The company's financial leverage has increased significantly, with total debt rising to $932.0 million by 2026Q4, resulting in a debt-to-equity ratio of 0.87.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Total Current Assets | 589.07M | 592.86M | 331.41M | 323.06M | 300.15M | 300.15M | 150.04M | 151.27M | 127.57M | 146.28M | 155.52M | 135.01M | 128.95M | 77.2M |
| Cash & Short-Term Investments | 33.8M | 225.84M | 22.16M | 18.45M | 16.62M | 16.62M | 18.34M | 26.65M | 11.71M | 24.92M | 39.27M | 29.7M | 29.68M | 0 |
| Cash Only | 33.8M | 225.84M | 22.16M | 18.45M | 16.62M | 16.62M | 18.34M | 26.65M | 11.71M | 23.15M | 25.99M | 20.45M | 15.41M | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.78M | 13.28M | 9.25M | 14.26M | 0 |
| Accounts Receivable | 213.57M | 157.74M | 144.62M | 124.1M | 122.8M | 122.8M | 74.88M | 66.14M | 63.38M | 59.83M | 52.64M | 52.21M | 51.52M | 0 |
| Days Sales Outstanding | 72.01 | 65.55 | 66.58 | 59.76 | 71.55 | 71.55 | 70.83 | 68.94 | 70.92 | 66.77 | 60.07 | 72.78 | 81.15 | - |
| Inventory | 309.71M | 194.88M | 150.75M | 161.57M | 150.11M | 150.11M | 53.75M | 51.43M | 42.97M | 50.4M | 51.63M | 45.31M | 39.11M | 0 |
| Days Inventory Outstanding | 179.76 | 146.66 | 124.46 | 134.12 | 146.6 | 147.9 | 93.86 | 99.43 | 87.97 | 95.2 | 109.59 | 122.15 | 119.33 | - |
| Other Current Assets | 16.94M | 2.8M | 2.94M | 9.45M | 0 | 0 | 3.07M | 7.05M | 9.5M | 11.91M | 0 | 2.38M | 4.54M | 77.2M |
| Total Non-Current Assets | 1.73B | 786.2M | 711.92M | 720.4M | 695.21M | 695.21M | 219.2M | 201.37M | 213.25M | 251.38M | 236.74M | 151.51M | 148.87M | 75.9M |
| Property, Plant & Equipment | 107.54M | 155.48M | 137.3M | 148.05M | 154.11M | 154.11M | 73.56M | 53.64M | 54.47M | 63.9M | 64.36M | 56.84M | 59.47M | 0 |
| Fixed Asset Turnover | 10.07x | 5.65x | 5.77x | 5.12x | 4.06x | 4.06x | 5.25x | 6.53x | 5.99x | 5.12x | 4.97x | 4.61x | 3.90x | - |
| Goodwill | 632.63M | 264.09M | 247.19M | 242.74M | 224.66M | 224.66M | 91.69M | 86.3M | 81.76M | 80.86M | 67.76M | 40.65M | 35.32M | 0 |
| Intangible Assets | 900.05M | 357.91M | 318.82M | 318.9M | 300.84M | 300.84M | 46.19M | 50.47M | 53.05M | 90.61M | 88.73M | 41M | 41.31M | 75.9M |
| Long-Term Investments | 7.3M | 2.5M | 2.42M | 2.45M | 0 | 0 | 919K | 957K | 12.2M | 3.01M | 3.09M | 9.3M | 0 | 0 |
| Other Non-Current Assets | 79.2M | 5.88M | 5.83M | 7.8M | 15.31M | 15.31M | 6.85M | 10.96M | 4.13M | 10.05M | 15.9M | 795K | 12.77M | -75.9M |
| Total Assets | 2.32B | 1.38B | 1.04B | 1.04B | 995.36M | 995.36M | 369.25M | 352.63M | 340.82M | 397.66M | 392.26M | 286.52M | 277.82M | 0 |
| Asset Turnover | 0.47x | 0.64x | 0.76x | 0.73x | 0.63x | 0.63x | 1.05x | 0.99x | 0.96x | 0.82x | 0.82x | 0.91x | 0.83x | - |
| Asset Growth % | 67.99% | 32.18% | -0.01% | 4.83% | 0% | 169.57% | 4.71% | 3.47% | -14.3% | 1.38% | 36.9% | 3.13% | - | - |
| Total Current Liabilities | 226.92M | 147.2M | 115.84M | 108.04M | 117.4M | 117.4M | 59.15M | 49.17M | 44.85M | 37.74M | 31.56M | 38.62M | 38.07M | 9.5M |
| Accounts Payable | 76.93M | 54.77M | 48.39M | 40.65M | 47.84M | 47.84M | 21.98M | 19.02M | 16.83M | 10.37M | 9.91M | 8.96M | 9.48M | 0 |
| Days Payables Outstanding | 44.65 | 41.22 | 39.95 | 33.75 | 46.72 | 47.13 | 38.38 | 36.78 | 34.44 | 19.59 | 21.04 | 24.15 | 28.92 | - |
| Short-Term Debt | 29.46M | 0 | 0 | 9.78M | 561K | 561K | 3.62M | 561K | 561K | 561K | 561K | 13.56M | 13.76M | 9.5M |
