Pentair (PNR) FY2021 results: revenue $3.8 billion, up 24.8% on the year

Pentair plc (PNR) reported revenue of $3.8 billion for fiscal 2021, the year ended 31 December 2021, up 24.8% on the year before. Net income was $553 million, up 54.2%, and diluted earnings per share $3.30. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$3.8 billion

+24.8% on the year

FY2014FY2021

Operating margin

16.9%

15.3% a year earlier

FY2014FY2021

Net income

$553 million

+54.2% on the year

FY2014FY2021

Diluted EPS

$3.30

+54.2% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	3,765	3,018	2,957	+24.8%
Cost of revenue	2,446	1,960	1,906	+24.8%
Gross profit	1,319	1,058	1,052	+24.7%
Gross margin	35.0%	35.0%	35.6%
Research and development	85.9	75.7	78.9	+13.5%
Selling, general and administrative	596	520	540	+14.6%
Operating income	637	461	432	+38.0%
Operating margin	16.9%	15.3%	14.6%
Interest expense	n/a	n/a	30.1
Pre-tax income	627	432	408	+45.1%
Income tax	70.8	75.0	45.8	-5.6%
Effective tax rate	11.3%	17.4%	11.2%
Net income	553	359	356	+54.2%
Net margin	14.7%	11.9%	12.0%
Diluted EPS	$3.30	$2.14	$2.09	+54.2%

$ million except per share.

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	FY2021	FY2020	FY2019	On the year
Operating cash flow	613	574	353	+6.9%
Capital expenditure	60.2	62.2	58.5	-3.2%
Free cash flow	553	511	294	+8.1%
Free cash flow margin	14.7%	16.9%	10.0%
Cash from investing	-391	-118	-332
Cash from financing	-222	-436	-17.1
Depreciation and amortisation	77.5	75.1	n/a	+3.2%
Share-based compensation	29.8	20.3	21.4	+46.8%
Buybacks	150	150	150	-0.1%
Dividends paid	133	127	123	+4.6%
Dividend per share	$0.80	$0.76	$0.72	+5.3%
Diluted shares, weighted	168m	167m	170m	+0.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	2,422	2,106	1,954	+15.0%
Debt	894	840	1,029	+6.5%
Operating lease liabilities	62.6	65.1	61.1	-3.8%
Other liabilities	1,375	1,186	1,095	+15.9%
Total liabilities and equity	4,754	4,197	4,140	+13.3%
Fixed assets	310	301	283	+2.9%
Goodwill	2,504	2,392	2,258	+4.7%
Intangible assets	428	326	339	+31.3%
Cash and equivalents	94.5	82.1	82.5	+15.1%
Inventory	563	420	377	+34.0%
Other assets	854	676	799	+26.3%
Total assets	4,754	4,197	4,140	+13.3%

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