Revenue growth accelerated to 34.0% in 2026Q4, yet operating margins remain pressured at 17.2% due to rising SG&A expenses and increased stock-based compensation of $7.1 million.
| 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 |
|---|
| Sales/Revenue | 1.08B | 878.3M | 792.84M | 757.9M | 626.43M | 626.43M | 385.87M | 350.15M | 326.22M | 327.08M | 319.83M | 261.83M | 231.71M | 199.09M |
| Revenue Growth % | 23.25% | 10.78% | 4.61% | 20.99% | 0% | 62.34% | 10.2% | 7.34% | -0.26% | 2.27% | 22.15% | 13% | 16.38% | - |
| Cost of Goods Sold | 628.87M | 484.99M | 442.1M | 439.69M | 373.75M | 370.47M | 209.03M | 188.78M | 178.31M | 193.25M | 171.97M | 135.41M | 119.63M | 104.51M |
| COGS % of Revenue | 58.09% | 55.22% | 55.76% | 58.01% | 59.66% | 59.14% | 54.17% | 53.91% | 54.66% | 59.08% | 53.77% | 51.72% | 51.63% | 52.49% |
| Gross Profit | 453.68M | 393.31M | 350.75M | 318.21M | 252.69M | 255.96M | 176.84M | 161.37M | 147.92M | 133.84M | 147.86M | 126.42M | 112.09M | 94.58M |
| Gross Margin % | 41.91% | 44.78% | 44.24% | 41.99% | 40.34% | 40.86% | 45.83% | 46.09% | 45.34% | 40.92% | 46.23% | 48.28% | 48.37% | 47.51% |
| Gross Profit Growth % | 15.35% | 12.14% | 10.22% | 25.93% | -1.28% | 44.74% | 9.58% | 9.1% | 10.52% | -9.49% | 16.96% | 12.79% | 18.51% | - |
| Operating Expenses | 269.52M | 212.06M | 191.63M | 179.15M | 154.61M | 158.58M | 110.98M | 100.93M | 97.2M | 107.24M | 100.38M | 81.68M | 72.86M | 62.34M |
| OpEx % of Revenue | 24.9% | 24.14% | 24.17% | 23.64% | 24.68% | 25.31% | 28.76% | 28.82% | 29.8% | 32.79% | 31.38% | 31.2% | 31.45% | 31.31% |
| Selling, General & Admin | 269.52M | 203.33M | 183.59M | 174.45M | 149.81M | 158.58M | 110.03M | 100.93M | 97.2M | 107.24M | 100.38M | 75.99M | 72.86M | 58.01M |
| SG&A % of Revenue | 24.9% | 23.15% | 23.16% | 23.02% | 23.91% | 25.31% | 28.52% | 28.82% | 29.8% | 32.79% | 31.38% | 29.02% | 31.45% | 29.14% |
| Research & Development | 0 | 5.3M | 5.9M | 4.8M | 4.8M | 0 | 0 | 4.3M | 4.6M | 4.8M | 4.5M | 5.69M | 5.5M | 4.32M |
| R&D % of Revenue | - | 0.6% | 0.74% | 0.63% | 0.77% | - | - | 1.23% | 1.41% | 1.47% | 1.41% | 2.17% | 2.37% | 2.17% |
| Other Operating Expenses | 0 | 3.43M | 2.13M | -98K | 0 | 0 | 951K | 2.44M | -150K | 1.76M | -226K | 0 | -256K | 0 |
| Operating Income | 184.16M | 181.25M | 159.12M | 139.07M | 98.08M | 97.38M | 65.85M | 60.44M | 50.71M | 22.48M | 47.49M | 44.03M | 37.91M | 32.25M |
| Operating Margin % | 17.01% | 20.64% | 20.07% | 18.35% | 15.66% | 15.55% | 17.07% | 17.26% | 15.55% | 6.87% | 14.85% | 16.82% | 16.36% | 16.2% |
| Operating Income Growth % | 1.61% | 13.91% | 14.42% | 41.79% | 0.72% | 47.87% | 8.96% | 19.18% | 125.59% | -52.66% | 7.84% | 16.14% | 17.57% | - |
| EBITDA | 182.78M | 224.25M | 196.77M | 174.62M | 134.45M | 134.27M | 80.7M | 74.14M | 65.51M | 36.05M | 61.65M | 54.55M | 47.03M | 38.95M |
| EBITDA Margin % | 16.88% | 25.53% | 24.82% | 23.04% | 21.46% | 21.43% | 20.91% | 21.17% | 20.08% | 11.02% | 19.27% | 20.83% | 20.29% | 19.56% |
| EBITDA Growth % | -18.49% | 13.97% | 12.68% | 29.88% | 0.14% | 66.38% | 8.85% | 13.17% | 81.73% | -41.52% | 13.01% | 16% | 20.74% | - |
| D&A (Non-Cash Add-back) | 0 | 43.01M | 37.65M | 35.55M | 36.37M | 36.89M | 14.85M | 13.7M | 14.8M | 13.57M | 14.16M | 10.52M | 9.11M | 6.7M |