| Deferred Revenue (Current) | 1.54M | 932K | 548K | 637K | 1.03M | 1.03M | 0 | 0 | 23.5M | 923K | 517K | -8.96M | -9.48M | 0 |
| Other Current Liabilities | 58.87M | 43.53M | 26.12M | 29.47M | 24.68M | 24.68M | 14.36M | 11.48M | 13.86M | 14.22M | 8.07M | 6.97M | 7.16M | 0 |
| Current Ratio | 2.60x | 4.03x | 2.86x | 2.99x | 2.56x | 2.56x | 2.54x | 3.08x | 2.84x | 3.88x | 4.93x | 3.50x | 3.39x | 8.13x |
| Quick Ratio | 1.23x | 2.70x | 1.56x | 1.49x | 1.28x | 1.28x | 1.63x | 2.03x | 1.89x | 2.54x | 3.29x | 2.32x | 2.36x | 8.13x |
| Cash Conversion Cycle | 207.12 | 171 | 151.09 | 160.14 | 171.44 | 172.32 | 126.31 | 131.59 | 124.44 | 142.37 | 148.63 | 170.78 | 171.57 | - |
| Total Non-Current Liabilities | 1.02B | 139.43M | 292.41M | 391.27M | 393.55M | 393.55M | 33.36M | 39.77M | 30.2M | 87.49M | 102.69M | 43.3M | 43.57M | 13.8M |
| Long-Term Debt | 839.84M | 0 | 166M | 253M | 252.21M | 252.21M | 10.34M | 30.9M | 23.46M | 72.65M | 89.12M | 13.14M | 31.33M | 13.8M |
| Capital Lease Obligations | 61.86M | 58.12M | 58.12M | 55.59M | 63.27M | 63.27M | 15.18M | 0 | 0 | 0 | 0 | 0 | -9.43M | 0 |
| Deferred Tax Liabilities | 98.23M | 67.42M | 59.97M | 62.14M | 76.8M | 76.8M | 3.85M | 3.26M | 2.36M | 3.09M | 3.79M | 0 | 1.48M | 0 |
| Other Non-Current Liabilities | 19.48M | 13.89M | 8.32M | 20.54M | 1.26M | 1.26M | 3.99M | 5.62M | 4.38M | 11.75M | 13.57M | 30.16M | 1.32M | 0 |
| Total Liabilities | 1.25B | 286.63M | 408.25M | 499.31M | 510.95M | 510.95M | 92.5M | 88.95M | 75.05M | 125.23M | 134.25M | 81.92M | 81.63M | 23.3M |
| Total Debt | 931.98M | 69.36M | 233.56M | 318.37M | 325.32M | 325.32M | 29.13M | 31.46M | 24.02M | 73.21M | 89.68M | 26.7M | 45.1M | 23.3M |
| Net Debt | 898.18M | -156.48M | 211.41M | 299.92M | 308.7M | 308.7M | 10.79M | 4.81M | 12.31M | 50.06M | 63.7M | 6.26M | 29.69M | 23.3M |
| Debt / Equity | 0.87x | 0.06x | 0.37x | 0.59x | 0.67x | 0.67x | 0.11x | 0.12x | 0.09x | 0.27x | 0.35x | 0.13x | 0.23x | 0.13x |
| Debt / EBITDA | 5.10x | 0.31x | 1.19x | 1.82x | 2.42x | 2.42x | 0.36x | 0.42x | 0.37x | 2.03x | 1.45x | 0.49x | 0.96x | 0.60x |
| Net Debt / EBITDA | 4.91x | -0.70x | 1.07x | 1.72x | 2.30x | 2.30x | 0.13x | 0.06x | 0.19x | 1.39x | 1.03x | 0.11x | 0.63x | 0.60x |
| Interest Coverage | 8.22x | 670.58x | 12.67x | 10.53x | 17.74x | 40.67x | 44.12x | 43.84x | 21.75x | 12.77x | 15.44x | 44.87x | 287.46x | 65.50x |
| Total Equity | 1.07B | 1.09B | 635.08M | 544.14M | 484.41M | 484.41M | 276.74M | 263.69M | 265.76M | 272.44M | 258.01M | 204.6M | 196.19M | 176.5M |
| Equity Growth % | -2.11% | 72.02% | 16.71% | 12.33% | 0% | 75.04% | 4.95% | -0.78% | -2.45% | 5.59% | 26.1% | 4.29% | 11.15% | - |
| Book Value per Share | 63.99 | 66.96 | 40.76 | 35.00 | 30.65 | 32.03 | 18.20 | 16.98 | 16.96 | 17.20 | 16.46 | 13.13 | 12.59 | 11.33 |
| Total Shareholders' Equity | 1.05B | 1.07B | 615.72M | 525.67M | 469.09M | 469.09M | 276.74M | 263.69M | 265.76M | 272.44M | 258.01M | 204.6M | 196.19M | 176.5M |
| Common Stock | 178K | 177K | 164K | 163K | 162K | 162K | 159K | 158K | 158K | 157K | 156K | 12K | 12K | 0 |
| Retained Earnings | 798.96M | 705.03M | 583.08M | 493.32M | 407.52M | 407.52M | 315.08M | 277.59M | 233.65M | 245.03M | 233.96M | 208.78M | 187.37M | 0 |
| Treasury Stock | -257.7M | -122.13M | -95.64M | -82.73M | -46.45M | -46.45M | -75.38M | -49.96M | -3.25M | -1.01M | 0 | -2.71M | -2.51M | 0 |
