CSW Industrials, Inc. (CSWI): Business Model Canvas [Dec-2025 Updated]

You're looking for the real mechanics behind CSW Industrials, Inc.'s performance, and honestly, after two decades analyzing industrial plays, I can tell you their model is built on disciplined M&A and niche dominance. Look at the numbers: they pulled in $878.3 million in total revenue for FY2025, driven heavily by their Contractor Solutions segment, which is about 56% of the business. My take, based on their recent moves like the Aspen Manufacturing acquisition, is that they create value by buying specialized brands and integrating them across a global distribution footprint spanning over 100 countries. This canvas breaks down exactly how they turn that strategy into $227.9 million in Adjusted EBITDA; check out the nine building blocks below to see the precise structure that fuels their growth.

CSW Industrials, Inc. (CSWI) - Canvas Business Model: Key Partnerships

You're looking at the partners that make the CSW Industrials, Inc. machine run, especially after some big moves in late 2025. These relationships-from financing to M&A-are critical for maintaining that growth trajectory you've been tracking.

The most significant recent partnership event involved the acquisition of Motors & Armatures Parts (MARS Parts). CSW Industrials, Inc. closed this deal on November 4, 2025, for approximately $650 million in cash, plus up to $20 million in performance-based earn-outs. This transaction was financed using a combination of a $600 million five-year Syndicated Term Loan A and borrowings under the existing revolving credit facility. The purchase multiple was roughly 10.4x pro-forma adjusted TTM EBITDA, based on an estimated MARS Parts adjusted TTM EBITDA of $52.3 million. This acquisition expanded the HVAC/R portfolio and added roughly 200 employees. Also, CSW Industrials, Inc. invested over $26.5 million in other strategic acquisitions, Hydrotex Holdings and ProAction Fluids, using the revolving credit facility.

The financial backbone supporting this growth is anchored by key banking relationships. CSW Industrials, Inc. renewed and upsized its Revolving Credit Facility to $700 million from $500 million on May 5, 2025. This facility now matures in May 2030.

Here's a quick look at the core financial partners involved in that facility:

• Administrative Agent: JPMorgan Chase Bank, N.A.
• Joint Lead Arrangers/Bookrunners: JPMorgan Chase Bank, N.A. and Truist Bank
• Total Commitment: $700 million
• Long-Term Debt Supported By Facility (as of late 2025): $60.0 million

To manage interest rate risk associated with the financing, CSW Industrials, Inc. implemented a $300 million, three-year syndicated interest rate hedge on its SOFR exposure.

For operations, the MARS Parts acquisition specifically brings in established manufacturing and supply chain relationships. MARS Parts is noted for having effective contract manufacturing partnerships for its HVAC/R electrical components, such as motors and capacitors. CSW Industrials, Inc. itself relies on an extensive wholesale distribution network to move products across its segments, including Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions.

The distribution network is crucial for reaching end-users in markets like HVAC/R, plumbing, and electrical. The acquired MARS Parts business supplies contractors, service firms, and wholesalers across North America. CSW Industrials, Inc. actively works with these partners to enhance demand, as specialists visit end-users alongside distribution partners to advise on application issues.

We can map the key financial and strategic partnership data like this:

For raw materials and specialized components, CSW Industrials, Inc. leverages its technical expertise to build relationships with key decision-makers, selling products like lubricants for rail transportation primarily through direct sales forces and a network of strategic distributors. In the mining market, lubricants are supplied to open gears in large excavation equipment via direct sales agents and these distributors.

Finance: draft 13-week cash view by Friday.

CSW Industrials, Inc. (CSWI) - Canvas Business Model: Key Activities

You're looking at the core engine driving CSW Industrials, Inc.'s growth right now. It's all about disciplined execution across a few key areas, especially integrating recent buys while keeping an eye out for the next one.

Manufacturing niche, value-added industrial products.

CSW Industrials, Inc. focuses on providing niche, value-added products across its three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. The manufacturing footprint is concentrated in the U.S., Vietnam, and Canada. The company's products are sold directly or through channels in over 100 countries globally.

Here's a snapshot of the revenue impact from their product portfolio, including recent additions:

Strategic, disciplined acquisition and integration of new businesses.

