Evoqua
10-K - Feb 28, 2024
On January 22, 2023, Xylem entered into a definitive agreement to acquire Evoqua, a leader in mission-critical water treatment solutions and services, in an all-stock transaction that reflected an implied enterprise val…
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Xylem Inc.
XYLActiveCIK 1524472 · Water Infrastructure & Treatment Equipment
Xylem Inc. is a public company in Industrial - Machinery, tracked in the water infrastructure, treatment, and equipment sub-sector, with $9.1B TTM revenue and $1.8B TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, XYL filings, SEC EDGAR
$27,035
Market cap ($MM)
$28,165
Enterprise value ($MM)
$9,091
Revenue · LTM ($MM)
$1,802
EBITDA · LTM ($MM)
20%
EBITDA margin
3.1x
EV / revenue
15.6x
EV / EBITDA
0.6x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01XYL is a scaled public consolidator in Water Infra, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is VLTO, PNR, WTS, WMS, MWA, ECL.
Balance sheet & capacity
Indicative capacity read: 0.6x net debt / EBITDA with EBITDA of $1.8B.
$808
Cash & equiv. ($MM)
$1,950
Total debt ($MM)
$1,142
Net debt ($MM)
0.6x
Net debt / EBITDA
Valuation
Where it trades against its peer set
XYL versus the scaled public Water Infrastructure & Treatment Equipment comparables.
EV / EBITDA distribution · peer set
XYL 15.6x
Indexed share-price performance
XYL versus available Water Infrastructure & Treatment Equipment peers and SPY.
-5.9%
XYL
+18%
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Xylem Inc. | XYL | $9,091 | $1,802 | 20% | $27,035 | $28,165 | 3.1x | 15.6x | 0.6x |
| Veralto Corp | VLTO | $5,593 | $1,368 | 24% | $21,328 | $22,559 | 4.0x | 16.5x | 0.9x |
| Pentair plc | PNR | $4,202 | $952 | 23% | $12,415 | $14,291 | 3.4x | 15.0x | 2.0x |
| Watts Water Technologies Inc. | WTS | $2,558 | $556 | 22% | $9,914 | $9,737 | 3.8x | 17.5x | -0.3x |
| Advanced Drainage Systems, Inc. | WMS | $2,989 | $895 | 30% | $11,155 | $11,592 | 3.9x | 13.0x | 0.3x |
| Mueller Water Products, Inc. | MWA | $1,464 | $336 | 23% | $4,126 | $4,158 | 2.8x | 12.4x | 0.1x |
| Ecolab Inc. | ECL | $16,452 | $3,283 | 20% | $71,798 | $80,377 | 4.9x | 24.5x | 2.3x |
| Itron, Inc. | ITRI | $2,347 | $409 | 17% | $3,630 | $3,042 | 1.3x | 7.4x | 2.1x |
| Water Infrastructure & Treatment Equipment median | $3,596 | $924 | 22% | $11,785 | $12,942 | 3.6x | 15.3x | 0.8x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
XYL's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
50
Active years
11
Named deals
10
Avg / active year
4.5
Acq. cash outflow ($MM)
N/A
Banker read
- 01XYL reads as a programmatic acquirer: 50 disclosed acquisitions across 11 active years, or 4.5 per active year. The chart shows activity in 9 of the last 11 visible years.
- 02In the last three years, the file shows 6 acquisitions versus 1 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $3.5B of disclosed spend is concentrated in lumpy years, with FY16 the largest year at $1.8B. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
XYL count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
6 / 1
Last three years is up 500% vs prior three.
Peak count year
FY16
3 disclosed acquisitions in the peak visible year.
Recent spend
$832MM
is up 72% vs prior three; peak FY16 at $1.8B.
Named evidence
10 rows
20% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| May 24, 2023 | Evoqua | Water infrastructure, treatment, and equipment | $7,500 | On January 22, 2023, Xylem entered into a definitive agreement to acquire Evoqua, a leader in mission-critical water treatment solutions and services, in an all-stock transactio... | 10-K† |
| Jan 23, 2023 | Evoqua | Water infrastructure, treatment, and equipment | $7,500 | On January 23, 2023, Xylem entered into a definitive agreement under which Xylem will acquire Evoqua, a leader in mission-critical water treatment solutions and services, in an... | 10-K† |
| Oct 31, 2016 | Sensus Worldwide Limited | Water infrastructure, treatment, and equipment | $1,766 | On October 31, 2016, we acquired all of the outstanding equity interests of Sensus Worldwide Limited (other than Sensus Industries Limited) (“Sensus”) effective October 31, 2016... | 10-K† |
| Oct 31, 2016 | Sensus Worldwide Limited | Water infrastructure, treatment, and equipment | $1,766 | On October 31, 2016, we acquired all of the outstanding equity interests of Sensus Worldwide Limited (other than Sensus Industries Limited) (“Sensus”) effective October 31, 2016... | 10-K† |
| Aug 3, 2010 | Godwin Pumps of America, Inc. and Godwin Holdings Limited | Water infrastructure, treatment, and equipment | $580 | On August 3, 2010, we acquired 100% of the privately held stock of Godwin for a purchase price of $580 million, net of cash acquired. Godwin is a supplier and servicer of automa... | 10-K† |
| Jan 31, 2018 | Pure Technologies Ltd. | Water infrastructure, treatment, and equipment | $434 | On January 31, 2018, we acquired all the issued and outstanding shares of Pure Technologies Ltd. (“Pure”), a leader in intelligent leak detection and condition assessment soluti... | 10-K† |
