%
Operating 22.8%
Net 14.2%
FCF 19.9%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 28.5% a year. Loss periods are shown in red.
FY17
Net income $11.1M
FY18
Net income −$11.9M
FY19
Net income $45.6M
FY20
Net income $45.7M
FY21
Net income $40.1M
FY22
Net income $66.4M
FY23
Net income $96.4M
FY24
Net income $102M
FY25
Net income $137M
FY26
Net income $112M
Q2 '24
Net income $30.1M
Q3 '24
Net income $9.2M
Q4 '24
Net income $31.8M
Q1 '25
Net income $38.6M
Q2 '25
Net income $36.1M
Q3 '25
Net income $26.9M
Q4 '25
Net income $35.1M
Q1 '26
Net income $40.9M
Q2 '26
Net income $40.7M
Q3 '26
Net income $10.3M
Q4 '26
Net income $20.2M
Q1 '27
Net income $49.8M
FY17
Diluted EPS $0.70
FY18
Diluted EPS −$0.76
FY19
Diluted EPS $2.93
FY20
Diluted EPS $3.01
FY21
Diluted EPS $2.65
FY22
Diluted EPS $4.20
FY23
Diluted EPS $6.20
FY24
Diluted EPS $6.52
FY25
Diluted EPS $8.38
FY26
Diluted EPS $6.70
Q2 '24
Diluted EPS $1.93
Q3 '24
Diluted EPS $0.59
Q4 '24
Diluted EPS $2.03
Q1 '25
Diluted EPS $2.47
Q2 '25
Diluted EPS $2.26
Q3 '25
Diluted EPS $1.60
Q4 '25
Diluted EPS $2.05
Q1 '26
Diluted EPS $2.43
Q2 '26
Diluted EPS $2.41
Q3 '26
Diluted EPS $0.62
Q4 '26
Diluted EPS $1.24
Q1 '27
Diluted EPS $3.04
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital 6.5%
Return on equity 4.1%
Return on assets 2.8%
FY18
Return on capital 12.1%
Return on equity −4.4%
Return on assets −3.2%
FY19
Return on capital 16.6%
Return on equity 17.1%
Return on assets 13.1%
FY20
Return on capital 18.8%
Return on equity 16.7%
Return on assets 12.6%
FY21
Return on capital 7.2%
Return on equity 11.5%
Return on assets 6.4%
FY22
Return on capital 10.2%
Return on equity 15.0%
Return on assets 7.1%
FY23
Return on capital 14.0%
Return on equity 19.4%
Return on assets 9.5%
FY24
Return on capital 15.3%
Return on equity 17.8%
Return on assets 9.7%
FY25
Return on capital 8.1%
Return on equity 16.2%
Return on assets 11.3%
FY26
Return on capital 7.0%
Return on equity 10.6%
Return on assets 6.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $132M in fiscal 2026, 12.2% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $32.2M
FY18
Free cash flow $37.6M
FY19
Free cash flow $52.2M
FY20
Free cash flow $58.5M
FY21
Free cash flow $57.4M
FY22
Free cash flow $53.4M
FY23
Free cash flow $108M
FY24
Free cash flow $148M
FY25
Free cash flow $152M
FY26
Free cash flow $132M
Q2 '24
Free cash flow $41.9M
Q3 '24
Free cash flow $43.1M
Q4 '24
Free cash flow $17.5M
Q1 '25
Free cash flow $59.6M
Q2 '25
Free cash flow $62.0M
Q3 '25
Free cash flow $7.8M
Q4 '25
Free cash flow $22.8M
Q1 '26
Free cash flow $57.7M
Q2 '26
Free cash flow $58.7M
Q3 '26
Free cash flow $22.7M
Q4 '26
Free cash flow −$6.8M
Q1 '27
Free cash flow $69.6M
FY17
Cash from operations $39.0M
Capital spending $6.9M
FY18
Cash from operations $43.2M
Capital spending $5.5M
FY19
Cash from operations $59.7M
Capital spending $7.5M
FY20
Cash from operations $69.9M
Capital spending $11.4M
FY21
Cash from operations $66.3M
