Pentair has achieved structural margin expansion, with gross margins improving to 41.8% in 2026Q1 from 37.2% in 2023Q4, supported by consistent pricing power in its filtration segments.
| 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 |
|---|
| Sales/Revenue | 4.2B | 4.18B | 4.08B | 4.1B | 4.12B | 3.76B | 3.02B | 2.96B | 2.97B | 4.94B | 4.89B | 6.45B | 7.04B | 7.48B | 4.42B | 3.46B | 3.03B | 2.69B | 3.35B | 3.4B | 3.15B | 2.95B | 2.28B | 2.72B | 2.58B | 2.62B | 2.75B | 2.37B | 1.94B | 1.84B | 1.57B |
| Revenue Growth % | 3.1% | 2.28% | -0.53% | -0.42% | 9.48% | 24.75% | 2.05% | -0.27% | -39.94% | 0.95% | -24.17% | -8.38% | -5.89% | 69.37% | 27.76% | 14.05% | 12.56% | -19.68% | -1.37% | 7.74% | 7.06% | 29.34% | -16.38% | 5.56% | -1.34% | -4.81% | 16.06% | 22.2% | 5.36% | 17.36% | 11.7% |
| Cost of Goods Sold | 2.48B | 2.49B | 2.48B | 2.59B | 2.76B | 2.45B | 1.96B | 1.91B | 1.92B | 3.11B | 3.1B | 4.26B | 4.56B | 5.01B | 3.15B | 2.38B | 2.1B | 1.91B | 2.34B | 2.37B | 2.25B | 2.1B | 1.62B | 2.05B | 1.97B | 1.97B | 1.95B | 1.54B | 1.26B | 1.22B | 1.04B |
| COGS % of Revenue | - | 59.52% | 60.84% | 62.99% | 66.89% | 64.96% | 64.95% | 64.44% | 64.67% | 62.95% | 63.31% | 66.11% | 64.82% | 66.94% | 71.25% | 68.94% | 69.29% | 70.84% | 69.73% | 69.85% | 71.27% | 71.22% | 71.26% | 75.08% | 76.14% | 75.23% | 71.05% | 65.22% | 65.13% | 66.5% | 66.28% |
| Gross Profit | 1.72B | 1.69B | 1.6B | 1.52B | 1.36B | 1.32B | 1.06B | 1.05B | 1.05B | 1.83B | 1.79B | 2.19B | 2.48B | 2.47B | 1.27B | 1.07B | 930.64M | 785.13M | 1.01B | 1.02B | 906.25M | 848.02M | 654.71M | 679.04M | 615.71M | 648M | 795.53M | 823.6M | 675.7M | 616.1M | 528.5M |
| Gross Margin % | 40.94% | 40.48% | 39.16% | 37.01% | 33.11% | 35.04% | 35.05% | 35.56% | 35.33% | 37.05% | 36.69% | 33.89% | 35.18% | 33.06% | 28.75% | 31.06% | 30.71% | 29.16% | 30.27% | 30.15% | 28.73% | 28.78% | 28.74% | 24.92% | 23.86% | 24.77% | 28.95% | 34.78% | 34.87% | 33.5% | 33.72% |
| Gross Profit Growth % | - | 5.72% | 5.24% | 11.33% | 3.44% | 24.74% | 0.58% | 0.36% | -42.72% | 1.95% | -17.92% | -11.72% | 0.13% | 94.78% | 18.24% | 15.37% | 18.53% | -22.61% | -0.99% | 13.06% | 6.87% | 29.53% | -3.58% | 10.29% | -4.98% | -18.54% | -3.41% | 21.89% | 9.67% | 16.58% | 16.08% |
| Operating Expenses | 856M | 832.8M | 795M | 780M | 769.3M | 682.3M | 596.2M | 619M | 611M | 1.15B | 1.09B | 1.45B | 1.61B | 1.69B | 1.25B | 704.68M | 596.49M | 565.19M | 689.87M | 646.67M | 599.26M | 524.95M | 407.47M | 419.48M | 379.71M | 450.13M | 568.71M | 571.3M | 482.5M | 446.2M | 385.6M |
| OpEx % of Revenue | - | 19.94% | 19.47% | 19% | 18.66% | 18.12% | 19.76% | 20.93% | 20.61% | 23.26% | 22.36% | 22.54% | 22.89% | 22.57% | 28.35% | 20.39% | 19.68% | 20.99% | 20.58% | 19.03% | 19% | 17.82% | 17.89% | 15.4% | 14.71% | 17.21% | 20.7% | 24.13% | 24.9% | 24.26% | 24.61% |
| Selling, General & Admin | 723.6M | 736.9M | 608.7M | 680.2M | 677.1M | 596.4M | 520.5M | 540.1M | 534.3M | 1.03B | 979.3M | 1.33B | 1.49B | 1.56B | 1.16B | 626.53M | 529.33M | 507.3M | 606.98M | 587.87M | 541.21M | 478.91M | 376.01M | 375.59M | 342.81M | 418.96M | 438.49M | 455.6M | 391.1M | 357.1M | 310.6M |
