On this page of StockholderLetter.com we present the latest annual shareholder letter from CSW INDUSTRIALS, INC. — ticker symbol CSWI. Reading current and past CSWI letters to shareholders can bring important insights into the investment thesis.
A Decade of Demonstrated Success 2025 Proxy Statement and Annual Report
June 9, 2025: CSW begins trading on the New York Stock Exchange Images courtesy of NYSE Group
Driving Sustainable Growth and Long-term Shareholder Value, with a Focus on Disciplined Capital Allocation CSW Industrials is a diversified industrial growth company with industry-leading operations in three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. CONTRACTOR SOLUTIONS SPECIALIZED RELIABILITY SOLUTIONS ENGINEERED BUILDING SOLUTIONS CSW provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general industrial, architecturally-specified building products, energy, mining, and rail transportation.
FY 2025 PERFORMANCE REVENUES ADJUSTED EBITDA ADJUSTED EPS OPERATING CASH FLOW $878m $228m $8.41 $168m +10.8% +13.9% REVENUE (in millions) ADJUSTED EBITDA (in millions) 2025 $878.3 2024 $792.8 2023 $757.9 2015 +20.1% $261.8 OPERATING CASH FLOW (in millions) 2025 $227.9 2024 $200.0 2023 2015 $174.1 $56.0 TOTAL SHAREHOLDER RETURN +2.5% 2025 $168.4 2024 $164.3 2023 $121.5 2015 CSW $35.5 Russell 2000 Custom Peer Group 1000 800 600 400 200 0 10/1/2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Dear CSW Stakeholders, The year 2025 marks an important milestone for CSW Industrials, as we celebrate 10 years as an independent, publicly traded company this October. What began as a bold vision in 2015 has blossomed into a decade of strong performance, strategic growth, and tremendous value creation. This anniversary does not simply mark the passing of time it provides us with an opportunity to celebrate and acknowledge the people, purpose, and perseverance that propel us forward. As we reflect on this landmark year, I am honored to share the achievements that continue to define our success and position us for a bright future. HOW WE SUCCEED MATTERS From our inception, we have believed that how we operate is just as important as what we achieve. Our core values are not slogans they are the principles that guide our decisions, shape our leadership, and inform how we treat one another. In fiscal 2025, these values accountability, citizenship, teamwork, respect, integrity, stewardship, and excellence continued to guide us as we navigated challenges, pursued new opportunities, and invested in our people. Our employeecentric culture remains a differentiator in attracting, retaining, and growing talent across the enterprise. The impact of this culture is evident in the recognitions we continue to earn and, more importantly, in how CSW Team Members experience life at their workplace. We were proud to be named a Great Place to Work for the third consecutive year, and we maintained our position on Forbes list of America s Most Successful Mid-Cap Companies. Our Employee Wellness Program was also recognized again with Cigna s Gold Healthy Workforce designation a high honor that reflects our ongoing investment in the physical health and mental wellbeing of our team members. These milestones are not ends in and of themselves, but rather markers of a healthy organization where people are cared for, empowered to contribute meaningfully, and thrive personally. Ultimately, we measure success not only in results but in responsibility to each other, to our communities, and to the future. We believe that every employee deserves a safe, respectful workplace and a company that puts their well-being first, and we demonstrated our commitment by delivering a Total Recordable Incident Rate of 1.2 in calendar 2024. Perhaps more impressively, we delivered a Lost Time Incident Rate ( LTIR ) of 0.06, a marked improvement over calendar 2023 and the best LTIR performance in our history. As we celebrate a decade of demonstrated success, we do so knowing that how we achieve success ethically, safely, and as a team will always matter most. A TRACK RECORD OF DEMONSTRATED SUCCESS In fiscal 2025, we again delivered record results, enabled by our consistently articulated strategy to drive sustainable growth and long-term shareholder value by combining organic and inorganic growth. These results were achieved against a backdrop of mixed key end markets and increasing macroeconomic volatility, and in the end they surpassed the impressive results of the prior year. Additionally, we again executed on all elements of our capital allocation strategy, guided by a rigorous, risk-adjusted returns analysis. This ultimately resulted in growth in shareholder value. Fiscal 2025 revenue reached a record $878 million, representing 11% growth over the prior year, and our eighth consecutive year over year increase. Approximately 45% of that growth came organically and was led by our Contractor Solutions segment, and the remainder came from acquisitions. Operating leverage on our revenue grew earnings before interest, taxes, depreciation, and amortization ( EBITDA ) by 14% to $228 million. Looking back at our performance since our public debut in 2015, our revenue compound annual growth rate ( CAGR ) is 14.1%, which has outpaced the markets we serve by a wide margin. Our EBITDA CAGR over the same period is 16.5%, which denotes that our team has delivered operating leverage on the revenue growth, despite our having industry-leading margins at the time of our public debut. As a result of our dedicated team s consistent execution and commitment to excellence, our shareholders have been rewarded with a total shareholder return of almost 10X as of the end of fiscal 2025. Our commitment to maintaining a strong balance sheet and ample liquidity was again on display in fiscal 2025. Our record $168 million in cash flow from operations demonstrated our ability to continue delivering strong operating cash that helps fuel our capital allocation strategy to invest in growth and
 • shareholder letter icon 7/17/2025 Letter Continued (Full PDF)
 • stockholder letter icon 7/14/2023 CSWI Stockholder Letter
 • stockholder letter icon 7/1/2024 CSWI Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters


CSWI Shareholder/Stockholder Letter Transcript:

A Decade of
Demonstrated
Success
2025 Proxy Statement
and Annual Report

June 9, 2025: CSW begins trading on the New York Stock Exchange
Images courtesy of NYSE Group

Driving Sustainable Growth and
Long-term Shareholder Value, with
a Focus on Disciplined Capital Allocation
CSW Industrials is a diversified industrial growth company with industry-leading
operations in three segments: Contractor Solutions, Specialized Reliability Solutions,
and Engineered Building Solutions.
CONTRACTOR SOLUTIONS
SPECIALIZED RELIABILITY SOLUTIONS
ENGINEERED BUILDING SOLUTIONS
CSW provides niche, value-added products with two essential commonalities: performance and reliability.
The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general
industrial, architecturally-specified building products, energy, mining, and rail transportation.

