Thermon Group Holdings, Inc. (THR) 10-Year Financial Performance & Capital Metrics

THR • • Industrial / General

IndustrialsIndustrial MachineryPower Generation & Energy EquipmentPower Generation Systems

AboutThermon Group Holdings, Inc. provides engineered industrial process heating solutions for process industries worldwide. Its products include electric heating products, such as air heaters and heating accessories, boilers and calorifiers, controlling and monitoring solutions, heat tracing systems, tank heating systems, thermostats, tubing bundles, and system accessories, as well as strip, tubular, immersion, and process heaters; and gas heating products, including enclosure and explosion proof gas catalytic heaters, gas fired blowers, and gas heating accessories that comprise regulators, valves, mounting brackets, and battery cables. The company also offers specialty products, which include CEMS and analytical systems, commercial construction products and services, control panels, engineered products, compressed gas scrubbing systems, temporary power solutions, and snow clearing devices for rail track and switch equipment; and steam heating solutions comprising heat transfer compounds, steam heated bundles, steam supply and condensate return lines, steam tracing solutions, steam trace accessories, and tank heating products. In addition, it provides design engineering solutions that include design optimization studies, product selection assistance, and computer-generated drawing packages; energy audit services; procurement and project management services; procurement and project management services; turnkey construction installation; recurring facility assessment or audit; maintenance services; and technical support services. The company offers its solutions to chemical and petrochemical, oil and gas, power generation, rail and transit, commercial, transportation, food and beverage, pharmaceutical, and mineral processing industries, as well as data centers, semiconductor facilities, and other markets through a network of sales and service professionals, and distributors. Thermon Group Holdings, Inc. was founded in 1954 and is headquartered in Austin, Texas.Show more

Revenue $498M +0.7%
EBITDA $102M +8.4%
Net Income $54M +3.7%
EPS (Diluted) 1.57 +4.0%
Gross Margin 44.74% +4.6%
EBITDA Margin 20.49% +7.6%
Operating Margin 16.01% +5.1%
Net Margin 10.74% +3.0%
ROE 11.03% -4.4%
ROIC 9.8% -2.5%
Debt/Equity 0.31 -22.4%
Interest Coverage 7.72 -9.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 35.0%
✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 83 (top 17%)
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.91%

5Y5.37%

3Y11.89%

TTM3.08%

Profit (Net Income) CAGR

10Y0.81%

5Y34.99%

3Y38.62%

TTM34.42%

EPS CAGR

10Y0.32%

5Y34.25%

3Y37.8%

TTM36.72%

ROCE

10Y Avg6.31%

5Y Avg8.62%

3Y Avg11.64%

Latest12.26%

Peer Comparison

Power Generation Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BWENBroadwind, Inc.	80.04M	3.45	65.84	-29.65%	3.37%	7.76%	12.73%	0.60
RRXRegal Rexnord Corporation	10.5B	158.16	53.80	-3.47%	4.38%	3.8%	4.76%	0.89
ETNEaton Corporation plc	129.52B	333.46	35.10	7.25%	14.74%	20.75%	2.72%	0.53
GNRCGenerac Holdings Inc.	9.47B	161.43	29.95	6.79%	7.19%	11.83%	6.38%	0.59
THRThermon Group Holdings, Inc.	1.36B	41.35	26.34	0.72%	11.6%	11.46%	3.89%	0.31
PSIXPower Solutions International, Inc.	1.74B	75.47	25.07	3.7%	17.94%	74.6%	3.33%	2.24
CMICummins Inc.	79.35B	574.84	20.26	0.11%	7.95%	20.37%	0.35%	0.67
CYDChina Yuchai International Limited	1.62B	43.11	5.25	6.02%	1.69%	2.63%	14.48%	0.21

