# Pollution & Treatment Controls — company-by-company sector analysis

> Pollution & Treatment Controls: Zurn Elkay Water Solutions Corporation owns the largest revenue base; CleanCore Solutions, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Pollution & Treatment Controls has underperformed S&P 500 by 20.1% over 52 weeks and 8.7% over 13 weeks. 0 of 7 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 7 beat the sector itself. Zurn Elkay Water Solutions Corporation leads with revenue of $1,740 million, based on 5 of 7 comparable companies through Mar 2026.

### Is the Pollution & Treatment Controls sector outperforming S&P 500?

Pollution & Treatment Controls has underperformed S&P 500 by 20.1% over 52 weeks and 8.7% over 13 weeks. 0 of 7 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 7 beat the sector itself.

### Which Pollution & Treatment Controls company is largest by revenue?

Zurn Elkay Water Solutions Corporation leads with revenue of $1,740 million, based on 5 of 7 comparable companies through Mar 2026.

### Which Pollution & Treatment Controls company is growing fastest?

CleanCore Solutions, Inc. has the fastest current revenue growth at 100%, across 4 of 7 comparable companies.

### Which Pollution & Treatment Controls company has the strongest 4-Factor Sector Score?

Zurn Elkay Water Solutions Corporation ranks first at 60.8/100 with 79% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Pollution & Treatment Controls company reports the most CAPEX?

Veralto Corporation reports the largest latest CAPEX at $12 million, with 7 of 7 companies comparable.

### Which Pollution & Treatment Controls company has the least gross debt?

Aduro Clean Technologies Inc. has the lowest comparable gross debt at $0 million. Veralto Corporation has the highest at $2,662 million.

### Which Pollution & Treatment Controls company has the lowest comparable PEG?

Zurn Elkay Water Solutions Corporation has the lowest comparable Guarded PEG at 1.36, among 2 of 7 companies that pass the metric’s comparability rules.

### How much history does this Pollution & Treatment Controls comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Pollution & Treatment Controls has underperformed S&P 500 by 20.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 8.7%. 0 of 7 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. CECO Environmental Corp. is the strongest against the sector itself at +1.1%.

13-week sector return versus NIFTY 500: 8.7%
52-week sector return versus NIFTY 500: -20%
Stocks leading NIFTY: 0/7
Stocks leading sector: 1/7

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 7
Combined market value: ₹38.6K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Zurn Elkay Water Solutions Corporation (ZWS): 61/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 24.3/35 | Capital efficiency 15.8/25 | Valuation 11.7/20 | Relative strength 9.0/20
   - Exact sum: 24.3 + 15.8 + 11.7 + 9 = 60.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Veralto Corporation (VLTO): 55/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 17.5/35 | Capital efficiency 15.5/25 | Valuation 10.0/20 | Relative strength 11.9/20
   - Exact sum: 17.5 + 15.5 + 10 + 11.9 = 54.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. CECO Environmental Corp. (CECO): 44/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 12.0/35 | Capital efficiency 10.6/25 | Valuation 10.0/20 | Relative strength 11.8/20
   - Exact sum: 12 + 10.6 + 10 + 11.8 = 44.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Energy Recovery, Inc. (ERII): 39/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 14.0/35 | Capital efficiency 10.0/25 | Valuation 9.4/20 | Relative strength 5.1/20
   - Exact sum: 14 + 10 + 9.4 + 5.1 = 38.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. CleanCore Solutions, Inc. (ZONE): 37/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 12.6/35 | Capital efficiency 9.5/25 | Valuation 10.0/20 | Relative strength 4.9/20
   - Exact sum: 12.6 + 9.5 + 10 + 4.9 = 37
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Aduro Clean Technologies Inc. (ADUR): 52/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 22.3/35 | Capital efficiency 10.4/25 | Valuation 10.0/20 | Relative strength 9.3/20
   - Exact sum: 22.3 + 10.4 + 10 + 9.3 = 52
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. PureCycle Technologies, Inc. (PCT): 40/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 19.0/35 | Capital efficiency 7.3/25 | Valuation 10.0/20 | Relative strength 3.5/20
   - Exact sum: 19 + 7.3 + 10 + 3.5 = 39.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Zurn Elkay Water Solutions Corporation is the scale leader at $1,740 million, 116.4% ahead of CECO Environmental Corp.. CleanCore Solutions, Inc.'s growth is stored at the ≥100% scoring cap from a $4 million base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Zurn Elkay Water Solutions Corporation is the scale benchmark; CleanCore Solutions, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Zurn Elkay Water Solutions Corporation's growth falls below CleanCore Solutions, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Zurn Elkay Water Solutions Corporation · $1,740 million | 116.4% versus #2 · CECO Environmental Corp. | 8/8 recent comparable periods | 5/7 companies · 101 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Zurn Elkay Water Solutions Corporation (ZWS): ₹1.7K Cr
2. CECO Environmental Corp. (CECO): ₹804 Cr
3. Energy Recovery, Inc. (ERII): ₹137 Cr
4. PureCycle Technologies, Inc. (PCT): ₹11 Cr
5. CleanCore Solutions, Inc. (ZONE): ₹4 Cr

### Revenue growth — fastest growers
1. CleanCore Solutions, Inc. (ZONE): 100%
2. CECO Environmental Corp. (CECO): 32%
3. Zurn Elkay Water Solutions Corporation (ZWS): 10.0%
4. Energy Recovery, Inc. (ERII): -2.8%

