FLSFLOWSERVE CORP

Pumps & Pumping Equipment

Revenue: $4.7B; 3.8% YoY
Operating margin: 8.5%; 17% YoY
EBITDA: $495M; 9.6% YoY
Market cap: $10.0B
Employees: 16,000; $296K revenue each
Net debt / EBITDA: 1.6×; $815M net debt
AI in 10-K: 3.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
146% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
72% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
27% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$296K · 22nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.3 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$20M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.5B	$3.6B	$4.3B	$4.6B	$4.7B	3.8%
Operating income	$271M	$197M	$334M	$462M	$400M	13%
Net income	$126M	$189M	$187M	$283M	$346M	22%
Operating cash flow	$250M	−$40M	$326M	$425M	$506M	19%
Capex	$55M	$76M	$67M	$81M	$71M	12%
Stock-based comp	$29M	$26M	$28M	$30M	$38M	26%
Buybacks	$18M	$0	$0	$20M	$255M	1170%
Dividends	$105M	$105M	$105M	$110M	$110M	0.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $232K · 2
Open-market sells, 12 mo: $20M · 8
Net: −$20M

Pay vs performance

No pay-versus-performance disclosure yet.