Pentair plc

PNRActive

CIK 77360 · Water Infrastructure & Treatment Equipment

Pentair plc is a public company in Industrial - Machinery, tracked in the water infrastructure, treatment, and equipment sub-sector, with $4.2B TTM revenue and $952M TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, PNR filings, SEC EDGAR

$12,415

Market cap ($MM)

$14,291

Enterprise value ($MM)

$4,202

Revenue · LTM ($MM)

$952

EBITDA · LTM ($MM)

23%

EBITDA margin

3.4x

EV / revenue

15.0x

EV / EBITDA

2.0x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01PNR is a scaled public consolidator in Water Infra, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is XYL, VLTO, WTS, WMS, MWA, ECL.

Balance sheet & capacity

Indicative capacity read: 2.0x net debt / EBITDA with EBITDA of $952MM.

$68

Cash & equiv. ($MM)

$1,944

Total debt ($MM)

$1,877

Net debt ($MM)

2.0x

Net debt / EBITDA

Valuation

Where it trades against its peer set

PNR versus the scaled public Water Infrastructure & Treatment Equipment comparables.

EV / EBITDA distribution · peer set

PNR 15.0x

Indexed share-price performance

PNR versus available Water Infrastructure & Treatment Equipment peers and SPY.

+6.6%

PNR

+18%

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Pentair plc	PNR	$4,202	$952	23%	$12,415	$14,291	3.4x	15.0x	2.0x
Xylem Inc.	XYL	$9,091	$1,802	20%	$27,035	$28,165	3.1x	15.6x	0.6x
Veralto Corp	VLTO	$5,593	$1,368	24%	$21,328	$22,559	4.0x	16.5x	0.9x
Watts Water Technologies Inc.	WTS	$2,558	$556	22%	$9,914	$9,737	3.8x	17.5x	-0.3x
Advanced Drainage Systems, Inc.	WMS	$2,989	$895	30%	$11,155	$11,592	3.9x	13.0x	0.3x
Mueller Water Products, Inc.	MWA	$1,464	$336	23%	$4,126	$4,158	2.8x	12.4x	0.1x
Ecolab Inc.	ECL	$16,452	$3,283	20%	$71,798	$80,377	4.9x	24.5x	2.3x
Itron, Inc.	ITRI	$2,347	$409	17%	$3,630	$3,042	1.3x	7.4x	2.1x
Water Infrastructure & Treatment Equipment median		$3,596	$924	22%	$11,785	$12,942	3.6x	15.3x	0.8x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

PNR's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

5.3

Acq. cash outflow ($MM)

N/A

Banker read

01PNR reads as a programmatic acquirer: 95 disclosed acquisitions across 18 active years, or 5.3 per active year. The chart shows activity in 8 of the last 12 visible years.
02In the last three years, the file shows 3 acquisitions versus 3 in the prior three; recent activity is broadly steady versus the prior three-year period.
03Spend changes the read: $6.6B of disclosed spend is concentrated in lumpy years, with FY15 the largest year at $1.9B. Recent spend is below the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

PNR count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

3 / 3

Last three years is broadly steady vs prior three.

Peak count year

FY15

2 disclosed acquisitions in the peak visible year.

Recent spend

$401MM

is down 80% vs prior three; peak FY15 at $1.9B.

