A Business at a Glance
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FLOWSERVE CORP
FLS
$9.5B
Mkt Cap
$72.40
+1.03%
FLOWSERVE CORP (FLS) has a current P/E ratio of 27.4, compared to its historical median P/E of 28.3. The stock is currently considered Fair based on its historical valuation range.
FLOWSERVE CORP (FLS) has a 5-year average return on invested capital (ROIC) of 10.3%. This indicates solid capital allocation.
FLOWSERVE CORP (FLS) has a market capitalization of $9.3B. It is classified as a mid-cap stock.
Yes, FLOWSERVE CORP (FLS) pays a dividend with a trailing twelve-month yield of 1.17%. The company also returns capital through share buybacks, with a buyback yield of 2.51%.
Based on historical P/E analysis, FLOWSERVE CORP (FLS) appears fair. The current P/E of 27.4 is 3% below its historical median of 28.3. The estimated fair value CAGR (P/E method) is 12.2%.
FLOWSERVE CORP (FLS) operates in the Pumps & Pumping Equipment industry, within the Industrials sector.
FLOWSERVE CORP (FLS) reported annual revenue of $4.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Flowserve is a world-leading manufacturer and aftermarket service provider of comprehensive flow control systems, including pumps, valves, seals, and automation equipment that enable the movement, control, and protection of materials in customers' critical processes. The company operates through two segments—Flowserve Pump Division (FPD) and Flowserve Control Division (FCD)—serving global infrastructure industries including energy, chemical, power generation, water management, and pharmaceuticals. Flowserve's business model combines original equipment manufacturing with a substantial aftermarket services business delivered through a global network of Quick Response Centers offering installation, diagnostics, and maintenance programs. The company pursues a three-pillar strategic approach—diversification into nuclear, power generation, water, and specialty chemicals; decarbonization through energy transition solutions including hydrogen, LNG, and carbon capture technologies; and digitization via its proprietary RedRaven Industrial Internet of Things platform for equipment monitoring and predictive maintenance. Flowserve's competitive positioning rests on its global manufacturing platform, established customer relationships, large installed base, and commitment to operational excellence through the Flowserve Business System, which emphasizes portfolio simplification (80/20 complexity reduction), commercial excellence, and innovation to drive margin expansion and sustainable growth.
【Nuclear and energy transition momentum】 Management expects continued strength in power generation and nuclear markets, with nuclear energy projected to become an increasingly integral component of the business over the next 5–10 years, supported by new reactor construction and life extension upgrades of existing fleets. The company anticipates mid-single-digit bookings growth for 2026 and believes the current geopolitical environment could drive increased investment in energy security and diversification globally, providing long-term tailwinds. Flowserve expects to expand aftermarket capture rates and leverage the Flowserve Business System to unlock further margin expansion, with original equipment bookings anticipated to accelerate in the second half of 2026 driven by increased project activity and rising nuclear investment. Management remains confident in its ability to deliver on 2030 long-term financial targets, which include mid-single-digit organic revenue growth and 20% adjusted operating margins, supported by ongoing commercial excellence initiatives, 80/20 complexity reduction, and operational excellence improvements.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS | $4.00–$4.20 | FY2026 |
| Total sales growth | 3%–6% | FY2026 |
| Adjusted operating margin expansion | approximately 100 basis points | FY2026 |
| Capital expenditures | $90 million–$100 million | FY2026 |
| Adjusted operating margin | 20% | FY2030 |
| Organic sales CAGR | mid-single digit | 2025–2030 |
| Adjusted EPS CAGR | double-digit | 2025–2030 |
Adjusted EPS (FY2026): “we maintain our full-year adjusted EPS outlook of $4.00-$4.20, which at the midpoint represents 13% growth over 2025”
Total sales growth (FY2026): “we now expect organic sales to range from a 1% decline to a 2% increase, resulting in our total sales growth outlook of 3%-6%”
Adjusted operating margin expansion (FY2026): “we are reaffirming our expectation for approximately 100 basis points of adjusted operating margin expansion”
Capital expenditures (FY2026): “capital expenditure investments to drive organic growth and efficiency in our operations are expected to be $90 million-$100 million”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 4.7B | 4.6B | 4.3B | 3.6B | 3.5B |
| Net Income | 354M | 346M | 283M | 187M | 189M | 126M |
| EPS | $2.70 | $2.64 | $2.14 | $1.42 | $1.44 | $0.96 |
| Free Cash Flow | 437M | 435M | 344M | 258M | -116M | 195M |
| ROIC | 8.5% | 9.2% | 12.5% | 10.9% | 7.7% | 11.3% |
| Gross Margin | - | 33.4% | 31.5% | 29.6% | 27.5% | 29.6% |
| Debt/Equity | 0.78 | 0.81 | 0.80 | 0.78 | 0.72 | 0.72 |
| Dividends/Share | $0.85 | $0.84 | $0.84 | $0.80 | $0.80 | $0.80 |
| Operating Income | 387M | 400M | 462M | 334M | 197M | 271M |
| Operating Margin | 0.0% | 8.5% | 10.1% | 7.7% | 5.5% | 7.6% |
| ROE | 16.0% | 16.5% | 14.3% | 9.9% | 10.4% | 7.1% |
| Shares Outstanding | 129M | 131M | 132M | 132M | 131M | 131M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.9B | 4.6B | 4.0B | 3.7B | 3.8B | 3.9B | 3.7B | 3.5B | 3.6B | 4.3B | 4.6B | 4.7B | 0 |
| Gross Margin | 35.1% | 32.4% | 31.0% | 29.7% | 31.0% | 32.7% | 30.0% | 29.6% | 27.5% | 29.6% | 31.5% | 33.4% | N/A |
| R&D | 41M | 46M | 43M | 39M | 40M | 42M | 36M | 34M | 40M | 49M | 70M | 54M | 54M |
| SG&A | 937M | 973M | 965M | 902M | 967M | 913M | 878M | 797M | 816M | 961M | 978M | 1.1B | 1.1B |
| EBIT | 785M | 515M | 277M | 341M | 228M | 387M | 250M | 271M | 197M | 334M | 462M | 400M | 387M |
| Op. Margin | 16.1% | 11.3% | 6.9% | 9.3% | 5.9% | 9.8% | 6.7% | 7.6% | 5.5% | 7.7% | 10.1% | 8.5% | 0.0% |
| Net Income | 513M | 258M | 132M | 2.7M | 105M | 239M | 130M | 126M | 189M | 187M | 283M | 346M | 354M |
| Net Margin | 10.5% | 5.7% | 3.3% | 0.1% | 2.7% | 6.1% | 3.5% | 3.6% | 5.2% | 4.3% | 6.2% | 7.3% | 0.0% |
| Non-Recurring | 18M | 95M | 85M | 191M | 32M | 33M | 36M | 37M | 16M | 41M | 41M | 59M | 32M |
| Returns on Capital | |||||||||||||
| ROIC | 21.0% | 11.2% | 5.8% | 7.7% | 5.4% | 9.2% | 6.2% | 11.3% | 7.7% | 10.9% | 12.5% | 9.2% | 8.5% |
| ROE | 27.0% | 14.4% | 8.1% | 0.2% | 6.3% | 14.1% | 7.5% | 7.1% | 10.4% | 9.9% | 14.3% | 16.5% | 16.0% |
| ROA | 10.4% | 5.3% | 2.7% | 0.1% | 2.2% | 5.0% | 2.5% | 2.5% | 4.0% | 3.8% | 5.3% | 6.2% | 6.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 594M | 441M | 240M | 311M | 191M | 324M | 311M | 250M | -40M | 326M | 425M | 506M | 513M |
| Free Cash Flow | 462M | 259M | 151M | 249M | 107M | 248M | 253M | 195M | -116M | 258M | 344M | 435M | 437M |
| Owner Earnings | 442M | 279M | 94M | 170M | 58M | 194M | 183M | 121M | -156M | 214M | 309M | 372M | 377M |