### 20-quarter Revenue history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 — | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 — | Jun 2026 ₹1.4K Cr
- ZWS: Sep 2021 ₹230 Cr | Dec 2021 ₹232 Cr | Mar 2022 ₹240 Cr | Jun 2022 ₹284 Cr | Sep 2022 ₹418 Cr | Dec 2022 ₹340 Cr | Mar 2023 ₹372 Cr | Jun 2023 ₹403 Cr | Sep 2023 ₹398 Cr | Dec 2023 ₹357 Cr | Mar 2024 ₹374 Cr | Jun 2024 ₹412 Cr | Sep 2024 ₹410 Cr | Dec 2024 ₹371 Cr | Mar 2025 ₹389 Cr | Jun 2025 ₹445 Cr | Sep 2025 ₹455 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹433 Cr | Jun 2026 —
- CECO: Sep 2021 ₹80 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹154 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹177 Cr | Jun 2025 ₹185 Cr | Sep 2025 ₹198 Cr | Dec 2025 ₹215 Cr | Mar 2026 ₹206 Cr | Jun 2026 —
- PCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- ADUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- ERII: Sep 2021 ₹21 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹3 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.0% | Dec 2023 3.2% | Mar 2024 1.7% | Jun 2024 2.8% | Sep 2024 4.7% | Dec 2024 4.4% | Mar 2025 — | Jun 2025 3.4% | Sep 2025 4.3% | Dec 2025 4.4% | Mar 2026 — | Jun 2026 6.8%
- ZWS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 82% | Dec 2022 47% | Mar 2023 55% | Jun 2023 42% | Sep 2023 -4.8% | Dec 2023 5.0% | Mar 2024 0.5% | Jun 2024 2.2% | Sep 2024 3.0% | Dec 2024 3.9% | Mar 2025 4.0% | Jun 2025 8.0% | Sep 2025 11% | Dec 2025 9.7% | Mar 2026 11% | Jun 2026 —
- CECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 35% | Dec 2022 23% | Mar 2023 23% | Jun 2023 23% | Sep 2023 38% | Dec 2023 33% | Mar 2024 12% | Jun 2024 7.0% | Sep 2024 -8.7% | Dec 2024 3.3% | Mar 2025 40% | Jun 2025 34% | Sep 2025 46% | Dec 2025 35% | Mar 2026 16% | Jun 2026 —
- PCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 100% | Jun 2026 —
- ERII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.8% | Sep 2022 43% | Dec 2022 24% | Mar 2023 -61% | Jun 2023 5.0% | Sep 2023 23% | Dec 2023 36% | Mar 2024 -7.7% | Jun 2024 29% | Sep 2024 5.4% | Dec 2024 18% | Mar 2025 -33% | Jun 2025 3.7% | Sep 2025 -18% | Dec 2025 0.0% | Mar 2026 25% | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -100% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.0% | Sep 2025 — | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Veralto Corporation leads opm at 23.8%; Aduro Clean Technologies Inc. leads margin change at +3610.8 percentage points.

Investor read: Veralto Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Veralto Corporation · 23.8% | 25.3% versus #2 · Zurn Elkay Water Solutions Corporation | 5/8 recent comparable periods | 4/7 companies · 82 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Veralto Corporation (VLTO): 24%
2. Zurn Elkay Water Solutions Corporation (ZWS): 19%
3. CECO Environmental Corp. (CECO): 0.9%
4. Energy Recovery, Inc. (ERII): -153%

### Margin change — fastest expanders
1. Aduro Clean Technologies Inc. (ADUR): +3,610.8 pp
2. PureCycle Technologies, Inc. (PCT): +1,374.7 pp
3. Energy Recovery, Inc. (ERII): +2.7 pp
4. Zurn Elkay Water Solutions Corporation (ZWS): +2.7 pp
5. Veralto Corporation (VLTO): −0.4 pp

### 20-quarter OPM history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 23% | Dec 2022 24% | Mar 2023 24% | Jun 2023 23% | Sep 2023 22% | Dec 2023 22% | Mar 2024 24% | Jun 2024 23% | Sep 2024 23% | Dec 2024 23% | Mar 2025 — | Jun 2025 24% | Sep 2025 23% | Dec 2025 23% | Mar 2026 — | Jun 2026 24%
- ZWS: Sep 2021 14% | Dec 2021 5.7% | Mar 2022 18% | Jun 2022 19% | Sep 2022 -2.4% | Dec 2022 5.8% | Mar 2023 12% | Jun 2023 14% | Sep 2023 15% | Dec 2023 9.2% | Mar 2024 14% | Jun 2024 18% | Sep 2024 17% | Dec 2024 13% | Mar 2025 16% | Jun 2025 18% | Sep 2025 17% | Dec 2025 15% | Mar 2026 19% | Jun 2026 —
- CECO: Sep 2021 -0.7% | Dec 2021 5.6% | Mar 2022 5.6% | Jun 2022 5.5% | Sep 2022 2.6% | Dec 2022 7.2% | Mar 2023 4.9% | Jun 2023 6.7% | Sep 2023 5.3% | Dec 2023 8.2% | Mar 2024 6.1% | Jun 2024 6.7% | Sep 2024 5.3% | Dec 2024 7.1% | Mar 2025 35% | Jun 2025 9.7% | Sep 2025 4.8% | Dec 2025 7.7% | Mar 2026 0.9% | Jun 2026 —
- ERII: Sep 2021 6.9% | Dec 2021 18% | Mar 2022 25% | Jun 2022 -14% | Sep 2022 16% | Dec 2022 35% | Mar 2023 -61% | Jun 2023 -13% | Sep 2023 25% | Dec 2023 36% | Mar 2024 -90% | Jun 2024 -7.4% | Sep 2024 18% | Dec 2024 38% | Mar 2025 -156% | Jun 2025 5.3% | Sep 2025 11% | Dec 2025 47% | Mar 2026 -153% | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 — | Dec 2022 — | Mar 2023 -41% | Jun 2023 — | Sep 2023 -116% | Dec 2023 -99% | Mar 2024 -139% | Jun 2024 -124% | Sep 2024 -224% | Dec 2024 -375% | Mar 2025 -129% | Jun 2025 -436% | Sep 2025 -911% | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.6 pp | Dec 2023 −1.4 pp | Mar 2024 −0.3 pp | Jun 2024 +0.1 pp | Sep 2024 +1.6 pp | Dec 2024 +0.7 pp | Mar 2025 — | Jun 2025 +1.0 pp | Sep 2025 −0.6 pp | Dec 2025 +0.3 pp | Mar 2026 — | Jun 2026 −0.4 pp
- ZWS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.5 pp | Sep 2022 −16.5 pp | Dec 2022 +0.1 pp | Mar 2023 −6.6 pp | Jun 2023 −5.2 pp | Sep 2023 +17.5 pp | Dec 2023 +3.4 pp | Mar 2024 +2.5 pp | Jun 2024 +3.9 pp | Sep 2024 +2.0 pp | Dec 2024 +4.1 pp | Mar 2025 +2.1 pp | Jun 2025 0.0 pp | Sep 2025 −0.1 pp | Dec 2025 +1.5 pp | Mar 2026 +2.7 pp | Jun 2026 —
- CECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.8 pp | Sep 2022 +3.3 pp | Dec 2022 +1.6 pp | Mar 2023 −0.7 pp | Jun 2023 +1.2 pp | Sep 2023 +2.7 pp | Dec 2023 +1.0 pp | Mar 2024 +1.2 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.1 pp | Mar 2025 +28.9 pp | Jun 2025 +3.0 pp | Sep 2025 −0.5 pp | Dec 2025 +0.6 pp | Mar 2026 −34.1 pp | Jun 2026 —
- PCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +1,374.7 pp | Jun 2026 —
- ADUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +1,209.8 pp | Jun 2024 +1,384.0 pp | Sep 2024 −1,790.0 pp | Dec 2024 −5,217.3 pp | Mar 2025 −2,889.9 pp | Jun 2025 −2,654.9 pp | Sep 2025 −6,591.8 pp | Dec 2025 +3,610.8 pp | Mar 2026 — | Jun 2026 —
- ERII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −15.7 pp | Sep 2022 +9.2 pp | Dec 2022 +16.7 pp | Mar 2023 −85.8 pp | Jun 2023 +1.8 pp | Sep 2023 +8.6 pp | Dec 2023 +1.5 pp | Mar 2024 −29.9 pp | Jun 2024 +5.1 pp | Sep 2024 −6.4 pp | Dec 2024 +2.2 pp | Mar 2025 −65.4 pp | Jun 2025 +12.7 pp | Sep 2025 −6.9 pp | Dec 2025 +8.6 pp | Mar 2026 +2.7 pp | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −98.6 pp | Jun 2024 — | Sep 2024 −108.3 pp | Dec 2024 −275.3 pp | Mar 2025 +10.6 pp | Jun 2025 −311.5 pp | Sep 2025 −686.7 pp | Dec 2025 −1,563.6 pp | Mar 2026 −3,362.4 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Zurn Elkay Water Solutions Corporation leads with $211 million of TTM profit, 10× the profit of Energy Recovery, Inc.. Zurn Elkay Water Solutions Corporation shows 27.1% growth from a $211 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Zurn Elkay Water Solutions Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Zurn Elkay Water Solutions Corporation · $211 million | 10× versus #2 · Energy Recovery, Inc. | 8/8 recent comparable periods | 6/7 companies · 122 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Zurn Elkay Water Solutions Corporation (ZWS): ₹211 Cr
2. Energy Recovery, Inc. (ERII): ₹21 Cr
3. CECO Environmental Corp. (CECO): ₹17 Cr
4. Aduro Clean Technologies Inc. (ADUR): ₹-18 Cr
5. CleanCore Solutions, Inc. (ZONE): ₹-158 Cr

