What is Thermon Group's operating income?

Thermon Group's total operating income in 2026 was $70.74 million, based on the following breakdown: Total Gross Profit: $243.06 million Total Operating Expenses: $172.32 million

Thermon Group (THR) Financials

$61.14 0.00 (0.00%)

As of 06/5/2026

Compare

Annual Income Statements for Thermon Group

This table shows Thermon Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	23	15	12	23	12	2.44	17	34	52	54	45
Consolidated Net Income / (Loss)	24	15	13	23	12	0.88	20	34	52	54	45
Net Income / (Loss) Continuing Operations	24	15	13	23	12	2.44	20	34	52	54	45
Total Pre-Tax Income	32	19	18	33	17	-0.64	28	49	68	70	64
Total Operating Income	37	22	33	49	33	7.41	38	55	75	80	71
Total Gross Profit	131	112	144	176	162	117	140	185	212	223	243
Total Revenue	282	264	309	413	383	276	356	441	495	498	536
Operating Revenue	282	264	309	413	383	276	356	441	495	498	536
Total Cost of Revenue	151	152	165	237	222	159	216	255	283	275	293
Operating Cost of Revenue	151	152	165	237	222	159	216	255	283	275	293
Total Operating Expenses	95	89	111	127	129	108	102	130	136	143	172
Selling, General & Admin Expense	81	78	95	107	112	90	93	117	124	129	158
Amortization Expense	12	12	16	21	18	9.45	8.79	9.45	10	14	13
Other Operating Expenses / (Income)	-	-	-	-	-0.39	0.00	0.28	-0.21	1.23	0.45	0.60
Restructuring Charge	-	-	-	0.00	0.00	8.62	-0.41	3.69	0.98	-0.30	0.00
Total Other Income / (Expense), net	-4.40	-3.36	-14	-15	-16	-8.05	-9.98	-5.96	-7.70	-9.64	-6.51
Interest Expense	4.14	3.52	9.36	16	14	10	5.82	-	8.85	10	8.00
Other Income / (Expense), net	-0.68	-0.41	-5.60	0.11	-1.56	2.14	-4.17	-0.09	1.15	0.69	1.48
Income Tax Expense	8.72	4.10	5.17	9.97	5.14	-1.52	8.33	16	16	17	20
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	2.99	-0.01	-0.03	0.08	0.00
Basic Earnings per Share	$0.72	$0.45	$0.37	$0.70	$0.36	$0.03	$0.60	$1.01	$1.53	$1.59	$1.37
Weighted Average Basic Shares Outstanding	32.18M	32.30M	32.42M	32.57M	32.76M	33.13M	33.31M	33.47M	33.67M	33.71M	32.54M
Diluted Earnings per Share	$0.71	$0.45	$0.36	$0.69	$0.36	$0.03	$0.60	$1.00	$1.51	$1.57	$1.36
Weighted Average Diluted Shares Outstanding	32.59M	32.63M	32.80M	33.05M	33.15M	33.34M	33.51M	33.75M	34.07M	34.06M	32.80M
Weighted Average Basic & Diluted Shares Outstanding	32M	32.50M	32.20M	32.50M	32.96M	33.25M	33.37M	33.51M	33.77M	33.09M	32.94M

This table shows Thermon Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	15	16	11	8.51	9.49	19	17	8.58	15	18	2.75
Consolidated Net Income / (Loss)	15	16	10	8.51	9.49	19	17	8.58	15	18	2.75
Net Income / (Loss) Continuing Operations	15	16	10	8.51	9.49	19	17	8.58	15	18	2.75
Total Pre-Tax Income	19	20	14	11	13	25	21	11	20	25	8.58
Total Operating Income	22	21	17	14	15	28	23	12	22	27	11
Total Gross Profit	54	57	52	50	51	62	59	48	61	69	65
Total Revenue	124	136	128	115	115	134	134	109	132	147	148
Operating Revenue	124	136	128	115	115	134	134	109	132	147	148
Total Cost of Revenue	69	79	75	65	64	72	75	61	71	79	83
Operating Cost of Revenue	69	79	75	65	64	72	75	61	71	79	83
Total Operating Expenses	33	36	36	37	36	34	36	36	39	42	55
Selling, General & Admin Expense	30	32	33	31	31	34	33	32	36	38	52
Amortization Expense	2.23	2.12	3.42	3.40	3.40	3.46	3.42	3.49	3.50	3.48	2.96
Other Operating Expenses / (Income)	-0.25	0.65	0.55	0.10	0.43	-0.12	0.04	0.66	0.49	0.21	-0.76
Total Other Income / (Expense), net	-2.19	-1.10	-3.16	-2.70	-2.23	-2.66	-2.05	-0.72	-1.57	-2.03	-2.20
Interest Expense	1.93	1.75	3.58	2.85	2.79	2.54	-	1.96	2.02	2.16	1.85
Other Income / (Expense), net	-0.27	0.65	0.42	0.14	0.56	-0.13	0.11	1.24	0.46	0.13	-0.35
Income Tax Expense	4.76	4.51	3.58	2.52	3.48	6.49	4.12	2.43	5.06	6.33	5.84
Basic Earnings per Share	$0.44	$0.47	$0.29	$0.25	$0.28	$0.55	$0.51	$0.26	$0.45	$0.56	$0.10
Weighted Average Basic Shares Outstanding	33.69M	33.70M	33.67M	33.76M	33.79M	33.71M	33.71M	33.14M	32.95M	32.84M	32.54M
Diluted Earnings per Share	$0.43	$0.46	$0.30	$0.25	$0.28	$0.54	$0.50	$0.26	$0.45	$0.55	$0.10
Weighted Average Diluted Shares Outstanding	34.13M	34.20M	34.07M	34.08M	34.14M	34.09M	34.06M	33.31M	33.24M	33.18M	32.80M
Weighted Average Basic & Diluted Shares Outstanding	33.70M	33.71M	33.77M	33.80M	33.69M	33.69M	33.09M	33.07M	32.84M	32.85M	32.94M

This table details how cash moves in and out of Thermon Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Change in Cash & Equivalents	-9.20	-42	-7.97	-2.49	12	-3.56	1.48	-5.41	12	-9.01	16
Net Cash From Operating Activities	48	26	23	23	71	30	29	58	66	63	47
Net Cash From Continuing Operating Activities	48	26	23	23	71	30	29	54	66	63	47
Net Income / (Loss) Continuing Operations	24	15	13	23	12	0.88	20	34	52	54	45
Consolidated Net Income / (Loss)	24	15	13	23	12	0.88	20	34	52	54	45
Depreciation Expense	17	18	24	30	28	21	20	19	19	22	22
Amortization Expense	0.73	0.39	2.53	1.93	1.89	1.53	0.60	0.32	0.49	0.49	0.50
Non-Cash Adjustments To Reconcile Net Income	5.11	6.00	-0.63	-11	14	9.02	2.37	6.25	5.65	-1.41	0.51
Changes in Operating Assets and Liabilities, net	1.02	-13	-17	-21	14	-1.86	-15	-5.69	-11	-12	-21
Net Cash From Investing Activities	-42	-52	-166	-10	-10	-7.83	-4.53	-45	-110	-15	-13
Net Cash From Continuing Investing Activities	-42	-52	-166	-10	-10	-7.83	-4.53	-45	-110	-15	-13
Purchase of Property, Plant & Equipment	-13	-8.37	-10	-12	-11	-8.13	-5.22	-9.78	-11	-10	-14
Acquisitions	-31	0.00	-203	-	-	0.00	0.00	-35	-100	-11	0.00
Sale of Property, Plant & Equipment	2.19	1.16	0.01	0.03	0.24	-	0.00	0.00	0.84	5.76	0.00
Divestitures	-	-	-	-	-	-	0.00	0.00	1.03	0.00	0.00
Other Investing Activities, net	-	-	0.94	0.98	0.60	0.30	0.69	0.20	0.10	0.07	0.85