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	281.93M	264.13M	308.61M	412.64M	383.49M	276.18M	355.67M	440.59M	494.63M	498.21M
Revenue Growth %	-0.09%	-0.06%	0.17%	0.34%	-0.07%	-0.28%	0.29%	0.24%	0.12%	0.01%
Cost of Goods Sold+	150.61M	152.2M	164.8M	236.7M	221.85M	159.31M	215.56M	255.47M	283.06M	275.31M
COGS % of Revenue	0.53%	0.58%	0.53%	0.57%	0.58%	0.58%	0.61%	0.58%	0.57%	0.55%
Gross Profit+	131.31M	111.93M	143.81M	175.94M	161.64M	116.87M	140.12M	185.13M	211.56M	222.9M
Gross Margin %	0.47%	0.42%	0.47%	0.43%	0.42%	0.42%	0.39%	0.42%	0.43%	0.45%
Gross Profit Growth %	-0.15%	-0.15%	0.28%	0.22%	-0.08%	-0.28%	0.2%	0.32%	0.14%	0.05%
Operating Expenses+	87.14M	89.49M	111.07M	127.43M	128.97M	109.47M	101.71M	129.94M	136.19M	143.14M
OpEx % of Revenue	0.31%	0.34%	0.36%	0.31%	0.34%	0.4%	0.29%	0.29%	0.28%	0.29%
Selling, General & Admin	75.02M	77.72M	94.57M	106.71M	111.7M	91.4M	93.34M	116.8M	123.76M	129.76M
SG&A % of Revenue	0.27%	0.29%	0.31%	0.26%	0.29%	0.33%	0.26%	0.27%	0.25%	0.26%
Research & Development	3.34M	3.5M	5.24M	6.29M	0	0	0	10.9M	10.03M	9.43M
R&D % of Revenue	0.01%	0.01%	0.02%	0.02%	-	-	-	0.02%	0.02%	0.02%
Other Operating Expenses	-676K	-410K	-5.59M	13.95M	17.27M	18.07M	8.38M	2.24M	2.41M	3.95M
Operating Income+	36.76M	22.44M	32.74M	-48.51M	32.66M	7.41M	38.41M	55.19M	75.37M	79.76M
Operating Margin %	0.13%	0.08%	0.11%	-0.12%	0.09%	0.03%	0.11%	0.13%	0.15%	0.16%
Operating Income Growth %	-0.45%	-0.39%	0.46%	-2.48%	1.67%	-0.77%	4.19%	0.44%	0.37%	0.06%
EBITDA+	54.17M	40.28M	57.16M	-18.54M	60.94M	28.13M	58.61M	74.42M	94.21M	102.1M
EBITDA Margin %	0.19%	0.15%	0.19%	-0.04%	0.16%	0.1%	0.16%	0.17%	0.19%	0.2%
EBITDA Growth %	-0.3%	-0.26%	0.42%	-1.32%	4.29%	-0.54%	1.08%	0.27%	0.27%	0.08%
D&A (Non-Cash Add-back)	17.41M	17.83M	24.42M	29.96M	28.27M	20.72M	20.2M	19.23M	18.84M	22.34M
EBIT	36.51M	22.44M	32.74M	48.51M	31.11M	9.54M	34.24M	55.1M	76.52M	80.44M
Net Interest Income+	-3.72M	-2.95M	-8.38M	-15.48M	-14.03M	-10.19M	-5.82M	-5.87M	-8.85M	-10.32M
Interest Income	423K	566K	606K	238K	252K	76K	0	0	0	0
Interest Expense	4.14M	3.52M	8.98M	15.71M	14.28M	10.26M	5.82M	5.87M	8.85M	10.32M
Other Income/Expense	-4.39M	-3.36M	-14.35M	-15.37M	-15.59M	-8.05M	-9.98M	-5.96M	-7.7M	-9.64M
Pretax Income+	32.37M	19.08M	18.39M	33.14M	17.08M	-644K	28.43M	49.23M	67.67M	70.12M
Pretax Margin %	0.11%	0.07%	0.06%	0.08%	0.04%	-0%	0.08%	0.11%	0.14%	0.14%
Income Tax+	8.72M	4.1M	5.17M	9.97M	5.14M	-1.52M	8.33M	15.57M	16.09M	16.6M
Effective Tax Rate %	0.71%	0.77%	0.65%	0.69%	0.7%	-1.36%	0.71%	0.68%	0.76%	0.76%
Net Income+	23.01M	14.64M	11.91M	22.76M	11.94M	877K	20.09M	33.67M	51.59M	53.52M
Net Margin %	0.08%	0.06%	0.04%	0.06%	0.03%	0%	0.06%	0.08%	0.1%	0.11%
Net Income Growth %	-0.53%	-0.36%	-0.19%	0.91%	-0.48%	-0.93%	21.91%	0.68%	0.53%	0.04%
Net Income (Continuing)	23.65M	14.98M	13.22M	23.17M	11.94M	877K	20.09M	33.67M	51.59M	53.52M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	4.28M	4.62M	5.93M	4.2M	0	0	0	0	0	0
EPS (Diluted)+	0.71	0.45	0.36	0.69	0.36	0.03	0.60	1.00	1.51	1.57