### Profit growth — fastest growers
1. Zurn Elkay Water Solutions Corporation (ZWS): 27%
2. CECO Environmental Corp. (CECO): -65%

### 20-quarter Net profit history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹218 Cr | Dec 2022 ₹216 Cr | Mar 2023 ₹225 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹205 Cr | Dec 2023 ₹200 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹219 Cr | Dec 2024 ₹227 Cr | Mar 2025 — | Jun 2025 ₹225 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹239 Cr | Mar 2026 — | Jun 2026 ₹254 Cr
- ZWS: Sep 2021 ₹16 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹59 Cr | Jun 2026 —
- CECO: Sep 2021 ₹-1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- PCT: Sep 2021 ₹-21 Cr | Dec 2021 ₹-19 Cr | Mar 2022 ₹-25 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-35 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹-26 Cr | Jun 2023 ₹-55 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹-86 Cr | Jun 2024 ₹-48 Cr | Sep 2024 ₹-91 Cr | Dec 2024 ₹-65 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹-144 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹-33 Cr | Jun 2026 —
- ADUR: Sep 2021 ₹-1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —
- ERII: Sep 2021 ₹1 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹-12 Cr | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-1 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-104 Cr | Mar 2026 ₹-37 Cr | Jun 2026 —

### 20-quarter Profit growth history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -6.0% | Dec 2023 -7.4% | Mar 2024 -18% | Jun 2024 -2.9% | Sep 2024 6.8% | Dec 2024 14% | Mar 2025 — | Jun 2025 11% | Sep 2025 1.4% | Dec 2025 5.3% | Mar 2026 — | Jun 2026 13%
- ZWS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 71% | Sep 2022 -219% | Dec 2022 233% | Mar 2023 -21% | Jun 2023 -8.3% | Sep 2023 — | Dec 2023 40% | Mar 2024 48% | Jun 2024 36% | Sep 2024 26% | Dec 2024 157% | Mar 2025 21% | Jun 2025 11% | Sep 2025 36% | Dec 2025 17% | Mar 2026 44% | Jun 2026 —
- CECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 350% | Mar 2023 -33% | Jun 2023 -20% | Sep 2023 100% | Dec 2023 -56% | Mar 2024 0.0% | Jun 2024 25% | Sep 2024 -25% | Dec 2024 25% | Mar 2025 1,700% | Jun 2025 100% | Sep 2025 -33% | Dec 2025 0.0% | Mar 2026 -100% | Jun 2026 —
- PCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -1,111% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -467% | Jun 2026 —
- ERII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -300% | Sep 2022 400% | Dec 2022 180% | Mar 2023 -175% | Jun 2023 — | Sep 2023 100% | Dec 2023 43% | Mar 2024 — | Jun 2024 — | Sep 2024 -20% | Dec 2024 15% | Mar 2025 — | Jun 2025 — | Sep 2025 -50% | Dec 2025 17% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Veralto Corporation reports $12 million of CAPEX; PureCycle Technologies, Inc. has the highest covered intensity at 75%. Coverage is only 7 of 7 companies and 116 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Veralto Corporation · $12 million | 300% versus #2 · CECO Environmental Corp. | 8/8 recent comparable periods | 7/7 companies · 116 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Veralto Corporation (VLTO): ₹12 Cr
2. CECO Environmental Corp. (CECO): ₹3 Cr
3. PureCycle Technologies, Inc. (PCT): ₹3 Cr
4. Zurn Elkay Water Solutions Corporation (ZWS): ₹3 Cr
5. Aduro Clean Technologies Inc. (ADUR): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. PureCycle Technologies, Inc. (PCT): 75%
2. Energy Recovery, Inc. (ERII): 10%
3. CECO Environmental Corp. (CECO): 1.5%
4. Veralto Corporation (VLTO): 0.8%
5. Zurn Elkay Water Solutions Corporation (ZWS): 0.7%