| EBIT | 182.78M | 180.39M | 161.25M | 138.97M | 96.69M | 96.91M | 58.72M | 63.22M | 50.39M | 34.41M | 46.87M | 45.54M | 37.66M | 33.73M |
| Net Interest Income | -22.25M | -269K | -12.72M | -13.2M | -5.45M | -2.38M | -1.33M | -1.44M | -2.32M | -2.69M | -3.04M | -611K | -131K | 74K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 404K | 0 | 589K |
| Interest Expense | 22.25M | 269K | 12.72M | 13.2M | 5.45M | 2.38M | 1.33M | 1.44M | 2.32M | 2.69M | 3.04M | 1.01M | 131K | 515K |
| Other Income/Expense | -38.63M | -1.13M | -18.64M | -13.15M | -6.62M | -5.92M | -8.47M | 1M | -2.47M | -12.89M | -3.26M | -2.52M | -1.7M | 973K |
| Pretax Income | 145.53M | 180.12M | 140.48M | 125.91M | 91.47M | 91.47M | 57.39M | 61.44M | 48.25M | 21.54M | 44.23M | 44.93M | 37.53M | 33.22M |
| Pretax Margin % | 13.44% | 20.51% | 17.72% | 16.61% | 14.6% | 14.6% | 14.87% | 17.55% | 14.79% | 6.59% | 13.83% | 17.16% | 16.2% | 16.69% |
| Income Tax | 32.71M | 42.63M | 37.94M | 29.34M | 24.15M | 24.15M | 12.73M | 15.39M | 15.56M | 10.47M | 18.75M | 15.22M | 12.79M | 10.71M |
| Effective Tax Rate % | 22.47% | 23.67% | 27.01% | 23.3% | 26.4% | 26.4% | 22.19% | 25.05% | 32.26% | 48.61% | 42.41% | 33.88% | 34.09% | 32.23% |
| Net Income | 112.03M | 136.65M | 101.65M | 96.44M | 66.39M | 66.39M | 45.72M | 45.57M | -11.88M | 11.07M | 25.47M | 29.7M | 24.73M | 21.7M |
| Net Margin % | 10.35% | 15.56% | 12.82% | 12.72% | 10.6% | 10.6% | 11.85% | 13.02% | -3.64% | 3.38% | 7.96% | 11.34% | 10.67% | 10.9% |
| Net Income Growth % | -18.02% | 34.44% | 5.41% | 45.27% | 0% | 45.21% | 0.31% | 483.55% | -207.33% | -56.53% | -14.25% | 20.11% | 13.98% | - |
| Net Income (Continuing) | 112.83M | 137.48M | 102.54M | 96.57M | 67.32M | 67.32M | 44.66M | 46.05M | 32.68M | 17.8M | 23.81M | 29.7M | 24.73M | 22.51M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 1.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 18.99M | 20.19M | 19.36M | 18.46M | 15.32M | 15.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.70 | 8.38 | 6.52 | 6.20 | 4.20 | 2.65 | 3.02 | 2.93 | -0.76 | 0.70 | 1.62 | 1.91 | 1.59 | 1.39 |
| EPS Growth % | -20.05% | 28.53% | 5.16% | 47.62% | 58.49% | -12.25% | 3.07% | 485.53% | -208.57% | -56.79% | -15.18% | 20.13% | 14.39% | - |
| EPS (Basic) | 6.73 | 8.41 | 6.54 | 6.22 | 4.21 | 2.67 | 3.05 | 2.96 | -0.76 | 0.70 | 1.63 | 1.91 | 1.59 | 1.39 |
| Diluted Shares Outstanding | 16.71M | 16.31M | 15.58M | 15.55M | 15.81M | 15.13M | 15.21M | 15.53M | 15.67M | 15.84M | 15.68M | 15.58M | 15.58M | 15.58M |
| Basic Shares Outstanding | 16.65M | 16.24M | 15.53M | 15.51M | 15.76M | 15.02M | 15.04M | 15.41M | 15.67M | 15.77M | 15.63M | 15.58M | 15.58M | 15.58M |
| Dividend Payout Ratio | 16.09% | 10.67% | 11.61% | 10.95% | 14.25% | 12.18% | 17.78% | - | - | - | 1.18% | 27.92% | 34.98% | 32.01% |
M&A integration and execution
According to recent financial filings, CSW Industrials achieved a notable 34.0% year-over-year revenue growth in 2026Q4, signaling a significant acceleration from the 2.3% growth observed in 2024Q3, which suggests that the company's aggressive acquisition strategy and pricing actions are successfully driving top-line expansion despite broader industrial sector headwinds.