Capital spending $8.8M
FY22
Cash from operations $69.1M
Capital spending $15.7M
FY23
Cash from operations $121M
Capital spending $14.0M
FY24
Cash from operations $164M
Capital spending $16.6M
FY25
Cash from operations $168M
Capital spending $16.3M
FY26
Cash from operations $150M
Capital spending $17.3M
Cash from operations
Capital spending
Q2 '24
Cash from operations $44.7M
Capital spending $2.8M
Q3 '24
Cash from operations $47.0M
Capital spending $3.9M
Q4 '24
Cash from operations $22.4M
Capital spending $4.9M
Q1 '25
Cash from operations $62.7M
Capital spending $3.1M
Q2 '25
Cash from operations $67.5M
Capital spending $5.5M
Q3 '25
Cash from operations $10.9M
Capital spending $3.1M
Q4 '25
Cash from operations $27.3M
Capital spending $4.5M
Q1 '26
Cash from operations $60.6M
Capital spending $2.9M
Q2 '26
Cash from operations $61.8M
Capital spending $3.1M
Q3 '26
Cash from operations $28.9M
Capital spending $6.1M
Q4 '26
Cash from operations −$1.7M
Capital spending $5.1M
Q1 '27
Cash from operations $75.6M
Capital spending $6.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Csw Industrials, Inc. returned $151M to shareholders in fiscal 2026, 114% of free cash flow. The diluted share count rose 2.4%.
FY17
Dividends $0.0M
Buybacks $1.0M
FY18
Dividends $0.0M
Buybacks $2.2M
FY19
Dividends $0.0M
Buybacks $46.7M
FY20
Dividends $8.1M
Buybacks $28.5M
FY21
Dividends $8.1M
Buybacks $10.5M
FY22
Dividends $9.5M
Buybacks $19.3M
FY23
Dividends $10.6M
Buybacks $39.1M
FY24
Dividends $11.8M
Buybacks $15.3M
FY25
Dividends $14.6M
Buybacks $27.7M
FY26
Dividends $18.0M
Buybacks $133M
Dividends
Buybacks
Q2 '24
Dividends $3.0M
Buybacks $1.1M
Q3 '24
Dividends $3.0M
Buybacks $6.7M
Q4 '24
Dividends $3.0M
Buybacks $4.6M
Q1 '25
Dividends $3.3M
Buybacks $7.9M
Q2 '25
Dividends $3.3M
Buybacks $4.4M
Q3 '25
Dividends $4.0M
Buybacks $8.6M
Q4 '25
Dividends $4.0M
Buybacks $6.8M
Q1 '26
Dividends $4.5M
Buybacks $9.1M
Q2 '26
Dividends $4.5M
Buybacks $17.0M
Q3 '26
Dividends $4.5M
Buybacks $72.7M
Q4 '26
Dividends $4.4M
Buybacks $34.0M
Q1 '27
Dividends $4.9M
Buybacks $36.3M
Dividends
Buybacks
FY17
Diluted shares 0.02B
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
FY26
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Csw Industrials, Inc. can carry it.
FY17
Cash $23.1M
Debt $73.2M
FY18
Cash $11.7M
Debt $24.0M
FY19
Cash $26.7M
Debt $31.5M
FY20
Cash $18.3M
Debt $10.9M
FY21
Cash $10.1M
Debt $242M
FY22
Cash $16.6M
Debt $253M
FY23
Cash $18.5M
Debt $253M
FY24
Cash $22.2M
Debt $166M
FY25
Cash $226M
Debt $872M
FY26
Cash $33.8M
Debt $858M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $16.6M | $18.5M | $22.2M | $226M | $33.8M |
| Debt incl. finance leases | $253M | $253M | $166M | $872M | $858M |
| Net debt / EBITDA | 1.8x | 1.3x | 0.7x | 2.9x | 4.5x |
| Debt / equity | 0.5x | 0.5x | 0.3x | 0.8x | 0.8x |
| Current ratio | 2.6x | 3.0x | 2.9x | 4.0x | 2.6x |
| Quick ratio | 1.3x | 1.5x | 1.6x | 2.7x | 1.2x |
| Total assets | $995M | $1.0B | $1.0B | $1.4B | $2.3B |