### 20-quarter CAPEX history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹22 Cr | Mar 2025 — | Jun 2025 ₹15 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹12 Cr | Mar 2026 — | Jun 2026 ₹12 Cr
- ZWS: Sep 2021 ₹8 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- CECO: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- PCT: Sep 2021 ₹38 Cr | Dec 2021 — | Mar 2022 ₹52 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- ADUR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- ERII: Sep 2021 ₹2 Cr | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.6% | Mar 2023 0.7% | Jun 2023 1.0% | Sep 2023 0.9% | Dec 2023 1.7% | Mar 2024 1.0% | Jun 2024 0.9% | Sep 2024 0.7% | Dec 2024 1.6% | Mar 2025 — | Jun 2025 1.1% | Sep 2025 1.2% | Dec 2025 0.9% | Mar 2026 — | Jun 2026 0.8%
- ZWS: Sep 2021 3.5% | Dec 2021 0.9% | Mar 2022 0.4% | Jun 2022 0.4% | Sep 2022 0.5% | Dec 2022 0.9% | Mar 2023 1.3% | Jun 2023 1.5% | Sep 2023 1.3% | Dec 2023 1.4% | Mar 2024 1.1% | Jun 2024 1.2% | Sep 2024 1.0% | Dec 2024 2.4% | Mar 2025 1.0% | Jun 2025 2.0% | Sep 2025 1.5% | Dec 2025 2.2% | Mar 2026 0.7% | Jun 2026 —
- CECO: Sep 2021 1.3% | Dec 2021 1.1% | Mar 2022 1.1% | Jun 2022 1.0% | Sep 2022 0.9% | Dec 2022 0.9% | Mar 2023 2.7% | Jun 2023 0.8% | Sep 2023 1.3% | Dec 2023 1.9% | Mar 2024 2.4% | Jun 2024 2.9% | Sep 2024 2.9% | Dec 2024 3.8% | Mar 2025 1.7% | Jun 2025 0.5% | Sep 2025 2.0% | Dec 2025 1.4% | Mar 2026 1.5% | Jun 2026 —
- PCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 750% | Jun 2025 450% | Sep 2025 200% | Dec 2025 433% | Mar 2026 75% | Jun 2026 —
- ERII: Sep 2021 9.5% | Dec 2021 — | Mar 2022 6.1% | Jun 2022 0.0% | Sep 2022 — | Dec 2022 2.4% | Mar 2023 0.0% | Jun 2023 4.8% | Sep 2023 0.0% | Dec 2023 1.8% | Mar 2024 8.3% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 1.5% | Mar 2026 10% | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Energy Recovery, Inc. has the clearest covered balance-sheet capacity with $77 million net cash and gross debt of $9 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Aduro Clean Technologies Inc. · $0 million | null versus #2 · CleanCore Solutions, Inc. | 8/8 recent comparable periods | 7/7 companies · 121 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Aduro Clean Technologies Inc. (ADUR): ₹0 Cr
2. CleanCore Solutions, Inc. (ZONE): ₹0 Cr
3. Energy Recovery, Inc. (ERII): ₹9 Cr
4. CECO Environmental Corp. (CECO): ₹276 Cr
5. PureCycle Technologies, Inc. (PCT): ₹429 Cr

### Net debt — lowest net debt
1. Energy Recovery, Inc. (ERII): ₹-77 Cr
2. Aduro Clean Technologies Inc. (ADUR): ₹-39 Cr
3. CleanCore Solutions, Inc. (ZONE): ₹-4 Cr
4. CECO Environmental Corp. (CECO): ₹231 Cr
5. Zurn Elkay Water Solutions Corporation (ZWS): ₹263 Cr

