Short answer

Flowserve Corp (FLS) filed its fiscal 2015 10-K annual report with the SEC on Feb 18, 2016.

Top risk flagged: Asbestos litigation: substantial lawsuits over formerly manufactured asbestos-containing products, with uncertain insurance and indemnity recovery

Flowserve Corp FY2015 10-K analysis

AI summary of each section, grounded in the filing text

Flowserve sells engineered pumps, valves, seals and lifecycle aftermarket services to global infrastructure and industrial customers
Aftermarket sales reached 43% of total sales, up from 42% in 2014, reinforcing higher-margin recurring service emphasis
2015 technology emphasis: predictive diagnostics, asset management, digital valve integration and additive manufacturing exploration
Strategic localization expanded pump and valve operations in China, India and Mexico, with lower-cost regions supplying 22% to 42% of segment spending
R&D spending increased to $45.9 million from $40.9 million, while EPD backlog fell to $1,157.3 million from $1,573.3 million

Revenue $4.561B, down $316.9M or 6.5% YoY, with negative currency impact of approximately $433M
Operating margin 11.5% vs 16.2%, gross margin 32.6% vs 35.2%, net earnings $267.7M vs $518.8M
Best segment IPD sales $981.9M, up 21.8%; worst EPD sales $2.260B, down 11.9% with operating margin 14.6% vs 17.4%
Operating cash flow $417.1M; capex $181.9M; buybacks $303.7M; dividends $93.7M; SIHI acquisition $341.5M
2016 outlook: capex $105M to $115M, persistent oil-and-gas weakness and global uncertainty, realignment savings target approximately $230M annually

Asbestos litigation: substantial lawsuits over formerly manufactured asbestos-containing products, with uncertain insurance and indemnity recovery
Venezuela exposure: delayed payments from the national oil company amid high inflation, political instability and government restrictions
Backlog execution: $2.2 billion backlog dependent on manufacturing capacity, raw-material access and skilled workforce, with delivery penalties
Competitive pressure: low-cost spare-parts replicators and customers’ in-house maintenance departments pressuring margins and market share
Financial constraints: indebtedness covenants restrict additional debt, dividends, investments and asset sales, limiting operating flexibility

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