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Held by 338 of 6,047 reporting institutions (95th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $301.99 today, the market must believe free cash flow compounds 16.6%/yr for a decade (off $144.1M on the 3-yr avg basis).
The market's 16.6% is in line with its 9-yr track record.
Default is 9.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.02B shares (market data) · net debt $835.5M
mean 20.8% · volatility σ 35% · implied rate exceeded in 4/9 yrs
Central path = implied 16.6%/yr growth; shaded band = ±1σ (35%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 14% of free cash flow, leaving room to grow it and fund buybacks. Last year: $18.0M dividends + $132.7M buybacks = $150.8M returned on $132.4M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $33.8M covers the $30.0M due within a year 1.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (10-Q).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $33.8M fully covers short-term debt of $29.5M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.08B 100.0% | $878.3M 100.0% | $792.8M 100.0% | $757.9M 100.0% | $626.4M 100.0% | $419.2M 100.0% | $385.9M 100.0% | $350.2M 100.0% | $326.2M 100.0% | $287.5M 100.0% |
| Cost of Revenue | $628.9M 58.1% | $485.0M 55.2% | $442.1M 55.8% | $439.7M 58.0% | $370.5M 59.1% | $234.7M 56.0% | $209.0M 54.2% | $188.8M 53.9% | $178.3M 54.7% | $158.5M 55.1% |
| Gross Profit | $453.7M 41.9% | $393.3M 44.8% | $350.7M 44.2% | $318.2M 42.0% | $256.0M 40.9% | $184.6M 44.0% | $176.8M 45.8% | $161.4M 46.1% | $147.9M 45.3% | $129.0M 44.9% |
| Research & Development | $5.8M 0.5% | $5.3M 0.6% | $5.9M 0.7% | $4.8M 0.6% | — | — | — | — | — | — |
| Selling, General & Admin | $269.5M 24.9% | $212.1M 24.1% | $190.1M 24.0% | $179.1M 23.6% | $158.6M 25.3% | $125.3M 29.9% | $110.0M 28.5% | $100.9M 28.8% | $98.3M 30.1% | $95.6M 33.3% |
| Operating Income | $168.5M 15.6% | $181.2M 20.6% | $159.1M 20.1% | $139.1M 18.3% | $97.4M 15.5% | $59.2M 14.1% | $65.9M 17.1% | $60.4M 17.3% | $49.7M 15.2% | $32.0M 11.1% |
| Other Income (Expense), net | -$737K -0.1% | -$862K -0.1% | -$5.9M -0.7% | $42K 0.0% | -$466K -0.1% | -$6.0M -1.4% | -$7.1M -1.8% | $2.4M 0.7% | $905K 0.3% | $2.8M 1.0% |
| Pretax Income | $145.6M 13.4% | $180.1M 20.5% | $140.5M 17.7% | $125.9M 16.6% | $91.5M 14.6% | $50.9M 12.1% | $57.4M 14.9% | $61.4M 17.5% | $48.2M 14.8% | $32.2M 11.2% |
| Income Tax Expense | $32.7M 3.0% | $42.6M 4.9% | $37.9M 4.8% | $29.3M 3.9% | $24.1M 3.9% | $10.8M 2.6% | $12.7M 3.3% | $15.4M 4.4% | $15.6M 4.8% | $14.4M 5.0% |
| Net Income | $112.0M 10.4% | $136.7M 15.6% | $102.5M 12.9% | $96.6M 12.7% | $67.3M 10.7% | $40.1M 9.6% | $45.7M 11.8% | $45.6M 13.0% | -$11.9M -3.6% | $11.1M 3.9% |
| Per Share | ||||||||||
| EPS (Basic) | $6.73 | $8.41 | $6.54 | $6.22 | $4.21 | $2.67 | $3.04 | $2.96 | -$0.76 | $0.70 |
| EPS (Diluted) | $6.70 | $8.38 | $6.52 | $6.20 | $4.20 | $2.65 | $3.01 | $2.93 | -$0.76 | $0.70 |
| Weighted Avg Shares (Basic) | 16.7M | 16.2M | 15.5M | 15.5M | 15.8M | 15.0M | 15.0M | 15.4M | 15.7M | 15.8M |
| Weighted Avg Shares (Diluted) | 16.7M | 16.3M | 15.6M | 15.5M | 15.8M | 15.1M | 15.2M | 15.5M | 15.7M | 15.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-05
Where each multiple sits in its own 12-yr range · 82th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 11% against ROIC 6% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 53.9 | 54.2 | 56.0 | 59.1 | 58.0 | 55.8 | 55.2 | 58.1 |
| Gross Profit | 46.1 | 45.8 | 44.0 | 40.9 | 42.0 | 44.2 | 44.8 | 41.9 |
