CSWCSW INDUSTRIALS, INC.
Adhesives & Sealants
- Revenue
- $1.1B
- 23% YoY
- Operating margin
- 15.6%
- 25% YoY
- EBITDA
- $184M
- 17% YoY
- Market cap
- $4.7B
- Employees
- 1,200
- $902K revenue each
- Net debt / EBITDA
- 4.4×
- $820M net debt
- AI in 10-K
- 2.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo134% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes101% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo27% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$902K · 70th pctBottom quartile of its SIC industry
- Quiet on AINo2.1 per 10K words · 56th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo4.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$9M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $626M | $758M | $793M | $878M | $1.1B | 23% |
| Operating income | $97M | $139M | $159M | $181M | $169M | 7.0% |
| Net income | $67M | $97M | $103M | $137M | $112M | 18% |
| Operating cash flow | $69M | $121M | $164M | $168M | $150M | 11% |
| Capex | $16M | $14M | $17M | $16M | $17M | 6.1% |
| Buybacks | $19M | $39M | $15M | $28M | $133M | 379% |
| Dividends | $9M | $11M | $12M | $15M | $18M | 24% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $77K · 1
- Open-market sells, 12 mo
- $9M · 24
- Net
- −$9M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $7M | $1M | 194 | 166 |
| FY2025 | $6M | $18M | 216 | 126 |
| FY2024 | $6M | $25M | 174 | 134 |
| FY2023 | $4M | $9M | 103 | 101 |
| FY2022 | $17M | $12M | 87 | 98 |