Carlisle Companies Incorporated
CSL Industrials Building Products & Equipment
Carlisle Companies Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $5.0 billion, roughly unchanged from fiscal 2024. In the quarter to June 2026, revenue grew 8.33%, EPS grew 6.75%, free cash flow fell 22.5% and total debt rose 52.5%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
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Carlisle Companies Incorporated (CSL) Altman Z-score
Carlisle Companies Incorporated's Altman Z-score for fiscal 2025 is 5.10, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.10 | (1.37) |
| FY2024 | 6.47 | 1.22 |
| FY2023 | 5.24 | 1.03 |
| FY2022 | 4.22 | 0.75 |
| FY2021 | 3.46 | (0.28) |
| FY2020 | 3.74 | (0.52) |
| FY2019 | 4.27 | 0.49 |
| FY2018 | 3.77 | 0.26 |
| FY2017 | 3.52 | (1.79) |
| FY2016 | 5.31 | 0.78 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.30 | |
| Retained earnings / total assets | 1.17 | — | 1.64 | |
| EBIT / total assets | 0.16 | — | 0.53 | |
| Market value of equity / total liabilities | 3.06 | — | 1.84 | |
| Sales / total assets | 0.80 | — | 0.80 | |
| Altman Z-score | Safe zone | 5.10 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AWI Armstrong World Industries, Inc. compare | 7.8× |
| LII Lennox International, Inc. compare | 7.5× |
| AAON AAON, Inc. compare | 6.9× |
| SPXC SPX Technologies, Inc. compare | 5.6× |
| CSL Carlisle Companies Incorporated | 5.1× |
| WMS Advanced Drainage Systems, Inc. compare | 4.3× |
| MAS Masco Corporation compare | 3.9× |
| BLDR Builders FirstSource, Inc. compare | 2.7× |
| OC Owens Corning Inc compare | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets