This Forces The Market Share Debate To Center Stage

研报英文原文证据摘录

This Forces The Market Share Debate To Center Stage

Diversified Industrials, Automation & Robotics: Water Infrastructure & Equipment

Pentair

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

July 14, 2026

Price: $75.68 (07/14/2026) This Forces The Market Share Debate To

Price Target: $75.00 Center Stage

SELL (3)

Joe Giordano, CFA THE TD COWEN INSIGHT

646 562 1405

PNR preannounced a significant 2Q miss and lowered FY26 guide, driven by a Pool channel

joe.giordano@tdsecurities.com

inventory correction. Magnitude of the reset highlights questions around market share

Michael Anastasiou dynamics and underlying market health into 2027. Fmr. CFO Bob Fishman is returning on an

646 562 1437 interim basis following Nicholas Brazis' departure to pursue another opportunity. PT under

michael.anastasiou@tdsecurities.com

review.

Chris Grenga, CFA

646 562 1387 The High Level Takeaway

chris.grenga@tdsecurities.com

Market share at Pool has to be questioned here. Before today's announcement and based

Key Data on current consensus estimates for Pool Corp (which perhaps need to change in light of this

Symbol NYSE: PNR release), we estimate that inventory purchases at POOL (a PNR rev proxy) would decline HSD

Market Cap $12.2B in 2Q and LSD for 2026, making PNR initial guide of up 0-1% for the Q and up 1-3% for the year

look aggressive. That's particularly true considering PNR had been trending below this proxy

in recent quarters. Today's announcement suggests either more extreme underperformance,

a sizable change in market dynamics, or some combination of both. 2Q likely is a material

acceleration of the negative trend shown below and suggests share deterioration at PNR's

most critical business.

Performance Vs. POOL Implied Growth Had Been Weakening, And Likely

Accelerated Materially In 2Q