FRANKLIN ELECTRIC CO INC

Listed Company

FELECIK 0000038725NasdaqLarge AcceleratedMotors & GeneratorsIndianaFY ends Dec 31

Period

FY 2025

Revenue

$2.13B

Net Income

$147.10M

Total Assets

$1.94B

Equity

$1.32B

Shares Out

44.18M

Op. Cash Flow

$238.88M

Business

FRANKLIN ELECTRIC CO INC designs, manufactures and distributes water and fuel pumping systems and related equipment for industrial, commercial, agricultural and residential markets. The company’s main products include submersible motors and pumps, electronic controls and drives, water treatment systems, piping and fueling-system components, monitoring devices and related parts. Its operations are organized into three reportable segments: Water Systems, Energy Systems and Distribution (Headwater Companies). Products are sold worldwide through an employee sales force, independent representatives, specialty and OEM distributors and U.S. distribution branches serving well contractors.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from Contract with Customer, Excluding Assessed Tax	2,131	2,021	2,065	2,044	1,662
Cost of sales	1,375	1,304	1,368	1,352	1,086
Gross profit	756	717	697	691	576
Selling, general, and administrative expenses	486	470	433	432	386
Restructuring expense	716,000	3	1	2	621,000
Operating income	269	244	262	257	189
Interest expense	−11	−6	−12	−12	−5
Other income, net	600,000	1	4	−3	8
Foreign exchange expense, net	−9	−7	−12	−7	−2
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	−55	0	0	—	—
Income before income taxes	195	232	242	235	190
Income tax expense	46	50	48	46	35
Net income	149	182	195	189	155
Less: Net income attributable to noncontrolling interests	−2	−1	−1	−1	−1
Net income attributable to Franklin Electric Co., Inc.	147	180	193	187	154
Basic	3.25	3.92	4.17	4.02	3.29
Diluted	3.22	3.86	4.11	3.97	3.25

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	100	221	85	46	41
Receivables, less allowances of $3,821 and $3,547, respectively	248	227	222	230	196
Raw material	189	161	177	197	167
Work-in-process	28	25	27	30	25
Finished goods	336	298	305	318	258
Total inventories	553	484	509	545	450
Other current assets	58	33	38	37	38
Total current assets	959	964	854	858	725
Land and buildings	180	162	167	159	155
Machinery and equipment	355	316	316	297	296
Furniture and fixtures	64	58	57	50	44
Other	79	67	60	50	40
Property, plant, and equipment, gross	677	604	600	557	535
Less: Allowance for depreciation	−425	−380	−370	−342	−325
Property, plant, and equipment, net	252	224	230	215	211
Lease right-of-use assets, net	68	63	57	49	48
Deferred income taxes	7	8	9	7	8
Intangible assets, net	252	213	230	231	250
Goodwill	398	339	342	328	330
Other assets	9	11	6	6	4
Total assets	1,944	1,821	1,728	1,694	1,575
Accounts payable	175	157	152	139	165
Accrued expenses and other current liabilities	108	120	100	121	115
Current lease liability	21	19	17	16	15
Income taxes	9	20	5	3	3
Current maturities of long-term debt and short-term borrowings	32	118	12	127	98
Total current liabilities	344	434	287	406	396
Long-term debt	135	12	88	89	91
Long-term lease liability	46	43	39	33	33
Deferred income taxes	39	10	29	30	28
Employee benefit plans	23	30	36	32	41
Other long-term liabilities	30	22	34	25	27
Commitments and contingencies (see Note 7)	—	—	—	—	0
Redeemable noncontrolling interest	2	1	1	620,000	−19,000
Common stock (65,000 shares authorized, $0.10 par value) outstanding (44,178 and 45,716, respectively)	4	5	5	5	5
Additional paid-in capital	391	364	345	325	311
Retained earnings	1,084	1,152	1,079	969	860
Accumulated other comprehensive loss	−157	−254	−221	−231	−229
Total shareholders equity	1,323	1,266	1,207	1,068	947
Noncontrolling interest	3	3	2	2	2
Total equity	1,325	1,269	1,209	1,070	949
Total liabilities and equity	1,944	1,821	1,728	1,694	1,575
Allowance for doubtful accounts	4	4	4	4	4
Common shares, outstanding	44	46	46	46	46
Common shares, par value (in dollars per share)	0.1	0.1	0.1	0.1	0.1
Common Stock, Shares Authorized	65	65	65	65	65

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	63	56	52	50	45
Pension settlement loss, net of tax	−41	0	0	—	—
Non-cash lease expense	22	21	19	17	14
Share-based compensation	13	12	10	11	12
Deferred income taxes	−8	−20	−2	−1	100,000
Gain on disposals of plant and equipment	−2	−497,000	−256,000	1	−269,000
Receivables	11	−17	19	−45	−32
Inventory	−26	11	48	−101	−123
Accounts payable and accrued expenses	−13	15	−23	−12	89
Operating leases	23	21	19	17	14
Income taxes	−5	16	−2	−679,000	−2
Income taxes-U.S. Tax Cuts and Jobs Act	−5	−4	−3	−355,000	0
Employee benefit plans	−5	466,000	1	3	1
Other, net	16	3	7	−66,000	−10
Net cash flows from operating activities	239	261	316	102	130
Additions to property, plant, and equipment	−45	−42	−41	−42	−30
Proceeds from sale of property, plant, and equipment	3	1	1	6,000	979,000
Cash paid for acquisitions, net of cash acquired	−115	−5	−35	−1	−236
Other, net	20,000	73,000	463,000	9,000	33,000
Net cash flows from investing activities	−157	−46	−74	−43	−265
Proceeds from issuance of debt	600	310	443	478	321
Repayments of debt	−582	−281	−559	−449	−227
Payment of debt issuance costs	−974,000	0	0	—	—
Proceeds from issuance of common stock	5	7	9	4	16
Purchases of common stock	−166	−61	−43	−40	−26
Dividends paid	−50	−47	−42	−37	−33
Deferred payments for acquisitions	−5	−3	−802,000	−4	0
Net cash flows from financing activities	−197	−74	−192	−48	51
Effect of exchange rate changes on cash and cash equivalents	−5	−6	−10	−5	−6
Net change in cash and cash equivalents	−121	136	39	5	−90
Cash paid for income taxes, net of refunds	77	58	55	48	37
Cash paid for interest	10	6	12	11	5
Additions to property, plant, and equipment, not yet paid	628,000	2	2	628,000	1
Lease right-of-use assets obtained in exchange for new operating lease liabilities	27	31	26	18	20
Payable to sellers of acquired entities	2	2	7	354,000	4
Issuance of common stock - deferred Board of Director compensation	9	0	0	—	—
Non-cash investment to acquire property in lieu of cash payment for products provided	0	0	419,000	0	0
Accrued dividends payable to noncontrolling interests	0	961,000	821,000	0	0

Filings

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