Franklin Electric Co., Inc., together with its subsidiaries, designs, manufactures, and distributes water and fuel pumping systems worldwide. It operates through three segments: Water Systems, Fueling Systems, and Distribution. The Water Systems segment offers submersible motors, pumps, drives, electronic controls, water treatment systems, monitoring devices, and related parts and equipment. Its motors and pumps are used principally for pumping clean water and wastewater in various residential, agricultural, municipal, and industrial applications; and manufactures electronic drives and controls that are used in motors for controlling functionality, as well as provides protection from various hazards, such as electrical surges, over-heating, and dry wells or tanks. The Fueling Systems segment provides pumps, pipes, sumps, fittings, vapor recovery components, electronic controls, monitoring devices, and related parts and equipment primarily for use in fueling system applications. This segment serves other energy markets, such as power reliability systems, as well as includes electronic devices for online monitoring of the power utility, hydroelectric, and telecommunication and data center infrastructure. The Distribution segment sells to and provides presale support and specifications to the installing contractors. It sells products produced by the Water Systems segment. The company sells its products to wholesale and retail distributors, specialty distributors, original equipment manufacturers, industrial and petroleum equipment distributors, and oil and utility companies through its employee sales force and independent manufacturing representatives. Franklin Electric Co., Inc. was founded in 1944 and is headquartered in Fort Wayne, Indiana.
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Here are 1-3 brief analogies for Franklin Electric (FELE):
- Like a specialized Eaton, but for the pumps, motors, and systems that move water and fuel.
- The 'Intel Inside' for residential, agricultural, and industrial water wells, as well as fuel pumping systems.
- A focused Honeywell for the world's water and fuel pumping infrastructure.
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- Submersible Motors: Electric motors designed for operation while submerged in a fluid, primarily used in water and fuel pumping applications.
- Pumps (Water and Fuel): A wide range of pumps for moving water in residential, agricultural, and industrial settings, as well as for fuel transfer at service stations.
- Controls & Drives: Electronic devices that manage, protect, and optimize the performance of pumping systems, including variable frequency drives and motor controls.
- Water Treatment Systems: Products and solutions for improving water quality through filtration, disinfection, and other purification processes.
- Fueling System Components: A comprehensive suite of equipment for fuel handling, including piping, sensors, monitoring systems, and containment solutions for service stations.
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Franklin Electric (FELE) Major Customers
Franklin Electric (FELE) primarily sells its products and systems to other businesses, not directly to individual consumers. While the company's business model is B2B, it does not publicly disclose the names of its individual major customer companies in its regulatory filings or investor communications.
Instead, Franklin Electric describes its customer base in terms of the following categories of companies:
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Independent Distributors and Wholesalers: These companies constitute Franklin Electric's primary sales channel. They purchase a wide range of Franklin Electric's water and fueling systems products (such as submersible motors, pumps, drives, and controls) and then resell them to a diverse group of end-users, including plumbing contractors, well drillers, irrigation specialists, industrial facilities, and retailers. While Franklin Electric's regulatory filings acknowledge a reliance on a "concentrated number of independent distributors," the specific names of these major distributor companies are not publicly identified by FELE.
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Original Equipment Manufacturers (OEMs): Franklin Electric supplies components to other manufacturers who integrate FELE's motors, pumps, or control systems into their own finished products. Examples include manufacturers of heating, ventilation, and air conditioning (HVAC) systems, large-scale agricultural irrigation systems, and various types of industrial machinery. The specific names of these OEM customers are not publicly disclosed by Franklin Electric.
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Private Label Customers: Franklin Electric also manufactures products that are then rebranded and sold under another company's private label. The names of these private label customers are not publicly disclosed.
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Joe Ruzynski, Chief Executive Officer
Mr. Ruzynski joined Franklin Electric as Chief Executive Officer and a member of the Board of Directors in July 2024. Prior to this role, he served as President of the Enclosures Segment at nVent, a global leader in electrical connection and protection solutions, from 2018 to 2024. He also held various leadership positions at Pentair plc, a global water technology company. Mr. Ruzynski has substantial experience in the industrial and electrical sectors, with a track record of driving growth, innovation, and operational excellence.
Jennifer Wolfenbarger, Chief Financial Officer
Mrs. Wolfenbarger joined Franklin Electric in July 2025 as the Chief Financial Officer. Before joining Franklin Electric, she served as Vice President and Chief Financial Officer of the Insulation business for Owens Corning, a global leader in building materials. She previously held divisional CFO roles at other manufacturing companies, including Stryker, Caterpillar, and General Motors. Mrs. Wolfenbarger has a proven track record of strategic growth, transformation, and manufacturing excellence.
Jonathan M. Grandon, Chief Administrative Officer, General Counsel and Secretary
Mr. Grandon joined Franklin Electric in September 2016. Most recently, he served as Senior Vice President, General Counsel, and Secretary of Biomet Inc., a leading multi-national health care and medical device company. Prior to that, he was a partner at Ropes & Gray LLP and Mayer Brown LLP.
Daniela Williams, Chief Human Resources Officer
Ms. Williams joined Franklin Electric in 2025 as Chief Human Resources Officer. She brings over 20 years of global experience across the technology, automotive, and manufacturing sectors. Before joining Franklin Electric, she served as Global Vice President of People & Culture at Visteon and held senior leadership roles at Aptiv and Dura Automotive.
Greg Levine, Vice President and President, Global Water Systems
Mr. Levine joined Franklin Electric in 2023 from Nidec Motion Control and Drives, where he served as President for six years. In this role, he oversaw an international team and positioned the company for twofold growth through organic initiatives and acquisitions. Before his tenure at Nidec, Mr. Levine held senior engineering roles at Emerson for 15 years.
