THR · Thermon Group Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue | $536.26M | $498.21M | $494.63M | $440.59M | $355.67M | $276.18M |
| Cost of Revenue | $293.21M | $275.31M | $283.06M | $255.47M | $215.56M | $158.94M |
| Gross Profit | $243.06M | $222.90M | $211.56M | $185.13M | $140.12M | $117.24M |
| R&D | $9.51M | $9.41M | $9.80M | $10.57M | $6.44M | $7.47M |
| SG&A | $158.29M | $129.31M | $123.82M | $117.00M | $93.05M | $91.40M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $22.47M | $18.84M | $18.84M | $19.23M | $20.20M | $20.72M |
| Operating Income | $70.74M | $79.76M | $75.37M | $55.19M | $38.41M | $7.78M |
| Interest Expense | $8.00M | - | $8.85M | $5.87M | $5.82M | $10.26M |
| Income Tax | $19.66M | $16.60M | $16.09M | $15.57M | $8.33M | ($1.44M) |
| Net Income | $44.57M | $53.52M | $51.59M | $20.09M | $20.09M | $1.17M |
| EPS - Basic | $1.37 | $1.59 | $1.53 | $1.01 | $0.60 | $0.04 |
| EPS - Diluted | $1.36 | $1.57 | $1.51 | $1.00 | $0.60 | $0.03 |
Balance Sheet
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $52.27M | $39.54M | $48.63M | $35.63M | $41.45M | $40.12M |
| Accounts Receivable | $125.41M | $109.83M | $107.32M | $97.63M | $95.31M | $74.50M |
| Inventory | $118.15M | $88.98M | $86.32M | $82.13M | $71.65M | $63.79M |
| Accounts Payable | $41.11M | $31.18M | $31.40M | $27.33M | $33.57M | $19.72M |
| Current Assets | $341.20M | $274.29M | $274.60M | $250.94M | $244.44M | $206.81M |
| Total Assets | $830.58M | $755.45M | $767.74M | $649.63M | $636.67M | $617.88M |
| Current Liabilities | $126.84M | $112.66M | $109.27M | $110.07M | $81.00M | $52.43M |
| Long-term Debt | $113.56M | $120.37M | $151.96M | $98.36M | $129.00M | $148.50M |
| Total Liabilities | $291.87M | $260.14M | $292.85M | $230.64M | $237.47M | $238.72M |
| Stockholders' Equity | $538.71M | $495.31M | $378.87M | $418.99M | $399.20M | $379.16M |
| Retained Earnings | $386.87M | $342.30M | $288.78M | $237.19M | $203.53M | $183.72M |
Cash Flow
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $46.80M | $63.12M | $65.95M | $57.71M | $28.75M | $30.29M |
| Investing Cash Flow | ($13.08M) | ($14.97M) | ($109.52M) | ($44.55M) | ($4.53M) | ($7.83M) |
| Financing Cash Flow | ($17.32M) | ($56.42M) | $56.53M | ($13.46M) | ($22.66M) | ($28.20M) |
| CapEx | $13.93M | $10.25M | $11.02M | $9.45M | $5.22M | $8.13M |
| Free Cash Flow | $32.86M | $52.87M | $54.94M | $48.26M | $23.53M | $22.16M |
Ratios
| Metric | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 45.3% | 44.7% | 42.8% | 42.0% | 39.4% | 42.5% |
| Operating margin | 13.2% | 16.0% | 15.2% | 12.5% | 10.8% | 2.8% |
| EBITDA margin | 17.4% | 19.8% | 19.0% | 16.9% | 16.5% | 10.3% |
| Net margin | 8.3% | 10.7% | 10.4% | 4.6% | 5.6% | 0.4% |
| Free cash flow margin | 6.1% | 10.6% | 11.1% | 11.0% | 6.6% | 8.0% |
| FCF / Net income | 0.74 | 0.99 | 1.06 | 2.40 | 1.17 | 19.02 |
| R&D / Revenue | 1.8% | 1.9% | 2.0% | 2.4% | 1.8% | 2.7% |
| SG&A / Revenue | 29.5% | 26.0% | 25.0% | 26.6% | 26.2% | 33.1% |