Named evidence

10 rows

11% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Sep 28, 2012	Flow Control	Water infrastructure, treatment, and equipment	$5,016	Pentair Ltd. took its current form on September 28, 2012 as a result of a reverse acquisition (the "Merger") involving Pentair, Inc. and an indirect, wholly-owned subsidiary of...	10-K^†
Sep 18, 2015	ERICO Global Company	Water infrastructure, treatment, and equipment	$1,800	On September 18, 2015, we acquired, as part of Electrical, all of the outstanding shares of capital stock of ERICO Global Company ("ERICO") for approximately $1.8 billion in cas...	10-K^†
Jul 1, 2022	Manitowoc Ice business of Welbilt, Inc.	Water infrastructure, treatment, and equipment	$1,614	In July 2022, as part of our Water Solutions reportable segment, we acquired the issued and outstanding equity securities of certain subsidiaries of Welbilt, Inc. (“Welbilt”) an...	10-K^†
Jul 1, 2022	Manitowoc Ice	Water infrastructure, treatment, and equipment	$1,614	In July 2022, as part of our Water Solutions reporting segment, we acquired the issued and outstanding equity securities of certain subsidiaries of Welbilt, Inc. (“Welbilt”) and...	10-K^†
Jul 1, 2022	Welbilt, Inc.	Water infrastructure, treatment, and equipment	$1,600	In July 2022, as part of our Water Solutions reporting segment, we acquired the issued and outstanding equity securities of certain subsidiaries of Welbilt, Inc. (“Welbilt”) and...	10-K^†
Feb 3, 2004	WICOR Inc.	Water infrastructure, treatment, and equipment	$850	On February 3, 2004, we entered into an agreement to acquire WICOR Inc. (“WICOR”), a unit of Wisconsin Energy Corporation, Milwaukee, Wisconsin. WICOR, which manufactures water...	10-K^†
May 1, 2011	CPT division of Norit Holding B.V.	Water infrastructure, treatment, and equipment	$715	In May 2011, we acquired as part of Water & Fluid Solutions, the CPT division of privately held Norit Holding B.V. for $715.3 million (€502.7 million translated at the May 12, 2...	10-K^†
Dec 31, 2003	Everpure, Inc.	Water infrastructure, treatment, and equipment	$217	On December 31, 2003, we acquired all of the common stock of Everpure, Inc. (Everpure), from United States Filter Corporation, a unit of Veolia Environnement, for $217.3 million...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 9 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 24, 2026	Annual M&A 10-K	accepted	2	$292MM	$408MM	SEC filing
FY2024	Feb 25, 2025	Annual M&A 10-K	accepted	1	$108MM	$116MM	SEC filing
FY2023	Feb 20, 2024	Annual M&A 10-K	warning (1 warn)	N/A	$0.6MM	N/A	SEC filing
FY2022	Feb 21, 2023	Annual M&A 10-K	accepted	1	$1.6B	$1.6B	SEC filing
FY2021	Feb 22, 2022	Annual M&A 10-K	quarantined (1 issue)	2	$339MM	$338MM	SEC filing
FY2020	Feb 16, 2021	Annual M&A 10-K	accepted	N/A	$58.0MM	$58.0MM	SEC filing
FY2019	Feb 25, 2020	Annual M&A 10-K	accepted	2	$285MM	$285MM	SEC filing
FY2018	Feb 19, 2019	Annual M&A 10-K	warning (1 warn)	N/A	$0.9MM	N/A	SEC filing
FY2017	Feb 27, 2018	Annual M&A 10-K	accepted	N/A	$59.5MM	$59.5MM	SEC filing
FY2016	Feb 21, 2017	Annual M&A 10-K	accepted	1	$25.0MM	$25.0MM	SEC filing
FY2015	Feb 26, 2016	Annual M&A 10-K	accepted	2	$1.9B	$1.9B	SEC filing
FY2014	Feb 24, 2015	Annual M&A 10-K	accepted	1	$134MM	$134MM	SEC filing
FY2013	Feb 25, 2014	Annual M&A 10-K	accepted	N/A	$92.4MM	$5.0B	SEC filing
FY2012	Feb 26, 2013	Annual M&A 10-K	warning (1 warn)	N/A	$470MM	N/A	SEC filing
FY2011	Feb 21, 2012	Annual M&A 10-K	accepted	3	$733MM	$735MM	SEC filing
FY2010	Feb 23, 2011	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2009	Feb 23, 2010	Annual M&A 10-K	accepted	0	N/A	N/A	SEC filing
FY2008	Feb 24, 2009	Annual M&A 10-K	accepted	1	$2.0MM	$229MM	SEC filing
FY2007	Feb 26, 2008	Annual M&A 10-K	accepted	3	$494MM	$483MM	SEC filing
FY2006	Feb 26, 2007	Annual M&A 10-K	warning (1 warn)	N/A	$29.3MM	$29.7MM	SEC filing
FY2005	Mar 1, 2006	Annual M&A 10-K	accepted	2	$149MM	$150MM	SEC filing
FY2004	Mar 11, 2005	Annual M&A 10-K	quarantined (1 issue)	1	$869MM	$890MM	SEC filing
FY2003	Mar 5, 2004	Annual M&A 10-K	quarantined (1 issue)	5	$229MM	$239MM	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.8 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 25, 2025	10-K	Manitowoc Ice business of Welbilt, Inc.	Annual M&ANamed deals	SEC filing
Feb 20, 2024	10-K	Manitowoc Ice; Welbilt, Inc.	Annual M&ANamed deals	SEC filing
Feb 27, 2018	10-K	ERICO Global Company	Annual M&ANamed deals	SEC filing
Feb 25, 2014	10-K	Flow Control	Annual M&ANamed deals	SEC filing
Feb 21, 2012	10-K	CPT division of Norit Holding B.V.	Annual M&ANamed deals	SEC filing
Feb 26, 2007	10-K	WICOR, Inc.	Annual M&ANamed deals	SEC filing
Mar 1, 2006	10-K	WICOR, Inc.	Annual M&ANamed deals	SEC filing
Mar 5, 2004	10-K	WICOR Inc.; Everpure, Inc.	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
Feb 24, 2026	10-K	N/A	10-K	FinancialsAnnual M&ARecent SEC	SEC filing
May 6, 2026	8-K	2.03,9.01	FORM 8-K	Recent SEC	SEC filing
May 6, 2026	8-K	5.07	8-K	Recent SEC	SEC filing
Apr 28, 2026	8-K	5.02,9.01	8-K	Recent SEC	SEC filing
Apr 28, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
Apr 28, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Apr 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Mar 20, 2026	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Mar 20, 2026	DEF 14A	N/A	DEF 14A	Recent SEC	SEC filing
Feb 25, 2026	8-K/A	5.02,9.01	8-K/A	Recent SEC	SEC filing

