Zurn Elkay Water Solutions Corporation (ZWS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.47	$0.5	+6.4%	—	$491M	—
Q1 26	$0.36	$0.41	+13.9%	—	$433M	—
Q4 25	$0.34	$0.36	+5.9%	—	$407.2M	—
Q3 25	$0.4	$0.43	+7.5%	—	$455.4M	—
Q2 25	$0.36	$0.42	+16.7%	—	$444.5M	—
Q1 25	$0.29	$0.31	+6.9%	—	$388.8M	—
Q4 24	$0.28	$0.32	+14.3%	—	$370.7M	—
Q3 24	$0.32	$0.34	+6.3%	—	$410M	—
Q2 24	$0.31	$0.33	+6.5%	—	$412M	—
Q1 24	$0.26	$0.29	+11.5%	—	$373.8M	—
Q4 23	$0.23	$0.26	+13.0%	—	$356.8M	—
Q3 23	$0.27	$0.29	+7.4%	—	$398.4M	—
Q2 23	$0.22	$0.24	+9.1%	—	$403.2M	—
Q1 23	$0.15	$0.18	+20.0%	—	$372.1M	—
Q4 22	$0.17	$0.16	-5.9%	—	$340.3M	—
Q3 22	$0.24	$0.26	+8.3%	—	$417.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.17	—	—	$1.7B	—
FY24	—	$0.93	—	—	$1.6B	—
FY23	—	$0.65	—	—	$1.5B	—
FY22	—	$0.41	—	—	$1.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.9B	$1.7B	$1.9B	$2.1B	$562.7M	$910.9M	$1.3B	$1.5B	$1.6B	$1.7B
YoY change	-6.17%	-11%	+8.12%	+10.8%	-72.6%	+61.9%	+40.7%	+19.4%	+2.35%	+8.26%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.9B	1.7B	1.9B	2.1B	562.7M	910.9M	1.3B	1.5B	1.6B	1.7B
Cost of revenue	1.3B	1.1B	1.1B	1.3B	309.4M	537.7M	816.3M	882.4M	859.5M	931.1M
Gross profit	665.2M	626.4M	706.5M	784.8M	253.3M	373.2M	465.5M	648.1M	707M	764.8M
Gross margin	34.6%	36.6%	38.2%	38.3%	45%	41%	36.3%	42.3%	45.1%	45.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	385.7M	356.1M	393.8M	433.1M	153.7M	239M	309M	371.3M	389.8M	417.6M
Operating expenses	385.7M	356.1M	393.8M	433.1M	153.7M	239M	309M	371.3M	389.8M	417.6M
Operating income	222.1M	229.3M	280.5M	317.7M	82.7M	110.7M	122.5M	218.1M	258.1M	288.5M
Operating margin	11.5%	13.4%	15.1%	15.5%	14.7%	12.2%	9.56%	14.3%	16.5%	17%
Non-operating income, net	-44.7M	-33.7M	-18.3M	-9M	-3.9M	-23.6M	-11.8M	-32.8M	-18M	-3.6M
Pretax income	86M	107.3M	187.1M	238.8M	45.5M	52.4M	83.8M	146.8M	207M	256.3M
Income tax	17.1M	15.6M	-19.5M	53.4M	10.5M	2.7M	26.8M	42.6M	48.1M	63.9M
Net income	67.5M	74.1M	76M	34.3M	118.2M	120.9M	61.7M	112.7M	160.2M	198M
Net margin	3.51%	4.33%	4.1%	1.67%	21%	13.3%	4.81%	7.36%	10.2%	11.7%
EBITDA	340.6M	334.9M	374.6M	408.4M	147.5M	188.7M	180.6M	300.8M	341.9M	383.2M
EPS	0.67	0.65	0.51	0.1	0.98	1	0.41	0.65	0.93	1.17
Diluted EPS	0.66	0.64	0.5	0.1	0.96	0.97	0.4	0.64	0.92	1.15

