Zurn Elkay is like Johnson Controls, but for the water systems of commercial buildings.

Zurn Elkay is like Kohler, but specializing in the complete water infrastructure for commercial buildings like hospitals and schools.

Zurn Elkay is like Carrier, but for comprehensive water solutions – including plumbing, drainage, and fire protection – in non-residential buildings.

The major products of Zurn Elkay Water Solutions (ZWS) are:

• Zurn Water System Solutions: A comprehensive range of products including finish plumbing, drainage, water control, backflow prevention, fire protection, and PEX pipe fittings for non-residential buildings.
• World Dryer Hand & Hair Dryers: Commercial hand and hair dryers designed for use in public and institutional settings.
• World Dryer Baby Changing Stations: Durable stations providing a safe and convenient surface for changing babies in commercial restrooms.
• Just Manufacturing Stainless Steel Products: A wide array of stainless steel sinks, faucets, bubblers, drains, and fixtures for various commercial, institutional, and residential markets.

Zurn Elkay Water Solutions (ZWS) sells its products and solutions primarily to other companies and institutions rather than directly to individual consumers. The company's business model focuses on providing water system solutions for non-residential buildings across various market sectors.

Based on publicly available information, including its SEC filings, Zurn Elkay Water Solutions does not disclose specific major customer companies by name. This indicates that the company has a diversified customer base, and no single customer accounts for a material portion (typically 10% or more) of its net sales.

Instead of individual company names, ZWS serves a broad range of customers within the following major market sectors:

• Higher Education
• Healthcare
• Retail
• Restaurant
• Hospitality
• Education (often referring to K-12 institutions)
• Government
• Fire Protection

Todd Adams, Chairman and Chief Executive Officer

Todd Adams joined Zurn Water Solutions (formerly Rexnord Corporation) in 2004, initially serving as vice president, treasurer, and controller. He rose to senior vice president and chief financial officer in 2007. Adams was appointed chief executive officer in 2009 and later elected chairman of the board in 2020. He played a pivotal role in spearheading the acquisition of Zurn Industries and establishing the company's Water Management Platform, which was instrumental in nearly doubling the business size and laying the groundwork for the company's transformation into Zurn Water Solutions in 2021. He also serves on the board of directors for Badger Meter, Inc., is the chair of Marquette University's board of trustees, and serves on the boards of Children's Wisconsin and Hunger Task Force.

Dave Pauli, Chief Financial Officer

Dave Pauli was promoted to Chief Financial Officer in July 2024. He joined Zurn Elkay in 2012 as assistant corporate controller, later taking on responsibilities for financial planning and analysis (FP&A). Pauli served as a divisional vice president of finance before being named corporate controller in 2016, and in 2021, he added investor relations to his duties. He began his career with Deloitte, where he spent seven years in the firm's audit practice.

Jeffrey Schoon, President

Jeffrey Schoon rejoined Zurn Elkay Water Solutions shortly after the 2022 combination with Elkay Manufacturing. From 2010 to 2021, he held various positions of increasing responsibility, starting as the corporate director of the Rexnord Business System. His roles also encompassed product management, marketing, and commercial responsibilities, including serving as vice president and general manager of both the Global Couplings and Conveying segments. Following the sale of the company's Process & Motion Control business to Regal Beloit, he transitioned to the new Regal Rexnord Corporation. As President, Schoon is responsible for implementing the company's customer-first commitment, accelerating innovation and growth, and delivering value to stakeholders.

Mark Peterson, Chief Administrative Officer

Mark Peterson became Chief Administrative Officer in July 2024. He joined the company in 2006 as chief financial officer of the Flat Top division, subsequently moving into the corporate vice president and controller role. In 2011, Peterson was promoted to senior vice president and chief financial officer, a position he held while guiding the 2021 sale of the Process & Motion Control business and the 2022 combination with Elkay Manufacturing. Before joining Zurn Elkay, he served as corporate controller of Gehl Company for five years.

Jeffrey LaValle, Vice President, General Counsel and Corporate Secretary

Jeffrey LaValle joined Zurn Elkay in 2013 as assistant general counsel and was promoted to general counsel in 2021. Prior to his tenure at Zurn Elkay, he was a partner at Quarles & Brady LLP, a full-service law firm where he specialized in securities law, mergers and acquisitions, and general business law.

Key Risks to Zurn Elkay Water Solutions (ZWS)

1. Economic and Market Cyclicality: Zurn Elkay Water Solutions' demand is closely tied to the construction industry, particularly non-residential building, which is inherently cyclical. Economic downturns or uncertainty can lead to reduced construction projects, negatively impacting the company's net sales and profitability. Management has acknowledged that slow commercial and office construction starts could create a lag effect and a future sales gap.
2. Dependence on Key Customers: ZWS faces a risk due to its financial reliance on a limited number of customers. If the company's largest customer accounts for a substantial percentage of consolidated net sales, any shift in this relationship, customer preferences, or market dynamics could materially impact Zurn Elkay's financial performance and lead to reduced sales.
3. Tariffs and Commodity Price Volatility: The company is exposed to the risk of tariffs, with management estimating a potential impact of approximately $50 million if tariff rates increase. Additionally, Zurn Elkay must navigate challenges related to commodity price volatility, which can affect its manufacturing costs.

