PNR · CIK 77360
What Pentair plc told the SEC could break it.
Pentair's costs are tied to metals and trade policy: its water and pool equipment relies on steel, aluminum and copper, and inflationary raw-material costs plus tariffs on those metals and on goods from Mexico, China and the EU pressured its 2025 segment income. The trade environment remains unsettled — a Supreme Court ruling struck certain IEEPA tariffs with refunds uncertain, and the USMCA is due for review in 2026 — leaving its cross-border supply chain exposed to further actions. Its customer base is also concentrated, with a single Pool-segment customer representing about 18% of consolidated net sales in 2025 (up from 15%), so a loss, cancellation or reduction there would hurt results.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- steel, aluminum, coppermedium
Pentair's water/pool equipment relies on steel, aluminum and copper; inflationary raw-material costs and tariffs on these metals pressured 2025 segment income.
“imposition of or significant increases in tariffs on goods, including those imported into the U.S., particularly tariffs on steel, aluminum and copper and products manufactured in Mexico, China and the European Union, or other countries where we purchase, have operations or manufacture or sell products;”
Customer concentration
- single Pool-segment customer (18% of consolidated net sales)medium
One customer in the Pool business represented ~18% of consolidated net sales in 2025 (up from 15%); loss, cancellation, reduction or delay with this largest customer would harm Pentair's business.
“Our net sales to our largest customer represented approximately 18% of our consolidated net sales in 2025. While we do not have any other customers that accounted for more than 10% of our consolidated net sales in 2025, we have other customers that are key to the success of our business.”
SEC filing →As of 2026
Regulatory & policy
- US tariffs / trade policy (IEEPA ruling, USMCA review)medium
Tariffs (incl. on metals and Mexico/China/EU goods) raised costs in 2025; a Supreme Court ruling struck certain IEEPA tariffs (refund uncertain) and the USMCA is due for 2026 review, leaving Pentair's cross-border supply chain exposed to further trade actions.
“Supreme Court struck down certain tariffs imposed under the International Emergency Powers Act. It is unclear at this time what impact this decision will have on our future financial results, including whether we will be able to obtain refunds of amounts previously collected for such tariffs or the level of replacement tariffs the current U.S. Administration imposes through other means.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Our largest suppliers include Pentair plc, Zodiac Pool Systems, Inc. and Hayward Holdings, Inc., which accounted for approximately 20%, 12% and 11%, respectively, of the cost of products we sold in 2025.”
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