| Effective tax rate | 30.6% | 23.7% | 23.8% | 43.7% | 29.3% | - |
| Return on assets | 5.4% | 7.1% | 6.7% | 3.1% | 3.2% | 0.2% |
| Return on equity | 8.3% | 10.8% | 13.6% | 4.8% | 5.0% | 0.3% |
| Return on invested capital | 7.5% | 9.9% | 10.8% | 6.0% | 5.1% | 1.2% |
| Liquidity | ||||||
| Current ratio | 2.69 | 2.43 | 2.51 | 2.28 | 3.02 | 3.94 |
| Quick ratio | 1.76 | 1.64 | 1.72 | 1.53 | 2.13 | 2.73 |
| Cash ratio | 0.41 | 0.35 | 0.45 | 0.32 | 0.51 | 0.77 |
| Leverage | ||||||
| Debt / Equity | 0.21 | 0.24 | 0.40 | 0.23 | 0.32 | 0.39 |
| Debt / Assets | 0.14 | 0.16 | 0.20 | 0.15 | 0.20 | 0.24 |
| Debt / EBITDA | 1.22 | 1.22 | 1.61 | 1.32 | 2.20 | 5.21 |
| Interest coverage | 8.8x | - | 8.5x | 9.4x | 6.6x | 0.8x |
| Equity multiplier | 1.54 | 1.53 | 2.03 | 1.55 | 1.59 | 1.63 |
| Liabilities / Assets | 0.35 | 0.34 | 0.38 | 0.36 | 0.37 | 0.39 |
| Efficiency | ||||||
| Asset turnover | 0.65 | 0.66 | 0.64 | 0.68 | 0.56 | 0.45 |
| Inventory turnover | 2.48 | 3.09 | 3.28 | 3.11 | 3.01 | 2.49 |
| Days sales outstanding | 85d | 80d | 79d | 81d | 98d | 98d |
| Days inventory outstanding | 147d | 118d | 111d | 117d | 121d | 146d |
| Days payable outstanding | 51d | 41d | 40d | 39d | 57d | 45d |
| Cash conversion cycle | 181d | 157d | 150d | 159d | 162d | 200d |
| Valuation | ||||||
| P / E | 37.1x | 17.7x | 21.7x | 24.9x | 27.0x | 649.7x |
| P / B | 3.1x | 1.9x | 2.9x | 2.0x | 1.4x | 1.7x |
| P / S | 3.1x | 1.9x | 2.3x | 1.9x | 1.5x | 2.4x |
| EV / EBITDA | 18.4x | 10.4x | 12.9x | 12.1x | 10.8x | 26.6x |
| Growth | ||||||
| Revenue growth (YoY) | 7.6% | 0.7% | 12.3% | 23.9% | 28.8% | -28.0% |
| Revenue CAGR (3y) | 6.8% | 11.9% | 21.4% | 4.7% | 10.4% | -3.6% |
| Revenue CAGR (5y) | 14.2% | 5.4% | 13.4% | 7.4% | 6.1% | -0.4% |
| Gross profit growth (YoY) | 9.0% | 5.4% | 14.3% | 32.1% | 19.5% | -27.5% |
| Operating income growth (YoY) | -11.3% | 5.8% | 36.6% | 43.7% | 393.8% | -76.2% |
| Net income growth (YoY) | -16.7% | 3.7% | 156.8% | 0.0% | 1624.6% | -90.2% |
| EPS growth (YoY) | -13.4% | 4.0% | 51.0% | 66.7% | 1900.0% | -91.7% |
| EPS CAGR (3y) | 10.8% | 37.8% | 269.2% | 40.6% | -4.6% | -56.3% |
| EPS CAGR (5y) | 114.4% | 34.3% | 17.0% | 22.7% | 5.9% | -46.9% |
| FCF growth (YoY) | -37.8% | -3.8% | 13.8% | 105.1% | 6.2% | -63.0% |
| FCF CAGR (5y) | 8.2% | -2.5% | 37.5% | 32.3% | 5.4% | -8.9% |
| Book value growth (YoY) | 8.8% | 30.7% | -9.6% | 5.0% | 5.3% | 9.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2026-03-31.
Business segments
$536.26M totalUnited States Segment$263.29M · 49.1%
Canada Segment$163.84M · 30.6%
Europe Segment$71.56M · 13.3%
Asia Segment$37.58M · 7.0%
Geographic
$375.55M totalUnited States And Latin America$195.98M · 52.2%
CA$110.91M · 29.5%
Europe$47.69M · 12.7%
Asia$20.98M · 5.6%
Stability scores
Altman Z′
FY 2026 · bankruptcy risk
2.26
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2026 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Electrical Industrial Apparatus
Comparing Thermon Group Holdings against the 5 most active filers in the same SIC group.