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Specialty industrial machinery · Industrials · Fiscal year ends Dec 31
Zurn Elkay Water Solutions reported revenue of $1.7B in the fiscal year ended Dec 2025, up 8.3% from the year before. Operating income was $279M, an operating margin of 16.4%, and net income was $198M. Net debt was $196M.
Ranks among the 34 specialty industrial machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 911 | 1,282 | 1,531 | 1,567 | 1,696 |
| Cost of revenue | 538 | 816 | 882 | 860 | 931 |
| Gross profit | 373 | 466 | 648 | 707 | 765 |
| Selling, general & admin | 239 | 309 | 371 | 390 | 418 |
| Operating income | 107 | 107 | 191 | 245 | 279 |
| Interest expense | 34.7 | 26.9 | 38.5 | 33.1 | 28.6 |
| Pre-tax income | 52.4 | 83.8 | 147 | 207 | 256 |
| Income tax | 2.7 | 26.8 | 42.6 | 48.1 | 63.9 |
| Net income | 121 | 61.7 | 113 | 160 | 198 |
| Diluted EPS | 0.97 | 0.40 | 0.64 | 0.92 | 1.15 |
| Diluted shares | 125 | 154 | 177 | 175 | 171 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 96.6 | 125 | 137 | 198 | 301 |
| Receivables | 144 | 220 | 210 | 202 | 185 |
| Inventory | 185 | 367 | 278 | 273 | 274 |
| Current assets | 475 | 758 | 668 | 722 | 812 |
| Net PP&E | 64.4 | 184 | 180 | 164 | 158 |
| Goodwill | 254 | 777 | 796 | 794 | 795 |
| Total assets | 1,078 | 2,864 | 2,667 | 2,649 | 2,679 |
| Payables | 105 | 117 | 56.4 | 71.7 | 65.2 |
| Current liabilities | 240 | 289 | 221 | 248 | 259 |
| Short-term debt | 5.6 | 5.7 | 0.9 | 0.8 | 0.9 |
| Long-term debt | 534 | 530 | 494 | 495 | 496 |
| Total liabilities | 951 | 1,249 | 1,064 | 1,062 | 1,076 |
| Shareholders' equity | 126 | 1,615 | 1,603 | 1,587 | 1,603 |
| Backlog (remaining obligations) | 69.9 | 42.1 | 50.8 | 48.8 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 224 | 97.0 | 254 | 294 | 347 |
| Depreciation & amortisation | 44.1 | 20.5 | 29.2 | 29.2 | 30.0 |
| Stock-based compensation | 51.4 | 25.0 | 40.0 | 37.9 | 40.6 |
| Acquisitions | 17.1 | 44.8 | 0.0 | 0.0 | – |
| Share buybacks | 0.9 | 24.7 | 125 | 150 | 160 |
| Dividends paid | 36.4 | 32.5 | 50.4 | 56.6 | 63.9 |
| Dividend per share | 0.30 | 0.20 | 0.29 | 0.33 | 0.38 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 40.7% | 19.4% | 2.4% | 8.3% |
| Operating income growth (YoY) | – | 0.1% | 78.7% | 27.8% | 14.0% |
| EPS growth (YoY) | – | −58.8% | 60.0% | 43.8% | 25.0% |
| Gross margin | 41.0% | 36.3% | 42.3% | 45.1% | 45.1% |
| Operating margin | 11.7% | 8.4% | 12.5% | 15.6% | 16.4% |
| Net margin | 13.3% | 4.8% | 7.4% | 10.2% | 11.7% |
| Return on equityBlank when equity is negative | 95.6% | 3.8% | 7.0% | 10.1% | 12.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.8% | 4.2% | 7.8% | 10.2% | 11.5% |
| Cash conversion (CFO ÷ net income) | 1.85x | 1.57x | 2.25x | 1.83x | 1.75x |
| Receivable days | 58 | 63 | 50 | 47 | 40 |
| Inventory days | 125 | 164 | 115 | 116 | 108 |
| Payable days | 71 | 52 | 23 | 30 | 26 |
| Interest cover | 3.08x | 3.98x | 4.97x | 7.39x | 9.75x |
| Debt ÷ equity | 4.27x | 0.33x | 0.31x | 0.31x | 0.31x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 443 | 411 | 359 | 298 | 196 |
| Current ratio | 1.98x | 2.62x | 3.02x | 2.91x | 3.13x |
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.