FY 2025 PERFORMANCE
REVENUES
ADJUSTED EBITDA
ADJUSTED EPS
OPERATING CASH FLOW
$878m
$228m
$8.41
$168m
+10.8%
+13.9%
REVENUE
(in millions)
ADJUSTED EBITDA
(in millions)
2025
$878.3
2024
$792.8
2023
$757.9
2015
+20.1%
$261.8
OPERATING CASH FLOW
(in millions)
2025
$227.9
2024
$200.0
2023
2015
$174.1
$56.0
TOTAL SHAREHOLDER RETURN

+2.5%
2025
$168.4
2024
$164.3
2023
$121.5
2015
CSW
$35.5
Russell 2000
Custom Peer Group
1000
800
600
400
200
0
10/1/2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025

Dear CSW Stakeholders,
The year 2025 marks an important milestone for CSW
Industrials, as we celebrate 10 years as an independent,
publicly traded company this October. What began as a
bold vision in 2015 has blossomed into a decade of strong
performance, strategic growth, and tremendous value
creation. This anniversary does not simply mark the passing
of time     it provides us with an opportunity to celebrate and
acknowledge the people, purpose, and perseverance that
propel us forward. As we reflect on this landmark year, I am
honored to share the achievements that continue to define
our success and position us for a bright future.
HOW WE SUCCEED MATTERS
From our inception, we have believed that how we operate
is just as important as what we achieve. Our core values are
not slogans     they are the principles that guide our decisions,
shape our leadership, and inform how we treat one another.
In fiscal 2025, these values     accountability, citizenship,
teamwork, respect, integrity, stewardship, and excellence    
continued to guide us as we navigated challenges, pursued
new opportunities, and invested in our people. Our employeecentric culture remains a differentiator in attracting, retaining,
and growing talent across the enterprise.
The impact of this culture is evident in the recognitions we
continue to earn and, more importantly, in how CSW Team
Members experience life at their workplace. We were proud
to be named a Great Place to Work   for the third consecutive
year, and we maintained our position on Forbes    list of
America   s Most Successful Mid-Cap Companies. Our Employee
Wellness Program was also recognized again with Cigna   s Gold
Healthy Workforce designation     a high honor that reflects our
ongoing investment in the physical health and mental wellbeing of our team members. These milestones are not ends in
and of themselves, but rather markers of a healthy organization
where people are cared for, empowered to contribute
meaningfully, and thrive personally.
Ultimately, we measure success not only in results but in
responsibility     to each other, to our communities, and to
the future. We believe that every employee deserves a safe,
respectful workplace and a company that puts their well-being
first, and we demonstrated our commitment by delivering a
Total Recordable Incident Rate of 1.2 in calendar 2024. Perhaps
more impressively, we delivered a Lost Time Incident Rate
(   LTIR   ) of 0.06, a marked improvement over calendar 2023
and the best LTIR performance in our history. As we celebrate a
decade of demonstrated success, we do so knowing that how
we achieve success     ethically, safely, and as a team    
will always matter most.
A TRACK RECORD OF
DEMONSTRATED SUCCESS
In fiscal 2025, we again delivered record results, enabled
by our consistently articulated strategy to drive sustainable
growth and long-term shareholder value by combining
organic and inorganic growth. These results were achieved
against a backdrop of mixed key end markets and increasing
macroeconomic volatility, and in the end they surpassed the
impressive results of the prior year. Additionally, we again
executed on all elements of our capital allocation strategy,
guided by a rigorous, risk-adjusted returns analysis. This
ultimately resulted in growth in shareholder value.
Fiscal 2025 revenue reached a record $878 million,
representing 11% growth over the prior year, and our eighth
consecutive year over year increase. Approximately 45% of
that growth came organically and was led by our Contractor
Solutions segment, and the remainder came from acquisitions.
Operating leverage on our revenue grew earnings before
interest, taxes, depreciation, and amortization (   EBITDA   ) by
14% to $228 million.
Looking back at our performance since our public debut in
2015, our revenue compound annual growth rate (   CAGR   )
is 14.1%, which has outpaced the markets we serve by a wide
margin. Our EBITDA CAGR over the same period is 16.5%,
which denotes that our team has delivered operating leverage
on the revenue growth, despite our having industry-leading
margins at the time of our public debut. As a result of our
dedicated team   s consistent execution and commitment to
excellence, our shareholders have been rewarded with a total
shareholder return of almost 10X as of the end of fiscal 2025.
Our commitment to maintaining a strong balance sheet and
ample liquidity was again on display in fiscal 2025. Our record
$168 million in cash flow from operations demonstrated our
ability to continue delivering strong operating cash that helps
fuel our capital allocation strategy to invest in growth and



shareholder letter icon 7/17/2025 Letter Continued (Full PDF)
 

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