| Total liabilities | $511M | $499M | $408M | $287M | $1.2B |
| Shareholders' equity | $469M | $526M | $616M | $1.1B | $1.1B |
| Net debt (− = net cash) | $236M | $235M | $144M | $646M | $824M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | 6 / 9 | 8 / 9 | 6 / 9 | 5 / 9 | 6 / 9 | 9 / 9 | 7 / 9 | 6 / 9 | 4 / 9 |
| Accruals ratio | −7.0% | −14.9% | −4.1% | −6.7% | −4.2% | −0.3% | −2.5% | −6.0% | −2.6% | −2.0% |
| Altman Z'' | 6.60 | 8.52 | 8.77 | 8.74 | 3.71 | 4.16 | 4.89 | 5.79 | 8.60 | 3.52 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $287M | $326M | $350M | $386M | $419M | $626M | $758M | $793M | $878M | $1.1B |
| Gross profit | $129M | $148M | $161M | $177M | $185M | $256M | $318M | $351M | $393M | $454M |
| Research and development | — | — | — | — | — | — | $4.8M | $5.9M | $5.3M | $5.8M |
| Operating income | $32.0M | $49.7M | $60.4M | $65.9M | $59.2M | $97.4M | $139M | $159M | $181M | $169M |
| Pretax income | $32.2M | $48.2M | $61.4M | $57.4M | $50.9M | $91.5M | $126M | $140M | $180M | $146M |
| Income tax | $14.4M | $15.6M | $15.4M | $12.7M | $10.8M | $24.1M | $29.3M | $37.9M | $42.6M | $32.7M |
| Net income | $11.1M | −$11.9M | $45.6M | $45.7M | $40.1M | $66.4M | $96.4M | $102M | $137M | $112M |
| Diluted EPS | $0.70 | −$0.76 | $2.93 | $3.01 | $2.65 | $4.20 | $6.20 | $6.52 | $8.38 | $6.70 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | $39.0M | $43.2M | $59.7M | $69.9M | $66.3M | $69.1M | $121M | $164M | $168M | $150M |
| Capital expenditure | $6.9M | $5.5M | $7.5M | $11.4M | $8.8M | $15.7M | $14.0M | $16.6M | $16.3M | $17.3M |
| Free cash flow | $32.2M | $37.6M | $52.2M | $58.5M | $57.4M | $53.4M | $108M | $148M | $152M | $132M |
| Depreciation and amortization | $13.8M | $14.9M | $13.8M | $14.6M | $22.7M | $36.4M | $35.0M | $38.3M | $42.2M | $15.9M |
| Stock-based compensation | $2.8M | $3.7M | $3.9M | $5.1M | $5.1M | — | — | — | — | — |
| Share buybacks | $1.0M | $2.2M | $46.7M | $28.5M | $10.5M | $19.3M | $39.1M | $15.3M | $27.7M | $133M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $8.1M | $8.1M | $9.5M | $10.6M | $11.8M | $14.6M | $18.0M |
| Dividends and buybacks | $1.0M | $2.2M | $46.7M | $36.6M | $18.6M | $28.8M | $49.6M | $27.1M | $42.3M | $151M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $23.1M | $11.7M | $26.7M | $18.3M | $10.1M | $16.6M | $18.5M | $22.2M | $226M | $33.8M |
| Total debt | $73.2M | $24.0M | $31.5M | $10.9M | $242M | $253M | $253M | $166M | $872M | $858M |
| Current assets | $147M | $128M | $151M | $150M | $219M | $300M | $323M | $331M | $593M | $589M |
| Current liabilities | $38.5M | $44.9M | $49.2M | $59.1M | $82.7M | $117M | $108M | $116M | $147M | $227M |
| Inventory | $43.7M | $43.0M | $51.4M | $58.6M | $103M | $150M | $162M | $151M | $195M | $310M |
| Property and equipment, net | $56.8M | $54.5M | $53.6M | $57.2M | $82.6M | $87.0M | $88.2M | $92.8M | $93.4M | $108M |
