# nVent Electric (NVT.US)

Canonical: https://gigainvestors.com/s/NVT

Analysis as of: 2026-10-16T07:30:46.490Z. Financial observations: FY2015–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $145.73 per share; close as of 2026-10-15.

Estimated value: low $63.61 per share, central $72.24 per share, high $83.74 per share. Buy at or below the central value $72.24 per share. Valuation as of 2026-10-16T07:30:46.490Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.02×

- FY2021: 0.14×

- FY2022: 0.13×

- FY2023: 0.18×

- FY2024: 0.18×

- FY2025: 0.16×

- LTM to Jun 2026: 0.17×

### moat: pass

- ROIC, median of available years: 19.3%

- ROIC, second-lowest year: 10.9%

- Typical minus recent gross margin: 1.8 pp

- Typical gross margin (annual median): 38.8%

- Recent gross margin (lower of latest and 3-year median): 37.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 8.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 18.7%

- FY2018: 21.6%

- FY2019: 21.8%

- FY2020: 2.6%

- FY2021: 22.5%

- FY2022: 12.6%

- FY2023: 19.7%

- FY2024: 10.9%

- FY2025: 19.0%

- LTM to Jun 2026: 24.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.16×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.0B

- Net income, five-year total: $2.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: 23.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.10×

- FY2023: 1.13×

- FY2024: 1.22×

- FY2025: 1.16×

- LTM to Jun 2026: 1.20×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.2% vs 19.0%

- Per-share earnings: 1.43 to 3.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -0.6%

- Market cap gain: $13B

- Cumulative retained earnings: $1.6B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -0.6%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.3%

- Per-share value change: $1.94

- Per-share value, starting three-year median: $1.43

- Per-share value, ending three-year median: $3.37

- Buybacks concentrated in cheaper years (correlation): -0.17

- Average buyback yield: 1.7%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.2B

- Cumulative net income, 10 years: $3.3B

- ROIC, first three-year median: 20.2%

- ROIC, last three-year median: 19.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.43

- FY2017: $2.00

- FY2018: $1.28

- FY2019: $1.29

- FY2020: -$0.28

- FY2021: $1.61

- FY2022: $2.38

- FY2023: $3.37

- FY2024: $1.97

- FY2025: $4.31

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: 3.6%

- Receivables to sales index (DSRI): 1.25×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 8.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.66×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -1.0%

- FY2018: -2.5%

- FY2019: -2.4%

- FY2020: -9.0%

- FY2021: -2.1%

- FY2022: 0.1%

- FY2023: 0.6%

- FY2024: -4.6%

- FY2025: 3.6%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 9.8% a year for ten years · "nVent Q2 Earnings Call Highlights AI-Led Growth and Guidance Raise" (finance.yahoo.com, Aug 2026) · sales +24.2%

Story as of 2026-10-16T09:59:17.745Z; price observation 2026-10-15.

Price needs cash profits to grow 9.8% a year for ten years

- 2025-08-03: nVent Electric (NVT) Climbs Over 14% on Raised Sales Growth ([finance.yahoo.com](https://finance.yahoo.com/news/nvent-electric-nvt-climbs-over-161602969.html))

- 2025-10-31: nVent Electric tops Q3 earnings; raises FY outlook ([seekingalpha.com](https://seekingalpha.com/news/4512183-nvent-electric-tops-q3-earnings-raises-fy-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-02: nVent Electric (NVT) Is Up 11.8% After Record Q1 Sales and Raised Full-Year Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/nvent-electric-nvt-11-8-081034832.html))

### Sales · FY2025–2026

sales +24.2%; source https://www.sec.gov/Archives/edgar/data/1720635/000162828026008608/nvt-20251231.htm; observed 2026-02-17.

- FY2017: $2.1B 

- FY2018: $2.2B 

- FY2019: $2.2B 

- FY2020: $2.0B 

- FY2021: $2.5B 

- FY2022: $2.3B 

- FY2023: $3.3B 

- FY2024: $3.0B 

- FY2025: $3.9B 

- FY2026: $4.8B 

### Gross margin · FY2026

gross margin 37%; source https://www.sec.gov/Archives/edgar/data/1720635/000162828026008608/nvt-20251231.htm; observed 2026-02-17.

