Pentair (PNR) Q4 FY2021 earnings: revenue $989 million, up 24.2% on the year

Pentair plc (PNR) reported revenue of $989 million for Q4 FY2021, the quarter ended 31 December 2021, up 24.2% on the same quarter a year earlier. Net income was $149 million, up 44.4% on the year, and diluted earnings per share $0.88. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$989 million

+24.2% on the year · +2.0% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

15.2%

15.3% a year earlier

Q1 FY2020Q4 FY2021

Net income

$149 million

+44.4% on the year · +3.6% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$0.88

+44.3% on the year · +2.3% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	989	969	796	+2.0%	+24.2%
Cost of revenue	660	n/a	n/a
Gross profit	328	n/a	n/a
Gross margin	33.2%	n/a	n/a
Research and development	21.5	n/a	n/a
Selling, general and administrative	156	n/a	n/a
Operating income	151	167	122	-9.9%	+24.0%
Operating margin	15.2%	17.3%	15.3%
Pre-tax income	152	n/a	n/a
Income tax	3.1	n/a	n/a
Effective tax rate	2.0%	n/a	n/a
Net income	149	144	103	+3.6%	+44.4%
Net margin	15.0%	n/a	n/a
Diluted EPS	$0.88	$0.86	$0.61	+2.3%	+44.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	73.1	n/a	n/a
Capital expenditure	21.6	n/a	n/a
Free cash flow	51.5	n/a	n/a
Free cash flow margin	5.2%	n/a	n/a
Cash from investing	-276	n/a	n/a
Cash from financing	120	n/a	n/a
Depreciation and amortisation	19.8	18.8	n/a	+5.3%
Share-based compensation	9.0	n/a	n/a
Buybacks	50.0	n/a	n/a
Dividends paid	33.1	n/a	n/a
Diluted shares, weighted	168m	168m	n/a	-0.1%
Shares outstanding at period end	165m	165m	166m	-0.2%	-0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	2,422	2,338	2,106	+3.6%	+15.0%
Debt	894	701	840	+27.6%	+6.5%
Operating lease liabilities	62.6	n/a	n/a
Other liabilities	1,375	n/a	n/a
Total liabilities and equity	4,754	n/a	n/a
Fixed assets	310	n/a	n/a
Goodwill	2,504	n/a	n/a
Intangible assets	428	n/a	n/a
Cash and equivalents	94.5	173	82.1	-45.4%	+15.1%
Inventory	563	n/a	n/a
Other assets	854	n/a	n/a
Total assets	4,754	n/a	n/a

Questions

What was Pentair's revenue in Q4 FY2021?

Pentair (PNR) reported revenue of $989 million for Q4 FY2021, the quarter ended 31 December 2021, up 24.2% on the same quarter a year earlier.

How much did Pentair earn in Q4 FY2021?

Net income for Q4 FY2021 was $149 million, up 44.4% on the year, and diluted earnings per share $0.88.

When did Pentair report Q4 FY2021 results?

Pentair filed its 10-K for the year that ended with the quarter on 22 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	989	1,000	1,064	1,055	1,003	1,029	1,082	1,009	985	1,017	1,099	993	973	1,010	1,123	1,022	1,020	1,037	933	976
Cost of revenue	660	667	705	707	678	647	683	637	618	627	661	600	595	607	666	603	609	603	538	581
Gross profit	328	332	360	348	325	382	400	372	366	390	438	393	378	403	457	419	412	433	395	395
Gross margin	33%	33%	34%	33%	32%	37%	37%	37%	37%	38%	40%	40%	39%	40%	41%	41%	40%	42%	42%	40%
R&D	21.5	22.3	23.1	23.7	23.1	24.9	25.9	25.5	23.5	24.1	24.8	22.9	21.8	23.6	25.1	24.7	22.5	24.5	23.7	23.4
SG&A	156	164	146	177	190	173	165	166	176	185	165	190	161	177	214	162	184	199	205	176
Operating income	151	146	191	147	112	184	208	180	167	181	248	180	195	203	218	232	205	210	166	196
Operating margin	15%	15%	18%	14%	11%	18%	19%	18%	17%	18%	23%	18%	20%	20%	19%	23%	20%	20%	18%	20%
Pre-tax income	152	140	182	128	101	150	182	153	134	153	221	160	184	183	172	217	184	189	147	173
Tax rate	2%	15%	16%	10%	5%	15%	15%	14%	-55%	13%	16%	13%	10%	15%	14%	15%	12%	15%	12%	16%
Net income	149	118	153	115	95.0	130	153	132	208	133	186	140	166	155	148	184	166	172	129	145
Net margin	15%	12%	14%	11%	9%	13%	14%	13%	21%	13%	17%	14%	17%	15%	13%	18%	16%	17%	14%	15%
Diluted EPS	$0.88	$0.70	$0.92	$0.70	$0.57	$0.79	$0.92	$0.79	$1.25	$0.80	$1.11	$0.84	$0.99	$0.93	$0.90	$1.12	$1.01	$1.05	$0.80	$0.91
Operating cash flow	73.1	-132	307	95.2	92.8	-107	445	162	118	-108	539	249	86.5	-38.9	607	196	50.8	-67.4	572	169
Capital expenditure	21.6	17.7	22.4	23.1	22.0	16.6	18.8	19.4	21.2	19.3	17.0	15.4	22.7	16.8	10.9	17.4	23.7	18.5	18.9	16.8
Free cash flow	51.5	-149	284	72.1	70.8	-123	426	143	97.3	-127	522	233	63.8	-55.7	596	179	27.1	-85.9	553	152
Buybacks	50.0	0.0	50.0	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	33.1	34.7	34.8	34.6	34.5	36.2	36.3	36.4	36.3	38.0	38.2	38.1	38.0	41.2	41.2	40.9	41.0	44.1	43.4	43.3
Shares outstanding	165m	165m	164m	164m	165m	165m	165m	165m	165m	166m	165m	165m	165m	165m	164m	164m	163m	162m	160m	160m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 22 February 2022: the filing.