At a glance
Flowserve Corporation is worth $9.11B, about 27 times its fiscal 2025 earnings. Revenue grew 3.8% to $4.73B in fiscal 2025, with 7.3% kept as profit; over 5 years it has grown 4.9% a year. It pays a 1.21% dividend yield, and returned $826.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +38.0% over the past year with dividends reinvested and +19.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.5% in the 2020 crash (S&P 500: 33.7%) and 33.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 47 months and 4 months after the lows.
The business in plain English
Flowserve makes pumps, valves and seals that move and control the flow of liquids and other materials inside industrial plants. It also sells automation equipment and maintenance services. It has more than 10,000 customers. They include engineering, procurement and construction (EPC) firms that build large facilities, equipment makers, distributors and plant operators. The company was formed in 1997 by merging BW/IP and Durco International, though some of its brands date back to 1790.
It makes money in two ways. It sells new equipment, often for large projects that can take up to two years to deliver. It also services equipment already installed at customer sites. Flowserve had $4.73 billion of revenue in fiscal 2025, the year ended December 31, 2025. Aftermarket parts and services made up 53% of that and original equipment 47%. The aftermarket business relies on a large base of installed equipment that needs regular maintenance and replacement parts. Flowserve delivers that work through a global network of Quick Response Centers.
Flowserve reports two business segments, FPD and FCD, which brought in 68% and 32% of 2025 revenue. By end market, 2025 orders split among general industries such as water, mining and pharmaceuticals (34%), energy (33%), chemicals (19%) and power generation (14%). The Middle East and Africa, Europe and Asia each supplied 15% to 18% of revenue, and Latin America about 7%.
Price history
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FLS +38.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Aftermarket | $2.51B | 53.1% |
| Original Equipment | $2.22B | 46.9% |
By business segment
| FPD | $3.23B | 68.3% |
| FCD | $1.50B | 31.7% |
By geography
| EMA | $1.62B | 34.2% |
| Middle East and Africa | $835.8M | 17.7% |
| Europe | $833.7M | 17.6% |
| Asia | $722.9M | 15.3% |
| Other | $424.4M | 9% |
| Latin America | $317.1M | 6.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.24B, up 5.4% from a year earlier, and net income was $103.0M (-53.1%).
- For fiscal 2025, revenue was $4.73B (+3.8% year over year; +4.9% a year from FY2020 to FY2025) with a 7.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.9% watch |
|---|---|
| Operating margin | 8.5% watch |
| Free cash flow margin | 9.2% watch |
| Return on equity (FY2025) | 15.8% good |
| Return on assets (FY2025) | 6.1% watch |
| Net cash (cash minus debt) | $-1.31B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.73B | $130.4M | $253.1M |
| FY2021 | $3.54B | $125.9M | $195.2M |
| FY2022 | $3.62B | $188.7M | $-116.3M |
| FY2023 | $4.32B | $186.7M | $258.4M |
| FY2024 | $4.56B | $282.8M | $344.3M |
| FY2025 | $4.73B | $346.2M | $435.0M |
Valuation snapshot
| Market value | $9.11B |
|---|---|
| P/E ratio | 27.2 |
| Dividend yield | 1.21% |
Rank among 1514 US companies
Market value at each year end
Flowserve’s market value went from $6.27B at the end of 2016 to $9.11B on Oct 28, 2026, up 45%; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.11B | +3.3% |
| 2025 | $8.82B | +16.7% |
| 2024 | $7.56B | +39.7% |
| 2023 | $5.41B | +34.9% |
| 2022 | $4.01B | +0.6% |
| 2021 | $3.99B | -17.0% |
| 2020 | $4.80B | -26.3% |
| 2019 | $6.51B | +30.9% |
| 2018 | $4.98B | -9.6% |
| 2017 | $5.50B | -12.2% |
| 2016 | $6.27B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FLS price data to Oct 28, 2026 | +4.4% | +38.0% | +28.0% | +19.1% | +7.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.4% |
| 2025 | +22.4% |
| 2024 | +41.9% |
| 2023 | +37.3% |
| 2022 | +3.1% |
| 2021 | -15.1% |
| 2020 | -23.9% |
| 2019 | +33.7% |
| 2018 | -8.2% |
| 2017 | -11.2% |
| 2016 | +16.0% |
| 2015 | -28.6% |
| 2014 | -21.4% |
| 2013 | +63.9% |
| 2012 | +49.5% |
| 2011 | -15.6% |
| 2010 | +27.5% |
| 2009 | +86.1% |
| 2008 | -45.8% |
| 2007 | +92.2% |
| 2006 | +27.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 43.8% over that stretch · deepest drop along the way 73.1%, back to its old high 45.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 57.8% over that stretch · deepest drop along the way 58.5%, back to its old high 46.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.2% over that stretch · deepest drop along the way 33.5%, back to its old high 4.4 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 2 open-market purchases ($232K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 18, 2026 | Michael C. McMurray Director | buy | $164K |
| May 14, 2026 | Brian D Savoy Director | buy | $67K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.6% | Mar 31, 2025 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| D1 Capital Partners L.P. | 4.6% | Mar 31, 2026 |
| First Eagle Investment Management, LLC | 3% | Mar 31, 2025 |
| BlackRock Portfolio Management LLC | 2.2% | Sep 30, 2025 |
| Beutel, Goodman & Co Ltd. | 2% | Dec 4, 2024 |
ETFs with the most weight in FLS
| GGTL Gabelli Global Technology Leaders ETF | 2.15% |
| LOPP Gabelli Love Our Planet & People ETF | 1.93% |
| NVIR Horizon Kinetics Energy and Remediation ETF | 1.84% |
| NUKZ Range Nuclear Renaissance Index ETF | 1.08% |
| CZA Invesco Zacks Mid-Cap ETF | 0.38% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened ETF | 0.35% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.34% |
| IQSM NYLI Candriam U.S. Mid Cap Equity ETF | 0.31% |
What could go wrong
- Customers cut spending when their industries slump. Demand depends on spending by energy, chemical and industrial companies on projects and maintenance. Their businesses rise and fall with the economy, and they often delay large projects in downturns or when oil prices swing.
