Acuity Brands, Inc. (AYI) 10-Year Financial Performance & Capital Metrics

AYI • • Industrial / General

IndustrialsElectrical EquipmentLighting & Building ManagementCommercial Lighting Systems

AboutAcuity Brands, Inc. provides lighting and building management solutions in North America and internationally. The company operates through two segments, Acuity Brands Lighting and Lighting Controls (ABL); and the Intelligent Spaces Group (ISG). The ABL segment provides commercial, architectural, and specialty lighting solutions, as well as lighting controls and components for various indoor and outdoor applications under the Lithonia Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona Lighting, Juno, Indy, Aculux, Healthcare Lighting, Hydrel, American Electric Lighting, Sunoptics, eldoLED, nLight, Sensor Switch, IOTA, A-Light, Cyclone, Eureka, Lumniaire LED, Luminis, Dark to Light, and RELOC Wiring Solutions brands. This segment serves electrical distributors, retail home improvement centers, electric utilities, national accounts, digital retailers, lighting showrooms, and energy service companies. The ISG segment offers building management systems and location-aware applications under the Distech Controls, Atrius, and Rockpile Ventures brands. This segment serves system integrators, as well as retail stores, airports, and enterprise campuses. Acuity Brands, Inc. was incorporated in 2001 and is headquartered in Atlanta, Georgia.Show more

Revenue $4.35B +13.1%
EBITDA $727M +12.8%
Net Income $397M -6.2%
EPS (Diluted) 12.53 -6.8%
Gross Margin 47.83% +3.1%
EBITDA Margin 16.72% -0.3%
Operating Margin 13.66% -5.2%
Net Margin 9.13% -17.0%
ROE 15.54% -19.2%
ROIC 16.45% -14.5%
Debt/Equity 0.37 +52.9%
Interest Coverage 13.97 -36.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 17.5%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.85%

5Y5.49%

3Y2.75%

TTM17.62%

Profit (Net Income) CAGR

10Y5.97%

5Y9.82%

3Y1.08%

TTM-4.27%

EPS CAGR

10Y9.43%

5Y14.85%

3Y4.18%

TTM-4.42%

ROCE

10Y Avg18.33%

5Y Avg17.1%

3Y Avg17.51%

Latest16.87%

Peer Comparison

Commercial Lighting Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AYIAcuity Brands, Inc.	9.84B	320.82	25.60	13.14%	9.04%	14.69%	5.42%	0.37
OESXOrion Energy Systems, Inc.	60.94M	17.26	-4.79	-11.99%	-7.81%	-0.05%	0.81%	0.87