The sharp revenue trajectory appears to be heavily influenced by inorganic contributions, making it difficult to isolate organic demand trends without further disclosure. Investors should monitor whether this growth rate is sustainable or if it reflects a temporary surge from recent integrations that may face tougher year-over-year comparisons in future quarters.
As reported in quarterly statements, CSW maintained a gross margin of 41.0% in 2026Q4, demonstrating resilience in its ability to pass through raw material costs to professional contractors, even as the company navigates the complexities of its specialized chemical and mechanical component product portfolio across diverse end-markets.
The structural gross margin profile remains robust compared to broader industrial peers, suggesting that the 'specified product' status of its brands provides a meaningful buffer against commodity price volatility. However, the recent compression from the 47.5% peak in 2025Q1 warrants investigation into whether competitive pressures or product mix shifts are beginning to erode this historical advantage.
Based on the provided income statement data, operating margins fluctuated significantly, reaching 17.2% in 2026Q4 compared to 20.8% in 2026Q1, which indicates that SG&A expenses are scaling inconsistently relative to gross profit growth, potentially reflecting the ongoing costs associated with integrating recent bolt-on acquisitions into the platform.
The lack of consistent operating leverage suggests that management's growth-by-acquisition model may be creating temporary inefficiencies in overhead management. Analysts should watch for signs of margin stabilization as these acquired entities are fully absorbed and the company achieves greater economies of scale across its distribution network.
Analysis of the income statement reveals that stock-based compensation reached $7.1 million in 2026Q4, a notable increase from $3.0 million in 2024Q4, which suggests that equity-based incentives are playing a larger role in the company's compensation structure and may be masking the true cash-generative capacity of the business.
The volatility in EPS, highlighted by the sharp decline in 2026Q3, appears partially driven by non-operating items and integration-related charges that complicate the assessment of core profitability. Investors should focus on adjusted earnings metrics to better understand the underlying operational performance, as GAAP figures appear heavily influenced by the company's frequent M&A activity.
Quick answers to the most common questions about buying CSW stock.
For fiscal year 2026, CSW Industrials, Inc. (CSW) reported total revenue of $1.08B. This represents a 443.7% increase compared to $199.1M in 2013.
CSW Industrials, Inc. (CSW) is profitable, generating $112.0M in net income for the fiscal year ending 2026 with a net profit margin of 10.3%.
CSW Industrials, Inc. (CSW) reported an operating income of $184.2M, resulting in an operating profit margin of 17.0%. This margin reflects the operational efficiency of the business before interest and taxes.
CSW Industrials, Inc. (CSW) generated $453.7M in gross profit for the year, representing a gross profit margin of 41.9%. This demonstrates the company's core pricing power and production efficiency.