Net Cash From Financing Activities	-15	-15	134	-14	-47	-28	-23	-13	57	-56	-17
Net Cash From Continuing Financing Activities	-15	-15	134	-14	-47	-28	-23	-13	57	-56	-17
Repayment of Debt	-14	-14	-126	-40	-52	-28	-180	-47	-59	-46	-160
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-0.25	-20	-16
Issuance of Debt	0.00	0.00	260	33	10	0.00	158	35	118	12	162
Other Financing Activities, net	-1.17	-1.16	-0.36	-6.07	-4.66	-0.43	-0.73	-0.79	-2.09	-2.66	-3.72
Effect of Exchange Rate Changes	-0.55	-	-	-	-2.01	2.19	-0.08	-1.17	-1.06	-0.74	0.03
Cash Interest Paid	3.37	3.09	7.35	14	12	8.74	5.70	5.77	9.18	10	8.54
Cash Income Taxes Paid	16	9.28	7.73	22	13	9.67	9.79	15	23	16	18

This table details how cash moves in and out of Thermon Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.10	24	-6.84	0.21	2.06	-12	0.84	-2.70	-3.24	17	5.25
Net Cash From Operating Activities	3.39	24	37	13	8.56	9.84	32	11	7.43	18	11
Net Cash From Continuing Operating Activities	3.29	24	37	13	8.56	9.84	32	11	7.43	18	11
Net Income / (Loss) Continuing Operations	15	16	10	8.51	9.49	19	17	8.58	15	18	2.75
Consolidated Net Income / (Loss)	15	16	10	8.51	9.49	19	17	8.58	15	18	2.75
Depreciation Expense	4.36	4.27	5.76	5.56	5.57	5.62	5.58	5.66	5.81	5.70	5.29
Amortization Expense	0.09	0.06	0.25	0.13	0.12	0.12	0.12	0.11	0.13	0.10	0.16
Non-Cash Adjustments To Reconcile Net Income	1.51	1.41	0.74	1.07	1.51	1.47	-5.46	1.48	-7.09	4.53	1.59
Changes in Operating Assets and Liabilities, net	-17	2.70	20	-2.61	-8.14	-16	15	-5.10	-6.38	-11	0.87
Net Cash From Investing Activities	-2.79	-103	-1.24	-3.90	-1.85	-5.57	-3.65	-2.35	-3.05	-4.47	-3.21
Net Cash From Continuing Investing Activities	-2.79	-103	-1.24	-3.90	-1.85	-5.57	-3.65	-2.35	-3.05	-4.47	-3.21
Purchase of Property, Plant & Equipment	-2.81	-2.27	-3.13	-3.92	-1.86	-1.39	-3.07	-2.42	-3.06	-4.92	-3.53
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	-	-	-	-0.02
Other Investing Activities, net	0.02	0.04	0.02	0.02	0.02	0.03	0.00	0.07	0.01	0.43	0.34
Net Cash From Financing Activities	-2.74	102	-41	-8.00	-5.66	-14	-29	-13	-6.84	3.76	-1.60
Net Cash From Continuing Financing Activities	-2.74	102	-41	-8.00	-5.66	-14	-29	-13	-6.84	3.76	-1.60
Repayment of Debt	-7.62	-3.06	-41	-3.38	-3.38	-17	-22	-13	-144	-1.11	-1.46
Other Financing Activities, net	-0.13	0.19	-0.06	-3.05	-0.02	0.56	-0.15	-3.37	-0.07	-0.13	-0.14
Effect of Exchange Rate Changes	-0.85	0.63	-1.11	-0.54	1.00	-2.22	1.03	1.55	-0.77	-0.16	-0.59

This table presents Thermon Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Total Assets	469	454	662	656	621	618	637	650	768	755	831
Total Current Assets	199	198	220	240	218	207	244	251	275	274	341
Cash & Equivalents	85	43	34	31	43	40	41	36	49	40	52