The company maintains a strategic, disciplined acquisition approach, aiming for synergistic investments that deliver attractive risk-adjusted returns. This activity is a major driver of growth; for instance, the fiscal year ended March 31, 2025, saw inorganic growth of 6.3% in the fourth quarter alone from the Dust Free, PSP Products, and PF WaterWorks acquisitions. The Specialized Reliability Solutions segment saw deployments of over $26.5 million on acquisitions in November 2025.

The latest major planned activity is the acquisition of Motors & Armatures Parts ("MARS Parts"):

• Total cash purchase price: $650 million, subject to customary adjustments.
• Potential earn-out: Up to $20 million based on revenue targets.
• Valuation multiple: Approximately 12.5x MARS Parts' estimated adjusted TTM EBITDA of $51.8 million.
• Expected run rate EBITDA margin for MARS Parts: At least 30% within 12 months.

Since becoming a stand-alone public company, CSW Industrials will have invested over $1.65 billion in acquisitions through the MARS Parts deal, with approximately $1 billion invested in the last year. You've got to admire that pace. It's a lot of integration work.

Managing a global distribution and complex supply chain network.

CSW Industrials, Inc. manages distribution operations across the U.S., Australia, Canada, and the U.K. The key activity here is leveraging this robust network, which includes buying groups and national account relationships, to maximize channels to market. The company looks to optimize facilities and scale supply chains through acquisitions, such as expecting significant cost synergies by leveraging the existing footprint with the MARS Parts integration.

The distribution network supports sales in over 100 countries. The Specialized Reliability Solutions segment saw its operating income margin improve to 15.1% in fiscal Q2 2025, partly due to manufacturing efficiencies.

Continuous product innovation, like consolidating two products into one.

The company's strategy involves investing in innovative products to fuel future organic revenue growth. While a specific 'two products into one' consolidation example isn't explicitly detailed in the latest reports, the acquisition strategy itself is a form of portfolio consolidation and enhancement. For example, the Dust Free acquisition added a family of Indoor Air Quality (IAQ) products covering Filtration, Purification, and UV Inactivation. The MARS Parts acquisition is designed to add motors and capacitors, enhancing the existing HVAC/R portfolio with highly complementary repair-focused offerings. The Engineered Building Solutions segment achieved an 20% EBITDA margin in fiscal Q1 2025, though management noted this can fluctuate based on project mix.

Capital allocation: organic growth, M&A, and shareholder returns.

Capital allocation decisions are prioritized on a risk-adjusted returns basis, following the order: organic initiatives, inorganic growth, and then returning cash to shareholders via dividends and opportunistic share repurchases. The balance sheet strength supports this activity; after the Aspen Manufacturing acquisition, the net leverage ratio was 0.2x.

Here are the recent shareholder return and debt management numbers:

• Total debt paid down in H1 FY2025: $166.0 million, utilizing record cash flow from operations and equity offering proceeds.
• Total cash returned to shareholders in FY2025: $32.9 million ($14.6 million in dividends and $18.3 million in share repurchases).
• Follow-on equity offering proceeds (Q2 2025): $347.4 million from issuing 1.265 million shares at $285 per share.
• Latest declared quarterly dividend: $0.27 per share, announced in October 2025.
• Dividend increase: A 14% mid-year increase in the quarterly cash dividend was announced.

Cash flow from operations for fiscal Q1 2026 was $60.6 million, with free cash flow at $57.7 million. For the full fiscal 2025 period, net cash provided by operating activities was $168.4 million.

CSW Industrials, Inc. (CSWI) - Canvas Business Model: Key Resources

You're looking at the core assets that power CSW Industrials, Inc.'s operations as of late 2025. These aren't just line items; they are the engines driving market access and financial stability.

The foundation rests heavily on a portfolio of established brands, many with decades of history, which CSW Industrials has strategically aggregated. These brands are the direct interface with professional tradesmen across multiple end markets. The company's Contractor Solutions segment, for example, combines the strength of brands like RectorSeal, TRUaire, and Shoemaker Manufacturing, which together represent 185 years of combined manufacturing experience in HVAC/R, plumbing, and electrical solutions. Other key brands contributing to the overall asset base include Jet-Lube, Whitmore, Balco, Smoke Guard, and Deacon.

The physical and intellectual assets are substantial, supported by a disciplined acquisition strategy that has seen 17 acquisitions since the 2015 spin-off, deploying a cumulative capital of approximately $1bn. The most recent major addition was Aspen Manufacturing in May 2025, which bolstered HVAC/R offerings.

