Cash flow generation remains highly seasonal and volatile, evidenced by a massive $345.5 million working capital inflow in 2025Q2 followed by a $275.5 million outflow in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 786.3M | 814.8M | 766.7M | 619.2M | 363.3M | 613.2M | 573.6M | 353M | 439.1M | 620.2M | 861.4M | 739.3M | 1.01B | 915.3M | 67.96M | 320.23M | 270.38M | 258.37M | 204.21M | 341.88M | 231.61M | 247.86M | 264.09M | 262.94M | 270.79M | 232.33M | 184.95M | 146M | 135.3M | 117.9M | 101.7M |
| Operating CF Margin % | - | 19.51% | 18.78% | 15.09% | 8.81% | 16.29% | 19.01% | 11.94% | 14.81% | 12.56% | 17.62% | 11.46% | 14.33% | 12.24% | 1.54% | 9.26% | 8.92% | 9.6% | 6.09% | 10.06% | 7.34% | 8.41% | 11.59% | 9.65% | 10.49% | 8.88% | 6.73% | 6.17% | 6.98% | 6.41% | 6.49% |
| Operating CF Growth % | -123.07% | 6.27% | 23.82% | 70.44% | -40.75% | 6.9% | 62.49% | -19.61% | -29.2% | -28% | 16.52% | -26.69% | 10.17% | 1246.82% | -78.78% | 18.44% | 4.65% | 26.52% | -40.27% | 47.61% | -6.55% | -6.15% | 0.44% | -2.9% | 16.55% | 25.62% | 26.68% | 7.91% | 14.76% | 15.93% | 43.85% |
| Net Income | 671.3M | 653.8M | 625.4M | 622.9M | 480.9M | 553M | 358.6M | 355.7M | 321.7M | 661.1M | 521.6M | 475.8M | 608.6M | 542.6M | -104.61M | 38.52M | 202.32M | 116.22M | 228.73M | 210.93M | 183.73M | 185.05M | 171.22M | 141.35M | 129.9M | 32.87M | 57.11M | 103.3M | 106.8M | 91.6M | 74.5M |
| Depreciation & Amortization | 89.4M | 59.6M | 114.6M | 114.8M | 106.6M | 77.5M | 75.1M | 80M | 84.6M | 182.9M | 181M | 260.9M | 252.7M | 286.1M | 163.79M | 108.13M | 84.18M | 105.48M | 87.28M | 84.55M | 75.1M | 72.56M | 60.91M | 65.64M | 64.7M | 104.35M | 99.03M | 88.6M | 68.4M | 67.8M | 59.5M |
| Stock-Based Compensation | 40.1M | 37M | 39.7M | 29.1M | 24.9M | 29.8M | 20.3M | 21.4M | 20.9M | 39.6M | 34.2M | 33M | 33.6M | 31.1M | 35.85M | 19.49M | 21.47M | 17.32M | 20.57M | 22.91M | 25.38M | 24.19M | 4.6M | 306K | -13.19M | 41.67M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -14M | -4.3M | -11.4M | -92.5M | -44.8M | -9M | 4.6M | -18.4M | -4.1M | -159.7M | -62.5M | 40.3M | 1.7M | 81.4M | -175.82M | -5.58M | 30.72M | 30.62M | 40.75M | -16.5M | -11.09M | 5.9M | 16.74M | 33.13M | 11.01M | -5.32M | 13.12M | -8.8M | 5.7M | -11.3M | 500K |
| Other Non-Cash Items | 83.4M | 124.5M | 3.8M | 3.5M | 10.6M | -5M | 400K | 10.3M | 9M | -85.1M | 112.2M | -16.4M | 43.2M | -89.2M | 56.38M | 196.25M | -3.7M | -913K | -86.05M | -3.71M | -3.32M | -14.74M | -24.87M | 2.14M | 16.71M | 17.17M | 68.93M | 100K | 0 | -100K | 0 |
| Working Capital Changes | -79.6M | -55.8M | -5.4M | -58.6M | -214.9M | -33.1M | 114.6M | -96M | 7M | -18.6M | 74.9M | -54.3M | 68.6M | 63.3M | 92.37M | -36.58M | -64.61M | -10.36M | -87.08M | 43.69M | -38.19M | -25.09M | 35.49M | 20.36M | 61.66M | 41.59M | -53.24M | -75.2M | -45.6M | -24.2M | -32.8M |
