Franklin Electric

FELE · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

FELE · Last close · November 6, 2026

$94.17

Franklin Electric's revenue rose 5.4% to $2.1 billion in fiscal 2025. Its operating margin was 12.6%, up from 12.1% a year earlier. Free cash flow was $194 million, down 11.9%. It paid out $216 million in dividends and buybacks, 111% of free cash flow. The diluted share count fell 2.1%.

FRANKLIN ELECTRIC CO., INC. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0000038725-26-000009 Updated November 5, 2026

Revenue

$2.1B

5.4%

Operating margin

12.6%

0.6 pts

Net income

$147M

18.4%

Free cash flow

$194M

11.9%

Return on capital

16.0%

0.1 pts

Market cap

$4.2B

Nov 6 close

P/E

21.2x

On $4.45 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Franklin Electric does

Franklin Electric designs, makes and distributes water and fuel pumping systems. These are mainly submersible motors (motors that run underwater), pumps, electronic controls and water treatment systems, with related parts. With 2025 revenue of about $2.1 billion, it sells worldwide through its own sales force and independent representatives.

It has three segments. Water Systems makes motors, pumps and controls that move fresh water and wastewater for homes, farms and industry. Energy Systems, formerly called Fueling Systems, makes pumps, pipes, controls and monitoring devices used at gas stations. Distribution sells water products, mainly to well-drilling contractors, through the company's U.S. branches and those of third parties.

Water Systems and Energy Systems sell to specialty distributors, equipment makers, petroleum equipment distributors and major oil and utility companies. Franklin Electric says its markets are highly competitive.

Its biggest risks, as it describes them

Fewer new homes being built, which lowers demand for its products.
Weak energy and mining markets, whose customers buy its products.
Changes in the prices and supply of raw materials and parts.
More municipal water systems or limits on groundwater pumping that reduce demand for private wells.
Swings in Energy Systems demand tied to environmental rules for fuel storage.

From Franklin Electric's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 7.7% a year and net income 7.2% a year, as buybacks cut the share count by 3%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	40	46	85	220	100
Debt incl. finance leases	188	216	100	129	167
Net debt (negative means net cash)	148	170	16	−91	67
Net debt to EBITDA	0.6x	0.6x	0.1x	−0.3x	0.2x
Debt to equity	0.2x	0.2x	0.1x	0.1x	0.1x
Interest coverage	36.4x	22.3x	22.3x	38.6x	25.3x
Current ratio	1.8x	2.1x	3.0x	2.2x	2.8x
Quick ratio	0.7x	0.8x	1.2x	1.1x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Franklin Electric's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Franklin Electric's projections

What Franklin Electric says to expect

Full year 2026: net sales and adjusted diluted EPSThe Company is raising its guidance for full year 2026 net sales to be in the range of $2.23 billion to $2.30 billion and full year 2026 Adjusted Diluted EPS to be in the range of $4.62 to $4.82.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 28, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $46,670 of Franklin Electric shares on the open market, and 3 insiders sold $3.1 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 9, 2026	Jonathan M. GrandonChief Administrative Officer	Sold	8,547	$103.40	$883,760	Form 4
May 26, 2026	delancey w davisPresident, Headwater Companies	Sold	1,900	$100.00	$190,000	Form 4
May 22, 2026	Jonathan M. GrandonChief Administrative Officer	Sold	4,200	$98.23	$412,566	Form 4
May 1, 2026	delancey w davisPresident, Headwater Companies	Sold	200	$98.78	$19,756	Form 4
Apr 30, 2026	Jonathan M. GrandonChief Administrative Officer	Sold	4,988	$100.02	$498,920	Form 4
Feb 19, 2026	Joseph A. RuzynskiCEO	Bought	500	$93.34	$46,670	Form 4
Dec 11, 2025	Gregg C SengstackDirector	Sold	11,779	$97.06	$1.1 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	5 of 9	6 of 9
Rule of 40	14.3%	8.8%	14.5%
Altman Z''	7.65	7.29	7.07
Accruals ratio	−7.2%	−4.6%	−4.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	6 of 9	5 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Franklin Electric side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

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Franklin Electric	FY25	5.4%	12.6%	9.1%	16.0%	0.2x	6
Graco	FY25	5.8%	27.9%	28.5%	25.8%	−0.8x	4	Compare
SPX Technologies	FY25	14.2%	15.5%	10.7%	13.0%	0.3x	8	Compare
Crane	FY25	8.2%	18.4%	14.8%	15.2%	1.4x	6	Compare
Kennametal	FY26	19.8%	20.1%	−3.4%	18.0%	1.0x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	950	1,125	1,298	1,315	1,247	1,662	2,044	2,065	2,021	2,131
Revenue growth	2.7%	18.4%	15.4%	1.3%	−5.1%	33.2%	23.0%	1.1%	−2.1%	5.4%
Gross profit	331	377	432	428	433	576	691	697	717	756
Research and development	22	21	22	21	22	17	17	18	22	20
Operating income	112	107	132	127	130	189	257	262	244	269
Net income	79	78	106	96	100	154	187	193	180	147
Diluted EPS (US$)	1.65	1.65	2.23	2.03	2.14	3.25	3.97	4.11	3.86	3.22
Diluted shares (millions)	47	47	47	47	47	47	47	47	46	46
Cash flow
Cash from operations	115	67	128	178	212	130	102	316	261	239
Capital expenditure	39	34	22	22	23	30	42	41	42	45
Free cash flow	76	33	106	156	189	100	60	274	220	194
Dividends paid	19	20	23	28	30	33	37	42	47	50
Share buybacks	7	4	34	11	20	26	40	43	61	166
Acquisitions	1	52	45	21	56	236	1	35	5	115
Stock-based compensation	7	7	8	9	10	12	11	10	12	13
Balance sheet at fiscal year end
Cash and short-term investments	104	67	59	64	131	40	46	85	220	100
Debt incl. finance leases	190	226	206	115	95	188	216	100	129	167
Total assets	1,040	1,185	1,182	1,195	1,272	1,575	1,694	1,728	1,821	1,944
Total liabilities	425	483	446	396	422	626	624	519	552	619
Shareholders' equity	613	701	734	796	848	946	1,068	1,207	1,266	1,323
Margins and ratios
Gross margin	34.9%	33.5%	33.3%	32.6%	34.7%	34.7%	33.8%	33.8%	35.5%	35.5%
Operating margin	11.8%	9.5%	10.2%	9.7%	10.5%	11.4%	12.6%	12.7%	12.1%	12.6%
Net margin	8.3%	7.0%	8.2%	7.3%	8.1%	9.3%	9.2%	9.4%	8.9%	6.9%
Free cash flow margin	8.0%	3.0%	8.2%	11.8%	15.2%	6.0%	2.9%	13.3%	10.9%	9.1%
Rule of 40 (growth + FCF margin)	10.7%	21.4%	23.6%	13.1%	10.0%	39.2%	25.9%	14.3%	8.8%	14.5%
Return on capital	12.2%	10.3%	13.3%	12.1%	12.8%	16.2%	17.7%	17.1%	15.9%	16.0%
Return on equity	13.4%	11.9%	14.8%	12.5%	12.2%	17.1%	18.6%	17.0%	14.6%	11.4%
Return on assets	7.7%	7.0%	8.9%	8.0%	8.1%	10.8%	11.5%	11.3%	10.2%	7.8%
Net debt to EBITDA	0.6x	1.1x	0.9x	0.3x	−0.2x	0.6x	0.6x	0.1x	−0.3x	0.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Franklin Electric's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Franklin Electric.