# CSW Industrials, Inc. (CSW)

> Source: Nexqual · https://nexqual.com/CSW · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, CSW Industrials, Inc. (CSW), nexqual.com/CSW" · informational, not investment advice.

**Price:** USD 292.47 (-2.72% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 300.65 · day 288.78–306.43 · 52w 236.66–355.48 · market cap $4.77B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.17B, net income $121M (10.3% margin), free cash flow $144M (SEC filings).
- Valuation: P/E 39.4x (avg 36.6x at the last 3 fiscal year-ends), EV/EBITDA 26.5x, net debt $808M.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $5.2M; 2 not under a Rule 10b5-1 plan ($1.8M); 1 by opportunistic insiders (0 outside 10b5-1 plans), 7 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (7 analysts), mean target USD 351.86 (range 320–400).
- Total return with dividends: 1Y +20.3% vs S&P 500 +13.6%; 5Y +115.3% vs S&P 500 +79.8%.
- Next earnings: 2026-10-29, EPS estimate USD 3.63, revenue estimate $351M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $626M | $758M | $793M | $878M | $1.08B | $1.17B |
| Gross profit | $256M | $318M | $351M | $393M | $454M | — |
| Operating income | $97.4M | $139M | $159M | $181M | $169M | $194M |
| Net income | $66.4M | $96.4M | $102M | $137M | $112M | $121M |
| EPS (diluted) | $4.20 | $6.20 | $6.52 | $8.38 | $6.70 | — |
| Free cash flow | $53.4M | $108M | $148M | $152M | $132M | $144M |
| Gross margin | 40.9% | 42.0% | 44.2% | 44.8% | 41.9% | — |
| Operating margin | 15.5% | 18.3% | 20.1% | 20.6% | 15.6% | 16.5% |
| Net margin | 10.6% | 12.7% | 12.8% | 15.6% | 10.4% | 10.3% |
| Revenue growth | +49.4% | +21.0% | +4.6% | +10.8% | +23.3% | — |
| Cash + short-term investments | $16.6M | $18.5M | $22.2M | $226M | $33.8M | — |
| Total debt | $253M | $253M | $166M | $872M | $869M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 39.4x · P/S 4.1x · EV/EBITDA 26.5x · EV/Sales 4.8x · P/FCF 33.0x · P/B 4.4x · FCF yield 3.03% · Earnings yield 2.54% · Dividend yield (paid, TTM) 0.39% · Buyback yield (TTM) 3.36% · Net debt $808M · EV $5.57B
P/E at fiscal year-ends: Mar 2026 38.9x, Mar 2025 34.8x, Mar 2024 36.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
9 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Armes Joseph B | Chairman, President & CEO | 1,500 | $431K | 2.2% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-09-15 | Armes Joseph B | Chairman, President & CEO | 1,500 | $434K | 2.2% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-14 | Armes Joseph B | Chairman, President & CEO | 1,500 | $518K | 2.2% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-10 | Underwood Jeff | EVP, GM Contractor Solutions | 720 | $250K | 8.9% | No | Too little history (no open-market trades in 2023) |
| 2026-08-05 | Sullivan Don | EVP, Chief Strategy Officer | 4,526 | $1.6M | 19.3% | No | Too little history (no open-market trades in 2023) |
| 2026-07-15 | Armes Joseph B | Chairman, President & CEO | 1,500 | $435K | 2.1% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-06-15 | Armes Joseph B | Chairman, President & CEO | 1,500 | $419K | 2% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-05-27 | Armes Joseph B | Chairman, President & CEO | 1,500 | $426K | 2% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-05-01 | Alverson Luke | SVP, GC & Secretary | 1,007 | $292K | 6.6% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-15 | Armes Joseph B | Chairman, President & CEO | 1,500 | $430K | 1.7% | Yes | Routine (sold in Feb & Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-04-15 | Sullivan Don | EVP, Chief Strategy Officer | 166 | $50K | 0.7% | Yes | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 7 analysts; mean target USD 351.86 (low 320, high 400).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-03 | Citigroup | Target raised | Neutral | $304 → $340 |
| 2026-08-03 | Truist Securities | Target raised | Hold | $313 → $332 |
| 2026-07-31 | JP Morgan | Target raised | Overweight | $350 → $380 |
| 2026-07-31 | Wells Fargo | Target raised | Equal-Weight | $285 → $320 |
| 2026-07-02 | Truist Securities | Target raised | Hold | $300 → $313 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +20.3% | +115.3% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +20.4% | +16.6% |
| Volatility (annualized) | 43.4% | 34.4% |
| Max drawdown | -24.6% (Jan 2026→Mar 2026) | -45.5% (Nov 2024→Oct 2025) |

