olivLaw · US equity research
Flowserve Corporation FLS
Pumps & Pumping Equipment · SIC 3561 · Vertical: Pumps & Pumping Equipment (SIC 3561)
Flowserve is one of the world's largest makers of pumps, valves and aftermarket services for the energy, chemical, power generation and general industries. In 2026 the company posted a solid bookings quarter, but it cut its organic sales guidance because of the Middle East conflict. A backlog of 3,336.0 million USD at June 30, 2026 gives a visible revenue base for the coming period.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Flowserve Corporation (FLS) stock was 81.18 USD (+0.19% on the day), with market capitalisation 10.3 bn USD, P/E 40.7 on diluted EPS of 1.99 USD over the last 12 months, dividend yield 1.07%, beta 1.59, 52-week range 64.39–92.04 USD. Latest reported quarter (Q3 2026): revenue of 0 USD, net income of 103.0 m USD (−53.1% YoY), diluted EPS 0.81 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.5
- strong (55–70)
- Bollinger (20, 2)
- 63.95 – 81.81
- in the upper half of the band · %B 0.96 · band width 24.5%
- SMA 50 / 200
- 74.32 / 76.43
- mixed trend
- MACD (12, 26, 9)
- 1.73 / 0.27
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.3% | −1.1% | +10.4 pp | — |
| 3 months | +3.2% | −0.5% | +3.6 pp | — |
| 6 months | +10.6% | +4.4% | +6.2 pp | — |
| Year to date | +17.0% | +12.3% | +4.7 pp | — |
| 1 year | +16.8% | +13.5% | +3.2 pp | +21.8% |
| 3 years | +115.0% | +76.4% | +38.6 pp | +50.8% |
| 5 years | +135.6% | +63.7% | +72.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of revenue | 808.2 m | 775.2 m | 781.5 m | 794.1 m | 797.0 m | 688.4 m | 784.4 m | 823.4 m |
| Gross profit | 372.1 m | 369.3 m | 406.6 m | 380.3 m | 425.2 m | 379.8 m | 384.7 m | 414.4 m |
| SG&A | 252.0 m | 243.2 m | 265.9 m | 305.2 m | 247.9 m | 263.4 m | 266.3 m | 281.9 m |
| Operating income | 124.7 m | 131.9 m | 146.6 m | 79.3 m | 42.2 m | 119.4 m | 151.4 m | 154.6 m |
| Depreciation & amortisation | 22.4 m | 24.4 m | 23.9 m | 24.4 m | 22.8 m | 24.1 m | 24.3 m | 38.0 m |
| Interest expense | 20.5 m | 19.2 m | 20.3 m | 18.7 m | 19.6 m | 20.4 m | 25.7 m | 26.6 m |
| Income tax | 22.2 m | 17.7 m | 15.6 m | 93.7 m | 28.5 m | 21.1 m | 17.1 m | 15.1 m |
| Net income | 77.5 m | 73.9 m | 81.8 m | 219.6 m | -29.0 m | 81.7 m | 99.0 m | 103.0 m |
| Diluted EPS | 0.59 ≈ | 0.56 | 0.62 | 1.67 | -0.23 ≈ | 0.64 | 0.77 | 0.81 |
| Operating cash flow | 197.3 m | -49.9 m | 154.1 m ≈ | 401.8 m ≈ | -174.0 k | -43.1 m | 129.2 m ≈ | 144.1 m ≈ |
| Capex | 28.9 m | 11.7 m | 16.6 m | 17.2 m | 25.4 m | 16.9 m | 16.9 m ≈ | 17.2 m ≈ |
| Dividends paid | 27.6 m | 27.6 m | 27.6 m ≈ | 27.5 m ≈ | 27.0 m | 26.7 m | 28.1 m ≈ | 28.0 m ≈ |
| Share repurchases | 0 | 21.1 m | 31.7 m ≈ | 145.1 m ≈ | 56.9 m | 0 | 25.0 m ≈ | 50.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 84 percentile of its own 37-quarter history (min 15.5, median 27.3, max 2,106.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 104.5 m | 238.8 m | 130.4 m | 125.9 m | 188.7 m | 186.7 m | 282.8 m | 346.2 m |
| Net income YoY | +3,840.7% | +128.5% | −45.4% | −3.4% | +49.8% | −1.0% | +51.4% | +22.5% |
| Diluted EPS | 0.80 | 1.81 | 1.00 | 0.96 | 1.44 | 1.42 | 2.14 | 2.64 |
| Diluted EPS YoY | +3,900.0% | +126.2% | −44.8% | −4.0% | +50.0% | −1.4% | +50.7% | +23.4% |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 106.8 m | 248.4 m | 253.1 m | 195.2 m | -116.3 m | 258.4 m | 344.3 m | 435.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 760.2 m USD
- Financial debt
- 1.6 bn USD
- Net debt
- 814.9 m USD
- Equity
- 2.3 bn USD
- Total assets
- 5.7 bn USD
- Debt / equity
- 0.70x
- Current ratio
- 2.03x
- ROE
- 16.1%
- ROA
- 6.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 2.6 bn | 2.5 bn | 2.6 bn | 3.0 bn | 3.1 bn | 3.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 1.1 bn | 1.0 bn | 994.3 m | 1.3 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 17 Feb 2026verified |
| Research & development | 36.1 m | 34.2 m | 39.9 m | 48.7 m | 69.9 m | 54.1 m | SEC (XBRL)· 17 Feb 2026verified |
