olivLaw · US equity research
CSW Industrials, Inc. CSW
Adhesives & Sealants · SIC 2891 · Vertical: Chemicals and allied products (SIC 289x)
CSW Industrials is a diversified industrial company making HVAC/R mechanical products, specialty lubricants and sealants, and building safety products. In its first quarter of fiscal 2027 it reported record revenue of 350.6 million USD, up 33 percent, partly due to recent acquisitions, which makes it a name to watch for investors interested in industrial consolidation.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, CSW Industrials, Inc. (CSW) stock was 276.65 USD (−6.33% on the day), with market capitalisation 4.5 bn USD, P/E 35.5 on diluted EPS of 7.78 USD over the last 12 months, dividend yield 0.42%, beta 1.39, 52-week range 240.45–351.29 USD. Latest reported quarter (Q2 2027): revenue of 361.4 m USD (+30.5% YoY), net income of 47.3 m USD (+16.4% YoY), diluted EPS 2.90 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.7
- weak (30–45)
- Bollinger (20, 2)
- 279.05 – 301.67
- below the lower band · %B -0.11 · band width 7.8%
- SMA 50 / 200
- 294.69 / 289.57
- mixed trend
- MACD (12, 26, 9)
- -2.88 / -2.06
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.8% | −1.1% | −5.7 pp | — |
| 3 months | −20.4% | −0.5% | −20.0 pp | — |
| 6 months | −0.4% | +4.4% | −4.8 pp | — |
| Year to date | −5.8% | +12.3% | −18.1 pp | — |
| 1 year | +14.3% | +13.5% | +0.8 pp | −10.0% |
| 3 years | +63.1% | +76.4% | −13.3 pp | −6.0% |
| 5 years | +98.5% | +63.7% | +34.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 193.6 m | 230.5 m | 263.6 m | 277.0 m | 233.0 m | 309.0 m | 350.7 m | 361.4 m |
| Cost of revenue | 113.5 m | 128.7 m | 148.2 m | 157.8 m | 140.5 m | 182.3 m | 193.3 m | 209.5 m |
| Gross profit | 80.1 m | 101.9 m | 115.4 m | 119.2 m | 92.4 m | 126.6 m | 157.4 m | 151.9 m |
| SG&A | 50.5 m | 56.8 m | 60.6 m | 62.4 m | 75.1 m | 71.4 m | 77.5 m | 76.4 m |
| Operating income | 29.6 m | 45.0 m | 54.9 m | 56.8 m | 17.3 m | 39.5 m | 79.9 m | 75.5 m |
| Pre-tax income | 31.3 m | 46.5 m | 54.4 m | 55.5 m | 7.9 m | 27.8 m | 66.9 m | 63.1 m |
| Income tax | 4.3 m | 11.5 m | 13.2 m | 14.7 m | -2.7 m | 7.5 m | 17.1 m | 15.2 m |
| Net income | 26.9 m | 35.1 m | 40.9 m | 40.7 m | 10.3 m | 20.2 m | 49.8 m | 47.3 m |
| Diluted EPS | 1.60 | 2.08 ≈ | 2.43 | 2.41 | 0.62 | 1.22 ≈ | 3.04 | 2.90 |
| Operating cash flow | 10.9 m ≈ | 27.3 m | 60.6 m | 61.8 m ≈ | 28.9 m ≈ | -1.7 m | 75.6 m | 95.4 m ≈ |
| Capex | 3.1 m ≈ | 4.5 m | 2.9 m | 3.1 m ≈ | 6.1 m ≈ | 5.1 m | 6.0 m | 3.5 m ≈ |
| Dividends paid | 4.0 m | 4.0 m | 4.5 m | 4.5 m | 4.5 m | 4.4 m | 4.9 m | 4.9 m ≈ |
| Share repurchases | 8.6 m ≈ | 6.8 m | 9.1 m | 17.0 m ≈ | 72.7 m ≈ | 34.0 m | 36.3 m | 5.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 56 percentile of its own 36-quarter history (min 19.6, median 33.8, max 56.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 350.2 m | 385.9 m | 419.2 m | 626.4 m | 757.9 m | 792.8 m | 878.3 m | 1.1 bn |