Profit & Loss

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Sales/Revenue+	3.29B	3.51B	3.68B	3.67B	3.33B	3.46B	4.01B	3.95B	3.84B	4.35B
Revenue Growth %	0.22%	0.06%	0.05%	-0%	-0.09%	0.04%	0.16%	-0.01%	-0.03%	0.13%
Cost of Goods Sold+	1.86B	2.02B	2.19B	2.19B	1.92B	1.99B	2.33B	2.24B	2.06B	2.27B
COGS % of Revenue	0.56%	0.58%	0.6%	0.6%	0.58%	0.57%	0.58%	0.57%	0.54%	0.52%
Gross Profit+	1.44B	1.48B	1.49B	1.48B	1.4B	1.48B	1.67B	1.71B	1.78B	2.08B
Gross Margin %	0.44%	0.42%	0.4%	0.4%	0.42%	0.43%	0.42%	0.43%	0.46%	0.48%
Gross Profit Growth %	0.25%	0.03%	0%	-0%	-0.05%	0.05%	0.13%	0.02%	0.04%	0.17%
Operating Expenses+	961M	953.6M	1.02B	1.02B	1.05B	1.05B	1.16B	1.24B	1.23B	1.48B
OpEx % of Revenue	0.29%	0.27%	0.28%	0.28%	0.32%	0.3%	0.29%	0.31%	0.32%	0.34%
Selling, General & Admin	946M	942.3M	1.02B	1.01B	1.03B	1.04B	1.07B	1.12B	1.13B	1.48B
SG&A % of Revenue	0.29%	0.27%	0.28%	0.28%	0.31%	0.3%	0.27%	0.28%	0.29%	0.34%
Research & Development	0	0	0	0	0	88.3M	95.1M	97.1M	102.3M	0
R&D % of Revenue	-	-	-	-	-	0.03%	0.02%	0.02%	0.03%	-
Other Operating Expenses	15M	11.3M	5.6M	1.8M	20M	-85M	0	26.9M	0	0
Operating Income+	475.2M	527.5M	460.8M	462.9M	353.9M	427.6M	509.7M	473.4M	553.3M	593.6M
Operating Margin %	0.14%	0.15%	0.13%	0.13%	0.11%	0.12%	0.13%	0.12%	0.14%	0.14%
Operating Income Growth %	0.26%	0.11%	-0.13%	0%	-0.24%	0.21%	0.19%	-0.07%	0.17%	0.07%
EBITDA+	537.8M	602.1M	541.1M	551.2M	455M	527.7M	604.5M	566.6M	644.4M	726.7M
EBITDA Margin %	0.16%	0.17%	0.15%	0.15%	0.14%	0.15%	0.15%	0.14%	0.17%	0.17%
EBITDA Growth %	0.27%	0.12%	-0.1%	0.02%	-0.17%	0.16%	0.15%	-0.06%	0.14%	0.13%
D&A (Non-Cash Add-back)	62.6M	74.6M	80.3M	88.3M	101.1M	100.1M	94.8M	93.2M	91.1M	133.1M
EBIT	506.1M	526.7M	461.4M	460.1M	378.2M	420.4M	508.4M	495.3M	573.9M	522.2M
Net Interest Income+	-32.2M	-32.5M	-33.5M	-33.3M	-23.3M	-23.2M	-24.9M	-18.9M	4.5M	-22M
Interest Income	1.1M	1.6M	2M	3.1M	3.1M	1M	2.1M	9M	29.8M	20.5M
Interest Expense	33.3M	34.1M	35.5M	36.4M	26.4M	24.2M	27M	27.9M	25.3M	42.5M
Other Income/Expense	-30.6M	-34.9M	-34.9M	-38M	-29.2M	-31.4M	-15.8M	-26.7M	-4.7M	-93.4M
Pretax Income+	444.6M	492.6M	425.9M	424.9M	324.7M	396.2M	493.9M	446.7M	548.6M	500.2M
Pretax Margin %	0.14%	0.14%	0.12%	0.12%	0.1%	0.11%	0.12%	0.11%	0.14%	0.12%
Income Tax+	153.8M	170.9M	76.3M	94.5M	76.4M	89.9M	109.9M	100.7M	126M	103.6M
Effective Tax Rate %	0.65%	0.65%	0.82%	0.78%	0.76%	0.77%	0.78%	0.77%	0.77%	0.79%
Net Income+	290.8M	321.7M	349.6M	330.4M	248.3M	306.3M	384M	346M	422.6M	396.6M
Net Margin %	0.09%	0.09%	0.09%	0.09%	0.07%	0.09%	0.1%	0.09%	0.11%	0.09%
Net Income Growth %	0.31%	0.11%	0.09%	-0.05%	-0.25%	0.23%	0.25%	-0.1%	0.22%	-0.06%
Net Income (Continuing)	290.8M	321.7M	349.6M	330.4M	248.3M	306.3M	384M	346M	422.6M	396.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	6.63	7.43	8.53	8.30	6.27	8.37	11.08	10.76	13.44	12.53
EPS Growth %	0.3%	0.12%	0.15%	-0.03%	-0.24%	0.33%	0.32%	-0.03%	0.25%	-0.07%
EPS (Basic)	6.67	7.46	8.55	8.32	6.29	8.44	11.23	10.88	13.68	12.85
Diluted Shares Outstanding	43.8M	43.3M	41M	39.8M	39.6M	36.6M	34.65M	32.16M	31.45M	31.64M
Basic Shares Outstanding	43.5M	43.1M	40.9M	39.7M	39.5M	36.3M	34.18M	31.81M	30.89M	30.86M
Dividend Payout Ratio	0.08%	0.07%	0.06%	0.06%	0.08%	0.06%	0.05%	0.05%	0.04%	0.05%