- FY2017: 40.1% 

- FY2018: 39.6% 

- FY2019: 39.3% 

- FY2020: 37.5% 

- FY2021: 38.3% 

- FY2022: 35.9% 

- FY2023: 41.1% 

- FY2024: 40.2% 

- FY2025: 37.7% 

- FY2026: 37.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electrical equipment & parts; annual sales are USD 3.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1720635/000162828026008608/nvt-20251231.htm (filed 2026-02-17); FY2025: revenue 3893100000; grossProfit 1469100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NVT.US: nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection solutions in the America, Europe, the Middle East, India, Africa, the Asia Pacific, and internationally. It operates in two segments, Systems Protection and Electrical Connections. The company provides solutions to protect electronics, systems, and data in mission critical applications, including data centers. It also offers solutions that connect power and data infrastructure. In addition, the company provides bus systems, cable management, control buildings, liquid and air-cooling solutions, electrical connections, enclosures, equipment protection, power connections, and power management solutions, switchgear systems, as well as tools and test instruments. The company markets its products through electrical distributors, retail, contractors, and original equipment manufacturers under the nVent CADDY, ERICO, HOFFMAN, ILSCO, SCHROFF, and TRACHTE brand names. Its products are used for various applications, such as industrial, commercial and residential, infrastructure, and energy. The company was founded in 1903 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 37.7% to 41.1% during 2023–25; it earns 19.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 41.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 40.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1720635/000162828026008608/nvt-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 37.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2017,0.18744070208728653],[2018,0.21607593375300865],[2019,0.21832947776129594],[2020,0.02555686604886268],[2021,0.22518838514316575],[2022,0.12629284790240244],[2023,0.19684986595174261],[2024,0.10867351793700637],[2025,0.19011840193356255],[2026,0.24107526750004596]]; median 0.19348413394265257. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back USD 253.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 74500000; cash acquisitions 0; owner earnings 279800000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 31800000; cash acquisitions 13600000; owner earnings 427800000. Growth capex plus acquisitions / owner earnings = 0.031790556334735855.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 39500000; cash acquisitions 2000000; owner earnings 288400000. Growth capex plus acquisitions / owner earnings = 0.006934812760055479.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 38800000; cash acquisitions 127800000; owner earnings 280700000. Growth capex plus acquisitions / owner earnings = 0.4552903455646598.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 40000000; cash acquisitions 27000000; owner earnings 15400000. Growth capex plus acquisitions / owner earnings = 1.7532467532467533.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 39500000; cash acquisitions 235100000; owner earnings 341800000. Growth capex plus acquisitions / owner earnings = 0.6878291398478642.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 45900000; cash acquisitions 8600000; owner earnings 440300000. Growth capex plus acquisitions / owner earnings = 0.019532137179196003.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 65600000; cash acquisitions 1120100000; owner earnings 642900000. Growth capex plus acquisitions / owner earnings = 1.7422616270026443.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 74000000; cash acquisitions 677700000; owner earnings 403800000. Growth capex plus acquisitions / owner earnings = 1.6783060921248143.

- Source: https://www.sec.gov/Archives/edgar/data/1720635/000162828026008608/nvt-20251231.htm (filed 2026-02-17); FY2025: growth capex 0; upkeep 93300000; cash acquisitions 975700000; owner earnings 824700000. Growth capex plus acquisitions / owner earnings = 1.1830968837152904.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,0],[2017,62900000],[2018,62900000],[2019,120700000],[2020,119000000],[2021,117700000],[2022,117000000],[2023,116800000],[2024,126800000],[2025,130400000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1720635/000162828026008608/nvt-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 253100000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NVT.US SharesStats.PercentInsiders = 0.7969999999999999 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1720635/000162828026008608/nvt-20251231.htm (filed 2026-02-17); f which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Among these factors are adverse effects on our business operations or financial results, including the overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions, including the Electrical Products Group acquisition; competition and pricing pressures in the markets we serve; impacts of tariffs; volatility in currency exchange rates, interest rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; inability to mitigate material and other cost inflation; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; increased risks associated with operating foreign businesses, including risks associated with military conflicts; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission (the "SEC"), including this Annual Report on Form 10-K. All forward-looking statements speak only as of the date of this report. nVent Electric plc assumes no obligation, and disclaims any obligation, to update the information contained in this report.

The following is the discussion and analysis of changes in the financial condition and results of operations for fiscal year 2025 compared to fiscal year 2024. The discussion and analysis of fiscal year 2023 and changes in the financial condition and results of operations for fiscal year 2024 compared to fiscal year 2023 that are not included in this Form 10-K may be found in Part II, ITEM 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 18, 2025.