| Revenue YoY | +7.3% | +10.2% | +8.6% | +49.4% | +21.0% | +4.6% | +10.8% | +23.3% |
| Net income | 45.6 m | 45.7 m | 40.1 m | 66.4 m | 96.4 m | 101.6 m | 136.7 m | 112.0 m |
| Net income YoY | unavailable | +0.3% | −12.3% | +65.6% | +45.3% | +5.4% | +34.4% | −18.0% |
| Diluted EPS | 2.93 | 3.01 | 2.65 | 4.20 | 6.20 | 6.52 | 8.38 | 6.70 |
| Diluted EPS YoY | unavailable | +2.7% | −12.0% | +58.5% | +47.6% | +5.2% | +28.5% | −20.0% |
| net % | 13.0% | 11.8% | 9.6% | 10.6% | 12.7% | 12.8% | 15.6% | 10.4% |
| Free cash flow | 52.2 m | 58.5 m | 57.4 m | 53.4 m | 107.5 m | 147.8 m | 152.1 m | 132.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 33.8 m USD
- Financial debt
- 869.3 m USD
- Net debt
- 835.5 m USD
- Equity
- 1.1 bn USD
- Total assets
- 2.3 bn USD
- Debt / equity
- 0.83x
- Current ratio
- 2.60x
- ROE
- 10.6%
- ROA
- 6.1%
- FCF margin
- 12.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 419.2 m | 626.4 m | 757.9 m | 792.8 m | 878.3 m | 1.1 bn | SEC (XBRL)· 26 May 2026verified |
| Cost of revenue | 234.7 m | 370.5 m | 439.7 m | 442.1 m | 485.0 m | 628.9 m | SEC (XBRL)· 26 May 2026verified |
| Gross profit | 184.6 m | 256.0 m | 318.2 m | 350.7 m | 393.3 m | 453.7 m | SEC (XBRL)· 26 May 2026verified |
| Research & development | — | — | 4.8 m | 5.9 m | 5.3 m | 5.8 m | SEC (XBRL)· 26 May 2026verified |
| SG&A | 125.3 m | 158.6 m | 179.1 m | 190.1 m | 212.1 m | 269.5 m | SEC (XBRL)· 26 May 2026verified |
| Operating income | 59.2 m | 97.4 m | 139.1 m | 159.1 m | 181.2 m | 168.5 m | SEC (XBRL)· 26 May 2026verified |
| Depreciation & amortisation | 22.7 m | 36.4 m | 35.0 m | 38.3 m | 42.2 m | — | SEC (XBRL)· 22 May 2025verified |
| EBITDA | 81.9 m ≈ | 133.8 m ≈ | 174.0 m ≈ | 197.4 m ≈ | 223.5 m ≈ | — | SEC (XBRL)· 22 May 2025derived |
| Pre-tax income | 50.9 m | 91.5 m | 125.9 m | 140.5 m | 180.1 m | 145.6 m | SEC (XBRL)· 26 May 2026verified |
| Income tax | 10.8 m | 24.1 m | 29.3 m | 37.9 m | 42.6 m | 32.7 m | SEC (XBRL)· 26 May 2026verified |
| Net income | 40.1 m | 66.4 m | 96.4 m | 101.6 m | 136.7 m | 112.0 m | SEC (XBRL)· 26 May 2026verified |
| Diluted EPS | 2.65 | 4.20 | 6.20 | 6.52 | 8.38 | 6.70 | SEC (XBRL)· 26 May 2026verified |
| Weighted average diluted shares | 15.1 m | 15.8 m | 15.5 m | 15.6 m | 16.3 m | 16.7 m | SEC (XBRL)· 26 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 10.1 m | 16.6 m | 18.5 m | 22.2 m | 225.8 m | 33.8 m | SEC (XBRL)· 26 May 2026verified |
| Receivables | 96.7 m | 122.8 m | 122.8 m | 142.7 m | 155.7 m | 210.3 m | SEC (XBRL)· 26 May 2026verified |
| Inventories | 102.7 m | 150.1 m | 161.6 m | 150.7 m | 194.9 m | 309.7 m | SEC (XBRL)· 26 May 2026verified |
| Current assets | 219.1 m | 300.1 m | 323.1 m | 331.4 m | 592.9 m | 589.1 m | SEC (XBRL)· 26 May 2026verified |
| Property, plant & equipment, net | 82.6 m | 87.0 m | 88.2 m | 92.8 m | 93.4 m | 107.5 m | SEC (XBRL)· 26 May 2026verified |
| Goodwill | 218.8 m | 224.7 m | 242.7 m | 247.2 m | 264.1 m | 632.6 m | SEC (XBRL)· 26 May 2026verified |