| CapEx | 133M | 182M | 90M | 62M | 84M | 76M | 57M | 55M | 76M | 67M | 81M | 71M | 76M |
| Maint. CapEx | 110M | 127M | 117M | 118M | 112M | 106M | 101M | 100M | 91M | 84M | 86M | 95M | 95M |
| Growth CapEx | 22M | 55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 110M | 127M | 117M | 118M | 112M | 106M | 101M | 100M | 91M | 84M | 86M | 95M | 95M |
| CapEx/OCF | 22.3% | 41.3% | 37.3% | 19.8% | 44.0% | 23.4% | 18.5% | 22.0% | N/A | 20.7% | 19.0% | 14.0% | 14.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 85M | 94M | 98M | 99M | 99M | 100M | 104M | 105M | 105M | 105M | 110M | 110M | 109M |
| Dividend Yield | 1.1% | 1.7% | 2.0% | 2.0% | 2.0% | 1.9% | 2.8% | 2.3% | 2.8% | 2.3% | 1.8% | 1.5% | 1.2% |
| Share Buybacks | 247M | 304M | 0 | 0 | 0 | 15M | 32M | 18M | 0 | 0 | 20M | 255M | 234M |
| Buyback Yield | 3.7% | 6.6% | N/A | N/A | N/A | 0.3% | 0.7% | 0.5% | N/A | N/A | 0.3% | 2.7% | 2.5% |
| Stock-Based Comp | 43M | 35M | 30M | 23M | 20M | 24M | 27M | 29M | 26M | 28M | 30M | 38M | 40M |
| Debt Repayment | 40M | 45M | 60M | 60M | 60M | 105M | 191M | 0 | 45M | 280M | 100M | 100M | 100M |
| Balance Sheet | |||||||||||||
| Net Debt | 705M | 1.3B | 1.2B | 872M | 863M | 775M | 628M | 644M | 884M | 968M | 929M | 1.0B | 923M |
| Cash & Equiv. | 450M | 366M | 367M | 703M | 620M | 671M | 1.1B | 658M | 435M | 546M | 675M | 760M | 792M |
| Long-Term Debt | 1.1B | 1.6B | 1.5B | 1.5B | 1.4B | 1.4B | 1.7B | 1.3B | 1.2B | 1.2B | 1.5B | 1.5B | 1.7B |
| Debt/Equity | 0.60 | 0.98 | 0.97 | 0.95 | 0.90 | 0.83 | 1.00 | 0.72 | 0.72 | 0.78 | 0.80 | 0.81 | 0.78 |
| Interest Coverage | 13.0 | 7.9 | 4.6 | 5.7 | 3.9 | 7.0 | 4.5 | 4.7 | 4.3 | 5.0 | 6.7 | 5.1 | 4.9 |
| Equity | 1.9B | 1.6B | 1.6B | 1.7B | 1.6B | 1.7B | 1.7B | 1.8B | 1.8B | 1.9B | 2.0B | 2.2B | 2.2B |
| Total Assets | 4.8B | 5.0B | 4.7B | 4.9B | 4.6B | 4.9B | 5.3B | 4.7B | 4.8B | 5.1B | 5.5B | 5.7B | 5.7B |
| Total Liabilities | 3.0B | 3.3B | 3.1B | 3.2B | 3.0B | 3.2B | 3.6B | 2.9B | 2.9B | 3.1B | 3.4B | 3.5B | 500M |
| Intangibles | 146M | 229M | 215M | 210M | 191M | 181M | 168M | 152M | 135M | 122M | 189M | 198M | 194M |
| Retained Earnings | 3.4B | 3.6B | 3.6B | 3.5B | 3.5B | 3.7B | 3.7B | 3.7B | 3.8B | 3.9B | 4.0B | 4.3B | 4.3B |
| Working Capital | 1.3B | 1.1B | 1.1B | 1.3B | 1.3B | 1.4B | 1.8B | 1.3B | 1.2B | 1.3B | 1.4B | 1.5B | 1.7B |
| Current Assets | 2.8B | 2.5B | 2.3B | 2.6B | 2.4B | 2.5B | 2.9B | 2.4B | 2.5B | 2.7B | 2.9B | 3.0B | 3.1B |
| Current Liabilities | 1.5B | 1.4B | 1.2B | 1.2B | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B | 1.4B | 1.5B | 1.5B | 1.4B |
| Per Share Data | |||||||||||||
| EPS | 3.72 | 1.93 | 1.01 | 0.02 | 0.80 | 1.81 | 1.00 | 0.96 | 1.44 | 1.42 | 2.14 | 2.64 | 2.70 |
| Owner EPS | 3.20 | 2.08 | 0.71 | 1.28 | 0.45 | 1.47 | 1.40 | 0.92 | -1.19 | 1.63 | 2.34 | 2.84 | 2.93 |
| Book Value | 14.00 | 12.30 | 12.33 | 12.48 | 12.57 | 13.24 | 13.27 | 13.75 | 13.93 | 14.72 | 15.19 | 16.71 | 17.20 |
| Cash Flow/Share | 4.31 | 3.29 | 1.83 | 2.35 | 1.46 | 2.46 | 2.38 | 1.91 | -0.31 | 2.48 | 3.22 | 3.86 | 3.49 |
| Dividends/Share | 0.64 | 0.72 | 0.76 | 0.76 | 0.76 | 0.76 | 0.80 | 0.80 | 0.80 | 0.80 | 0.84 | 0.84 | 0.85 |
| Shares Out. | 138.0M | 133.9M | 131.1M | 132.6M | 130.6M | 131.9M | 130.4M | 131.2M | 131.0M | 131.5M | 132.1M | 131.2M | 128.6M |
| Valuation | |||||||||||||
| P/E Ratio | 13.1 | 17.9 | 39.9 | N/A | 35.5 | 24.1 | 33.1 | 29.7 | 19.5 | 28.3 | 26.6 | 26.9 | 26.8 |
| P/FCF | 14.6 | 17.9 | 35.0 | 18.8 | 39.5 | 23.1 | 17.0 | 19.1 | N/A | 20.5 | 21.8 | 21.4 | 21.3 |
| EV/EBIT | 9.5 | 11.4 | 23.4 | 16.3 | 18.4 | 15.0 | 15.4 | 13.9 | 21.0 | 16.5 | 16.7 | 23.6 | 26.4 |
