Trex
TREX · Building Products
$50.38
1.4%Watts Water Technologies
WTS · Building Products
$358.73
0.5%The short version
- Watts Water Technologies is the larger business, with $2.4B of revenue in fiscal 2025 against $1.2B for Trex, about 2.1 times as much.
- Watts Water Technologies grew revenue faster (8.3%, against 2.0%).
- Trex kept more of each dollar of sales as operating profit (22.0% operating margin, against 18.4% operating margin).
- Watts Water Technologies turned more of its sales into free cash flow (14.6% FCF margin, against 11.5% FCF margin).
- Investors pay more for each dollar of Watts Water Technologies’s earnings: a P/E of 31.3x against 29.8x for Trex.
| Latest fiscal year | TREX · FY25 | WTS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.2B | $12.0B |
| Revenue | $1.2B | $2.4B |
| Free cash flow | $135M | $356M |
| Net income | $190M | $341M |
| Growth | ||
| Revenue growth | 2.0% | 8.3% |
| 5-year growth | 5.9% | 10.1% |
| Share count change | −1.1% | 0.0% |
| Profitability | ||
| Gross margin | 39.2% | 49.5% |
| Operating margin | 22.0% | 18.4% |
| Net margin | 16.2% | 14.0% |
| FCF margin | 11.5% | 14.6% |
| Return on capital | — | 20.5% |
| Return on equity | 19.8% | 18.3% |
| Balance sheet | ||
| Net debt | — | −$205M |
| Net debt / EBITDA | — | −0.4x |
| Dividends and buybacks | $54.5M | $82.9M |
| Valuation & quality | ||
| P/E | 29.8x | 31.3x |
| Piotroski F-score | — | 8 |
FY16
TREX $480M
WTS $1.4B
FY17
TREX $565M
WTS $1.5B
FY18
TREX $684M
WTS $1.6B
FY19
TREX $745M
WTS $1.6B
FY20
TREX $881M
WTS $1.5B
FY21
TREX $1.2B
WTS $1.8B
FY22
TREX $1.1B
WTS $2.0B
FY23
TREX $1.1B
WTS $2.1B
FY24
TREX $1.2B
WTS $2.3B
FY25
TREX $1.2B
WTS $2.4B
TREX
WTS
FY16
TREX 21.7%
WTS 10.4%
FY17
TREX 25.2%
WTS 11.1%
FY18
TREX 25.8%
WTS 12.0%
FY19
TREX 25.3%
WTS 12.3%
FY20
TREX 26.5%
WTS 12.0%
FY21
TREX 23.0%
WTS 13.2%
FY22
TREX 22.3%
WTS 15.9%
FY23
TREX 25.1%
WTS 17.1%
FY24
TREX 28.0%
WTS 17.3%
FY25
TREX 22.0%
WTS 18.4%
TREX
WTS
FY16
TREX $70.7M
WTS $102M
FY17
TREX $86.8M
WTS $127M
FY18
TREX $104M
WTS $134M
FY19
TREX $89.1M
WTS $165M
FY20
TREX $14.5M
WTS $185M
FY21
TREX $98.7M
WTS $154M
FY22
TREX $40.0M
WTS $196M
FY23
TREX $223M
WTS $281M
FY24
TREX −$88.4M
WTS $326M
FY25
TREX $135M
WTS $356M
TREX
WTS
FY16
TREX —
WTS 9.4%
FY17
TREX —
WTS 7.9%
FY18
TREX —
WTS 13.2%
FY19
TREX —
WTS 13.3%
FY20
TREX —
WTS 11.7%
FY21
TREX —
WTS 15.9%
FY22
TREX —
WTS 23.2%
FY23
TREX —
WTS 20.2%
FY24
TREX —
WTS 19.7%
FY25
TREX —
WTS 20.5%
TREX
WTS
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.