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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and IHS Holding Ltd (IHS). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $233.0M, roughly 1.1× CSW INDUSTRIALS, INC.). On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $22.7M). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
CSW vs IHS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $254.0M |
| Net Profit | $10.3M | — |
| Gross Margin | 39.7% | 83.6% |
| Operating Margin | 7.4% | — |
| Net Margin | 4.4% | — |
| Revenue YoY | 20.3% | 0.1% |
| Net Profit YoY | -61.9% | — |
| EPS (diluted) | $0.62 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $233.0M | $254.0M | ||
| Q3 25 | $277.0M | $455.1M | ||
| Q2 25 | $263.6M | $433.3M | ||
| Q1 25 | $230.5M | $439.6M | ||
| Q4 24 | $193.6M | $253.8M | ||
| Q3 24 | $227.9M | $420.3M | ||
| Q2 24 | $226.2M | $435.4M | ||
| Q1 24 | $210.9M | $417.7M |
| Q4 25 | $10.3M | — | ||
| Q3 25 | $40.7M | $147.4M | ||
| Q2 25 | $40.9M | $32.3M | ||
| Q1 25 | $35.1M | $30.7M | ||
| Q4 24 | $26.9M | — | ||
| Q3 24 | $36.1M | $-205.7M | ||
| Q2 24 | $38.6M | $-124.3M | ||
| Q1 24 | $31.8M | $-1.6B |
| Q4 25 | 39.7% | 83.6% | ||
| Q3 25 | 43.0% | 47.5% | ||
| Q2 25 | 43.8% | 51.3% | ||
| Q1 25 | 44.2% | 51.4% | ||
| Q4 24 | 41.4% | 72.1% | ||
| Q3 24 | 45.6% | 52.0% | ||
| Q2 24 | 47.5% | 52.5% | ||
| Q1 24 | 44.4% | 39.1% |
| Q4 25 | 7.4% | — | ||
| Q3 25 | 20.5% | 35.1% | ||
| Q2 25 | 20.8% | 33.8% | ||
| Q1 25 | 19.5% | 37.1% | ||
| Q4 24 | 15.3% | — | ||
| Q3 24 | 22.6% | 29.9% | ||
| Q2 24 | 24.3% | 34.0% | ||
| Q1 24 | 21.0% | -1.7% |
| Q4 25 | 4.4% | — | ||
| Q3 25 | 14.7% | 32.4% | ||
| Q2 25 | 15.5% | 7.5% | ||
| Q1 25 | 15.2% | 7.0% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 15.8% | -48.9% | ||
| Q2 24 | 17.1% | -28.5% | ||
| Q1 24 | 15.1% | -372.8% |
| Q4 25 | $0.62 | — | ||
| Q3 25 | $2.41 | $0.44 | ||
| Q2 25 | $2.43 | $0.10 | ||
| Q1 25 | $2.05 | $0.10 | ||
| Q4 24 | $1.60 | — | ||
| Q3 24 | $2.26 | $-0.61 | ||
| Q2 24 | $2.47 | $-0.36 | ||
| Q1 24 | $2.03 | $-4.67 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | $825.7M |
| Total DebtLower is stronger | — | $3.1B |
| Stockholders' EquityBook value | $1.1B | $-89.8M |
| Total Assets | $2.3B | $4.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $825.7M | ||
| Q3 25 | $31.5M | $647.6M | ||
| Q2 25 | $38.0M | $531.8M | ||
| Q1 25 | $225.8M | $629.0M | ||
| Q4 24 | $213.8M | $578.0M | ||
| Q3 24 | $273.2M | $397.5M | ||
| Q2 24 | $18.9M | $445.7M | ||
| Q1 24 | $22.2M | $333.2M |
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.3B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | $800.1M | $3.4B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | $166.0M | $3.5B |
| Q4 25 | $1.1B | $-89.8M | ||
| Q3 25 | $1.1B | $38.1M | ||
| Q2 25 | $1.1B | $-98.4M | ||
| Q1 25 | $1.1B | $-184.4M | ||
| Q4 24 | $1.0B | $-314.4M | ||
| Q3 24 | $1.0B | $-284.7M | ||
| Q2 24 | $650.2M | $-308.3M | ||
| Q1 24 | $615.7M | $-163.2M |
| Q4 25 | $2.3B | $4.5B | ||
| Q3 25 | $1.5B | $4.7B | ||
| Q2 25 | $1.5B | $4.5B | ||
| Q1 25 | $1.4B | $4.4B | ||
| Q4 24 | $1.4B | $4.2B | ||
| Q3 24 | $1.4B | $4.6B | ||
| Q2 24 | $1.1B | $4.5B | ||
| Q1 24 | $1.0B | $4.6B |
| Q4 25 | — | — | ||
| Q3 25 | — | 85.85× | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.9M | $246.9M |
| Free Cash FlowOCF − Capex | $22.7M | $178.6M |
| FCF MarginFCF / Revenue | 9.8% | 70.3% |
| Capex IntensityCapex / Revenue | 2.6% | 26.9% |
| Cash ConversionOCF / Net Profit | 2.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $718.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $246.9M | ||
| Q3 25 | $61.8M | $251.3M | ||
| Q2 25 | $60.6M | $237.7M | ||
| Q1 25 | $27.3M | $200.3M | ||
| Q4 24 | $11.6M | $344.4M | ||
| Q3 24 | $66.8M | $174.5M | ||
| Q2 24 | $62.7M | $134.7M | ||
| Q1 24 | $22.4M | $75.8M |
| Q4 25 | $22.7M | $178.6M | ||
| Q3 25 | $58.7M | $189.2M | ||
| Q2 25 | $57.7M | $197.7M | ||
| Q1 25 | $22.8M | $153.2M | ||
| Q4 24 | $8.5M | $282.9M | ||
| Q3 24 | $61.3M | $122.3M | ||
| Q2 24 | $59.6M | $74.2M | ||
| Q1 24 | $17.5M | $14.8M |
| Q4 25 | 9.8% | 70.3% | ||
| Q3 25 | 21.2% | 41.6% | ||
| Q2 25 | 21.9% | 45.6% | ||
| Q1 25 | 9.9% | 34.8% | ||
| Q4 24 | 4.4% | 111.5% | ||
| Q3 24 | 26.9% | 29.1% | ||
| Q2 24 | 26.3% | 17.0% | ||
| Q1 24 | 8.3% | 3.5% |
| Q4 25 | 2.6% | 26.9% | ||
| Q3 25 | 1.1% | 13.6% | ||
| Q2 25 | 1.1% | 9.2% | ||
| Q1 25 | 2.0% | 10.7% | ||
| Q4 24 | 1.6% | 24.2% | ||
| Q3 24 | 2.4% | 12.4% | ||
| Q2 24 | 1.4% | 13.9% | ||
| Q1 24 | 2.3% | 14.6% |
| Q4 25 | 2.81× | — | ||
| Q3 25 | 1.52× | 1.70× | ||
| Q2 25 | 1.48× | 7.36× | ||
| Q1 25 | 0.78× | 6.52× | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — | ||
| Q1 24 | 0.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
IHS
Segment breakdown not available.