| SG&A % of Revenue | - | 17.65% | 14.91% | 16.57% | 16.43% | 15.84% | 17.25% | 18.26% | 18.02% | 20.92% | 20.03% | 20.69% | 21.22% | 20.88% | 26.23% | 18.13% | 17.47% | 18.84% | 18.11% | 17.3% | 17.16% | 16.25% | 16.51% | 13.79% | 13.28% | 16.02% | 15.96% | 19.24% | 20.18% | 19.42% | 19.82% |
| Research & Development | 96.8M | 95.9M | 93.6M | 99.8M | 92.2M | 85.9M | 75.7M | 78.9M | 76.7M | 115.8M | 114.1M | 119.6M | 117.3M | 125.8M | 93.56M | 78.16M | 67.16M | 57.88M | 62.45M | 58.81M | 58.05M | 46.04M | 31.45M | 43.9M | 36.91M | 31.17M | 31.19M | 27.1M | 23M | 21.3M | 15.5M |
| R&D % of Revenue | - | 2.3% | 2.29% | 2.43% | 2.24% | 2.28% | 2.51% | 2.67% | 2.59% | 2.35% | 2.33% | 1.85% | 1.67% | 1.68% | 2.12% | 2.26% | 2.22% | 2.15% | 1.86% | 1.73% | 1.84% | 1.56% | 1.38% | 1.61% | 1.43% | 1.19% | 1.14% | 1.14% | 1.19% | 1.16% | 0.99% |
| Other Operating Expenses | 2M | 0 | 92.7M | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 99.03M | 88.6M | 68.4M | 67.8M | 59.5M |
| Operating Income | 864.4M | 857.5M | 803.8M | 739.2M | 595.3M | 636.9M | 461.4M | 432.5M | 436.7M | 680.8M | 700.7M | 731.9M | 864.9M | 774M | -43.12M | 168.52M | 334.15M | 219.95M | 324.69M | 377.98M | 306.99M | 323.07M | 247.24M | 259.55M | 235.99M | 157.76M | 226.82M | 252.3M | 193.2M | 169.9M | 142.9M |
| Operating Margin % | 20.57% | 20.53% | 19.69% | 18.01% | 14.44% | 16.92% | 15.29% | 14.63% | 14.73% | 13.79% | 14.33% | 11.35% | 12.29% | 10.35% | -0.98% | 4.88% | 11.03% | 8.17% | 9.69% | 11.12% | 9.73% | 10.96% | 10.85% | 9.53% | 9.14% | 6.03% | 8.25% | 10.66% | 9.97% | 9.24% | 9.12% |
| Operating Income Growth % | - | 6.68% | 8.74% | 24.17% | -6.53% | 38.04% | 6.68% | -0.96% | -35.85% | -2.84% | -4.26% | -15.38% | 11.74% | 1895.03% | -125.59% | -49.57% | 51.92% | -32.26% | -14.1% | 23.12% | -4.98% | 30.67% | -4.74% | 9.98% | 49.59% | -30.45% | -10.1% | 30.59% | 13.71% | 18.89% | 22.87% |
| EBITDA | 983.4M | 975.2M | 918.4M | 854M | 701.9M | 714.4M | 536.5M | 512.5M | 521.3M | 768M | 881.7M | 992.8M | 1.12B | 1.06B | 120.67M | 276.65M | 418.33M | 325.43M | 411.97M | 462.52M | 382.08M | 395.63M | 308.15M | 325.2M | 300.69M | 262.11M | 325.85M | 340.9M | 261.6M | 237.7M | 202.4M |
| EBITDA Margin % | 23.4% | 23.35% | 22.49% | 20.81% | 17.03% | 18.98% | 17.78% | 17.33% | 17.58% | 15.56% | 18.03% | 15.39% | 15.88% | 14.17% | 2.73% | 8% | 13.8% | 12.09% | 12.29% | 13.61% | 12.11% | 13.43% | 13.53% | 11.94% | 11.65% | 10.02% | 11.86% | 14.4% | 13.5% | 12.92% | 12.92% |
| EBITDA Growth % | 4.47% | 6.18% | 7.54% | 21.67% | -1.75% | 33.16% | 4.68% | -1.69% | -32.12% | -12.9% | -11.19% | -11.17% | 5.42% | 778.49% | -56.38% | -33.87% | 28.55% | -21.01% | -10.93% | 21.05% | -3.42% | 28.39% | -5.24% | 8.15% | 14.72% | -19.56% | -4.42% | 30.31% | 10.05% | 17.44% | 22.52% |
| D&A (Non-Cash Add-back) | 119M | 117.7M | 114.6M | 114.8M | 106.6M | 77.5M | 75.1M | 80M | 84.6M | 87.2M | 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 |
| EBIT | 833.3M | 825.9M | 807.5M | 737.2M | 612.4M | 639.3M | 456M | 433.2M | 468.2M | 401.4M | 709.4M | 693.1M | 856.6M | 943.4M | -75.9M | 103.53M | 316.35M | 214.76M | 428.6M | 375.54M | 308.1M | 323.07M | 247.24M | 170.21M | 131.29M | 197.87M | 226.82M | 224.77M | 164.2M | 169.9M | 142.9M |