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	398.4M	356.8M	373.8M	412M	410M	370.7M	388.8M	444.5M	455.4M	407.2M	433M	491M
Cost of revenue	228.5M	200.9M	203.7M	225.7M	220.6M	209.5M	207.8M	242.2M	254.7M	226.4M	227.2M	202.7M
Gross profit	169.9M	155.9M	170.1M	186.3M	189.4M	161.2M	181M	202.3M	200.7M	180.8M	205.8M	288.3M
Gross margin	42.6%	43.7%	45.5%	45.2%	46.2%	43.5%	46.6%	45.5%	44.1%	44.4%	47.5%	58.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	92.9M	93.6M	95.9M	98.9M	101.7M	93.3M	101.2M	108.2M	106.7M	101.5M	108.2M	119.5M
Operating expenses	92.9M	93.6M	95.9M	98.9M	101.7M	93.3M	101.2M	108.2M	106.7M	101.5M	108.2M	119.5M
Operating income	62.3M	47.6M	59.5M	72.6M	72.9M	53.1M	65.1M	79.5M	79.3M	64.6M	83M	154.1M
Operating margin	15.6%	13.3%	15.9%	17.6%	17.8%	14.3%	16.7%	17.9%	17.4%	15.9%	19.2%	31.4%
Non-operating income, net	-4.7M	-17.6M	-7.7M	-2.3M	-4.2M	-3.8M	-1.7M	-3.9M	6.9M	-4.9M	100K	2.1M
Pretax income	47.7M	21.3M	43M	61.8M	60.4M	41.8M	56.1M	67.9M	79.1M	53.2M	76.9M	150.1M
Income tax	12.5M	7.8M	9M	16.5M	16.9M	5.7M	15.1M	17.8M	19.5M	11.5M	18M	37.6M
Net income	41.4M	13.9M	34.3M	46M	43.5M	36.4M	43.6M	50.5M	61.8M	42.1M	58.9M	113.3M
Net margin	10.4%	3.9%	9.18%	11.2%	10.6%	9.82%	11.2%	11.4%	13.6%	10.3%	13.6%	23.1%
EBITDA	81.5M	67.3M	79.7M	92.7M	93.3M	76.2M	87.8M	99.6M	109.8M	86M	105M	179.3M
EPS	0.24	—	0.2	0.27	0.25	0.21	0.26	0.3	0.35	0.25	0.35	0.68
Diluted EPS	0.24	—	0.19	0.27	0.25	0.21	0.26	0.29	0.35	0.24	0.35	0.67

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2B	2.4B	3.1B	2.6B	4.8B	4.4B	—	—	6.4B	7.8B	7.8B
Enterprise value	3.5B	3.5B	4.2B	3.6B	4.8B	4.9B	—	—	6.8B	8.1B	7.9B
Shares outstanding	100.8M	102.8M	103.9M	104.6M	120.4M	121.5M	151.6M	174.3M	171.7M	168.7M	168.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	30.2	32	40.6	76.7	40.2	36.6	—	—	40	39.6	29
P/S	1.06	1.38	1.67	1.28	8.45	4.85	—	—	4.09	4.62	4.33
P/B	3.47	2.22	2.54	2.14	—	35	—	—	4.04	4.89	4.67
EV/EBITDA	10.2	10.5	11.3	8.76	32.2	25.9	—	—	19.8	21.1	17
EV/Sales	1.81	2.05	2.29	1.74	8.45	5.36	—	—	4.31	4.77	4.43
Earnings yield	3.31%	3.12%	2.46%	1.3%	2.49%	2.73%	—	—	2.5%	2.53%	3.45%
FCF yield	8.19%	5.93%	6.09%	8.1%	3.53%	4.53%	—	—	4.24%	4.04%	4.16%
PEG	—	—	—	—	—	—	—	—	—	—	0.23

