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Here are 1-3 brief analogies for Pentair:

• Like Whirlpool, but specialized in water solutions for homes (filtration, softeners) and pools.
• A specialized 3M focused on water technologies and fluid management for homes, businesses, and pools.
• The Dyson of water, creating smart solutions for home water quality, pool systems, and fluid control.

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• Pool and Spa Equipment: Provides pumps, filters, heaters, cleaners, and automation systems for residential and commercial swimming pools and spas.
• Residential Water Filtration and Treatment: Offers whole-home filtration systems, water softeners, reverse osmosis systems, and other solutions for clean water in homes.
• Commercial and Industrial Water Solutions: Supplies advanced filtration, separation, and water management systems for a wide range of commercial and industrial applications, including food and beverage.
• Flow Technologies: Manufactures pumps, valves, and fluid transfer solutions for agricultural irrigation, well water, wastewater management, and various industrial processes.

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Pentair (PNR) Major Customers

Pentair plc (PNR) operates primarily on a business-to-business (B2B) model, supplying a diverse range of water solutions products and systems for residential, commercial, and industrial applications. The company sells its products through a broad and fragmented network of distribution channels rather than through a small number of major direct customers.

As such, Pentair does not typically disclose specific named customer companies in its public filings (such as its 10-K reports) as individually accounting for a material concentration of its sales (e.g., over 10% of revenue). Instead, its major "customers" are best described by the categories of businesses it serves directly, who then sell or incorporate Pentair's products to end-users (both residential and commercial).

The primary categories of Pentair's direct business customers include:

• Wholesale Distributors: These companies purchase Pentair products in bulk and distribute them to a wide network of dealers, contractors, and retailers. While specific names are not disclosed by Pentair as "major customers" due to the fragmented nature of their sales, large distributors such as PoolCorp (NASDAQ: POOL) are significant players in the pool and spa industry, and it is highly likely they distribute Pentair products among others. However, Pentair itself does not specify any single distributor as a major customer generating over 10% of its revenue.
• Dealers and Professional Contractors: This category includes independent dealers, pool builders, plumbers, irrigation specialists, and professional contractors who purchase Pentair's products for installation in residential, commercial, and agricultural settings. These are often smaller, local businesses, forming a large part of Pentair's customer base collectively.
• Original Equipment Manufacturers (OEMs): Other companies integrate Pentair's components (like pumps, filters, or valves) into their own manufactured systems or equipment. This allows Pentair's technology to be part of a broader solution offered by another company.
• Retail Partners: While often served through distributors, Pentair also has relationships with various retailers, including big-box stores and specialized retail outlets, for certain product lines that are sold directly to consumers.

Due to the decentralized nature of its sales and distribution network, Pentair's business model relies on a broad base of business customers rather than a few identifiable "major customers" that would typically be disclosed by name and symbol in financial reports.

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John Stauch, President and Chief Executive Officer

John Stauch currently serves as Pentair's President and Chief Executive Officer. Prior to joining Pentair as Chief Financial Officer in 2007, Stauch served as Chief Financial Officer of the automation and control systems unit of Honeywell International Inc. from 2005 to 2007. He previously held a series of executive, investor relations, and managerial finance roles with Honeywell International Inc. and its predecessor AlliedSignal Inc. from 1994 to 2005. He also served as Chief Financial Officer and IT Director of PerkinElmer Optoelectronics from 2000 to 2002. Stauch serves as a director of Deluxe Corporation, where he chairs the Audit Committee and is a member of the Finance Committee.

Bob P. Fishman, Executive Vice President and Chief Financial Officer

Bob Fishman currently serves as Executive Vice President and Chief Financial Officer of Pentair. He joined Pentair in 2020. Prior to Pentair, Fishman was Executive Vice President and Chief Financial and Accounting Officer for NCR Corporation from 2009 to 2018, and then a Senior Advisor to NCR until 2019. He began his tenure at NCR in 1996, holding numerous finance roles of increasing responsibility. Before NCR, he held finance and treasury roles at AT&T Corporation and finance and audit roles at PricewaterhouseCoopers LLP.

Jerome O. Pedretti, Executive Vice President and Chief Executive Officer, Pentair Pool

Jerome Pedretti currently serves as Executive Vice President and Chief Executive Officer of Pentair Pool. Pedretti joined Pentair in 2005 and has held various positions of increasing responsibility across Business Development, EMEA, Valves & Controls, and Aquatic Systems. Prior to leading the Pool segment, he served as Executive Vice President and President of Pentair's Industrial Flow Technologies segment. Before Pentair, he was a growth consultant for Bain and Company.