| Price/Book | 3.5 | 2.8 | 3.3 | 2.8 | 2.6 | 3.3 | 2.5 | 2.1 | 2.0 | 2.7 | 3.7 | 4.3 | 4.2 |
| Price/Sales | N/A | N/A | N/A | N/A | 1.3 | 1.4 | 1.0 | 1.3 | 1.0 | 1.1 | 1.4 | 1.5 | N/A |
| FCF Yield | 6.9% | 5.6% | 2.9% | 5.3% | 2.5% | 4.3% | 5.9% | 5.2% | -3.2% | 4.9% | 4.6% | 4.7% | 4.7% |
| Market Cap | 6.7B | 4.6B | 5.3B | 4.7B | 4.3B | 5.7B | 4.3B | 3.7B | 3.7B | 5.3B | 7.5B | 9.3B | 9.3B |
| Avg. Price | 58.36 | 41.41 | 37.51 | 37.89 | 38.92 | 40.72 | 28.61 | 34.55 | 28.84 | 34.67 | 47.70 | 55.01 | 72.40 |
| Year-End Price | 48.70 | 34.56 | 40.26 | 35.41 | 32.32 | 43.57 | 33.08 | 28.49 | 28.11 | 40.25 | 56.91 | 71.03 | 72.40 |
FLOWSERVE CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
FLOWSERVE CORP trades at 27.4x trailing earnings, compared to its 15-year median P/E of 28.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 21.2x vs a median of 21.4x. The company's 5-year average ROIC is 10.3% with a gross margin of 30.3%. Total shareholder yield (dividends + buybacks) is 3.7%. At current prices, the estimated annualized return to fair value is +6.5%.
FLOWSERVE CORP (FLS) has a net profit margin of 7.3%. This is a modest margin.
FLOWSERVE CORP (FLS) generated $435 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FLOWSERVE CORP (FLS) has a debt-to-equity ratio of 0.81. This indicates moderate leverage.
FLOWSERVE CORP (FLS) reported earnings per share (EPS) of $2.64 in its most recent fiscal year.
FLOWSERVE CORP (FLS) has a return on equity (ROE) of 16.5%. This indicates the company generates strong returns for shareholders.
FLOWSERVE CORP (FLS) has a 5-year average gross margin of 30.3%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for FLOWSERVE CORP (FLS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FLOWSERVE CORP (FLS) has a book value per share of $16.71, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strength in power generation and nuclear markets, with nuclear energy projected to become an increasingly integral component of the business over the next 5–10 years, supported by new reactor construction and life extension upgrades of existing fleets. The company anticipates mid-single-digit bookings growth for 2026 and believes the current geopolitical environment could drive increased investment in energy security and diversification globally, providing long-term tailwinds. Flowserve expects to expand aftermarket capture rates and leverage the Flowserve Business System to unlock further margin expansion, with original equipment bookings anticipated to accelerate in the second half of 2026 driven by increased project activity and rising nuclear investment. Management remains confident in its ability to deliver on 2030 long-term financial targets, which include mid-single-digit organic revenue growth and 20% adjusted operating margins, supported by ongoing commercial excellence initiatives, 80/20 complexity reduction, and operational excellence improvements.
Based on recent SEC filings and earnings calls, FLOWSERVE CORP (FLS) has provided the following forward guidance: Adjusted EPS: $4.00–$4.20 (FY2026); Total sales growth: 3%–6% (FY2026); Adjusted operating margin expansion: approximately 100 basis points (FY2026); Capital expenditures: $90 million–$100 million (FY2026); Adjusted operating margin: 20% (FY2030), plus 2 additional metrics.
Adjusted operating margin (FY2030): “we are targeting 20% adjusted operating margins by 2030”
Organic sales CAGR (2025–2030): “We are targeting a mid-single digit organic sales CAGR from 2025 to 2030”
Adjusted EPS CAGR (2025–2030): “we are targeting a double-digit adjusted EPS CAGR from 2025 to 2030”