EPS Growth %	-0.53%	-0.37%	-0.2%	0.92%	-0.48%	-0.93%	21.81%	0.67%	0.51%	0.04%
EPS (Basic)	0.72	0.45	0.37	0.70	0.36	0.03	0.60	1.01	1.53	1.59
Diluted Shares Outstanding	32.59M	32.63M	32.8M	33.05M	33.15M	33.34M	33.51M	33.75M	34.07M	34.06M
Basic Shares Outstanding	32.18M	32.3M	32.42M	32.57M	32.76M	33.13M	33.31M	33.47M	33.67M	33.71M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	199.75M	198.17M	220.19M	239.78M	217.94M	206.81M	244.44M	250.94M	274.6M	274.29M
Cash & Short-Term Investments	84.57M	42.84M	33.88M	31.4M	43.24M	40.12M	41.45M	35.63M	48.63M	39.54M
Cash Only	84.57M	42.84M	33.88M	31.4M	43.24M	40.12M	41.45M	35.63M	48.63M	39.54M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	58.49M	70.72M	112.41M	136.17M	105.21M	94.11M	119.56M	117.04M	125.64M	129.25M
Days Sales Outstanding	75.73	97.73	132.95	120.44	100.14	124.38	122.69	96.96	92.71	94.69
Inventory	40.65M	34.02M	63.83M	64.89M	60.27M	63.79M	71.65M	82.13M	86.32M	88.98M
Days Inventory Outstanding	98.5	81.59	141.37	100.06	99.17	146.15	121.32	117.35	111.31	117.97
Other Current Assets	9.22M	3.48M	1.7M	0	0	0	0	16.14M	3.59M	16.53M
Total Non-Current Assets+	254.22M	255.91M	442.28M	415.98M	402.97M	411.07M	392.23M	398.69M	493.14M	481.16M
Property, Plant & Equipment	41.62M	43.27M	74.48M	74.95M	89.18M	85.25M	76.57M	76.86M	81.95M	84.02M
Fixed Asset Turnover	6.77x	6.10x	4.14x	5.51x	4.30x	3.24x	4.64x	5.73x	6.04x	5.93x
Goodwill	121.51M	122.52M	210.57M	205M	197.98M	213.04M	212.75M	219.61M	270.79M	264.33M
Intangible Assets	89.3M	86.18M	151.43M	126.6M	104.55M	103.78M	94.91M	93.97M	127.09M	115.28M
Long-Term Investments	0	0	0	815K	0	0	0	26K	0	0
Other Non-Current Assets	323K	1.12M	2.37M	4.79M	8.36M	6.41M	6.79M	7.53M	12.24M	16.64M
Total Assets+	396.59M	454.08M	662.48M	655.76M	620.9M	617.88M	636.67M	649.63M	767.74M	755.45M
Asset Turnover	0.71x	0.58x	0.47x	0.63x	0.62x	0.45x	0.56x	0.68x	0.64x	0.66x
Asset Growth %	-0.13%	0.14%	0.46%	-0.01%	-0.05%	-0%	0.03%	0.02%	0.18%	-0.02%
Total Current Liabilities+	57.57M	52.32M	62.4M	73.05M	60.63M	52.8M	81M	110.07M	109.27M	112.66M
Accounts Payable	19.46M	15.68M	23M	22.7M	25.07M	19.72M	33.57M	27.33M	31.4M	31.18M
Days Payables Outstanding	47.16	37.61	50.93	35.01	41.25	45.19	56.84	39.05	40.48	41.34
Short-Term Debt	13.5M	20.25M	2.5M	13.72M	2.5M	2.5M	7.93M	24.72M	19.63M	18M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	12.81M	4.61M	5.84M	22.39M	13.02M	12.39M	4.77M	13.45M	18.3M	23.38M
Current Ratio	3.47x	3.79x	3.53x	3.28x	3.59x	3.92x	3.02x	2.28x	2.51x	2.43x
Quick Ratio	2.76x	3.14x	2.51x	2.39x	2.60x	2.71x	2.13x	1.53x	1.72x	1.64x
Cash Conversion Cycle	127.07	141.7	223.39	185.5	158.05	225.34	187.18	175.26	163.53	171.31
Total Non-Current Liabilities+	112.41M	89.25M	259.22M	233.76M	213.83M	186.21M	156.47M	120.57M	183.58M	147.47M
Long-Term Debt	80.11M	60.23M	214.53M	197.73M	169.05M	143.02M	120.43M	87.71M	151.96M	120.37M
Capital Lease Obligations	0	0	0	386K	15.57M	12.37M	9.66M	12.48M	12.63M	9.3M
Deferred Tax Liabilities	29.11M	25.66M	34.25M	28.14M	22.25M	21.01M	17.94M	12.08M	9.44M	9.76M
Other Non-Current Liabilities	3.18M	3.37M	10.44M	7.51M	6.96M	9.81M	8.43M	8.3M	9.55M	8.05M
Total Liabilities	93.61M	80.48M	225M	306.81M	274.47M	239.01M	237.47M	230.64M	292.85M	260.14M
Total Debt+	93.61M	80.48M	217.03M	211.45M	190.68M	161.4M	141.64M	128.28M	187.49M	151.69M
Net Debt	9.04M	37.63M	183.15M	180.05M	147.44M	121.28M	100.2M	92.64M	138.86M	112.15M
Debt / Equity	0.31x	0.25x	0.63x	0.60x	0.55x	0.43x	0.35x	0.31x	0.39x	0.31x
Debt / EBITDA	1.73x	2.00x	3.80x	-	3.13x	5.74x	2.42x	1.72x	1.99x	1.49x
Net Debt / EBITDA	0.17x	0.93x	3.20x	-	2.42x	4.31x	1.71x	1.24x	1.47x	1.10x
Interest Coverage	8.88x	6.38x	3.64x	-3.09x	2.29x	0.72x	6.60x	9.40x	8.52x	7.72x
Total Equity+	302.98M	317.12M	346.78M	353.15M	346.44M	378.87M	399.2M	418.99M	474.89M	495.31M
Equity Growth %	0.11%	0.05%	0.09%	0.02%	-0.02%	0.09%	0.05%	0.05%	0.13%	0.04%
Book Value per Share	9.30	9.72	10.57	10.68	10.45	11.36	11.91	12.42	13.94	14.54
Total Shareholders' Equity	298.7M	312.5M	340.85M	348.95M	346.44M	378.87M	399.2M	418.99M	474.89M	495.31M
Common Stock	32K	32K	32K	33K	33K	33K	33K	33K	34K	33K
Retained Earnings	122.26M	136.9M	148.81M	170.62M	182.56M	183.44M	203.53M	237.19M	288.78M	342.3M
Treasury Stock	0	0	0	0	0	0	0	0	-250K	-20.39M
Accumulated OCI	-44.57M	-48.34M	-36.54M	-48.95M	-63.89M	-35.92M	-38.91M	-58.1M	-57.23M	-72.83M
Minority Interest	4.28M	4.62M	5.93M	4.2M	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	47.92M	26.44M	21.91M	23.23M	70.73M	30.29M	28.75M	57.71M	65.95M	63.12M
Operating CF Margin %	0.17%	0.1%	0.07%	0.06%	0.18%	0.11%	0.08%	0.13%	0.13%	0.13%
Operating CF Growth %	-0.07%	-0.45%	-0.17%	0.06%	2.04%	-0.57%	-0.05%	1.01%	0.14%	-0.04%
Net Income	23.65M	14.98M	13.22M	23.17M	11.94M	1.17M	20.09M	33.67M	51.59M	53.52M
Depreciation & Amortization	17.41M	17.83M	24.42M	29.96M	28.27M	20.72M	20.2M	19.23M	18.84M	22.34M
Stock-Based Compensation	3.75M	3.4M	3.52M	4.15M	4.96M	3.73M	3.8M	0	5.75M	5.24M
Deferred Taxes	-5.4M	-3.39M	-11.34M	-4.42M	-4.14M	-2.99M	-1.57M	-4.56M	-2.08M	-2.13M
Other Non-Cash Items	2.96M	542K	3.67M	2.76M	5.47M	3.21M	2.45M	5.69M	-211K	522K
Working Capital Changes	5.56M	-6.93M	-11.57M	-32.4M	24.23M	4.46M	-16.23M	3.69M	-7.93M	-16.38M
Change in Receivables	6.27M	-5.21M	-13.82M	-14.54M	21.67M	22.93M	-25.03M	1.14M	-641K	-4.22M
Change in Inventory	1.64M	6.58M	-9.06M	-3.43M	1.41M	-549K	-8.6M	-8.84M	3.78M	-698K
Change in Payables	1.01M	-4.61M	2M	-21K	3.41M	-5.65M	13.75M	-7.12M	2.71M	-1.16M
Cash from Investing+	-41.57M	-51.99M	-166.47M	-10.07M	-10.01M	-7.83M	-4.53M	-44.55M	-109.52M	-14.97M
Capital Expenditures	-12.58M	-8.37M	-10.01M	-12.04M	-10.86M	-8.13M	-5.22M	-9.45M	-11.02M	-10.25M
CapEx % of Revenue	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.01%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.19M	1.16M	949K	1.01M	845K	0	689K	0	939K	5.82M
Cash from Financing+	-15.01M	-14.66M	133.94M	-14.1M	-46.54M	-28.2M	-22.66M	-13.46M	56.53M	-56.42M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-9K	-280K	-9.31M	27.02M	-3.49M	353K	-1.17M	-142K	-759K	632K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	35.34M	18.07M	11.91M	11.19M	59.87M	22.16M	23.53M	48.26M	54.94M	52.87M
FCF Margin %	0.13%	0.07%	0.04%	0.03%	0.16%	0.08%	0.07%	0.11%	0.11%	0.11%
FCF Growth %	-0.23%	-0.49%	-0.34%	-0.06%	4.35%	-0.63%	0.06%	1.05%	0.14%	-0.04%
FCF per Share	1.08	0.55	0.36	0.34	1.81	0.66	0.70	1.43	1.61	1.55
FCF Conversion (FCF/Net Income)	2.08x	1.81x	1.84x	1.02x	5.92x	34.54x	1.43x	1.71x	1.28x	1.18x
Interest Paid	3.37M	3.08M	7.35M	13.96M	12.4M	8.74M	5.7M	0	9.18M	10.4M
Taxes Paid	15.65M	9.28M	-7.73M	22.26M	12.61M	9.67M	9.79M	0	23.13M	16.5M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.01%	4.72%	3.59%	6.5%	3.41%	0.24%	5.16%	8.23%	11.54%	11.03%
Return on Invested Capital (ROIC)	9.22%	5.05%	5.55%	-6.84%	4.77%	1.12%	5.76%	8.19%	10.05%	9.8%
Gross Margin	46.58%	42.38%	46.6%	42.64%	42.15%	42.32%	39.4%	42.02%	42.77%	44.74%
Net Margin	8.16%	5.54%	3.86%	5.51%	3.11%	0.32%	5.65%	7.64%	10.43%	10.74%
Debt / Equity	0.31x	0.25x	0.63x	0.60x	0.55x	0.43x	0.35x	0.31x	0.39x	0.31x
Interest Coverage	8.88x	6.38x	3.64x	-3.09x	2.29x	0.72x	6.60x	9.40x	8.52x	7.72x
FCF Conversion	2.08x	1.81x	1.84x	1.02x	5.92x	34.54x	1.43x	1.71x	1.28x	1.18x
Revenue Growth	-8.64%	-6.31%	16.84%	33.71%	-7.07%	-27.98%	28.78%	23.87%	12.27%	0.72%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
United States	-	-	-	-	-	-	-	-	-	269.5M
United States Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
United States	-	-	-	-	-	95.44M	-	-	-	269.5M
United States Growth	-	-	-	-	-	-	-	-	-	-
Canada	56.92M	41.72M	94.43M	127.39M	128.36M	90.85M	115.44M	-	155.32M	158.97M
Canada Growth	-	-26.71%	126.33%	34.91%	0.76%	-29.22%	27.06%	-	-	2.35%
Europe	65.37M	71.13M	68.35M	77.51M	53.76M	54.22M	54.74M	-	45.3M	47.11M
Europe Growth	-	8.82%	-3.91%	13.40%	-30.64%	0.85%	0.96%	-	-	3.99%
Asia	33.6M	31.48M	31.28M	42.09M	45.9M	35.67M	31.31M	-	37.72M	38.65M
Asia Growth	-	-6.29%	-0.64%	34.56%	9.03%	-22.28%	-12.22%	-	-	2.47%
Europe	-	-	-	-	-	-	-	43.16M	-	-
Europe Growth	-	-	-	-	-	-	-	-	-	-
Asia	-	-	-	-	-	-	-	34.31M	-	-
Asia Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Thermon Group Holdings, Inc. (THR) has a price-to-earnings (P/E) ratio of 26.3x. This suggests investors expect higher future growth.

Growth & Financials

Thermon Group Holdings, Inc. (THR) reported $509.1M in revenue for fiscal year 2025. This represents a 88% increase from $270.5M in 2012.

Thermon Group Holdings, Inc. (THR) grew revenue by 0.7% over the past year. Growth has been modest.

Yes, Thermon Group Holdings, Inc. (THR) is profitable, generating $59.0M in net income for fiscal year 2025 (10.7% net margin).

Dividend & Returns

Thermon Group Holdings, Inc. (THR) has a return on equity (ROE) of 11.0%. This is reasonable for most industries.

Thermon Group Holdings, Inc. (THR) generated $50.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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