Zurn Elkay Water Solutions Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Zurn Elkay Water Solutions Corp 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

	FY2018	FY2019	FY2020	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,066	2,051	710	2,068	746	911	1,282	1,531	1,567	1,696
Cost of revenue	1,145	1,266		388	408	538	816	882	860	931
Gross profit	707	785		323	338	373	466	648	707	765
Research and development	13.3	16.3		16.2
Selling, general and administrative	394	433		196	206	239	309	371	390	418
Operating income	266	306		104	108	107	107	191	245	279
Interest expense	75.1	69.9		56.6	45.9	34.7	26.9	38.5	33.1	28.6
Interest income							0.5	4.9	7.8	7.6
Other non-operating income	4.4	-1.6		-1.2	-2.5	-0.7	1.7	-7.2	-5.9	5.5
Pre-tax income	56.5	239		23.4	38.1	52.4	83.8	147	207	256
Income tax	-19.5	53.4		4.4	9.5	2.7	26.8	42.6	48.1	63.9
Income from continuing operations	207	189		19	28.6	49.7	57	104	159	192
Net income to minority interests	0.1	0		0.3
Net income	75.9	34.3		180	147	121	61.7	113	160	198
EBITDA	346	394		191	161	151	128	221	274	309
EPS, basic	0.51	0.11		1.48	1.21	1.00	0.41	0.65	0.93	1.17
EPS, diluted	0.62	0.28		1.45	1.19	0.97	0.40	0.64	0.92	1.15
Shares, basic (weighted)	104	105		112	121	121	152	174	172	169
Shares, diluted (weighted)	122	123		114	123	125	154	177	175	171
Dividend per share				0.08		0.30	0.20	0.29	0.33	0.38

Balance sheet

	FY2018	FY2019	FY2020	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	193	293	277	573	62.3	96.6	125	137	198	301
Receivables	315	334	283	335	104	144	220	210	202	185
Inventory	304	317	349	318	136	185	367	278	273	274
Other current assets	37.9	39.6	48	35.3	11.3	16.5	28	26.3	29.7	38.7
Total current assets	998	983	969	1,264	908	475	758	668	722	812
Property, plant and equipment	397	383	373	379	435	64.4	184	180	164	158
Lease right-of-use assets			45.6	71.1	18.1	14.1	42.6	46.4	51.2	52.4
Goodwill	1,276	1,300	1,311	201	245	254	777	796	794	795
Intangible assets	531	512	493	514	200	179	1,010	952	892	835
Other non-current assets	114	82.6	116	148	37.6	39.3	63.9	70.5	76.6	80.1
Total assets	3,424	3,260	3,262	3,627	3,401	1,078	2,864	2,667	2,649	2,679
Accounts payable	190	192	178	186	41.3	105	117	56.4	71.7	65.2
Accrued liabilities	63.9	63.7
Deferred revenue					4
Short-term debt	3.9	1.2	1.4	76.4	0.3	5.6	5.7	0.9	0.8	0.9
Total current liabilities	454	397	347	456	318	240	289	221	248	259
Long-term debt	1,352	1,237	1,147	1,397	1,118	534	530	494	495	496
Lease liabilities			36.7	63.1	13.4	8.9	34.2	37.3	43.3	42
Other non-current liabilities	78.3	111	118	150	18.7	41.7	44.4	65	65.2	79.8
Total liabilities	2,211	2,029	1,893	2,313	1,962	951	1,249	1,064	1,062	1,076
Total debt	1,356	1,238	1,149	1,473	1,118	540	536	495	496	497
Paid-in capital	1,278	1,294	1,321	1,348	1,393	1,437	2,853	2,847	2,828	2,810
Retained earnings	8	30.7	148	85.9	116	-1,237	-1,165	-1,178	-1,169	-1,132
Other comprehensive income	-74.1	-96.6	-104	-124	-73.8	-74.9	-75	-67.7	-74.4	-76.7
Shareholders' equity	1,213	1,229	1,366	1,311	1,439	126	1,615	1,603	1,587	1,603
Minority interests	0.1	2.4	2.6	2.7	3	0
Total equity	1,213	1,231	1,368	1,314	1,439	126	1,615	1,603	1,587	1,603
Total liabilities and equity	3,424	3,260	3,262	3,627	3,401	1,078	2,864	2,667	2,649	2,679
Shares outstanding	104	105	122	120	120	126	177	172	170	167