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	34.6%	36.6%	38.2%	38.3%	45%	41%	36.3%	42.3%	45.1%	45.1%	58.7%
Operating margin	11.5%	13.4%	15.1%	15.5%	14.7%	12.2%	9.56%	14.3%	16.5%	17%	31.4%
Net margin	3.51%	4.33%	4.1%	1.67%	21%	13.3%	4.81%	7.36%	10.2%	11.7%	15.5%
ROE	11.5%	6.92%	6.27%	2.79%	—	95.6%	3.82%	7.03%	10.1%	12.3%	16.9%
ROA	2.01%	2.09%	2.22%	1.05%	—	11.2%	2.15%	4.23%	6.05%	7.39%	8.74%
ROIC	8.79%	8.89%	11.8%	11.3%	—	18%	4.03%	7.7%	10.2%	11.7%	15.7%
Return on tangible assets	-90.5%	-34.6%	-39.9%	-9.46%	—	57.2%	-8.7%	-13.6%	-22.2%	-34.1%	-66.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.91	2.94	2.2	2.48	—	1.98	2.62	3.02	2.91	3.13	3.05
Quick ratio	2.1	2.16	1.53	1.68	—	1.21	1.35	1.77	1.81	2.07	2.13
Debt / equity	3.27	1.52	1.12	1.01	—	4.39	0.36	0.34	0.35	0.35	0.33
Debt / assets	0.57	0.46	0.4	0.38	—	0.51	0.2	0.2	0.21	0.21	0.2
Net debt / EBITDA	4.21	3.38	3.1	2.32	—	2.43	2.52	1.35	1.03	0.66	0.39
Interest coverage	1.94	2.22	3.49	4.42	2.37	2.51	4.12	4.81	7.25	9.96	14.9
Effective tax rate	19.9%	14.5%	0%	22.4%	23.1%	5.15%	32%	29%	23.2%	24.9%	24.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.1	16.7	17.8	19.6	4.67	7.5	8.46	8.78	9.12	10.1	10.7
EPS (basic)	0.67	0.65	0.51	0.1	0.98	1	0.41	0.65	0.93	1.17	1.17
EPS (diluted)	0.66	0.64	0.5	0.1	0.96	0.97	0.4	0.64	0.92	1.15	1.61
Book value per share	5.83	10.4	11.7	11.8	—	1.04	10.7	9.2	9.24	9.51	9.99
FCF per share	1.66	1.37	1.81	2.04	1.4	1.65	0.59	1.33	1.58	1.88	2.24
Cash per share	4.81	4.77	1.86	2.8	—	0.8	0.82	0.78	1.15	1.78	2.2
Capex per share	0.52	0.04	0.05	0.04	0.06	0.12	0.01	0.04	0.01	0.18	0.14

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.71%	0.25%	0.3%	0.23%	1.39%	1.57%	0.1%	0.5%	0.1%	1.76%	1.28%
Capex / operating cash flow	24.6%	2.49%	2.98%	2.04%	3.58%	7.97%	0.8%	3.15%	0.51%	8.63%	5.71%
Payout ratio	0%	5.94%	30.5%	67.6%	24.4%	30.1%	52.7%	44.7%	35.3%	32.3%	26.1%
Dividend yield	0%	0.19%	0.75%	0.88%	0.61%	0.82%	—	—	0.88%	0.81%	0.95%

Yield

0.95%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.11

ex-dividend Aug 20, 2026

Payout ratio

26%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 20, 2026	$0.11
May 20, 2026	$0.11
Feb 20, 2026	$0.11
Nov 20, 2025	$0.11
Aug 20, 2025	$0.09
May 20, 2025	$0.09
Feb 20, 2025	$0.09
Nov 20, 2024	$0.09

