MeritValue

CSW INDUSTRIALS, INC.

CSWdata completeness 100%13 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

CSW INDUSTRIALS, INC. earns about 8% on invested capital, below its ~9% cost of capital, but has diluted owners by 6% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $63.03 and $477.32 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$626.4M1$757.9M2$792.8M3$878.3M3$1.08B3
Net income$66.4M4$96.4M5$101.6M6$136.7M6$112M6
Operating cash flow$69.1M7$121.5M8$164.3M9$168.4M9$149.7M9
Capital expenditure$15.7M10$14M11$16.6M12$16.3M12$17.3M12
Free cash flow (derived)$53.4M7$107.5M8$147.8M9$152.1M9$132.4M9
Total debt$505.6M13$506M14$332M15$871.5M16$869.3M16
Cash & equivalents$16.6M17$18.5M18$22.2M19$225.8M20$33.8M20
Diluted shares15.8M15.5M15.6M16.3M16.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$628.54
your share of equity
Profit it earned you last year
$67.04
Free cash flow it threw off
$79.22
Debt you’d be carrying
$520.16

10 shares is a claim on $628.54 of net worth that earned you $67.04 and generated $79.22 of cash last year, against $520.16 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY22 7%FY23 10%FY24 11%FY25 8%FY26 6%

It earned about 8% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 72% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $63.03 and $477.32 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$477.32
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$147.8M
DCF · Growth Exit 5Y
$238.27
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$147.8M
Earnings Power Value
$63.03
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$101.6M
  • growthAssumed0.0%
Graham Number
$97.34
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $238.27
The three cases
Bear0.0%$76.33
Base20.0%$238.27
Bull20.0%$238.27

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001624794-24-000032 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001624794-25-000056 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001624794-26-000027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001624794-24-000032 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001624794-25-000056 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001624794-26-000027 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001624794-24-000032 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001624794-25-000056 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001624794-26-000027 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001624794-24-000032 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-03-31 · accession 0001624794-25-000056 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-03-31 · accession 0001624794-26-000027 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-03-31 · accession 0001624794-23-000039 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0001624794-24-000032 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-31 · accession 0001624794-25-000056 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-31 · accession 0001624794-26-000027 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-03-31 · accession 0001624794-23-000039 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0001624794-24-000032 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0001624794-25-000056 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001624794-26-000027 (CashAndCashEquivalentsAtCarryingValue)