Adrian C. Chiu, Executive Vice President and President, Pentair Water Solutions

Adrian Chiu currently serves as Executive Vice President and President of Pentair Water Solutions. Chiu joined Pentair in 2011, having most recently served as Chief Human Resources Officer and Chief Transformation Officer. He played a pivotal leadership role in the 2018 separation of Pentair's electrical business, which is now nVent Electric plc. Prior to joining Pentair, Chiu was a consultant at IBM, where he led large-scale HR Technology and Transformation projects for global companies.

Steve J. Pilla, Executive Vice President, Chief Supply Chain Officer and Chief Transformation Officer

Steve Pilla currently serves as Executive Vice President, Chief Supply Chain Officer and Chief Transformation Officer of Pentair. Pilla previously served as Vice President and Chief Supply Chain Officer at Red Wing Shoe Company, leading its global manufacturing, supply, logistics distribution, quality, and engineering functions. Prior to Red Wing Shoe Company, Pilla worked at Pentair for approximately 15 years, including roles as Vice President and General Manager of Pentair's enclosures business before the spin-off of its electrical business (nVent Electric plc), and Vice President of Global Operations and Supply Chain.

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Key Risks to Pentair's Business

Pentair (PNR) faces several key risks that could impact its business operations and financial performance. These risks primarily stem from macroeconomic factors, supply chain vulnerabilities, and the complex regulatory landscape of the water treatment industry.

1. Global Economic and Political Instability: Pentair is exposed to significant risks arising from general global economic and business conditions. This includes factors such as recessions, economic downturns, inflation, and the strengthening of the U.S. dollar, all of which can negatively affect revenue and financial performance. Political instability, geopolitical tensions, and changes in trade agreements or the imposition of new tariffs further add to this risk, impacting operating costs, raw material sourcing, and product distribution. Additionally, fluctuations in currency exchange rates can materially affect Pentair's financial condition, results of operations, and cash flows, particularly given that a significant portion of its sales are outside the U.S..
2. Raw Material Price Volatility and Supply Chain Disruptions: The company's manufacturing processes are dependent on various raw materials, such as metals and resins, which are subject to commodity market and duty-driven price fluctuations. Pentair has experienced inflationary cost increases in raw materials, logistics, transportation, energy, and labor, with anticipated supply chain pressures and inflationary cost increases continuing into 2025. Disruptions in the supply chain, caused by factors ranging from natural disasters and geopolitical conflicts to supplier failures and transportation delays, can lead to production interruptions, increased costs, and an inability to meet customer demand.
3. Extensive and Evolving Regulatory Compliance Requirements: Pentair operates in a highly regulated environment, subject to numerous and increasingly stringent federal, state, and local statutory and regulatory requirements globally. These regulations cover various aspects, including environmental protection standards, product efficiency and performance, material makeup, and the handling and disposal of hazardous materials. Failure to comply with these broad range of standards, laws, and regulations can result in substantial disruptions, costs, and liabilities. The continuous evolution of these regulations, including potential global minimum tax regulations, necessitates ongoing and meticulous compliance efforts, adding to operational complexities and potential cost burdens.

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The emergence of 'Water-as-a-Service' (WaaS) and subscription-based models for water treatment and management systems presents a clear emerging threat. While Pentair primarily operates on an equipment sales model, a growing number of companies are offering comprehensive packages that include equipment, installation, maintenance, monitoring, and consumables (e.g., filters) for a recurring fee. This business model innovation shifts the capital expenditure burden and maintenance responsibility from the customer to the service provider, appealing to consumers and businesses seeking predictable costs and hassle-free operation. If WaaS models gain significant traction and widespread adoption, they could disrupt Pentair's traditional equipment sales channels and customer relationships, potentially requiring a substantial adaptation of its core business model to remain competitive.

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Pentair (PNR) operates in several key markets, with identifiable addressable market sizes for its main products and services:

• Pool & Spa Solutions: The global pool and spa market is estimated to be USD 26.2 billion in 2025 and is projected to reach USD 49.4 billion by 2035, growing at a compound annual growth rate (CAGR) of 6.6%. North America held a major share of 37.61% of the swimming pool equipment market, valued at USD 5.19 billion in 2023.

