Pentair

PNR · NYSE

Specialty industrial machinery · Industrials · Fiscal year ends Dec 31

Pentair reported revenue of $4.2B in the fiscal year ended Dec 2025, up 2.3% from the year before. Operating income was $858M, an operating margin of 20.5%, and net income was $654M. Operating cash flow of $815M less capital expenditure of $69M left free cash flow of $746M. Net debt was $1.5B.

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PNR vs Specialty industrial machinery

All 34 companies in Specialty industrial machinery ›

PNR, better than medianPNR, worseIndustry medianEach peer

Revenue growthlatest year · median 6.2%
2.3%28th of 34
28th of 34
Earnings growthnet income, latest year · median 9.7%
4.5%19th of 30
19th of 30
Revenue growth, 3 yearscompound a year · median 8.3%
0.4%29th of 33
29th of 33
Earnings growth, 3 yearscompound a year · median 10.6%
10.8%13th of 27
13th of 27
Operating marginlatest year · median 13.7%
20.5%5th of 33
5th of 33
Margin changevs prior year · median +0.4 pts
+0.8 pts15th of 33
15th of 33
ROCEEBIT ÷ capital employed · median 10.6%
14.5%10th of 33
10th of 33
Free cash flow marginFCF ÷ revenue · median 11.4%
17.9%4th of 32
4th of 32
Debt ÷ equitylower is safer · median 0.51x
0.42x11th of 31
11th of 31
Cash conversionCFO ÷ net income · median 1.28x
1.25x19th of 34
19th of 34

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

Revenue and net income

RevenueNet income

Income statement

Figures in US$ millions

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	3,765	4,122	4,105	4,083	4,176
Cost of revenue	2,446	2,757	2,585	2,484	2,486
Gross profit	1,319	1,365	1,519	1,599	1,690
Research & development	85.9	92.2	99.8	93.6	95.9
Selling, general & admin	596	677	680	701	737
Operating income	637	595	739	804	858
Net interest incomeBanks	−12.5	−61.8	−118	−88.6	−69.4
Pre-tax income	627	551	619	719	757
Income tax	70.8	67.4	−4.0	93.3	107
Net income	553	481	623	625	654
Diluted EPS	3.30	2.90	3.75	3.74	3.96
Diluted shares	168	166	166	167	166

Balance sheet

Figures in US$ millions

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	94.5	109	170	119	102
Inventory	563	790	678	611	633
Current assets	1,304	1,559	1,569	1,436	1,542
Net PP&E	310	345	362	359	377
Goodwill	2,505	3,253	3,275	3,287	3,538
Total assets	4,754	6,448	6,563	6,447	6,869
Payables	386	355	279	273	302
Deferred revenue	31.2	43.8	46.9	33.8	37.4
Current liabilities	1,052	1,063	950	895	959
Long-term debt	894	2,317	1,988	1,639	1,639
Total liabilities	2,332	3,739	3,346	2,884	3,000
Shareholders' equity	2,422	2,708	3,217	3,563	3,869

Cash flow

Figures in US$ millions

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	613	363	619	767	815
Capital expenditure	60.2	85.2	76.0	74.4	68.8
Free cash flow	553	278	543	692	746
Depreciation & amortisation	51.2	54.1	59.5	60.3	59.6
Stock-based compensation	29.8	24.9	29.1	39.7	37.0
Acquisitions	339	1,581	0.6	108	292
Share buybacks	150	50.0	0.0	150	225
Dividends paid	133	139	145	152	164
Dividend per share	0.80	0.84	0.88	0.92	1.00