Accounts Receivable	65	69	111	105	92	75	95	98	107	110	125
Inventories, net	41	34	64	65	60	64	72	82	86	89	118
Prepaid Expenses	8.23	5.81	9.05	7.32	9.22	8.78	12	16	14	17	19
Current Deferred & Refundable Income Taxes	0.21	2.03	1.89	4.39	2.54	8.23	4.63	3.14	1.63	0.23	0.05
Other Current Assets	-	-	-	26	10	11	20	16	17	19	27
Plant, Property, & Equipment, net	42	43	74	75	73	73	66	63	68	73	0.00
Total Noncurrent Assets	228	213	368	341	330	338	326	335	425	408	489
Goodwill	122	123	211	205	198	213	213	220	271	264	269
Intangible Assets	104	86	151	127	105	104	95	94	127	115	104
Noncurrent Deferred & Refundable Income Taxes	1.48	2.82	3.43	3.83	2.90	2.59	1.21	0.69	1.07	0.90	1.12
Other Noncurrent Operating Assets	1.38	1.12	2.37	5.61	25	19	17	21	26	28	116
Total Liabilities & Shareholders' Equity	469	454	662	656	621	618	637	650	768	755	831
Total Liabilities	170	142	322	307	274	239	237	231	293	260	292
Total Current Liabilities	58	52	62	73	61	53	81	110	109	113	127
Short-Term Debt	14	20	2.50	14	2.50	2.50	7.93	25	20	18	7.81
Accounts Payable	19	16	23	23	25	20	34	27	31	31	41
Accrued Expenses	18	13	23	28	24	24	27	39	32	36	50
Current Deferred & Payable Income Tax Liabilities	2.94	0.48	5.95	1.96	1.22	0.22	0.90	6.81	2.82	4.06	3.96
Other Current Liabilities	-	-	-	7.05	8.09	6.47	12	12	24	24	24
Total Noncurrent Liabilities	112	89	259	234	214	186	156	121	184	147	165
Long-Term Debt	80	60	215	198	169	143	120	88	152	120	133
Noncurrent Deferred & Payable Income Tax Liabilities	29	26	34	28	22	21	18	12	9.44	9.76	11
Other Noncurrent Operating Liabilities	3.18	3.37	10	7.66	23	22	18	21	22	17	21
Total Equity & Noncontrolling Interests	299	313	341	349	346	379	399	419	475	495	539
Total Preferred & Common Equity	294	308	335	345	346	379	399	419	475	495	539
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	294	308	335	345	346	379	399	419	475	495	539
Common Stock	217	219	223	223	228	231	235	240	244	246	251
Retained Earnings	122	137	149	171	183	183	204	237	289	342	387
Treasury Stock	-	-	-	-	-	-	-	0.00	-0.25	-20	-36
Accumulated Other Comprehensive Income / (Loss)	-45	-48	-37	-49	-64	-36	-39	-58	-57	-73	-63

This table presents Thermon Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025	12/31/2025
Total Assets	654	650	657	664	805	757	762	763	765	778	817
Total Current Assets	258	253	256	270	310	266	275	280	273	289	321
Cash & Equivalents	32	35	33	31	55	49	37	39	37	30	47
Accounts Receivable	101	92	92	102	121	99	94	115	101	102	112
Inventories, net	95	91	93	93	96	90	94	92	105	111	117
Prepaid Expenses	15	16	0.24	17	16	11	33	18	14	21	20
Current Deferred & Refundable Income Taxes	2.33	1.47	15	1.11	1.65	2.54	1.87	0.50	0.17	0.15	0.00
Other Current Assets	13	17	22	27	19	15	16	16	16	25	25
Plant, Property, & Equipment, net	62	61	65	65	68	69	67	71	76	77	79
Total Noncurrent Assets	335	336	337	329	427	421	419	412	417	413	417
