Thermon Group Hldgs Inc Financials
Thermon Group Hldgs Inc (THR) reported $536.3M in revenue for fiscal year 2026, up 7.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Growth absorbed by overhead and weaker cash conversion despite lower leverage.
FY2026 paired a higher gross margin of45.3% with a lower operating margin of13.2% , so the pressure arose below production costs rather than from the core cost of revenue. SG&A growth reached$158M versus$129M in FY2025, preventing incremental sales from translating proportionally into operating profit.
Cash conversion weakened: operating cash flow declined from
The financing posture became less debt-dependent: debt-to-equity declined from 0.3x to 0.2x, while liquidity remained ample. Yet inventory climbed from
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Thermon Group Hldgs Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Thermon Group Hldgs Inc has an operating margin of 13.2%, meaning the company retains $13 of operating profit per $100 of revenue. This strong profitability earns a score of 80/100, reflecting efficient cost management and pricing power. This is down from 16.0% the prior year.
Thermon Group Hldgs Inc's revenue grew 7.6% year-over-year to $536.3M, a solid pace of expansion. This earns a growth score of 46/100.
Thermon Group Hldgs Inc has a moderate D/E ratio of 0.21. This balance of debt and equity financing earns a leverage score of 54/100.
With a current ratio of 2.69, Thermon Group Hldgs Inc holds $2.69 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.
Thermon Group Hldgs Inc has a free cash flow margin of 6.1%, earning a moderate score of 63/100. The company generates positive cash flow after capital investments, but with room for improvement.
Thermon Group Hldgs Inc earns a strong 8.3% return on equity (ROE), meaning it generates $8 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is down from 10.8% the prior year.
Thermon Group Hldgs Inc scores 6.03, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.0B) relative to total liabilities ($291.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Thermon Group Hldgs Inc passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Thermon Group Hldgs Inc generates $1.05 in operating cash flow ($46.8M OCF vs $44.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Thermon Group Hldgs Inc earns $8.85 in operating income for every $1 of interest expense ($70.7M vs $8.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Thermon Group Hldgs Inc generated $536.3M in revenue in fiscal year 2026. This represents an increase of 7.6% from the prior year.
Thermon Group Hldgs Inc's EBITDA was $93.2M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.7% from the prior year.
Thermon Group Hldgs Inc reported $44.6M in net income in fiscal year 2026. This represents a decrease of 16.7% from the prior year.
Thermon Group Hldgs Inc earned $1.36 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 13.4% from the prior year.
Cash & Balance Sheet
Thermon Group Hldgs Inc generated $32.9M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 37.8% from the prior year.
Thermon Group Hldgs Inc held $52.3M in cash against $113.6M in long-term debt as of fiscal year 2026.
Not reported for fiscal year 2026.
Margins & Returns
Thermon Group Hldgs Inc's gross margin was 45.3% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the prior year.
Thermon Group Hldgs Inc's operating margin was 13.2% in fiscal year 2026, reflecting core business profitability. This is down 2.8 percentage points from the prior year.
Thermon Group Hldgs Inc's net profit margin was 8.3% in fiscal year 2026, showing the share of revenue converted to profit. This is down 2.4 percentage points from the prior year.
Thermon Group Hldgs Inc's ROE was 8.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 2.5 percentage points from the prior year.
Capital Allocation
Thermon Group Hldgs Inc invested $9.5M in research and development in fiscal year 2026. This represents an increase of 1.1% from the prior year.
Thermon Group Hldgs Inc spent $15.8M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 21.7% from the prior year.
Thermon Group Hldgs Inc invested $13.9M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 35.9% from the prior year.
THR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $148.3M+0.7% | $147.3M+11.8% | $131.7M+21.0% | $108.9M-18.8% | $134.1M-0.2% | $134.4M+17.2% | $114.6M-0.4% | $115.1M |
| Cost of Revenue | $83.0M+5.6% | $78.7M+11.3% | $70.6M+16.1% | $60.9M-18.5% | $74.6M+3.3% | $72.2M+13.3% | $63.7M-1.5% | $64.7M |
| Gross Profit | $65.3M-4.9% | $68.7M+12.4% | $61.1M+27.1% | $48.0M-19.2% | $59.4M-4.3% | $62.1M+22.0% | $50.9M+1.0% | $50.4M |
| SG&A Expenses | $52.3M+36.5% | $38.3M+7.9% | $35.5M+10.4% | $32.2M-2.0% | $32.8M-3.8% | $34.1M+9.2% | $31.3M+0.6% | $31.1M |
| Operating Income | $10.8M-59.6% | $26.7M+23.5% | $21.6M+84.0% | $11.7M-49.3% | $23.1M-16.4% | $27.7M+82.1% | $15.2M+10.7% | $13.7M |
| Interest Expense | $1.9M-14.3% | $2.2M+6.9% | $2.0M+3.1% | $2.0M-8.9% | $2.2M-15.1% | $2.5M-9.1% | $2.8M-2.0% | $2.8M |
| Income Tax | $5.8M-7.8% | $6.3M+25.2% | $5.1M+108.6% | $2.4M-41.1% | $4.1M-36.5% | $6.5M+86.3% | $3.5M+38.2% | $2.5M |
| Net Income | $2.7M-85.0% | $18.3M+22.3% | $15.0M+74.3% | $8.6M-49.4% | $17.0M-8.5% | $18.5M+95.3% | $9.5M+11.5% | $8.5M |
| EPS (Diluted) | $0.09-83.6% | $0.55+22.2% | $0.45+73.1% | $0.26-48.0% | $0.50-7.4% | $0.54+92.9% | $0.28+12.0% | $0.25 |
Not reported in any period shown, so not listed: R&D Expenses.
THR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $830.6M+1.7% | $816.7M+4.9% | $778.2M+1.7% | $765.3M+1.3% | $755.5M-1.0% | $763.4M+0.2% | $761.5M+0.6% | $756.9M |
| Current Assets | $341.2M+6.4% | $320.6M+11.0% | $288.9M+5.9% | $272.9M-0.5% | $274.3M-2.1% | $280.2M+1.9% | $275.0M+3.3% | $266.3M |
| Cash & Equivalents | $52.3M+11.6% | $46.9M+57.5% | $29.7M-18.6% | $36.5M-7.6% | $39.5M+2.0% | $38.7M+4.7% | $37.0M-24.6% | $49.1M |
| Inventory | $118.1M+1.0% | $117.0M+5.4% | $111.0M+5.8% | $104.9M+17.9% | $89.0M-3.6% | $92.3M-1.4% | $93.6M+4.1% | $89.9M |
| Accounts Receivable | $125.4M+12.1% | $111.9M+9.6% | $102.1M+1.4% | $100.7M-8.3% | $109.8M-4.2% | $114.6M+22.5% | $93.5M-5.2% | $98.7M |
| Goodwill | $269.0M-0.9% | $271.4M+0.6% | $269.8M-0.7% | $271.8M+2.8% | $264.3M+0.3% | $263.5M-2.2% | $269.5M0.0% | $269.4M |
| Total Liabilities | $291.9M+5.0% | $278.0M+5.7% | $263.0M+2.7% | $256.0M-1.6% | $260.1M-5.3% | $274.7M+1.3% | $271.2M-3.5% | $281.0M |
| Current Liabilities | $126.8M+14.7% | $110.6M+8.0% | $102.5M-8.9% | $112.5M-0.1% | $112.7M+2.7% | $109.7M+11.6% | $98.3M-3.9% | $102.2M |
| Long-Term Debt | $113.6M-2.0% | $115.8M-1.9% | $118.1M+1.8% | $116.0M-3.7% | $120.4M-10.7% | $134.8M-5.9% | $143.2M-3.0% | $147.6M |
| Total Equity | $538.7M0.0% | $538.7M+4.6% | $515.2M+1.2% | $509.3M+2.8% | $495.3M+1.4% | $488.7M-0.3% | $490.3M+3.0% | $476.0M |
| Retained Earnings | $386.9M+0.7% | $384.1M+5.0% | $365.8M+4.3% | $350.9M+2.5% | $342.3M+5.2% | $325.3M+6.0% | $306.8M+3.2% | $297.3M |
THR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.6M-40.8% | $18.0M+142.2% | $7.4M-30.9% | $10.7M-66.5% | $32.1M+225.8% | $9.8M+14.9% | $8.6M-32.4% | $12.7M |
| Capital Expenditures | $3.5M-28.3% | $4.9M+60.5% | $3.1M+26.6% | $2.4M-21.2% | $3.1M+120.5% | $1.4M-25.2% | $1.9M-52.5% | $3.9M |
| Free Cash Flow | $7.1M-45.5% | $13.1M+199.5% | $4.4M-47.6% | $8.3M-71.3% | $29.0M+243.2% | $8.4M+26.1% | $6.7M-23.3% | $8.7M |
| Investing Cash Flow | -$3.2M+28.3% | -$4.5M-46.5% | -$3.1M-29.8% | -$2.4M+35.6% | -$3.7M+34.5% | -$5.6M-201.9% | -$1.8M+52.7% | -$3.9M |
| Financing Cash Flow | -$1.6M-142.4% | $3.8M+155.0% | -$6.8M+45.9% | -$12.6M+55.8% | -$28.6M-101.9% | -$14.2M-150.4% | -$5.7M+29.3% | -$8.0M |
| Share Buybacks | $0 | $0-100.0% | $6.0M-38.5% | $9.8M-30.0% | $13.9M+493.3% | $2.4M+4.1% | $2.3M+43.1% | $1.6M |
Not reported in any period shown, so not listed: Dividends Paid.
THR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.0%-2.6pp | 46.6%+0.2pp | 46.4%+2.3pp | 44.1%-0.2pp | 44.3%-1.9pp | 46.2%+1.8pp | 44.4%+0.6pp | 43.8% |
| Operating Margin | 7.3%-10.8pp | 18.1%+1.7pp | 16.4%+5.6pp | 10.8%-6.5pp | 17.3%-3.4pp | 20.6%+7.4pp | 13.3%+1.3pp | 11.9% |
| Net Margin | 1.8%-10.6pp | 12.4%+1.1pp | 11.3%+3.5pp | 7.9%-4.8pp | 12.7%-1.1pp | 13.8%+5.5pp | 8.3%+0.9pp | 7.4% |
| Return on Equity | 0.5%-2.9pp | 3.4%+0.5pp | 2.9%+1.2pp | 1.7%-1.7pp | 3.4%-0.4pp | 3.8%+1.9pp | 1.9%+0.2pp | 1.8% |
| Return on Assets | 0.3%-1.9pp | 2.2%+0.3pp | 1.9%+0.8pp | 1.1%-1.1pp | 2.3%-0.2pp | 2.4%+1.2pp | 1.3%+0.1pp | 1.1% |
| Current Ratio | 2.69-0.2x | 2.90+0.1x | 2.82+0.4x | 2.430.0x | 2.43-0.1x | 2.56-0.2x | 2.80+0.2x | 2.61 |
| Debt-to-Equity | 0.210.0x | 0.210.0x | 0.230.0x | 0.230.0x | 0.240.0x | 0.280.0x | 0.290.0x | 0.31 |
| FCF Margin | 4.8%-4.1pp | 8.9%+5.6pp | 3.3%-4.3pp | 7.6%-14.0pp | 21.6%+15.3pp | 6.3%+0.4pp | 5.8%-1.7pp | 7.6% |
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Where Thermon Group Hldgs Inc Ranks
Frequently Asked Questions
What is Thermon Group Hldgs Inc's annual revenue?
Thermon Group Hldgs Inc (THR) reported $536.3M in total revenue for fiscal year 2026. This represents a 7.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Thermon Group Hldgs Inc's revenue growing?
Thermon Group Hldgs Inc (THR) revenue grew by 7.6% year-over-year, from $498.2M to $536.3M in fiscal year 2026.
Is Thermon Group Hldgs Inc profitable?
Yes, Thermon Group Hldgs Inc (THR) reported a net income of $44.6M in fiscal year 2026, with a net profit margin of 8.3%.
What is Thermon Group Hldgs Inc's EBITDA?
Thermon Group Hldgs Inc (THR) had EBITDA of $93.2M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Thermon Group Hldgs Inc have?
As of fiscal year 2026, Thermon Group Hldgs Inc (THR) had $52.3M in cash and equivalents against $113.6M in long-term debt.
What is Thermon Group Hldgs Inc's gross margin?
Thermon Group Hldgs Inc (THR) had a gross margin of 45.3% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Thermon Group Hldgs Inc's operating margin?
Thermon Group Hldgs Inc (THR) had an operating margin of 13.2% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Thermon Group Hldgs Inc's net profit margin?
Thermon Group Hldgs Inc (THR) had a net profit margin of 8.3% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Thermon Group Hldgs Inc's return on equity (ROE)?
Thermon Group Hldgs Inc (THR) has a return on equity of 8.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Thermon Group Hldgs Inc's free cash flow?
Thermon Group Hldgs Inc (THR) generated $32.9M in free cash flow during fiscal year 2026. This represents a -37.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Thermon Group Hldgs Inc's operating cash flow?
Thermon Group Hldgs Inc (THR) generated $46.8M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Thermon Group Hldgs Inc's total assets?
Thermon Group Hldgs Inc (THR) had $830.6M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Thermon Group Hldgs Inc's capital expenditures?
Thermon Group Hldgs Inc (THR) invested $13.9M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Thermon Group Hldgs Inc spend on research and development?
Thermon Group Hldgs Inc (THR) invested $9.5M in research and development during fiscal year 2026.
What is Thermon Group Hldgs Inc's current ratio?
Thermon Group Hldgs Inc (THR) had a current ratio of 2.69 as of fiscal year 2026, which is generally considered healthy.
What is Thermon Group Hldgs Inc's debt-to-equity ratio?
Thermon Group Hldgs Inc (THR) had a debt-to-equity ratio of 0.21 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Thermon Group Hldgs Inc's return on assets (ROA)?
Thermon Group Hldgs Inc (THR) had a return on assets of 5.4% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Thermon Group Hldgs Inc's Altman Z-Score?
Thermon Group Hldgs Inc (THR) has an Altman Z-Score of 6.03, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Thermon Group Hldgs Inc's Piotroski F-Score?
Thermon Group Hldgs Inc (THR) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Thermon Group Hldgs Inc's earnings high quality?
Thermon Group Hldgs Inc (THR) has an earnings quality ratio of 1.05x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Thermon Group Hldgs Inc cover its interest payments?
Thermon Group Hldgs Inc (THR) has an interest coverage ratio of 8.85x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Thermon Group Hldgs Inc?
Thermon Group Hldgs Inc (THR) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.