| Net Interest Income | -69.8M | -69.4M | -88.6M | -118.3M | -61.8M | -12.5M | -23.9M | -30.1M | -32.6M | -87.3M | -140.1M | -101.9M | -68.6M | -70.9M | -68.2M | -58.9M | -36.12M | -41.12M | -59.44M | -70.24M | -51.88M | -44.99M | -37.21M | -40.94M | -43.55M | -61.49M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.3M | 4.7M | 2.3M | 4.4M | 2M | 1.43M | 1.26M | 0 | 2.03M | 1.66M | 745K | 576K | 721K | 654K | 793K | 960K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 69.8M | 69.4M | 88.6M | 118.3M | 61.8M | 12.5M | 23.9M | 30.1M | 32.6M | 87.3M | 148.4M | 106.6M | 70.9M | 75.3M | 70.2M | 58.84M | 37.38M | 41.12M | 61.46M | 71.89M | 52.63M | 45.56M | 37.93M | 41.59M | 44.34M | 62.45M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -101.4M | -101M | -84.9M | -120.3M | -44.7M | -10.1M | -29.3M | -25M | -56.9M | -205.5M | -139.7M | -103.6M | -67.6M | -48.1M | -102.98M | -125.32M | -34.01M | -47.3M | 42.45M | -74.33M | -51.52M | -39.55M | -37.21M | -40.94M | -43.55M | -64.47M | -99.69M | -66.63M | 6.7M | -11.5M | -18.3M |
| Pretax Income | 763M | 756.5M | 718.9M | 618.9M | 550.6M | 626.8M | 432.1M | 407.5M | 379.8M | 489.2M | 561M | 628.8M | 797.3M | 726.4M | -183.97M | 111.58M | 300.15M | 172.65M | 367.14M | 303.64M | 255.47M | 283.52M | 210.03M | 218.62M | 192.45M | 93.29M | 127.13M | 166.5M | 170.9M | 158.4M | 124.6M |
| Pretax Margin % | 18.16% | 18.12% | 17.61% | 15.08% | 13.36% | 16.65% | 14.32% | 13.78% | 12.81% | 9.91% | 11.47% | 9.75% | 11.33% | 9.71% | -4.17% | 3.23% | 9.9% | 6.41% | 10.95% | 8.93% | 8.1% | 9.62% | 9.22% | 8.02% | 7.46% | 3.57% | 4.63% | 7.03% | 8.82% | 8.61% | 7.95% |
| Income Tax | 107.6M | 107M | 93.3M | -4M | 67.4M | 70.8M | 75M | 45.8M | 58.1M | 9.2M | 109.4M | 148.3M | 182.3M | 183.8M | -79.35M | 73.06M | 97.2M | 56.43M | 108.34M | 93.15M | 71.7M | 98.47M | 73.01M | 74.33M | 62.55M | 35.77M | 45.26M | 63.2M | 64.1M | 66.8M | 50.1M |
| Effective Tax Rate % | 14.1% | 14.14% | 12.98% | -0.65% | 12.24% | 11.3% | 17.36% | 11.24% | 15.3% | 1.88% | 19.5% | 23.58% | 22.86% | 25.3% | 43.13% | 65.48% | 32.38% | 32.68% | 29.51% | 30.68% | 28.07% | 34.73% | 34.76% | 34% | 32.5% | 38.35% | 35.6% | 37.96% | 37.51% | 42.17% | 40.21% |
| Net Income | 671.3M | 653.8M | 625.4M | 622.7M | 480.9M | 553M | 358.6M | 355.7M | 347.4M | 666.5M | 522.2M | 469.1M | 222.9M | 536.8M | -107.19M | 34.22M | 197.83M | 115.49M | 228.73M | 210.93M | 183.73M | 185.05M | 171.22M | 141.35M | 129.9M | 32.87M | 55.89M | 103.3M | 106.8M | 91.6M | 74.5M |
| Net Margin % | 15.97% | 15.66% | 15.32% | 15.17% | 11.67% | 14.69% | 11.88% | 12.03% | 11.72% | 13.5% | 10.68% | 7.27% | 3.17% | 7.18% | -2.43% | 0.99% | 6.53% | 4.29% | 6.82% | 6.21% | 5.82% | 6.28% | 7.52% | 5.19% | 5.03% | 1.26% | 2.03% | 4.36% | 5.51% | 4.98% | 4.75% |
| Net Income Growth % | 3.76% | 4.54% | 0.43% | 29.49% | -13.04% | 54.21% | 0.82% | 2.39% | -47.88% | 27.63% | 11.32% | 110.45% | -58.48% | 600.81% | -413.21% | -82.7% | 71.29% | -49.51% | 8.44% | 14.8% | -0.71% | 8.07% | 21.13% | 8.81% | 295.21% | -41.19% | -45.9% | -3.28% | 16.59% | 22.95% | -3.5% |