Goodwill	218	221	222	219	269	269	270	264	272	270	271
Intangible Assets	97	96	93	88	133	123	121	118	115	110	107
Noncurrent Deferred & Refundable Income Taxes	0.82	0.78	0.68	0.70	1.07	1.36	1.76	2.22	0.88	1.28	1.69
Other Noncurrent Operating Assets	18	18	22	21	25	27	27	28	30	31	36
Total Liabilities & Shareholders' Equity	654	650	657	664	805	757	762	763	765	778	817
Total Liabilities	259	239	223	221	338	281	271	275	256	263	278
Total Current Liabilities	121	110	110	118	140	102	98	110	112	102	111
Short-Term Debt	38	35	33	38	48	21	22	18	23	6.25	7.03
Accounts Payable	41	30	28	35	27	31	30	30	33	41	39
Accrued Expenses	24	28	32	31	40	29	27	32	31	32	34
Current Deferred & Payable Income Tax Liabilities	1.86	3.57	5.28	4.37	5.45	3.15	1.81	5.38	2.14	2.07	6.35
Other Current Liabilities	16	13	12	11	19	19	17	24	23	21	24
Total Noncurrent Liabilities	138	129	113	103	198	179	173	165	144	160	167
Long-Term Debt	105	98	80	73	164	148	143	135	116	133	136
Noncurrent Deferred & Payable Income Tax Liabilities	15	13	11	10	11	8.95	8.73	9.58	9.91	9.58	9.29
Other Noncurrent Operating Liabilities	18	19	21	20	23	22	21	21	18	18	23
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	396	412	434	442	467	476	490	489	509	515	539
Total Preferred & Common Equity	396	412	434	442	467	476	490	489	509	515	539
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	396	412	434	442	467	476	490	489	509	515	539
Common Stock	236	238	239	241	242	242	243	245	244	246	248
Retained Earnings	221	229	248	263	279	297	307	325	351	366	384
Treasury Stock	-	-	-	-	-	-1.83	-4.09	-6.44	-30	-36	-36
Accumulated Other Comprehensive Income / (Loss)	-62	-56	-54	-61	-53	-61	-56	-75	-56	-61	-57

This table displays calculated financial ratios and metrics derived from Thermon Group's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	32,848,372.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	32,848,372.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.36
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.64%	-6.31%	16.84%	33.71%	-7.07%	-27.98%	28.78%	23.87%	12.27%	0.72%	7.64%
EBITDA Growth	-33.28%	-25.76%	34.36%	48.85%	-23.90%	-48.11%	73.15%	35.63%	28.39%	7.75%	-7.83%
EBIT Growth	-45.87%	-38.94%	23.19%	79.12%	-36.02%	-69.33%	258.87%	60.93%	38.86%	5.13%	-10.22%
NOPAT Growth	-49.26%	-34.39%	33.53%	44.10%	-32.68%	-77.29%	423.64%	39.02%	52.24%	5.94%	-19.35%
Net Income Growth	-52.11%	-36.64%	-11.78%	75.27%	-48.48%	-92.65%	2,190.99%	67.56%	53.23%	3.74%	-16.71%
EPS Growth	-53.29%	-36.62%	-20.00%	91.67%	-47.83%	-91.67%	1,900.00%	66.67%	51.00%	3.97%	-13.38%
Operating Cash Flow Growth	-7.37%	-44.74%	-13.48%	1.37%	204.50%	-57.17%	-5.07%	100.72%	14.28%	-4.30%	-25.86%
Free Cash Flow Firm Growth	-94.23%	414.12%	-1,069.68%	114.37%	176.29%	-105.61%	684.68%	11.00%	-258.86%	244.77%	-75.64%