Financial strength is a critical resource, evidenced by the cash generated from operations. For the fiscal year 2025 period, CSW Industrials generated $168.4 million in net cash provided by operating activities. This strong cash flow supported a balance sheet that, at the end of fiscal year 2025, included approximately $226 million in cash and equivalents, while total debt stood at about $69.4 million. Total revenue for fiscal year 2025 reached $878.3 million, with Adjusted EBITDA at $227.9 million.

The operational footprint is global, which is essential for market penetration. Manufacturing is concentrated across the U.S., Canada, and Vietnam. This production capability supports a distribution network that pushes products into over 100 countries around the world. To be fair, the vast majority of revenue, about 88%, still comes from the United States, with the remaining 12% from other regions.

Here's a quick look at the scale of these key resources:

• Global Reach: Products sold in over 100 countries.
• Manufacturing Footprint: Operations in the U.S., Canada, and Vietnam.
• Workforce Size: Approximately 2,600 employees as of late 2025.
• Acquisition History: 17 acquisitions since 2015.

You can see the financial performance underpinning these resources in the table below:

The intellectual property is embedded within the product lines themselves, often being the first to solve specific contractor challenges, which builds that contractor loyalty. For instance, the TRUaire brand is noted for its groundbreaking 100% power coating technology in the residential market.

The physical presence includes specific manufacturing and distribution sites across the globe. For example, TRUaire Industries Inc. operates a large facility in Vietnam, while brands like RectorSeal and TRUaire maintain multiple locations within the U.S..

Here are some of the key operating companies and their confirmed manufacturing/distribution locations:

• RectorSeal: Houston, Texas; Fall River, Massachusetts.
• Shoemaker Manufacturing: Cle Elum, Washington (manufacturing space).
• TRUaire: Multiple U.S. locations plus a facility in Mang Yang, Gia Lai, Vietnam.
• Greco: Locations in Hudson, Florida, Windsor, and Etobicoke, Ontario, Canada.

Finance: draft 13-week cash view by Friday.

CSW Industrials, Inc. (CSWI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why professional tradesmen choose CSW Industrials, Inc. (CSWI) products. It boils down to delivering on a promise of quality that keeps jobs on schedule and systems running right.

Performance and reliability for professional tradesmen.

CSW Industrials, Inc. centers its entire offering around two essential commonalities: performance and reliability. This isn't just marketing speak; it's backed by the financial results of serving demanding end markets like HVAC/R, plumbing, and electrical. The company's focus on niche, value-added products means the end-user, the professional tradesman, gets tools and components they can trust when a failure isn't an option. The overall business demonstrated this resilience, posting record full-year revenue of $878.3 million for fiscal year 2025, a 10.8% increase year-over-year.

Comprehensive product suites for HVAC/R, plumbing, and electrical.

The breadth of the offering is a major draw, especially within the Contractor Solutions segment, which is the primary revenue driver. This segment delivered full-year revenue of $617.3 million in fiscal 2025, growing 15.1% over the prior year. This growth is fueled by deep penetration in the HVAC/R, plumbing, and electrical end markets. The strategic acquisitions, such as Dust Free, PSP Products, and PF WaterWorks, have actively broadened this suite. More recently, the acquisition of Motors & Armatures Parts for $650 million directly expands the HVAC/R portfolio with motors and capacitors, enhancing the value proposition for repair and replacement work.

Time and cost savings via product consolidation and innovation.

The strategy of acquiring complementary businesses is designed to let customers consolidate purchasing and reduce complexity. By integrating new product lines, CSW Industrials, Inc. aims to grow the share of wallet with existing customers. The integration of acquired businesses is expected to yield significant financial benefits, suggesting cost efficiencies flow through to the customer indirectly. For instance, the recently acquired MARS Parts business is expected to achieve an adjusted EBITDA margin run rate of at least 30+% within twelve months, which is well above the consolidated CSW Industrials, Inc. margin of 25.9% for fiscal 2025. Furthermore, the company's financial discipline, including paying down $166.0 million of debt in the first half of the fiscal year, supports a stable platform for continued investment in innovation.

Indoor Air Quality (IAQ) solutions for health and safety.