| Goodwill | $80.9M | $81.8M | $86.3M | $91.7M | $219M | $225M | $243M | $247M | $264M | $633M |
| Intangible assets | $59.3M | $53.1M | $50.5M | $46.2M | $283M | $301M | $319M | $319M | $358M | $900M |
| Total assets | $398M | $341M | $353M | $374M | $880M | $995M | $1.0B | $1.0B | $1.4B | $2.3B |
| Total liabilities | $126M | $75.1M | $88.9M | $92.5M | $464M | $511M | $499M | $408M | $287M | $1.2B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $272M | $266M | $267M | $280M | $415M | $469M | $526M | $616M | $1.1B | $1.1B |
| Margins | ||||||||||
| Gross margin | 44.9% | 45.3% | 46.1% | 45.8% | 44.0% | 40.9% | 42.0% | 44.2% | 44.8% | 41.9% |
| Operating margin | 11.1% | 15.2% | 17.3% | 17.1% | 14.1% | 15.5% | 18.3% | 20.1% | 20.6% | 15.6% |
| EBITDA margin | 15.9% | 19.8% | 21.2% | 20.9% | 19.5% | 21.4% | 23.0% | 24.9% | 25.4% | 17.0% |
| Net margin | 3.9% | −3.6% | 13.0% | 11.8% | 9.6% | 10.6% | 12.7% | 12.8% | 15.6% | 10.4% |
| FCF margin | 11.2% | 11.5% | 14.9% | 15.2% | 13.7% | 8.5% | 14.2% | 18.6% | 17.3% | 12.2% |
| Returns | ||||||||||
| Return on capital | 6.5% | 12.1% | 16.6% | 18.8% | 7.2% | 10.2% | 14.0% | 15.3% | 8.1% | 7.0% |
| Return on capital employed | 8.9% | 16.8% | 19.9% | 20.9% | 7.4% | 11.1% | 14.9% | 17.2% | 14.7% | 8.1% |
| Return on equity | 4.1% | −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% |
| Return on tangible equity | 8.4% | −9.1% | 34.9% | 32.1% | — | — | — | 204.5% | 30.4% | — |
| Growth | ||||||||||
| Revenue growth | — | 13.5% | 7.3% | 10.2% | 8.6% | 49.4% | 21.0% | 4.6% | 10.8% | 23.3% |
| Net income growth | — | −207.3% | — | 0.3% | −12.3% | 65.6% | 45.3% | 5.4% | 34.4% | −18.0% |
| EPS growth | — | −208.6% | — | 2.7% | −12.0% | 58.5% | 47.6% | 5.2% | 28.5% | −20.0% |
| FCF growth | — | 17.0% | 38.7% | 12.0% | −1.8% | −6.9% | 101.2% | 37.4% | 2.9% | −13.0% |
| Share count change | — | −1.1% | −0.9% | −2.1% | −0.5% | 4.5% | −1.7% | 0.2% | 4.7% | 2.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.1x | 0.2x | 0.1x | −0.1x | 2.8x | 1.8x | 1.3x | 0.7x | 2.9x | 4.5x |
| Debt / equity | 0.3x | 0.1x | 0.1x | 0.0x | 0.6x | 0.5x | 0.5x | 0.3x | 0.8x | 0.8x |
| Current ratio | 3.8x | 2.8x | 3.1x | 2.5x | 2.6x | 2.6x | 3.0x | 2.9x | 4.0x | 2.6x |
| Quick ratio | 2.7x | 1.9x | 2.0x | 1.5x | 1.4x | 1.3x | 1.5x | 1.6x | 2.7x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.4% | 1.7% | 2.1% | 3.0% | 2.1% | 2.5% | 1.8% | 2.1% | 1.9% | 1.6% |
| Stock comp / revenue | 1.0% | 1.1% | 1.1% | 1.3% | 1.2% | — | — | — | — | — |
| Payouts / FCF | 3.1% | 6.0% | 89.5% | 62.6% | 32.3% | 53.8% | 46.2% | 18.3% | 27.8% | 113.9% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 8.0 | 6.0 | 5.0 | 6.0 | 9.0 | 7.0 | 6.0 | 4.0 |
| Altman Z'' | 6.6 | 8.5 | 8.8 | 8.7 | 3.7 | 4.2 | 4.9 | 5.8 | 8.6 | 3.5 |
| Accruals ratio | −7.0% | −14.9% | −4.1% | −6.7% | −4.2% | −0.3% | −2.5% | −6.0% | −2.6% | −2.0% |
Source: SEC EDGAR XBRL filings (CIK 0001624794). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.