CSW Industrials
CSWNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $284.54 Prior regular-session close from the quote source.
- $279.46–$286.62 Regular-session low and high so far today.
- 48.6K Regular-session shares traded · Nov 12, 4:00 PM ET.
- Jan 28 projected Projected for 2027-01-28 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $239.57–$355.48 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CSW if CSW compounds value by buying and scaling niche, high-value industrial brands that sell mission-critical, often consumable products to contractor-focused distribution channels, generating recurring revenue and high gross margins that can be expanded via cross-sell.
CSW price history
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Investment thesis
What must happen next
Targeted bolt-on acquisitions and distribution cross-sell will continue to be the primary engine of revenue growth, converting deals into sustainable organic-like revenue rather than one-time bumps.HoldingMateriality: High
Revenue increased from 878,301,000 (period_end 2025-03-31) to 1,082,549,000 (period_end 2026-03-31). If true, revenue growth will remain strong and justify the premium valuation; if false, growth will slow and the market multiple will be hard to sustain.
Watch: Bolt-on acquisitions funded with debt could fail to integrate or be non-accretive (e.g., Greco US/Canada required a $15.6 million impairment and an exit plan).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue increased from 878,301,000 (period_end 2025-03-31) to 1,082,549,000 (period_end 2026-03-31).
Open source ↗CSW's portfolio of differentiated, consumable and engineered products sold to contractors and wholesalers provides durable gross-profit dollars and the ability to pass through cost increases, protecting core gross profitability.HoldingMateriality: High
Gross profit rose in absolute dollars from 393,312,000 (period_end 2025-03-31) to 453,682,000 (period_end 2026-03-31), showing the portfolio generates substantial gross dollars. Sustained gross-profit resilience underpins operating margins and cash conversion even if revenue growth is lumpy; a collapse in gross profitability would undermine the investment case.
Watch: Gross margin declined in FY2026 versus FY2025 (gross_profit/revenue fell from ~44.8% to ~41.9%), indicating sensitivity to input costs, tariffs and pricing lag.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Gross profit rose in absolute dollars from 393,312,000 (period_end 2025-03-31) to 453,682,000 (period_end 2026-03-31), showing the portfolio generates substantial gross.
Open source ↗CSW's ability to sustain acquisitions and justify its capital structure depends on maintaining strong operating cash flow; continued OCF at or near historical levels will allow deleveraging and support accretive M&A, while a persistent OCF decline will force asset sales.HoldingMateriality: Medium
Operating cash flow remained sizeable though declined: 168,362,000 (period_end 2025-03-31) to 149,653,000 (period_end 2026-03-31), showing the business still generates operating cash. OCF funds debt service, acquisitions and potential buybacks — if it drops, leverage becomes a binding constraint that can force distressed actions or destroy equity value.
Watch: Cash on hand fell sharply from 225,845,000 (period_end 2025-03-31) to 33,799,000 (period_end 2026-03-31), increasing short-term liquidity risk if OCF weakens.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow remained sizeable though declined: 168,362,000 (period_end 2025-03-31) to 149,653,000 (period_end 2026-03-31), showing the business still generates operating.
Open source ↗Restoring or re-attaining historical operating-margin levels (~20% seen in FY2024-FY2025) via pruning underperformers and integrating accretive acquisitions is necessary to sustain the premium valuation; without margin recovery the multiple is unlikely to hold.HoldingMateriality: Medium
Operating income declined in FY2026 to 168,535,000 (period_end 2026-03-31) from 181,248,000 (period_end 2025-03-31), reflecting margin pressure. The equity's premium multiple presumes margin durability; continued operating-margin compression will result in either negative rerating or require faster revenue growth to offset margin loss.
Watch: Broader cost pressures (tariffs, commodity inflation, freight) and integration costs from recent acquisitions could keep margins depressed for multiple quarters.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income declined in FY2026 to 168,535,000 (period_end 2026-03-31) from 181,248,000 (period_end 2025-03-31), reflecting margin pressure.
Open source ↗Management will continue to prioritize bolt-on acquisitions funded with available debt capacity (Revolving Credit Facility / TLA) rather than returning cash to shareholders, increasing measured leverage in the near term.StrengtheningMateriality: Medium
Liabilities rose materially to 1,247,286,000 (instant 2026-03-31) from 286,632,000 (instant 2025-03-31), coincident with multiple debt-funded asset purchases and a new Fourth Credit Agreement. If true, liabilities will remain elevated and equity returns will depend on acquisition success; if management pivots to deleveraging/returns, the equity risk profile improves.
Watch: Management has begun divesting underperforming assets (Greco) which could be used to reduce leverage.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Liabilities rose materially to 1,247,286,000 (instant 2026-03-31) from 286,632,000 (instant 2025-03-31), coincident with multiple debt-funded asset purchases and a new.
Open source ↗
Full investment case & evidence
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Original research
Targeted bolt-on acquisitions and distribution cross-sell will continue to be the primary engine of revenue growth, converting deals into sustainable organic-like revenue rather than one-time bumps. If true, revenue growth will remain strong and justify the premium valuation; if false, growth will slow and the market multiple will be hard to sustain.
CSW's portfolio of differentiated, consumable and engineered products sold to contractors and wholesalers provides durable gross-profit dollars and the ability to pass through cost increases, protecting core gross profitability. Sustained gross-profit resilience underpins operating margins and cash conversion even if revenue growth is lumpy; a collapse in gross profitability would undermine the investment case.
CSW's ability to sustain acquisitions and justify its capital structure depends on maintaining strong operating cash flow; continued OCF at or near historical levels will allow deleveraging and support accretive M&A, while a persistent OCF decline will force asset sales. OCF funds debt service, acquisitions and potential buybacks — if it drops, leverage becomes a binding constraint that can force distressed actions or destroy equity value.
Restoring or re-attaining historical operating-margin levels (~20% seen in FY2024-FY2025) via pruning underperformers and integrating accretive acquisitions is necessary to sustain the premium valuation; without margin recovery the multiple is unlikely to hold. The equity's premium multiple presumes margin durability; continued operating-margin compression will result in either negative rerating or require faster revenue growth to offset margin loss.
Management will continue to prioritize bolt-on acquisitions funded with available debt capacity (Revolving Credit Facility / TLA) rather than returning cash to shareholders, increasing measured leverage in the near term. If true, liabilities will remain elevated and equity returns will depend on acquisition success; if management pivots to deleveraging/returns, the equity risk profile improves.
All standing thesis claims
Original report summary
CSW compounds value by buying and scaling niche, high-value industrial brands that sell mission-critical, often consumable products to contractor-focused distribution channels, generating recurring revenue and high gross margins that can be expanded via cross-sell.
Bull case and bear case
Bull case and bear case for CSW Industrials
Where the evidence on CSW Industrials stands: Holding on the latest evidence (Nov 12, 2026). Of its 5 thesis points, 1 strengthening and 4 holding.
Bull case: what the evidence supports
Targeted bolt-on acquisitions and distribution cross-sell will continue to be the primary engine of revenue growth, converting deals into sustainable organic-like revenue rather than one-time bumps.
CSW's portfolio of differentiated, consumable and engineered products sold to contractors and wholesalers provides durable gross-profit dollars and the ability to pass through cost increases, protecting core gross profitability.
CSW's ability to sustain acquisitions and justify its capital structure depends on maintaining strong operating cash flow; continued OCF at or near historical levels will allow deleveraging and support accretive M&A, while a persistent OCF decline will force asset sales.
Restoring or re-attaining historical operating-margin levels (~20% seen in FY2024-FY2025) via pruning underperformers and integrating accretive acquisitions is necessary to sustain the premium valuation; without margin recovery the multiple is unlikely to hold.
Management will continue to prioritize bolt-on acquisitions funded with available debt capacity (Revolving Credit Facility / TLA) rather than returning cash to shareholders, increasing measured leverage in the near term.
Bear case: what would count against it
Bolt-on acquisitions funded with debt could fail to integrate or be non-accretive (e.g., Greco US/Canada required a $15.6 million impairment and an exit plan).
Gross margin declined in FY2026 versus FY2025 (gross_profit/revenue fell from ~44.8% to ~41.9%), indicating sensitivity to input costs, tariffs and pricing lag.
Cash on hand fell sharply from 225,845,000 (period_end 2025-03-31) to 33,799,000 (period_end 2026-03-31), increasing short-term liquidity risk if OCF weakens.
Thesis-Break Engine
Thesis-break watch · CSW Industrials
No break has crossed CSW Industrials’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
CSW Industrials filed an SEC 8-K on 2026-10-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
CSW Industrials filed an SEC 8-K on 2026-08-31: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
CSW Industrials filed an SEC 8-K on 2026-07-30: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Bolt-on acquisitions funded with debt could fail to integrate or be non-accretive (e.g., Greco US/Canada required a $15.6 million impairment and an exit plan).
- Gross margin declined in FY2026 versus FY2025 (gross_profit/revenue fell from ~44.8% to ~41.9%), indicating sensitivity to input costs, tariffs and pricing lag.
- Cash on hand fell sharply from 225,845,000 (period_end 2025-03-31) to 33,799,000 (period_end 2026-03-31), increasing short-term liquidity risk if OCF weakens.
- Broader cost pressures (tariffs, commodity inflation, freight) and integration costs from recent acquisitions could keep margins depressed for multiple quarters.
- Management has begun divesting underperforming assets (Greco) which could be used to reduce leverage.
CSW news
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Financial statements
CSW income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CSW: quick answers
- When does CSW Industrials (CSW) report earnings next?
- CSW Industrials's next results are projected for January 28, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 29, 2026. Earnings calendar
- What is CSW's short interest?
- As of October 30, 2026, 1.0M CSW shares were sold short, 6.25% of its shares outstanding, down 4.8% from the count before. At the stock's average daily volume that is 7.4 days to cover. FINRA publishes the count twice a month. CSW short interest history
- Have members of Congress traded CSW?
- Reports made public in the last 90 days disclose 3 trades in CSW by 2 filers: 1 purchase and 2 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed CSW trade