| Accumulated OCI | -11.1M | -12.13M | -9.13M | -8.41M | -5.07M | -5.07M | -11.45M | -10.73M | -7.47M | -10.44M | -7.7M | -10.29M | 2.5M | 0 |
| Minority Interest | 18.99M | 20.19M | 19.36M | 18.46M | 15.32M | 15.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Aggressive M&A leverage reliance
According to recent SEC filings, CSW's total assets surged from $1.0 billion in 2024Q4 to $2.3 billion by 2026Q4, a trajectory driven primarily by aggressive inorganic growth that has fundamentally altered the company's capital structure and increased its reliance on external financing to sustain operational scale.
The rapid doubling of the asset base suggests a strategy heavily dependent on bolt-on acquisitions to drive top-line growth. Investors should monitor whether this expansion in asset size translates into commensurate returns on invested capital or if it merely masks organic stagnation.
As reported in financial statements, CSW's total debt climbed from $215.4 million in 2024Q4 to $932.0 million in 2026Q4, pushing the debt-to-equity ratio to 0.87, which indicates a significant shift toward debt-funded growth that may constrain future financial flexibility during periods of market volatility.
The sharp increase in leverage appears to be a direct consequence of the company's recent acquisition activity. While this debt load remains manageable under current conditions, it warrants further investigation into the company's ability to service these obligations should interest rates remain elevated or cash flow generation falter.
Based on CSW's reported figures, goodwill has expanded from $247.2 million in 2024Q4 to $632.6 million in 2026Q4, representing a substantial portion of the total asset base and signaling that the company's valuation is increasingly tied to the successful integration of acquired intangible assets.
The concentration of goodwill suggests that the balance sheet is sensitive to potential impairment charges if acquired businesses fail to meet performance expectations. This reliance on intangible value requires careful monitoring of the underlying operational performance of the acquired units.
As detailed in recent quarterly reports, CSW's cash position plummeted from $225.8 million in 2025Q4 to just $33.8 million in 2026Q4, reflecting a rapid depletion of liquid buffers as the company prioritized capital deployment for acquisitions over maintaining a conservative cash cushion for operational contingencies.
The significant reduction in cash reserves, coupled with a current ratio of 2.60, suggests that the company is operating with less of a safety net than in previous periods. This trend may indicate a heightened vulnerability to short-term liquidity shocks if working capital requirements continue to fluctuate.
Quick answers to the most common questions about buying CSW stock.
As of 2026, CSW Industrials, Inc. (CSW) had total assets of $2.32B including $589.1M in current assets.
CSW Industrials, Inc. (CSW) carries total debt of $932.0M, offset by $33.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CSW Industrials, Inc. (CSW) has total shareholders' equity (book value) of $1.05B ($63.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CSW Industrials, Inc. (CSW) reported a current ratio of 2.60x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.