A Business at a Glance
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ACUITY INC. (DE)
AYI
$10.4B
Mkt Cap
$330.14
+0.97%
ACUITY INC. (DE) (AYI) has a current P/E ratio of 25.4, compared to its historical median P/E of 18.0. The stock is currently considered Expensive based on its historical valuation range.
ACUITY INC. (DE) (AYI) has a 5-year average return on invested capital (ROIC) of 18.0%. This indicates strong capital allocation and a potential competitive advantage.
ACUITY INC. (DE) (AYI) has a market capitalization of $18.2B. It is classified as a large-cap stock.
Yes, ACUITY INC. (DE) (AYI) pays a dividend with a trailing twelve-month yield of 0.12%. The company also returns capital through share buybacks, with a buyback yield of 1.10%.
Based on historical P/E analysis, ACUITY INC. (DE) (AYI) appears expensive. The current P/E of 25.4 is 41% above its historical median of 18.0. The estimated fair value CAGR (P/E method) is 10.2%.
ACUITY INC. (DE) (AYI) operates in the Electric Lighting & Wiring Equipment industry, within the Industrials sector.
ACUITY INC. (DE) (AYI) reported annual revenue of $4.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Acuity Inc. is an industrial technology company operating through two segments: Acuity Brands Lighting (ABL) and Acuity Intelligent Spaces (AIS). ABL designs and manufactures lighting solutions combining luminaires with advanced electronics, including drivers and controls platforms, serving new construction, renovation, retrofit, and maintenance applications across North America and select international markets through independent sales agencies, internal sales representatives, electrical distributors, consumer retailers, and direct corporate and OEM channels. AIS provides building management systems, data platforms, and audio-video-control solutions through brands including Atrius, Distech Controls, and QSC, targeting retail, airports, universities, enterprise campuses, sports venues, and hospitality verticals across North America, Europe, and select international locations, primarily through system integrators. The company operates eighteen manufacturing facilities (seven in Mexico, six in the United States, three in Canada, and two in Europe), utilizing a blend of internal and outsourced manufacturing with approximately 76% of finished goods manufactured internally and 24% purchased, with significant sourcing from Mexico, Asia, and other regions. The business model emphasizes technology-driven differentiation, product innovation, and operational efficiency to drive market share gains and deliver superior returns through both organic development and strategic capital deployment.
【Market normalization and margin focus】 Management expects the lighting market to remain relatively flat to slightly down in the near term, with backlog levels normalizing to pre-pandemic levels and order rates aligning more closely with quarterly performance. The company is managing gross profit margins through strategic pricing and productivity improvements while investing significantly in technology capabilities across both segments. AIS is prioritizing growth in the near term with deliberate focus on data center opportunities and backlog conversion, while ABL continues to demonstrate strong execution despite softer demand in certain channels. Capital allocation remains focused on debt reduction and organic reinvestment, with management targeting 50–100 basis points of operating profit margin improvement annually and maintaining disciplined cost management through labor optimization and operational leverage.
| Metric | Target | Period |
|---|---|---|
| Net sales | $4.7 billion - $4.9 billion | FY2026 |
| Adjusted diluted EPS | $19 - $20.50 | FY2026 |
| ABL sales growth | low single-digit | FY2026 |
| AIS organic sales growth | low to mid-teens | FY2026 |
Net sales (FY2026): “For full-year fiscal 2026, our expectation is that net sales will be within the range of $4.7 billion - $4.9 billion for total AYI.”
Adjusted diluted EPS (FY2026): “We expect to deliver adjusted diluted EPS within the range of $19- $20.50.”
ABL sales growth (FY2026): “This is based on the assumption that ABL will deliver low single-digit sales growth and AIS will generate organic sales growth in the low to mid-teens.”
AIS organic sales growth (FY2026): “This is based on the assumption that ABL will deliver low single-digit sales growth and AIS will generate organic sales growth in the low to mid-teens.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.6B | 4.3B | 3.8B | 4.0B | 4.0B | 3.5B |
| Net Income | 430M | 397M | 423M | 346M | 384M | 306M |
| EPS | $7.82 | $12.53 | $13.44 | $10.76 | $11.08 | $8.38 |
| Free Cash Flow | 558M | 533M | 555M | 511M | 260M | 365M |
| ROIC | 15.0% | 17.1% | 20.6% | 17.0% | 18.7% | 16.6% |
| Gross Margin | 48.7% | 47.8% | 46.4% | 43.3% | 41.8% | 42.6% |
| Debt/Equity | 0.25 | 0.33 | 0.21 | 0.25 | 0.27 | 0.24 |
| Dividends/Share | $0.40 | $0.66 | $0.58 | $0.52 | $0.52 | $0.52 |
| Operating Income | 614M | 564M | 553M | 473M | 510M | 428M |
| Operating Margin | 13.4% | 13.0% | 14.4% | 12.0% | 12.7% | 12.4% |
| ROE | 15.1% | 15.5% | 19.2% | 17.6% | 19.4% | 14.7% |
| Shares Outstanding | 55M | 32M | 31M | 32M | 35M | 37M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.4B | 2.7B | 3.3B | 3.5B | 3.7B | 3.7B | 3.3B | 3.5B | 4.0B | 4.0B | 3.8B | 4.3B | 4.6B |
| Gross Margin | 40.9% | 42.3% | 43.6% | 42.3% | 40.4% | 40.3% | 42.2% | 42.6% | 41.8% | 43.3% | 46.4% | 47.8% | 48.7% |
| R&D | N/A | N/A | 47M | 52M | 64M | 75M | 82M | 88M | 95M | 97M | 102M | 140M | 140M |
| SG&A | 680M | 757M | 946M | 942M | 1.0B | 1.0B | 1.0B | 1.0B | 1.2B | 1.2B | 1.2B | 1.5B | 1.6B |
| EBIT | 299M | 376M | 475M | 528M | 461M | 463M | 354M | 428M | 510M | 473M | 553M | 564M | 614M |
| Op. Margin | 12.5% | 13.9% | 14.4% | 15.0% | 12.5% | 12.6% | 10.6% | 12.4% | 12.7% | 12.0% | 14.4% | 13.0% | 13.4% |
| Net Income | 176M | 222M | 290M | 322M | 350M | 330M | 248M | 306M | 384M | 346M | 423M | 397M | 430M |
| Net Margin | 7.3% | 8.2% | 8.8% | 9.2% | 9.5% | 9.0% | 7.5% | 8.9% | 9.6% | 8.8% | 11.0% | 9.1% | 9.4% |
| Non-Recurring | 300K | 12M | 15M | 11M | 11M | 1.8M | 20M | 3.3M | 0 | 16M | 3.0M | 46M | 46M |
| Returns on Capital | |||||||||||||
| ROIC | 48.2% | 122.4% | 24.3% | 20.8% | 20.7% | 19.2% | 14.3% | 16.6% | 18.7% | 17.0% | 20.6% | 17.1% | 15.0% |
| ROE | 15.1% | 16.3% | 19.2% | 19.3% | 20.7% | 18.2% | 12.3% | 14.7% | 19.4% | 17.6% | 19.2% | 15.5% | 15.1% |
| ROA | 8.1% | 9.2% | 10.8% | 11.0% | 11.9% | 10.7% | 7.5% | 8.7% | 10.9% | 10.0% | 11.7% | 9.3% | 9.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 233M | 289M | 388M | 337M | 352M | 495M | 505M | 409M | 316M | 578M | 619M | 601M | 640M |
| Free Cash Flow | 198M | 232M | 304M | 269M | 308M | 442M | 450M | 365M | 260M | 511M | 555M | 533M | 558M |
| Owner Earnings | 172M | 225M | 298M | 230M | 239M | 377M | 366M | 276M | 184M | 443M | 482M | 423M | 434M |
| CapEx | 35M | 57M | 84M | 67M | 44M | 53M | 55M | 44M | 57M | 67M | 64M | 68M | 82M |
| Maint. CapEx | 43M | 46M | 63M | 75M | 80M | 88M | 101M | 100M | 95M | 93M | 91M | 133M | 158M |
| Growth CapEx | 0 | 11M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 43M | 46M | 63M | 75M | 80M | 88M | 101M | 100M | 95M | 93M | 91M | 133M | 158M |
| CapEx/OCF | 15.1% | 19.6% | 24.2% | 20.0% | 12.4% | 10.7% | 10.9% | 10.7% | 17.9% | 11.5% | 10.3% | 11.4% | 12.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 23M | 23M | 23M | 23M | 21M | 21M | 21M | 19M | 18M | 17M | 18M | 21M | 22M |
| Dividend Yield | 0.5% | 0.3% | 0.2% | 0.3% | 0.4% | 0.4% | 0.5% | 0.4% | 0.3% | 0.3% | 0.3% | 0.2% | 0.1% |
| Share Buybacks | 0 | 0 | 0 | 358M | 298M | 82M | 69M | 435M | 515M | 267M | 89M | 119M | 199M |
| Buyback Yield | N/A | N/A | N/A | 4.9% | 4.9% | 1.7% | 1.6% | 6.4% | 8.7% | 5.2% | 1.1% | 1.1% | 1.1% |
| Stock-Based Comp | 18M | 18M | 28M | 32M | 32M | 29M | 38M | 33M | 37M | 42M | 47M | 45M | 47M |
| Debt Repayment | 0 | 0 | 0 | 0 | 400K | 87M | 356M | 401M | 0 | 0 | 0 | 200M | 200M |
| Balance Sheet | |||||||||||||
| Net Debt | -753M | -1.2B | -58M | 46M | 228M | -104M | -160M | 3.0M | 290M | 98M | -350M | 474M | 425M |
| Cash & Equiv. | 553M | 757M | 413M | 311M | 129M | 461M | 561M | 491M | 223M | 398M | 846M | 423M | 273M |
| Long-Term Debt | 352M | 352M | 355M | 357M | 356M | 348M | 377M | 494M | 495M | 496M | 496M | 897M | 697M |
| Debt/Equity | 0.30 | 0.26 | 0.21 | 0.21 | 0.21 | 0.19 | 0.19 | 0.24 | 0.27 | 0.25 | 0.21 | 0.33 | 0.25 |
| Interest Coverage | 9.3 | 11.9 | 14.3 | 15.5 | 13.0 | 12.7 | 13.4 | 17.7 | 18.9 | 17.0 | 21.9 | 13.3 | 14.0 |
| Equity | 1.2B | 1.4B | 1.7B | 1.7B | 1.7B | 1.9B | 2.1B | 2.0B | 1.9B | 2.0B | 2.4B | 2.7B | 2.8B |
| Total Assets | 2.2B | 2.4B | 2.9B | 2.9B | 3.0B | 3.2B | 3.5B | 3.6B | 3.5B | 3.4B | 3.8B | 4.8B | 4.6B |
| Total Liabilities | 1.0B | 1.0B | 1.3B | 1.2B | 1.3B | 1.3B | 1.4B | 1.5B | 1.6B | 1.4B | 1.4B | 2.0B | 1.7B |
| Intangibles | 232M | 223M | 381M | 449M | 499M | 466M | 606M | 573M | 529M | 481M | 441M | 1.1B | 1.1B |
| Retained Earnings | 894M | 1.1B | 1.4B | 1.7B | 2.0B | 2.3B | 2.5B | 2.8B | 3.2B | 3.5B | 3.9B | 4.3B | 4.5B |
| Working Capital | 716M | 893M | 650M | 645M | 528M | 846M | 822M | 852M | 732M | 800M | 1.2B | 806M | 777M |
| Current Assets | 1.2B | 1.4B | 1.3B | 1.2B | 1.2B | 1.4B | 1.4B | 1.5B | 1.5B | 1.4B | 1.9B | 1.7B | 1.5B |
| Current Liabilities | 471M | 521M | 673M | 601M | 683M | 596M | 618M | 692M | 734M | 595M | 688M | 846M | 728M |
| Per Share Data | |||||||||||||
| EPS | 4.05 | 5.09 | 6.63 | 7.43 | 8.52 | 8.29 | 6.27 | 8.38 | 11.08 | 10.76 | 13.44 | 12.53 | 7.82 |
| Owner EPS | 3.96 | 5.15 | 6.79 | 5.31 | 5.82 | 9.46 | 9.23 | 7.55 | 5.31 | 13.77 | 15.31 | 13.37 | 7.90 |
| Book Value | 26.80 | 31.17 | 37.89 | 38.47 | 41.84 | 48.15 | 53.72 | 55.94 | 55.16 | 62.68 | 75.65 | 86.09 | 51.65 |
| Cash Flow/Share | 5.37 | 6.62 | 8.86 | 7.77 | 8.57 | 12.41 | 12.75 | 11.18 | 9.13 | 17.98 | 19.69 | 19.00 | 10.69 |
| Dividends/Share | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.58 | 0.66 | 0.40 |
| Shares Out. | 43.4M | 43.6M | 43.8M | 43.3M | 41.0M | 39.9M | 39.6M | 36.6M | 34.7M | 32.2M | 31.4M | 31.7M | 55.0M |
| Valuation | |||||||||||||
| P/E Ratio | 29.4 | 37.6 | 39.9 | 22.9 | 17.4 | 14.3 | 17.4 | 22.2 | 15.4 | 14.8 | 18.5 | 26.3 | 42.2 |
| P/FCF | 26.2 | 36.0 | 38.1 | 27.3 | 19.7 | 10.7 | 9.6 | 18.6 | 22.7 | 10.0 | 14.1 | 19.5 | 32.5 |
| EV/EBIT | 14.8 | 19.1 | 23.4 | 13.7 | 13.4 | 9.0 | 10.3 | 14.7 | 11.7 | 10.2 | 12.0 | 18.6 | 30.3 |