| Sep 1, 2011 | YSI Incorporated | Water infrastructure, treatment, and equipment | $309 | On September 1, 2011, we acquired 100% of the outstanding shares of YSI Incorporated (“YSI”) for a purchase price of $309 million, net of cash acquired. YSI, which reported 2010... | 10-K† |
| Sep 1, 2011 | YSI Incorporated | Water infrastructure, treatment, and equipment | $309 | On September 1, 2011, we acquired 100% of the outstanding shares of YSI Incorporated (“YSI”) for a purchase price of $309 million, net of cash acquired. YSI, which reported 2010... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 10 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
15
Named deal filings
9
Recent SEC filings
10
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.15 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 25, 2026 | Annual M&A 10-K | quarantined (2 issue) | 3 | $163MM | $176MM | SEC filing |
| FY2024 | Mar 3, 2025 | Annual M&A 10-K | quarantined (3 issue) | 2 | $193MM | $677MM | SEC filing |
| FY2023 | Feb 28, 2024 | Annual M&A 10-K | accepted | 1 | $476MM | $6.9B | SEC filing |
| FY2022 | Feb 24, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Feb 25, 2022 | Annual M&A 10-K | quarantined (1 issue) | N/A | N/A | N/A | SEC filing |
| FY2020 | Feb 26, 2021 | Annual M&A 10-K | warning (1 warn) | 0 | N/A | N/A | SEC filing |
| FY2019 | Feb 28, 2020 | Annual M&A 10-K | warning (1 warn) | N/A | $18.0MM | N/A | SEC filing |
| FY2018 | Feb 22, 2019 | Annual M&A 10-K | accepted | 1 | $433MM | $434MM | SEC filing |
| FY2017 | Feb 23, 2018 | Annual M&A 10-K | warning (1 warn) | 1 | $33.0MM | N/A | SEC filing |
| FY2016 | Feb 23, 2017 | Annual M&A 10-K | quarantined (1 warn, 2 issue) | 3 | $1.8B | $1.8B | SEC filing |
| FY2015 | Feb 26, 2016 | Annual M&A 10-K | accepted | 1 | $18.0MM | $18.0MM | SEC filing |
| FY2014 | Feb 26, 2015 | Annual M&A 10-K | quarantined (1 issue) | N/A | N/A | N/A | SEC filing |
| FY2013 | Feb 27, 2014 | Annual M&A 10-K | accepted | 2 | $81.0MM | $84.0MM | SEC filing |
| FY2012 | Feb 25, 2013 | Annual M&A 10-K | accepted | 2 | $41.0MM | $41.0MM | SEC filing |
| FY2011 | Feb 28, 2012 | Annual M&A 10-K | accepted | 1 | $309MM | $309MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.9 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 28, 2024 | 10-K | Evoqua | Annual M&ANamed deals | SEC filing |
| Feb 24, 2023 | 10-K | Evoqua | Annual M&ANamed deals | SEC filing |
| Feb 28, 2020 | 10-K | Pure Technologies Ltd. | Annual M&ANamed deals | SEC filing |
| Feb 22, 2019 | 10-K | Sensus Worldwide Limited | Annual M&ANamed deals | SEC filing |
| Feb 23, 2018 | 10-K | Sensus Worldwide Limited | Annual M&ANamed deals | SEC filing |
| Feb 26, 2016 | 10-K | PIMS Group | Annual M&ANamed deals | SEC filing |
| Feb 26, 2015 | 10-K | Wolverhampton pneumatic and hydraulic valves business divestiture | Annual M&ANamed deals | SEC filing |
| Feb 25, 2013 | 10-K | Godwin Pumps of America, Inc. and Godwin Holdings Limited | Annual M&ANamed deals | SEC filing |
| Feb 28, 2012 | 10-K | YSI Incorporated | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+-
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Feb 25, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ARecent SEC | SEC filing |
| Apr 28, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 28, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 30, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Mar 30, 2026 | DEF 14A | N/A | DEF 14A | Recent SEC | SEC filing |
| Feb 25, 2026 | 8-K | 8.01 | 8-K | Recent SEC | SEC filing |
| Feb 10, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Feb 1, 2026 | 10-K | N/A | Annual report from SEC company index | Recent SEC | SEC filing |
| Oct 28, 2025 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Evoqua acquisition
10-K - Feb 24, 2023
On January 23, 2023, Xylem entered into a definitive agreement under which Xylem will acquire Evoqua, a leader in mission-critical water treatment solutions and services, in an all-stock transaction that reflects an imp…
Sensus Worldwide Limited acquisition
10-K - Feb 22, 2019
On October 31, 2016, we acquired all of the outstanding equity interests of Sensus Worldwide Limited (other than Sensus Industries Limited) (“Sensus”) effective October 31, 2016 for $1,766 million ($1,710 million net of…
Sensus Worldwide Limited
10-K - Feb 23, 2018
On October 31, 2016, we acquired all of the outstanding equity interests of Sensus Worldwide Limited (other than Sensus Industries Limited) (“Sensus”) effective October 31, 2016 for $1,766 million ($1,710 million net of…
Godwin Pumps of America, Inc. and Godwin Holdings Limited
10-K - Feb 25, 2013
On August 3, 2010, we acquired 100% of the privately held stock of Godwin for a purchase price of $580 million, net of cash acquired. Godwin is a supplier and servicer of automatic self-priming and on-demand pumping sol…
Pure Technologies Ltd.
10-K - Feb 28, 2020
On January 31, 2018, we acquired all the issued and outstanding shares of Pure Technologies Ltd. (“Pure”), a leader in intelligent leak detection and condition assessment solutions for water distri...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.