TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · US-GAAP building products peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing across the building products peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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Acuity SG&A versus peers, in text

Acuity (AYI) reports revenue of $4,346 million. On a normalized basis its SG&A runs 30.3% of revenue, against a median of 15.5% across 27 building products peers; 0 of the 27 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 0.7% of revenue (18 of 28 companies disclose it); R&D 3.2% of revenue (10 of 28 companies disclose it); Stock-based comp 1.0% of revenue (24 of 28 companies disclose it).

Closing the gap to the peer median is worth about $633 million a year (1457 bps of revenue); to the lean quartile, $875 million (2014 bps).

Over 10 years (FY2016 to FY2025), Acuity's total shareholder return was +25% against +259% for the peer composite; SG&A contributed -26.2 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/AYI.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.