Revenue growth remains stagnant with significant margin volatility, evidenced by gross margins contracting from a 33.6% peak in 2024Q1 to 21.9% by 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.67B | 4.58B | 4.57B | 4.77B | 4.5B | 4.13B | 3.51B | 3.79B | 3.58B | 3B | 2.67B | 2.87B | 3.08B | 3.04B | 3.36B | 5.17B | 4.06B | 3.14B | 5.66B | 5.24B | 4.97B | 4.82B | 4.51B | 3.79B | 2.55B | 2.45B | 2.64B | 2.5B | 2.68B | 2.62B | 2.39B |
| Revenue Growth % | 3.31% | 0.19% | -4.11% | 6.06% | 8.8% | 17.64% | -7.3% | 5.84% | 19.21% | 12.51% | -7.05% | -6.63% | 1.34% | -9.65% | -35.02% | 27.49% | 29.09% | -44.53% | 8.17% | 5.28% | 3.11% | 6.86% | 19.15% | 48.55% | 4.2% | -7.41% | 5.93% | -6.9% | 2.38% | 9.3% | 7.37% |
| Cost of Goods Sold | 2.49B | 3.27B | 3.13B | 3.25B | 3.15B | 2.98B | 2.5B | 2.65B | 2.54B | 2.19B | 1.96B | 2.05B | 2.16B | 2.16B | 2.32B | 3.8B | 3.03B | 2.56B | 4.42T | 4.18B | 3.97B | 3.82B | 3.46B | 3.15B | 2.08B | 2.05B | 1.99B | 1.85B | 1.96B | 1.87B | 1.7B |
| COGS % of Revenue | - | 71.32% | 68.37% | 68.05% | 70.13% | 72.04% | 71.03% | 69.79% | 70.95% | 72.96% | 73.54% | 71.34% | 70.08% | 71.2% | 69.15% | 73.51% | 74.81% | 81.45% | 78080.09% | 79.87% | 79.78% | 79.27% | 76.72% | 83.13% | 81.59% | 83.63% | 75.33% | 74.25% | 73.08% | 71.48% | 71.07% |
| Gross Profit | 954.6M | 1.31B | 1.45B | 1.52B | 1.34B | 1.16B | 1.02B | 1.14B | 1.04B | 812.1M | 706.3M | 823.1M | 920.3M | 874.3M | 1.04B | 1.37B | 1.02B | 582.7M | 1.24T | 1.05B | 1.01B | 999.96M | 824.38M | 639.12M | 469.58M | 400.72M | 651.92M | 642.5M | 721.4M | 746.6M | 692.9M |
| Gross Margin % | 20.43% | 28.68% | 31.63% | 31.95% | 29.87% | 27.96% | 28.97% | 30.21% | 29.05% | 27.04% | 26.46% | 28.66% | 29.92% | 28.8% | 30.85% | 26.49% | 25.19% | 18.55% | 21919.91% | 20.13% | 20.22% | 20.73% | 18.26% | 16.87% | 18.41% | 16.37% | 24.67% | 25.75% | 26.92% | 28.52% | 28.93% |
| Gross Profit Growth % | - | -9.14% | -5.07% | 13.46% | 16.23% | 13.54% | -11.1% | 10.07% | 28.08% | 14.98% | -14.19% | -10.56% | 5.26% | -15.63% | -24.34% | 34.06% | 75.34% | -99.95% | 117704.99% | 4.77% | 0.59% | 21.3% | 28.99% | 36.1% | 17.18% | -38.53% | 1.47% | -10.94% | -3.38% | 7.75% | 8.91% |
| Operating Expenses | 733.9M | 748.3M | 835.3M | 866.6M | 736.1M | 642.4M | 562.8M | 628.4M | 585.6M | 512.6M | 461.9M | 567.2M | 711.9M | 568.4M | 490.3M | 640.6M | 585.5M | 636.8M | 689.91M | 736.19M | 786.49M | 673M | 589.45M | 540.87M | 391.01M | 418.37M | 546.3M | 509.8M | 496.5M | 466.8M | 446M |
| OpEx % of Revenue | - | 16.33% | 18.27% | 18.17% | 16.37% | 15.54% | 16.02% | 16.58% | 16.35% | 17.07% | 17.3% | 19.75% | 23.14% | 18.73% | 14.59% | 12.39% | 14.44% | 20.27% | 12.18% | 14.06% | 15.81% | 13.95% | 13.06% | 14.28% | 15.33% | 17.1% | 20.67% | 20.43% | 18.53% | 17.83% | 18.62% |
| Selling, General & Admin | 764.7M | 748.3M | 752M | 740.8M | 637.1M | 580.5M | 533.8M | 577.2M | 543.4M | 508.3M | 440.2M | 577.6M | 576.2M | 553.8M | 554.5M | 626.2M | 563.8M | 472.7M | 657.13M | 695.28M | 677.34M | 646.9M | 575.91M | 521.72M | 358.87M | 363.68M | 367.5M | 359.9M | 356.7M | 332.4M | 319.5M |