Balance Sheet

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Total Current Assets+	1.32B	1.25B	1.21B	1.44B	1.44B	1.54B	1.46B	1.4B	1.87B	1.65B
Cash & Short-Term Investments	413.2M	311.1M	129.1M	461M	560.7M	491.3M	223.2M	397.9M	845.8M	422.5M
Cash Only	413.2M	311.1M	129.1M	461M	560.7M	491.3M	223.2M	397.9M	845.8M	422.5M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	572.8M	573.3M	637.9M	561M	500.3M	571.8M	665.9M	555.3M	563M	593.9M
Days Sales Outstanding	63.52	59.7	63.27	55.75	54.9	60.3	60.67	51.28	53.5	49.88
Inventory	295.2M	328.6M	411.8M	340.8M	320.1M	398.7M	485.7M	368.5M	387.6M	526.7M
Days Inventory Outstanding	58.08	59.26	68.49	56.72	60.73	73.28	75.98	60.07	68.7	84.8
Other Current Assets	0	0	0	0	0	0	0	73.5M	75.1M	108.4M
Total Non-Current Assets+	1.63B	1.65B	1.78B	1.73B	2.05B	2.03B	2.01B	2.01B	1.94B	3.1B
Property, Plant & Equipment	267.8M	287.7M	286.7M	277.3M	333.9M	327.1M	351.4M	381.7M	369.5M	440.6M
Fixed Asset Turnover	12.29x	12.18x	12.84x	13.24x	9.96x	10.58x	11.40x	10.35x	10.40x	9.86x
Goodwill	947.8M	900.9M	970.6M	967.3M	1.08B	1.09B	1.08B	1.1B	1.1B	1.5B
Intangible Assets	382.2M	448.8M	498.7M	466M	605.9M	573.2M	529.2M	481.2M	440.5M	1.1B
Long-Term Investments	8M	0	0	0	6M	5.3M	11.9M	7.2M	6.7M	5.1M
Other Non-Current Assets	15M	13.2M	18.8M	17.7M	23.5M	28.6M	36.1M	42.3M	25.4M	40.1M
Total Assets+	2.95B	2.9B	2.99B	3.17B	3.49B	3.58B	3.48B	3.41B	3.81B	4.76B
Asset Turnover	1.12x	1.21x	1.23x	1.16x	0.95x	0.97x	1.15x	1.16x	1.01x	0.91x
Asset Growth %	0.21%	-0.02%	0.03%	0.06%	0.1%	0.02%	-0.03%	-0.02%	0.12%	0.25%
Total Current Liabilities+	672.5M	600.9M	682.7M	596.1M	617.6M	692.2M	733.6M	595.4M	687.9M	845.8M
Accounts Payable	401M	395.1M	451.1M	338.8M	326.5M	391.5M	397.8M	285.7M	352.3M	454.5M
Days Payables Outstanding	78.9	71.25	75.02	56.39	61.94	71.95	62.23	46.57	62.44	73.17
Short-Term Debt	200K	400K	400K	9.1M	24.3M	0	18M	0	0	0
Deferred Revenue (Current)	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	95.2M	41.8M	67M	73.2M	230.5M	263M	274.5M	264.4M	289.6M	317.5M
Current Ratio	1.97x	2.07x	1.77x	2.42x	2.33x	2.23x	1.99x	2.34x	2.72x	1.95x
Quick Ratio	1.53x	1.53x	1.17x	1.85x	1.81x	1.66x	1.33x	1.72x	2.16x	1.33x
Cash Conversion Cycle	42.71	47.71	56.73	56.09	53.68	61.63	74.42	64.78	59.76	61.51
Total Non-Current Liabilities+	615.7M	633.1M	589.3M	657.4M	746.6M	838.4M	831.5M	797.7M	747.9M	1.18B
Long-Term Debt	355M	356.5M	356.4M	347.5M	376.8M	494.3M	495M	495.6M	496.2M	896.8M
Capital Lease Obligations	0	0	0	0	56.8M	46.7M	67.4M	75.5M	58.1M	84.3M
Deferred Tax Liabilities	74.6M	108.2M	92.5M	92.7M	94.9M	101M	102.1M	59M	26M	24.9M
Other Non-Current Liabilities	186.1M	168.4M	140.4M	217.2M	164.5M	139.7M	117.2M	120M	126.1M	140.5M
Total Liabilities	1.29B	1.23B	1.27B	1.25B	1.36B	1.53B	1.57B	1.39B	1.44B	2.03B
Total Debt+	355.2M	356.9M	356.8M	356.6M	475.1M	556.9M	596.1M	590.8M	573.5M	1B
Net Debt	-58M	45.8M	227.7M	-104.4M	-85.6M	65.6M	372.9M	192.9M	-272.3M	581.9M
Debt / Equity	0.21x	0.21x	0.21x	0.19x	0.22x	0.27x	0.31x	0.29x	0.24x	0.37x
Debt / EBITDA	0.66x	0.59x	0.66x	0.65x	1.04x	1.06x	0.99x	1.04x	0.89x	1.38x
Net Debt / EBITDA	-0.11x	0.08x	0.42x	-0.19x	-0.19x	0.12x	0.62x	0.34x	-0.42x	0.80x
Interest Coverage	14.27x	15.47x	12.98x	12.72x	13.41x	17.67x	18.88x	16.97x	21.87x	13.97x
Total Equity+	1.66B	1.67B	1.72B	1.92B	2.13B	2.04B	1.91B	2.02B	2.38B	2.72B
Equity Growth %	0.22%	0%	0.03%	0.12%	0.11%	-0.04%	-0.06%	0.05%	0.18%	0.15%
Book Value per Share	37.89	38.47	41.87	48.21	53.72	55.86	55.18	62.66	75.65	86.12
Total Shareholders' Equity	1.66B	1.67B	1.72B	1.92B	2.13B	2.04B	1.91B	2.02B	2.38B	2.72B
Common Stock	500K	500K	500K	500K	500K	500K	500K	500K	500K	500K
Retained Earnings	1.36B	1.66B	2B	2.3B	2.52B	2.81B	3.18B	3.51B	3.91B	4.29B
Treasury Stock	-418.6M	-776.1M	-1.07B	-1.16B	-1.23B	-1.66B	-2.18B	-2.44B	-2.53B	-2.65B
Accumulated OCI	-139.4M	-99.7M	-114.8M	-151.4M	-132.7M	-98.2M	-125.8M	-112.6M	-114.9M	-76.5M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Cash from Operations+	345.7M	316.2M	353.2M	494.7M	504.8M	408.7M	316.3M	578.1M	619.2M	601.4M
Operating CF Margin %	0.11%	0.09%	0.1%	0.13%	0.15%	0.12%	0.08%	0.15%	0.16%	0.14%
Operating CF Growth %	0.2%	-0.09%	0.12%	0.4%	0.02%	-0.19%	-0.23%	0.83%	0.07%	-0.03%
Net Income	290.8M	321.7M	349.6M	330.4M	248.3M	306.3M	384M	346M	422.6M	396.6M
Depreciation & Amortization	62.6M	74.6M	80.3M	88.3M	101.1M	100.1M	94.8M	93.2M	91.1M	133.1M
Stock-Based Compensation	27.7M	32M	32.3M	29.2M	38.2M	32.5M	37.4M	42M	46.6M	45.1M
Deferred Taxes	-6.1M	-7.7M	-38.2M	9.3M	-6.7M	-2.7M	600K	-47.8M	-33.6M	0
Other Non-Cash Items	-21.4M	-12.1M	-4.8M	900K	9.1M	5.9M	-1.2M	96.9M	3M	16.7M
Working Capital Changes	-7.9M	-92.3M	-66M	36.6M	114.8M	-33.4M	-199.3M	47.8M	89.5M	9.9M
Change in Receivables	-94.6M	2.7M	-62.8M	97.7M	74.5M	-68.7M	-99.7M	114.6M	-8.7M	26.3M
Change in Inventory	-24M	-32.4M	-74.4M	70.8M	38M	-35.5M	-83.3M	115.2M	-16.3M	-34.2M
Change in Payables	65.3M	-4.6M	52.5M	-111.5M	-19.6M	65.5M	2.6M	-110.5M	66.2M	64.4M
Cash from Investing+	-704.7M	-48.8M	-205.7M	-53M	-359.8M	-117.9M	-62.2M	-90.7M	-65.1M	-1.28B
Capital Expenditures	-83.7M	-67.3M	-43.6M	-53M	-54.9M	-43.8M	-56.5M	-66.7M	-64M	-68.4M
CapEx % of Revenue	0.03%	0.02%	0.01%	0.01%	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.2M	5.3M	1.7M	2.9M	-1.9M	1.2M	7.2M	11.5M	-1.1M	-22.9M
Cash from Financing+	19.3M	-371.4M	-326.7M	-108.2M	-50.3M	-362.6M	-512.4M	-312.9M	-104.5M	255.4M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-22.9M	-22.7M	-21.4M	-20.8M	-20.8M	-19.1M	-18.1M	-16.8M	-18.2M	-20.6M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	25.5M	5.2M	-8.2M	-6M	-5.4M	-4.5M	11.1M	-14.2M	2.4M	-33.9M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	262M	248.9M	309.6M	441.7M	449.9M	364.9M	259.8M	511.4M	555.2M	533M
FCF Margin %	0.08%	0.07%	0.08%	0.12%	0.14%	0.11%	0.06%	0.13%	0.14%	0.12%