### 20-quarter Gross debt history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 — | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 — | Jun 2026 ₹2.7K Cr
- ZWS: Sep 2021 ₹1.2K Cr | Dec 2021 ₹548 Cr | Mar 2022 ₹546 Cr | Jun 2022 ₹543 Cr | Sep 2022 ₹588 Cr | Dec 2022 ₹570 Cr | Mar 2023 ₹595 Cr | Jun 2023 ₹596 Cr | Sep 2023 ₹594 Cr | Dec 2023 ₹533 Cr | Mar 2024 ₹530 Cr | Jun 2024 ₹535 Cr | Sep 2024 ₹542 Cr | Dec 2024 ₹539 Cr | Mar 2025 ₹544 Cr | Jun 2025 ₹542 Cr | Sep 2025 ₹540 Cr | Dec 2025 ₹539 Cr | Mar 2026 ₹537 Cr | Jun 2026 —
- CECO: Sep 2021 ₹75 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹120 Cr | Dec 2022 ₹120 Cr | Mar 2023 ₹155 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹241 Cr | Mar 2025 ₹360 Cr | Jun 2025 ₹260 Cr | Sep 2025 ₹244 Cr | Dec 2025 ₹235 Cr | Mar 2026 ₹276 Cr | Jun 2026 —
- PCT: Sep 2021 ₹292 Cr | Dec 2021 ₹233 Cr | Mar 2022 ₹246 Cr | Jun 2022 ₹245 Cr | Sep 2022 ₹250 Cr | Dec 2022 ₹250 Cr | Mar 2023 ₹250 Cr | Jun 2023 ₹318 Cr | Sep 2023 ₹541 Cr | Dec 2023 ₹544 Cr | Mar 2024 ₹314 Cr | Jun 2024 ₹340 Cr | Sep 2024 ₹367 Cr | Dec 2024 ₹401 Cr | Mar 2025 ₹417 Cr | Jun 2025 ₹429 Cr | Sep 2025 ₹432 Cr | Dec 2025 ₹416 Cr | Mar 2026 ₹429 Cr | Jun 2026 —
- ADUR: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- ERII: Sep 2021 ₹17 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Net debt history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 — | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹897 Cr | Mar 2026 — | Jun 2026 ₹1.2K Cr
- ZWS: Sep 2021 ₹714 Cr | Dec 2021 ₹451 Cr | Mar 2022 ₹473 Cr | Jun 2022 ₹433 Cr | Sep 2022 ₹516 Cr | Dec 2022 ₹445 Cr | Mar 2023 ₹520 Cr | Jun 2023 ₹493 Cr | Sep 2023 ₹421 Cr | Dec 2023 ₹396 Cr | Mar 2024 ₹373 Cr | Jun 2024 ₹372 Cr | Sep 2024 ₹354 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹399 Cr | Jun 2025 ₹340 Cr | Sep 2025 ₹280 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹263 Cr | Jun 2026 —
- CECO: Sep 2021 ₹43 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹101 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹203 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹223 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹231 Cr | Jun 2026 —
- PCT: Sep 2021 ₹71 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹-172 Cr | Jun 2022 ₹-105 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹212 Cr | Jun 2023 ₹289 Cr | Sep 2023 ₹330 Cr | Dec 2023 ₹422 Cr | Mar 2024 ₹287 Cr | Jun 2024 ₹329 Cr | Sep 2024 ₹283 Cr | Dec 2024 ₹385 Cr | Mar 2025 ₹395 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹198 Cr | Dec 2025 ₹246 Cr | Mar 2026 ₹308 Cr | Jun 2026 —
- ADUR: Sep 2021 ₹-1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-39 Cr | Jun 2026 —
- ERII: Sep 2021 ₹-91 Cr | Dec 2021 ₹-90 Cr | Mar 2022 ₹-66 Cr | Jun 2022 ₹-66 Cr | Sep 2022 ₹-67 Cr | Dec 2022 ₹-90 Cr | Mar 2023 ₹-84 Cr | Jun 2023 ₹-81 Cr | Sep 2023 ₹-71 Cr | Dec 2023 ₹-96 Cr | Mar 2024 ₹-104 Cr | Jun 2024 ₹-89 Cr | Sep 2024 ₹-107 Cr | Dec 2024 ₹-67 Cr | Mar 2025 ₹-73 Cr | Jun 2025 ₹-69 Cr | Sep 2025 ₹-60 Cr | Dec 2025 ₹-66 Cr | Mar 2026 ₹-77 Cr | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Veralto Corporation leads ROCE at 6.1%, 2.7 percentage points above Zurn Elkay Water Solutions Corporation. Aduro Clean Technologies Inc. has the strongest latest improvement at +43.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Veralto Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Veralto Corporation · 6.1% | 79.4% versus #2 · Zurn Elkay Water Solutions Corporation | 0/8 recent comparable periods | 7/7 companies · 122 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Veralto Corporation (VLTO): 6.1%
2. Zurn Elkay Water Solutions Corporation (ZWS): 3.4%
3. CECO Environmental Corp. (CECO): 0.3%
4. PureCycle Technologies, Inc. (PCT): -5.6%
5. Energy Recovery, Inc. (ERII): -7.5%

### ROCE change — fastest improvers
1. Aduro Clean Technologies Inc. (ADUR): +43.6 pp
2. Zurn Elkay Water Solutions Corporation (ZWS): +0.8 pp
3. PureCycle Technologies, Inc. (PCT): −0.2 pp
4. Veralto Corporation (VLTO): −0.3 pp
5. Energy Recovery, Inc. (ERII): −1.7 pp

### 20-quarter ROCE history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 16% | Mar 2023 — | Jun 2023 — | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 13% | Jun 2024 13% | Sep 2024 6.7% | Dec 2024 6.4% | Mar 2025 — | Jun 2025 6.4% | Sep 2025 5.9% | Dec 2025 6.3% | Mar 2026 — | Jun 2026 6.1%
- ZWS: Sep 2021 1.0% | Dec 2021 0.7% | Mar 2022 2.2% | Jun 2022 2.6% | Sep 2022 -0.3% | Dec 2022 1.2% | Mar 2023 2.5% | Jun 2023 3.1% | Sep 2023 2.3% | Dec 2023 1.3% | Mar 2024 2.1% | Jun 2024 2.9% | Sep 2024 2.8% | Dec 2024 2.0% | Mar 2025 2.6% | Jun 2025 3.2% | Sep 2025 3.2% | Dec 2025 2.5% | Mar 2026 3.4% | Jun 2026 —
- CECO: Sep 2021 -0.2% | Dec 2021 1.7% | Mar 2022 1.6% | Jun 2022 1.8% | Sep 2022 0.9% | Dec 2022 2.6% | Mar 2023 1.5% | Jun 2023 2.4% | Sep 2023 2.1% | Dec 2023 3.4% | Mar 2024 1.9% | Jun 2024 2.4% | Sep 2024 1.8% | Dec 2024 2.5% | Mar 2025 12% | Jun 2025 3.7% | Sep 2025 1.9% | Dec 2025 3.0% | Mar 2026 0.3% | Jun 2026 —
- PCT: Sep 2021 -7.5% | Dec 2021 -4.4% | Mar 2022 -2.5% | Jun 2022 -2.6% | Sep 2022 -2.9% | Dec 2022 -2.9% | Mar 2023 -2.6% | Jun 2023 -3.1% | Sep 2023 -3.4% | Dec 2023 -3.8% | Mar 2024 -5.2% | Jun 2024 -5.3% | Sep 2024 -3.6% | Dec 2024 -4.2% | Mar 2025 -5.4% | Jun 2025 -5.8% | Sep 2025 -4.9% | Dec 2025 -5.7% | Mar 2026 -5.6% | Jun 2026 —
- ADUR: Sep 2021 -168% | Dec 2021 -303% | Mar 2022 -424% | Jun 2022 -187% | Sep 2022 -134% | Dec 2022 -128% | Mar 2023 -168% | Jun 2023 -83% | Sep 2023 -103% | Dec 2023 -125% | Mar 2024 -126% | Jun 2024 -115% | Sep 2024 -84% | Dec 2024 -73% | Mar 2025 -80% | Jun 2025 -96% | Sep 2025 -65% | Dec 2025 -79% | Mar 2026 -36% | Jun 2026 —
- ERII: Sep 2021 0.8% | Dec 2021 3.1% | Mar 2022 4.1% | Jun 2022 -1.6% | Sep 2022 2.6% | Dec 2022 7.1% | Mar 2023 -4.2% | Jun 2023 -1.4% | Sep 2023 4.7% | Dec 2023 9.2% | Mar 2024 -5.2% | Jun 2024 -1.0% | Sep 2024 3.1% | Dec 2024 11% | Mar 2025 -5.8% | Jun 2025 0.7% | Sep 2025 1.7% | Dec 2025 14% | Mar 2026 -7.5% | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 4.5% | Sep 2022 — | Dec 2022 — | Mar 2023 8.4% | Jun 2023 0.0% | Sep 2023 -43% | Dec 2023 -36% | Mar 2024 -83% | Jun 2024 -29% | Sep 2024 -24% | Dec 2024 -34% | Mar 2025 -31% | Jun 2025 -67% | Sep 2025 -9.3% | Dec 2025 -42% | Mar 2026 -59% | Jun 2026 —