Invested Capital Growth	8.07%	-0.78%	71.27%	1.15%	-10.25%	2.00%	0.38%	1.99%	20.58%	-0.62%	5.61%
Revenue Q/Q Growth	-0.67%	-1.77%	12.79%	2.90%	-6.32%	-5.17%	8.96%	4.73%	1.06%	1.31%	2.73%
EBITDA Q/Q Growth	-11.52%	-0.79%	33.05%	-2.18%	-17.59%	-4.67%	23.79%	2.48%	4.49%	5.81%	-12.06%
EBIT Q/Q Growth	-18.19%	-2.23%	45.55%	0.46%	-29.38%	1.00%	50.43%	3.77%	3.89%	8.05%	-15.06%
NOPAT Q/Q Growth	-19.49%	-0.17%	33.11%	-0.92%	-31.12%	-15.99%	48.84%	-3.40%	7.44%	11.44%	-22.90%
Net Income Q/Q Growth	-22.91%	-0.83%	32.53%	0.67%	-44.88%	184.33%	94.01%	-2.84%	4.84%	14.77%	-24.20%
EPS Q/Q Growth	-23.66%	0.00%	28.57%	4.55%	-45.45%	200.00%	100.00%	-4.76%	5.59%	14.60%	-22.73%
Operating Cash Flow Q/Q Growth	-9.06%	4.56%	-10.16%	9.13%	7.59%	-10.52%	0.69%	23.82%	20.58%	-7.76%	-31.39%
Free Cash Flow Firm Q/Q Growth	-84.05%	19.89%	1.91%	-12.50%	50.71%	-121.90%	-0.89%	49.93%	28.67%	-15.43%	-50.81%
Invested Capital Q/Q Growth	-0.11%	-1.20%	-0.31%	0.39%	-6.72%	-2.24%	-0.40%	-2.49%	-4.26%	-1.42%	-1.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.58%	42.38%	46.60%	42.64%	42.15%	42.32%	39.40%	42.02%	42.77%	44.74%	45.32%
EBITDA Margin	19.23%	15.24%	17.53%	19.51%	15.98%	11.51%	15.48%	16.94%	19.38%	20.73%	17.75%
Operating Margin	13.04%	8.50%	10.61%	11.76%	8.52%	2.68%	10.80%	12.53%	15.24%	16.01%	13.19%
EBIT Margin	12.80%	8.34%	8.80%	11.78%	8.11%	3.45%	9.63%	12.51%	15.47%	16.15%	13.47%
Profit (Net Income) Margin	8.39%	5.67%	4.28%	5.61%	3.11%	0.32%	5.65%	7.64%	10.43%	10.74%	8.31%
Tax Burden Percent	73.07%	78.52%	71.89%	69.91%	69.89%	-136.18%	70.68%	68.38%	76.23%	76.32%	69.40%
Interest Burden Percent	89.69%	86.60%	67.75%	68.17%	54.90%	-6.75%	83.02%	89.35%	88.44%	87.17%	88.93%
Effective Tax Rate	26.93%	21.48%	28.11%	30.09%	30.11%	0.00%	29.32%	31.62%	23.77%	23.68%	30.60%
Return on Invested Capital (ROIC)	9.07%	5.75%	5.68%	6.45%	4.55%	1.08%	5.60%	7.69%	10.51%	10.21%	8.04%
ROIC Less NNEP Spread (ROIC-NNEP)	-20.06%	-273.61%	-6.11%	0.52%	-2.52%	-2.60%	-1.74%	2.71%	4.63%	3.58%	3.22%
Return on Net Nonoperating Assets (RNNOA)	-0.78%	-0.85%	-1.64%	0.27%	-1.12%	-0.84%	-0.43%	0.54%	1.04%	0.82%	0.58%
Return on Equity (ROE)	8.29%	4.90%	4.05%	6.72%	3.43%	0.24%	5.16%	8.23%	11.54%	11.03%	8.62%
Cash Return on Invested Capital (CROIC)	1.31%	6.53%	-46.87%	5.30%	15.36%	-0.90%	5.21%	5.72%	-8.16%	10.83%	2.58%
Operating Return on Assets (OROA)	7.86%	4.78%	4.86%	7.38%	4.87%	1.54%	5.46%	8.57%	10.80%	10.56%	9.11%
Return on Assets (ROA)	5.15%	3.25%	2.37%	3.52%	1.87%	0.14%	3.20%	5.23%	7.28%	7.03%	5.62%
Return on Common Equity (ROCE)	8.23%	4.83%	3.98%	6.62%	3.41%	0.24%	5.16%	8.23%	11.54%	11.03%	8.62%
Return on Equity Simple (ROE_SIMPLE)	8.03%	4.87%	3.95%	6.72%	3.45%	0.23%	5.03%	8.04%	10.86%	10.80%	0.00%