• Water Treatment Solutions (Residential and Commercial): The global water treatment market size is calculated at USD 74.68 billion in 2025 and is forecasted to reach approximately USD 137.87 billion by 2034, with a CAGR of 7.05%.

  • Specifically, the global point-of-entry water treatment systems market was valued at USD 10.17 billion in 2024 and is projected to reach USD 13.42 billion by 2030, demonstrating a CAGR of 4.9%. Another estimate places the global point-of-entry water treatment systems market at USD 9.53 billion in 2024, with a projection to reach USD 19.27 billion by 2033, growing at a CAGR of 7.8%. In North America, the valuation for Water Treatment Systems Point of Entry was USD 3.5 billion in 2023 and is expected to reach USD 24.33 billion by 2035.

• Flow Technologies (Fluid Treatment and Pump Products): Information regarding a specific addressable market size for Pentair's Flow segment, which encompasses fluid treatment and pump products for residential, commercial, industrial, infrastructure, and agricultural applications, is not explicitly available as a single global market value in the provided search results. While Pentair estimated its broader addressable market for existing water and fluid products and services at approximately $40 billion in 2018, more current and segmented figures for the "Flow" category were not found.

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Pentair (PNR) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives, segment-specific performance, and targeted acquisitions. The key drivers include:

1. Transformation Initiatives and Strategic Pricing: Pentair's ongoing transformation initiatives, encompassing pricing, sourcing, operations, and organization, are consistently highlighted as crucial for financial performance. Specifically, the adoption of value-based pricing across approximately 50% of total revenue is expected to contribute to margin expansion and, by extension, revenue growth. Management has set an updated three-year margin target, expecting a return on sales (ROS) expansion to 24% by 2026, driven by these initiatives.

2. Growth in the Pool Segment: Despite some near-term economic challenges, Pentair expresses confidence in the long-term attractiveness of the pool industry. The company's aftermarket business has shown strong performance, and Pentair anticipates Pool sales to increase by 4% to 5% in 2025. This growth is supported by megatrends such as migration to warmer Sun Belt states and a rising consumer preference for smart, sustainable pool products.

3. Strategic Acquisitions: Acquisitions are a component of Pentair's growth strategy. The acquisition of Manitowoc Ice in 2023 has already contributed to sales growth and accretive margins within the Water Solutions segment. More recently, the acquisition of Hydra-Stop in the third quarter of 2025 is expected to add unique products and technology, further bolstering the commercial Flow business.

4. Performance in Commercial and Industrial Businesses: While residential sales in some segments have experienced headwinds, Pentair's commercial and industrial businesses within its Flow and Water Solutions segments have shown resilience and strong performance. The company noted positive trends in these verticals and expects them to contribute to overall growth.

5. Focus on Smart and Sustainable Products: Pentair is strategically positioned to capitalize on secular trends favoring smart and sustainable water solutions. The company has a history of pioneering energy-saving products, such as variable speed pumps, and continues to focus on developing offerings that align with increasing environmental consciousness and efficiency demands from consumers and industries.

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Share Repurchases

• Pentair repurchased 1.6 million shares for $150 million in 2024.
• The company had $450 million available for share repurchases under its authorization as of December 31, 2024.
• In Q3 2024, Pentair repurchased $50 million worth of shares and had $500 million remaining under its authorization.

Share Issuance

• Pentair's annual net total equity issued/repurchased for 2023 was $10 million, indicating a net issuance for that year.
• The share count is expected to average near 166 million shares for the full year 2021 and was approximately 166.5 million in the 2025 outlook, suggesting relatively stable share count with some minor fluctuations over the period.

Outbound Investments

• Pentair completed the acquisition of Manitowoc Ice for $1.6 billion in July 2022, enhancing its Commercial Water Solutions business.
• In May 2021, Pentair acquired Ken's Beverage, Inc. (KBI) for approximately $80 million, expanding its products and service offerings for commercial customers.
• In December 2020, Pentair acquired Rocean (Be the Change Labs, Inc.) to expand its core water treatment solutions in the residential and commercial water business.
• Pentair also announced a definitive agreement to acquire Hydra-Stop LLC for approximately $290 million in cash, expected to be completed by the end of 2025.

Capital Expenditures

• Pentair's capital expenditures were $74.4 million in 2024.
• Expected capital expenditures for 2025 are projected to be around $70.35 million.
• The company's capital allocation strategy focuses on investing in top organic growth opportunities and strategic initiatives, including digital transformation, innovation, technology, and ESG investments.