Overview

The terms "us," "we," "our," "the Company" or "nVent" refer to nVent Electric plc. nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We connect and protect some of the world's most critical electrical systems to make them safer, more efficient and resilient. We design, manufacture, market, install and service high performance products and 

### What the price says

The price assumes cash profits grow 9.8% yearly over ten years; actual growth was 14.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.12809006526607625. Price 145.73; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2652832305103758 → FY2025 5.0103280680437425. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-04: $22.85 per share

- 2018-05: $27.08 per share

- 2018-06: $25.10 per share

- 2018-07: $27.40 per share

- 2018-08: $28.09 per share

- 2018-09: $27.16 per share

- 2018-10: $24.42 per share

- 2018-11: $25.02 per share

- 2018-12: $22.46 per share

- 2019-01: $25.02 per share

- 2019-02: $27.48 per share

- 2019-03: $26.98 per share

- 2019-04: $27.95 per share

- 2019-05: $23.06 per share

- 2019-06: $24.79 per share

- 2019-07: $24.79 per share

- 2019-08: $20.26 per share

- 2019-09: $22.04 per share

- 2019-10: $23.06 per share

- 2019-11: $24.71 per share

- 2019-12: $25.58 per share

- 2020-01: $24.90 per share

- 2020-02: $24.01 per share

- 2020-03: $16.87 per share

- 2020-04: $18.65 per share

- 2020-05: $18.33 per share

- 2020-06: $18.73 per share

- 2020-07: $18.16 per share

- 2020-08: $19.12 per share

- 2020-09: $17.69 per share

- 2020-10: $18.05 per share

- 2020-11: $23.00 per share

- 2020-12: $23.29 per share

- 2021-01: $22.38 per share

- 2021-02: $26.26 per share

- 2021-03: $27.91 per share

- 2021-04: $30.45 per share

- 2021-05: $32.54 per share

- 2021-06: $31.24 per share

- 2021-07: $31.61 per share

- 2021-08: $34.36 per share

- 2021-09: $32.33 per share

- 2021-10: $35.45 per share

- 2021-11: $34.83 per share

- 2021-12: $38.00 per share

- 2022-01: $34.59 per share

- 2022-02: $33.93 per share

- 2022-03: $34.78 per share

- 2022-04: $33.78 per share

- 2022-05: $35.40 per share

- 2022-06: $31.33 per share

- 2022-07: $35.31 per share

- 2022-08: $32.96 per share

- 2022-09: $31.61 per share

- 2022-10: $36.50 per share

- 2022-11: $40.01 per share

- 2022-12: $38.47 per share

- 2023-01: $39.75 per share

- 2023-02: $45.84 per share

- 2023-03: $42.94 per share

- 2023-04: $41.93 per share

- 2023-05: $43.38 per share

- 2023-06: $51.67 per share

- 2023-07: $52.88 per share

- 2023-08: $56.54 per share

- 2023-09: $52.99 per share

- 2023-10: $48.13 per share

- 2023-11: $53.25 per share

- 2023-12: $59.09 per share

- 2024-01: $60.04 per share

- 2024-02: $67.32 per share

- 2024-03: $75.40 per share

- 2024-04: $72.07 per share

- 2024-05: $81.38 per share

- 2024-06: $76.61 per share

- 2024-07: $72.63 per share

- 2024-08: $67.96 per share

- 2024-09: $70.26 per share

- 2024-10: $74.57 per share

- 2024-11: $78.31 per share

- 2024-12: $68.16 per share

- 2025-01: $65.09 per share

- 2025-02: $60.34 per share

- 2025-03: $52.42 per share

- 2025-04: $54.91 per share

- 2025-05: $65.80 per share

- 2025-06: $73.25 per share

- 2025-07: $78.42 per share

- 2025-08: $90.39 per share

- 2025-09: $98.64 per share

- 2025-10: $114.35 per share

- 2025-11: $107.27 per share

- 2025-12: $101.97 per share

- 2026-01: $112.26 per share

- 2026-02: $118.36 per share

- 2026-03: $118.28 per share

- 2026-04: $142.90 per share

- 2026-05: $166.99 per share

- 2026-06: $169.61 per share

- 2026-07: $153.83 per share

- 2026-08: $150.75 per share

- 2026-09: $160.37 per share

- 2026-10: $145.73 per share

## Annual estimated value (USD per share)

- FY2019: low $18.50 per share, central $21.00 per share, high $24.33 per share

- FY2020: low $17.27 per share, central $19.58 per share, high $22.66 per share

- FY2021: low $20.66 per share, central $23.51 per share, high $27.30 per share

- FY2022: low $20.91 per share, central $23.59 per share, high $27.16 per share

- FY2023: low $30.16 per share, central $34.22 per share, high $39.62 per share

- FY2024: low $27.54 per share, central $31.28 per share, high $36.26 per share

- FY2025: low $50.57 per share, central $57.40 per share, high $66.51 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:36:30.410Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1720635/000162828026008608/nvt-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.