| SG&A | 878.2 m | 797.1 m | 815.5 m | 961.2 m | 978.0 m | 1.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 250.3 m | 270.8 m | 197.2 m | 333.6 m | 462.3 m | 399.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 100.8 m | 99.8 m | 91.0 m | 83.7 m | 85.6 m | 95.5 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 351.0 m ≈ | 370.6 m ≈ | 288.2 m ≈ | 417.3 m ≈ | 547.9 m ≈ | 495.4 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 56.2 m | 57.6 m | 46.2 m | 66.9 m | 69.3 m | 77.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | 202.3 m | 133.6 m | 154.4 m | 223.8 m | 386.2 m | 525.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 61.4 m | -2.6 m | -43.6 m | 18.6 m | 84.9 m | 155.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 130.4 m | 125.9 m | 188.7 m | 186.7 m | 282.8 m | 346.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 1.00 | 0.96 | 1.44 | 1.42 | 2.14 | 2.64 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 131.1 m | 130.9 m | 131.3 m | 131.9 m | 132.4 m | 131.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 0.80 | 0.80 | 0.80 | 0.80 | 0.84 | 0.84 | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.1 bn | 658.5 m | 435.0 m | 545.7 m | 675.4 m | 760.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 753.5 m | 739.2 m | 868.6 m | 881.9 m | 976.7 m | 1.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 667.2 m | 678.3 m | 803.2 m | 879.9 m | 837.3 m | 789.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 2.9 bn | 2.4 bn | 2.5 bn | 2.7 bn | 2.9 bn | 3.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 556.9 m | 515.9 m | 500.9 m | 506.2 m | 539.7 m | 566.8 m | SEC (XBRL)· 29 Apr 2026verified |
| Goodwill | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 168.5 m | 152.5 m | 134.5 m | 122.2 m | 188.6 m | 198.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 5.3 bn | 4.7 bn | 4.8 bn | 5.1 bn | 5.5 bn | 5.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 440.2 m | 410.1 m | 476.7 m | 547.8 m | 545.3 m | 554.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 9.0 m | 41.1 m | 49.3 m | 66.2 m | 44.1 m | 49.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 1.7 bn | 1.3 bn | 1.2 bn | 1.2 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 1.1 bn | 1.1 bn | 1.2 bn | 1.4 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 1.8 bn | 1.8 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.3 bn | SEC (XBRL)· 17 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 310.5 m | 250.1 m | -40.0 m | 325.8 m | 425.3 m | 505.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 57.4 m | 54.9 m | 76.3 m | 67.4 m | 81.0 m | 70.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 253.1 m ≈ | 195.2 m ≈ | -116.3 m ≈ | 258.4 m ≈ | 344.3 m ≈ | 435.0 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -41.7 m | -59.5 m | -6.1 m | -68.6 m | -387.2 m | -125.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | 147.6 m | -599.7 m | -150.0 m | -153.0 m | 117.5 m | -326.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 104.2 m | 104.6 m | 104.5 m | 105.0 m | 110.4 m | 109.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 32.1 m | 17.5 m | 0 | 0 | 20.1 m | 254.9 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 10.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet61
- Growth100
- Quality58
- Returns48
- Valuation5
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.04 – 69.73 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA56.76 – 69.73 (Mid 60.05)4 companies used · median multiple 15.5x · quartiles 14.8x – 17.6xGGG, GRC, ITT, XYL
- Peers: P/E44.77 – 64.66 (Mid 52.54)5 companies used · median multiple 26.3x · quartiles 22.5x – 32.4xGGG, GRC, IEX, ITT, XYL
- Dividend discount (DDM)11.04 – 14.84 (Mid 12.66)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.8% | 67 (vs peers) | 12% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 60.3% | 43 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 22.4% | 100 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 2.3x | 49 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 5.1x | 55 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 40.7x | 0 (vs peers) | 12% |
| EV/EBITDA · Valuation | 20.1x | 0 (on a fixed band) | 12% |
| FCF yield · Valuation | 1.5% | 19 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 2.3% | 34 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 71.5% | 69 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality58/100 · 2/3 factors with a value
- Returns48/100 · 2/2 factors with a value
- Valuation5/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FLOWSERVE CORP (FLS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 0 USD in 2025; ROE 11.1%; net debt/EBITDA 2.3x.
The estimated value range is 44.77–64.66 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 52.54 USD, the price of 81.18 USD leaves a potential of -35.3% (value / price − 1) and a margin of safety of -54.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 22.4%
- Current ratio: 2.1x
What contradicts it
- P/E (TTM): 40.7x
- EV/EBITDA: 20.1x
- FCF yield: 1.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y.
Versus the vertical median
Pumps & Pumping Equipment (SIC 3561) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| XYLXylem Inc. | 23.2 bn | 22.3 | 10.1% | 11.9% | +5.5% | −28% / −4% |
| ITTItt Inc. | 18.0 bn | 39.4 | 11.5% | 8.9% | +8.5% | +9% / +86% |
| IEXIdex Corp | 17.2 bn | 32.4 | 13.3% | 14.6% | +5.8% | +34% / +16% |
| GGGGraco Inc. | 11.2 bn | 22.5 | 20.4% | 22.4% | +5.8% | −15% / −14% |
| FLSFlowserve Corp | 10.3 bn | 40.7 | 11.1% | — | unavailable | +17% / +115% |
| GRCThe Gorman-Rupp Company | 2.0 bn | 26.3 | 17.0% | 10.2% | +3.4% | +59% / +134% |
| APAmpco-Pittsburgh Corp | 142.8 m | — | -126.3% | -13.8% | +3.8% | +167% / +149% |
1- and 3-year price returns: for FLS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Flowserve is one of the world's largest makers of pumps, valves and aftermarket services for the energy, chemical, power generation and general industries. In 2026 the company posted a solid bookings quarter, but it cut its organic sales guidance because of the Middle East conflict. A backlog of 3,336.0 million USD at June 30, 2026 gives a visible revenue base for the coming period 23.
SWOT
Strengths
- The company has a portfolio of dozens of well-recognized brands and a long history in flow control 1.
- The installed base generates recurring aftermarket revenue with margins higher than new equipment sales 12.
- The global QRC network and manufacturing capacity in several regions give flexibility to customers and the supply chain 1.
Weaknesses
- The business depends on capital and maintenance cycles in the energy and chemical industries, which can be delayed in difficult periods 1.
- A strong dollar and price pressure in overseas markets can reduce margins and international competitiveness 1.
- The cut to 2026 sales guidance shows sensitivity to geopolitical events in certain regions 23.
Opportunities
- Investment in nuclear energy, power generation and energy security could create new projects and aftermarket demand 13.
- Expanding RedRaven and digitization services could raise service revenue and customer retention 1.
- Recent acquisitions such as Trillium and FAMCO could add capacity and revenue if integration succeeds 23.
Threats
- The Middle East conflict and geopolitical instability could affect activity in the region in the short term 23.
- Trade tariffs and possible retaliation could raise costs and slow orders in several countries 12.
- Strong competition and customers' push to reduce suppliers could limit the ability to keep margins 1.
Risks
- Cyclical demandmedium
Customers may delay capital investment and maintenance in weak economic periods, which could reduce orders and capacity use 1.
- Delays in delivering backlogmedium
If plant capacity, raw materials or workforce are insufficient, the company could miss delivery dates and pay contractual penalties 1.
- Middle East conflicthigh
Instability in the region could keep affecting current business and the guidance for the second half of the year 23.
- Tariffs and exchange ratesmedium
New or changed tariffs and a strong dollar could reduce competitiveness in overseas markets and affect margins 12.
- Raw material volatilitymedium
Energy, metal alloy and nickel prices are volatile and could affect operating margins if they cannot be passed on to customers 1.
Investment thesis
What would need to be true (bull case)
- Bookings in the second quarter of 2026 rose strongly, and aftermarket bookings reached a record level, suggesting solid demand 3.
- Operating margins expanded in recent quarters, and the company reports 14 consecutive quarters of year-over-year adjusted gross margin expansion 3.
- If investment in energy, nuclear and power generation continues, the company could benefit from a solid backlog and aftermarket growth 13.
What would break the thesis
- Organic sales guidance for 2026 was cut and reported sales fell in the second quarter of 2026, which shows pressure on revenue 23.
- The business remains cyclical, and customers in energy and chemicals could delay investment if economic conditions worsen 1.
- Tariffs, geopolitical instability and competitive pressure could limit the company's ability to keep margins and market share 12.
What to watch
- Development of the Middle East conflict and its effect on business in the regionQ3 2026
- Delivery against the organic sales guidance and the adjusted EPS guidance2026
- Timing and amount of IEEPA tariff refundsnext 10-Q
- Trend in backlog and aftermarket orders against recent record levelsQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Flowserve describes its business as manufacturing and aftermarket service of comprehensive flow control systems, namely pumps, valves, seals, automation and services such as installation, diagnostics and maintenance 1. The company serves more than 10,000 customers, including leading EPC firms, original equipment manufacturers, distributors and end users 1. The 3D Strategy (diversification, decarbonization and digitization), together with the Flowserve Business System, guides its long-term direction 1. The QRC network grew from 152 to 155 in the first half of 2026 12.
The company reports two operating segments: the Flowserve Pumps Division (FPD), the largest, and the Flow Control Division (FCD) 1. The divisions share common customers, research, marketing and supply chain functions, which reduces administrative costs 1. Aftermarket business, covering spare parts, service and life cycle solutions, carries higher margins than original equipment and helps stabilize revenue in weaker economic periods 12.
Demand depends on customers' capital investment and maintenance spending, which follow the economic cycle of the industries served 1. Large projects can take up to two years, while short-cycle orders are generally shipped within six months and are less cyclical 1.
Segments
Flowserve Pumps Division (FPD)
FPD designs and manufactures custom engineered pumps, industrial pumps, pump systems and mechanical seals, and provides aftermarket services through a global QRC network 1. The divisions manufacture approximately 165 active pump models and approximately 175 mechanical seal and sealing system models 1. Principal brands include Worthington, SIHI, Durco and Innomag 1.
Flow Control Division (FCD)
FCD designs, manufactures and distributes a broad range of engineered-to-order and configured-to-order isolation valves, control valves, valve automation products and related equipment 1. The division uses brands from the company portfolio such as Limitorque, Valtek and Argus, and integrates with FPD in shared applications 12.
Market context
In 2025, general industries accounted for 34% of bookings, energy 33%, power generation 14% and chemical 19% 1. The global market depends on world economic conditions, raw material prices and investment in energy security and decarbonization 1. The company believes investment in nuclear energy and data centers could support long-term demand 1.
In the first half of 2026, Flowserve reported total bookings of 2,495.7 million USD, up 8.5% from the prior year 3. Reported sales fell 4.1% over the same period, and 2026 guidance points to an organic sales decline of about 1%, linked to the Middle East conflict 23.
Trends
- Energy investment and energy securitytailwind
Demand for energy, power generation and nuclear projects has risen, and the company says investment tied to energy security could continue 13. If these projects materialize, they could support bookings over the medium term.
- Middle East conflictheadwind
The armed conflict in the region led the company to lower its 2026 organic sales guidance, as current business there could be affected in the second half of the year 23.
- Tariffs and trade policymixed
Higher tariffs and possible new measures add uncertainty to costs and prices. The company can factor tariff impacts into pricing, while IEEPA refunds remain uncertain in timing and amount 12.
- Digitization and asset healthtailwind
The RedRaven equipment monitoring platform and advanced diagnostics extend the service offering and could add value for customers and longer-term margins 1.
Competitive position
The company competes with large, well-established national and global companies, as well as regional and local firms, low-cost spare parts replicators and customers' in-house maintenance departments 1. Competition is based on price, technical expertise, delivery timeliness and reputation for quality 1.
Competitive pressure has grown in slow-growth segments and for original equipment orders, and some customers are reducing their number of suppliers 1. A strong dollar has made products more expensive overseas, which could erode margins and market share 1.
- Large national and global competitors
The source does not name individual companies but describes large, well-established firms competing for the same products 1.
- Regional and local players
Smaller companies competing in regional markets, especially for standard parts and service 1.
- Spare parts replicators
Low-cost suppliers that copy spare parts, mainly in the aftermarket for standard products 1.
- Customers' in-house maintenance departments
Customers who maintain their equipment themselves are an alternative to the supplier's services 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- How Flowserve Corporation (FLS) is Positioned for Long-Term Success in the Nuclear MarketYahoo Finance — News · 31 Aug 2026 · EN
- Starboard Presses Flowserve to Boost Results in Letter to BoardBloomberg Markets · 28 May 2026 · EN
The latest news item in our archive is from 31 Aug 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Aug 2026Departure or appointment of officers · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report30 Jun 2026Regulation FD disclosure
- Current report28 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Current report12 May 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Flowserve Corporation · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Flowserve Corporation · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Flowserve Corporation · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.