Csw Industrials, Inc. (CSW) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Materials / Mining & Chemicals · as of Sep 24, 2026
Csw Industrials, Inc. (CSW)
A forensic read on Csw Industrials, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
6.7
Distress distance
Clean
Earnings quality
6
Forensic signals
38.8
P / E (ttm)
10.7%
ROE
$4.9B
Market cap
0.39%
Dividend yield
23.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Csw Industrials, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.7, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+74.9%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +74.9% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by inventory up +59% against +30% in cost of sales and receivables up +35% against revenue +23%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 74.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
146d
FY2025→FY2026
Inventory days.Days inventory outstanding moved from 130 to 146 FY2025→FY2026 (against cost of goods sold; inventory +59% vs +30% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
+3.6%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +7% over the last 2 years to FY2026 (+3.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~7%.
114% of FCF
FY2026
Key fundamentals
Latest Revenue$1.08B
Revenue Growth YoY+23.3%
Revenue CAGR (2yr)+16.9%
Net Margin10.4%
Free Cash Flow$132.4M
Return on Equity10.7%
Debt / Equity0.83x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Csw Industrials, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
Shareholder returns.
Returned $151M to shareholders (buybacks + dividends) in FY2026 — 114% of free cash flow. That is $18M (14%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet covered it: cash fell $192M and total debt rose $869M over FY2026. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely.
6.3%
FY2026
Return on invested capital.Return on invested capital is 6.3% in the latest fiscal year and slipping across FY2024–FY2026 from 13%. The capital base behind it grew +130% across FY2024–FY2026, from $905M to $2.1B, while the return fell 6.6 points, so the dollars added over that window earned less than the 13% the older base was already earning.
$7M
FY2026–FY2026
Goodwill impairments.Took $7M of goodwill writedowns across 1 year (FY2026 ($7M)) — about 7% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.