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$398.4M	$356.8M	$373.8M	$412M	$410M	$370.7M	$388.8M	$444.5M	$455.4M	$407.2M	$433M	$491M
YoY change	-4.62%	+4.85%	+0.46%	+2.18%	+2.91%	+3.9%	+4.01%	+7.89%	+11.1%	+9.85%	+11.4%	+10.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	484.6M	490.1M	193.2M	292.5M	573.4M	96.6M	124.8M	136.7M	198M	300.5M
Receivables	317.6M	322.9M	314.7M	334.3M	334.7M	144.1M	219.7M	210.2M	202.2M	184.8M
Inventory	327.2M	314.9M	304.1M	316.5M	317.5M	184.5M	366.7M	277.6M	272.6M	274.4M
Total current assets	1.2B	1.2B	997.7M	982.9M	1.3B	474.8M	757.5M	667.8M	722.1M	811.7M
Property, plant & equipment	186.4M	161.9M	166.6M	155.5M	147.3M	16.8M	90.9M	71.8M	60.5M	57.2M
Goodwill & intangibles	3.4B	3.8B	3.6B	3.6B	3.7B	866.4M	3.6B	3.5B	3.4B	3.3B
Total assets	3.4B	3.5B	3.4B	3.3B	3.6B	1.1B	2.9B	2.7B	2.6B	2.7B
Accounts payable	200.8M	197.8M	189.9M	191.7M	185.6M	105.1M	116.9M	56.4M	71.7M	65.2M
Short-term debt	20.2M	16.5M	3.9M	1.2M	89.2M	11.7M	15.1M	11.5M	13.5M	15.6M
Total current liabilities	404.4M	400.3M	454.2M	397M	455.5M	240.4M	289.3M	220.9M	247.8M	259.4M
Long-term debt	1.9B	1.6B	1.4B	1.2B	1.4B	542.8M	564.4M	531.7M	538.1M	537.6M
Total liabilities	2.8B	2.5B	2.2B	2B	2.3B	951.3M	1.2B	1.1B	1.1B	1.1B
Shareholders' equity	588M	1.1B	1.2B	1.2B	1.3B	126.4M	1.6B	1.6B	1.6B	1.6B
Total debt	1.9B	1.6B	1.4B	1.2B	1.5B	554.5M	579.5M	543.2M	551.6M	553.2M
Net debt	1.4B	1.1B	1.2B	945.5M	912.8M	457.9M	454.7M	406.5M	353.6M	252.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	173.1M	136.7M	157.1M	162.7M	187.9M	198M	144.7M	201.9M	260.1M	300.5M	273.5M	365M
Receivables	233.9M	210.2M	222.9M	240.1M	242.4M	202.2M	242.8M	240.1M	232.3M	184.8M	242.7M	270.9M
Inventory	284.3M	277.6M	286.6M	276.2M	278.6M	272.6M	280.6M	275.8M	273.2M	274.4M	292.3M	287.3M
Total current assets	721.3M	667.8M	696.5M	723.2M	755.1M	722.1M	697.4M	754M	800.7M	811.7M	836.5M	953.1M
Property, plant & equipment	—	71.8M	—	—	—	60.5M	—	—	—	57.2M	—	—
Goodwill & intangibles	3.5B	3.5B	3.5B	3.4B	3.4B	3.4B	3.3B	3.3B	3.3B	3.3B	3.2B	3.2B
Total assets	2.8B	2.7B	2.7B	2.7B	2.7B	2.6B	2.6B	2.7B	2.7B	2.7B	2.7B	2.8B
Accounts payable	60.7M	56.4M	70.2M	77.9M	94.7M	71.7M	95M	88.9M	82.2M	65.2M	99M	96.2M
Short-term debt	16.7M	11.5M	11.1M	11.6M	13.4M	13.5M	14.2M	14.9M	15.4M	15.6M	16.5M	16.8M
Total current liabilities	229.8M	220.9M	210.6M	255.1M	279.2M	247.8M	242.6M	278.3M	288.2M	259.4M	258.5M	312.2M
Long-term debt	587.5M	531.7M	529.2M	533.6M	540.9M	538.1M	542.7M	541.4M	539.2M	537.6M	535.7M	533.7M
Total liabilities	1.2B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B
