CSW Industrials, Inc. key statistics and ratios

In fiscal 2026, CSW Industrials, Inc. had return on equity of 10.6%, an operating margin of 15.6%, debt equal to 83.0% of equity and a current ratio of 2.60. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

CSW Industrials, Inc.: financial ratios, annual
Fiscal year	2014Mar 2014	2015Mar 2015	2016Mar 2016	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMSept 2026
Gross margin	48.4%	48.3%	50.5%	44.9%	45.3%	46.1%	45.8%	44.0%	40.9%	42.0%	44.2%	44.8%	41.9%	42.1%
Operating margin	16.4%	16.8%	17.3%	11.1%	15.2%	17.3%	17.1%	14.1%	15.5%	18.3%	20.1%	20.6%	15.6%	16.9%
Net margin	10.7%	11.3%	9.5%	3.9%	−3.6%	13.0%	11.8%	9.6%	10.6%	12.7%	12.8%	15.6%	10.4%	10.2%
Free-cash-flow margin	2.8%	10.2%	12.1%	11.2%	11.5%	14.9%	15.2%	13.7%	8.5%	14.2%	18.6%	17.3%	12.2%	14.2%
Return on equity	12.6%	14.8%	11.0%	4.2%	−4.4%	17.1%	16.7%	11.5%	15.0%	19.4%	17.8%	16.2%	10.6%	11.8%
Return on assets	8.9%	10.5%	7.5%	2.8%	−3.2%	13.1%	12.6%	6.4%	7.1%	9.5%	9.7%	11.3%	6.1%	5.5%
Asset turnover	0.83	0.93	0.79	0.73	0.88	1.01	1.06	0.67	0.67	0.74	0.76	0.73	0.59	0.54
Current ratio	—	3.43	4.93	3.82	2.84	3.08	2.54	2.65	2.56	2.99	2.86	4.03	2.60	2.35
Debt to equity	0.0%	13.1%	34.8%	26.9%	9.0%	11.8%	3.9%	58.3%	53.9%	48.1%	27.0%	0.0%	83.0%	68.6%
Effective tax rate	34.1%	33.9%	44.6%	44.7%	32.3%	25.0%	22.2%	21.2%	26.4%	23.3%	27.0%	23.7%	22.5%	22.4%
R&D as % of revenue	—	—	—	—	—	—	—	—	—	0.6%	0.7%	0.6%	0.5%	—
SG&A as % of revenue	31.4%	31.2%	33.1%	33.3%	30.1%	28.8%	28.5%	29.9%	25.3%	23.6%	24.0%	24.1%	24.9%	24.0%
Capital spending as % of revenue	6.5%	3.3%	3.5%	2.4%	1.7%	2.1%	3.0%	2.1%	2.5%	1.8%	2.1%	1.9%	1.6%	1.7%
Free cash flow ÷ net income	26.6%	90.2%	126.5%	290.6%	—	114.5%	127.9%	143.2%	80.5%	111.5%	145.4%	111.3%	118.2%	139.1%
Dividends ÷ net income	35.0%	27.9%	1.2%	0.0%	—	0.0%	17.8%	20.2%	14.2%	10.9%	11.6%	10.7%	16.1%	14.7%
Dividends and buybacks ÷ free cash flow	131.3%	31.7%	0.9%	3.1%	6.0%	89.5%	62.6%	32.3%	53.8%	46.2%	18.3%	27.8%	113.9%	94.4%

US$ thousands unless shown otherwise. Fiscal quarters.

CSW Industrials, Inc.: financial ratios, quarterly
Quarter	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026	2027 Q2Sept 2026
Gross margin	41.4%	44.2%	43.8%	43.0%	39.7%	41.0%	44.9%	42.0%
Operating margin	15.3%	19.5%	20.8%	20.5%	7.4%	12.8%	22.8%	20.9%
Net margin	13.9%	15.2%	15.5%	14.7%	4.4%	6.5%	14.2%	13.1%
Free-cash-flow margin	4.0%	9.9%	21.9%	21.2%	9.8%	−2.2%	19.9%	25.4%
Current ratio	4.18	4.03	2.86	2.76	2.36	2.60	2.70	2.35
Debt to equity	0.0%	0.0%	8.6%	5.3%	74.8%	82.8%	79.7%	68.4%
SG&A as % of revenue	26.1%	24.7%	23.0%	22.5%	32.2%	23.1%	22.1%	21.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · September 30, 2026

What it owns · $2.3bn

Short-term assets $615mLonger-term assets $1.7bn

What it owes, and who funded it · $2.3bn

Short-term liabilities $261mLonger-term liabilities $930mShareholders' equity $1.1bn

Short-term assets cover short-term liabilities $615m of assets due within a year against $261m of liabilities due within a year.
Short-term assets cover long-term liabilities $615m short-term assets against $930m of longer-dated liabilities.
More cash than debt $37m of cash against $765m of debt.
Debt below 40% of shareholders' equity Debt is 68% of equity.
Debt burden no higher than five years ago Debt to equity moved from 54% to 68% over five years.
A year's operating cash flow covers at least 20% of debt $198m of operating cash flow against $765m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From CSW Industrials, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

76 /100

Strong moat

How hard CSW Industrials's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 19 / 20

Cash operating profit has been a median 14.0% of total assets over 10 years.
Pricing power 15 / 20

Gross margin has been a median 43.7%, moving by 1.6 percentage points (standard deviation) across 10 years.
Durability 15 / 20

Operating margin has been a median 16.9%; its worst year was 13.2%.
Cash conversion 17 / 20

Free cash flow was positive in 10 of 10 years, at a median 14.7% of revenue.
Discipline 15 / 20

The diluted share count rose 5.4% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (81 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from CSW Industrials, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to CSW Industrials, Inc.