FCF Growth %	0.13%	-0.05%	0.24%	0.43%	0.02%	-0.19%	-0.29%	0.97%	0.09%	-0.04%
FCF per Share	5.98	5.75	7.55	11.10	11.36	9.97	7.50	15.90	17.66	16.85
FCF Conversion (FCF/Net Income)	1.19x	0.98x	1.01x	1.50x	2.03x	1.33x	0.82x	1.67x	1.47x	1.52x
Interest Paid	32.8M	33.6M	36.7M	35.6M	29.8M	22.2M	26.1M	27.9M	24.4M	40.5M
Taxes Paid	120.7M	173.6M	126.6M	92.9M	64.6M	86.4M	109.4M	147.2M	155.7M	151.8M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	19.26%	19.35%	20.67%	18.18%	12.27%	14.68%	19.41%	17.62%	19.23%	15.54%
Return on Invested Capital (ROIC)	27.87%	23.88%	18.91%	18.47%	13.77%	15.45%	17.4%	15.8%	19.23%	16.45%
Gross Margin	43.64%	42.26%	40.36%	40.29%	42.16%	42.62%	41.75%	43.35%	46.39%	47.83%
Net Margin	8.84%	9.18%	9.5%	9%	7.46%	8.85%	9.59%	8.75%	11%	9.13%
Debt / Equity	0.21x	0.21x	0.21x	0.19x	0.22x	0.27x	0.31x	0.29x	0.24x	0.37x
Interest Coverage	14.27x	15.47x	12.98x	12.72x	13.41x	17.67x	18.88x	16.97x	21.87x	13.97x
FCF Conversion	1.19x	0.98x	1.01x	1.50x	2.03x	1.33x	0.82x	1.67x	1.47x	1.52x
Revenue Growth	21.6%	6.5%	4.99%	-0.2%	-9.43%	4.05%	15.75%	-1.35%	-2.81%	13.14%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Intersegment Eliminations	-	-	-	-	-	-	-	-	-	-30.9M
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-
Acuity Brands Lighting and Lighting Controls	-	-	-	-	-	-	3.81B	3.72B	3.57B	-
Acuity Brands Lighting and Lighting Controls Growth	-	-	-	-	-	-	-	-2.29%	-4.01%	-
Intelligent Spaces Group	-	-	-	-	-	190M	216.1M	252.7M	291.9M	-
Intelligent Spaces Group Growth	-	-	-	-	-	-	13.74%	16.94%	15.51%	-
Acuity Brands Lighting, Inc.	-	-	-	-	-	3.29B	-	-	-	-
Acuity Brands Lighting, Inc. Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Non-US	363M	382M	387.5M	395.3M	401.3M	478.6M	519.7M	539.3M	578.1M	588.9M
Non-US Growth	-	5.23%	1.44%	2.01%	1.52%	19.26%	8.59%	3.77%	7.19%	1.87%
Domestic Country	-	-	-	3.28B	2.92B	2.98B	3.49B	3.41B	3.26B	-
Domestic Country Growth	-	-	-	-	-10.75%	1.96%	16.90%	-2.11%	-4.40%	-

Frequently Asked Questions

Valuation & Price

Acuity Brands, Inc. (AYI) has a price-to-earnings (P/E) ratio of 25.6x. This suggests investors expect higher future growth.

Growth & Financials

Acuity Brands, Inc. (AYI) reported $4.54B in revenue for fiscal year 2025. This represents a 135% increase from $1.93B in 2012.

Acuity Brands, Inc. (AYI) grew revenue by 13.1% over the past year. This is steady growth.

Yes, Acuity Brands, Inc. (AYI) is profitable, generating $410.4M in net income for fiscal year 2025 (9.1% net margin).

Dividend & Returns

Yes, Acuity Brands, Inc. (AYI) pays a dividend with a yield of 0.20%. This makes it attractive for income-focused investors.

Acuity Brands, Inc. (AYI) has a return on equity (ROE) of 15.5%. This is reasonable for most industries.

Acuity Brands, Inc. (AYI) generated $534.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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