| Change in Receivables | -74.5M | -93.1M | -11.2M | -24.4M | 30.4M | -142M | 148.3M | -17.5M | -15.3M | -30.9M | 21.3M | 48.8M | 9M | -91.1M | 55.72M | 1.35M | -50.41M | 960K | -69.97M | -6.47M | -6.18M | -12.08M | 63.42M | 10.29M | 66.26M | 30.27M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -44.9M | -36.9M | 53.6M | 109.6M | -187M | -121.4M | -29.1M | 13.6M | -40.1M | -29.4M | 34.3M | 1.4M | -3.7M | 67.7M | 125.1M | 18.26M | -44.49M | 66.68M | -33.31M | 19.06M | -39.35M | -19.2M | -52M | 25.78M | 29.72M | 87.84M | -45.19M | -38.5M | -4.5M | -22.4M | -16.3M |
| Change in Payables | 30.2M | 20.5M | -3.7M | -75.1M | -56.9M | 114.2M | -81.9M | -63.6M | 58.3M | 32.6M | 38M | -8.1M | 34.5M | 36.4M | -61.99M | -24.33M | 55.32M | -13.82M | -1.97M | 18.13M | -18.93M | 6.63M | 17.27M | -15.53M | -69.32M | -69.32M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -406M | -404.5M | -187.6M | -85.4M | -1.58B | -390.7M | -117.9M | -331.9M | -68.8M | 2.63B | -121.8M | -1.97B | -128.3M | -211.2M | 375.58M | -808.09M | -60.31M | -54.59M | -12.48M | -550.02M | -110.06M | -184.28M | -144.56M | -280.36M | -234.61M | -11.13M | -68.07M | -1.01B | -108.5M | -122.3M | -186.5M |
| Capital Expenditures | -70.5M | -68.8M | -74.4M | -76M | -85.2M | -60.2M | -62.2M | -58.5M | -48.2M | -70.9M | -117.8M | -134.3M | -129.6M | -170M | -94.53M | -73.35M | -59.52M | -54.14M | -53.09M | -62.13M | -51.08M | -62.47M | -48.87M | -43.62M | -33.74M | -53.67M | -68.04M | -1.01B | -122.2M | -77.5M | -146.8M |
| CapEx % of Revenue | 1.68% | 1.65% | 1.82% | 1.85% | 2.07% | 1.6% | 2.06% | 1.98% | 1.63% | 1.44% | 2.41% | 2.08% | 1.84% | 2.27% | 2.14% | 2.12% | 1.96% | 2.01% | 1.58% | 1.83% | 1.62% | 2.12% | 2.15% | 1.6% | 1.31% | 2.05% | 2.48% | 42.82% | 6.31% | 4.21% | 9.37% |
| Acquisitions | -289.6M | -292.1M | -108M | -600K | -1.58B | -337.1M | -58M | -272.5M | -13.7M | 2.7B | -25M | -1.91B | -12M | -48.9M | 470.46M | -733.11M | 0 | 1.57M | -2.03M | -487.56M | -29.29M | -150.53M | -869.15M | -229.09M | -193.22M | -1.94M | 0 | 0 | 0 | 112M | 100M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -27.9M | -25.6M | -5.2M | -8.8M | 4.4M | 6.6M | 2.3M | -900K | -6.9M | 1.4M | 21M | 82.7M | 13.3M | 7.7M | -350K | -1.63M | -790K | -2.02M | 42.64M | -5.54M | -31.53M | -12.23M | 773.4M | -231.45M | -7K | -186K | -32K | 1.8M | 13.7M | -203.5M | -130M |
| Cash from Financing | -439M | -402.5M | -636.7M | -468.1M | 1.23B | -222.2M | -435.9M | -17.1M | -407.9M | -3.43B | -600.1M | 1.29B | -995.1M | -715.7M | -232.31M | 503.55M | -190.59M | -209.08M | -217.2M | 222.69M | -117.78M | -43.78M | -137.83M | 33.81M | -38.59M | -222.92M | -141.06M | 881.7M | -21.5M | 25.3M | 65.6M |
| Debt Issued (Net) | 105.5M | -12.6M | -343.7M | -332.5M | 1.43B | 55.6M | -191.5M | 250M | -635.4M | -2.92B | -386M | 1.72B | 454.5M | 97.5M | 227.2M | 588.3M | -98.39M | -148.1M | -107.01M | 311.64M | -8.95M | 17.3M | -101.36M | 70.1M | -4.9M | -190.05M | -112.49M | 442.1M | 8.16M | 37.1M | 76.1M |
