| Stage | CSW | % of rev | MSA | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $361M | 100.00% | $536M | 100.00% | MSA ×1.48 |
| Gross profit | $152M | 42.03% | $244M | 45.53% | MSA +3.5pp |
| Operating income | $76M | 20.90% | $88M | 16.45% | CSW +4.4pp |
| Pre-tax income | $63M | 17.46% | $82M | 15.28% | CSW +2.2pp |
| Net income | $48M | 13.25% | $58M | 10.89% | CSW +2.4pp |
| Stage | CSW | MSA | Gap · A − B |
|---|---|---|---|
| Revenue | $361M100.00% | $536M100.00% | MSA ×1.48 |
| Gross profit | 42.03%$152M | 45.53%$244M | MSA +3.5pp |
| Operating income | 20.90%$76M | 16.45%$88M | CSW +4.4pp |
| Pre-tax income | 17.46%$63M | 15.28%$82M | CSW +2.2pp |
| Net income |
| 13.25%$48M |
| 10.89%$58M |
| CSW +2.4pp |
None
No disclosed counterparties: CSW.