### 20-quarter ROCE change history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −8.4 pp | Dec 2023 −8.9 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −0.3 pp | Dec 2024 −0.6 pp | Mar 2025 — | Jun 2025 −6.3 pp | Sep 2025 −0.8 pp | Dec 2025 −0.1 pp | Mar 2026 — | Jun 2026 −0.3 pp
- ZWS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 +0.5 pp | Mar 2023 +0.3 pp | Jun 2023 +0.5 pp | Sep 2023 +2.6 pp | Dec 2023 +0.1 pp | Mar 2024 −0.4 pp | Jun 2024 −0.2 pp | Sep 2024 +0.5 pp | Dec 2024 +0.7 pp | Mar 2025 +0.5 pp | Jun 2025 +0.3 pp | Sep 2025 +0.4 pp | Dec 2025 +0.5 pp | Mar 2026 +0.8 pp | Jun 2026 —
- CECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +0.9 pp | Mar 2023 −0.1 pp | Jun 2023 +0.6 pp | Sep 2023 +1.2 pp | Dec 2023 +0.8 pp | Mar 2024 +0.4 pp | Jun 2024 0.0 pp | Sep 2024 −0.3 pp | Dec 2024 −0.9 pp | Mar 2025 +9.7 pp | Jun 2025 +1.3 pp | Sep 2025 +0.1 pp | Dec 2025 +0.5 pp | Mar 2026 −11.3 pp | Jun 2026 —
- PCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.6 pp | Dec 2022 +1.5 pp | Mar 2023 −0.1 pp | Jun 2023 −0.5 pp | Sep 2023 −0.5 pp | Dec 2023 −0.9 pp | Mar 2024 −2.6 pp | Jun 2024 −2.2 pp | Sep 2024 −0.2 pp | Dec 2024 −0.4 pp | Mar 2025 −0.2 pp | Jun 2025 −0.5 pp | Sep 2025 −1.3 pp | Dec 2025 −1.5 pp | Mar 2026 −0.2 pp | Jun 2026 —
- ADUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +33.2 pp | Dec 2022 +175.3 pp | Mar 2023 +256.6 pp | Jun 2023 +104.7 pp | Sep 2023 +31.7 pp | Dec 2023 +3.4 pp | Mar 2024 +41.3 pp | Jun 2024 −32.1 pp | Sep 2024 +18.7 pp | Dec 2024 +51.9 pp | Mar 2025 +46.3 pp | Jun 2025 +18.4 pp | Sep 2025 +18.9 pp | Dec 2025 −5.8 pp | Mar 2026 +43.6 pp | Jun 2026 —
- ERII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +4.0 pp | Mar 2023 −8.3 pp | Jun 2023 +0.2 pp | Sep 2023 +2.1 pp | Dec 2023 +2.1 pp | Mar 2024 −1.0 pp | Jun 2024 +0.4 pp | Sep 2024 −1.6 pp | Dec 2024 +2.2 pp | Mar 2025 −0.6 pp | Jun 2025 +1.7 pp | Sep 2025 −1.4 pp | Dec 2025 +3.0 pp | Mar 2026 −1.7 pp | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +8.4 pp | Jun 2023 −4.5 pp | Sep 2023 — | Dec 2023 — | Mar 2024 −91.7 pp | Jun 2024 −29.4 pp | Sep 2024 +19.5 pp | Dec 2024 +2.1 pp | Mar 2025 +52.4 pp | Jun 2025 −37.7 pp | Sep 2025 +14.2 pp | Dec 2025 −8.2 pp | Mar 2026 −28.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Zurn Elkay Water Solutions Corporation has the lowest comparable Guarded PEG at 1.36×, 25.3% below Energy Recovery, Inc.. Only 2 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Zurn Elkay Water Solutions Corporation · 1.36× | 25.3% versus #2 · Energy Recovery, Inc. | 0/8 recent comparable periods | 2/7 companies · 12 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Zurn Elkay Water Solutions Corporation (ZWS): 1.4
2. Energy Recovery, Inc. (ERII): 1.8

### P/E — lowest P/E
1. Veralto Corporation (VLTO): 22.7
2. Energy Recovery, Inc. (ERII): 26.5
3. Zurn Elkay Water Solutions Corporation (ZWS): 36.2
4. CECO Environmental Corp. (CECO): 161.0