| R&D | — | — | — | — | 0.6 | 0.7 | 0.6 | 0.5 |
| SG&A | 28.8 | 28.5 | 29.9 | 25.3 | 23.6 | 24.0 | 24.1 | 24.9 |
| Operating Income | 17.3 | 17.1 | 14.1 | 15.5 | 18.3 | 20.1 | 20.6 | 15.6 |
| Income Tax | 4.4 | 3.3 | 2.6 | 3.9 | 3.9 | 4.8 | 4.9 | 3.0 |
| Net Income | 13.0 | 11.8 | 9.6 | 10.7 | 12.7 | 12.9 | 15.6 | 10.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CSW: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -2.19pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 16.7% | 9.8% (today's — no rate published for this year) | 6.9pts |
| FY2021 | 6.2% | 9.8% (today's — no rate published for this year) | -3.6pts |
| FY2022 | 9.3% | 9.8% (today's — no rate published for this year) | -0.4pts |
| FY2023 | 12.5% | 9.8% (today's — no rate published for this year) | 2.7pts |
| FY2024 | 14.6% | 9.8% (today's — no rate published for this year) | 4.8pts |
| FY2025 | 7.6% | 9.8% (today's — no rate published for this year) | -2.2pts |
| FY2026 | 6.4% | 9.8% (today's — no rate published for this year) | -3.3pts |
| Now | 5.8% | 9.8% | -3.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 44.9% | 11.1% | 3.9% |
| FY2018 | 45.3% | 15.2% | -3.6% |
| FY2019 | 46.1% | 17.3% | 13.0% |
| FY2020 | 45.8% | 17.1% | 11.8% |
| FY2021 | 44.0% | 14.1% | 9.6% |
| FY2022 | 40.9% | 15.5% | 10.6% |
| FY2023 | 42.0% | 18.3% | 12.7% |
| FY2024 | 44.2% | 20.1% | 12.8% |
| FY2025 | 44.8% | 20.6% | 15.6% |
| FY2026 | 41.9% | 15.6% | 10.4% |
Leverage and buybacks account for 5 points of the 11% return on equity in FY2026. The business earns 6% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$640M of goodwill — 38% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 12.24% against 7.58% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.13x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +46 days over 3 years to 206 — that many more days of the company's own cash funding the same volume of business.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-03-31 (10-Q); cash from the 2026-03-31 balance sheet; FCF from FY2026.
Balance sheet at 2026-03-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $302.69, free cash flow must compound 16.81%/yr for 10 years. It has done 14.6%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −1.8% | 16.8% |
| FY2022 | −6.9% | 16.8% |
| FY2023 | 101.2% | 16.8% |
| FY2024 | 37.4% | 16.8% |
| FY2025 | 2.9% | 16.8% |
| FY2026 | −13.0% | 16.8% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $112M | $112M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $38M | $150M |
| Operating cash flow | $150M | $150M |
| Capex | −$17M | $132M |
| Free cash flow | $132M | $132M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 8.6% | 29.1% | 20.5 points |
| FY2022 | 49.4% | 27.0% | -22.4 points |
| FY2023 | 21.0% | 0.0% | -21.0 points |
| FY2024 | 4.6% | 16.2% | 11.6 points |
| FY2025 | 10.8% | 9.1% | -1.7 points |
| FY2026 | 23.3% | 35.0% | 11.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 70.8 days | 102.3 days | 38.4 days | 134.7 days |
| FY2021 | 84.2 days | 159.7 days | 50.5 days | 193.4 days |
| FY2022 | 71.6 days | 147.9 days | 47.1 days | 172.3 days |
| FY2023 | 59.1 days | 134.1 days | 33.7 days | 159.5 days |
| FY2024 | 65.7 days | 124.5 days | 39.9 days | 150.2 days |
| FY2025 | 64.7 days | 146.7 days | 41.2 days | 170.2 days |
| FY2026 | 70.9 days | 179.8 days | 44.7 days | 206 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -6.5 percent |
| FY2021 | -3.0 percent |
| FY2022 | -0.3 percent |
| FY2023 | -2.4 percent |
| FY2024 | -6.0 percent |
| FY2025 | -2.3 percent |
| FY2026 | -1.6 percent |