Net Operating Profit after Tax (NOPAT)	27	18	24	34	23	5.18	27	38	57	61	49
NOPAT Margin	9.53%	6.67%	7.63%	8.22%	5.95%	1.88%	7.63%	8.57%	11.62%	12.22%	9.15%
Net Nonoperating Expense Percent (NNEP)	29.13%	279.36%	11.79%	5.93%	7.06%	3.69%	7.34%	4.98%	5.87%	6.63%	4.82%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	9.61%	7.22%
Cost of Revenue to Revenue	53.42%	57.62%	53.40%	57.36%	57.85%	57.68%	60.60%	57.98%	57.23%	55.26%	54.68%
SG&A Expenses to Revenue	28.63%	29.42%	30.66%	25.85%	29.10%	32.53%	26.16%	26.56%	25.03%	25.95%	29.52%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.54%	33.88%	35.99%	30.88%	33.63%	39.07%	28.60%	29.49%	27.53%	28.73%	32.13%
Earnings before Interest and Taxes (EBIT)	36	22	27	49	31	9.54	34	55	77	80	72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	54	40	54	81	61	32	55	75	96	103	95
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.92	2.19	2.17	2.32	1.43	1.71	1.35	1.99	2.32	1.89	3.07
Price to Tangible Book Value (P/TBV)	8.21	6.80	0.00	60.75	11.28	10.43	5.90	7.92	14.32	8.11	9.97
Price to Revenue (P/Rev)	2.01	2.55	2.36	1.94	1.29	2.34	1.52	1.90	2.23	1.88	3.09
Price to Earnings (P/E)	24.59	46.04	61.07	35.12	41.51	265.06	31.59	57.69	21.03	17.53	37.14
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.07%	2.17%	1.64%	2.85%	2.41%	0.38%	3.17%	1.73%	4.75%	5.70%	2.69%
Enterprise Value to Invested Capital (EV/IC)	1.88	2.20	1.75	1.86	1.31	1.55	1.29	1.84	2.05	1.75	2.78
Enterprise Value to Revenue (EV/Rev)	2.05	2.54	2.97	2.38	1.63	2.72	1.76	2.07	2.48	2.08	3.25
Enterprise Value to EBITDA (EV/EBITDA)	10.68	16.68	16.93	12.21	10.18	23.67	11.40	12.21	12.79	10.04	18.33
Enterprise Value to EBIT (EV/EBIT)	16.05	30.47	33.73	20.23	20.06	78.86	18.32	16.55	16.02	12.89	24.15
Enterprise Value to NOPAT (EV/NOPAT)	21.56	38.10	38.91	29.00	27.33	145.13	23.10	24.16	21.34	17.04	35.53
Enterprise Value to Operating Cash Flow (EV/OCF)	12.08	25.36	39.96	42.34	8.82	24.84	21.81	15.80	18.59	16.43	37.28
Enterprise Value to Free Cash Flow (EV/FCFF)	148.72	33.55	0.00	35.25	8.09	0.00	24.80	32.48	0.00	16.06	110.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.31	0.26	0.64	0.61	0.50	0.38	0.32	0.27	0.36	0.28	0.26
Long-Term Debt to Equity	0.27	0.19	0.63	0.57	0.49	0.38	0.30	0.21	0.32	0.24	0.25
Financial Leverage	0.04	0.00	0.27	0.53	0.44	0.32	0.25	0.20	0.22	0.23	0.18
Leverage Ratio	1.61	1.51	1.71	1.91	1.84	1.71	1.61	1.57	1.59	1.57	1.53
Compound Leverage Factor	1.44	1.31	1.16	1.30	1.01	-0.12	1.34	1.40	1.40	1.37	1.36
Debt to Total Capital	23.86%	20.48%	38.90%	37.73%	33.12%	27.75%	24.33%	21.16%	26.54%	21.84%	20.75%
Short-Term Debt to Total Capital	3.44%	5.15%	0.45%	2.45%	0.48%	0.48%	1.50%	4.65%	3.04%	2.84%	1.15%
