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Watts makes the unglamorous plumbing behind clean, safe water — backflow preventers, control valves, drains, boilers and water heaters that sit inside buildings you never think about. It buys brass, steel and electronics, turns them into code-mandated hardware sold through plumbing wholesalers, and grows by rolling up niche water brands. Revenue reached a record ~$2.44B in 2025, with ~76% earned in the Americas.

In simple terms

Watts buys metal, electronics and plastic, turns them into the valves, drains, boilers and safety fixtures hidden inside buildings, and sells them through plumbing wholesalers like Ferguson to the contractors who install them. Much of the demand is code-mandated and replacement-driven, which makes it steadier than it looks.

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