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The global transition from internal combustion engine (ICE) vehicles to electric vehicles (EVs) poses a clear emerging threat to Franklin Electric's Fueling Systems segment. As demand for traditional fossil fuels declines, the need for new and replacement petroleum fueling infrastructure (including pumps, dispensers, sensors, and monitoring systems for gasoline/diesel) will significantly decrease over time.
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Franklin Electric (symbol: FELE) operates in the water and fueling systems markets. The addressable markets for their main products and services are as follows:
Water Systems
- The global water pump market was valued at approximately USD 73.98 billion in 2024 and is projected to reach around USD 106.36 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.13%. Other estimates place the global water pump market size at USD 71.86 billion in 2024, projected to reach USD 92.21 billion by 2030 (CAGR of 4.4%), and USD 52.4 billion in 2024, forecasted to expand to USD 80.6 billion by 2034 (CAGR of 4.4%).
- The global submersible pump market was valued at USD 16.32 billion in 2024 and is projected to grow to USD 27.74 billion by 2032, exhibiting a CAGR of 6.58%. Another report estimates the global submersible pump market size at USD 15.59 billion in 2025, expected to reach USD 25.74 billion by 2030, at a CAGR of 10.55%.
- The global electric submersible pumps market size was valued at USD 13.1 billion in 2023 and is anticipated to exceed USD 29.9 billion by 2033, growing at a CAGR of 8.60%.
- Franklin Electric's Distribution segment, which focuses on the U.S. groundwater market, has an addressable market opportunity worth over USD 4 billion.
Fueling Systems
- The global fuel management system market size was valued at USD 1.33 billion in 2024 and is projected to grow from USD 1.43 billion in 2025 to reach USD 2.56 billion by 2033, growing at a CAGR of 7.52%.
- The global automotive fuel delivery system market is projected to grow from USD 10.6 billion in 2025 to approximately USD 16.9 billion by 2035, at a CAGR of 4.8%. Other sources estimate the global fuel delivery system market size at USD 2.7 billion in 2023, poised to grow to USD 4.22 billion by 2032 at a CAGR of 5.1%, and USD 4.3 billion in 2023, anticipated to grow at a CAGR of over 5% between 2024 and 2032.
- Franklin Electric's Energy Systems segment, focusing on fuel pumping systems and related offerings, has a market opportunity worth over USD 1.3 billion.
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Here are 3-5 expected drivers of future revenue growth for Franklin Electric (FELE) over the next 2-3 years:
- Global Manufacturing Expansion: Franklin Electric is actively expanding its global manufacturing footprint, including the recent opening of a new factory in Izmir, Turkey. This expansion aims to enhance service efficiency and capture growth opportunities in key international markets, particularly in Eastern Europe and the Middle East, by bringing capabilities closer to growing customer needs.
- Strategic Pricing and Volume Growth: The company has demonstrated the ability to achieve robust growth through increased volumes and effective pricing strategies. Management emphasizes maintaining pricing discipline and managing costs effectively, which, coupled with higher sales volumes across its segments, contributed to revenue increases in Q3 2025.
- Growth in Water Treatment and Dewatering Equipment: Franklin Electric is experiencing strong growth in specific product lines. Sales of large dewatering equipment increased significantly by 38% in Q3 2025, and water treatment products also saw a 9% rise in sales. These areas represent key product-level drivers for future revenue.
- Product Innovation and New Product Launches: The company is investing in innovation and has launched new products, such as three new pressure boosting products (VR SpecPAK, in-line SpecPAK, and VersaBoost Pro), which have shown strong interest and early adoption. Continued product innovation and successful new product introductions are expected to drive future sales.
- Strategic Acquisitions: Recent acquisitions have contributed incrementally to sales, as noted in the Q4 2024 and Q3 2025 earnings reports. Franklin Electric's strategy includes a balanced approach to capital allocation, suggesting that strategic acquisitions will continue to be a component of its growth strategy.
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Share Repurchases
- Franklin Electric repurchased approximately $104.1 million worth of shares (1,200,000 shares at $86.78 per share) in June 2025 from the Patricia Schaefer Settlement Trust.
- In June 2025, the Board of Directors approved an increase to the share repurchase authorization by 1,200,000 shares, maintaining a total authorization of 1,126,635 shares post-transaction. As of September 30, 2025, approximately 1.1 million shares remained authorized for repurchase.
- The company repurchased $53.1 million worth of its own shares in 2024. In 2022, Franklin Electric repurchased approximately $36.3 million in shares, including about $10.8 million in the fourth quarter.
Outbound Investments
- Franklin Electric has a strategic focus on acquisitions to drive growth and enhance its competitive position, aiming to expand product offerings and geographic reach, particularly in water treatment and industrial pump sectors.
- In early 2025, Franklin Electric planned to close the acquisition of Barnes de Colombia S.A. and acquired PumpEng Pty Ltd in February 2025. Acquisitions in the first quarter of 2025 totaled approximately $109.7 million.
- Major acquisitions in recent years included Gicon Pumps & Equipment for $27.9 million and Waterite in 2020, and Aqua Systems and Puronics in 2021, with total acquisitions for 2021 amounting to $235.7 million.
Capital Expenditures
- Capital expenditures, net, were $40.5 million in 2024, $39.9 million in 2023, and $41.9 million in 2022.
- In the first quarter of 2025, capital expenditures were approximately $6.8 million.
- Water Systems research and development expenditures in 2024 focused on developing new integrated pressure boosting systems, electronic variable frequency drives and controls, expanded standard electric skid pump packages, and new HVAC condensate product offerings.
