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ACUITY INC. (DE) (AYI) USD

Provides lighting, lighting controls, and building-management solutions.

At a glance: strengths & risks
✓Revenue growing (+7%)✓Profit growing (+34%)✓Margins improving (16%→19%)✓Low leverage (0.2x EBITDA)

Sector: United States — large cap (SEC filings)

US_AYI

Price chart

318.14 USDDay -2.82%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
318.14 USD · -2.82%
Market cap
9.6 bn USD

Growth

Δ revenue y/y
6.8%
Δ EBITDA y/y
24.8%

Multiples

P/E (LTM)
18.0x
3y avg: 20.6x
P/B (FY)
3.2x
P/E (ann.)
13.8x
EV/EBITDA (LTM)
11.2x
3y avg: 12.7x
EV/EBITDA (ann.)
9.8x

Cash return

Dividend yield
0.3%
FCF yield (LTM)
7.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
+34.0%
↓ details

Liquidity

Daily turnover (US listing)
95.9 mln USD

Shares: yahoo_fundamentals_timeseries/AYI

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-08-31Q3 2026 (3M)OK1244.4
y/y 2.9%
227.0
y/y 25.7%
38.6
y/y -16.8%
265.6
y/y 17.0%
173.0
y/y 51.8%
305.4-19.24873.5
y/y 2.5%
2974.3
y/y 9.2%
18.2%172.6Link
2026-05-31Q2 2026 (3M)OK1198.0
y/y 1.6%
193.3
y/y 38.3%
40.7
y/y 17.6%
234.0
y/y 34.2%
141.0
y/y 43.3%
290.3-16.74635.4
y/y -0.2%
2851.5
y/y 10.4%
19.8%531.8SEC EDGAR
2026-02-28Q1 2026 (3M)OK1055.7
y/y 4.9%
133.0
y/y 20.7%
38.8
y/y 27.2%
171.8
y/y 22.1%
96.8
y/y 24.9%
89.1-15.84558.5
y/y -0.5%
2840.8
y/y 12.7%
13.7%535.7Link
2025-11-30Q4 2025 (3M)OK1143.7
y/y 20.2%
160.4
y/y 20.3%
38.3
y/y 77.3%
198.7
y/y 28.3%
120.5
y/y 12.9%
140.8-26.04652.1
y/y 20.4%
2794.0
y/y 13.4%
17.5%534.0Link
2025-08-31Q3 2025 (3M)OK1209.1
y/y 17.1%
180.6
y/y 15.0%
46.4
y/y 105.3%
227.0
y/y 26.4%
114.0
y/y -4.1%
202.5-1189.84755.2
y/y 24.7%
2724.9
y/y 14.5%
14.9%581.9Link
2025-05-31Q2 2025 (3M)OK1178.6
y/y 21.7%
139.8
y/y -3.8%
34.6
y/y 51.1%
174.4
y/y 3.7%
98.4
y/y -13.6%
207.3-39.44646.3
y/y 27.5%
2584.0
y/y 14.6%
15.4%713.8Link
2025-02-28Q1 2025 (3M)OK1006.3
y/y 11.1%
110.2
y/y -6.7%
30.5
y/y 33.2%
140.7
y/y -0.2%
77.5
y/y -13.1%
59.4-9.74581.7
y/y 29.9%
2520.4
y/y 17.2%
12.4%794.2Link
2024-11-30Q4 2024 (3M)OK951.6
y/y 1.8%
133.3
y/y 0.3%
21.6
y/y -4.8%
154.9
y/y -0.4%
106.7
y/y 6.1%
132.2-18.93864.3
y/y 11.6%
2463.4
y/y 19.3%
17.6%-366.0Link
2024-08-31Q3 2024 (3M)OK1032.3
y/y —
157.0
y/y —
22.6
y/y —
179.6
y/y —
118.9
y/y —
174.1-23.03814.6
y/y 11.9%
2378.8
y/y 18.0%
18.2%-272.3Link
2024-05-31Q2 2024 (3M)OK968.1
y/y -3.2%
145.3
y/y 1.4%
22.9
y/y 4.6%
168.2
y/y 1.8%
113.9
y/y 8.5%
152.5-12.03642.9
y/y 5.9%
2254.7
y/y 14.5%
20.7%-120.3Link
2024-02-29Q1 2024 (3M)OK905.9
y/y -4.0%
118.1
y/y 5.9%
22.9
y/y 4.1%
141.0
y/y 5.6%
89.2
y/y 7.2%
102.6-14.43525.8
y/y 4.2%
2149.6
y/y 10.4%
16.9%4.1Link
2023-11-30Q4 2023 (3M)OK934.7
y/y —
132.9
y/y —
22.7
y/y —
155.6
y/y —
100.6
y/y —
190.0-14.63463.9
y/y —
2064.1
y/y —
19.7%71.7Link
2023-08-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——3408.5
y/y —
2015.4
y/y —
17.4%192.9Link
2023-05-31Q2 2023 (3M)OK1000.3
y/y —
143.3
y/y —
21.9
y/y —
165.2
y/y —
105.0
y/y —
165.1-12.43438.9
y/y —
1969.8
y/y —
21.4%233.3Link
2023-02-28Q1 2023 (3M)OK943.6
y/y —
111.5
y/y —
22.0
y/y —
133.5
y/y —
83.2
y/y —
119.8-17.43383.8
y/y —
1947.6
y/y —
—245.9Link

Net debt structure (leases included, IFRS 16) 2026-08-31

Short-term debt (incl. ST leases)200
Long-term debt (incl. LT leases)497
− Cash & equivalents636
Net debt61

Net debt / LTM EBITDA: 0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0005 0002023 FY2024 FY2025 FY2026 FY

Year-over-year change

-10%0%10%20%30%2023 FY2024 FY2025 FY2026 FY

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 000-50005001 0002023 FY2024 FY2025 FY2026 FY

Net debt / cash ($ mln)

-400-20002004006002023 FY2024 FY2025 FY2026 FY

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 1.52x of reported net profit; after capex, 1.34x.
year20222023202420252026
cash flow / profit0.82x1.67x1.47x1.52x1.55x
accruals, % of assets1.9%-6.8%-5.1%-4.3%-6.0%
Last twelve months (to 2026-08-31): 1.55x of profit came back as operating cash flow.
net debt / EBITDA 0.2x · EBIT covers interest 19.9x · capex 0.6x of depreciation · dividends 3% of free cash flow · share count -3.0% a year
● Capex is 59% of depreciation - the asset base is being consumed faster than replaced.
Regulated utilities and networks run on long-dated debt against a tariff-set asset base; the leverage bar is set higher for them here.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +34.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-08-31 vs 2025-08-31)
= (249 − 183) × 3.43
225
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (9 576 + 173) ÷ 853
11.4x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (11.4 + 12) ÷ 2
11.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 521 + 12 + 103 − 2
635
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (225 × 11.7 + 635) ÷ 9 576
+34.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • equity issuance measured by share-count dilution at market, not the cash line

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +7% vs +13% the year before — a -6.3 pp move. 3-year CAGR +6%.
revenue growth by year: 2024 -3% · 2025 +13% · 2026 +7%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 12.3x · 3-year 75th pct 15.3x

EV/EBITDA3-year 75th pct

Peer comparison

Group: utilities (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
HUBBELL INCUS23.317.3x
NEXTERA ENERGY INCUS171.118.0x
nVent Electric plcUS22.422.6x
Vertiv Holdings CoUS94.130.5x
Group median20.3x
Group average22.1x
This companyUS9.911.2x

Group median 20.3x; this company 11.2x — a 45% discount.

Group average 22.1x; against the average this company is at a 49% discount.

At the adjusted group median the market cap would be +82% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.1x, Russia 3.8x, South Africa 5.5x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-30; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-10-160.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2026-07-170.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2026-04-170.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2026-02-020.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2025-10-170.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2025-07-180.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2025-04-170.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2025-02-030.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2024-10-180.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2024-07-180.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2024-04-160.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2024-02-020.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-10-170.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2023-07-170.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2023-04-140.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2023-02-030.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2022-10-140.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2022-07-140.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2022-04-140.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2022-01-190.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of ACUITY INC. (DE) (AYI) — from primary filings.

Frequently asked questions

What is ACUITY INC. (DE) (AYI)'s P/E ratio?
ACUITY INC. (DE) (AYI) trades at a P/E of 18.0x (price to trailing 12-month earnings).
What is ACUITY INC. (DE) (AYI)'s EV/EBITDA?
ACUITY INC. (DE) (AYI) trades at 11.2x EV/EBITDA.
What is ACUITY INC. (DE) (AYI)'s P/B ratio?
ACUITY INC. (DE) (AYI) trades at a P/B of 3.2x.
What is ACUITY INC. (DE) (AYI)'s dividend yield?
ACUITY INC. (DE) (AYI)'s trailing 12-month dividend yield is 0.3%.
What is ACUITY INC. (DE) (AYI)'s return on equity (ROE)?
ACUITY INC. (DE) (AYI)'s ROE is 23.3%.
What is ACUITY INC. (DE) (AYI)'s market capitalization?
ACUITY INC. (DE) (AYI)'s market cap is 9.6 bn USD.

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