| Price/Book | 4.4 | 6.1 | 7.0 | 4.4 | 3.5 | 2.5 | 2.0 | 3.3 | 3.1 | 2.5 | 3.3 | 3.8 | 6.4 |
| Price/Sales | 2.0 | 2.5 | 2.9 | 2.6 | 1.6 | 1.4 | 1.3 | 1.5 | 1.6 | 1.4 | 1.8 | 2.1 | 4.0 |
| FCF Yield | 3.8% | 2.8% | 2.6% | 3.7% | 5.1% | 9.4% | 10.4% | 5.4% | 4.4% | 10.0% | 7.1% | 5.1% | 3.1% |
| Market Cap | 5.2B | 8.4B | 11.6B | 7.4B | 6.1B | 4.7B | 4.3B | 6.8B | 5.9B | 5.1B | 7.8B | 10.4B | 18.2B |
| Avg. Price | 112.19 | 154.39 | 221.04 | 206.62 | 143.86 | 128.28 | 107.67 | 139.70 | 183.80 | 169.82 | 222.01 | 290.62 | 330.14 |
| Year-End Price | 119.27 | 191.55 | 264.73 | 169.89 | 148.16 | 118.50 | 109.20 | 185.82 | 170.16 | 158.88 | 249.20 | 329.06 | 330.14 |
ACUITY INC. (DE) passes 4 of 9 quality checks, suggesting mixed fundamentals.
ACUITY INC. (DE) trades at 25.4x trailing earnings, compared to its 15-year median P/E of 18.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 18.9x vs a median of 19.1x. The company's 5-year average ROIC is 18.0% with a gross margin of 44.4%. Total shareholder yield (dividends + buybacks) is 1.2%. At current prices, the estimated annualized return to fair value is +10.2%.
ACUITY INC. (DE) (AYI) has a net profit margin of 9.1%. This is a modest margin.
ACUITY INC. (DE) (AYI) generated $533 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ACUITY INC. (DE) (AYI) has a debt-to-equity ratio of 0.33. This indicates a conservatively financed balance sheet.
ACUITY INC. (DE) (AYI) reported earnings per share (EPS) of $12.53 in its most recent fiscal year.
ACUITY INC. (DE) (AYI) has a return on equity (ROE) of 15.5%. This indicates the company generates strong returns for shareholders.
ACUITY INC. (DE) (AYI) has a 5-year average gross margin of 44.4%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for ACUITY INC. (DE) (AYI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ACUITY INC. (DE) (AYI) has a book value per share of $86.09, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the lighting market to remain relatively flat to slightly down in the near term, with backlog levels normalizing to pre-pandemic levels and order rates aligning more closely with quarterly performance. The company is managing gross profit margins through strategic pricing and productivity improvements while investing significantly in technology capabilities across both segments. AIS is prioritizing growth in the near term with deliberate focus on data center opportunities and backlog conversion, while ABL continues to demonstrate strong execution despite softer demand in certain channels. Capital allocation remains focused on debt reduction and organic reinvestment, with management targeting 50–100 basis points of operating profit margin improvement annually and maintaining disciplined cost management through labor optimization and operational leverage.
Based on recent SEC filings and earnings calls, ACUITY INC. (DE) (AYI) has provided the following forward guidance: Net sales: $4.7 billion - $4.9 billion (FY2026); Adjusted diluted EPS: $19 - $20.50 (FY2026); ABL sales growth: low single-digit (FY2026); AIS organic sales growth: low to mid-teens (FY2026).
No recent press releases.