The biggest changes in the 10-K filed 2026-02-24, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Gross margin
39.2% → 40.5% (+1.3 pts) Big change FY to 2025-12-31 vs 2024-12-31“The 1.3 percentage point increase in gross profit as a percentage of net sales in 2025 from 2024 was primarily the result of:”
Read it in the 10-K ↗
Operating margin
19.7% → 20.5% (+0.8 pts) FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Cash from operations
+6.3% FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Net income
+4.5% FY to 2025-12-31 vs 2024-12-31“The 1.1 percentage point increase in the effective tax rate in 2025 from 2024 was primarily due to:”
Read it in the 10-K ↗
Revenue
+2.3% FY to 2025-12-31 vs 2024-12-31“The 2.6 percent increase in net sales for Flow in 2025 from 2024 was primarily the result of:”
Read it in the 10-K ↗
“increased sales due to the acquisition of Hydra-Stop completed in the third quarter of 2025.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on PNR in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
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