Latest Ratios: P/E Ratio 27.0x · EV/EBITDA 14.5x · ROE 16.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.1B | $9.1B | $7.6B | $5.4B | $4.0B | $4.0B | $4.8B | $6.6B | $5.0B | $5.5B | $6.3B |
| Enterprise Value | $10.3B | $10.2B | $8.6B | $6.3B | $5.1B | $4.8B | $5.7B | $7.4B | $5.9B | $6.4B | $7.5B |
| P/E Ratio → | 27.03 | 26.28 | 26.88 | 29.03 | 21.31 | 31.88 | 36.85 | 27.50 | 41.78 | 2106.50 | 47.57 |
| P/S Ratio | 1.93 | 1.92 | 1.67 | 1.26 | 1.11 | 1.13 | 1.30 | 1.66 | 1.30 | 1.51 | 1.58 |
| P/B Ratio | 4.15 | 4.03 | 3.71 | 2.75 | 2.17 | 2.18 | 2.74 | 3.61 | 3.01 | 3.31 | 3.77 |
| P/FCF | 20.97 | 20.89 | 22.11 | 21.04 | — | 20.52 | 19.08 | 26.39 | 46.71 | 22.15 | 41.74 |
| P/OCF | 18.03 | 17.96 | 17.90 | 16.69 | — | 16.01 | 15.55 | 20.23 | 26.15 | 17.77 | 26.17 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.16 | 1.89 | 1.46 | 1.40 | 1.37 | 1.52 | 1.89 | 1.53 | 1.75 | 1.88 |
| EV / EBITDA | 14.48 | 14.43 | 14.35 | 12.92 | 17.78 | 12.59 | 12.33 | 13.80 | 13.86 | 17.24 | 13.84 |
| EV / EBIT | 16.73 | 16.68 | 18.94 | 21.66 | 25.20 | 25.36 | 21.94 | 19.74 | 24.97 | 19.83 | 27.46 |
| EV / FCF | — | 23.54 | 25.05 | 24.37 | — | 24.84 | 22.41 | 29.99 | 54.80 | 25.65 | 49.72 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.6% | 34.6% | 32.2% | 30.0% | 27.5% | 30.1% | 31.2% | 33.1% | 32.3% | 30.9% | 32.5% |
| Operating Margin | 13.0% | 13.0% | 11.3% | 9.3% | 5.3% | 8.1% | 9.6% | 11.0% | 8.1% | 6.9% | 10.6% |
| Net Profit Margin | 7.3% | 7.3% | 6.2% | 4.3% | 5.2% | 3.6% | 3.5% | 6.4% | 3.1% | 0.1% | 3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.1% | 16.1% | 14.0% | 9.7% | 10.2% | 7.0% | 7.3% | 14.6% | 7.2% | 0.2% | 8.7% |
| ROA | 6.2% | 6.2% | 5.3% | 3.8% | 4.0% | 2.5% | 2.5% | 5.3% | 2.5% | 0.1% | 2.9% |
| ROIC | 14.2% | 14.2% | 13.1% | 10.6% | 5.2% | 8.1% | 10.1% | 12.4% | 9.2% | 7.0% | 11.0% |
| ROCE | 14.9% | 14.9% | 13.4% | 11.2% | 5.4% | 7.3% | 9.0% | 11.8% | 8.6% | 7.0% | 11.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.85 | 0.85 | 0.82 | 0.71 | 0.79 | 0.82 | 1.10 | 0.86 | 0.89 | 0.94 | 0.94 |
| Debt / EBITDA | 2.69 | 2.69 | 2.81 | 2.88 | 5.14 | 3.90 | 4.21 | 2.90 | 3.51 | 4.24 | 2.90 |
| Net Debt / Equity | — | 0.51 | 0.49 | 0.43 | 0.55 | 0.46 | 0.48 | 0.49 | 0.52 | 0.52 | 0.72 |
| Net Debt / EBITDA | 1.62 | 1.62 | 1.68 | 1.76 | 3.61 | 2.19 | 1.83 | 1.66 | 2.04 | 2.35 | 2.22 |
| Debt / FCF | — | 2.64 | 2.94 | 3.32 | — | 4.32 | 3.33 | 3.60 | 8.08 | 3.49 | 7.98 |
| Interest Coverage | 7.91 | 7.91 | 6.57 | 4.34 | 4.34 | 3.32 | 4.60 | 6.86 | 4.03 | 5.40 | 4.54 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.03 | 2.03 | 1.98 | 1.88 | 1.97 | 2.11 | 2.54 | 2.25 | 2.20 | 2.06 | 1.98 |
| Quick Ratio | 1.50 | 1.50 | 1.41 | 1.27 | 1.33 | 1.51 | 1.96 | 1.66 | 1.62 | 1.35 | 1.20 |
| Cash Ratio | 0.51 | 0.51 | 0.46 | 0.38 | 0.35 | 0.58 | 0.96 | 0.60 | 0.57 | 0.57 | 0.31 |
| Asset Turnover | — | 0.83 | 0.83 | 0.85 | 0.75 | 0.75 | 0.70 | 0.80 | 0.83 | 0.75 | 0.84 |
| Inventory Turnover | 3.92 | 3.92 | 3.69 | 3.44 | 3.26 | 3.65 | 3.84 | 3.98 | 4.09 | 2.86 | 2.93 |
| Days Sales Outstanding | — | 79.42 | 102.16 | 98.17 | 111.27 | 96.36 | 100.96 | 98.86 | 97.24 | 85.42 | 80.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.2% | 1.5% | 1.9% | 2.6% | 2.6% | 2.2% | 1.5% | 2.0% | 1.8% | 1.6% |
| Payout Ratio | 31.7% | 31.7% | 39.1% | 56.2% | 55.4% | 83.1% | 79.9% | 39.2% | 83.1% | 3741.8% | 67.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 3.8% | 3.7% | 3.4% | 4.7% | 3.1% | 2.7% | 3.6% | 2.4% | 0.0% | 2.1% |
| FCF Yield | 4.8% | 4.8% | 4.5% | 4.8% | — | 4.9% | 5.2% | 3.8% | 2.1% | 4.5% | 2.4% |
| Buyback Yield | 2.8% | 2.8% | 0.3% | 0.0% | 0.0% | 0.4% | 0.7% | 0.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.0% | 4.0% | 1.7% | 1.9% | 2.6% | 3.1% | 2.8% | 1.7% | 2.0% | 1.8% | 1.6% |
| Shares Outstanding | — | $131M | $132M | $132M | $131M | $131M | $131M | $132M | $131M | $131M | $131M |
Cyclical Project Execution Risk
According to current market data, Flowserve trades at a forward P/E of 17.87, which appears to discount the company relative to higher-multiple peers like IDEX Corporation, suggesting investors remain cautious regarding the durability of long-cycle project backlogs in a volatile global energy and chemical infrastructure environment.
The current valuation multiple suggests the market is pricing in a moderate growth trajectory rather than a secular expansion, likely reflecting concerns over the company's historical earnings volatility. Investors should monitor whether the forward P/E expansion relative to the TTM P/E of 27.48 indicates an expectation of significant earnings recovery or merely a contraction in the denominator as cyclical headwinds persist.
Based on reported figures, Flowserve's ROIC has hovered in the low single digits, reaching 3.2% in 2026Q1, which indicates that the company is currently struggling to generate returns that consistently exceed its cost of capital compared to more efficient industrial peers like Graco Inc.
The persistent gap between ROIC and the company's potential cost of capital suggests that the asset-heavy nature of its manufacturing footprint may be hindering capital efficiency. This trend warrants further investigation into whether the recent '3D' strategic pivot can successfully drive higher-margin aftermarket revenue to improve the overall return profile over the next several cycles.
As reported in financial statements, the company's cash conversion cycle reached 134 days in 2026Q1, a figure that highlights significant friction in managing inventory and receivables compared to the leaner operational models observed in the broader industrial machinery sector, potentially constraining internal liquidity during project-heavy periods.
The elevated DSO of 99 days and DIO of 107 days suggest that Flowserve's working capital is heavily tied up in long-lead-time projects, which limits the speed at which capital can be recycled into new growth initiatives. This inefficiency appears structural, as the company must maintain substantial inventory to support its critical aftermarket service obligations across global markets.
According to recent SEC filings, Flowserve maintains a debt-to-equity ratio of 0.83, a level that appears prudent for an industrial firm of this size and provides a necessary buffer against the inherent volatility of its project-based revenue streams and potential future capital expenditure requirements.
The interest coverage ratio of 7.13 in 2026Q1 suggests that debt service remains comfortable, allowing the company to navigate cyclical downturns without immediate refinancing pressure. However, investors should monitor whether this conservative balance sheet is a deliberate strategy to preserve optionality for M&A or a reflection of limited internal investment opportunities.
As noted in industry analysis, the P/E ratio is frequently misapplied to Flowserve, as it obscures the significant impact of non-recurring project adjustments and working capital swings that often distort quarterly net income, making it a poor proxy for the company's underlying cash-generating power.
Analysts should prioritize EV/EBITDA or P/FCF over P/E to better account for the company's capital structure and the lumpy nature of its project-based cash flows. Relying on P/E risks misinterpreting temporary accounting volatility as a permanent shift in the company's fundamental earning power, which may lead to incorrect valuation conclusions.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FLS stock.
Flowserve Corporation's current P/E ratio is 27.0x. The historical average is 31.1x. This places it at the 61th percentile of its historical range.
Flowserve Corporation's current EV/EBITDA is 14.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.8x.
Flowserve Corporation's return on equity (ROE) is 16.1%. The historical average is 13.5%.
Based on historical data, Flowserve Corporation is trading at a P/E of 27.0x. This is at the 61th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Flowserve Corporation's current dividend yield is 1.17% with a payout ratio of 31.7%.
Flowserve Corporation has 34.6% gross margin and 13.0% operating margin. Operating margin between 10-20% is typical for established companies.
Flowserve Corporation's Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.