| Stage | CSW | % of rev | BCPC | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $361M | 100.00% | $291M | 100.00% | CSW ×1.24 |
| Gross profit | $152M | 42.03% | $106M | 36.37% | CSW +5.7pp |
| Operating income | $76M | 20.90% | $62M | 21.48% | BCPC +0.6pp |
| Pre-tax income | $63M | 17.46% | $60M | 20.66% | BCPC +3.2pp |
| Net income | $48M | 13.25% | $47M | 16.08% | BCPC +2.8pp |
| Stage | CSW | BCPC | Gap · A − B |
|---|---|---|---|
| Revenue | $361M100.00% | $291M100.00% | CSW ×1.24 |
| Gross profit | 42.03%$152M | 36.37%$106M | CSW +5.7pp |
| Operating income | 20.90%$76M | 21.48%$62M | BCPC +0.6pp |
| Pre-tax income | 17.46%$63M | 20.66%$60M | BCPC +3.2pp |
| Net income |
| 13.25%$48M |
| 16.08%$47M |
| BCPC +2.8pp |
No disclosed counterparties: CSW, BCPC.