Flowserve
FLSNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $85.66 Prior regular-session close from the quote source.
- $84.50–$86.94 Regular-session low and high so far today.
- 1.3M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 4 projected Projected for 2027-02-04 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $63.27–$92.41 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FLS if Flowserve converts a large installed base of industrial pumps into recurring, high-margin aftermarket sales and steady free cash flow, which funds dividends, buybacks and targeted acquisitions that expand its specialty-pump footprint and sustain per-share.
FLS price history
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Investment thesis
What must happen next
Flowserve's installed-base aftermarket and favorable product/mix pricing will keep gross margins materially higher than cyclical new-equipment margins, supporting operating-profit resilience.StrengtheningMateriality: High
Gross profit rose from $994.295M (FY2022) to $1.434246B (FY2024) to $1.581437B (FY2025), implying an expanding gross-margin profile over 2022-2025. If aftermarket-driven gross margins hold, Flowserve can generate steady operating income and cash that underpin buybacks/dividends; if they fall, margins and cash flow will compress even if revenue holds.
Watch: Sustained multi-year decline in customer capital spending in key end markets (oil & gas, power, water) that reduces aftermarket activity.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Gross profit rose from $994.295M (FY2022) to $1.434246B (FY2024) to $1.581437B (FY2025), implying an expanding gross-margin profile over 2022-2025.
Open source ↗Improving operating cash flow and working-capital conversion will continue to fund dividends, material share repurchases and targeted M&A without materially increasing leverage.StrengtheningMateriality: High
Operating cash flow improved from -$40.01M (FY2022) to $325.772M (FY2023) to $425.308M (FY2024) to $505.884M (FY2025). Sustained FCF lets the company return cash and pursue accretive deals while avoiding covenant stress; a reversal forces either cuts to buybacks/dividends or higher leverage/dilution.
Watch: A sustained multi-year drop in orders from major end markets (e.g., prolonged oil & gas capex retrenchment) that reduces receipts and increases working-capital strain.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow improved from -$40.01M (FY2022) to $325.772M (FY2023) to $425.308M (FY2024) to $505.884M (FY2025).
Open source ↗Targeted acquisitions (MOGAS, Greenray) can accelerate revenue and margin expansion by adding specialty-pump capabilities and aftermarket customers—only if integration captures synergies and cross-sell.HoldingMateriality: Medium
Revenue increased from $4.557806B (FY2024) to $4.729260B (FY2025) after the 2024 MOGAS acquisition and 2025 Greenray purchase. If acquisitions are accretive, they raise organic-like growth and margins and justify the share-price multiple; if they fail to integrate, they can erode margins, generate impairment charges and dilute returns.
Watch: Failure to realize stated synergies, leading to integration costs, customer losses, or goodwill write-downs following MOGAS/Greenray.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue increased from $4.557806B (FY2024) to $4.729260B (FY2025) after the 2024 MOGAS acquisition and 2025 Greenray purchase.
Open source ↗
Full investment case & evidence
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Original research
Flowserve's installed-base aftermarket and favorable product/mix pricing will keep gross margins materially higher than cyclical new-equipment margins, supporting operating-profit resilience. If aftermarket-driven gross margins hold, Flowserve can generate steady operating income and cash that underpin buybacks/dividends; if they fall, margins and cash flow will compress even if revenue holds.
Improving operating cash flow and working-capital conversion will continue to fund dividends, material share repurchases and targeted M&A without materially increasing leverage. Sustained FCF lets the company return cash and pursue accretive deals while avoiding covenant stress; a reversal forces either cuts to buybacks/dividends or higher leverage/dilution.
Targeted acquisitions (MOGAS, Greenray) can accelerate revenue and margin expansion by adding specialty-pump capabilities and aftermarket customers—only if integration captures synergies and cross-sell. If acquisitions are accretive, they raise organic-like growth and margins and justify the share-price multiple; if they fail to integrate, they can erode margins, generate impairment charges and dilute returns.
All standing thesis claims
Original report summary
Flowserve converts a large installed base of industrial pumps into recurring, high-margin aftermarket sales and steady free cash flow, which funds dividends, buybacks and targeted acquisitions that expand its specialty-pump footprint and sustain per-share.
Bull case and bear case
Bull case and bear case for Flowserve
Where the evidence on Flowserve stands: Holding on the latest evidence (Nov 4, 2026). Of its 3 thesis points, 2 strengthening and 1 holding.
Bull case: what the evidence supports
Flowserve's installed-base aftermarket and favorable product/mix pricing will keep gross margins materially higher than cyclical new-equipment margins, supporting operating-profit resilience.
Improving operating cash flow and working-capital conversion will continue to fund dividends, material share repurchases and targeted M&A without materially increasing leverage.
Targeted acquisitions (MOGAS, Greenray) can accelerate revenue and margin expansion by adding specialty-pump capabilities and aftermarket customers—only if integration captures synergies and cross-sell.
Bear case: what would count against it
Sustained multi-year decline in customer capital spending in key end markets (oil & gas, power, water) that reduces aftermarket activity.
A sustained multi-year drop in orders from major end markets (e.g., prolonged oil & gas capex retrenchment) that reduces receipts and increases working-capital strain.
Failure to realize stated synergies, leading to integration costs, customer losses, or goodwill write-downs following MOGAS/Greenray.
Thesis-Break Engine
What has broken in Flowserve’s thesis
Each break OptimistFi flagged on Flowserve, dated — with what has historically followed the same kind of break across the market, not a forecast for Flowserve.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Flowserve filed an SEC 8-K on 2026-10-28: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Flowserve filed an SEC 8-K on 2026-09-14: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Flowserve filed an SEC 8-K on 2026-08-05: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Sustained multi-year decline in customer capital spending in key end markets (oil & gas, power, water) that reduces aftermarket activity.
- A sustained multi-year drop in orders from major end markets (e.g., prolonged oil & gas capex retrenchment) that reduces receipts and increases working-capital strain.
- Failure to realize stated synergies, leading to integration costs, customer losses, or goodwill write-downs following MOGAS/Greenray.
FLS news
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Financial statements
FLS income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
FLS: quick answers
- When does Flowserve (FLS) report earnings next?
- Flowserve's next results are projected for February 4, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 28, 2026. Earnings calendar
- What is FLS's short interest?
- As of October 30, 2026, 8.7M FLS shares were sold short, 6.89% of its shares outstanding, up 2.2% from the count before. At the stock's average daily volume that is 5.0 days to cover. FINRA publishes the count twice a month. FLS short interest history
- Have members of Congress traded FLS?
- 9 trades in FLS have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed FLS trade
- Which well-known investors own FLS?
- 4 of the 37 well-known funds tracked here reported FLS shares in their latest 13F filings. By share of the fund's portfolio: Starboard Value (Jeff Smith), 2.4%; Durable Capital Partners, 2.1%; D1 Capital Partners (Dan Sundheim), 1.1%. Fund portfolios
FLS in well-known investors’ portfolios
4 of 37 funds reported FLS shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Jeff SmithStarboard Value | 2.4% | $107M | New | Q2 2026 |
| Durable Capital Partners | 2.1% | $216M | +205.8% | Q2 2026 |
| Dan SundheimD1 Capital Partners | 1.1% | $368M | −15.4% | Q2 2026 |
| Ray DalioBridgewater Associates | 0.03% | $8.0M | −48.1% | Q2 2026 |