## Peers (Specialty Industrial Machinery)
GGG (Graco Inc.) USD 67.16 +1.05% · WTS (Watts Water Technologies, Inc.) USD 342.87 -5.12% · CR (Crane Company) USD 198.42 +2.87% · GNRC (Generac Holdlings Inc.) USD 201.34 +3.94% · INIO (INNIO N.V.) USD 18.35 +8.07% · IEX (IDEX Corporation) USD 238.54 +2.29%

## More
Full page: https://nexqual.com/CSW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CSW's own 10-K filed 2026-05-26 (https://www.sec.gov/Archives/edgar/data/1624794/000162479426000027/cswi-20260331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | ExxonMobil (XOM) | "Typical competitors include Exxon-Mobil, Fuchs, Kluber, Shell and South Coast Products." |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Contractor Solutions | $283.6M | 78.5% | +37.5% | $69.7M | 24.6% |
| Specialized Building Solutions | $49.5M | 13.7% | +27.6% | — | — |
| Specialized Reliability Solutions | $49.5M | 13.7% | +27.6% | $8.9M | 18.0% |
| Engineered Building Solutions | $28.4M | 7.9% | -11.1% | — | — |
| Engineered Building Solutions | $28.4M | 7.9% | -11.1% | $3.4M | 12.0% |
| Total revenue | $361.4M | 100% | — | $82.0M | 22.7% |
The lines above cover 121.5% of total revenue.

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Book-and-ship | $283.6M | 78.5% | +37.5% |
| Total revenue | $361.4M | 100% | — |
The lines above cover 78.5% of total revenue.

## Revenue by region (fiscal year ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $968.6M | 89.5% | +25.6% |
| Non Us | $113.9M | 10.5% | +6.2% |
| Total revenue | $1.08B | 100% | — |

## Company outlook (8-K filed 2026-10-29)

- "Recent acquisitions have strategically expanded our product portfolio and enhanced our growth trajectory." Armes continued, "Our optimistic outlook for the remainder of fiscal 2027 is unchanged."
- "We remain focused on maximizing long-term shareholder value through prudent financial management, disciplined capital allocation, and rigorous cost management, which together we expect will accelerate our growth in profitability." Fiscal 2027 Second Quarter Consolidated Results Fiscal second quarter revenue was $361.4 million, an $84.5 million or 30.5% increase over the prior year period."
- "These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.63 | $3.46 | +4.9% | $351.0M | 7 |
| Next quarter (ends 2026-12-31) | $1.84 | $1.83 | +0.5% | $262.3M | 7 |
| Current fiscal year (ends 2027-03-31) | $12.59 | $12.03 | +4.6% | $1.28B | 7 |
| Next fiscal year (ends 2028-03-31) | $13.66 | $13.19 | +3.6% | $1.34B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-10-29): ±19.1%; last 8 reports averaged ±7.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 78 | 39.7% | ±19.1% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jul 30, 2026 | Quarter ended Jun 30, 2026 | $3.84 | $3.46 | Beat +11.0% | +17.0% |
| May 26, 2026 | Quarter ended Mar 31, 2026 | $3.14 | $2.34 | Beat +34.2% | +4.0% |
| Jan 29, 2026 | Quarter ended Dec 31, 2025 | $1.42 | $1.87 | Miss −24.1% | -10.0% |
| Oct 30, 2025 | Quarter ended Sep 30, 2025 | $2.96 | $2.76 | Beat +7.2% | +2.6% |
| Oct 1, 2025 | — | — | — | — | +6.1% |
| Jul 31, 2025 | — | — | — | — | -8.9% |
| May 22, 2025 | — | — | — | — | -4.3% |
| Jan 30, 2025 | — | — | — | — | -4.5% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1624794/000162479426000059/0001624794-26-000059-index.htm |
| 2026-10-29 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1624794/000162479426000057/0001624794-26-000057-index.htm |
| 2026-08-31 | 8-K | Shareholder vote results; Other material event — “As previously disclosed by the Company, J. Kent Sweezey retired from the Company's Board of Directors (the "Board") at the conclusion of the Meeting, having reached the mandatory retirement age for Board members under the Company's Corporate Governance Guidelines. In connection with Mr. Sweezey's retirement, on August 27, 2026, the Board appointed Darron K. Ash to serve as Chair of the Compensation and Talent Development Committee of the Board, succeeding Mr. Sweezey.” | https://www.sec.gov/Archives/edgar/data/1624794/000162479426000051/0001624794-26-000051-index.htm |
| 2026-07-30 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1624794/000162479426000048/0001624794-26-000048-index.htm |
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1624794/000162479426000046/0001624794-26-000046-index.htm |
| 2026-07-16 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1624794/000119312526306101/0001193125-26-306101-index.htm |
| 2026-07-16 | DEF 14A | Proxy statement (pay, board, votes) · period ended Aug 27, 2026 | https://www.sec.gov/Archives/edgar/data/1624794/000119312526306099/0001193125-26-306099-index.htm |
| 2026-07-13 | Schedule 13G/A | Wasatch Advisors LP: 4.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1624794/000081413326000076/0000814133-26-000076-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.