Pentair is a water technology company that designs, manufactures, and sells water management and treatment equipment across residential, commercial, and industrial end markets. Pentair operates through three segments: Pool, Water Solutions, and Flow. Pool — the most profitable segment at roughly 34% return on sales — sells pumps, filters, heaters, controls, and cleaners for residential and commercial swimming pools through wholesale distributors. About 60% of Pool revenue is aftermarket replacement and break-and-fix, with the remainder tied to new pool construction and remodeling. Water Solutions sells commercial ice machines (Manitowoc Ice), commercial and residential water filtration (Everpure, Pentek), and water softeners (Fleck, RainSoft), primarily serving restaurants, convenience stores, and other foodservice operators. Flow sells pumps and fluid management systems for commercial and industrial applications, including fire suppression, wastewater, and industrial processing. About 75% of total revenue flows through a two-step distribution model, and roughly 75% of total revenue is aftermarket or replacement, providing a recurring and stable revenue base. Pentair is executing a multi-year Transformation Program targeting pricing, sourcing, and operational improvements, which has delivered over $200M in cumulative net savings since 2023. The business is capital-light, generating free cash flow close to 100% of net income, and Pentair has raised its dividend for 49 consecutive years.