Zurn Elkay Water Solutions (ZWS) financial statements
Zurn Elkay Water Solutions reported revenue of $1.7B in fiscal 2025, down 1.0% a year over 9 years.
Net income was $198M and the operating margin 16.4%, against 14.4% in 2018.
Free cash flow was $317M, and the company returned $64M in dividends and $160M in net buybacks.
The diluted share count rose 40% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Zurn Elkay Water Solutions's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B | $2.1B | $710M | $710M | $746M | $911M | $1.3B | $1.5B | $1.6B | $1.7B |
| Cost of revenue | $1.1B | $1.3B | — | $388M | $408M | $538M | $816M | $882M | $860M | $931M |
| Gross profit | $706M | $785M | — | $323M | $338M | $373M | $466M | $648M | $707M | $765M |
| Research and development | $13M | $16M | — | $16M | — | — | — | — | — | — |
| Selling, general and admin | $394M | $433M | — | $196M | $206M | $239M | $309M | $371M | $390M | $418M |
| Operating income | $266M | $306M | — | $104M | $108M | $107M | $107M | $191M | $245M | $279M |
| Interest expense | $75M | $70M | — | $57M | $46M | $35M | $27M | $38M | $33M | $29M |
| Pre-tax income | $187M | $239M | — | $23M | $38M | $52M | $84M | $147M | $207M | $256M |
| Income tax | -$20M | $53M | — | $4M | $10M | $3M | $27M | $43M | $48M | $64M |
| Net income | $76M | $34M | — | $180M | $147M | $121M | $62M | $113M | $160M | $198M |
| EPS (diluted) | $0.62 | $0.28 | — | $1.45 | $1.19 | $0.97 | $0.40 | $0.64 | $0.92 | $1.15 |
| Diluted shares | 122M | 123M | — | 114M | 123M | 125M | 154M | 177M | 175M | 171M |
| Gross margin | 38.2% | 38.3% | — | 45.4% | 45.3% | 41.0% | 36.3% | 42.3% | 45.1% | 45.1% |
| Operating margin | 14.4% | 14.9% | — | 14.7% | 14.4% | 11.7% | 8.4% | 12.5% | 15.6% | 16.4% |
| Net margin | 4.1% | 1.7% | — | 25.4% | 19.7% | 13.3% | 4.8% | 7.4% | 10.2% | 11.7% |
Balance sheet
Fiscal years, from Zurn Elkay Water Solutions's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $193M | $292M | $277M | $573M | $62M | $97M | $125M | $137M | $198M | $300M |
| Receivables | $315M | $334M | $283M | $335M | $104M | $144M | $220M | $210M | $202M | $185M |
| Inventory | $304M | $316M | $349M | $318M | $136M | $184M | $367M | $278M | $273M | $274M |
| Total current assets | $998M | $983M | $969M | $1.3B | $908M | $475M | $758M | $668M | $722M | $812M |
| Property, plant and equipment | $396M | $383M | $373M | $379M | $435M | $64M | $184M | $180M | $164M | $158M |
| Goodwill | $1.3B | $1.3B | $1.3B | $200M | $245M | $254M | $777M | $796M | $794M | $795M |
| Total assets | $3.4B | $3.3B | $3.3B | $3.6B | $3.4B | $1.1B | $2.9B | $2.7B | $2.6B | $2.7B |
| Total current liabilities | $454M | $397M | $347M | $456M | $318M | $240M | $289M | $221M | $248M | $259M |
| Long-term debt | $1.4B | $1.2B | $1.1B | $1.4B | $1.1B | $534M | $530M | $494M | $495M | $496M |
| Total liabilities | $2.2B | $2.0B | $1.9B | $2.3B | $2.0B | $951M | $1.2B | $1.1B | $1.1B | $1.1B |
| Shareholders' equity | $1.2B | $1.2B | $1.4B | $1.3B | $1.4B | $126M | $1.6B | $1.6B | $1.6B | $1.6B |
| Net debt | $1.2B | $946M | $872M | $900M | $1.1B | $443M | $411M | $359M | $298M | $196M |
Cash flow
Fiscal years, from Zurn Elkay Water Solutions's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $228M | $258M | — | $299M | $320M | $224M | $97M | $254M | $294M | $346M |
| Capital spending | $41M | $45M | — | $41M | $44M | $23M | $8M | $21M | $22M | $30M |
| Free cash flow | $188M | $213M | — | $257M | $276M | $200M | $89M | $233M | $272M | $317M |
| Stock-based compensation | $20M | $23M | — | $27M | $45M | $51M | $25M | $40M | $38M | $41M |
| Dividends paid | $0 | $0 | — | $10M | $39M | $36M | $32M | $50M | $57M | $64M |
| Share buybacks (net) | $0 | $0 | — | -$101M | -$140M | -$900,000 | -$25M | -$125M | -$150M | -$160M |
| Net borrowing | -$286M | -$98M | — | $214M | -$6M | -$577M | -$6M | -$65M | -$800,000 | -$800,000 |
| Free cash flow margin | 10.1% | 10.4% | — | 36.2% | 37.0% | 22.0% | 7.0% | 15.2% | 17.3% | 18.7% |
| Dividends per share | — | — | — | $0.09 | $0.31 | $0.29 | $0.21 | $0.28 | $0.32 | $0.37 |
Questions
What was Zurn Elkay Water Solutions's revenue in 2025?
$1.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Zurn Elkay Water Solutions generate?
$317M in fiscal 2025 (operating cash flow minus capital spending).
From Zurn Elkay Water Solutions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.