# Carlisle Companies (CSL.US)

Canonical: https://gigainvestors.com/s/CSL

Analysis as of: 2026-10-16T07:27:47.628Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $335.49 per share; close as of 2026-10-15.

Estimated value: low $278.95 per share, central $315.97 per share, high $365.29 per share. Buy at or below the central value $315.97 per share. Valuation as of 2026-10-16T07:27:47.628Z; scenarios are not confidence intervals.

Expected annual return: 9.6% at the stated quote. About 9.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.11×

- FY2019: 0.14×

- FY2020: 0.12×

- FY2021: 0.15×

- FY2022: 0.22×

- FY2023: 0.21×

- FY2024: 0.23×

- FY2025: 0.20×

- LTM to Jun 2026: 0.20×

### moat: pass

- ROIC, median of available years: 21.3%

- ROIC, second-lowest year: 15.7%

- Typical minus recent gross margin: -5.3 pp

- Typical gross margin (annual median): 30.4%

- Recent gross margin (lower of latest and 3-year median): 35.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 16.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.7%

- FY2017: 16.0%

- FY2018: 20.9%

- FY2019: 21.7%

- FY2020: 18.4%

- FY2021: 10.9%

- FY2022: 22.4%

- FY2023: 22.5%

- FY2024: >100%

- FY2025: 38.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.5B

- Net income, five-year total: $4.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.8 pp

- Working capital / revenue, final three-year average: 16.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.22×

- FY2022: 1.07×

- FY2023: 1.08×

- FY2024: 1.05×

- FY2025: 1.09×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.0% vs 38.6%

- Per-share earnings: 4.86 to 17.15 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.1%

- Ordinary dilution, 5-year annual growth: -4.7%

- Market cap gain: $6.0B

- Cumulative retained earnings: $4.8B

- Diluted shares, 10-year annual growth: -4.1%

- Diluted shares, 5-year annual growth: -4.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.1%

- Per-share value change: $12.29

- Per-share value, starting three-year median: $4.86

- Per-share value, ending three-year median: $17.15

- Buybacks concentrated in cheaper years (correlation): 0.64

- Average buyback yield: 5.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.1B

- Cumulative net income, 10 years: $6.2B

- ROIC, first three-year median: 16.0%

- ROIC, last three-year median: 38.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.85

- FY2017: $5.75

- FY2018: $10.05

- FY2019: $8.22

- FY2020: $5.82

- FY2021: $7.93

- FY2022: $17.60

- FY2023: $15.23

- FY2024: $27.85

- FY2025: $17.15

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -1.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.49×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.65×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.1%

- FY2017: -1.8%

- FY2018: 5.2%

- FY2019: -4.2%

- FY2020: -6.4%

- FY2021: 0.0%

- FY2022: -1.1%

- FY2023: -6.7%

- FY2024: 4.3%

- FY2025: -5.7%

## Holders

- [Nicolai Tangen](https://gigainvestors.com/AKO): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 27% since Nov 2024 · "CSL Q2 Deep Dive: Reroofing Strength Offsets New Build Weakness, Margins Face Pressure" (finance.yahoo.com, Aug 2025) · sales +1.5%

Story as of 2026-10-16T09:58:35.105Z; price observation 2026-10-15.

Price needs cash profits to grow 2.3% a year for ten years

- 2025-04-24: Carlisle Q1 Earnings Beat, Construction Materials Sales Up Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/carlisle-q1-earnings-beat-construction-144700970.html))

- 2025-07-31: Carlisle Q2 Earnings Miss Estimates, Organic Revenues Decline Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/carlisle-q2-earnings-miss-estimates-151600585.html))

- 2025-08-13: CSL Q2 Deep Dive: Reroofing Strength Offsets New Build Weakness, Margins Face Pressure ([finance.yahoo.com](https://finance.yahoo.com/news/csl-q2-deep-dive-reroofing-033714743.html))

- 2025-10-30: CSL Q3 Deep Dive: Reroofing Demand Offsets New Construction Weakness As Channel Disruption Lingers ([finance.yahoo.com](https://finance.yahoo.com/news/csl-q3-deep-dive-reroofing-053216392.html))

- 2026-02-04: CSL Q4 Deep Dive: Reroofing Demand and Product Innovation Offset Construction Weakness ([finance.yahoo.com](https://finance.yahoo.com/news/csl-q4-deep-dive-reroofing-053258526.html))

- 2026-07-30: CSL Q2 Earnings Beat Estimates on Record Sales, Outlook Raised ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/csl-q2-earnings-beat-estimates-153800019.html))

### Sales · FY2025–2026

sales +1.5%; source https://www.sec.gov/Archives/edgar/data/790051/000079005126000012/csl-20251231.htm; observed 2026-02-13.

