Short answer
Pentair (PNR) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $4.1B (−0.5% year over year) and net income of $625M.
- Top risk flagged: Asbestos-related litigation risk, potential adverse effects on financial condition, operations, and cash flows
FY2024 key financial metrics · XBRL
- Revenue
- $4.1B
- −0.5% YoY
- Net income
- $625M
- +0.4% YoY
- Operating margin
- 19.7%
- +1.7 pp YoY
- Gross margin
- 39.2%
- +2.1 pp YoY
- EPS (diluted)
- $3.74
- −0.3% YoY
- ROE
- 17.6%
- −1.8 pp YoY
- Operating cash flow
- $767M
- +23.8% YoY
Source: XBRL data from the Pentair (PNR) FY2024 10-K on SEC EDGAR. USD.
Pentair FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Water treatment and flow control solutions focusing on performance guarantees and financial commitments
- Strategic emphasis on risk management through indemnifying former parent company Tyco for $102.1M bonds and financial guarantees as of Dec 31, 2024
- Pension plan accounting volatility with 2024 mark-to-market gain $5.3M vs 2023 loss $6.1M impacting financial statements
- No goodwill or intangible asset impairments in 2024; qualitative impairment test performed this year vs quantitative last year
- Increased focus on critical accounting estimates involving pension assumptions, tax liabilities, and deferred tax asset valuation allowances impacting future earnings
Management Discussion & Analysis
- Revenue $4,082.8M, down 0.5% YoY from $4,104.5M in 2023, volume decline offset by 1.9% price increase
- Operating margin 19.7% vs 18.0%, driven by gross margin improvement to 39.2% from 37.0%, SG&A rose to 17.2% from 16.6%
- Best segment: Pool with net sales up 6.9% to $1,436.1M and segment margin 33.2% vs 31.0%; worst: Flow down 4.3% to $1,514.0M with margin 21.0% vs 17.8%
- Operating cash flow $766.9M, capital expenditure $74.4M; dividends $152.3M; share repurchases $150.0M; $108.0M spent on G&F Manufacturing acquisition
- 2025 outlook includes focus on profitable growth, continued transformation, possible ongoing inflation impacts, supply chain pressures, and commitment to maintain investment grade rating with debt reduction
Risk Factors
- Asbestos-related litigation risk, potential adverse effects on financial condition, operations, and cash flows
- Exposure to macroeconomic shifts reflected in dividend increase of 9% to $0.25/share for 49th consecutive year of raises
- Supply chain vulnerability in equity incentive plans, including share repurchases for option exercises and tax withholding obligations
- Market disruption risk from industrial sector peers within S&P 500 Industrials Index impacting competitive positioning
- Financial leverage risk with $450 million remaining share repurchase authorization under Board-approved $750 million limit expiring Dec 31, 2025
Generated from the filing text; verify against the original. How to read a 10-K
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