Zurn Elkay Water Solutions Corporation engages in design, procurement, manufacture, and marketing of water management solutions in the United States, Canada, and internationally. It offers water dispensing and filtration products, such as filtered bottle filling stations, water fountains and water dispensers, and filtered faucets under the Elkay and Halsey Taylor brand names; filtered units including water filters; and water safety and control products, such as backflow preventers, fire system valves, pressure reducing valves, and thermostatic mixing valves under the Zurn and Wilkins brand names. The company also provides flow systems products comprising point drains, hydrants, fixture carrier systems, and chemical drainage systems; and oil and grease interceptors and separators, acid neutralization systems, and remote monitoring systems under the Zurn, Green Turtle, and Wade brands. In addition, it offers sensor operated flush valves under the Aquaflush, AquaSense, and AquaVantage brands; heavy-duty commercial faucets under the AquaSpec brand; flush valves and faucets under the Hydro X Power brands; water conserving fixtures under the EcoVantage and Zurn One brands; stainless steel, quartz, fireclay-ceramic, and cast iron sinks under the Elkay brand name; stainless steel sinks and plumbing fixtures under the Just brand; restroom partition systems and lockers under the Hadrian brand name; and hand dryers. Further, the company offers its products to institutional, commercial, waterworks, and residential end markets through independent sales representatives, plumbing wholesalers, and industry-specific distributors in the waterworks, foodservice, industrial, janitorial, sanitation, and sitework industries. The company was formerly known as Zurn Water Solutions Corporation and changed its name to Zurn Elkay Water Solutions Corporation in July 2022. Zurn Elkay Water Solutions Corporation was founded in 1900 and is headquartered in Milwaukee, Wisconsin.
Zurn Elkay Water Solutions Corp (ZWS) reported trailing twelve months revenue of $1.74B as of March 2026, a 10.0% increase year-over-year. Quarterly revenue reached $433.00M, reflecting continued top-line momentum.
Zurn Elkay Water Solutions Corp generated $213.30M in TTM net income, with quarterly EBITDA of $103.10M. The operating margin expanded from 16.3% to 19.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (19.0%) and net margin (13.6%) indicates moderate non-operating costs. Net margin has improved from 11.2% a year ago, signaling stronger bottom-line efficiency.
ZWS trades at a P/E of 38.4x (a premium multiple) and a P/S of 4.7x. The price-to-book ratio of 5.1x indicates a significant premium over book value.
The company generated $42.70M in free cash flow over the trailing twelve months, a 10.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.68B in total assets with $497.60M in long-term debt against $1.61B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~16.6%, suggesting durable pricing power and cost discipline.
ROE is positive at ~10.9% on average, adequate but below the threshold typically associated with wide moats.
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 ~12.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~17.1% — no sign of cost or pricing stress.
FCF covers net income by 1.5x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — 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.
Shares decreased 2.9% — net buybacks are reducing shares outstanding and boosting per-share value.