| Intangibles (excl. goodwill) | 283.1 m | 300.8 m | 318.9 m | 318.8 m | 357.9 m | 900.1 m | SEC (XBRL)· 26 May 2026verified |
| Total assets | 879.5 m | 995.4 m | 1.0 bn | 1.0 bn | 1.4 bn | 2.3 bn | SEC (XBRL)· 26 May 2026verified |
| Accounts payable | 32.4 m | 47.8 m | 40.7 m | 48.4 m | 54.8 m | 76.9 m | SEC (XBRL)· 26 May 2026verified |
| Short-term debt | 561.0 k | 561.0 k | 0 | 0 | 0 | 29.5 m | SEC (XBRL)· 26 May 2026verified |
| Long-term debt | 241.8 m | 252.2 m | 253.0 m | 166.0 m | 0 | 839.8 m | SEC (XBRL)· 26 May 2026verified |
| Current liabilities | 82.7 m | 117.4 m | 108.0 m | 115.8 m | 147.2 m | 226.9 m | SEC (XBRL)· 26 May 2026verified |
| Total liabilities | 464.1 m | 510.9 m | 499.3 m | 408.2 m | 286.6 m | 1.2 bn | SEC (XBRL)· 26 May 2026verified |
| Equity | 415.4 m | 469.1 m | 525.7 m | 615.7 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 26 May 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 66.3 m | 69.1 m | 121.5 m | 164.3 m | 168.4 m | 149.7 m | SEC (XBRL)· 26 May 2026verified |
| Capex | 8.8 m | 15.7 m | 14.0 m | 16.6 m | 16.3 m | 17.3 m | SEC (XBRL)· 26 May 2026verified |
| Free cash flow | 57.4 m ≈ | 53.4 m ≈ | 107.5 m ≈ | 147.8 m ≈ | 152.1 m ≈ | 132.4 m ≈ | SEC (XBRL)· 26 May 2026derived |
| Investing cash flow | -289.9 m | -51.5 m | -69.7 m | -42.5 m | -102.2 m | -1.0 bn | SEC (XBRL)· 26 May 2026verified |
| Financing cash flow | 214.0 m | -13.0 m | -49.3 m | -117.0 m | 138.0 m | 701.5 m | SEC (XBRL)· 26 May 2026verified |
| Dividends paid | 8.1 m | 9.5 m | 10.6 m | 11.8 m | 14.6 m | 18.0 m | SEC (XBRL)· 26 May 2026verified |
| Share repurchases | 10.5 m | 19.3 m | 39.1 m | 15.3 m | 27.7 m | 132.7 m | SEC (XBRL)· 26 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation44
- Returns72
- Quality77
- Balance sheet100
- Growth59
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 159.46 – 283.31 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E159.46 – 283.31 (Mid 174.44)5 companies used · median multiple 22.4x · quartiles 20.5x – 36.4xCBT, ESI, FTK, FUL, WDFC
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.0% | 63 (vs peers) | 14% |
| Net margin · Quality | 10.2% | 78 (vs peers) | 9% |
| FCF conversion · Quality | 139.1% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 12.6% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 2.6% | 17 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 35.5x | 40 (vs peers) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.9% | 49 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 3.7% | 53 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 10.6% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth59/100 · 2/2 factors with a value
- Quality77/100 · 3/3 factors with a value
- Returns72/100 · 2/2 factors with a value
- Valuation44/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CSW INDUSTRIALS, INC. (CSW). Latest full fiscal year: 2026; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.1 bn USD in 2026; YoY growth 23.3%; net margin 10.2%; ROE 11.4%.
The estimated value range is 159.46–283.31 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 174.44 USD, the price of 276.65 USD leaves a potential of -36.9% (value / price − 1) and a margin of safety of -58.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.2%
- FCF conversion: 139.1%
- Revenue CAGR 3Y: 12.6%
- Current ratio: 2.4x
- Payout ratio (FCF): 10.6%
What contradicts it
- EPS CAGR 3Y: 2.6%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Chemicals and allied products (SIC 289x) · same industry group (3-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ESIElement Solutions Inc | 7.5 bn | 36.4 | 7.4% | 5.9% | +3.8% | +19% / +47% |
| CSWCsw Industrials, Inc. | 4.5 bn | 35.5 | 11.4% | 10.2% | +23.3% | +14% / +63% |
| CBTCabot Corp | 3.8 bn | 20.5 | 12.1% | 5.2% | −7.0% | +17% / −4% |
| WDFCWd-40 Company | 3.0 bn | 37.4 | 30.4% | 12.0% | +11.0% | +16% / −6% |
| FULFuller H B Co | 2.7 bn | 14.0 | 9.6% | 5.6% | −2.7% | −14% / −34% |
| FTKFlotek Industries Inc | 802.6 m | 22.4 | 37.8% | 13.0% | +26.9% | +55% / +603% |
| ASPIASP Isotopes Inc. | 263.7 m | — | -80.9% | -380.3% | +475.5% | −72% / −10% |
| OECOrion S.A. | 235.7 m | — | -8.1% | -1.8% | −3.8% | −18% / −83% |
| ARQArq, Inc. | 106.1 m | — | -25.0% | -38.5% | +10.4% | −35% / −11% |
| FSIFlexible Solutions International, Inc | 78.4 m | — | -8.2% | -8.8% | +0.7% | −10% / +304% |
1- and 3-year price returns: for CSW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 177.90 Total return -36% · Per year -36% | 313.38 Total return 13% · Per year 13% | 470.49 Total return 70% · Per year 70% |
| 3 years | 201.98 Total return -27% · Per year -10% | 397.46 Total return 44% · Per year 13% | 650.88 Total return 135% · Per year 33% |
| 5 years | 229.32 Total return -17% · Per year -4% | 504.10 Total return 82% · Per year 13% | 900.44 Total return 225% · Per year 27% |
- Exit P/E± 99.37
- Net margin± 69.56
- Annual revenue growth± 52.97
- Annual dilution± 5.84
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
CSW Industrials is a diversified industrial company making HVAC/R mechanical products, specialty lubricants and sealants, and building safety products. In its first quarter of fiscal 2027 it reported record revenue of 350.6 million USD, up 33 percent, partly due to recent acquisitions, which makes it a name to watch for investors interested in industrial consolidation 123.
SWOT
Strengths
- A broad portfolio of niche brands, leading positions in certain installation products and lubricants, and a diversified customer base with no dominant customer.
- A track record of acquisitions that have been integrated into the business, lifting revenue and margins in the latest quarter.
- High operating cash flow and a balance sheet still within the target leverage range, giving flexibility for further investment.
Weaknesses
- Dependence on cyclical markets such as energy and mining can make results more volatile.
- Higher debt after acquisitions raises interest costs and pressure on free cash flow.
- Exposure to production in Vietnam and to suppliers outside the US raises tariff and logistics risks.
Opportunities
- Full integration of recent acquisitions could bring further cost synergies and cross-selling.
- Recovery of IEEPA tariffs paid could return funds that may be reinvested or returned to shareholders.
- The HVAC/R repair market, strengthened by recent acquisitions, could increase the share of recurring revenue.
Threats
- New or changed US tariffs could raise costs and reduce demand for the company's products.
- A weaker construction cycle could reduce sales in the Engineered Building Solutions segment.
- Middle East disruptions and high energy costs could squeeze margins if they cannot be passed on to customers.
Risks
- Tariffs and trade policyhigh
Changes in US tariffs affect import costs from Vietnam and China, and the timing of any recovery of tariffs paid remains uncertain 1.
- Market cyclicalitymedium
HVAC/R, energy and mining markets can see volatile demand, and industry overcapacity can pressure prices 1.
- Debt after acquisitionsmedium
Borrowing used for large acquisitions raises interest costs, and repayment plans must be met over the long term 23.
- Integration of acquisitionsmedium
Integrating large businesses such as MARS Parts can be costly and can divert management attention 1.
- Supply chainlow
Transport delays and rising raw material costs, especially on rerouted shipping lanes, could affect deliveries 2.
Investment thesis
What would need to be true (bull case)
- Quarterly revenue grew significantly, and the company reports higher margins and record cash flow, which shows the strength of its acquisition and pricing model 3.
- Niche brands and a position in maintenance could support recurring demand and the ability to pass on prices, if the trend continues 1.
- If the integration of recent acquisitions produces synergies, profit growth could continue without relying only on organic volumes 3.
What would break the thesis
- Rapid growth through acquisitions could mask weak organic performance in some segments, particularly Engineered Building Solutions 3.
- Tariffs and global trade volatility could reduce margins if price increases are not enough to offset them 12.
- Higher debt and interest costs could limit flexibility if demand slows 3.
What to watch
- Organic revenue trend in Contractor SolutionsQ2 2027
- Completion of the Greco sale and effect on Engineered Building Solutions2027
- Decisions on recovery of IEEPA tariffsnext 10-K
- Trend in net debt and net leverage ratioQ2 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
CSW Industrials is a diversified industrial company with a focus on niche, value-added products for the end markets it serves. Its business is organized into three segments: Contractor Solutions, Specialized Reliability Solutions and Engineered Building Solutions 1. Manufacturing is concentrated in the United States, Vietnam and Canada, and products reach customers in over 100 countries, mainly through distribution 1.
The strategy combines organic growth with acquisitions. Recently the company bought MARS Parts, Aspen Manufacturing, Hydrotex, ProAction Fluids and Duckt-Strip, expanding its HVAC/R and industrial lubricant portfolio 12. It also committed to selling the Greco US business and exiting Greco Canada, with a non-cash impairment recorded in the Engineered Building Solutions segment 1.
The company moved its listing from Nasdaq to the New York Stock Exchange under the symbol CSW in June 2025 1. It describes a brand base with a history spanning more than a century, and many of its products are used by installers as the standard in their markets 1.
Segments
Specialized Reliability Solutions
The segment sells specialty lubricants, compounds and sealants for mining, rail transportation and energy. Quarterly revenue rose by nearly a third, and adjusted segment margin reached the company's long-term target above 20 percent, according to the release 3.
Engineered Building Solutions
The segment offers fire and smoke protection and architecturally-specified building components. Revenue fell 9.3 percent in the quarter ended June 30, 2026, due to softness in the residential market served by Greco, while the continuing businesses grew 3.
Market context
HVAC/R is the company's largest market, representing about 59 percent of net revenues in fiscal 2026 1. Demand depends on replacement and repair of existing systems as well as new construction, and sales are seasonal with a peak from March through August 1.
Industrial, mining and energy markets are more cyclical and sensitive to oil prices and global industrial output 1. Architecturally-specified building products, about 14 percent of revenue in fiscal 2026, depend on architectural specifications and building codes 1.
Trends
- Trade tariffs and Vietnammixed
US tariffs have affected material and freight costs, and the company has responded with price actions and shifts in sourcing. The February 2026 Supreme Court decision could allow recovery of some tariffs paid, but the timing is uncertain 1.
- Construction cycle and HVAC/Rmixed
Commercial and residential construction cycles influence demand for building products and HVAC/R systems, and seasonality shapes the pace of sales 1.
- Middle East conflictheadwind
Shipping disruptions and higher crude prices have raised freight and commodity costs, and lead times from Asian suppliers have lengthened. The company does not currently expect a material effect on its ability to meet demand 2.
- Acquisition-led growthtailwind
Recent acquisitions have added revenue and higher margins in HVAC/R and lubricants, and the company continues to look for further opportunities in its core markets 23.
Competitive position
Competition is varied: in HVAC/R and plumbing the company faces small single-product firms as well as large multinational manufacturers, especially in distribution 1. In specialty lubricants, named rivals include Exxon-Mobil, Fuchs, Kluber and Shell 1.
In fire and smoke protection and architectural components, the company competes with specialist firms on product quality, knowledge of building codes and customer service 1. The stated advantage rests on niche brands and recurring demand from maintenance 1.
- Exxon-MobilXOM
Competitor in specialty industrial lubricants, named in the annual report competition section.
- Fuchs
Specialty lubricant maker named as a rival in the Specialized Reliability Solutions segment.
- Shell
Energy company with a lubricants division, named among competitors in industrial lubricants.
- Construction Specialties
Competitor in specified architectural building components, named in the annual report.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report31 Aug 2026Shareholder vote · Other events
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Proxy statement16 Jul 2026
- Current report (amendment)26 May 2026Results of operations · Financial statements and exhibits
- Current report26 May 2026Results of operations · Financial statements and exhibits
- Annual report26 May 2026
- Current report29 Jan 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / CSW Industrials, Inc. · 26 May 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CSW Industrials, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CSW Industrials, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.