### 20-quarter Guarded PEG history
- ZWS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 — | Jun 2024 — | Sep 2024 1.3 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 1.0 | Dec 2025 1.5 | Mar 2026 1.4 | Jun 2026 —
- ERII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.0 | Dec 2024 3.4 | Mar 2025 — | Jun 2025 1.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 24.4 | Dec 2023 24.2 | Mar 2024 27.5 | Jun 2024 29.9 | Sep 2024 34.0 | Dec 2024 30.5 | Mar 2025 — | Jun 2025 25.4 | Sep 2025 29.0 | Dec 2025 29.4 | Mar 2026 — | Jun 2026 22.7
- ZWS: Sep 2021 27.4 | Dec 2021 91.0 | Mar 2022 38.1 | Jun 2022 26.2 | Sep 2022 58.3 | Dec 2022 57.2 | Mar 2023 59.3 | Jun 2023 99.6 | Sep 2023 48.3 | Dec 2023 46.0 | Mar 2024 50.7 | Jun 2024 40.3 | Sep 2024 46.1 | Dec 2024 40.5 | Mar 2025 33.7 | Jun 2025 36.2 | Sep 2025 42.0 | Dec 2025 40.4 | Mar 2026 36.2 | Jun 2026 —
- CECO: Sep 2021 140.8 | Dec 2021 155.8 | Mar 2022 68.6 | Jun 2022 29.9 | Sep 2022 29.5 | Dec 2022 23.4 | Mar 2023 28.6 | Jun 2023 28.4 | Sep 2023 31.9 | Dec 2023 54.8 | Mar 2024 65.8 | Jun 2024 80.1 | Sep 2024 85.5 | Dec 2024 84.0 | Mar 2025 17.7 | Jun 2025 19.8 | Sep 2025 36.3 | Dec 2025 43.7 | Mar 2026 161.0 | Jun 2026 —
- ERII: Sep 2021 86.5 | Dec 2021 89.5 | Mar 2022 74.6 | Jun 2022 92.5 | Sep 2022 80.5 | Dec 2022 48.8 | Mar 2023 135.6 | Jun 2023 155.3 | Sep 2023 78.6 | Dec 2023 50.9 | Mar 2024 46.4 | Jun 2024 36.9 | Sep 2024 51.2 | Dec 2024 36.8 | Mar 2025 43.0 | Jun 2025 30.4 | Sep 2025 45.4 | Dec 2025 32.1 | Mar 2026 26.5 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Veralto Corporation leads ev/ebitda at 16.6×; CleanCore Solutions, Inc. leads p/bv at 1.31×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Veralto Corporation · 16.6× | 4% versus #2 · Energy Recovery, Inc. | 0/8 recent comparable periods | 4/7 companies · 66 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Veralto Corporation (VLTO): 16.6
2. Energy Recovery, Inc. (ERII): 17.3
3. Zurn Elkay Water Solutions Corporation (ZWS): 20.2
4. CECO Environmental Corp. (CECO): 33.1

### P/BV — lowest P/BV
1. CleanCore Solutions, Inc. (ZONE): 1.3
2. Energy Recovery, Inc. (ERII): 2.9
3. Zurn Elkay Water Solutions Corporation (ZWS): 4.7
4. CECO Environmental Corp. (CECO): 6.8
5. Veralto Corporation (VLTO): 7.2

### 20-quarter EV/EBITDA history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 18.7 | Dec 2023 18.0 | Mar 2024 19.3 | Jun 2024 20.4 | Sep 2024 22.6 | Dec 2024 20.8 | Mar 2025 — | Jun 2025 17.8 | Sep 2025 20.3 | Dec 2025 20.4 | Mar 2026 — | Jun 2026 16.6
- ZWS: Sep 2021 22.1 | Dec 2021 27.3 | Mar 2022 26.5 | Jun 2022 53.2 | Sep 2022 34.9 | Dec 2022 25.9 | Mar 2023 23.8 | Jun 2023 64.5 | Sep 2023 19.6 | Dec 2023 19.6 | Mar 2024 21.4 | Jun 2024 17.7 | Sep 2024 20.5 | Dec 2024 20.1 | Mar 2025 17.3 | Jun 2025 18.5 | Sep 2025 22.8 | Dec 2025 21.8 | Mar 2026 20.2 | Jun 2026 —
- CECO: Sep 2021 15.9 | Dec 2021 10.9 | Mar 2022 12.2 | Jun 2022 11.2 | Sep 2022 13.5 | Dec 2022 14.7 | Mar 2023 17.9 | Jun 2023 12.2 | Sep 2023 15.8 | Dec 2023 17.2 | Mar 2024 18.2 | Jun 2024 21.8 | Sep 2024 19.3 | Dec 2024 25.3 | Mar 2025 9.7 | Jun 2025 10.6 | Sep 2025 16.6 | Dec 2025 17.9 | Mar 2026 33.1 | Jun 2026 —
- ERII: Sep 2021 56.9 | Dec 2021 56.4 | Mar 2022 182.6 | Jun 2022 318.3 | Sep 2022 151.3 | Dec 2022 32.1 | Mar 2023 6,392.9 | Jun 2023 — | Sep 2023 275.7 | Dec 2023 40.1 | Mar 2024 37.0 | Jun 2024 30.4 | Sep 2024 44.7 | Dec 2024 29.4 | Mar 2025 34.8 | Jun 2025 23.8 | Sep 2025 33.6 | Dec 2025 23.0 | Mar 2026 17.3 | Jun 2026 —

