FLSNYSEPumps & Pumping EquipmentUS GAAP · USD

Flowserve Corporation

Flowserve Corp. makes engineered pumps, valves, seals, automation and related aftermarket services used to move, control and protect fluids in industrial processes. Its business combines original equipment sales with a large installed-base service model through global Quick Response Centers, serving energy, chemical, power generation, water management and pharmaceutical customers.

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Revenue4,729m USD
+3.8 %y/y
Operating profit (EBIT)400m USD
−13.5 %y/y
EBIT margin8.5%
−1.7 ppy/y
Net income346m USD
+14.9 %y/y
Free cash flow435m USD
+26.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,0004,0005,000m USD2020: 0.00 m USD2020: EBIT 250 m USD20202021: 3,615 m USD2021: EBIT 197 m USD20212022: 3,615 m USD2022: EBIT 197 m USD20222023: 4,321 m USD2023: EBIT 334 m USD20232024: 4,558 m USD2024: EBIT 462 m USD20242025: 4,729 m USD2025: EBIT 400 m USD20254,729400
RevenueOperating profit (EBIT)
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Business

Share of revenue
Pumps45 %

Precision-engineered pumps and pumping systems used in critical industrial processes.

Valves and valve automation30 %

Isolation, control, ball and specialty valves plus automation products for flow control.

Seals and related equipment8 %

Mechanical seals and complementary equipment that support rotating equipment reliability.

Aftermarket services17 %

Installation, diagnostics, repairs, turnkey maintenance and field service through QRCs.

Products

Reported · share of revenue
53.1%46.9%FY2025100 %
  • Aftermarket Equipment53.1 %
  • Original Equipment46.9 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Flowserve sells to industrial operators that need high-reliability flow control in mission-critical processes, especially in energy, chemical, power generation and general industries. It also serves EPC firms, OEMs, distributors and end users, with aftermarket demand driven by the large installed base of its pumps and valves. Customers buy Flowserve products to improve uptime, safety, efficiency and process control, and increasingly to support decarbonization and energy-transition applications.

Energy

Buys pumps, valves and services for oil, gas, LNG and energy-transition projects where uptime and safety are critical.

Chemical

Buys engineered flow control equipment for corrosive, high-specification process environments.

Power generation

Buys equipment and services for conventional, nuclear and other power applications requiring reliability.

General industries

Includes mining, water management and pharmaceuticals, buying equipment for process control and maintenance.

EPC firms and OEMs

Buy project-based equipment and integrated packages for large industrial builds and system integration.

Aftermarket installed base

Buys replacement parts, diagnostics and maintenance services to maximize uptime and extend asset life.

Strategy

Flowserve's strategy centers on the 3D Strategy: diversification, decarbonization and digitization. Management is also using the Flowserve Business System and CORE program to simplify the portfolio, improve execution and expand aftermarket, remote monitoring and energy-transition offerings.

Diversification across end markets and geographiesMedium term

Reduces dependence on any single industry cycle or region and supports steadier demand.

Decarbonization and energy-transition solutionsMedium term

Positions the company for growth in emerging applications while leveraging core flow-control expertise.

Digitization and remote servicesMedium term

Improves customer uptime and creates higher-value aftermarket relationships.

Operational excellence and portfolio simplificationShort term

Supports margin improvement, delivery performance and lower complexity across the product base.

Geography

Flowserve operates a global manufacturing and service footprint in more than 50 countries, with 44 manufacturing facilities and 26 QRCs in the FCD segment alone. The company emphasizes geographic breadth to reduce exposure to downturns in any one market, while its 2025 outlook notes tariff and geopolitical uncertainty across countries where it operates. Europe, the United States and Asia Pacific are important operating regions, and foreign currency movements also affect reported results.

Risks

Flowserve is exposed to cyclical capital spending in energy, chemical and power markets, so project delays or lower maintenance spending can weaken bookings and aftermarket demand. The company also faces tariff, geopolitical, supply-chain and cyber risks because it manufactures and serves customers globally and relies on complex industrial operations. Goodwill impairment, pricing pressure in energy markets and execution risk on acquisitions or portfolio changes are additional company-specific concerns.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cyclical demand in energy, chemical and power markets1Tariffs and trade-policy changes2Cybersecurity incidents3Foreign exchange volatility4Goodwill impairment5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cyclical demand in energy, chemical and power marketsImpact: HighLikelihood: Medium

    Bookings and aftermarket activity depend on customer capital and operating spending.

    ExposureProject timingReplacement demandMaintenance budgets
  2. Tariffs and trade-policy changesImpact: HighLikelihood: Medium

    The company operates globally and may face higher import costs or retaliatory actions.

    ExposurePricingSourcingMarginsDelivery lead times
  3. Cybersecurity incidentsImpact: HighLikelihood: Medium

    Industrial operations, customer data and proprietary technology are attractive targets.

    ExposureManufacturing disruptionIP theftRemediation costsLitigation
  4. Foreign exchange volatilityImpact: MediumLikelihood: Medium

    A large international footprint creates translation and transaction exposure.

    ExposureEuroBritish poundMexican peso movements
  5. Goodwill impairmentImpact: MediumLikelihood: Low

    Acquired assets and reporting units are tested against future cash-flow expectations.

    Exposure: Pump reporting unit and acquired businesses

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Accounting

Judgemental items
Revenue recognition and percentage-of-completion

Project timing and contract terms determine when revenue and margin are recorded.

Impact: Can shift revenue and earnings between periods

Goodwill and long-lived asset impairment

Valuations depend on future cash-flow forecasts and market conditions.

Impact: Potential non-cash charges, especially in pump-related reporting units

Deferred taxes and tax reserves

Judgment is required on realizability and uncertain tax positions.

Impact: Affects tax expense and effective tax rate

Pension and postretirement obligations

Assumptions on discount rates and returns drive liability and expense estimates.

Impact: Can materially affect operating results and equity

Contingent loss and warranty reserves

Industrial equipment can involve claims, defects and service obligations.

Impact: Affects SG&A, cost of sales and cash outflows

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Last updated: 24/09/2026