Zurn Elkay Water Solutions Corp 2025年度报告

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☒No☐ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90 days.Yes☒No☐ Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulationS-T (§229.405 of this chapter)during the preceding 12 months(or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" inRule12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ As of June30, 2025, the aggregate market value of the shares of common stock (based upon the $36.57 closing price on the New York Stock Exchange onJune30, 2025, the last trading day of the registrant's second fiscal quarter) held by non-affiliates (excludes shares reported as beneficially owned by then-currentdirectors and executive officers - does not constitute an admission as to affiliate status) was approximately $6.0billion. As of February4, 2026, there were 166,797,974 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Part III of this Report on Form 10-K incorporates by reference certain information from the Proxy Statement for the Registrant's annual meeting of stockholders,to be held on or about April30, 2026, which Proxy Statement will be subsequently filed. TABLE OF CONTENTS PartI Item1.Business5Item1A.Risk Factors11Item1B.Unresolved Staff Comments19Item 1C.Cybersecurity19Item2.Properties21Item3.Legal Proceedings21Item4.Mine Safety Disclosure21Information about our Executive Officers22 Part II Item5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities23Item6.[Reserved]24Item7.Management’s Discussion and Analysis of Financial Condition and ResultsofOperations25Item7A.Quantitative and Qualitative Disclosures About Market Risk36Item8.Financial Statements and Supplementary Data37Item9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure74Item9A.Controls and Procedures74Item9B.Other Information74Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections74 Part III Item10.Item11.Item12.Item13.Item14. Directors, Executive Officers and Corporate Governance75Executive Compensation75Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters75Certain Relationships and Related Transactions, and Director Independence75Principal Accounting Fees and Services75 Part IV Item15.Exhibits and Financial Statement SchedulesItem16.Form 10-K Summary 7680 PART I CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS This report includes "forward-looking statements" within the meaning of the federal securities laws that involve risks anduncertainties. Forward-looking statements include statements we make concerning our plans, objectives, goals, strategies, futureevents, future revenues or performance, capital expen