While specific IAQ revenue figures aren't detailed in the latest reports, the acquisition of Dust Free is a clear indicator of this focus, as it bolsters the Contractor Solutions segment. The company provides products across various end markets, including architecturally-specified building products, where health and safety standards are paramount. The value proposition here is providing the necessary components that meet or exceed the standards required for healthy indoor environments, a growing concern for building owners and contractors.

Diversified product offerings across three resilient industrial segments.

CSW Industrials, Inc. mitigates risk by operating across three distinct segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. This diversification means that softness in one end market, like residential HVAC/R, can be offset by strength elsewhere. The company's overall profitability reflects this structure, with adjusted EBITDA for fiscal year 2025 reaching $227.9 million.

Here's a quick look at the financial scale supporting these value propositions as of the end of fiscal year 2025:

The Contractor Solutions segment showed strong organic growth of 6.2% for the full year, even as the company integrated several acquisitions. This segment's Q4 revenue alone was $165.9 million, up 17.5% year-over-year.

The company's commitment to its core markets is also evident in its capital returns; it returned a total of $32.9 million to shareholders through dividends and repurchases in the fiscal year, while simultaneously strengthening the balance sheet.

The value proposition is further cemented by the fact that CSW Industrials, Inc. ended Q3 with $213.8M cash and no long-term debt outstanding, giving it significant flexibility to pursue value-accretive deals like the planned $650 million MARS Parts acquisition.

Finance: draft 13-week cash view by Friday.

CSW Industrials, Inc. (CSWI) - Canvas Business Model: Customer Relationships

The core of CSW Industrials, Inc.'s customer relationship strategy centers on deep penetration within the professional trade channel, supported by a strong network of channel partners.

Direct sales and support to professional contractors (primary focus).

The Contractor Solutions segment is the engine for direct engagement with professional contractors, which management has targeted aggressively since 2019. This focus is evident in the segment's financial contribution and growth profile. For the fiscal year ending March 31, 2025, the Contractor Solutions segment was a major driver, with its organic revenue growing by 6.2% during the full fiscal year. Looking closer at the fourth quarter of fiscal 2025, this segment delivered organic revenue growth of 8.0%. In the third quarter of fiscal 2025, this segment generated $132 million in revenue, representing 67% of the company's total revenue for that period. The company aims to further dominate this channel, with post-MARS acquisition projections indicating the Contractor Solutions segment will constitute 78.9% of total revenue.

The relationship is built on providing essential products across HVAC/R, plumbing, and electrical end markets.

Long-term relationships with distribution partners and national accounts.

CSW Industrials, Inc. explicitly focuses on growing its robust distribution network, which includes buying groups and national account relationships. This channel strategy allows the company to achieve sales at a faster and more cost-effective rate by leveraging existing logistics, sales staff, and credit infrastructure. The company's total revenue for fiscal 2025 reached $878.3 million, a figure heavily reliant on the effectiveness of this channel network.

The reliance on channel partners is a key component of the overall sales structure, which saw total revenue increase by 10.8% in fiscal 2025.

High-quality, reliable products fostering strong brand loyalty.

The company's strategy involves investing in commercially attractive, innovative products and solutions. This focus on product quality and innovation is intended to foster loyalty, as demonstrated by the company's ability to drive revenue through pricing initiatives alongside unit volume growth. The company seeks to build long-term shareholder value through a track record of robust profitability provided by niche products.

The following table summarizes key revenue metrics related to the growth fueled by product and channel strategy:

Post-acquisition cross-selling to expand share of wallet.

A critical element of the customer relationship strategy post-merger is the integration of acquired businesses to cross-sell new products through existing distribution channels. The company made significant acquisitions in fiscal 2025, including Dust Free, PSP Products, and PF WaterWorks, which contributed $47.5 million to revenue growth. Furthermore, the Aspen Manufacturing acquisition, which closed May 1, 2025, added $125 million in trailing revenue. The thesis for these deals rests on applying CSW Industrials, Inc.'s best practices to integrate and then cross-sell these enhanced offerings across the established customer base.

The expectation is that as acquired brands are fully integrated into the distribution channels, cross-selling and footprint optimization will drive future organic growth.

• Acquisitions are focused on products that complement or enhance existing offerings.
• The integration process applies industry best practices for strategy development and operating performance measurement.
• The goal is to increase market share by maximizing existing channels.

