Watts Water Technologies Inc., founded in 1888 and headquartered in North Andover, Massachusetts, United States, is a leading manufacturer of water control and quality products. The company generates revenue from a diversified portfolio including pressure reducing valves, water filtration systems, and backflow prevention devices, catering to a broad customer base. Under CEO Kevin S. Cronin’s leadership, Watts leverages innovative technologies and a solid distribution network to secure an estimated 10% market share in its sector. With strategic investments in digital integration and R&D, the company is well-positioned for steady growth.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
2,438,500
2,252,200
2,056,300
1,979,500
Cost of Sales
1,232,500
1,190,200
1,095,400
1,105,200
Gross Profit
1,206,000
1,062,000
960,900
874,300
Selling, General & Administrative Expenses
734,200
664,400
604,500
548,700
Other Operating Expenses
23,700
7,200
5,500
10,600
Operating Profit
448,100
390,400
350,900
315,000
Interest and Investment Income
9,800
8,900
7,200
600
Interest Expense
(10,800)
(14,700)
(8,200)
(7,000)
Non-Operating Income
(1,300)
1,400
(400)
(1,000)
Total Non-Operating Income
(2,300)
(4,400)
(1,400)
(7,400)
Income Before Provision for Income Taxes
445,800
386,000
349,500
307,600
Provision for Income Taxes
105,000
94,800
87,400
56,100
Consolidated Net Income
340,800
291,200
262,100
251,500
Net Income Attributable to Common Shareholders
340,800
291,200
262,100
251,500
Basic EPS
10.17
8.70
7.85
7.51
Diluted EPS
10.17
8.69
7.82
7.48
Basic Weighted Average Shares Outstanding
33,500
33,500
33,400
33,500
Diluted Weighted Average Shares Outstanding
33,500
33,500
33,500
33,600
Shares Outstanding
33,343
33,320
33,311
33,273
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
405,500
386,900
350,100
310,800
Total Cash and Cash Equivalents
405,500
386,900
350,100
310,800
Accounts Receivable
294,000
253,200
259,800
233,800
Total Trade Receivables
294,000
253,200
259,800
233,800
Inventories
524,300
392,100
399,300
375,600
Other Current Assets
62,300
51,300
51,800
30,400
Total Current Assets
1,286,100
1,083,500
1,061,000
950,600
Net Property, Plant & Equipment
297,100
254,800
248,200
196,800
Net Intangible Assets
294,600
235,000
216,100
113,700
Goodwill
859,000
715,000
693,000
592,400
Other Long-Term Assets
144,400
108,700
91,100
77,400
Total Assets
2,881,200
2,397,000
2,309,400
1,930,900
Accounts Payable
182,200
148,000
131,800
134,300
Accrued Expenses
330,200
269,900
274,000
244,400
Total Current Liabilities
512,400
417,900
405,800
378,700
Long-Term Debt
197,700
197,000
298,300
147,600
Other Long-Term Liabilities
143,400
74,200
92,000
104,000
Total Long-Term Liabilities
341,100
271,200
390,300
251,600
Total Liabilities
853,500
689,100
796,100
630,300
Common Stock
3,300
3,300
3,300
3,300
Additional Paid-in Capital
720,600
696,200
674,300
651,900
Accumulated Other Comprehensive Income
(127,500)
(176,400)
(143,400)
(149,900)
Retained Earnings
1,431,300
1,184,800
979,100
795,300
Total Common Shareholders' Equity
2,027,700
1,707,900
1,513,300
1,300,600
Total Shareholders' Equity
2,027,700
1,707,900
1,513,300
1,300,600
Total Liabilities and Shareholders' Equity
2,881,200
2,397,000
2,309,400
1,930,900
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
340,800
291,200
262,100
251,500
Depreciation & Amortization
58,400
54,400
43,300
39,700
Share-Based Compensation Expense
21,200
19,500
20,200
18,400
Other Adjustments
38,800
(19,900)
(18,600)
(29,800)
Changes in Trade Receivables
(9,500)
3,300
6,200
(20,000)
Changes in Inventories
(75,400)
13,600
27,000
(16,400)
Changes in Accounts Payable
45,800
8,000
(8,800)
(21,300)
Changes in Other Operating Activities
(18,100)
(9,000)
(20,600)
1,900
Cash from Operating Activities
402,000
361,100
310,800
224,000
Capital Expenditure
(45,700)
(35,300)
(29,700)
(28,100)
Proceeds from Sale of Property, Plant & Equipment
—
5,900
—
5,200
Payments for Business Acquisitions
(257,100)
(96,300)
(313,400)
—
Other Investing Activities
—
1,000
—
—
Cash from Investing Activities
(302,800)
(124,700)
(343,100)
(22,900)
Issuance of Long-Term Debt
—
—
240,000
85,000
Repayments of Long-Term Debt
—
(100,000)
(90,000)
(80,000)
Net Issuance / (Repayments) of Long-Term Debt
—
(100,000)
150,000
5,000
Issuance of Common Shares
—
—
100
200
Repurchases of Common Shares
(16,000)
(17,000)
(16,000)
(69,400)
Net Issuance / (Repurchases) of Common Shares
(16,000)
(17,000)
(15,900)
(69,200)
Common Share Dividends Paid
(66,900)
(55,500)
(46,500)
(39,500)
Other Financing Activities
(14,000)
(15,700)
(20,900)
(18,000)
Cash from Financing Activities
(96,900)
(190,500)
69,000
(121,700)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
16,300
(9,100)
2,600
(10,600)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash