Thermon Group Hldgs Inc Financials
This page shows Thermon Group Hldgs Inc (THR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).
Margin expansion, not volume growth, is doing most of the work as Thermon converts a steady sales base into stronger cash and lower leverage.
FY2025's nearly flat revenue still produced higher operating income because gross margin expanded from42.8% to44.7% , pointing to a better cost or sales mix rather than a volume-driven gain. That improvement funded balance-sheet repair: long-term debt fell from$152.0M to$120.4M even as cash declined, showing surplus cash was being directed to obligations and buybacks instead of simply accumulating.
The business looks low in capital intensity: FY2025 operating cash flow of
The main drag on cash conversion is working capital: inventory plus receivables reached
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 results in a moderate score of 54/100, indicating healthy but not exceptional operating efficiency. 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 40/100.
Thermon Group Hldgs Inc carries a low D/E ratio of 0.21, meaning only $0.21 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
Thermon Group Hldgs Inc's current ratio of 2.69 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.
Thermon Group Hldgs Inc has a free cash flow margin of 6.1%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.
Thermon Group Hldgs Inc's ROE of 8.3% shows moderate profitability relative to equity, earning a score of 32/100. This is down from 10.8% the prior year.
Thermon Group Hldgs Inc scores 6.71, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.3B) relative to total liabilities ($291.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
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 $8.8 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.
Thermon Group Hldgs Inc had 33M shares outstanding in fiscal year 2026. This represents a decrease of 1.1% from the prior year.
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
| 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 |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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) | N/A | $0.55+22.2% | $0.45+73.1% | $0.26 | N/A | $0.54+92.9% | $0.28+12.0% | $0.25 |
THR Balance Sheet
| 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
| 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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 |
THR Financial Ratios
| 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 | 2.69-0.2 | 2.90+0.1 | 2.82+0.4 | 2.430.0 | 2.43-0.1 | 2.56-0.2 | 2.80+0.2 | 2.61 |
| Debt-to-Equity | 0.210.0 | 0.21-0.0 | 0.230.0 | 0.23-0.0 | 0.24-0.0 | 0.28-0.0 | 0.29-0.0 | 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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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 6.71, 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 8.8x, 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 54 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.