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Merger with Flow Control

10-K - Feb 25, 2014

Medium

Pentair Ltd. took its current form on September 28, 2012 as a result of a reverse acquisition (the "Merger") involving Pentair, Inc. and an indirect, wholly-owned subsidiary of Flow Control (defined below), with Pentair…

SEC source

ERICO Acquisition

10-K - Feb 27, 2018

Medium

On September 18, 2015, we acquired, as part of Electrical, all of the outstanding shares of capital stock of ERICO Global Company ("ERICO") for approximately $1.8 billion in cash (the "ERICO Acquisition"). ERICO is a le…

SEC source

Manitowoc Ice

10-K - Feb 25, 2025

Medium

In July 2022, as part of our Water Solutions reportable segment, we acquired the issued and outstanding equity securities of certain subsidiaries of Welbilt, Inc. (“Welbilt”) and certain other assets, rights, and proper…

SEC source

Manitowoc Ice acquisition

10-K - Feb 20, 2024

Medium

In July 2022, as part of our Water Solutions reporting segment, we acquired the issued and outstanding equity securities of certain subsidiaries of Welbilt, Inc. (“Welbilt”) and certain other assets, rights, and propert…

SEC source

Manitowoc Ice

10-K - Feb 20, 2024

Medium

SEC source

WICOR Inc.

10-K - Mar 5, 2004

Medium

On February 3, 2004, we entered into an agreement to acquire WICOR Inc. (“WICOR”), a unit of Wisconsin Energy Corporation, Milwaukee, Wisconsin. WICOR, which manufactures water system, filtration, ...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive