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Business Description

Acuity Inc. (formerly Acuity Brands) is an industrial technology company that designs and manufactures lighting fixtures, lighting controls, and intelligent building management solutions. Headquartered in Atlanta, Georgia, the company serves commercial, industrial, institutional, and infrastructure markets primarily in North America. Acuity is recognized as the largest lighting manufacturer in North America and has increasingly integrated digital controls, sensors, and software into its product offerings.

Financial Statements

In thousands, USD

	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	4,345,600	3,841,000	3,952,200	4,006,100
Cost of Sales	2,267,100	2,059,300	2,239,000	2,333,400
Gross Profit	2,078,500	1,781,700	1,713,200	1,672,700
Selling, General & Administrative Expenses	1,484,900	1,228,400	1,212,900	1,163,000
Other Operating Expenses	29,700	—	26,900	—
Operating Profit	563,900	553,300	473,400	509,700
Total Non-Operating Income	(63,700)	(4,700)	(26,700)	(15,800)
Income Before Provision for Income Taxes	500,200	548,600	446,700	493,900
Provision for Income Taxes	103,600	126,000	100,700	109,900
Consolidated Net Income	396,600	422,600	346,000	384,000
Net Income Attributable to Common Shareholders	396,600	422,600	346,000	384,000
Basic EPS	12.85	13.68	10.88	11.23
Diluted EPS	12.53	13.44	10.76	11.08
Basic Weighted Average Shares Outstanding	30,859	30,885	31,806	34,182
Diluted Weighted Average Shares Outstanding	31,641	31,445	32,164	34,645
Shares Outstanding	30,700	30,800	31,100	32,500

	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	422,500	845,800	397,900	223,200
Total Cash and Cash Equivalents	422,500	845,800	397,900	223,200
Accounts Receivable	593,900	563,000	555,300	665,900
Total Trade Receivables	593,900	563,000	555,300	665,900
Inventories	526,700	387,600	368,500	485,700
Other Current Assets	108,400	75,100	73,500	91,200
Total Current Assets	1,651,500	1,871,500	1,395,200	1,466,000
Net Property, Plant & Equipment	440,600	369,500	381,700	351,400
Net Intangible Assets	1,099,000	440,500	481,200	529,200
Goodwill	1,495,500	1,098,700	1,097,900	1,084,300
Other Long-Term Assets	68,600	34,400	52,500	49,300
Total Assets	4,755,200	3,814,600	3,408,500	3,480,200
Accounts Payable	454,500	352,300	285,700	397,800
Accrued Expenses	110,000	110,100	103,300	88,000
Short-Term Debt	—	—	—	18,000
Current Portion of Leases	23,300	19,200	19,700	15,700
Other Current Liabilities	258,000	206,300	186,700	214,100
Total Current Liabilities	845,800	687,900	595,400	733,600
Long-Term Debt	896,800	496,200	495,600	495,000
Leases	84,300	58,100	75,500	67,400
Other Long-Term Liabilities	203,400	193,600	226,600	272,400
Total Long-Term Liabilities	1,184,500	747,900	797,700	834,800
Total Liabilities	2,030,300	1,435,800	1,393,100	1,568,400
Preferred Stock	—	—	—	500
Common Stock	500	500	500	500
Treasury Stock	(2,649,600)	(2,532,500)	(2,444,700)	(2,175,400)
Additional Paid-in Capital	1,164,700	1,115,900	1,066,800	1,036,300
Accumulated Other Comprehensive Income	(76,500)	(114,900)	(112,600)	(125,800)
Retained Earnings	4,285,800	3,909,800	3,505,400	3,176,200
Total Common Shareholders' Equity	2,724,900	2,378,800	2,015,400	1,911,800
Total Shareholders' Equity	2,724,900	2,378,800	2,015,400	1,911,800
Total Liabilities and Shareholders' Equity	4,755,200	3,814,600	3,408,500	3,480,200

	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	396,600	422,600	346,000	384,000
Depreciation & Amortization	133,100	91,100	93,200	94,800
Share-Based Compensation Expense	45,100	46,600	42,000	37,400
Other Adjustments	2,600	(30,600)	(27,000)	0
Changes in Trade Receivables	26,300	(8,700)	114,600	(99,700)
Changes in Inventories	(34,200)	(16,300)	115,200	(83,300)
Changes in Accounts Payable	64,400	66,200	(110,500)	2,600
Changes in Other Operating Activities	(32,500)	48,300	4,600	(19,500)
Cash from Operating Activities	601,400	619,200	578,100	316,300
Capital Expenditure	(68,400)	(64,000)	(66,700)	(56,500)
Proceeds from Sale of Property, Plant & Equipment	—	—	—	8,900
Payments for Business Acquisitions	(1,189,400)	—	(35,500)	(12,900)
Other Investing Activities	(22,900)	(1,100)	11,500	(1,700)
Cash from Investing Activities	(1,280,700)	(65,100)	(90,700)	(62,200)
Issuance of Short-Term Debt	—	—	(18,000)	18,000
Net Issuance / (Repayments) of Short-Term Debt	—	—	(18,000)	18,000
Issuance of Long-Term Debt	600,000	—	—	—
Repayments of Long-Term Debt	(200,000)	—	—	—
Net Issuance / (Repayments) of Long-Term Debt	400,000	—	—	—
Issuance of Common Shares	28,400	13,500	2,700	12,500
Repurchases of Common Shares	(143,100)	(99,800)	(280,800)	(523,400)
Net Issuance / (Repurchases) of Common Shares	(114,700)	(86,300)	(278,100)	(510,900)
Common Share Dividends Paid	(20,600)	(18,200)	(16,800)	(18,100)
Other Financing Activities	(9,300)	—	—	(1,400)
Cash from Financing Activities	255,400	(104,500)	(312,900)	(512,400)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	600	(1,700)	200	(9,800)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(423,300)	447,900	174,700	(268,100)

Key Metrics & Ratios

Metric	Value
Market Cap	$10.02B
P/E	26.06x
P/S	2.31x
EV/EBITDA	15.21x
Return on Equity	15.5%
Return on Invested Capital	15.4%
Current Ratio	1.95x
Dividend Yield	0.2%
Free Cash Flow Margin	12.3%

Margins

Gross margin

47.8%

Operating margin

13.0%

Net margin

9.1%

Quarterly Trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q3 2026	$1.20B	+1.6%	16.1%	$193M
Q2 2026	$1.06B	+4.9%	12.6%	$133M
Q1 2026	$1.14B	+20.2%	14.0%	$160M
Q4 2025	$1.21B	+17.1%	14.9%	$181M
Q3 2025	$1.18B	—	11.9%	$140M
Q2 2025	$1.01B	—	11.0%	$110M
Q1 2025	$952M	—	14.0%	$133M
Q4 2024	$1.03B	—	15.2%	$157M

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Acuity Inc. financials