- Orders can be delayed or canceled. Swings in commodity prices and credit markets have led customers to delay or cancel orders before. Flowserve could also lose revenue and customers if it cannot deliver its backlog of unfilled orders on time.
- Tough competition squeezes profit margins. Flowserve sells in highly competitive markets, which puts pressure on profit margins and market share. Aftermarket sales for standard products face especially stiff competition, because common industry standards make it easy to switch to a rival's equipment.
- Raw material costs and tariffs. Flowserve may not always get raw materials at favorable prices, which can hurt profit margins. New tariffs and uncertain trade agreements could also raise costs and hurt results.
- Global reach brings political and currency risk. Flowserve sells worldwide, and about 18% of 2025 revenue came from the Middle East and Africa. Political turmoil, wars and currency swings can hurt results, and breaking anti-bribery laws could be costly.
- Debt limits financial flexibility. As of September 30, 2026, Flowserve had about $2.06 billion of debt and $742 million of cash and investments. Its loan agreements limit how freely it can borrow, spend and operate.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Major agreement signed; New debt or financial obligation; Other company announcement
- Major agreement signed
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Flowserve pays a dividend, but it has grown slowly. The yearly payout was $0.80 per share from fiscal 2020 through 2023 and $0.84 in 2024 and 2025, so there is no streak of yearly increases. In fiscal 2025, dividends used about 32% of earnings and 25% of free cash flow (cash left after running the business and investing in equipment). The yield was a modest 1.21% as of October 28, 2026, so most of any return would come from the share price. Buybacks jumped in 2025: Flowserve spent $255 million repurchasing shares, most of its $292 million total over fiscal 2021–2025.
The shares have fallen hard in downturns. They dropped 73% in the 2008 financial crisis and 58.5% in the 2020 COVID crash, and each time took nearly four years from the low to recover. The 2022 drop of 33.5% was made back in about four months. Single stocks like this carry more risk than diversified funds.
Questions investors ask
How does Flowserve make money?
Flowserve sells pumps, valves, seals and automation equipment that move and control liquids and other materials in industrial plants. It then services that equipment. In fiscal 2025, aftermarket parts and services brought in 53% of its $4.73 billion of revenue, and new equipment 47%. Its customers include engineering and construction firms, equipment makers, distributors and plant operators. They work in energy, chemicals, power generation, water, mining and pharmaceuticals.
Does Flowserve raise its dividend every year?
No. Flowserve paid $0.80 per share a year from fiscal 2020 through 2023 and $0.84 in 2024 and 2025, so it has no streak of yearly increases. Its dividend grew about 1% a year over that span. The payout used about 32% of 2025 earnings and 25% of free cash flow, which leaves room to cover it. The dividend yield, the yearly dividend as a share of the stock price, was 1.21% as of October 28, 2026.
Does Flowserve benefit from AI data centers and nuclear power?
Yes, according to the company. Its annual report for fiscal 2025 says demand has risen because of the data centers being built to power artificial intelligence and the shift to cleaner energy. Flowserve is also targeting growth in nuclear and power generation. Power generation rose to 14% of orders in 2025 from 11% in 2023. Energy customers remain a bigger group, at 33% of 2025 orders, down from 38% in 2023.
How has Flowserve stock performed?
It has done well over the past few years, with big swings along the way. As of October 28, 2026, the share price had risen 38% over one year and about 19% a year on average over five years, but only 7.5% a year over ten years. Price gains were 37% in 2023, 42% in 2024 and 22% in 2025. In the year to October 28, 2026, the stock fell as much as 30% from a high. It has tended to move more than the overall market.
How much debt does Flowserve have?
Flowserve had about $2.06 billion of debt as of September 30, 2026, and $742 million of cash and investments. That leaves net debt (debt minus cash) of about $1.31 billion. For comparison, Flowserve produced $435 million of free cash flow in fiscal 2025. Shareholders' equity (assets minus liabilities) was $2.31 billion as of September 30, 2026. The company's annual report warns that its loan agreements limit its operating and financial flexibility.