Acuity Inc. (de) has filed its 10-K with the SEC, and its figures are now in our data. Revenue over the twelve months to Q4 2026 was $4.64 billion, which rose 6.8% on the year before. That growth rate was down 3.7 percentage points on the rate a quarter earlier.
Profitability
The trailing gross margin was 50.6%. The trailing operating margin was 15.4%, up 2.4 percentage points from a year earlier. The trailing net margin was 11.4%. Net income over the twelve months was $531.3 million, which rose 34.0% on the year before.
Cash flow
Operating cash flow over the twelve months was $825.6 million, up 37.3% on the year before. Capital spending was $77.7 million, or 1.7% of revenue. Free cash flow, operating cash flow less capital spending, was $747.9 million, up 40.3% on the year before. Free cash flow was 16.1% of revenue (the free-cash-flow margin), up 3.8 percentage points from a year earlier.
Share count
The average diluted share count fell 1.5% over the year.
Against its own history
Today’s free-cash-flow margin of 16.1% is higher than 100% of the company’s own past quarterly readings, which have ranged from 5.3% to 15.1%. Today’s operating margin of 15.4% is higher than 100% of the company’s own past quarterly readings, which have ranged from 10.6% to 15.0%. Today’s twelve-month revenue growth rate of 6.8% is higher than 59% of the company’s own past quarterly readings, which have ranged from −11.1% to 17.6%.
What it means for value
In our model, growth 5 percentage points lower would lower the value by 25.0%, and 5 percentage points higher would raise it by 32.6%. A free-cash-flow margin 1 percentage point lower would lower it by 6.0%.
What to watch
The next filing will reveal whether the recent expansion in operating and free-cash-flow margins can be sustained, providing clarity on the durability of the current profitability levels. It will also show if the deceleration in revenue growth continues or stabilizes, offering insight into the trajectory of top-line performance.