| Net Income (Continuing) | 655.4M | 649.5M | 625.6M | 622.9M | 483.2M | 556M | 357.1M | 361.7M | 321.7M | 114.1M | 178.2M | 397.1M | 607M | 517.5M | -104.61M | -3.15M | 202.95M | 116.22M | 258.8M | 212.12M | 186.25M | 185.05M | 137.02M | 98.15M | 75M | 57.52M | 81.87M | 98.09M | 90.72M | 91.6M | 74.5M |
| Discontinued Operations | 2M | 4.3M | -200K | -200K | -2.3M | -3M | 1.5M | -6M | 25.7M | 552.4M | 344M | 0 | 0 | 25.1M | 0 | 0 | -12.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 122.4M | 116.5M | 114.06M | 111.88M | 114.25M | 121.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.10 | 3.96 | 3.74 | 3.74 | 2.90 | 3.30 | 2.14 | 2.09 | 1.96 | 3.63 | 2.85 | 2.57 | 1.15 | 2.62 | -0.84 | 0.34 | 1.99 | 1.17 | 2.31 | 2.11 | 1.81 | 1.80 | 1.68 | 1.42 | 1.75 | 0.44 | 0.57 | 1.17 | 1.23 | 1.11 | 0.92 |
| EPS Growth % | 5.15% | 5.88% | 0% | 28.97% | -12.12% | 54.21% | 2.39% | 6.63% | -46.01% | 27.37% | 10.89% | 123.48% | -56.11% | 411.9% | -347.06% | -82.91% | 70.09% | -49.35% | 9.48% | 16.57% | 0.56% | 7.14% | 18.31% | -18.86% | 297.73% | -22.81% | -51.28% | -4.88% | 10.81% | 20.65% | 1.1% |
| EPS (Basic) | - | 3.99 | 3.78 | 3.77 | 2.92 | 3.34 | 2.15 | 2.10 | 1.98 | 3.67 | 2.88 | 2.60 | 1.17 | 2.67 | -0.84 | 0.35 | 2.01 | 1.19 | 2.34 | 2.14 | 1.84 | 1.84 | 1.72 | 1.44 | 1.33 | 0.34 | 0.57 | 1.18 | 1.39 | 1.19 | 0.99 |
| Diluted Shares Outstanding | 163.7M | 165.5M | 167.1M | 166.3M | 165.6M | 167.5M | 167.4M | 170.4M | 177.3M | 183.7M | 183.1M | 182.6M | 193.7M | 204.6M | 127.37M | 99.75M | 99.29M | 98.52M | 99.07M | 100.2M | 101.37M | 102.62M | 101.71M | 99.62M | 74.31M | 74.31M | 97.69M | 86.14M | 82.82M | 82.61M | 81.3M |
| Basic Shares Outstanding | 162.5M | 164.1M | 167.1M | 165.1M | 164.8M | 165.8M | 166.5M | 169.4M | 175.8M | 181.7M | 181.3M | 180.3M | 190.6M | 201.1M | 127.34M | 98.23M | 98.04M | 97.42M | 97.89M | 98.76M | 99.78M | 100.67M | 99.32M | 97.88M | 98.02M | 98.02M | 97.53M | 84.93M | 76.94M | 76.85M | 75.45M |
| Dividend Payout Ratio | - | 25.13% | 24.35% | 23.32% | 28.82% | 24.05% | 35.44% | 34.5% | 53.89% | 37.76% | 46.65% | 49.39% | 94.84% | 36.18% | - | 232.41% | 38.15% | 61.41% | 29.42% | 28.4% | 30.8% | 28.71% | 25.19% | 28.65% | 28.04% | 104.44% | 57.33% | 27.3% | 25.59% | 27.73% | 31.81% |
Channel inventory normalization volatility
According to recent quarterly filings, Pentair's revenue growth has stabilized in the low single digits, with the most recent period showing a 2.6% year-over-year increase, suggesting that the company's reliance on aftermarket replacement demand is successfully offsetting cyclical headwinds in the new-build residential pool market.
The transition from a negative growth environment in 2024 to positive territory in early 2026 indicates that the company's core maintenance-driven revenue is proving resilient. Investors should monitor whether this trajectory can be sustained as the company navigates potential channel destocking and broader macroeconomic pressures on discretionary consumer spending.
As reported in financial statements, Pentair has demonstrated consistent pricing power, with gross margins reaching 41.8% in 2026Q1, a notable improvement from the 37.2% levels observed in late 2023, reflecting the company's ability to pass through inflationary costs within its premium residential and commercial filtration segments.
