PNRPENTAIR plc

Special Industry Machinery (no Metalworking Machinery)

Revenue: $4.2B; 2.3% YoY
Operating margin: 20.5%; 4.3% YoY
EBITDA: $917M; 6.1% YoY
Market cap: $6.6B
Employees: 9,000; $464K revenue each
Net debt / EBITDA: 1.7×; $1.6B net debt
AI in 10-K: 3.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 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
125% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
48% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
53% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$464K · 55th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.8B	$4.1B	$4.1B	$4.1B	$4.2B	2.3%
Operating income	$637M	$595M	$739M	$804M	$858M	6.7%
Net income	$553M	$481M	$623M	$625M	$654M	4.5%
Operating cash flow	$613M	$363M	$619M	$767M	$815M	6.3%
Capex	$60M	$85M	$76M	$74M	$69M	7.5%
Stock-based comp	$30M	$25M	$29M	$40M	$37M	6.8%
Buybacks	$150M	$50M	$0	$150M	$225M	50%
Dividends	$133M	$139M	$145M	$152M	$164M	7.9%

Deal filings

Filed	Form	Acquirer	Price	Premium
Mar 26, 2014	DEFM14A	—	—	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 11
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.