FLOWSERVE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FLOWSERVE CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue	3,990	3,661	3,836	3,940	3,728	3,541	3,615	4,321	4,558	4,729
Cost of revenue	2,754	2,572	2,645	2,650	2,611	2,491	2,621	3,044	3,124	3,148
Gross profit	1,237	1,089	1,191	1,289	1,117	1,050	994	1,277	1,434	1,581
Research and development	42.8	38.6	39.6	42	36.1	34.2	39.9	48.7	69.9	54.1
Selling, general and administrative	965	902	967	913	878	797	816	961	978	1,062
Operating income	277	341	228	387	250	271	197	334	462	400
Interest expense	60.1	59.7	58.2	55	56.2	57.6	46.2	66.9	69.3	77.7
Other non-operating income	-6.44	-21.8	-19.6	-17.6	5.23	-36.1	-0.56	-49.9	-12.2	196
Pre-tax income	213	263	156	322	202	134	154	224	386	525
Income tax	77.4	259	46.6	75.5	61.4	-2.59	-43.6	18.6	84.9	156
Net income to minority interests	3.08	1.68	5.38	8.11	10.5	10.2	9.33	18.4	18.5	23.6
Net income	132	2.65	105	239	130	126	189	187	283	346
EBITDA	393	460	340	493	351	371	288	417	548	495
EPS, basic	0.90	0.02	0.80	1.82	1.00	0.97	1.44	1.42	2.15	2.66
EPS, diluted	0.89	0.02	0.80	1.81	1.00	0.96	1.44	1.42	2.14	2.64
Shares, basic (weighted)	148	149	131	131	130	130	131	131	131	130
Shares, diluted (weighted)	149	149	131	132	131	131	131	132	132	131
Dividend per share	0.67	0.67	0.76	0.76	0.80	0.80	0.80	0.80	0.84	0.84

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	367	703	620	671	1,095	658	435	546	675	760
Receivables	883	857	792	796	753	739	869	882	977	1,029
Inventory	898	884	634	661	667	678	803	880	837	790
Other current assets	150	114	109	106	111	117	111	116	116	141
Total current assets	2,298	2,559	2,383	2,507	2,904	2,389	2,451	2,704	2,904	3,043
Property, plant and equipment	725	672	610	564	557	516	501	506	540	567
Lease right-of-use assets				186	208	194	175	156	159	166
Goodwill	1,205	1,218	1,198	1,193	1,225	1,196	1,168	1,182	1,286	1,392
Intangible assets	215	210	191	181	168	152	135	122	189	198
Other non-current assets	183	200	190	253	221	258	212	220	201	186
Total assets	4,709	4,910	4,649	4,938	5,315	4,750	4,791	5,109	5,501	5,708
Accounts payable	412	443	419	448	440	410	477	548	545	554
Accrued liabilities	681	724	391	401	463	445	428	504	561	587
Deferred revenue		0	202	221	194	203	257	288	284	275
Short-term debt	85.4	75.6	68.2	11.3	9	41.1	49.3	66.2	44.1	49.9
Total current liabilities	1,178	1,243	1,081	1,117	1,142	1,132	1,243	1,439	1,468	1,502
Long-term debt	1,485	1,500	1,415	1,366	1,718	1,262	1,224	1,167	1,460	1,525
Lease liabilities				152	176	167	155	139	150	150
Other non-current liabilities	44.9	38.3	37.8	39.9	54.3	30.3	31.6	39.6	33.7	32.2
Total liabilities	3,072	3,252	2,984	3,166	3,553	2,912	2,932	3,134	3,449	3,454
Total debt	1,571	1,575	1,483	1,377	1,727	1,303	1,273	1,234	1,504	1,575
Paid-in capital	492	488	495	501	502	506	507	507	502	509
Retained earnings	3,598	3,504	3,543	3,652	3,671	3,691	3,774	3,855	4,026	4,262
Treasury stock	-2,079	-2,060	-2,049	-2,052	-2,059	-2,058	-2,037	-2,014	-2,008	-2,232
Other comprehensive income	-625	-505	-574	-584	-610	-564	-648	-640	-741	-575
Shareholders' equity	1,616	1,655	1,642	1,747	1,731	1,804	1,825	1,936	2,008	2,191
Minority interests	21	16.4	18.5	25.6	30.3	33	33.6	39	44	62.9
Total equity	1,637	1,659	1,632	1,772	1,761	1,837	1,859	1,975	2,052	2,254
Total liabilities and equity	4,709	4,910	4,616	4,938	5,315	4,750	4,791	5,109	5,501	5,708

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	136	4.33	110	247	141	136	198	205	301	370
Depreciation and amortization	117	118	112	106	101	99.8	91	83.7	85.6	95.5
Stock-based compensation	30.2	22.8	19.9	23.9	27.3	29.5	25.5	27.8	30.5	38.3
Deferred income tax	-21	171	1.86	-13	-27.2	-101	-136	-62.7	-13.4	47.7
Change in receivables	36.9	60.2	-25.4	2.88	45.6	-8.68	-152	4.74	-82.2	0.69
Change in inventory	52.9	48.6	-29.3	-31.1	15.3	-32.1	-147	-59.8	38.9	86.7
Change in payables	-71	12.4	7.59	24.7	-22.6	-19.5	79	53.1	-12.3	-28.9
Cash from operations	240	311	191	324	311	250	-40	326	425	506
Capital expenditures	-89.7	-61.6	-84	-75.7	-57.4	-54.9	-76.3	-67.4	-81	-70.9
Acquisitions	0	0					0	0	-306	-65.9
Cash from investing	-91.5	177	-81.5	-33.4	-41.7	-59.5	-6.09	-68.6	-387	-125
Debt issued	0	0	0	0	498	498	0	0	366
Debt repaid	-60	-60	-60	-105	-191	-1,244	0	0
Share buybacks	0	0	0	-15	-32.1	-17.5	0	0	-20.1	-255
Dividends paid	-97.7	-99.2	-99.4	-99.6	-104	-105	-105	-105	-110	-110
Cash from financing	-144	-185	-173	-231	148	-600	-150	-153	117	-327
Exchange rate effect	-4.57	34	-19.8	-7.95	7.87	-27.8	-27.4	6.53	-25.8	30.9
Net change in cash	0.72	336	-83.8	51.3	424	-437	-223	111	130	84.7
Free cash flow	151	249	107	248	253	195	-116	258	344	435
Interest paid	57.4	56.8	54.6	53.6	57	72.2	41.6	64.9	66.8	75.5
Income taxes paid	151	59.4	87	66.4	75.3	65.6	60.1	119	81.2	92.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $73.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.9%	Gross profit / revenue.
Operating margin	8.5%	Operating income / revenue.
EBITDA margin	10.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	8.0%	Net income / revenue.
FCF margin	8.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.5%	Cash from operations / revenue.
Return on equity (ROE)	16.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.9%	Net income / average total assets.
Return on invested capital (ROIC)	8.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	23.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-13.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	26.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-9.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	22.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	23.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	22.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	10.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	26.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	11.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.15x	Current assets / current liabilities.
Quick ratio	1.23x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.50x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.94x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.8%	Total debt / total assets.
Liabilities / assets	63.2%	Total liabilities / total assets.
Net debt	$1.40B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.88x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.65x	Operating income / interest expense.
Working capital	$1.67B	Current assets - current liabilities.
Goodwill and intangibles / assets	33.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$169.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	7.78x	Revenue / average property, plant and equipment.
Inventory turnover	3.68x	Cost of revenue / average inventory.
Days inventory	99 days	365 x average inventory / cost of revenue.
Receivables turnover	4.39x	Revenue / average receivables.
Days sales outstanding	83 days	365 x average receivables / revenue.
Days payables	65 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	118 days	Days inventory + days sales outstanding - days payables.
FCF conversion	110.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$36.10	Revenue / diluted weighted shares.
FCF per share	$3.21	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.80	Cash from operations / diluted weighted shares.
Book value per share	$17.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.32	Tangible book value / shares outstanding.
Cash per share	$5.70	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	55.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.38B	Share price x shares outstanding.
Enterprise value	$10.79B	Market cap + total debt - cash - short-term investments.
P/E	25.3x	Market cap / net income. Only when net income is positive.
P/S	2.02x	Market cap / revenue.
P/B	4.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	55.4x	Market cap / tangible book value, when positive.
P/FCF	22.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.2x	Market cap / cash from operations, when positive.
EV/Sales	2.33x	Enterprise value / revenue.
EV/EBIT	27.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.4%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.
PEG	1.13x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FLOWSERVE CORP's revenue in fiscal 2025?

FLOWSERVE CORP reported revenue of $4.73B for fiscal 2025, 3.8% higher than the year before.

Was FLOWSERVE CORP profitable in fiscal 2025?

Yes. Net income was $346.2M, a net margin of 7.3%.

How much free cash flow did FLOWSERVE CORP generate in fiscal 2025?

Cash from operations of $505.9M minus capital expenditures of $70.9M left free cash flow of $435.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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