Zurn Elkay Water Solutions Cor
ZWS Industrials Pollution & Treatment Controls
In the quarter to June 2026, revenue grew 10.5%, EPS grew 126.7%, free cash flow grew 56.9% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three, operating cash flow growth for three; insiders bought in the last twelve months.
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Zurn Elkay Water Solutions Cor (ZWS) Beneish M-score
Zurn Elkay Water Solutions Cor's Beneish M-score for fiscal 2025 is −2.86; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.86 | (0.05) |
| FY2024 | −2.81 | 0.03 |
| FY2023 | −2.84 | 0.82 |
| FY2021 | −3.66 | (1.82) |
| FY2020 | −1.84 | 0.72 |
| FY2019 | −2.56 | (0.09) |
| FY2018 | −2.47 | 0.03 |
| FY2017 | −2.50 | 0.23 |
| FY2016 | −2.73 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.82 | — | 0.76 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.08 | — | 0.97 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.06) | — | −0.27 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.86 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ZONE Zone Frontier Inc. compare | −16.5× |
| ADUR Aduro Clean Technologies Inc. compare | −4.3× |
| FTEK Fuel Tech, Inc. compare | −3.6× |
| ZWS Zurn Elkay Water Solutions Cor | −2.9× |
| VLTO Veralto Corporation compare | −2.5× |
| ERII Energy Recovery, Inc. compare | −2.2× |
| CECO CECO Environmental Corp. compare | −2.1× |
| ARQ Arq, Inc. compare | — |
| PCT PureCycle Technologies, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI