Ingersoll Rand

IR · NYSE · Industrials · Financials, fiscal 2016 to 2025

IR · Last close · October 26, 2026

$74.52

Ingersoll Rand's revenue rose 5.8% to $7.7 billion in fiscal 2025. Its operating margin was 15.0%, down from 18.0% a year earlier. Free cash flow was $1.2 billion, down 2.2%. It paid out $1.0 billion in dividends and buybacks, 86% of free cash flow. The diluted share count fell 1.5%.

Ingersoll Rand Inc. Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0001628280-26-008617 Updated October 9, 2026

Revenue

$7.7B

5.8%

Operating margin

15.0%

3.0 pts

Net income

$581M

30.7%

Free cash flow

$1.2B

2.2%

Return on capital

6.5%

1.7 pts

Market cap

$29.2B

Oct 26 close

P/E

30.7x

On $2.43 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.

What Ingersoll Rand does

Ingersoll Rand makes industrial equipment that moves and controls air, gas, powder and liquid. Its products include air and gas compressors, vacuum pumps, blowers, fluid transfer equipment, power tools, lifting equipment, and pumps and liquid handling systems. It sells them under more than 90 brands, including Ingersoll Rand and Gardner Denver. Customers include manufacturers and companies in life sciences, food and beverage, clean energy, infrastructure and water treatment.

It has two segments. Industrial Technologies and Services sells compression, vacuum, blower and related equipment. Precision and Science Technologies sells specialized equipment for precision dosing, liquid handling and powder handling, for both industrial and life science customers. Equipment wears out and needs parts and service, so the company also sells replacement parts, consumables and repair services. This aftermarket business was 36.5% of its revenue in 2025.

The company has sales in all major regions. It names Atlas Copco, Flowserve, IDEX, Dover, Graco and Thermo Fisher Scientific among its competitors. It had over 60 key factories and over 50 service and repair centers, and over 21,000 employees at the end of 2025.

Its biggest risks, as it describes them

Weakness in the global economy and in the industries that buy its equipment.
More than half of its sales and operations are outside the United States, with political and currency risks.
Tariff changes and higher raw material costs, or reliance on certain suppliers.
Product liability and warranty claims, or recalls, because its equipment is used in critical processes.
Acquisitions that may be hard to integrate or may not work out as planned.

From Ingersoll Rand's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

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

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 39.7% a year and net income 54.0% a year, as new shares raised the share count by 113% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

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

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Ingersoll Rand yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Ingersoll Rand's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Ingersoll Rand's fiscal 2025 free cash flow of $1.2B, net cash of −$3.5B at December 31, 2025 and 401 million diluted shares, from its filings. The scenarios are fitted to Ingersoll Rand: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 8.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Industrial Machinery & Supplies & Components); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Ingersoll Rand's own revenue growth, as above. Cautious: growth of 4.5% then 3% a year, 2% after year 10, a 10% discount rate. Base: growth of 9% then 6% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 13.5% then 8% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $74.52
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Ingersoll Rand's earnings per share of $2.43 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.7×, the middle of Ingersoll Rand's own P/E today, its peers' median and its sector's median (the Industrials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Dover, Xylem, Hubbell, Snap-on.

Earnings growth in the years ahead (% a year) Starts at Ingersoll Rand's revenue growth over the last 3 years, 8.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $74.52
Value at this multiple, against the last close: —
Ingersoll Rand's P/E at the last close: 30.7×

Company	Last close	Earnings per share	P/E today
Ingersoll RandIR	$74.52	$2.43	30.7×
HubbellHUBB	$459.40	$16.93	27.1×
XylemXYL	$108.24	$4.20	25.8×
DoverDOV	$202.51	$8.58	23.6×
Snap-onSNA	$357.88	$19.24	18.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,110	1,613	1,596	1,541	1,249
Debt incl. finance leases	2,795	2,753	2,724	4,758	4,785
Net debt (negative means net cash)	686	1,140	1,128	3,216	3,536
Net debt to EBITDA	0.7x	0.9x	0.7x	1.8x	2.1x
Debt to equity	0.3x	0.3x	0.3x	0.5x	0.5x
Interest coverage	6.5x	7.9x	7.4x	6.1x	4.5x
Current ratio	2.8x	2.4x	2.2x	2.3x	2.1x
Quick ratio	2.2x	1.8x	1.7x	1.7x	1.5x

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.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $1.0 million of Ingersoll Rand shares on the open market, and 7 insiders sold $59.5 million, $49.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 3, 2026	Aurobind SatpathyDirector	Bought	11,538	$86.68	$1.0 million	Form 4
Apr 13, 2026	Vicente ReynalSee Remarks, Director	Sold plan	30,492	$88.00	$2.7 million	Form 4
Mar 2, 2026	Vicente ReynalSee Remarks, Director	Sold plan	118,044	$94.11	$11.1 million	Form 4
Feb 20, 2026	Vikram KiniSenior Vice President and CFO	Sold	28,367	$96.50	$2.7 million	Form 4
Feb 19, 2026	John HumphreyDirector	Sold	4,300	$95.90	$412,370	Form 4
Feb 18, 2026	Vicente ReynalSee Remarks, Director	Sold plan	900	$100.00	$90,000	Form 4
Feb 17, 2026	Vicente ReynalSee Remarks, Director	Sold plan	36,482	$97.50	$3.6 million	Form 4
Feb 17, 2026	Michael J ScheskeVP, Chief Accounting Officer	Sold	19,122	$97.67	$1.9 million	Form 4
Feb 17, 2026	Elizabeth Meloy HepdingSee Remarks	Sold	18,246	$97.11	$1.8 million	Form 4
Feb 17, 2026	Andrew R SchieslSee Remarks	Sold	18,000	$98.00	$1.8 million	Form 4
Feb 17, 2026	Kathleen M. KeeneSee Remarks	Sold	12,000	$99.46	$1.2 million	Form 4
Feb 13, 2026	Vicente ReynalSee Remarks, Director	Sold plan	55,870	$100.39	$5.6 million	Form 4

The latest 12 of 17 trades. 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

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	8 of 9	7 of 9	5 of 9
Accruals ratio	−4.0%	−3.3%	−4.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

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

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ingersoll Rand	FY25	5.8%	15.0%	15.9%	6.5%	2.1x	5
Dover	FY25	4.5%	17.0%	13.8%	12.0%	1.4x	5	Compare
Xylem	FY25	5.5%	13.5%	10.1%	8.1%	0.6x	6	Compare
Hubbell	FY25	3.8%	20.7%	15.0%	18.7%	1.3x	7	Compare
Snap-on	FY25	0.9%	25.8%	19.5%	19.2%	−0.3x	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 above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,939	2,375	2,690	2,018	3,973	5,152	5,916	6,876	7,235	7,651
Revenue growth	−8.8%	22.5%	13.2%	−25.0%	96.9%	29.7%	14.8%	16.2%	5.2%	5.8%
Gross profit	717	898	1,012	778	1,405	1,988	2,326	2,882	3,170	3,336
Research and development	22	26	24	22	58	74	91	108	117	114
Operating income	104	109	443	194	60	566	817	1,164	1,300	1,145
Net income	−37	18	269	159	−33	562	605	779	839	581
Diluted EPS (US$)	−0.25	0.10	1.29	0.76	−0.09	1.34	1.47	1.90	2.06	1.45
Diluted shares (millions)	149	188	209	209	383	421	410	409	407	401
Cash flow
Cash from operations	166	200	444	343	914	628	865	1,377	1,397	1,356
Capital expenditure	74	57	52	38	42	64	95	105	149	136
Free cash flow	91	144	392	305	872	564	771	1,272	1,248	1,220
Dividends paid	0	0	0	0	0	8	32	32	32	32
Share buybacks	14	4	41	19	2	737	261	263	261	1,018
Acquisitions	19	19	186	12	9	975	247	963	2,959	525
Stock-based compensation	0	175	3	19	48	87	79	52	59	53
Balance sheet at fiscal year end
Cash and short-term investments	256	393	221	506	1,751	2,110	1,613	1,596	1,541	1,249
Debt incl. finance leases	2,778	2,040	1,672	1,611	3,900	2,795	2,753	2,724	4,758	4,785
Total assets	4,316	4,621	4,487	4,628	16,059	15,154	14,766	15,564	18,010	18,297
Total liabilities	4,044	3,144	2,811	2,758	6,869	6,083	5,509	5,717	7,764	8,143
Shareholders' equity	266	1,477	1,676	1,870	9,120	9,002	9,196	9,784	10,179	10,090
Margins and ratios
Gross margin	37.0%	37.8%	37.6%	38.6%	35.4%	38.6%	39.3%	41.9%	43.8%	43.6%
Operating margin	5.3%	4.6%	16.5%	9.6%	1.5%	11.0%	13.8%	16.9%	18.0%	15.0%
Net margin	−1.9%	0.8%	10.0%	7.9%	−0.8%	10.9%	10.2%	11.3%	11.6%	7.6%
Free cash flow margin	4.7%	6.0%	14.6%	15.1%	21.9%	10.9%	13.0%	18.5%	17.2%	15.9%
Return on capital	—	2.9%	10.9%	5.6%	0.7%	5.4%	6.5%	8.4%	8.2%	6.5%
Return on equity	−10.9%	2.1%	17.1%	9.0%	−0.6%	6.2%	6.7%	8.2%	8.4%	5.7%
Return on assets	−0.8%	0.4%	5.9%	3.5%	−0.3%	3.6%	4.0%	5.1%	5.0%	3.2%
Net debt to EBITDA	9.1x	5.8x	2.3x	3.2x	4.5x	0.7x	0.9x	0.7x	1.8x	2.1x

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