| Stage | ZWS | % of rev | ITW | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $495M | 100.00% | $4.2B | 100.00% | ITW ×8.56 |
| Gross profit | $246M | 49.65% | $1.9B | 45.09% | ZWS +4.6pp |
| Operating income | $108M | 21.85% | $1.2B | 27.79% | ITW +5.9pp |
| Pre-tax income | $103M | 20.72% | $1.1B | 26.70% | ITW +6.0pp |
| Net income | $76M | 15.41% | $855M | 20.18% | ITW +4.8pp |
| Stage | ZWS | ITW | Gap · A − B |
|---|---|---|---|
| Revenue | $495M100.00% | $4.2B100.00% | ITW ×8.56 |
| Gross profit | 49.65%$246M | 45.09%$1.9B | ZWS +4.6pp |
| Operating income | 21.85%$108M | 27.79%$1.2B | ITW +5.9pp |
| Pre-tax income | 20.72%$103M | 26.70%$1.1B | ITW +6.0pp |
| Net income |
| 15.41%$76M |
| 20.18%$855M |
| ITW +4.8pp |
No disclosed counterparties: ZWS, ITW.