### 20-quarter P/BV history
- VLTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 20.1 | Dec 2023 14.6 | Mar 2024 14.7 | Jun 2024 14.2 | Sep 2024 13.9 | Dec 2024 12.3 | Mar 2025 — | Jun 2025 9.5 | Sep 2025 9.7 | Dec 2025 9.3 | Mar 2026 — | Jun 2026 7.2
- ZWS: Sep 2021 1.1 | Dec 2021 36.2 | Mar 2022 23.0 | Jun 2022 15.0 | Sep 2022 2.7 | Dec 2022 2.3 | Mar 2023 2.3 | Jun 2023 2.9 | Sep 2023 3.0 | Dec 2023 3.2 | Mar 2024 3.6 | Jun 2024 3.2 | Sep 2024 3.9 | Dec 2024 4.0 | Mar 2025 3.6 | Jun 2025 3.9 | Sep 2025 5.0 | Dec 2025 4.8 | Mar 2026 4.7 | Jun 2026 —
- CECO: Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 1.5 | Dec 2022 1.9 | Mar 2023 2.2 | Jun 2023 2.1 | Sep 2023 2.5 | Dec 2023 3.0 | Mar 2024 3.5 | Jun 2024 4.3 | Sep 2024 4.1 | Dec 2024 4.3 | Mar 2025 2.8 | Jun 2025 3.4 | Sep 2025 5.9 | Dec 2025 6.7 | Mar 2026 6.8 | Jun 2026 —
- PCT: Sep 2021 4.8 | Dec 2021 3.2 | Mar 2022 2.3 | Jun 2022 2.2 | Sep 2022 2.5 | Dec 2022 2.2 | Mar 2023 2.4 | Jun 2023 4.0 | Sep 2023 2.1 | Dec 2023 1.6 | Mar 2024 3.0 | Jun 2024 3.3 | Sep 2024 6.8 | Dec 2024 9.9 | Mar 2025 5.2 | Jun 2025 24.9 | Sep 2025 34.7 | Dec 2025 33.8 | Mar 2026 126.4 | Jun 2026 —
- ADUR: Sep 2021 16.7 | Dec 2021 21.9 | Mar 2022 32.2 | Jun 2022 12.7 | Sep 2022 13.5 | Dec 2022 14.3 | Mar 2023 19.1 | Jun 2023 8.2 | Sep 2023 9.6 | Dec 2023 13.3 | Mar 2024 16.8 | Jun 2024 14.6 | Sep 2024 17.2 | Dec 2024 18.3 | Mar 2025 19.6 | Jun 2025 28.2 | Sep 2025 26.9 | Dec 2025 33.6 | Mar 2026 12.3 | Jun 2026 —
- ERII: Sep 2021 6.1 | Dec 2021 6.8 | Mar 2022 6.3 | Jun 2022 6.7 | Sep 2022 7.2 | Dec 2022 — | Mar 2023 7.2 | Jun 2023 8.7 | Sep 2023 6.2 | Dec 2023 — | Mar 2024 4.2 | Jun 2024 3.5 | Sep 2024 4.3 | Dec 2024 3.8 | Mar 2025 4.4 | Jun 2025 3.7 | Sep 2025 4.5 | Dec 2025 3.5 | Mar 2026 2.9 | Jun 2026 —
- ZONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.1 | Sep 2024 3.5 | Dec 2024 4.8 | Mar 2025 4.8 | Jun 2025 19.6 | Sep 2025 2.2 | Dec 2025 0.6 | Mar 2026 1.3 | Jun 2026 —

## Market action

CECO Environmental Corp. has the strongest one-year price move in Pollution & Treatment Controls at +49.5%. It also leads on Mansfield relative strength against the S&P 500 at -0.4%. 0 of 7 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. CECO Environmental Corp. (CECO): 50%
2. Aduro Clean Technologies Inc. (ADUR): 27%
3. Zurn Elkay Water Solutions Corporation (ZWS): 9.6%
4. Veralto Corporation (VLTO): -6.0%
5. Energy Recovery, Inc. (ERII): -34%

### Strongest relative strength versus NIFTY 500
1. CECO Environmental Corp. (CECO): -0.4%
2. Zurn Elkay Water Solutions Corporation (ZWS): -3.4%
3. Veralto Corporation (VLTO): -5.1%
4. Aduro Clean Technologies Inc. (ADUR): -5.3%
5. Energy Recovery, Inc. (ERII): -38%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Veralto Corporation (VLTO) — market value ₹24.2K Cr; latest fundamentals Jun 2026
- Zurn Elkay Water Solutions Corporation (ZWS) — market value ₹8.2K Cr; latest fundamentals Mar 2026
- CECO Environmental Corp. (CECO) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- PureCycle Technologies, Inc. (PCT) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Aduro Clean Technologies Inc. (ADUR) — market value ₹463 Cr; latest fundamentals Mar 2026
- Energy Recovery, Inc. (ERII) — market value ₹433 Cr; latest fundamentals Mar 2026
- CleanCore Solutions, Inc. (ZONE) — market value ₹155 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Pollution & Treatment Controls company is the biggest?

Zurn Elkay Water Solutions Corporation is the largest, with trailing-twelve-month revenue of $1,740 million, ahead of CECO Environmental Corp. at $804 million. That covers 5 of 7 companies with comparable reporting through Mar 2026.

### Which Pollution & Treatment Controls company is growing fastest?

CleanCore Solutions, Inc. has the fastest revenue growth at 100% year on year, across 4 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Pollution & Treatment Controls company has the best profit margins?

Veralto Corporation has the highest operating margin at 23.8%, from 4 of 7 comparable companies. Aduro Clean Technologies Inc. shows the biggest recent improvement, at +3610.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Pollution & Treatment Controls company makes the most profit?

Zurn Elkay Water Solutions Corporation earns the most, at $211 million of trailing-twelve-month net profit, from 6 of 7 comparable companies. Zurn Elkay Water Solutions Corporation has the fastest profit growth at 27.1%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Pollution & Treatment Controls company earns the highest return on capital?

Veralto Corporation leads on return on capital employed at 6.1%, across 7 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Pollution & Treatment Controls stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Zurn Elkay Water Solutions Corporation screens cheapest at 1.36×. Only 2 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Pollution & Treatment Controls company has the strongest balance sheet?

Aduro Clean Technologies Inc. carries the lowest comparable gross debt at $0 million, from 7 of 7 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Pollution & Treatment Controls company is investing most in new capacity?

Veralto Corporation reports the largest capital spending at $12 million, across 7 of 7 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Pollution & Treatment Controls sector beating the market?

Pollution & Treatment Controls has underperformed S&P 500 by 20.1% over the last 52 weeks and 8.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Pollution & Treatment Controls stock has the strongest price momentum?

CECO Environmental Corp. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Pollution & Treatment Controls company scores highest for research priority?

Zurn Elkay Water Solutions Corporation scores 60.8 out of 100 with 79% evidence confidence, from 24.3 points on growth and earnings, 15.8 on capital efficiency, 11.7 on valuation and 9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Pollution & Treatment Controls companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Pollution & Treatment Controls sector?

The 7 Pollution & Treatment Controls companies on this page carry $38,628 million of combined market value. Veralto Corporation is the largest at $24,184 million, about 63% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### How is the Pollution & Treatment Controls sector performing?

0 of the 7 covered Pollution & Treatment Controls companies are beating S&P 500 on Mansfield relative strength. The sector itself is 20.1% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Pollution & Treatment Controls stocks are listed in the US?

This comparison covers 7 listed Pollution & Treatment Controls companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/pollution-treatment-controls