Flowserve CorporationFLS
NYSE•Industrials•Specialty Industrial Machinery
Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. The company operates in two segments, Flowserve Pumps Division (FPD) and Flow Control Division (FCD). It offers custom engineered pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems, replacement parts, and related services; and manufactures gas-lubricated mechanical seals for gas pipelines and in the energy production and process markets. The company also provides equipment services, including installation, commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions. In addition, it offers engineered-to-order and configured-to-order isolation valves, control valves, valve automation products and related services and equipment; and actuators, positioners, and switches used to control, direct and manage the flow of liquids, gases and multi-phase fluids, and are a part of any flow control system. Further, the company provides equipment maintenance services for flow control systems, including advanced diagnostics, repair, installation, commissioning, retrofit programs, and field machining capabilities. It sells its products under the Valtek, Argus, Worcester, Limitorque, and Durco brands. The company serves oil and gas, power generation, chemical, water management and general industries, including pharmaceuticals, mining, food and beverage, steel, and pulp and paper industries. It distributes its products through direct sales, distributors, and sales representatives. Flowserve Corporation was founded in 1790 and is headquartered in Irving, Texas.
Flowserve Corporation (FLS) reported trailing twelve months revenue of $4.65B as of March 2026, a 0.8% increase year-over-year. Quarterly revenue reached $1.07B, reflecting continued top-line momentum.
Flowserve Corporation generated $354.02M in TTM net income, with quarterly EBITDA of $143.49M. The operating margin contracted from 11.5% to 11.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (11.2%) and net margin (7.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 6.5% a year ago, signaling stronger bottom-line efficiency.
FLS trades at a P/E of 24.9x (in line with broad market averages) and a P/S of 1.9x. The price-to-book ratio of 4.0x reflects a moderate premium to book value.
The company reported negative free cash flow of $-59.98M, indicating cash consumption over the period. The balance sheet shows $5.73B in total assets with $1.66B in long-term debt against $2.21B in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~9.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~14.8% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 6 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 19.1% — watch for continued compression, which may signal competitive or cost pressure.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.8 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares decreased 3.2% — net buybacks are reducing shares outstanding and boosting per-share value.