Gorman-Rupp Company on Wednesday reported record adjusted EBITDA of nearly $129 million in 2025, representing 19% of sales and a 2.5-fold increase since 2020. The Ohio-based pump manufacturer posted earnings per share of $2.14, up 22% year-over-year, while total sales rose 3.4% to $679 million.
The company’s five-year compound annual growth rate stands at 14.4%, driven by 8.6% organic growth and 5.7% from the 2022 acquisition of Fill-Rite. Adjusted EBITDA has expanded roughly 60% organically and 40% through Fill-Rite, with margins improving to slightly above 20% in the first half of 2026. Orders received increased 10% in 2025 and 1.4% year-to-date in 2026.
Gorman-Rupp has reduced debt by $138 million since the Fill-Rite deal, including $45 million in 2024, $60 million in 2025, and $33 million through the second quarter of 2026. Leverage now stands at 1.9 times EBITDA, positioning the company for potential larger-scale acquisitions. Capital expenditures remain steady at about $20 million annually, primarily for equipment replacement.
The pump market, valued at roughly $80 billion globally, offers Gorman-Rupp a share of 0.8% to 0.9%, placing it among the top 20 consolidated manufacturers. Fill-Rite commands about 65% of the North American fuel transfer market for farmers and contractors, while data centers account for approximately 10% of sales. The company expects annual pricing adjustments to contribute roughly 3% of revenue under normal inflation conditions.
Management highlighted disciplined capital allocation and a 53-year streak of consecutive dividend increases. Chief Executive Scott King noted the company’s focus on mission-critical, non-discretionary applications and potential for larger deals as leverage declines. The 2026 revenue outlook is set at around $700 million.
