nVent Electric
NVT · NYSESpecial Industry Machinery (No Metalworking Machinery) · Fiscal year ends Dec 31
nVent Electric reported revenue of $3.9B in the fiscal year ended Dec 2025, up 29.5% from the year before. Operating income was $617M, an operating margin of 15.8%, and net income was $710M. Operating cash flow of $465M less capital expenditure of $93M left free cash flow of $372M. Net debt was $1.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.5B | $2.3B | $2.7B | $3B | $3.9B |
| Cost of revenue | $1.5B | $1.5B | $1.6B | $1.8B | $2.4B |
| Gross profit | $942M | $823M | $1.1B | $1.2B | $1.5B |
| Research & development | $49M | $46M | $55M | $66M | $79M |
| Selling, general & admin | $538M | $468M | $557M | $616M | $774M |
| Operating income | $355M | $309M | $463M | $527M | $617M |
| Net interest incomeBanks | – | −$31M | −$79M | −$106M | −$75M |
| Interest expense | $32M | $31M | $79M | – | – |
| Pre-tax income | $321M | $336M | $375M | $429M | $550M |
| Income tax | $48M | $43M | −$84M | $188M | $122M |
| Net income | $273M | $400M | $567M | $332M | $710M |
| Diluted EPS | 1.61 | 2.38 | 3.37 | 1.97 | 4.31 |
| Diluted shares | 170M | 168M | 168M | 168M | 165M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $50M | $298M | $185M | $131M | $238M |
| Inventory | $322M | $347M | $360M | $360M | $472M |
| Current assets | $912M | $1.2B | $1.3B | $1.4B | $1.6B |
| Net PP&E | $291M | $289M | $320M | $348M | $435M |
| Goodwill | $2.2B | $1.5B | $1.9B | $2.2B | $2.7B |
| Total assets | $4.7B | $4.9B | $6.2B | $6.7B | $6.9B |
| Payables | $261M | $252M | $240M | $280M | $359M |
| Deferred revenue | $18M | $3M | $8M | $23M | $177M |
| Current liabilities | $636M | $650M | $734M | $802M | $1B |
| Short-term debt | $5M | $15M | $32M | $38M | $14M |
| Long-term debt | $994M | $1.1B | $1.7B | $2.1B | $1.5B |
| Total liabilities | $2.2B | $2.2B | $3B | $3.5B | $3.1B |
| Shareholders' equity | $2.5B | $2.7B | $3.1B | $3.2B | $3.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $373M | $395M | $528M | $643M | $465M |
| Capital expenditure | $40M | $41M | $66M | $74M | $93M |
| Free cash flow | $334M | $354M | $463M | $569M | $372M |
| Depreciation & amortisation | $41M | $36M | $44M | $51M | $61M |
| Stock-based compensation | $17M | $23M | $22M | $27M | $38M |
| Acquisitions | $235M | $9M | $1.1B | $678M | $976M |
| Share buybacks | $112M | $66M | $61M | $100M | $253M |
| Dividends paid | $118M | $117M | $117M | $127M | $130M |
| Dividend per share | 0.70 | 0.70 | 0.70 | 0.76 | 0.80 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.8% | 16.3% | 12.6% | 29.5% |
| Operating income growth (YoY) | – | −13.1% | 49.7% | 13.9% | 17.0% |
| EPS growth (YoY) | – | 47.8% | 41.6% | −41.5% | 118.8% |
| Gross margin | 38.3% | 35.9% | 40.3% | 40.2% | 37.7% |
| Operating margin | 14.4% | 13.5% | 17.3% | 17.5% | 15.8% |
| Net margin | 11.1% | 17.4% | 21.2% | 11.0% | 18.2% |
| Return on equityBlank when equity is negative | 10.9% | 14.6% | 18.0% | 10.2% | 19.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.8% | 7.3% | 8.5% | 8.9% | 10.5% |
| Free cash flow margin | 13.6% | 15.4% | 17.3% | 18.9% | 9.6% |
| Cash conversion (CFO ÷ net income) | 1.37x | 0.99x | 0.93x | 1.94x | 0.66x |
| Inventory days | 77 | 86 | 82 | 73 | 71 |
| Payable days | 63 | 63 | 55 | 57 | 54 |
| Interest cover | 11.0x | 9.90x | 5.83x | – | – |
| Debt ÷ equity | 0.40x | 0.40x | 0.57x | 0.67x | 0.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $950M | $786M | $1.6B | $2B | $1.3B |
| Current ratio | 1.43x | 1.89x | 1.82x | 1.73x | 1.63x |
Recent filings
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.