CSW CSW INDUSTRIALS, INC.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q3 2026: $9M, Q2 2026: $4M, Q1 2026: $8M, Q3 2025: $7M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $9M vs trailing avg $6M (+37%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $28M / FCF $187M = 15% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 772,756 shares = 4.7% of 16,470,230 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by Ash Darron K

• Ash Darron K () bought 300 shares at $256.62 on 2026-03-13

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters but insufficient insider buying

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $2M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 108.6x more than bought. 5 C-suite officers among sellers

• Armes Joseph B (Chairman, President & CEO) sold 1,500 shares on 2026-04-15
• Sullivan Don (EVP, Chief Strategy Officer) sold 166 shares on 2026-04-15
• Armes Joseph B (Chairman, President & CEO) sold 1,500 shares on 2026-03-23
• Armes Joseph B (Chairman, President & CEO) sold 1,500 shares on 2026-02-17
• Armes Joseph B (Chairman, President & CEO) sold 1,000 shares on 2026-01-15
• Perry James E (EVP, CFO) sold 145 shares on 2026-01-02
• Armes Joseph B (Chairman, President & CEO) sold 1,000 shares on 2025-12-15
• Sullivan Don (EVP, Chief Strategy Officer) sold 4,136 shares on 2025-12-08
• UNDERWOOD JEFF (SVP, GM Contractor Solutions) sold 370 shares on 2025-12-02
• Perry James E (EVP, CFO) sold 580 shares on 2025-12-01