ACUITY INC. (DE) financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ACUITY INC. (DE) files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,291	3,505	3,680	3,673	3,326	3,461	4,006	3,952	3,841	4,346
Cost of revenue	1,855	2,024	2,195	2,193	1,924	1,986	2,333	2,239	2,059	2,267
Gross profit	1,436	1,481	1,485	1,480	1,402	1,475	1,673	1,713	1,782	2,079
Research and development	47.1	52	63.9	74.7	82	88.3	95.1	97.1	102	140
Selling, general and administrative	946	942	1,019	1,015	1,029	1,044	1,163	1,213	1,228	1,485
Operating income	475	528	461	463	354	428	510	473	553	564
Interest expense	33.3	34.1	35.5	36.4	26.4	24.2	27	27.9	25.3	42.5
Interest income	1.1	1.6	2	3.1	3.1	1	2.1	9	29.8	20.5
Other non-operating income	1.6	-2.4	-1.4	-4.7	-5.9	-31.4	-15.8	-26.7	-4.7	-63.7
Pre-tax income	445	493	426	425	325	396	494	447	549	500
Income tax	154	171	76.3	94.5	76.4	89.9	110	101	126	104
Income from continuing operations	291	322	350	330	248	306	384	346	423
Net income	291	322	350	330	248	306	384	346	423	397
EBITDA	538	602	541	551	455	528	605	567	644	697
EPS, basic	6.67	7.46	8.54	8.32	6.29	8.44	11.23	10.88	13.68	12.85
EPS, diluted	6.63	7.43	8.52	8.29	6.27	8.38	11.08	10.76	13.44	12.53
Shares, basic (weighted)	43.5	43.1	40.9	39.7	39.5	36.3	34.2	31.8	30.9	30.9
Shares, diluted (weighted)	43.8	43.3	41	39.8	39.6	36.6	34.6	32.2	31.4	31.6
Dividend per share	0.52	0.52	0.52	0.52	0.52	0.52	0.52	0.52	0.58	0.66

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	413	311	129	461	561	491	223	398	846	423
Receivables	573	573	638	561	500	572	666	555	563	594
Inventory	295	329	412	341	320	399	486	369	388	527
Other current assets	41.7	32.6	32.3	79	58.6	82.5	91.2	73.5	75.1	108
Total current assets	1,323	1,246	1,211	1,442	1,440	1,544	1,466	1,395	1,872	1,652
Property, plant and equipment	268	288	287	277	271	269	277	298	304	343
Lease right-of-use assets					63.4	58	74.9	84.1	65.6	97.4
Goodwill	948	901	971	967	1,080	1,095	1,084	1,098	1,099	1,496
Intangible assets	381	449	499	466	606	573	529	481	441	1,099
Other non-current assets		13.2	18.8	17.7	29.5	33.9	48	49.5	32.1	45.2
Total assets	2,948	2,900	2,989	3,172	3,492	3,575	3,480	3,409	3,815	4,755
Accounts payable	401	395	451	339	327	392	398	286	352	455
Accrued liabilities	95.2	41.8	67	73.2	89	95.3	88	103	110	110
Deferred revenue				4.7	5.4	7.7	11.4	14.1	17.4	21.4
Short-term debt	0.2	0.4	0.4	9.1	24.3	0	18	0	0
Total current liabilities	673	601	683	596	618	692	734	595	688	846
Long-term debt	355	357	356	348	377	494	495	496	496	897
Lease liabilities					56.8	46.7	67.4	75.5	58.1	84.3
Other non-current liabilities	10.7	6.2	8.2	5.2	2.5	9.3	0.8	129	130	139
Total liabilities	1,288	1,234	1,272	1,254	1,364	1,531	1,568	1,393	1,436	2,030
Total debt	355	357	357	357	401	494	495	496	496	897
Paid-in capital	856	881	906	930	964	996	1,036	1,067	1,116	1,165
Retained earnings	1,361	1,660	1,999	2,296	2,523	2,810	3,176	3,505	3,910	4,286
Treasury stock	-419	-776	-1,074	-1,156	-1,227	-1,664	-2,175	-2,445	-2,533	-2,650
Other comprehensive income	-139	-99.7	-115	-151	-133	-98.2	-126	-113	-115	-76.5
Shareholders' equity	1,660	1,666	1,717	1,919	2,128	2,045	1,912	2,015	2,379	2,725
Total equity	1,660	1,666	1,717	1,919	2,128	2,045	1,912	2,015	2,379	2,725
Total liabilities and equity	2,948	2,900	2,989	3,172	3,492	3,575	3,480	3,409	3,815	4,755
Shares outstanding	43.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	291	322	350	330	248	306	384	346	423	397
Depreciation and amortization	62.6	74.6	80.3	88.3	101	100	94.8	93.2	91.1	133
Stock-based compensation	27.7	32	32.3	29.2	38.2	32.5	37.4	42	46.6	45.1
Deferred income tax	-8.5	-7.7	-38.2	9.3	-6.7	-2.7	0.6	-47.8	-33.6	-45
Change in receivables	-94.6	2.7	-62.8	97.7	74.5	-68.7	-99.7	115	-8.7	26.3
Change in inventory	-24	-32.4	-74.4	70.8	38	-35.5	-83.3	115	-16.3	-34.2
Change in payables	65.3	-4.6	52.5	-112	-19.6	65.5	2.6	-111	66.2	64.4
Cash from operations	388	337	352	495	505	409	316	578	619	601
Capital expenditures	-83.7	-67.3	-43.6	-53	-54.9	-43.8	-56.5	-66.7	-64	-68.4
Acquisitions	-623	0	-163	-2.9	-303	-75.3	-12.9	-35.5	0	-1,189
Cash from investing	-705	-48.8	-204	-53	-360	-118	-62.2	-90.7	-65.1	-1,281
Debt issued	2.5	1		86.5	400	494	0	0	0	600
Debt repaid			-0.4	-86.9	-356	-401	0	0	0	-200
Share buybacks	0	-358	-298	-81.6	-69.3	-435	-515	-267	-88.7	-119
Dividends paid	-22.9	-22.7	-21.4	-20.8	-20.8	-19.1	-18.1	-16.8	-18.2	-20.6
Cash from financing	-22.8	-392	-327	-108	-50.3	-363	-512	-313	-105	255
Exchange rate effect	-4	1.9	-2.8	-1.6	5	2.4	-9.8	0.2	-1.7	0.6
Net change in cash	-344	-102	-182	332	99.7	-69.4	-268	175	448	-423
Free cash flow	304	269	308	442	450	365	260	511	555	533
Interest paid	32.8	33.6	36.7	35.6	29.8	22.2	26.1	27.9	24.4	40.5
Income taxes paid	121	174	127	92.9	64.6	86.4	109	147	156	152

