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AI核心结论
PNR delivered solid Q1 FY2026 results with revenue up 2.6% YoY to $1.04B, net income surging 11.3% to $172.4M, and gross margin expanding ~190 bps to 41.8%, though operating cash flow remained negative at -$67.4M.
营业收入
$1.04B
同比 ++2.60%
每股收益（基本）
$1.06
同比 ++12.77%
毛利率
41.8%
同比 ++1.89%
营业利润
$210M
同比 ++3.40%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Pentair (PNR) Q1 FY2026 营收 $1.04B，同比增长 2.6%。 净利润 $172.4M，同比增长 11.3%，稀释每股收益 $1.05。 毛利率 41.8%。
PNR grew Q1 FY2026 revenue by 2.6% YoY to $1,036.7M from $1,010.4M, suggesting steady demand across its business segments despite a challenging macro environment.
来源: Source: 10-Q Income Statement, Q1 FY2026
Gross margin improved approximately 190 basis points to 41.8% from 39.9%, driven by a 0.6% YoY decline in cost of revenue to $603.3M even as revenue grew, indicating better operational leverage or favorable product mix.
来源: Source: 10-Q Income Statement & Key Ratios, Q1 FY2026
SG&A expenses rose sharply by 12.6% YoY to $198.9M from $176.6M, representing a meaningful cost pressure that limited operating margin expansion to just ~20 bps despite strong gross profit growth of 7.5%.
来源: Source: 10-Q Income Statement, Q1 FY2026
Net income grew 11.3% YoY to $172.4M, with diluted EPS rising 12.9% to $1.05 from $0.93, reflecting both operational improvement and potentially favorable below-the-line items such as lower interest expense or tax benefits.
来源: Source: 10-Q Income Statement, Q1 FY2026
Operating cash flow deteriorated further to -$67.4M in Q1 FY2026 from -$38.9M in Q1 FY2025, a 73.3% YoY decline, while cash and equivalents fell 51.8% YoY to just $67.7M, suggesting working capital headwinds or seasonal cash usage patterns.
来源: Source: 10-Q Cash Flow Statement & Balance Sheet, Q1 FY2026
Operating cash flow worsened to -$67.4M in Q1 FY2026 versus -$38.9M a year ago, while cash on hand dropped 51.8% YoY to only $67.7M. This combination could constrain PNR's ability to fund operations, service debt, or pursue strategic investments without drawing on credit facilities.
来源: Source: 10-Q Cash Flow Statement & Balance Sheet, Q1 FY2026
Long-term debt increased 5.9% YoY to $1,944.3M, representing a significant leverage position relative to the company's asset base of $7,072M. With negative operating cash flow in Q1, debt servicing capacity could come under pressure if cash generation does not improve in subsequent quarters.
来源: Source: 10-Q Balance Sheet, Q1 FY2026
SG&A expenses grew 12.6% YoY to $198.9M, far outpacing revenue growth of 2.6%, which compressed the benefit of gross margin expansion and held operating margin improvement to just ~20 bps. Sustained SG&A inflation could erode profitability if revenue growth slows.
来源: Source: 10-Q Income Statement, Q1 FY2026
The current ratio stands at approximately 1.88, which appears adequate on the surface, but the sharp decline in cash and negative operating cash flow suggest underlying working capital stress. If current liabilities of $939.5M accelerate while cash generation remains negative, near-term liquidity could tighten.
来源: Source: 10-Q Balance Sheet & Key Ratios, Q1 FY2026
Revenue grew only 2.6% YoY to $1,036.7M, which may reflect limited pricing power or demand softness in key end markets. If macroeconomic conditions deteriorate, PNR's ability to sustain even modest top-line growth could be challenged, putting pressure on fixed-cost absorption.
来源: Source: 10-Q Income Statement, Q1 FY2026
Q1 FY2026 实际 EPS $1.22，分析师一致预期 $1.18，超预期 +3.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.04B | $1.01B | +2.60% |
营业成本 | $603.3M | $607.1M | -0.63% |
毛利润 | $433.4M | $403.3M | +7.46% |
营业利润 | $210M | $203.1M | +3.40% |
净利润 | $172.4M | $154.9M | +11.30% |
每股收益（基本） | $1.06 | $0.94 | +12.77% |
每股收益（稀释） | $1.05 | $0.93 | +12.90% |
研发费用 | $24.5M | $23.6M | +3.81% |
销售及管理费用 | $198.9M | $176.6M | +12.63% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $7.07B | $6.75B | +4.81% |
流动资产 | $1.76B | $1.73B | +2.08% |
总负债 | $3.26B | $3.11B | +4.76% |
流动负债 | $939.5M | $912.7M | +2.94% |
现金及等价物 | $67.7M | $140.6M | -51.85% |
长期债务 | $1.94B | $1.84B | +5.92% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $-67.4M | $-38.9M | -73.26% |
投资活动现金流 | $-18.3M | $-16.8M | -8.93% |
筹资活动现金流 | $50.6M | $87.1M | -41.91% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 41.8% | 39.9% | +1.89% |
营业利润率 | 20.3% | 20.1% | +0.16% |
净利率 | 16.6% | — | — |
总资产收益率 | 2.4% | — | — |
流动比率 | $1.877 | — | — |
预计发布日期、分析师预期与关注要点
Industrial Machinery & Supplies & Components 行业其他公司
Based on the filing data, PNR reported diluted EPS of $1.05 in Q1 FY2026, up 12.9% YoY from $0.93, and net income of $172.4M, up 11.3% YoY. Whether this beat Wall Street consensus estimates would require comparison to analyst forecasts, which are not included in the 10-Q filing itself.
PNR delivered revenue of $1,036.7M (+2.6% YoY), gross margin expansion of ~190 bps to 41.8%, and diluted EPS growth of 12.9% to $1.05. However, SG&A expenses surged 12.6% YoY and operating cash flow deteriorated to -$67.4M, which are areas investors should monitor closely.
PNR's revenue grew 2.6% YoY to $1,036.7M in Q1 FY2026, up from $1,010.4M in Q1 FY2025. The growth was modest but accompanied by meaningful margin improvement, as cost of revenue actually declined 0.6% YoY, driving gross profit up 7.5% to $433.4M.
The financial data points to several key risks: operating cash flow worsened to -$67.4M (down 73.3% YoY), cash and equivalents fell 51.8% YoY to just $67.7M, and long-term debt rose 5.9% to $1,944.3M. Additionally, SG&A expenses grew at 12.6% YoY, far outpacing revenue growth of 2.6%, which could pressure future profitability.
PNR's profitability metrics are solid, with a net margin of ~16.6% and a current ratio of ~1.88, but liquidity is a concern given cash of only $67.7M and negative free cash flow of approximately -$85.7M in Q1 FY2026. The company carries $1,944.3M in long-term debt, and the continued negative operating cash flow trend will be an important factor to watch in upcoming quarters.