CSWNYSEAdhesives & SealantsUS GAAP · USD

CSW Industrials, Inc

CSW Industrials is a diversified industrial company focused on niche, value-added products used in HVAC/R, plumbing, building products, and industrial maintenance applications. Its business is organized into three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. The company sells through wholesale and distribution channels as well as directly to end users, with products used in over 100 countries. CSW Industrials combines internal product development with acquisitions to broaden its portfolio and deepen its position in end markets where performance, reliability, and brand reputation matter.

Revenue1,083m USD
+23.3 %y/y
Operating profit (EBIT)169m USD
−7.0 %y/y
EBIT margin15.6%
−5.1 ppy/y
Net income112m USD
−18.0 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

02505007501,0001,250m USD2021: 419 m USD2021: EBIT 59 m USD20212022: 626 m USD2022: EBIT 97 m USD20222023: 758 m USD2023: EBIT 139 m USD20232024: 793 m USD2024: EBIT 159 m USD20242025: 878 m USD2025: EBIT 181 m USD20252026: 1,083 m USD2026: EBIT 169 m USD20261,083169
RevenueOperating profit (EBIT)

Business

Share of revenue
Contractor Solutions55 %

HVAC/R and plumbing products sold mainly through wholesalers and distributors, including recent additions such as Aspen Manufacturing's coils and air handlers.

Specialized Reliability Solutions20 %

Specialty lubricants, sealants and maintenance products that improve reliability, efficiency and lifespan of industrial assets.

Engineered Building Solutions25 %

Architecturally specified building products such as grilles, registers, diffusers and building safety solutions.

Products

Reported · share of revenue
90.2%9.8%FY2026100 %
  • Book and Ship90.2 %
  • Build to Order9.8 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

CSW Industrials primarily serves wholesalers and distributors in the HVAC/R and plumbing channels, which buy the company's products for resale to contractors and end users. It also sells to OEMs in some product lines, especially where customers need specialized components or direct supply relationships. In its industrial businesses, the company serves operators and maintenance organizations in general industrial, energy, rail transportation, mining and electrical end markets that need reliability-focused products. Demand is driven by product performance, service levels, brand reputation and the ability to solve application-specific problems rather than by commodity pricing alone.

HVAC/R distributors and wholesalers

Buy mechanical HVAC/R products, including coils and air handlers, because the company's brands and channel relationships support contractor demand.

Plumbing distributors

Purchase plumbing products for resale into residential and commercial plumbing applications where availability and brand trust matter.

Industrial maintenance customers

Buy specialty lubricants and sealants to improve equipment reliability, efficiency and uptime in industrial settings.

Architectural building product customers

Buy GRD and building safety products for specified building projects where design, compliance and performance are important.

OEM and direct end users

Purchase selected products directly when application-specific design, quality and supply continuity are required.

Strategy

CSW Industrials is focused on long-term profitable growth through a mix of organic expansion, disciplined acquisitions and capital returns. Management emphasizes investing in expanded product offerings, continuous improvement and facility maintenance to support reliability and margin resilience. The company also seeks to deepen penetration in its core end markets by leveraging brand strength, distribution reach and application-specific product performance. Acquisition discipline remains important, with management highlighting valuation, synergy potential, diligence, cultural fit and integration ease as key filters.

Organic growth in core channels and end marketsShort term

The company relies on branded, niche products, so expanding penetration with distributors and contractors supports durable growth without needing broad commodity exposure.

Strategic acquisitionsMedium term

Acquisitions add product breadth and market access, helping CSW build scale in adjacent niches while preserving its specialty positioning.

Operational improvement and facility investmentMedium term

Continuous improvement and facility maintenance help protect service levels, quality and margins in a business where reliability is part of the value proposition.

Capital returns and balance sheet flexibilityShort term

A strong balance sheet supports acquisitions and organic investment while allowing repurchases and dividends when excess capital is available.

Geography

2026

CSW Industrials has manufacturing operations concentrated in the United States, Vietnam and Canada, with distribution operations in the U.S., Australia, Canada and the U.K. Its products are sold in over 100 countries, but the business remains heavily weighted toward the Americas, which represented 94% of net revenues in each of fiscal 2025, 2024 and 2023. EMEA accounted for 4% and Asia Pacific for 2% in each of those years, showing a modest but persistent international footprint. The company also relies on third-party manufacturing outside the U.S., including China, which increases exposure to tariffs, logistics disruption and foreign regulatory risk.

United States89 %
Other countries (US filing)11 %

Share of the revenue the company reports by geography.

Risks

CSW Industrials faces exposure to tariff changes, trade policy shifts and broader geopolitical disruption because it manufactures and sources products across multiple countries, including Vietnam and third-party suppliers in China. Its heavy reliance on HVAC/R and plumbing channels also creates seasonality, with revenue typically peaking in spring and summer and making quarterly comparisons uneven. The company is exposed to integration risk from acquisitions, since growth depends partly on successfully combining acquired businesses and realizing expected synergies. Like other industrial suppliers, it also faces demand cyclicality, foreign exchange volatility, logistics delays, labor shortages and the risk that distributor or OEM customers reduce orders in weaker economic conditions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Tariffs and global trade policy changes1Supply-chain disruption and third-party manufacturing dependence2Acquisition integration and valuation risk3Foreign exchange and international operating risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Tariffs and global trade policy changesImpact: HighLikelihood: High

    The company sources and manufactures across borders, so new duties or trade restrictions can increase input costs and disrupt supply chains.

    ExposureVietnamChinaOther foreign sourcing/manufacturing locations
  2. Supply-chain disruption and third-party manufacturing dependenceImpact: MediumLikelihood: Medium

    The company relies on outside manufacturers for certain products, which can create quality, capacity and delivery risks.

    Exposure: Third-party manufacturing outside the United States

  3. Acquisition integration and valuation riskImpact: MediumLikelihood: Low

    Growth strategy depends on acquisitions, and underperformance or integration issues could reduce returns on capital deployed.

    Exposure: Recent and future acquisitions

  4. Seasonality in HVAC/R demandImpact: Medium

    A significant portion of revenue is tied to HVAC/R products, which typically sell more heavily in spring and summer.

    Exposure: Contractor Solutions segment

  5. Foreign exchange and international operating riskImpact: LowLikelihood: High

    Sales and operations in multiple regions expose the company to currency swings, local regulation and transportation delays.

    Exposure: EMEA and Asia Pacific operations

Accounting

Judgemental items
Goodwill impairment

The company carries significant goodwill from acquisitions and tests it annually, so weaker performance or lower valuation assumptions could trigger charges.

Impact: Could materially affect reported earnings and equity

Purchase accounting for acquisitions

Recent and future acquisitions require allocation of purchase price to intangibles, inventory step-ups and goodwill, affecting post-close earnings patterns.

Impact: Affects amortization expense and comparability

Deferred taxes and tax reserves

Management must estimate realizability of deferred tax assets and uncertain tax positions based on future taxable income and audit risk.

Impact: Can move tax expense and effective tax rate

Seasonality and interim comparability

HVAC/R demand is seasonal, so quarterly results may not reflect underlying annual demand trends.

Impact: Affects revenue, gross margin and operating leverage

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

CSW Industrials, Inc (CSW) Revenue, Earnings & Financials 2026 – Clarifo