Pentair (PNR) FY2023 results: revenue $4.1 billion, down 0.4% on the year

Pentair plc (PNR) reported revenue of $4.1 billion for fiscal 2023, the year ended 31 December 2023, down 0.4% on the year before. Net income was $623 million, up 29.5%, and diluted earnings per share $3.75. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue

$4.1 billion

-0.4% on the year

FY2016FY2023

Operating margin

18.0%

14.4% a year earlier

FY2016FY2023

Net income

$623 million

+29.5% on the year

FY2016FY2023

Diluted EPS

$3.75

+29.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	4,104	4,122	3,765	-0.4%
Cost of revenue	2,585	2,757	2,446	-6.2%
Gross profit	1,519	1,365	1,319	+11.3%
Gross margin	37.0%	33.1%	35.0%
Research and development	99.8	92.2	85.9	+8.2%
Selling, general and administrative	680	677	596	+0.5%
Operating income	739	595	637	+24.2%
Operating margin	18.0%	14.4%	16.9%
Pre-tax income	619	551	627	+12.4%
Income tax	-4.0	67.4	70.8
Effective tax rate	-0.6%	12.2%	11.3%
Net income	623	481	553	+29.5%
Net margin	15.2%	11.7%	14.7%
Diluted EPS	$3.75	$2.90	$3.30	+29.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	619	363	613	+70.4%
Capital expenditure	76.0	85.2	60.2	-10.8%
Free cash flow	543	278	553	+95.3%
Free cash flow margin	13.2%	6.7%	14.7%
Cash from investing	-85.4	-1,583	-391
Cash from financing	-468	1,233	-222
Depreciation and amortisation	115	107	77.5	+7.7%
Share-based compensation	29.1	24.9	29.8	+16.9%
Buybacks	0.0	50.0	150
Dividends paid	145	139	133	+4.8%
Dividend per share	$0.88	$0.84	$0.80	+4.8%
Diluted shares, weighted	166m	166m	168m	+0.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	3,217	2,708	2,422	+18.8%
Debt	1,988	2,317	894	-14.2%
Operating lease liabilities	79.1	52.4	62.6	+51.0%
Other liabilities	1,279	1,370	1,375	-6.6%
Total liabilities and equity	6,563	6,448	4,754	+1.8%
Fixed assets	362	344	310	+5.1%
Goodwill	3,275	3,253	2,504	+0.7%
Intangible assets	1,042	1,095	428	-4.8%
Cash and equivalents	170	109	94.5	+56.4%
Inventory	678	790	563	-14.2%
Other assets	1,036	857	854	+20.9%
Total assets	6,563	6,448	4,754	+1.8%

10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.