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Specialty industrial machinery · Industrials · Fiscal year ends Dec 31
Flowserve reported revenue of $4.7B in the fiscal year ended Dec 2025, up 3.8% from the year before. Operating income was $400M, an operating margin of 8.5%, and net income was $346M. Operating cash flow of $506M less capital expenditure of $71M left free cash flow of $435M. Net debt was $815M.
Ranks among the 34 specialty industrial machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,541 | 3,615 | 4,321 | 4,558 | 4,729 |
| Cost of revenue | 2,491 | 2,621 | 3,044 | 3,124 | 3,148 |
| Gross profit | 1,050 | 994 | 1,277 | 1,434 | 1,581 |
| Research & development | 34.2 | 39.9 | 48.7 | 69.9 | 54.1 |
| Selling, general & admin | 797 | 816 | 961 | 978 | 1,062 |
| Operating income | 271 | 197 | 334 | 462 | 400 |
| Interest expense | 57.6 | 46.2 | 66.9 | 69.3 | 77.7 |
| Pre-tax income | 134 | 154 | 224 | 386 | 525 |
| Income tax | −2.6 | −43.6 | 18.6 | 84.9 | 156 |
| Net income | 126 | 189 | 187 | 283 | 346 |
| Diluted EPS | 0.96 | 1.44 | 1.42 | 2.14 | 2.64 |
| Diluted shares | 131 | 131 | 132 | 132 | 131 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 658 | 435 | 546 | 675 | 760 |
| Receivables | 739 | 869 | 882 | 977 | 1,029 |
| Inventory | 678 | 803 | 880 | 837 | 790 |
| Current assets | 2,389 | 2,451 | 2,704 | 2,904 | 3,043 |
| Net PP&E | 516 | 501 | 506 | 540 | 567 |
| Goodwill | 1,196 | 1,168 | 1,182 | 1,286 | 1,392 |
| Total assets | 4,750 | 4,791 | 5,109 | 5,501 | 5,708 |
| Payables | 410 | 477 | 548 | 545 | 554 |
| Deferred revenue | 203 | 257 | 288 | 284 | 275 |
| Current liabilities | 1,132 | 1,243 | 1,439 | 1,468 | 1,502 |
| Short-term debt | 41.1 | 49.3 | 66.2 | 44.1 | 49.9 |
| Long-term debt | 1,262 | 1,224 | 1,167 | 1,460 | 1,525 |
| Total liabilities | 2,912 | 2,932 | 3,134 | 3,449 | 3,454 |
| Shareholders' equity | 1,804 | 1,825 | 1,936 | 2,008 | 2,191 |
| Backlog (remaining obligations) | 430 | 652 | 772 | 853 | 1,046 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 250 | −40.0 | 326 | 425 | 506 |
| Capital expenditure | 54.9 | 76.3 | 67.4 | 81.0 | 70.9 |
| Free cash flow | 195 | −116 | 258 | 344 | 435 |
| Depreciation & amortisation | 99.8 | 91.0 | 83.7 | 85.6 | 95.5 |
| Stock-based compensation | 29.5 | 25.5 | 27.8 | 30.5 | 38.3 |
| Acquisitions | – | 0.0 | 0.0 | 306 | 65.9 |
| Share buybacks | 17.5 | 0.0 | 0.0 | 20.1 | 255 |
| Dividends paid | 105 | 105 | 105 | 110 | 110 |
| Dividend per share | 0.80 | 0.80 | 0.80 | 0.84 | 0.84 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.1% | 19.5% | 5.5% | 3.8% |
| Operating income growth (YoY) | – | −27.2% | 69.1% | 38.6% | −13.5% |
| EPS growth (YoY) | – | 50.0% | −1.4% | 50.7% | 23.4% |
| Gross margin | 29.6% | 27.5% | 29.6% | 31.5% | 33.4% |
| Operating margin | 7.6% | 5.5% | 7.7% | 10.1% | 8.5% |
| Net margin | 3.6% | 5.2% | 4.3% | 6.2% | 7.3% |
| Return on equityBlank when equity is negative | 7.0% | 10.3% | 9.6% | 14.1% | 15.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.5% | 5.6% | 9.1% | 11.5% | 9.5% |
| Free cash flow margin | 5.5% | −3.2% | 6.0% | 7.6% | 9.2% |
| Cash conversion (CFO ÷ net income) | 1.99x | −0.21x | 1.74x | 1.50x | 1.46x |
| Receivable days | 76 | 88 | 74 | 78 | 79 |
| Inventory days | 99 | 112 | 106 | 98 | 92 |
| Payable days | 60 | 66 | 66 | 64 | 64 |
| Interest cover | 4.70x | 4.26x | 4.98x | 6.67x | 5.14x |
| Debt ÷ equity | 0.72x | 0.70x | 0.64x | 0.75x | 0.72x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 644 | 839 | 688 | 829 | 815 |
| Current ratio | 2.11x | 1.97x | 1.88x | 1.98x | 2.03x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.