Pentair (PNR) FY2022 results: revenue $4.1 billion, up 9.5% on the year

Pentair plc (PNR) reported revenue of $4.1 billion for fiscal 2022, the year ended 31 December 2022, up 9.5% on the year before. Net income was $481 million, down 13.0%, and diluted earnings per share $2.90. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$4.1 billion

+9.5% on the year

FY2015FY2022

Operating margin

14.4%

16.9% a year earlier

FY2015FY2022

Net income

$481 million

-13.0% on the year

FY2015FY2022

Diluted EPS

$2.90

-12.1% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	4,122	3,765	3,018	+9.5%
Cost of revenue	2,757	2,446	1,960	+12.7%
Gross profit	1,365	1,319	1,058	+3.4%
Gross margin	33.1%	35.0%	35.0%
Research and development	92.2	85.9	75.7	+7.3%
Selling, general and administrative	677	596	520	+13.5%
Operating income	595	637	461	-6.5%
Operating margin	14.4%	16.9%	15.3%
Pre-tax income	551	627	432	-12.2%
Income tax	67.4	70.8	75.0	-4.8%
Effective tax rate	12.2%	11.3%	17.4%
Net income	481	553	359	-13.0%
Net margin	11.7%	14.7%	11.9%
Diluted EPS	$2.90	$3.30	$2.14	-12.1%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	363	613	574	-40.8%
Capital expenditure	85.2	60.2	62.2	+41.5%
Free cash flow	278	553	511	-49.7%
Free cash flow margin	6.7%	14.7%	16.9%
Cash from investing	-1,583	-391	-118
Cash from financing	1,233	-222	-436
Depreciation and amortisation	107	77.5	75.1	+37.5%
Share-based compensation	24.9	29.8	20.3	-16.4%
Buybacks	50.0	150	150	-66.7%
Dividends paid	139	133	127	+4.2%
Dividend per share	$0.84	$0.80	$0.76	+5.0%
Diluted shares, weighted	166m	168m	167m	-1.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,708	2,422	2,106	+11.8%
Debt	2,317	894	840	+159.2%
Operating lease liabilities	52.4	62.6	65.1	-16.3%
Other liabilities	1,370	1,375	1,186	-0.4%
Total liabilities and equity	6,448	4,754	4,197	+35.6%
Fixed assets	344	310	301	+11.1%
Goodwill	3,253	2,504	2,392	+29.9%
Intangible assets	1,095	428	326	+155.7%
Cash and equivalents	109	94.5	82.1	+15.2%
Inventory	790	563	420	+40.3%
Other assets	857	854	676	+0.4%
Total assets	6,448	4,754	4,197	+35.6%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.