- FY2017: $3.8B 

- FY2018: $4.5B 

- FY2019: $4.5B 

- FY2020: $4.0B 

- FY2021: $3.8B 

- FY2022: $5.4B 

- FY2023: $4.6B 

- FY2024: $5.0B 

- FY2025: $5.0B 

- FY2026: $5.1B 

### Gross margin · FY2025

gross margin 35.7%; source https://www.sec.gov/Archives/edgar/data/790051/000079005126000012/csl-20251231.htm; observed 2026-02-13.

- FY2016: 31.7% 

- FY2017: 27.9% 

- FY2018: 26.2% 

- FY2019: 29.1% 

- FY2020: 28.7% 

- FY2021: 28.6% 

- FY2022: 34.2% 

- FY2023: 35.6% 

- FY2024: 37.7% 

- FY2025: 35.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in building products & equipment; annual sales are USD 5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/790051/000079005126000012/csl-20251231.htm (filed 2026-02-13); FY2025: revenue 5019900000; grossProfit 1792600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CSL.US: Carlisle Companies Incorporated operates as a manufacturer and supplier of building envelope products and solutions in the United States, Europe, North America, and internationally. It operates through two segments, Carlisle Construction Materials (CCM) and Carlisle Weatherproofing Technologies (CWT). The CCM segment offers single-ply roofing solutions, including ethylene propylene diene monomer, thermoplastic polyolefin, polyvinyl chloride membrane, polyiso insulation, and engineered metal roofing and wall panel systems for commercial and residential buildings. Its CWT segment provides waterproofing and moisture protection products; protective roofing underlayment; fully integrated liquid and sheet applied air/vapor barriers; sealants/primers and flashing systems; roof coatings and mastics; spray polyurethane foam and coating systems for a range of thermal protection applications and other premium polyurethane products; block-molded expanded polystyrene insulation; engineered products for HVAC applications; and products for a variety of industrial and surfacing applications. The company sells its products under the Carlisle SynTec, Versico, WeatherBond, Hunter Panels, Resitrix, and Hertalan brands. The company was founded in 1917 and is headquartered in Scottsdale, Arizona.

### Why customers stay

Margins ranged from 35.6% to 37.7% during 2023–25; it earns 21.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 37.7%.

- Source: https://www.sec.gov/Archives/edgar/data/790051/000079005126000012/csl-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 35.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,0.15720098127206367],[2017,0.1600155845660146],[2018,0.20922363491611995],[2019,0.217085021870556],[2020,0.18425161872619872],[2021,0.10943015798354755],[2022,0.22408745568655683],[2023,0.22507064288594028],[2024,3.787980265186556],[2025,0.3863009429274407]]; median 0.21315432839333798. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 0; upkeep 108800000; owner earnings 279100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 159900000; owner earnings 374700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 0; upkeep 120700000; owner earnings 681000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 88900000; owner earnings 589300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 95500000; owner earnings 448800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 0; upkeep 134800000; owner earnings 513100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 0; upkeep 183500000; owner earnings 991800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 142200000; owner earnings 829900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 113300000; owner earnings 1371100000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/790051/000079005126000012/csl-20251231.htm (filed 2026-02-13); FY2025: growth capex 0; upkeep 131199999; owner earnings 806000001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,84500000],[2017,92100000],[2018,93500000],[2019,102900000],[2020,112400000],[2021,112500000],[2022,134400000],[2023,160300000],[2024,172400000],[2025,181100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/790051/000079005126000012/csl-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 1300000000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CSL.US SharesStats.PercentInsiders = 1.176 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.3% yearly over ten years; actual growth was 12.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.01510325869916956. Price 335.49; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.727615342532369 → FY2025 18.657407430555555. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $104.85 per share