Shareholders' equity	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.5B	1.6B	1.6B	1.6B	1.6B	1.7B
Total debt	604.2M	543.2M	540.3M	545.2M	554.3M	551.6M	556.9M	556.3M	554.6M	553.2M	552.2M	550.5M
Net debt	431.1M	406.5M	383.2M	382.5M	366.4M	353.6M	412.2M	354.4M	294.5M	252.7M	278.7M	185.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	69M	74.1M	76M	34.3M	118.2M	120.9M	61.7M	112.7M	160.2M	198M
Depreciation & amortization	115.4M	105.4M	89.7M	92.3M	67M	77.5M	54.5M	87.9M	88.3M	88.7M
Stock-based compensation	7.5M	13.4M	20.5M	22.6M	36.6M	51.4M	25M	40M	37.9M	40.6M
Change in working capital	21.8M	-7M	-39.7M	-47.6M	2.9M	-54.7M	16.1M	16.8M	26.2M	18.4M
Operating cash flow	211.4M	168.9M	184.4M	230.5M	217.9M	179.4M	162.6M	244.6M	310.9M	346.5M
Capital expenditure	-52.1M	4.2M	5.5M	4.7M	7.8M	14.3M	1.3M	7.7M	1.6M	-29.9M
Investing cash flow	-51M	-209.5M	-168.1M	-18.7M	-94.2M	-2.8M	-34M	16.7M	1.6M	-29.9M
Dividends paid	0	-4.4M	-23.2M	-23.2M	-28.8M	-36.4M	-32.5M	-50.4M	-56.6M	-63.9M
Share repurchases	-40M	0	0	0	-59.3M	-900K	-24.7M	-125.1M	-150.2M	-159.9M
Financing cash flow	-67.3M	65.5M	-340.3M	-124.6M	-427.9M	-381.1M	-63.6M	-243.5M	-216.2M	-225.2M
Net change in cash	93.1M	24.9M	-324M	87.2M	-304.2M	-204.5M	65M	17.8M	96.3M	91.4M
Free cash flow	166.9M	140.6M	187.8M	213.2M	168M	200.3M	89.4M	232.6M	271.7M	316.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	41.4M	13.9M	34.3M	46M	43.5M	36.4M	43.6M	50.5M	61.8M	42.1M	58.9M	113.3M
Depreciation & amortization	21.7M	21.6M	21.6M	21.7M	21.9M	23.1M	22.7M	22.1M	21.8M	22.1M	21M	21.3M
Stock-based compensation	10M	9.5M	10M	9.4M	9.8M	8.7M	10.5M	9M	9.6M	11.5M	11.7M	9.2M
Change in working capital	34.8M	12.4M	8.3M	-14.7M	12.2M	20.4M	-100K	-300K	4.7M	14.1M	-12.8M	-28M
Operating cash flow	103.9M	47.4M	79.9M	51.2M	85.2M	94.6M	75.9M	73.1M	101.3M	91.7M	46.1M	162.3M
Capital expenditure	0	7.4M	1.6M	0	0	0	0	0	-7.4M	-9.2M	-3.4M	-2.9M
Investing cash flow	0	7.4M	1.6M	0	0	0	0	0	-7.4M	-9.2M	-3.4M	-2.9M
Dividends paid	-12.1M	-13.8M	-13.9M	-13.8M	-13.6M	-15.3M	-15.2M	-15.1M	-15.1M	-18.5M	-18.4M	-18.4M
Share repurchases	-13.1M	-24.9M	-18.9M	-61M	-50M	-20.3M	-77.4M	-32.5M	-25M	-25M	-50M	-49.6M
Financing cash flow	-26.8M	-100.1M	-33M	-75M	-63.8M	-44.3M	-93.3M	-47.8M	-40.4M	-43.7M	-71.7M	-68.3M
Net change in cash	77.1M	-45.3M	48.5M	-23.8M	21.4M	50.3M	-17.4M	25.3M	53.5M	38.8M	-29M	91.1M
Free cash flow	98.7M	52.8M	50.2M	80.2M	86.8M	54.5M	38.6M	101.6M	93.9M	82.5M	42.7M	159.4M

Zurn Elkay Water Solutions Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement