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Specialty chemicals · Basic Materials · Fiscal year ends Mar 31
CSW Industrials reported revenue of $1.1B in the fiscal year ended Mar 2026, up 23.3% from the year before. Operating income was $169M, an operating margin of 15.6%, and net income was $112M. Operating cash flow of $150M less capital expenditure of $17M left free cash flow of $132M. Net debt was $835M.
Ranks among the 20 specialty chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 626 | 758 | 793 | 878 | 1,083 |
| Cost of revenue | 370 | 440 | 442 | 485 | 629 |
| Gross profit | 256 | 318 | 351 | 393 | 454 |
| Research & development | – | 4.8 | 5.9 | 5.3 | 5.8 |
| Selling, general & admin | 159 | 179 | 190 | 212 | 270 |
| Operating income | 97.4 | 139 | 159 | 181 | 169 |
| Pre-tax income | 91.5 | 126 | 140 | 180 | 146 |
| Income tax | 24.1 | 29.3 | 37.9 | 42.6 | 32.7 |
| Net income | 66.4 | 96.4 | 102 | 137 | 112 |
| Diluted EPS | 4.20 | 6.20 | 6.52 | 8.38 | 6.70 |
| Diluted shares | 15.8 | 15.5 | 15.6 | 16.3 | 16.7 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 16.6 | 18.5 | 22.2 | 226 | 33.8 |
| Receivables | 123 | 123 | 143 | 156 | 210 |
| Inventory | 150 | 162 | 151 | 195 | 310 |
| Current assets | 300 | 323 | 331 | 593 | 589 |
| Net PP&E | 87.0 | 88.2 | 92.8 | 93.4 | 108 |
| Goodwill | 225 | 243 | 247 | 264 | 633 |
| Total assets | 995 | 1,043 | 1,043 | 1,379 | 2,317 |
| Payables | 47.8 | 40.7 | 48.4 | 54.8 | 76.9 |
| Deferred revenue | 1.0 | 0.6 | 0.5 | 0.9 | 1.5 |
| Current liabilities | 117 | 108 | 116 | 147 | 227 |
| Short-term debt | 0.6 | 0.0 | 0.0 | 0.0 | 29.5 |
| Long-term debt | 252 | 253 | 166 | 0.0 | 840 |
| Total liabilities | 511 | 499 | 408 | 287 | 1,247 |
| Shareholders' equity | 469 | 526 | 616 | 1,072 | 1,050 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 69.1 | 121 | 164 | 168 | 150 |
| Capital expenditure | 15.7 | 14.0 | 16.6 | 16.3 | 17.3 |
| Free cash flow | 53.4 | 108 | 148 | 152 | 132 |
| Depreciation & amortisation | 36.4 | 35.0 | 38.3 | 42.2 | 15.9 |
| Share buybacks | 19.3 | 39.1 | 15.3 | 27.7 | 133 |
| Dividends paid | 9.5 | 10.6 | 11.8 | 14.6 | 18.0 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.0% | 4.6% | 10.8% | 23.3% |
| Operating income growth (YoY) | – | 42.8% | 14.4% | 13.9% | −7.0% |
| EPS growth (YoY) | – | 47.6% | 5.2% | 28.5% | −20.0% |
| Gross margin | 40.9% | 42.0% | 44.2% | 44.8% | 41.9% |
| Operating margin | 15.5% | 18.3% | 20.1% | 20.6% | 15.6% |
| Net margin | 10.6% | 12.7% | 12.8% | 15.6% | 10.4% |
| Return on equityBlank when equity is negative | 14.2% | 18.3% | 16.5% | 12.7% | 10.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.1% | 14.9% | 17.2% | 14.7% | 8.1% |
| Free cash flow margin | 8.5% | 14.2% | 18.6% | 17.3% | 12.2% |
| Cash conversion (CFO ÷ net income) | 1.04x | 1.26x | 1.62x | 1.23x | 1.34x |
| Receivable days | 72 | 59 | 66 | 65 | 71 |
| Inventory days | 148 | 134 | 124 | 147 | 180 |
| Payable days | 47 | 34 | 40 | 41 | 45 |
| Debt ÷ equity | 0.54x | 0.48x | 0.27x | 0.00x | 0.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 236 | 235 | 144 | −226 | 835 |
| Current ratio | 2.56x | 2.99x | 2.86x | 4.03x | 2.60x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.