- 2016-11: $112.17 per share

- 2016-12: $110.29 per share

- 2017-01: $109.11 per share

- 2017-02: $103.30 per share

- 2017-03: $106.41 per share

- 2017-04: $101.39 per share

- 2017-05: $101.33 per share

- 2017-06: $95.40 per share

- 2017-07: $97.59 per share

- 2017-08: $94.69 per share

- 2017-09: $100.29 per share

- 2017-10: $109.83 per share

- 2017-11: $114.97 per share

- 2017-12: $113.65 per share

- 2018-01: $114.21 per share

- 2018-02: $102.91 per share

- 2018-03: $104.41 per share

- 2018-04: $107.73 per share

- 2018-05: $107.39 per share

- 2018-06: $108.31 per share

- 2018-07: $122.84 per share

- 2018-08: $126.81 per share

- 2018-09: $121.80 per share

- 2018-10: $96.59 per share

- 2018-11: $105.52 per share

- 2018-12: $100.52 per share

- 2019-01: $107.73 per share

- 2019-02: $123.08 per share

- 2019-03: $122.62 per share

- 2019-04: $141.42 per share

- 2019-05: $133.31 per share

- 2019-06: $140.41 per share

- 2019-07: $144.21 per share

- 2019-08: $144.96 per share

- 2019-09: $145.54 per share

- 2019-10: $152.27 per share

- 2019-11: $155.98 per share

- 2019-12: $161.84 per share

- 2020-01: $156.23 per share

- 2020-02: $145.29 per share

- 2020-03: $125.28 per share

- 2020-04: $120.96 per share

- 2020-05: $119.86 per share

- 2020-06: $119.67 per share

- 2020-07: $119.08 per share

- 2020-08: $130.95 per share

- 2020-09: $122.37 per share

- 2020-10: $123.87 per share

- 2020-11: $144.83 per share

- 2020-12: $156.18 per share

- 2021-01: $144.93 per share

- 2021-02: $145.25 per share

- 2021-03: $164.58 per share

- 2021-04: $191.65 per share

- 2021-05: $192.32 per share

- 2021-06: $191.38 per share

- 2021-07: $202.24 per share

- 2021-08: $210.74 per share

- 2021-09: $198.79 per share

- 2021-10: $222.92 per share

- 2021-11: $225.20 per share

- 2021-12: $248.12 per share

- 2022-01: $223.44 per share

- 2022-02: $237.40 per share

- 2022-03: $245.92 per share

- 2022-04: $259.36 per share

- 2022-05: $254.43 per share

- 2022-06: $238.61 per share

- 2022-07: $296.10 per share

- 2022-08: $295.66 per share

- 2022-09: $280.41 per share

- 2022-10: $238.80 per share

- 2022-11: $263.11 per share

- 2022-12: $235.65 per share

- 2023-01: $250.86 per share

- 2023-02: $258.22 per share

- 2023-03: $226.07 per share

- 2023-04: $215.85 per share

- 2023-05: $212.44 per share

- 2023-06: $256.53 per share

- 2023-07: $277.20 per share

- 2023-08: $263.02 per share

- 2023-09: $259.26 per share

- 2023-10: $254.09 per share

- 2023-11: $280.41 per share

- 2023-12: $312.43 per share

- 2024-01: $314.26 per share

- 2024-02: $350.00 per share

- 2024-03: $391.85 per share

- 2024-04: $388.25 per share

- 2024-05: $418.29 per share

- 2024-06: $405.21 per share

- 2024-07: $418.58 per share

- 2024-08: $423.80 per share

- 2024-09: $449.75 per share

- 2024-10: $422.23 per share

- 2024-11: $456.70 per share

- 2024-12: $368.84 per share

- 2025-01: $389.46 per share

- 2025-02: $340.76 per share

- 2025-03: $340.50 per share

- 2025-04: $379.48 per share

- 2025-05: $380.18 per share

- 2025-06: $373.40 per share

- 2025-07: $354.71 per share

- 2025-08: $385.89 per share

- 2025-09: $328.96 per share

- 2025-10: $325.05 per share

- 2025-11: $318.07 per share

- 2025-12: $319.86 per share

- 2026-01: $340.89 per share

- 2026-02: $394.77 per share

- 2026-03: $333.62 per share

- 2026-04: $355.26 per share

- 2026-05: $344.81 per share

- 2026-06: $362.75 per share

- 2026-07: $359.92 per share

- 2026-08: $346.58 per share

- 2026-09: $322.17 per share

- 2026-10: $335.49 per share

## Annual estimated value (USD per share)

- FY2016: low $51.90 per share, central $58.38 per share, high $67.01 per share

- FY2017: low $58.71 per share, central $67.81 per share, high $78.08 per share

- FY2018: low $95.08 per share, central $110.15 per share, high $126.25 per share

- FY2019: low $101.40 per share, central $122.66 per share, high $142.23 per share

- FY2020: low $104.06 per share, central $116.36 per share, high $132.73 per share

- FY2021: low $108.24 per share, central $122.52 per share, high $141.53 per share

- FY2022: low $156.60 per share, central $177.52 per share, high $205.37 per share

- FY2023: low $142.66 per share, central $161.00 per share, high $185.42 per share

- FY2024: low $223.96 per share, central $252.93 per share, high $291.49 per share

- FY2025: low $263.14 per share, central $296.66 per share, high $341.31 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/790051/000079005126000012/csl-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.