Tennant Company (TNC) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Industrial - Machinery
EV/EBITDA
↓
13.39
↑+25% vs avg
5yr avg: 10.69
30Y Low5.5·High22.8
P/FCF
↓
37.74
↑+54% vs avg
5yr avg: 24.50
30Y Low7.6·High77.7
P/B Ratio
↓
2.79
+2% vs avg
5yr avg: 2.75
30Y Low1.4·High4.8
ROE
↓
7.1%
↑-50% vs avg
5yr avg: 14.4%
30Y Low-13%·High21%
Debt/EBITDA
↑
2.46
↑+26% vs avg
5yr avg: 1.96
30Y Low0.1·High5.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TNC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Tennant Company trades at 38.5x earnings, 80% above its 5-year average of 21.3x, sitting at the 93rd percentile of its historical range. Compared to the Industrials sector median P/E of 25.5x, the stock trades at a premium of 51%. On a free-cash-flow basis, the stock trades at 37.7x P/FCF, 54% above the 5-year average of 24.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.4B | $1.6B | $1.7B | $1.2B | $1.5B | $1.3B | $1.4B | $956M | $1.3B | $1.3B |
| Enterprise Value | $1.9B | $1.6B | $1.7B | $1.9B | $1.4B | $1.7B | $1.5B | $1.7B | $1.2B | $1.6B | $1.3B |
| P/E Ratio → | 38.45 | 31.23 | 18.61 | 15.90 | 17.34 | 23.56 | 38.77 | 31.42 | 28.63 | — | 27.49 |
| P/S Ratio | 1.36 | 1.14 | 1.21 | 1.40 | 1.05 | 1.40 | 1.31 | 1.26 | 0.85 | 1.28 | 1.58 |
| P/B Ratio | 2.79 | 2.27 | 2.50 | 3.01 | 2.44 | 3.51 | 3.22 | 3.98 | 3.02 | 4.31 | 4.59 |
| P/FCF | 37.74 | 31.62 | 22.80 | 10.59 | — | 32.99 | 12.60 | 43.57 | 16.36 | 41.16 | 40.82 |
| P/OCF | 25.14 | 21.07 | 17.36 | 9.24 | — | 22.01 | 9.77 | 20.00 | 11.95 | 23.73 | 22.11 |
P/E links to full P/E history page with 30-year chart
TNC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Tennant Company's enterprise value stands at 13.4x EBITDA, 25% above its 5-year average of 10.7x. This is roughly in line with the Industrials sector median of 13.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.34 | 1.33 | 1.50 | 1.29 | 1.57 | 1.52 | 1.54 | 1.09 | 1.60 | 1.56 |
| EV / EBITDA | 13.39 | 11.50 | 10.10 | 9.84 | 10.35 | 11.67 | 12.99 | 13.86 | 10.90 | 22.82 | 14.49 |
| EV / EBIT | 23.09 | 24.03 | 15.03 | 13.59 | 16.24 | 21.05 | 26.00 | 24.37 | 20.70 | 66.55 | 18.37 |
| EV / FCF | — | 37.13 | 25.06 | 11.35 | — | 37.02 | 14.65 | 53.02 | 20.97 | 51.35 | 40.13 |
TNC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Tennant Company earns an operating margin of 6.7%, above the Industrials sector average of 4.3%. Operating margins have compressed from 11.1% to 6.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 7.1% is modest, trailing the sector median of 8.2%. ROIC of 7.5% represents adequate returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.2% | 40.2% | 42.7% | 42.4% | 38.5% | 40.2% | 40.7% | 40.6% | 39.6% | 40.3% | 43.5% |
| Operating Margin | 6.7% | 6.7% | 8.9% | 11.1% | 8.0% | 8.6% | 6.4% | 6.3% | 5.2% | 2.7% | 8.5% |
| Net Profit Margin | 3.6% | 3.6% | 6.5% | 8.8% | 6.1% | 5.9% | 3.4% | 4.0% | 3.0% | -0.6% | 5.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.1% | 7.1% | 13.9% | 20.8% | 14.6% | 15.4% | 8.8% | 13.5% | 10.9% | -2.1% | 17.6% |
| ROA | 3.6% | 3.6% | 7.3% | 10.0% | 6.2% | 6.1% | 3.1% | 4.5% | 3.4% | -0.8% | 10.3% |
| ROIC | 7.5% | 7.5% | 11.6% | 14.5% | 9.7% | 11.3% | 7.4% | 8.6% | 7.2% | 4.6% | 21.3% |
| ROCE | 8.7% | 8.7% | 13.2% | 16.7% | 10.9% | 11.7% | 7.9% | 9.4% | 7.7% | 4.9% | 21.5% |
TNC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Tennant Company carries a Debt/EBITDA ratio of 2.5x, which is manageable (24% below the sector average of 3.2x). Net debt stands at $238M ($345M total debt minus $106M cash). Interest coverage of 7.4x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.57 | 0.57 | 0.41 | 0.42 | 0.70 | 0.71 | 0.87 | 1.07 | 1.12 | 1.26 | 0.13 |
| Debt / EBITDA | 2.46 | 2.46 | 1.50 | 1.28 | 2.45 | 2.11 | 3.02 | 3.06 | 3.16 | 5.36 | 0.42 |
| Net Debt / Equity | — | 0.39 | 0.25 | 0.22 | 0.54 | 0.43 | 0.52 | 0.86 | 0.85 | 1.07 | -0.08 |
| Net Debt / EBITDA | 1.70 | 1.70 | 0.91 | 0.66 | 1.88 | 1.27 | 1.82 | 2.47 | 2.40 | 4.53 | -0.25 |
| Debt / FCF | — | 5.50 | 2.27 | 0.76 | — | 4.02 | 2.05 | 9.45 | 4.61 | 10.19 | -0.70 |
| Interest Coverage | 7.43 | 7.43 | 12.52 | 10.17 | 12.20 | 11.15 | 2.83 | 3.40 | 2.54 | 0.95 | 53.56 |
TNC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Tennant Company's current ratio of 2.05x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.37x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.05 | 2.05 | 1.97 | 2.08 | 2.20 | 1.81 | 1.94 | 1.75 | 1.88 | 1.79 | 2.24 |
| Quick Ratio | 1.37 | 1.37 | 1.34 | 1.44 | 1.41 | 1.26 | 1.44 | 1.20 | 1.34 | 1.25 | 1.65 |
| Cash Ratio | 0.36 | 0.36 | 0.34 | 0.43 | 0.30 | 0.42 | 0.55 | 0.27 | 0.34 | 0.25 | 0.44 |
| Asset Turnover | — | 0.95 | 1.08 | 1.12 | 1.01 | 1.03 | 0.92 | 1.07 | 1.13 | 1.01 | 1.72 |
| Inventory Turnover | 3.62 | 3.62 | 4.01 | 4.07 | 3.25 | 4.06 | 4.65 | 4.50 | 5.02 | 4.69 | 5.81 |
| Days Sales Outstanding | — | 77.88 | 73.50 | 72.67 | 84.05 | 70.74 | 72.89 | 71.65 | 67.57 | 76.24 | 67.32 |
TNC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Tennant Company returns 6.7% to shareholders annually — split between a 1.3% dividend yield and 5.4% buyback yield. A payout ratio of 50.0% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 2.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 1.6% | 1.4% | 1.2% | 1.6% | 1.1% | 1.2% | 1.1% | 1.6% | 1.2% | 1.1% |
| Payout Ratio | 50.0% | 50.0% | 25.6% | 18.4% | 28.5% | 27.0% | 48.4% | 34.9% | 45.9% | — | 30.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 3.2% | 5.4% | 6.3% | 5.8% | 4.2% | 2.6% | 3.2% | 3.5% | — | 3.6% |
| FCF Yield | 2.6% | 3.2% | 4.4% | 9.4% | — | 3.0% | 7.9% | 2.3% | 6.1% | 2.4% | 2.4% |
| Buyback Yield | 5.4% | 6.5% | 1.3% | 1.2% | 0.4% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% |
| Total Shareholder Yield | 6.7% | 8.1% | 2.6% | 2.4% | 2.1% | 2.1% | 1.2% | 1.1% | 1.6% | 1.2% | 2.1% |
| Shares Outstanding | — | $19M | $19M | $19M | $19M | $19M | $19M | $18M | $18M | $18M | $18M |
Peer Comparison
Compare TNC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TNCYou | $2B | 38.5 | 13.4 | 37.7 | 40.2% | 6.7% | 7.1% | 7.5% | 2.5 |
 NDSN | $16B | 34.8 | 21.2 | 24.9 | 55.2% | 25.9% | 16.2% | 10.5% | 2.5 |
 KAI | $4B | 35.2 | 18.5 | 23.3 | 45.2% | 14.9% | 11.0% | 10.1% | 1.8 |
 MIDD | $8B | -32.0 | 14.2 | 13.9 | 39.1% | 18.4% | -8.7% | 8.7% | 3.2 |
 TTNP | $4M | -0.6 | — | — | — | — | -103.6% | -12206.3% | — |
 ASTE | $1B | 33.4 | 15.1 | 60.0 | 26.5% | 4.6% | 5.9% | 6.2% | 3.1 |
 HLIO | $3B | 62.4 | 23.5 | 28.9 | 32.3% | 7.9% | 5.4% | 4.4% | 0.9 |
 ECL | $76B | 37.0 | 23.6 | 39.9 | 44.5% | 18.1% | 22.3% | 12.7% | 2.6 |
 CLX | $12B | 14.7 | 10.2 | 15.2 | 45.0% | 16.6% | 166.3% | 27.7% | 2.1 |
 SHW | $79B | 31.2 | 21.3 | 29.8 | 48.9% | 16.1% | 59.4% | 16.5% | 3.3 |
 MMM | $84B | 26.8 | 16.8 | 60.0 | 39.6% | 18.3% | 75.2% | 28.1% | 2.4 |
| Industrials Median | — | 25.5 | 13.9 | 20.1 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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TNC — Frequently Asked Questions
Quick answers to the most common questions about buying TNC stock.
What is Tennant Company's P/E ratio?
Tennant Company's current P/E ratio is 38.5x. The historical average is 25.5x. This places it at the 93th percentile of its historical range.
What is Tennant Company's EV/EBITDA?
Tennant Company's current EV/EBITDA is 13.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.9x.
What is Tennant Company's ROE?
Tennant Company's return on equity (ROE) is 7.1%. The historical average is 12.2%.
Is TNC stock overvalued?
Based on historical data, Tennant Company is trading at a P/E of 38.5x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Tennant Company's dividend yield?
Tennant Company's current dividend yield is 1.30% with a payout ratio of 50.0%.
What are Tennant Company's profit margins?
Tennant Company has 40.2% gross margin and 6.7% operating margin.
How much debt does Tennant Company have?
Tennant Company's Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.