| Equity Issued (Net) | -375M | -225M | -131.6M | 9.6M | -50M | -150M | -117.3M | -150M | -486.7M | -162.8M | 0 | -180.6M | -1.11B | -715.8M | -266M | 500K | -14.77M | 8.25M | -44.41M | -33.25M | -55.29M | -16.62M | 6.66M | 4.21M | 2.73M | 1.46M | 3.46M | 214.9M | -10.66M | 5.5M | 6.5M |
| Dividends Paid | -167.2M | -164.3M | -152.3M | -145.2M | -138.6M | -133M | -127.1M | -122.7M | -187.2M | -251.7M | -243.6M | -231.7M | -211.4M | -194.2M | -112.4M | -79.54M | -75.47M | -70.93M | -67.28M | -59.91M | -56.58M | -53.13M | -43.13M | -40.49M | -36.42M | -34.33M | -32.04M | -28.2M | -27.3M | -25.4M | -23.7M |
| Share Repurchases | -375M | -225M | -150M | 0 | -52.7M | -150M | -150.2M | -150M | -500M | -200M | 0 | -200M | -1.15B | -715.8M | -334.16M | -12.79M | -24.71M | 0 | -50M | -40.64M | -59.36M | -25M | -4.2M | -1.59M | 0 | -1.46M | -410K | -4.03M | -12.4M | 0 | 0 |
| Other Financing | -2.3M | -600K | -9.1M | 0 | -6.2M | 5.2M | 0 | 5.6M | 901.4M | -95.7M | 29.5M | -20.8M | -125.2M | 93.4M | -81.11M | -5.71M | -1.96M | 1.7M | 1.5M | 4.2M | 3.04M | 8.68M | 0 | 0 | 0 | 0 | 0 | 252.9M | 8.33M | 8.1M | 6.7M |
| Net Change in Cash | -72.9M | -17.1M | -51.6M | 61.4M | 14.4M | 12.4M | -400K | 8.2M | -12M | -125.2M | 112.2M | 15.9M | -145.6M | 3.8M | 211.26M | 4.02M | 12.66M | -5.95M | -31.45M | 15.97M | 6.32M | 17M | -16.49M | 8.34M | -196K | 4.9M | -28.07M | 34.2M | -2.3M | 11.4M | -13.6M |
| Free Cash Flow | 715.8M | 746M | 692.3M | 543.2M | 278.1M | 553M | 511.4M | 294.5M | 390.9M | 549.3M | 743.6M | 605M | 878.8M | 745.3M | -26.57M | 246.88M | 210.85M | 204.23M | 151.13M | 279.75M | 180.53M | 185.39M | 215.22M | 219.32M | 237.05M | 178.67M | 116.91M | -867.8M | 13.1M | 40.4M | -45.1M |
| FCF Margin % | 17.03% | 17.86% | 16.96% | 13.23% | 6.75% | 14.69% | 16.95% | 9.96% | 13.18% | 11.13% | 15.21% | 9.38% | 12.48% | 9.96% | -0.6% | 7.14% | 6.96% | 7.59% | 4.51% | 8.23% | 5.72% | 6.29% | 9.45% | 8.05% | 9.19% | 6.83% | 4.25% | -36.65% | 0.68% | 2.2% | -2.88% |
| FCF Growth % | -6.25% | 7.76% | 27.45% | 95.33% | -49.71% | 8.13% | 73.65% | -24.66% | -28.84% | -26.13% | 22.91% | -31.16% | 17.91% | 2904.83% | -110.76% | 17.09% | 3.24% | 35.14% | -45.98% | 54.96% | -2.62% | -13.86% | -1.87% | -7.48% | 32.68% | 52.83% | 113.47% | -6724.43% | -67.57% | 189.58% | -753.62% |
| FCF per Share | 4.37 | 4.51 | 4.14 | 3.27 | 1.68 | 3.30 | 3.05 | 1.73 | 2.20 | 2.99 | 4.06 | 3.31 | 4.54 | 3.64 | -0.21 | 2.47 | 2.12 | 2.07 | 1.53 | 2.79 | 1.78 | 1.81 | 2.12 | 2.20 | 3.19 | 2.40 | 1.20 | -10.07 | 0.16 | 0.49 | -0.55 |
| FCF Conversion (FCF/Net Income) | 1.07x | 1.25x | 1.23x | 0.99x | 0.76x | 1.11x | 1.60x | 0.99x | 1.26x | 0.93x | 1.65x | 1.58x | 4.52x | 1.71x | -0.63x | 9.36x | 1.37x | 2.24x | 0.89x | 1.62x | 1.26x | 1.34x | 1.54x | 1.86x | 2.08x | 7.07x | 3.31x | 1.41x | 1.27x | 1.29x | 1.37x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 29.9M | 41M | 33.7M | 43.7M | 107.2M | 143.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 121M | 120M | 122.6M | 71.8M | 67.7M | 59M | 92.9M | 362.1M | 145.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, Pentair's OCF/NI ratio has fluctuated wildly, ranging from a negative 0.39 in 2026Q1 to a high of 4.08 in 2025Q2, indicating that reported net income is frequently decoupled from actual cash generation due to significant working capital swings.
The extreme variance in the OCF/NI ratio suggests that investors should look past quarterly net income to understand the underlying cash conversion cycle. This disconnect appears driven by the timing of distributor shipments and inventory management, which can temporarily inflate or deflate cash flow relative to accounting profits.
Based on the provided cash flow data, Pentair's free cash flow margin exhibits extreme seasonality, swinging from a negative 8.3% in 2026Q1 to a peak of 53.0% in 2025Q2, reflecting the company's heavy reliance on the Northern Hemisphere's swimming season for cash realization.
The erratic FCF trajectory makes it difficult to assess the company's true cash-generating power on a quarterly basis. Analysts should monitor the rolling four-quarter average to smooth out the impact of seasonal inventory builds and the timing of large-scale commercial project completions.
According to historical cash flow filings, working capital changes have been the primary driver of cash flow volatility, with a massive $345.5 million inflow in 2025Q2 contrasting sharply with a $275.5 million outflow in 2026Q1, highlighting the sensitivity of cash to distributor inventory cycles.
These large working capital movements suggest that Pentair's cash flow is highly susceptible to the inventory management decisions of its major distribution partners. Investors should monitor whether these swings represent genuine shifts in end-market demand or merely the timing of channel stocking and destocking phases.
As indicated by recent cash flow statements, Pentair has consistently returned capital to shareholders, with $200 million in buybacks during 2026Q1 alone, even as operating cash flow turned negative, suggesting a commitment to capital return that may be independent of short-term cash generation.
The decision to maintain aggressive share repurchases during periods of negative operating cash flow warrants further investigation into the company's liquidity management. This strategy appears to prioritize shareholder yield, but it may limit the financial flexibility required to navigate potential downturns in the residential pool market.
Quick answers to the most common questions about buying PNR stock.
Pentair plc (PNR) generated $814.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pentair plc (PNR) generated $746.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Pentair plc (PNR) spent $68.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Pentair plc (PNR) returned $164.3M to shareholders via cash dividends and spent $225.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.