CSW Industrials, Inc. (CSWI) - Canvas Business Model: Channels

CSW Industrials, Inc. deploys its products through a structure emphasizing broad reach, particularly for its Contractor Solutions segment. The company maintains a global distribution network supporting sales across key geographies, including the U.S., Canada, U.K., and Australia, though specific revenue breakdowns by these international regions aren't itemized in the latest reports.

For the Contractor Solutions segment, which represented more than 70% of total CSW Industrials revenue as of July 2025, the primary channel involves wholesale distributors and buying groups. This channel drives sales of HVAC/R, plumbing, and electrical products directly to contractors who perform the installation and repair work. The scale of this channel is significant; for the fiscal 2025 full year ended March 31, 2025, total revenue for CSW Industrials reached $878.3 million.

The company also employs direct sales to end-users within certain industrial and rail markets, primarily served by the Specialized Reliability Solutions segment. The sales staff in these areas leverage logistics and supply agreements to service these niche customers directly. The scale of the Contractor Solutions segment's revenue in the most recently reported quarter, the second quarter of fiscal 2026 (ending September 30, 2025), was $208.5 million, showing a year-over-year increase of 31.2%, largely driven by acquisitions.

Here's a quick look at the segment revenue scale as of the second quarter of fiscal 2026:

The Contractor Solutions segment relies heavily on the contractor base, with end-market revenue contributions for the fiscal year ended March 31, 2025, showing the following focus areas:

• HVAC/R market: Approximately 56% of net revenues for the year ended March 31, 2025.
• General Industrial market: Approximately 7% of net revenues for the year ended March 31, 2025.
• Electrical and Plumbing markets: Contributed to the remaining growth within the segment.

The inorganic growth component, which flows through these distribution channels, contributed $61.9 million to the Contractor Solutions revenue in the second quarter of fiscal 2026, offsetting a 7.7% organic revenue reduction in that same period.

Finance: draft 13-week cash view by Friday.

CSW Industrials, Inc. (CSWI) - Canvas Business Model: Customer Segments

You're looking at the customer base for CSW Industrials, Inc. as of late 2025. This company serves a diverse set of industrial and professional clients through its three main operating segments, with a heavy reliance on the trade professional.

The core of the business is clearly centered on the professional trades, which fall primarily under the Contractor Solutions segment. This segment generated $617.3 million in revenue for the full Fiscal Year 2025, making it the dominant revenue source, representing approximately 70.3% of the total consolidated revenue of $878.3 million for FY2025.

The customer segments served are quite distinct, though they often overlap within the segment reporting structure:

• Professional contractors (HVAC/R, plumbing, electrical) - largest segment.
• General industrial end markets (chemicals, steel, cement) - 7% of FY2025 revenue.
• Architecturally-specified building products customers.
• Energy, mining, and rail transportation industries.
• Residential and light commercial end-users (via contractors).

The general industrial end markets, which include customers in chemicals, steel, and cement, are specifically noted to account for 7% of FY2025 revenue. Based on the total FY2025 revenue of $878.3 million, this translates to an approximate revenue contribution of $61.48 million for this group.

The Specialized Reliability Solutions segment, which services some of these heavy industrial users, saw its revenue contract slightly in FY2025, reporting $147.6 million in net revenue. This segment's performance reflects the mixed demand across its customer base:

Architecturally-specified building products customers are a key focus area, specifically mentioned as a driver of revenue growth within the Contractor Solutions segment during the first quarter of FY2025. This group, along with residential and light commercial end-users, is serviced indirectly through the network of professional contractors who use CSW Industrials, Inc.'s performance-enhancing products for their HVAC/R and plumbing applications.

To give you a clearer picture of the segment revenue distribution for the full Fiscal Year 2025, here's the breakdown:

The Contractor Solutions segment's revenue of $617.3 million is the primary driver, with its growth in FY2025 being fueled by the HVAC/R, electrical, and plumbing end markets. The company's strategy clearly leans on supporting the professional trade, which is the most reliable source of demand.

Finance: draft 13-week cash view by Friday.

CSW Industrials, Inc. (CSWI) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive the CSW Industrials, Inc. engine as of late 2025. This is where the revenue gets spent to keep the machinery running and growing.

The Cost of Goods Sold (COGS) for manufactured and distributed products is a major outflow. For the full fiscal year ended March 31, 2025, total revenue was \$878.3 million, and the corresponding Gross Profit was \$393.3 million. This implies a significant COGS component.

The cost structure also includes significant investment in expansion through acquisitions. The acquisition cost for Aspen Manufacturing, which closed in May 2025, was a cash outlay of \$313.5 million. This is a key capital deployment for the period.

Selling, General, and Administrative (SG&A) expenses, which are part of the overall operating expenses, saw an increase for the fiscal year ended March 31, 2025. The increase in SG&A expense was \$20.4 million compared to the prior year. For that same full fiscal year, operating expenses as a percentage of revenue were 24.7% on a GAAP basis.

CSW Industrials, Inc. continues to invest in its physical assets for future capacity. Capital expenditures for organic growth for the fiscal year ended March 31, 2025, totaled \$16.3 million. These funds went toward continuous improvement, automation, safety, capacity expansion, and new product introductions.

The cost of servicing its debt, or interest expense on debt, has been managed down significantly. For the full fiscal year ended March 31, 2025, the reported interest expense was \$0.3 million, a substantial reduction from the \$12.7 million reported in the prior year period, reflecting balance sheet strengthening efforts.

Here is a breakdown of some of the key financial figures related to the cost structure for the fiscal year ended March 31, 2025 (FY2025), and related major events:

You can see the impact of recent acquisitions on the operating expense line, as the Contractor Solutions segment absorbed costs related to the inclusion of Dust Free, PSP Products, and PF WaterWorks, plus integration expenses. For instance, in the first quarter of fiscal 2026 (ended June 30, 2025), total operating expenses were \$60.6 million.

The company's focus on debt reduction also directly impacts this structure:

• Interest expense, net of interest income, for the fiscal 2026 first quarter was \$1.0 million.
• Interest expense, net, for the fiscal 2026 second quarter was \$2.3 million.

Finance: draft 13-week cash view by Friday.

CSW Industrials, Inc. (CSWI) - Canvas Business Model: Revenue Streams

You're looking at how CSW Industrials, Inc. actually brought in the money in fiscal year 2025. It's a story of growth, both from within and from buying other businesses. The top-line number for the full fiscal year 2025 was a record $878.3 million in total revenue. That's a solid jump, and we can see exactly where that growth came from, which is key for understanding the revenue engine.

The growth wasn't just from selling more of the same stuff; it was a mix. Total revenue growth for the year included $47.5 million, which works out to about 6.0%, coming from inorganic growth-that's the revenue added by recent acquisitions like Dust Free and PSP Products. On top of that, organic growth-the sales from existing operations-contributed $37.9 million, representing a 4.8% increase. So, you see a healthy balance between M&A activity and underlying business expansion.

The revenue streams are organized across three main areas. The Contractor Solutions segment is clearly the biggest driver here, bringing in $617.3 million in revenue for fiscal 2025. The other two segments, Specialized Reliability Solutions and Engineered Building Solutions, contribute the rest. Honestly, the reliance on Contractor Solutions is something to watch, but the growth in that segment was strong, with organic revenue growth of 6.2% for the full fiscal year.

When you look at the end markets served, the HVAC/R market is definitely the most important revenue source for CSW Industrials, Inc. For the year ended March 31, 2025, that market represented approximately 56% of the company's net revenue. That concentration means the health of the commercial and residential HVAC/R replacement and maintenance cycle directly impacts the company's financial results.

To give you a clearer picture of the segment contribution based on the reported figures, here's the breakdown we have for FY2025:

The profitability underpinning these revenue streams is also worth noting. For fiscal 2025, CSW Industrials, Inc. posted an Adjusted EBITDA of $227.9 million. That's a 13.9% increase from the prior year, and it shows that even with integration costs from acquisitions, the underlying business is generating significant cash flow against that revenue base.

Here are the key components driving the revenue streams:

• Product sales across three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions.
• Total revenue for FY2025 was $878.3 million.
• Revenue from the HVAC/R market, representing approximately 56% of FY2025 net revenue.
• Inorganic growth contribution of $47.5 million (or 6.0% of total revenue) from acquisitions like Dust Free and PSP Products.
• Organic growth contribution of $37.9 million (or 4.8% of total revenue).
• Adjusted EBITDA for FY2025 reached $227.9 million.

Finance: draft the 13-week cash view incorporating the Q2 FY2026 acquisition of MARS Parts by Friday.