Cash flow statement

	FY2018	FY2019	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	76	34.3	180	147	121	61.7	113	160	198
Depreciation and amortization	79.7	87.9	86.6	53.2	44.1	20.5	29.2	29.2	30
Stock-based compensation	20.5	22.6	26.9	44.8	51.4	25	40	37.9	40.6
Deferred income tax	-76.6	-31.9	2.9		-8.2	2.9	-6	-13.3	-4.9
Change in receivables	-31	-29.8	-19.9	10.8	-66.6	15.5	10.1	6.3	18.4
Change in inventory	11.5	-24.7	0.1	35	-79.5	-17.6	65	2.7	-0.1
Change in payables	13	-1.3	-3.7	-56.4	99.1	-18.3	-60.8	15.8	-6.8
Cash from operations	229	258	299	320	224	97	254	294	347
Capital expenditures	-38	-42.5	-41.4
Acquisitions	-174	-23.4	-84.5	-161	-17.1	-44.8	0	0
Cash from investing	-209	-53.3	-123	-197	-21.9	-6.6	-4.6	-20.2	-29.9
Debt issued	1,530	271	1,050	331	550	102	13	0	0
Debt repaid	-1,816	-369	-836	-337	-1,127	-108	-77.9	-0.8	-0.8
Stock issued	7.2	7.9	36	37.5	24.9	2.5	4.3
Share buybacks	0	0	-101	-140	-0.9	-24.7	-125	-150	-160
Dividends paid	0	0	-9.8	-38.6	-36.4	-32.5	-50.4	-56.6	-63.9
Cash from financing	-309	-117	115	-156	-356	-61.1	-239	-208	-217
Exchange rate effect	16.6	-13.2	-9.5
Net change in cash	-273	74.9	281	-21.4	-159	28.2	11.9	61.3	103
Free cash flow	191	216	257
Interest paid	69.9	63.8	54.9		34.7	24.3	45.7	68.1	33.9
Income taxes paid	59.4	64.7	72.5		57.8	3.1	45.7	68.1	63

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $46.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.4%	Gross profit / revenue.
Operating margin	17.1%	Operating income / revenue.
EBITDA margin	18.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.9%	Pre-tax income / revenue.
Net margin	12.3%	Net income / revenue.
Operating cash flow margin	20.1%	Cash from operations / revenue.
Effective tax rate	24.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.9%	Net income / average total assets.
Return on invested capital (ROIC)	12.3%	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	24.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.0%	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	17.7%	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	14.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	37.6%	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	21.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	34.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	23.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	47.5%	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	6.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	25.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	42.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.7%	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	18.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	52.9%	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	1.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	15.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	23.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	1.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.2%	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	2.2%	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	1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.2%	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	-4.7%	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	-1.9%	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	3.6%	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	6.8%	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	3.24x	Current assets / current liabilities.
Quick ratio	2.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.6%	Total debt / total assets.
Liabilities / assets	40.1%	Total liabilities / total assets.
Net debt	$225.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.69x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.8x	Operating income / interest expense.
Working capital	$578.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	60.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$8.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	11.2x	Revenue / average property, plant and equipment.
Inventory turnover	3.25x	Cost of revenue / average inventory.
Days inventory	112 days	365 x average inventory / cost of revenue.
Receivables turnover	7.17x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	38 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	125 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.26	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	$10.26	Revenue / diluted weighted shares.
Operating cash flow per share	$2.06	Cash from operations / diluted weighted shares.
Book value per share	$9.62	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.05	Tangible book value / shares outstanding.
Cash per share	$1.64	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.74B	Share price x shares outstanding.
Enterprise value	$7.96B	Market cap + total debt - cash - short-term investments.
P/E	36.3x	Market cap / net income. Only when net income is positive.
P/S	4.45x	Market cap / revenue.
P/B	4.82x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	22.1x	Market cap / cash from operations, when positive.
EV/Sales	4.58x	Enterprise value / revenue.
EV/EBIT	26.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.4x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.86x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Zurn Elkay Water Solutions Corp's revenue in fiscal 2025?

Zurn Elkay Water Solutions Corp reported revenue of $1.70B for fiscal 2025, 8.3% higher than the year before.

Was Zurn Elkay Water Solutions Corp profitable in fiscal 2025?

Yes. Net income was $198.0M, a net margin of 11.7%.

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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