Here are 1-3 brief analogies for Flowserve:

• Flowserve is like a specialized Honeywell or Siemens, but focused entirely on industrial pumps, valves, and seals for critical processes.
• It's the Caterpillar or John Deere for the unseen components that manage fluid and gas flow within factories, power plants, and refineries.
• Flowserve is essentially Emerson Electric for large-scale industrial fluid and gas management.

• Pumps: Industrial pumps designed for critical applications across various industries, including oil and gas, power generation, and chemical processing.
• Mechanical Seals: Advanced mechanical seals and sealing systems engineered to prevent leakage in rotating equipment, improving operational safety and efficiency.
• Valves: A comprehensive portfolio of control valves, shut-off valves, and other valve solutions for precise fluid control and isolation in demanding environments.
• Aftermarket Services: Provides essential repair, maintenance, installation, upgrades, and field support for their flow control products and other original equipment manufacturers.

null

R. Scott Rowe President and Chief Executive Officer

R. Scott Rowe has served as President and Chief Executive Officer of Flowserve since April 2017. Prior to joining Flowserve, Mr. Rowe served as President of the Cameron Group, a position he assumed in April 2016 following the merger between Schlumberger and Cameron International Corporation. During his 14-year career at Cameron, he held various progressive roles, culminating as its President and CEO. He also led the transformative pre-merger joint venture between Cameron and Schlumberger, which formed OneSubsea, a $3 billion business that he later ran as CEO. Before Cameron, Mr. Rowe was with Varco International and served in the U.S. Army.

Amy B. Schwetz Senior Vice President, Chief Financial Officer

Amy B. Schwetz has served as Senior Vice President and Chief Financial Officer of Flowserve since February 2020. Before Flowserve, Ms. Schwetz was Executive Vice President and Chief Financial Officer at Peabody Energy Corporation from 2015 to 2020, where she held various roles of increasing responsibility since August 2005. She began her career as an audit manager at Ernst & Young. Ms. Schwetz is also a member of the board of directors of Dril-Quip, Inc.

Lamar L. Duhon President, Flowserve Pumps Division

Lamar L. Duhon has served as President of the Flowserve Pumps Division since February 2023, joining the company in 2022. He previously held the role of President of Aftermarket Services & Solutions from January 2022 to February 2023. Before Flowserve, Mr. Duhon held increasing positions of responsibility at Halliburton from 2010 to 2021, including Vice President, Sperry Drilling.

Alice M. DeBiasio President, Flow Control Division

Alice M. DeBiasio joined Flowserve as President of the Flow Control Division in October 2025. Prior to Flowserve, Ms. DeBiasio served as Vice President, General Manager of Carrier Corporation's Truck Trailer Americas and Digital Solutions business segment since January 2023, and held leadership roles at Resideo (formerly Honeywell) and Northrop Grumman.

Brian Boukalik Senior Vice President, Chief Human Resources Officer

Brian Boukalik has served as Senior Vice President and Chief Human Resources Officer since May 2024. Before Flowserve, Mr. Boukalik held increasing positions of responsibility at Tenneco from 2017 to 2023, including Executive Vice President and Chief Human Resources Officer from 2022 to 2023. Prior to Tenneco, he spent 17 years at Eaton in various HR leadership positions.

The public company Flowserve (FLS) faces several key business risks, primarily stemming from its exposure to cyclical industries, intense competition, and global operational challenges.

1. Dependence on Cyclical Industries and Project Delays: A significant portion of Flowserve's Original Equipment (OE) sales is tied to the capital expenditure cycles of industries such as oil and gas, and chemicals. Downturns or reduced investment in these sectors can directly impact Flowserve's revenue. Additionally, delays or cancellations of large projects in the energy and chemical sectors, including their focus on nuclear projects, can lead to deferred revenue and affect short-term earnings.
2. Intense Competition: Flowserve operates in a highly competitive market, contending with major players like ITT Industries, Sulzer Pumps, Baker Hughes Co., and Emerson Electric Co. Aggressive pricing strategies or faster technological innovation from these competitors could lead to a loss of market share for Flowserve.
3. Geopolitical and Supply Chain Risks: With operations spanning over 50 countries, Flowserve is exposed to various geopolitical risks, including trade tensions and potential disruptions to its global supply chain. The company's reliance on third-party suppliers for components also creates vulnerabilities to bottlenecks or increased costs, which can impact production and delivery times.

Flowserve Corporation (FLS) operates in the addressable markets for industrial pumps, valves, and seals.

Pumps

• The global industrial pumps market was estimated at USD 43.90 billion in 2023 and is projected to reach USD 59.95 billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030.
• Another estimate for the global industrial pumps market valued it at USD 46.4 billion in 2024, with a projection to reach USD 77.1 billion in 2034 at a CAGR of 5.3%.
• The global pumps market size was USD 59.68 billion in 2024 and is anticipated to reach approximately USD 92.15 billion by 2034, expanding at a CAGR of 4.44% from 2025 to 2034.
• The global pumps market size was valued at USD 77.34 billion in 2024 and is estimated to reach USD 99.01 billion by 2033, exhibiting a CAGR of 2.78% during 2025-2033.
• The Asia Pacific region dominated the pumps market with a revenue share of 45.2% in 2024.
• The United States industrial pumps market accounted for an estimated USD 11 billion in revenue in 2024, representing about 80% of the North American market share.

Valves

• The global industrial valves market size was valued at USD 76.2 billion in 2023 and is projected to reach USD 100.9 billion by 2030, growing at a CAGR of 4.4% from 2024 to 2030.
• Other estimations for the global industrial valve market include USD 75.9 billion in 2024, expected to reach USD 142.6 billion in 2034 with a CAGR of 6.6% from 2025 to 2034.
• Another report states the global industrial valves market size was USD 78.2 billion in 2024 and is estimated to reach USD 131.6 billion by 2033, exhibiting a CAGR of 6% during 2025-2033.
• The global industrial valves market was valued at USD 65 billion in 2021 and is estimated to reach USD 110.5 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
• The Asia Pacific region accounted for the largest revenue share of 35.8% in 2023 and is expected to witness the fastest growth over the forecast period. Asia Pacific held a significant market share of over 42% in 2024, and in 2021, it held over 40.2% of the industrial valves industry.
• The U.S. industrial valves market accounted for a 15.6% share of the global market in 2023 and is expected to grow significantly, exhibiting a CAGR of 5.1% from 2022 to 2031. In 2024, the United States led the North American industrial valve market with approximately 79% market share and an estimated USD 17.9 billion in revenue.

Seals (Mechanical Seals and Gaskets and Seals)

• The global mechanical seals market size was valued at USD 3.20 billion in 2018 and is projected to reach USD 6.92 billion by 2032, exhibiting a CAGR of 5.3%.
• The global mechanical seals market is expected to reach USD 5.64 billion in 2024 and further increase to USD 8.76 billion by 2035, with a CAGR of 4.08% from 2025 to 2035.
• Another estimate for the global mechanical seal market size was USD 3.5 billion in 2023 and is projected to reach USD 4.9 billion by 2032, registering a CAGR of 4.2% during the forecast period (2024-2032).
• The mechanical seals market size is estimated at USD 7.27 billion in 2025 and is expected to reach USD 9.07 billion by 2030, at a CAGR of 4.52% during the forecast period (2025-2030).
• The global mechanical seals market size was valued at USD 3.8 billion in 2023 and is poised to grow from USD 3.97 billion in 2024 to USD 5.65 billion by 2032, at a CAGR of 4.5% during the forecast period (2025-2032).
• The Asia Pacific region dominated the mechanical seals market with a market share of 35.31% in 2018, is the most significant global mechanical seal shareholder, and generated 36.65% of the mechanical seals market revenue in 2024.
• The mechanical seals market in the U.S. is projected to grow significantly, reaching an estimated value of USD 1.13 billion by 2032. North America holds a significant 26.2% share of the global mechanical seals market and is anticipated to exhibit a CAGR of 4.4% over the forecast period.

Flowserve Corporation (FLS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion in New Energy Markets: Flowserve's "3D growth strategy" includes a significant focus on decarbonization and rapidly expanding new energy opportunities. This involves capturing opportunities in clean energy projects, the nuclear sector (including large reactors and small modular reactors), and water infrastructure. The company has already seen record nuclear bookings.
2. Growth in Aftermarket Services: The aftermarket business is a consistent and strong contributor to Flowserve's revenue and is seen as a key driver of recurring revenue. Aftermarket bookings have shown significant year-over-year growth and represent a substantial portion of total bookings.
3. Strategic Acquisitions: Flowserve is pursuing mergers and acquisitions to strengthen its portfolio, expand offerings, and enter new markets. Recent examples include the acquisition of Mogas Industries, which is expected to enhance Flowserve's portfolio and support long-term value creation. The company has also expressed renewed interest in M&A, particularly in the nuclear sector and complementary products, to offset organic growth headwinds.
4. Execution of the 3D Growth Strategy and Conversion of Strong Backlog: Beyond decarbonization, the broader 3D growth strategy encompasses diversification and digitization initiatives aimed at accelerating growth. Flowserve maintains a substantial backlog of orders, which stood at near-record levels of $2.8 billion at the end of Q3 2024. Converting this backlog efficiently into revenue is a critical driver for future sales.

Share Repurchases

• As of March 31, 2025, Flowserve had $258.8 million of remaining capacity for Board of Directors approved share repurchases.
• In the second quarter of 2025, nearly $60 million was allocated to a combination of dividends and share repurchases.
• During the third quarter of 2024, common share repurchases amounted to $20.070 million.

Share Issuance

• Flowserve's shares outstanding increased slightly year-over-year, with 0.132 billion shares outstanding in 2024, a 0.32% increase from 2023, and 0.131 billion shares outstanding in 2022, a 0.35% increase from 2021.
• As of April 21, 2025, the company had 130,728,620 shares of common stock outstanding.
• Share issuance primarily relates to employee stock plans, including the 2020 Plan and the Employee Stock Purchase Plan (ESPP), which had 3,996,597 shares available for issuance.

Outbound Investments

• Flowserve completed the acquisition of MOGAS Industries in 2024, which significantly enhanced its severe service valve portfolio.
• The company plans to pursue acquisitions, particularly in the nuclear sector and for complementary products, to strengthen its portfolio and expand project capabilities.
• Flowserve remains open to disciplined mergers and acquisitions (M&A) following the termination of its planned merger with Chart Industries.

Capital Expenditures

• Flowserve projects capital expenditures (CapEx) for 2025 to be between $80 million and $90 million.
• Capital expenditures for 2024 were reaffirmed at $75 million to $85 million, with actual expenditures reported as $81.019 million.
• Over the past five years (2020-2024), capital expenditures averaged $67.401 million, with annual figures ranging from a low of $54.936 million in 2021 to a high of $81.019 million in 2024. These expenditures support operational improvements, increased productivity, and addressing market demand, including opportunities in energy transition.