| SG&A % of Revenue | - | 16.33% | 16.44% | 15.53% | 14.17% | 14.05% | 15.19% | 15.23% | 15.18% | 16.92% | 16.49% | 20.11% | 18.73% | 18.24% | 16.51% | 12.11% | 13.9% | 15.05% | 11.6% | 13.28% | 13.62% | 13.41% | 12.76% | 13.77% | 14.07% | 14.86% | 13.9% | 14.42% | 13.31% | 12.7% | 13.34% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.4M | 37.3M | 35.3M | 31.8M | 32.6M | 38.8M | 39.3M | 45.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 1.09% | 1.04% | 1.18% | 1.19% | 1.14% | 1.26% | 1.29% | 1.36% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 83.3M | 125.8M | 99M | 61.9M | 29M | 9.8M | 4.9M | -31M | -10.1M | -43M | 96.9M | -24.7M | -109.9M | 14.4M | 21.7M | 164.1M | 32.78M | 40.91M | 109.15M | 26.09M | 13.54M | 19.15M | 32.14M | 54.69M | 178.8M | 149.9M | 139.8M | 134.4M | 126.5M |
| Operating Income | 590.5M | 565.9M | 611.1M | 657.1M | 606.9M | 513.1M | 454.9M | 516.4M | 454.5M | 299.5M | 244.4M | 255.9M | 208.4M | 305.9M | 481.8M | 729.1M | 436.2M | -54.1M | 452.11B | 317.64M | 219.35M | 326.96M | 234.93M | 98.25M | 78.57M | -17.65M | 105.62M | 132.7M | 224.9M | 279.8M | 246.9M |
| Operating Margin % | 12.64% | 12.35% | 13.36% | 13.78% | 13.5% | 12.41% | 12.95% | 13.63% | 12.69% | 9.97% | 9.15% | 8.91% | 6.77% | 10.08% | 14.34% | 14.1% | 10.76% | -1.72% | 7982.59% | 6.07% | 4.41% | 6.78% | 5.2% | 2.59% | 3.08% | -0.72% | 4% | 5.32% | 8.39% | 10.69% | 10.31% |
| Operating Income Growth % | - | -7.4% | -7% | 8.27% | 18.28% | 12.79% | -11.91% | 13.62% | 51.75% | 22.55% | -4.49% | 22.79% | -31.87% | -36.51% | -33.92% | 67.15% | 906.28% | -100.01% | 142230.9% | 44.81% | -32.91% | 39.17% | 139.12% | 25.05% | 545.09% | -116.71% | -20.41% | -41% | -19.62% | 13.33% | 17.46% |
| EBITDA | 765.5M | 796M | 832.9M | 858.4M | 770.9M | 680.1M | 618.9M | 676.3M | 600.5M | 437.2M | 376.1M | 386.7M | 345.4M | 425.2M | 609.9M | 921.6M | 625.9M | 147.4M | 452.31B | 536M | 415.94M | 536.62M | 436.1M | 307.1M | 225.1M | 134.81M | 256.67M | 282.6M | 364.7M | 414.2M | 373.4M |
| EBITDA Margin % | 16.38% | 17.37% | 18.21% | 18% | 17.14% | 16.46% | 17.62% | 17.84% | 16.77% | 14.55% | 14.09% | 13.46% | 11.23% | 14.01% | 18.15% | 17.83% | 15.43% | 4.69% | 7986.14% | 10.24% | 8.36% | 11.13% | 9.66% | 8.11% | 8.83% | 5.51% | 9.71% | 11.33% | 13.61% | 15.82% | 15.59% |
| EBITDA Growth % | -3.36% | -4.43% | -2.97% | 11.35% | 13.35% | 9.89% | -8.49% | 12.62% | 37.35% | 16.25% | -2.74% | 11.96% | -18.77% | -30.28% | -33.82% | 47.24% | 324.63% | -99.97% | 84286.1% | 28.86% | -22.49% | 23.05% | 42.01% | 36.43% | 66.97% | -47.47% | -9.18% | -22.51% | -11.95% | 10.93% | 11.93% |
| D&A (Non-Cash Add-back) | 175M | 230.1M | 221.8M | 201.3M | 164M | 167M | 164M | 159.9M | 146M | 137.7M | 131.7M | 130.8M | 137M | 119.3M | 128.1M | 192.5M | 189.7M | 201.5M | 200.8M | 218.35M | 196.59M | 209.66M | 201.17M | 208.85M | 146.53M | 152.47M | 151.05M | 149.9M | 139.8M | 134.4M | 126.5M |
| EBIT | 361.4M | 516M | 612.5M | 713.8M | 674.2M | 546.8M | 497.7M | 532.3M | 466M | 288.8M | 196.2M | 365.4M | 377.8M | 327.7M | 797.1M | 733.6M | 443.7M | -52.3M | 483.99M | 358.55M | 328.5M | 353.05M | 248.47M | 117.4M | 110.71M | 37.04M | 133.37M | 132.7M | 224.9M | 279.8M | 246.9M |
| Net Interest Income | -53.2M | -100M | -110.2M | -101.4M | -70.8M | -56.5M | -63.9M | -67.2M | -49.6M | -34.2M | -31.6M | -30.7M | -24.3M | -22.5M | -28.2M | -31.2M | -34.5M | -40M | -38.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.4M | 10.3M | 14.9M | 9.3M | 3.8M | 2.3M | 3.7M | 4.9M | 2.1M | 2.9M | 1.9M | 2.7M | 4.4M | 1.9M | 2.9M | 5.6M | 3.7M | 1.9M | 5.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 58.6M | 110.3M | 125.1M | 110.7M | 74.6M | 58.8M | 67.6M | 72.1M | 51.7M | 37.1M | 33.5M | 33.4M | 28.7M | 24.4M | 31.1M | 36.8M | 38.2M | 41.9M | 44.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -149.9M | -149.9M | -116.9M | -126.6M | -56M | -36.5M | -58.6M | -44M | -46.4M | -39.6M | -42.8M | -38.2M | -4.4M | -15.8M | 36M | -32.3M | -30.7M | -40.1M | -26.51B | -35.39M | 34.88M | 19.58M | -37.34M | -37.45M | 6.95M | -9.23M | -35.02M | -33.7M | -39.6M | -13.2M | -21.7M |
| Pretax Income | 440.6M | 416M | 494.2M | 530.5M | 550.9M | 476.6M | 396.3M | 472.4M | 408.1M | 259.9M | 201.6M | 217.7M | 204M | 290.1M | 517.8M | 696.8M | 405.5M | -94.2M | 425.6B | 282.26M | 254.23M | 346.54M | 197.59M | 60.8M | 85.52M | -26.88M | 70.6M | 99M | 185.3M | 266.6M | 225.2M |
| Pretax Margin % | 9.43% | 9.08% | 10.81% | 11.12% | 12.25% | 11.53% | 11.28% | 12.46% | 11.4% | 8.65% | 7.55% | 7.58% | 6.63% | 9.56% | 15.41% | 13.48% | 10% | -3% | 7514.5% | 5.39% | 5.11% | 7.18% | 4.38% | 1.61% | 3.35% | -1.1% | 2.67% | 3.97% | 6.91% | 10.18% | 9.4% |
| Income Tax | 108.8M | 98.7M | 118.9M | 122.5M | 133.9M | 95.1M | 103.9M | 97.7M | 102.6M | 57.6M | 60.5M | 26.3M | 54.7M | 114.6M | 186.3M | 240.2M | 136M | -28.2M | 157.93M | 62.87M | 77.8M | 112.88M | 63.55M | 24.32M | 34.07M | 14.78M | 24.71M | 36.4M | 70.8M | 95.2M | 86.3M |
| Effective Tax Rate % | 24.69% | 23.73% | 24.06% | 23.09% | 24.31% | 19.95% | 26.22% | 20.68% | 25.14% | 22.16% | 30.01% | 12.08% | 26.81% | 39.5% | 35.98% | 34.47% | 33.54% | 29.94% | 0.04% | 22.27% | 30.6% | 32.57% | 32.16% | 40% | 39.84% | -54.99% | 35% | 36.77% | 38.21% | 35.71% | 38.32% |
| Net Income | 316M | 288.4M | 352.7M | 394.1M | 407.4M | 369.1M | 284.5M | 362.1M | 302.8M | 203.4M | 140.8M | 188.6M | 170.8M | 262.7M | 495.5M | 454.3M | 274.8M | -134M | 267.67M | 220.05M | 222.53M | 260.28M | 135.66M | 36.48M | 38.75M | -41.67M | 45.89M | 62.6M | 114.5M | 171.4M | 138.9M |
| Net Margin % | 6.76% | 6.29% | 7.71% | 8.26% | 9.06% | 8.93% | 8.1% | 9.55% | 8.46% | 6.77% | 5.27% | 6.57% | 5.55% | 8.65% | 14.75% | 8.79% | 6.78% | -4.27% | 4.73% | 4.2% | 4.47% | 5.4% | 3.01% | 0.96% | 1.52% | -1.7% | 1.74% | 2.51% | 4.27% | 6.55% | 5.8% |
| Net Income Growth % | -3.51% | -18.23% | -10.5% | -3.26% | 10.38% | 29.74% | -21.43% | 19.58% | 48.87% | 44.46% | -25.34% | 10.42% | -34.98% | -46.98% | 9.07% | 65.32% | 305.07% | -150.06% | 21.64% | -1.11% | -14.51% | 91.87% | 271.85% | -5.85% | 193% | -190.8% | -26.7% | -45.33% | -33.2% | 23.4% | 23.58% |
| Net Income (Continuing) | 331.8M | 317.3M | 375.3M | 408M | 417M | 381.5M | 292.4M | 374.7M | 305.5M | 202.3M | 141.1M | 191.4M | 149.3M | 175.5M | 331.5M | 456.6M | 269.5M | -66M | 278.94M | 219.39M | 176.44M | 233.66M | 134.05M | 36.48M | 51.45M | -41.67M | 45.89M | 62.6M | 114.5M | 171.4M | 138.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24M | 87.5M | 164.4M | 0 | 7.4M | -72.6M | -11.27M | 665K | 46.09M | 26.63M | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 160.2M | 161.1M | 157.6M | 120M | 84.6M | 82.8M | 72.3M | 86.6M | 63.1M | 32.2M | 31.1M | 20.1M | 12.9M | 12M | 14.4M | 14.2M | 16.8M | 17.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.50 | 4.11 | 4.99 | 5.47 | 5.48 | 4.79 | 3.72 | 4.71 | 3.87 | 2.58 | 1.92 | -0.84 | 1.82 | 2.74 | 5.07 | 4.59 | 2.81 | -1.39 | 2.78 | 2.30 | 2.36 | 2.81 | 1.50 | 0.44 | 0.62 | -0.69 | 0.76 | 1.01 | 1.82 | 2.69 | 2.19 |
| EPS Growth % | -5.17% | -17.64% | -8.78% | -0.18% | 14.41% | 28.76% | -21.02% | 21.71% | 50% | 34.38% | 328.57% | -146.15% | -33.58% | -45.96% | 10.46% | 63.35% | 302.16% | -150% | 20.87% | -2.54% | -16.01% | 87.33% | 240.91% | -29.03% | 189.86% | -190.79% | -24.75% | -44.51% | -32.34% | 22.83% | 21.67% |
| EPS (Basic) | - | 4.13 | 5.02 | 5.52 | 5.54 | 4.86 | 3.78 | 4.78 | 3.93 | 2.62 | 1.94 | -0.84 | 1.84 | 2.76 | 5.11 | 4.65 | 2.83 | -1.39 | 2.80 | 2.33 | 2.38 | 2.84 | 1.51 | 0.44 | 0.63 | -0.69 | 0.76 | 1.01 | 1.84 | 2.73 | 2.21 |
| Diluted Shares Outstanding | 70.2M | 70.23M | 70.75M | 72.08M | 74.32M | 77.01M | 76.4M | 76.9M | 78.34M | 78.91M | 79.23M | 84.63M | 91.22M | 95.82M | 97.6M | 98.66M | 97.52M | 96.14M | 96.27M | 95.68M | 94.29M | 92.63M | 90.76M | 82.91M | 62.5M | 60.39M | 60.38M | 61.98M | 62.91M | 63.72M | 63.42M |
| Basic Shares Outstanding | 69.58M | 69.77M | 70.2M | 71.38M | 73.6M | 75.89M | 75.35M | 75.76M | 77.12M | 77.74M | 78.52M | 84.63M | 90.37M | 94.99M | 96.67M | 97.45M | 96.54M | 96.14M | 95.65M | 94.44M | 93.5M | 91.65M | 89.88M | 82.91M | 61.51M | 60.39M | 60.38M | 61.98M | 62.23M | 62.78M | 62.85M |
| Dividend Payout Ratio | - | 34.08% | 27.25% | 23.85% | 22.51% | 24.98% | 30.58% | 23.45% | 28.3% | 40.95% | 57.95% | 46.13% | 52.87% | 33.31% | 17.96% | 16.73% | 18.67% | - | 25.2% | 28.61% | 26.17% | 21.19% | 34.47% | 115.34% | 81.84% | - | 94.93% | 71.09% | 39.13% | 22.58% | 21.74% |
Cyclical industrial demand sensitivity
According to the provided quarterly income statements, TKR's revenue growth has fluctuated between a 4.2% contraction and an 8.0% expansion, reflecting a period of inconsistent demand that suggests the company is struggling to maintain momentum in its core industrial and mobile end-markets during the current cycle.
The recent revenue trajectory appears to be stalling, with the most recent quarter showing 8.0% growth following several periods of negative year-over-year performance. This volatility suggests that TKR remains highly sensitive to global industrial production indices, and investors should monitor whether the recent uptick represents a sustainable recovery or merely a temporary fluctuation in project-based demand.
As reported in financial statements, TKR's gross margin profile has exhibited significant variability, dropping from a peak of 33.6% in 2024Q1 to a low of 21.9% in 2025Q4, which indicates potential challenges in managing input cost inflation and maintaining pricing power within its manufacturing segments.
The compression in gross margins suggests that the company's high-fixed-cost structure is susceptible to raw material price swings and capacity utilization issues. While the company aims to pivot toward higher-margin 'Process' industries, the current data implies that these efforts have yet to fully insulate the bottom line from broader industrial cyclicality.
Based on TKR's reported figures, operating margins have trended downward from 15.5% in early 2024 to 13.7% in the most recent quarter, suggesting that the company is currently unable to scale its operating income efficiently in proportion to its revenue base during this period of stagnation.
The inability to expand operating margins despite stable SG&A expenses indicates that the company's cost structure may be less flexible than anticipated. This trend warrants further investigation into whether the integration of recent acquisitions is creating temporary overhead bloat or if the core business is facing structural headwinds that limit operating leverage.
Analysis of the income statement reveals that TKR has utilized stock-based compensation, reaching $9.2 million in 2024Q4, which serves as a non-cash expense that investors should consider when evaluating the true quality of net income and the sustainability of reported earnings per share.
While SBC levels appear relatively contained, the presence of these charges alongside fluctuating net margins suggests that GAAP earnings may not always reflect the underlying cash-generating capability of the business. Analysts should monitor these items closely to ensure that management's compensation structure remains aligned with long-term shareholder value creation rather than short-term accounting adjustments.
Data from recent filings suggests that TKR's reliance on cyclical mobile and industrial markets may be a persistent drag, as evidenced by the inconsistent net margin performance which has struggled to consistently exceed 8% over the last ten quarters despite strategic M&A efforts.
Short-sellers might focus on the company's inability to achieve the margin profile of higher-tier peers, suggesting that the 'Industrial Motion' transition may be taking longer than the market expects. The risk remains that TKR is simply trading one set of cyclical exposures for another, potentially limiting its valuation multiple expansion in the near term.
Quick answers to the most common questions about buying TKR stock.
For fiscal year 2025, The Timken Company (TKR) reported total revenue of $4.58B. This represents a 91.3% increase compared to $2.39B in 1996.
The Timken Company (TKR) is profitable, generating $288.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.3%.
The Timken Company (TKR) reported an operating income of $565.9M, resulting in an operating profit margin of 12.4%. This margin reflects the operational efficiency of the business before interest and taxes.
The Timken Company (TKR) generated $1.31B in gross profit for the year, representing a gross profit margin of 28.7%. This demonstrates the company's core pricing power and production efficiency.