Key ratios

Figures in US$ millions

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	9.5%	−0.4%	−0.5%	2.3%
Operating income growth (YoY)	–	−6.5%	24.2%	8.7%	6.7%
EPS growth (YoY)	–	−12.1%	29.3%	−0.3%	5.9%
Gross margin	35.0%	33.1%	37.0%	39.2%	40.5%
Operating margin	16.9%	14.4%	18.0%	19.7%	20.5%
Net margin	14.7%	11.7%	15.2%	15.3%	15.7%
Return on equityBlank when equity is negative	22.8%	17.8%	19.4%	17.6%	16.9%
ROCEEBIT ÷ (assets − current liabilities)	17.2%	11.1%	13.2%	14.5%	14.5%
Free cash flow margin	14.7%	6.7%	13.2%	17.0%	17.9%
Cash conversion (CFO ÷ net income)	1.11x	0.76x	0.99x	1.23x	1.25x
Inventory days	84	105	96	90	93
Payable days	58	47	39	40	44
Debt ÷ equity	0.37x	0.86x	0.62x	0.46x	0.42x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	800	2,208	1,818	1,520	1,537
Current ratio	1.24x	1.47x	1.65x	1.60x	1.61x

Recent filings

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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.

Fiscal year

Dec 2021

Dec 2022

Dec 2023

Dec 2024

Dec 2025

Revenue

3,765

4,122

4,105

4,083

4,176

Cost of revenue

2,446

2,757

2,585

2,484

2,486

Gross profit

1,319

1,365

1,519

1,599

1,690

Research & development

85.9

92.2

99.8

93.6

95.9

Selling, general & admin

596

677

680

701

737

Operating income

637

595

739

804

858

Net interest incomeBanks

−12.5

−61.8

−118

−88.6

−69.4

Pre-tax income

627

551

619

719

757

Income tax

70.8

67.4

−4.0

93.3

107

Net income

553

481

623

625

654

Diluted EPS

3.30

2.90

3.75

3.74

3.96

Diluted shares

168

166

167

166

Fiscal year

Dec 2021

Dec 2022

Dec 2023

Dec 2024

Dec 2025

Cash & equivalents

94.5

109

170

119

102

Inventory

563

790

678

611

633

Current assets

1,304

1,559

1,569

1,436

1,542

Net PP&E

310

345

362

359

377

Goodwill

2,505

3,253

3,275

3,287

3,538

Total assets

4,754

6,448

6,563

6,447

6,869

Payables

386

355

279

273

302

Deferred revenue

31.2

43.8

46.9

33.8

37.4

Current liabilities

1,052

1,063

950

895

959

Long-term debt

894

2,317

1,988

1,639

Total liabilities

2,332

3,739

3,346

2,884

3,000

Shareholders' equity

2,422

2,708

3,217

3,563

3,869

Fiscal year

Dec 2021

Dec 2022

Dec 2023

Dec 2024

Dec 2025

Operating cash flow

613

363

619

767

815

Capital expenditure

60.2

85.2

76.0

74.4

68.8

Free cash flow

553

278

543

692

746

Depreciation & amortisation

51.2

54.1

59.5

60.3

59.6

Stock-based compensation

29.8

24.9

29.1

39.7

37.0

Acquisitions

339

1,581

0.6

108

292

Share buybacks

150

50.0

0.0

150

225

Dividends paid

133

139

145

152

164

Dividend per share

0.80

0.84

0.88

0.92

1.00

Fiscal year

Dec 2021

Dec 2022

Dec 2023

Dec 2024

Dec 2025

Revenue growth (YoY)

–

9.5%

−0.4%

−0.5%

2.3%

Operating income growth (YoY)

–

−6.5%

24.2%

8.7%

6.7%

EPS growth (YoY)

–

−12.1%

29.3%

−0.3%

5.9%

Gross margin

35.0%

33.1%

37.0%

39.2%

40.5%

Operating margin

16.9%

14.4%

18.0%

19.7%

20.5%

Net margin

14.7%

11.7%

15.2%

15.3%

15.7%

Return on equityBlank when equity is negative

22.8%

17.8%

19.4%

17.6%

16.9%

ROCEEBIT ÷ (assets − current liabilities)

17.2%

11.1%

13.2%

14.5%

Free cash flow margin

14.7%

6.7%

13.2%

17.0%

17.9%

Cash conversion (CFO ÷ net income)

1.11x

0.76x

0.99x

1.23x

1.25x

Inventory days

105

Payable days

Debt ÷ equity

0.37x

0.86x

0.62x

0.46x

0.42x

Net debtDebt − cash & equivalents; excludes investments; negative = net cash

800

2,208

1,818

1,520

1,537

Current ratio

1.24x

1.47x

1.65x

1.60x

1.61x