The expansion in gross margin suggests that the company's proprietary pool ecosystem and Everpure filtration brand provide a significant competitive moat. This pricing discipline appears to be a key driver of profitability, though it warrants further investigation into whether these levels are sustainable if commodity costs for resins and stainless steel experience renewed volatility.
Based on PNR's reported figures, operating income has shown significant variability, peaking at $248.6 million in 2025Q2, which highlights the company's ability to leverage its fixed cost base during seasonal demand peaks while maintaining disciplined control over SG&A expenses relative to its gross profit generation.
The fluctuation in operating margins between 17% and 22% suggests that while the company benefits from operational scale, it remains sensitive to the timing of restructuring and transformation initiatives. Analysts should evaluate whether the current SG&A structure is lean enough to support long-term margin expansion without compromising the R&D investment necessary for its automated product pipeline.
Data from recent income statements indicates that stock-based compensation has trended upward to $15.7 million in 2026Q1, which may suggest a growing impact on net income quality that investors should carefully reconcile against the company's reported EPS growth of 12.9% for the same period.
While the company's net income remains robust, the increasing reliance on equity-based incentives warrants further investigation into the underlying cash earnings power. The discrepancy between GAAP net income and operational cash flow should be monitored to ensure that non-operating items and amortization from recent acquisitions do not mask underlying performance trends.
As indicated by historical revenue patterns, the company's reliance on distributor sell-in metrics creates a risk of channel stuffing, where reported revenue may temporarily decouple from actual end-user demand, potentially leading to future earnings volatility if distributors initiate aggressive destocking phases to manage their own inventory levels.
The potential for channel-driven revenue distortion suggests that the market may be overestimating the durability of current growth rates. Investors should remain cautious of the possibility that recent revenue stability is partially a function of inventory management rather than organic demand, which could lead to margin compression if pricing power wanes during a destocking cycle.
Quick answers to the most common questions about buying PNR stock.
For fiscal year 2025, Pentair plc (PNR) reported total revenue of $4.18B. This represents a 166.5% increase compared to $1.57B in 1996.
Pentair plc (PNR) is profitable, generating $653.8M in net income for the fiscal year ending 2025 with a net profit margin of 15.7%.
Pentair plc (PNR) reported an operating income of $857.5M, resulting in an operating profit margin of 20.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Pentair plc (PNR) generated $1.69B in gross profit for the year, representing a gross profit margin of 40.5%. This demonstrates the company's core pricing power and production efficiency.