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $319.42 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.3%	Gross profit / revenue.
Operating margin	14.5%	Operating income / revenue.
EBITDA margin	18.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.0%	Pre-tax income / revenue.
Net margin	10.3%	Net income / revenue.
FCF margin	13.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.7%	Cash from operations / revenue.
Effective tax rate	21.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.2%	Net income / average total assets.
Return on invested capital (ROIC)	16.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	34.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.8%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	16.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-6.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-6.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-2.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-4.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	27.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	24.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.05x	Current assets / current liabilities.
Quick ratio	1.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.0%	Total debt / total assets.
Liabilities / assets	38.5%	Total liabilities / total assets.
Net debt	$285.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.34x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.0x	Operating income / interest expense.
Working capital	$830.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	54.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$328.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.99x	Revenue / average total assets.
Fixed asset turnover	13.3x	Revenue / average property, plant and equipment.
Inventory turnover	5.09x	Cost of revenue / average inventory.
Days inventory	72 days	365 x average inventory / cost of revenue.
Receivables turnover	7.54x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	57 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	63 days	Days inventory + days sales outstanding - days payables.
FCF conversion	135.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$15.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$148.82	Revenue / diluted weighted shares.
FCF per share	$20.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$23.35	Cash from operations / diluted weighted shares.
Book value per share	$92.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.60	Tangible book value / shares outstanding.
Cash per share	$13.31	(Cash + short-term investments) / shares outstanding.
Payout ratio	4.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	3.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	40.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.56B	Share price x shares outstanding.
Enterprise value	$9.85B	Market cap + total debt - cash - short-term investments.
P/E	20.2x	Market cap / net income. Only when net income is positive.
P/S	2.08x	Market cap / revenue.
P/B	3.35x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	29.2x	Market cap / tangible book value, when positive.
P/FCF	15.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.2x	Market cap / cash from operations, when positive.
EV/Sales	2.14x	Enterprise value / revenue.
EV/EBIT	14.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.7%	Free cash flow / market cap.
Earnings yield	4.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.
PEG	4.84x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ACUITY INC. (DE)'s revenue in fiscal 2025?

ACUITY INC. (DE) reported revenue of $4.35B for fiscal 2025, 13.1% higher than the year before.

Was ACUITY INC. (DE) profitable in fiscal 2025?

Yes. Net income was $396.6M, a net margin of 9.1%.

How much free cash flow did ACUITY INC. (DE) generate in fiscal 2025?

Cash from operations of $601.4M minus capital expenditures of $68.4M left free cash flow of $533.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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