Acuity Inc.AYI
NYSE•Industrials•Electrical Equipment & Parts
Acuity Inc. provides lighting, lighting controls, building management system, and an audio, video, and control platform in the United States and internationally. It operates in two segments, Acuity Brands Lighting (ABL); and the Acuity Intelligent Spaces (AIS). The ABL segment provides lighting solutions and luminaires with advanced electronics under the Aculux, American Electric Lighting, Cyclone, Dark to Light, eldoLED, Eureka, Fresco, Gotham, Healthcare Lighting, Holophane, Hydrel, IOTA, Juno, Lithonia Lighting, Luminaire LED, Luminis, Mark Architectural Lighting, Nightingale, nLight, Peerless, RELOC Wiring Solutions, and SensorSwitch brand names. This segment serves electrical distributors, consumer retailers, large corporate accounts, and original equipment manufacturer customers. The AIS segment offers Distech Controls intelligent Building Management Systems (BMS), such as products for controlling heating, ventilation, air conditioning, lighting, shades, refrigeration, and building access that prioritize end-user outcomes; Q-SYS, a full-stack audio, video, and control platform, and QSC Audio, an audio technology for live entertainers and sound reinforcement professionals. This segment serves retail stores, airports, universities, enterprise campuses, sports venues, themed entertainment, and hospitality sectors through system integrators. It offers its products and solutions under the Atrius, Distech Controls, QSC, and KE2 Therm Solutions brands. Acuity Inc. was formerly known as Acuity Brands, Inc. and changed its name to Acuity Inc. in March 2025. Acuity Inc. was incorporated in 2001 and is headquartered in Atlanta, Georgia.
Acuity Inc. (AYI) reported trailing twelve months revenue of $4.59B as of February 2026, a 15.9% increase year-over-year. Quarterly revenue reached $1.06B, reflecting continued top-line momentum.
Acuity Inc. generated $429.70M in TTM net income, with quarterly EBITDA of $171.80M. The operating margin expanded from 11.0% to 12.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (12.6%) and net margin (9.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 7.7% a year ago, signaling stronger bottom-line efficiency.
AYI trades at a P/E of 21.5x (in line with broad market averages) and a P/S of 2.0x. The price-to-book ratio of 3.3x reflects a moderate premium to book value.
The company generated $73.30M in free cash flow over the trailing twelve months, a 47.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $4.56B in total assets with $697.10M in long-term debt against $2.84B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~13.6% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 16.1% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~20.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~13.4% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation