Flowserve Corporation (FLS) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	4,365	4,032	4,510	4,751	4,955	4,878	4,561	3,991	3,661	3,833	3,945	3,728	3,541	3,615	4,321
+ Sales & Services Revenue	4,365	4,032	4,510	4,751	4,955	4,878	4,561	3,991	3,661	3,833	3,945	3,728	3,541	3,615	4,321
- Cost of Revenue	2,817	2,622	2,997	3,170	3,267	3,163	3,074	2,760	2,575	2,645	2,649	2,611	2,491	2,621	3,044
+ Cost of Goods & Services	2,817	2,622	2,997	3,170	3,267	3,163	3,074	2,760	2,575	2,645	2,649	2,611	2,491	2,621	3,044
Gross Profit	1,548	1,410	1,514	1,581	1,688	1,715	1,487	1,232	1,085	1,188	1,295	1,117	1,050	994	1,277
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	934	845	895	922	967	937	972	965	904	944	900	878	797	816	961
+ Selling, General & Admin	934	845	914	922	967	937	972	965	904	944	900	878	797	816	961
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	-19	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	614	565	619	659	721	778	516	266	182	244	396	239	253	179	316
- Non-Operating (Income) Loss	29	34	31	47	28	45	94	43	-81	68	54	52	119	24	92
+ Interest Expense, Net	37	33	35	43	53	59	63	57	56	52	47	53	55	42	60
+ Interest Expense	40	34	36	44	54	60	65	60	60	58	55	57	58	46	67
- Interest Income	3	2	2	1	1	2	2	3	3	6	8	4	3	4	7
+ Other Non-Op (Income) Loss	-8	2	-4	5	-25	-14	30	-15	-138	16	7	-1	64	-18	32
Pretax Income	585	530	588	612	693	733	422	223	263	176	342	187	134	154	224
- Income Tax Expense (Benefit)	156	142	159	161	205	208	149	75	259	51	80	60	-3	-44	19
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	428	389	429	451	488	525	273	148	4	125	262	127	136	198	205
- Net Extraordinary Losses (Gains)	1	1	1	5	6	12	11	6	3	11	16	21	20	19	37
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	1	1	1	5	6	12	11	6	3	11	16	21	20	19	37
Income (Loss) Incl. MI	427	388	428	446	483	513	262	142	1	114	246	106	116	179	168
- Minority Interest	- -	- -	-1	-2	-3	-6	-6	-3	-2	-5	-8	-10	-10	-9	-18
Net Income, GAAP	428	388	429	448	486	519	268	145	3	120	254	116	126	189	187
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	428	388	429	448	486	519	268	145	3	120	254	116	126	189	187
Basic Weighted Avg Shares	168	167	167	157	142	137	133	130	131	131	131	130	130	131	131
Basic EPS, GAAP	2.55	2.32	2.57	2.86	3.43	3.79	2.01	1.11	0.02	0.91	1.94	0.89	0.97	1.44	1.42
Basic EPS from Cont Ops	2.56	2.32	2.58	2.87	3.45	3.83	2.05	1.14	0.03	0.96	2	0.97	1.05	1.52	1.56
Diluted Weighted Avg Shares	169	169	168	158	142	138	134	131	131	131	132	131	131	131	132
Diluted EPS, GAAP	2.53	2.29	2.55	2.84	3.41	3.76	2	1.11	0.02	0.91	1.93	0.89	0.96	1.44	1.42
Diluted EPS from Cont Ops	2.53	2.3	2.55	2.85	3.43	3.81	2.04	1.13	0.03	0.95	1.99	0.97	1.04	1.51	1.56
EBITDA	709	666	723	766	828	888	643	383	300	357	500	339	352	270	399
EBITDA Margin (%)	16.24	16.52	16.04	16.12	16.7	18.2	14.09	9.6	8.19	9.3	12.68	9.1	9.95	7.46	9.24
EBITA	614	565	619	659	721	778	516	266	182	244	396	239	253	179	316
EBIT	614	565	619	659	721	778	516	266	182	244	396	239	253	179	316
Gross Margin (%)	35.46	34.96	33.56	33.27	34.07	35.15	32.61	30.85	29.65	30.99	32.84	29.96	29.64	27.5	29.55
Operating Margin (%)	14.06	14.01	13.72	13.87	14.56	15.94	11.31	6.67	4.96	6.37	10.03	6.4	7.13	4.94	7.31
Profit Margin (%)	9.8	9.63	9.5	9.44	9.8	10.64	5.87	3.63	0.07	3.12	6.43	3.12	3.56	5.22	4.32
Sales per Employee	291,017	268,802	281,888	279,491	275,257	270,994	240,054	221,748	215,343	225,451	232,050	233,008	221,316	225,945	270,036
Dividend per Share	0.35	0.38	0.42	0.47	0.54	0.62	0.7	0.75	0.76	0.76	0.76	0.8	0.8	0.8	0.8
Depreciation Expense	95	101	105	107	106	110	127	117	118	112	104	101	100	91	84

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	2,499	2,524	2,628	2,740	2,847	2,794	2,632	2,331	2,559	2,383	2,505	2,904	2,389	2,451	2,704
+ Cash, Cash Equivalents & STI	654	558	337	304	364	450	366	367	703	620	671	1,095	658	435	546
+ Cash & Cash Equivalents	654	558	337	304	364	450	366	367	703	620	671	1,095	658	435	546
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	792	840	1,060	1,104	1,155	1,082	988	895	857	1,021	1,068	1,031	935	1,102	1,162
+ Accounts Receivable, Net	792	840	1,060	1,104	1,155	1,082	988	895	857	792	796	753	739	869	868
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	229	273	278	196	233	294
+ Inventories	795	887	1,008	1,087	1,061	996	996	919	884	634	661	667	678	803	880
+ Raw Materials	240	266	329	352	357	353	391	348	359	310	328	322	318	360	408
+ Work In Process	649	624	793	799	787	687	739	633	548	192	193	210	242	296	303
+ Finished Goods	246	306	279	288	307	265	235	221	216	206	218	222	213	245	279
+ Inventory Adjustments	-339	-309	-393	-352	-390	-310	-370	-283	-239	-74	-79	-86	-95	-98	-109
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	258	240	222	246	268	266	281	150	114	109	105	111	117	111	116
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1,750	1,936	1,994	2,071	2,189	2,174	2,472	2,411	2,352	2,233	2,414	2,410	2,361	2,340	2,405
+ Property, Plant & Equip, Net	560	581	599	654	716	694	758	724	672	610	-289	-328	-482	-497	663
+ Property, Plant & Equip	1,196	1,264	1,319	1,439	1,566	1,531	1,614	1,606	1,640	1,567	758	765	710	676	1,821
- Accumulated Depreciation	636	683	720	785	850	837	855	882	968	957	1,048	1,093	1,192	1,173	1,158
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,189	1,355	1,396	1,417	1,473	1,480	1,714	1,688	1,680	1,623	2,704	2,739	2,843	2,837	1,742
+ Total Intangible Assets	990	1,160	1,209	1,204	1,268	1,214	1,453	1,420	1,428	1,388	1,374	1,393	1,349	1,303	1,304
+ Goodwill	865	1,013	1,045	1,054	1,108	1,067	1,224	1,205	1,218	1,198	1,193	1,225	1,196	1,168	1,182
+ Other Intangible Assets	125	147	163	150	161	146	229	215	210	191	181	168	152	135	122
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	199	195	187	213	205	266	261	268	252	235	1,330	1,345	1,494	1,534	438
Total Assets	4,249	4,460	4,623	4,811	5,037	4,968	5,104	4,743	4,910	4,616	4,920	5,315	4,750	4,791	5,109
+ Payables & Accruals	1,410	1,389	1,406	857	854	854	804	683	1,167	810	849	903	855	904	1,052
+ Accounts Payable	493	571	597	617	612	612	491	412	443	419	448	440	410	477	548
+ Accrued Taxes	- -	- -	33	57	37	54	56	30	43	24	38	60	68	62	51
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	917	818	776	183	204	188	256	241	682	367	363	403	377	366	454
+ ST Debt	27	51	54	59	73	53	60	85	76	68	47	44	74	82	99
+ ST Borrowings	27	51	54	59	73	53	60	85	76	68	11	9	41	49	66
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	36	35	33	33	32
+ Other ST Liabilities	20	16	11	674	631	565	495	410	- -	202	217	194	203	257	288
+ Deferred Revenue	- -	- -	379	435	381	326	324	262	278	202	217	194	203	257	288
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	20	16	11	8	12	13	11	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	-379	232	238	226	160	148	-278	- -	- -	- -	- -	- -	- -
Total Current Liabilities	1,458	1,456	1,470	1,591	1,558	1,472	1,360	1,178	1,243	1,081	1,113	1,142	1,132	1,243	1,439
+ LT Debt	539	476	452	869	1,128	1,102	1,571	1,485	1,500	1,415	1,518	1,894	1,429	1,379	1,306
+ LT Borrowings	539	476	452	869	1,128	1,102	1,571	1,485	1,500	1,415	1,366	1,718	1,262	1,224	1,167
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	152	176	167	155	139
+ Other LT Liabilities	450	414	422	457	474	453	489	410	497	460	473	516	352	310	389
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	450	414	422	457	474	453	489	410	497	460	473	516	352	310	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	389
Total Noncurrent Liabilities	989	891	874	1,326	1,602	1,554	2,060	1,895	1,997	1,875	1,991	2,410	1,781	1,689	1,695
Total Liabilities	2,447	2,347	2,344	2,916	3,160	3,026	3,420	3,074	3,240	2,955	3,104	3,552	2,912	2,932	3,134
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	685	688	695	689	697	717	716	713	709	716	722	723	727	728	728
+ Common Stock	74	74	74	74	221	221	221	221	221	221	221	221	221	221	221
+ Additional Paid in Capital	612	614	621	615	476	496	495	492	488	495	501	502	506	507	507
- Treasury Stock	276	292	424	1,164	1,600	1,831	2,107	2,079	2,060	2,049	2,052	2,059	2,058	2,037	2,014
+ Retained Earnings	1,527	1,849	2,206	2,579	2,985	3,416	3,587	3,632	3,504	3,543	3,696	3,656	3,691	3,774	3,855
+ Other Equity	-149	-151	-216	-213	-212	-370	-530	-618	-499	-567	-576	-588	-556	-641	-632
Equity Before Minority Interest	1,796	2,103	2,270	1,890	1,870	1,932	1,666	1,648	1,655	1,642	1,790	1,732	1,804	1,825	1,936
+ Minority/Non Controlling Interest	6	10	8	4	7	10	17	21	16	18	26	30	33	34	39
Total Equity	1,802	2,113	2,278	1,894	1,877	1,942	1,684	1,669	1,671	1,661	1,816	1,763	1,837	1,859	1,975
Total Liabilities & Equity	4,249	4,460	4,623	4,811	5,037	4,968	5,104	4,743	4,910	4,616	4,920	5,315	4,750	4,791	5,109
Shares Outstanding	165	165	162	144	137	134	129	130	130	131	131	130	130	130	131
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	188	211	199	188	171
Net Debt	-88	-30	168	624	836	705	1,265	1,203	872	863	706	632	644	839	688
Net Debt to Equity	-4.86	-1.41	7.37	32.96	44.56	36.28	75.12	72.1	52.17	51.99	38.89	35.83	35.07	45.12	34.83
Tangible Common Equity Ratio	24.92	28.89	31.33	19.14	16.16	19.4	6.33	7.51	6.97	8.44	12.47	9.42	14.36	15.94	17.63
Current Ratio	1.71	1.73	1.79	1.72	1.83	1.9	1.94	1.98	2.06	2.2	2.25	2.54	2.11	1.97	1.88
Cash Conversion Cycle	100.75	119.32	123.91	135.51	133.97	130.27	135.59	151.28	153.68	117.58	103.56	106.75	113.48	125.39	114.34
Number of Employees	15,000	15,000	16,000	17,000	18,000	18,000	19,000	18,000	17,000	17,000	17,000	16,000	16,000	16,000	16,000

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	428	389	429	451	488	525	273	148	4	125	262	127	136	198	205
+ Depreciation & Amortization	95	101	105	107	106	110	127	117	118	112	104	101	100	91	84
+ Non-Cash Items	34	14	24	6	-7	60	101	110	30	58	13	48	105	-2	10
+ Stock-Based Compensation	41	32	32	35	36	43	35	30	23	20	24	27	29	26	28
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	81	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-7	-19	-8	-29	-43	18	66	-1	7	38	-11	21	76	-28	-17
+ Chg in Non-Cash Work Cap	-127	-148	-340	-47	-100	-125	-84	-147	158	-105	-66	35	-91	-327	26
+ (Inc) Dec in Accts Receiv	51	-52	-243	-35	-54	-80	50	38	60	-49	-43	50	66	-194	-36
+ (Inc) Dec in Inventories	75	-53	-140	-73	29	-36	-26	31	49	-29	-31	15	-32	-147	-60
+ (Inc) Dec in Prepaid Assets	21	-2	-12	-5	-7	-9	- -	-26	42	-8	13	34	1	17	8
+ Inc (Dec) in Accts Payable	-211	-55	39	109	-78	28	-88	-167	9	-23	19	28	-33	74	112
+ Inc (Dec) in Other	-61	14	17	-44	11	-28	-20	-22	-2	5	-24	-92	-93	-77	2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	431	356	218	517	488	571	417	228	311	191	313	311	250	-40	326
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	1	11	4	17	2	2	10	3	5	6	42	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	1	11	4	17	2	2	10	3	5	6	42	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-108	-102	-108	-136	-139	-133	-182	-90	-62	-84	-76	-57	-55	-76	-67
+ Acq of Fixed Prod Assets	-108	-102	-108	-136	-139	-133	-182	-90	-62	-84	-76	-57	-55	-76	-67
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	66	- -
+ Dec in LT Investment	- -	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	66	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-31	-196	-91	-8	-31	47	-354	-5	233	-4	- -	- -	- -	- -	-3
+ Cash from Divestitures	- -	4	- -	- -	46	47	- -	- -	233	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-31	-199	-91	-8	-77	- -	-354	-5	- -	-4	- -	- -	- -	- -	-3
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	-4	- -	- -	- -	- -	- -	- -	- -	- -	10	16	-5	4	2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-139	-287	-194	-126	-168	-84	-525	-91	177	-81	-24	-42	-59	-6	-69
+ Dividends Paid	-59	-64	-70	-74	-77	-85	-94	-98	-99	-99	-100	-104	-105	-105	-105
+ Net Cash From Debt	-8	-42	-23	418	274	-40	481	-60	-60	-60	-105	307	-453	-32	-40
+ Cash From Debt	- -	502	2	1,373	299	- -	526	- -	- -	- -	75	498	798	45	280
+ Repayments of Debt	-8	-544	-25	-955	-25	-40	-45	-60	-60	-60	-180	-191	-1,251	-78	-320
+ Cash (Repurchase) of Equity	-41	-46	-150	-772	-458	-247	-304	- -	- -	- -	-15	-32	-18	- -	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-41	-46	-150	-772	-458	-247	-304	- -	- -	- -	-15	-32	-18	- -	- -
+ Other Financing Activities	2	9	4	-1	6	4	-23	27	-26	-14	-10	-23	-25	-13	-8
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-107	-143	-239	-429	-256	-368	61	-131	-185	-173	-230	148	-600	-150	-153
Effect of Foreign Exchange Rates	-3	-23	-5	5	-4	-33	-37	-5	34	-20	-8	8	-28	-27	7
Net Changes in Cash	186	-74	-215	-38	64	119	-47	5	302	-64	59	416	-409	-196	104
EBITDA	709	666	723	766	828	888	643	383	300	357	500	339	352	270	399
EBITDA Margin (%)	16.24	16.52	16.04	16.12	16.7	18.2	14.09	9.6	8.19	9.3	12.68	9.1	9.95	7.46	9.24
Net Cash Paid for Acquisitions	31	196	91	8	31	-47	354	5	-233	4	- -	- -	- -	- -	3
Free Cash Flow	323	254	110	382	349	438	235	138	249	107	237	253	195	-116	258
Free Cash Flow to Firm	352	279	137	414	387	482	277	178	250	148	279	292	- -	- -	320
Free Cash Flow to Equity	315	223	91	817	624	400	727	81	195	53	174	560	-258	-149	218
Free Cash Flow per Basic Share	1.93	1.52	0.66	2.43	2.46	3.2	1.77	1.06	1.91	0.82	1.81	1.94	1.5	-0.89	1.97
Price/Free Cash Flow	10.02	14.63	17.19	11.52	17.72	11.84	9.47	19.93	14.8	18.11	16.8	13.1	13.05	110.8	13.9
Cash Flow to Net Income	1.01	0.92	0.51	1.15	1	1.1	1.56	1.57	117.29	1.59	1.23	2.67	1.99	-0.21	1.74

Flowserve Corporation

FLS US

47.43

47.43