Here are the addressable market sizes for Zurn Elkay Water Solutions' main products and services:

• Plumbing Fixtures and Fittings (Global): The global plumbing fixtures and fittings market was valued at approximately USD 114.31 billion in 2025. North America accounted for 41.8% of the global plumbing fixtures market revenue in 2023.
• Drainage Systems (Global): The global drainage system market was valued at approximately USD 50.3 billion in 2024.
• Backflow Preventers (Global): The global backflow preventer market was valued at approximately USD 4.7 billion in 2024.
• Fire Protection Systems (Global): The global fire protection systems market was estimated at USD 81.4 billion in 2025.
• PEX Pipe Fittings and Accessories (Global): The global PEX Plumbing Pipe & Fittings market size was valued at approximately USD 7.5 billion in 2023.
• Hand Dryers (Global): The global hand dryer market was valued at approximately USD 1.7 billion in 2023.
• Baby Changing Stations (Global): The global baby changing station market was valued at approximately USD 19.93 billion in 2023.
• Stainless Steel Sinks (Global): The global stainless steel sink market size was approximately USD 5.29 billion in 2025.

Zurn Elkay Water Solutions (ZWS) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market dynamics:

1. Core Sales Growth in Non-Residential End Markets: The company anticipates mid-single-digit core sales growth for the full year 2026, with strong performance expected from its non-residential end markets, including institutional and waterworks sectors, which continue to exhibit low single-digit growth. This focus leverages Zurn Elkay's established leadership in commercial plumbing for defensive markets like healthcare and education.
2. Expansion into Strategic Adjacencies and Underserved Verticals: Zurn Elkay is actively pursuing new organic growth opportunities by expanding into strategic adjacencies and underserved verticals within the North American water and professional-grade plumbing markets. This strategy aims to broaden its market reach and capture new revenue streams.
3. Introduction of New Products and Services: The launch and adoption of new products, such as "Pro Filtration," are identified as catalysts for growth in the coming quarters. Continuous innovation and new offerings are crucial for maintaining market relevance and driving sales.
4. Disciplined Pricing and Price Realization: Management has demonstrated a commitment to disciplined pricing strategies and has successfully executed tariff-related pricing actions, contributing to revenue growth and margin expansion. Price realization is expected to be a significant factor, particularly in the first half of the year.
5. Operational Excellence through the Zurn Elkay Business System: The consistent application of the Zurn Elkay Business System and ongoing productivity and continuous improvement initiatives are expected to foster sustainable competitive advantages, supporting faster growth and enhanced profitability, which in turn fuels further investment in growth opportunities.

Share Repurchases

• Zurn Elkay Water Solutions had an authorized share repurchase program, increased to $300.0 million on January 27, 2020.
• The company repurchased approximately $55 million of its common stock in February 2025, concurrently with a public offering by a former Elkay stockholder.
• Zurn Elkay Water Solutions completed $160 million in common stock repurchases and deployed an additional $25 million to repurchase 0.5 million shares in the fourth quarter of 2025, totaling $185 million for calendar year 2025.

Share Issuance

• On July 1, 2022, Zurn issued 51,564,524 shares of common stock as part of the all-stock merger with Elkay Manufacturing Company, with former Elkay shareholders owning approximately 29% of the combined entity.
• Zurn stockholders approved the issuance of up to 52.5 million newly issued shares of common stock in May 2022 to complete the combination with Elkay Manufacturing.
• During the six months ended June 30, 2022, Zurn issued 462,178 shares of common stock related to the exercise of stock options, vesting of restricted stock units, and other common stock awards.

Outbound Investments

• Zurn Water Solutions completed an all-stock merger with Elkay Manufacturing Company on July 1, 2022, creating Zurn Elkay Water Solutions, with a preliminary purchase price of $1,462.9 million.
• The company acquired Hadrian, a manufacturer of washroom partitions and lockers, to expand its comprehensive washroom solution offering.
• Zurn acquired the Wade Drains business from McWane, Inc. for a cash purchase price of $12.6 million on November 17, 2021.

Capital Expenditures

• Capital expenditures for Zurn Elkay Water Solutions were $29.9 million in both 2023 and 2022.
• Capital expenditures totaled $21.8 million in 2021.
• In the last 12 months (prior to March 2026), the company reported capital expenditures of approximately $29.9 million.