ZWS · CIK 0001439288
What Zurn Elkay Water Solutions Corp. told the SEC could break it.
Zurn Elkay's disclosures are dominated by how concentrated its sales and its routes to market are. A few customers carry the business — its top five were about 38% of FY2025 net sales and a single customer was 18% — and it reaches the market through a narrow channel, with its three largest independent distributors generating roughly 32% of net sales atop a network of about 1,000 reps and 65 third-party warehouses. The other thread is input cost: materials are about 30% of net sales, drawn from bronze, brass, iron, steel, zinc and engineered plastics, so metals and plastics price swings pressure margins — pressure that 2025 U.S. tariffs and foreign reciprocal tariffs on imported raw materials could intensify.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- top-5 customers 38%; one customer 18% of net saleshigh
Zurn Elkay's revenue is concentrated: its top five customers were ~38% of FY2025 net sales and a single customer was 18% (18%/19%/20% over the last three years), with no other customer above 10%.
“During the year ended December 31, 2025, our top five customers accounted for approximately 38% of our consolidated net sales, with one customer accounting for 18% of consolidated net sales.”
SEC filing →As of 2026
Commodity & input dependence
- bronze, brass, iron, steel, zinc, engineered plasticsmedium
Materials are ~30% of Zurn Elkay's net sales; major raw materials/components include bronze, iron, brass, stainless steel, carbon steel, zinc and engineered plastics, exposing margins to metals/plastics price moves.
“Major raw materials and components include bronze, iron, brass, stainless steel, carbon steel, zinc, and engineered plastics.”
SEC filing →As of 2026
Other disclosures
- distribution concentration (3 largest distributors = 32% of sales)medium
Zurn Elkay depends on ~1,000 independent sales reps and ~65 third-party warehouses to distribute products; its three largest independent distributors generated ~32% of consolidated net sales in FY2025.
“In fiscal 2025, our three largest independent distributors generated approximately 32% of our consolidated net sales”
SEC filing →As of 2026
Regulatory & policy
- 2025 US tariffs & reciprocal tariffs on imported raw materialsmedium
2025 U.S. tariffs on imported goods and reciprocal foreign tariffs could raise the cost or reduce the availability of Zurn Elkay's raw materials (metals, plastics) and pressure profitability.
“In 2025, the U.S. government announced additional tariffs on goods imported from various countries into the U.S., and in response, certain of those countries countered with reciprocal tariffs and other actions.”
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