Zurn Elkay Water Solutions Corp ZWS
Zurn Elkay Water Solutions Corporation ("Zurn Elkay", "we", "us", "our", or the "Company") is a growth-oriented, pure-play water management business that designs, procures, manufactures, and markets what we believe to be the broadest sustainable product portfolio of specification-driven water management solutions to improve health, hydration, human safety and the environment. Our product portfolio includes professional grade water safety and control products, flow systems products, hygienic and environmental products, and filtered drinking water products for public and private spaces that deliver superior value to building owners, positively impact the environment and human hygiene and reduce product installation time. Our heritage of innovation and specification has allowed us to provide highly-engineered, mission-critical solutions to customers for decades and affords us the privilege of having long-term, valued relationships with market leaders. We operate in a disciplined way and the Zurn Elkay Business System ("ZEBS"), described below, is our operating philosophy. Grounded in the spirit of continuous improvement, ZEBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of our business.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.70B | $1.57B | $1.53B | $1.28B | $910.9M | $746.1M | $710.1M | $2.05B | $1.85B | $1.71B |
| Cost of revenue | $931.1M | $859.5M | $882.4M | $816.3M | $537.7M | $407.9M | $387.5M | $1.27B | $1.15B | $1.09B |
| Gross profit | $764.8M | $707.0M | $648.1M | $465.5M | $373.2M | $338.2M | $322.6M | $784.8M | $706.5M | $626.4M |
| R&D | — | — | — | — | — | — | $16.2M | $16.3M | $13.3M | $10.4M |
| SG&A | $417.6M | $389.8M | $371.3M | $309.0M | $239.0M | $206.1M | $196.4M | $433.1M | $393.8M | $356.1M |
| Operating income | $278.9M | $244.6M | $191.4M | $107.1M | $107.0M | $107.7M | $104.1M | $305.6M | $266.4M | $203.2M |
| Interest expense | $28.6M | $33.1M | $38.5M | $26.9M | $34.7M | $45.9M | $56.6M | $69.9M | $75.1M | $88.3M |
| Pre-tax income | $256.3M | $207.0M | $146.8M | $83.8M | $52.4M | $38.1M | $23.4M | $238.8M | $187.1M | $107.3M |
| Income tax | $63.9M | $48.1M | $42.6M | $26.8M | $2.7M | $9.5M | $4.4M | $53.4M | $19.5M | $15.6M |
| Net income | $198.0M | $160.2M | $112.7M | $61.7M | $120.9M | $146.7M | $180.1M | $34.3M | $75.9M | $74.1M |
| EPS, basic | 1.17 | 0.93 | 0.65 | 0.41 | 1.00 | 1.21 | 1.48 | 0.11 | 0.51 | 0.65 |
| EPS, diluted | 1.15 | 0.92 | 0.64 | 0.40 | 0.97 | 1.19 | 1.45 | 0.28 | 0.62 | 0.64 |
| Shares, diluted (wtd. avg.) | $171.3M | $174.7M | $177.3M | $153.8M | $125.1M | $123.5M | $114.3M | $123.3M | $122.0M | $104.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $300.5M | $198.0M | $136.7M | $124.8M | $96.6M | $62.3M | $573.4M | $292.5M | $217.6M | $490.1M |
| Receivables | $184.8M | $202.2M | $210.2M | $219.7M | $144.1M | $103.6M | $334.7M | $334.3M | $314.7M | $322.9M |
| Inventory | $274.4M | $272.6M | $277.6M | $366.7M | $184.5M | $136.1M | $317.5M | $316.5M | $304.1M | $314.9M |
| Total current assets | $811.7M | $722.1M | $667.8M | $757.5M | $474.8M | $907.7M | $1.26B | $982.9M | $997.7M | $1.18B |
| Property, plant and equipment | — | — | — | — | — | — | $378.8M | $383.0M | $396.5M | $400.9M |
| Goodwill | $795.0M | $794.2M | $796.0M | $777.0M | $254.1M | $244.8M | $200.5M | $1.30B | $1.28B | $1.22B |
| Other intangibles | $835.0M | $891.6M | $952.4M | $1.01B | $179.1M | $200.3M | $514.2M | $511.5M | $530.9M | $558.6M |
| Total assets | $2.68B | $2.65B | $2.67B | $2.86B | $1.08B | $3.40B | $3.63B | $3.26B | $3.42B | $3.54B |
| Accounts payable | $65.2M | $71.7M | $56.4M | $116.9M | $105.1M | $41.3M | $185.6M | $191.7M | $189.9M | $197.8M |
| Short-term debt | $900.0K | $800.0K | $900.0K | $5.7M | $5.6M | $300.0K | $76.4M | $1.2M | $3.9M | $16.5M |
| Total current liabilities | $259.4M | $247.8M | $220.9M | $289.3M | $240.4M | $317.5M | $455.5M | $397.0M | $454.2M | $400.3M |
| Long-term debt | $495.6M | $494.8M | $494.4M | $530.2M | $533.9M | $1.12B | $1.40B | $1.24B | $1.35B | $1.61B |
| Total liabilities | $1.08B | $1.06B | $1.06B | $1.25B | $951.3M | $1.96B | $2.31B | $2.03B | $2.21B | $2.47B |
| Retained earnings | -$1.13B | -$1.17B | -$1.18B | -$1.16B | -$1.24B | $116.0M | $85.9M | $30.7M | $8.0M | -$55.5M |
| Total equity | $1.60B | $1.59B | $1.60B | $1.61B | $126.4M | $1.44B | $1.31B | $1.23B | $1.21B | $1.07B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $346.5M | $293.5M | $253.9M | $97.0M | $223.6M | $320.2M | $298.6M | $258.1M | $228.5M | $195.1M |
| Depreciation and amortisation | $30.0M | $29.2M | $29.2M | $20.5M | $44.1M | $53.2M | $51.2M | $87.9M | $79.7M | $96.1M |
| Stock-based compensation | $40.6M | $37.9M | $40.0M | $25.0M | $51.4M | $44.8M | $26.9M | $22.6M | $20.5M | $13.4M |
| Capital expenditure | — | — | — | — | — | — | $41.4M | $42.5M | $38.0M | $50.8M |
| Investing cash flow | -$29.9M | -$20.2M | -$4.6M | -$6.6M | -$21.9M | -$196.6M | -$123.1M | -$53.3M | -$208.8M | -$264.0M |
| Financing cash flow | -$217.3M | -$207.5M | -$239.2M | -$61.1M | -$356.2M | -$156.2M | $114.9M | -$116.7M | -$308.8M | $79.9M |
| Dividends paid | $63.9M | $56.6M | $50.4M | $32.5M | $36.4M | $38.6M | $9.8M | $0 | $0 | — |
| Buybacks | $159.9M | $150.2M | $125.1M | $24.7M | $900.0K | $140.0M | $100.7M | $0 | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-006372.
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