Watts Water Technologies makes and sells flow control and water management products for commercial and residential buildings. Products include backflow preventers, pressure regulators, relief valves, thermostatic mixing valves, leak detection systems, commercial washroom products, high-efficiency boilers, underfloor heating systems, and drainage and water reuse systems. A large share of Watts' products are mandated by local plumbing codes, which provides a degree of demand stability. Watts also sells Nexa, a cloud-based water management platform that integrates Watts' smart and connected hardware into a SaaS offering for building operators — though Nexa is early-stage. Watts sells primarily through wholesale distributors (~66% of sales), with the remainder through specialty channels, OEMs, and retail. Revenue splits roughly 60% repair and replacement and 40% new construction, giving the business a relatively resilient base through construction cycles. Watts operates through three geographic segments: Americas (~55% of adjusted operating income), Europe (~25%), and APMEA (~20%). The Americas is the highest-margin segment; Europe is structurally lower-margin due to heavier OEM exposure. Data centers are Watts' fastest-growing end market, where Watts supplies cooling valves, strainers, and drainage systems. Watts has completed 17 acquisitions since 2016, deploying ~$660M over the past three years, and targets EBITDA margin improvement to company-average levels within three to five years post-acquisition. Copper and stainless steel are primary input costs, and Watts has historically passed cost increases through pricing.