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Ben Pezan

Managing Director and Senior Research Analyst at Baird

Ben Pezan is a Managing Director and Senior Research Analyst at Robert W. Baird & Co., specializing in gaming, lodging, and leisure sector research. He covers specific companies including Wynn Resorts, Las Vegas Sands, Vail Resorts, Live Nation Entertainment, and Marriott Vacations Worldwide, with a strong performance track record featuring a 68% success rate and average return of 14.2% per rating on TipRanks, ranking him in the top 5% of analysts covering leisure products and services. Pezan started his Wall Street career at William Blair in 2010, advanced through roles at Macquarie Capital and Stifel before joining Baird in 2021 as a Senior Analyst and earning promotion to Managing Director. He holds active FINRA Series 7, 63, and 86/87 licenses, underscoring his robust professional credentials.

Ben Pezan's questions to Zurn Elkay Water Solutions (ZWS) leadership

Question · Q4 2025

Ben Pezan asked if Zurn Elkay Water Solutions foresees an opportunity for its baseline incremental margin to increase beyond the 35% guidance over time, driven by supply chain optimization, new product innovation, and evolving business mix.

Answer

Todd Adams, Chairman and CEO, confirmed that the company does see an opportunity for the incremental margin to move higher. He attributed this to investments in organic growth, with faster-growing categories and products having above-average margins, which will naturally improve the overall incremental margin over time.

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Question · Q4 2025

Ben Pezan asked about the impact of the EPA's Lead and Copper Rule on the drinking water business, specifically whether it would accelerate growth in the institutional/school market or primarily sustain the existing healthy trajectory of attachment and acceptance. He also inquired if the company's baseline incremental margin could increase over time due to supply chain optimization, new product innovation, and business mix evolution.

Answer

CFO David Pauli and Chairman and CEO Todd Adams viewed the EPA rule as a factor that helps sustain awareness and the current trajectory, rather than an accelerant, given the long-term opportunity to convert 6 million installed drinking fountains. Todd Adams affirmed that the 35% baseline incremental margin could indeed move higher over time, driven by faster-growing categories and continued investment in organic growth.

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