Long-Term Debt to Total Capital	20.42%	15.33%	38.45%	35.28%	32.64%	27.27%	22.83%	16.50%	23.51%	18.99%	19.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.09%	1.18%	1.06%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	75.05%	78.35%	60.03%	61.52%	66.88%	72.25%	75.67%	78.84%	73.46%	78.16%	79.25%
Debt to EBITDA	1.73	2.00	4.01	2.63	2.80	4.58	2.33	1.51	1.79	1.34	1.48
Net Debt to EBITDA	0.17	-0.18	3.37	2.24	2.09	3.32	1.58	1.03	1.28	0.96	0.93
Long-Term Debt to EBITDA	1.48	1.50	3.97	2.46	2.76	4.50	2.19	1.17	1.59	1.17	1.40
Debt to NOPAT	3.49	4.57	9.22	6.24	7.51	28.07	4.73	2.98	2.99	2.27	2.87
Net Debt to NOPAT	0.34	-0.41	7.74	5.31	5.62	20.33	3.20	2.03	2.14	1.62	1.81
Long-Term Debt to NOPAT	2.98	3.42	9.12	5.83	7.41	27.59	4.44	2.32	2.64	1.98	2.71
Altman Z-Score	3.58	4.41	2.56	3.11	2.58	2.84	2.86	3.90	4.02	4.07	5.30
Noncontrolling Interest Sharing Ratio	0.75%	1.46%	1.61%	1.47%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.45	3.79	3.53	3.27	3.59	3.92	3.02	2.28	2.51	2.43	2.69
Quick Ratio	2.60	2.99	2.33	1.87	2.24	2.17	1.69	1.21	1.43	1.33	1.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3.89	20	-194	28	77	-4.33	25	28	-45	65	16
Operating Cash Flow to CapEx	461.30%	367.36%	229.24%	193.51%	666.41%	372.47%	550.84%	590.30%	648.14%	1,405.75%	335.91%
Free Cash Flow to Firm to Interest Expense	0.94	5.69	-20.74	1.78	5.49	-0.42	4.35	4.78	-5.04	0.00	1.97
Operating Cash Flow to Interest Expense	11.57	7.53	2.45	1.48	5.04	2.97	4.94	9.83	7.46	0.00	5.85
Operating Cash Flow Less CapEx to Interest Expense	9.06	5.48	1.38	0.71	4.29	2.18	4.05	8.17	6.31	0.00	4.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.57	0.55	0.63	0.60	0.45	0.57	0.69	0.70	0.65	0.68
Accounts Receivable Turnover	4.26	3.95	3.44	3.82	3.88	3.31	4.19	4.57	4.83	4.59	4.56
Inventory Turnover	3.69	4.08	3.37	3.68	3.54	2.57	3.18	3.32	3.36	3.14	2.83
Fixed Asset Turnover	7.38	6.22	5.24	5.52	5.20	3.80	5.13	6.81	7.52	7.06	0.00
Accounts Payable Turnover	8.23	8.66	8.52	10.36	9.29	7.11	8.09	8.39	9.64	8.80	8.11
Days Sales Outstanding (DSO)	85.63	92.40	105.98	95.46	94.13	110.34	87.13	79.92	75.62	79.54	80.06
Days Inventory Outstanding (DIO)	98.94	89.53	108.36	99.24	102.96	142.12	114.67	109.86	108.61	116.20	128.92
Days Payable Outstanding (DPO)	44.35	42.14	42.83	35.24	39.30	51.31	45.12	43.50	37.86	41.48	45.00
Cash Conversion Cycle (CCC)	140.22	139.79	171.51	159.47	157.80	201.15	156.68	146.27	146.36	154.26	163.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	308	305	523	529	475	484	486	496	598	594	628
Invested Capital Turnover	0.95	0.86	0.75	0.78	0.76	0.58	0.73	0.90	0.90	0.84	0.88
Increase / (Decrease) in Invested Capital	23	-2.39	218	6.02	-54	9.51	1.85	9.67	102	-3.69	33
Enterprise Value (EV)	579	671	916	983	624	752	627	912	1,226	1,037	1,744
Market Capitalization	566	674	728	799	496	647	540	835	1,103	938	1,656
Book Value per Share	$9.14	$9.52	$10.32	$10.57	$10.53	$11.41	$11.97	$12.51	$14.09	$14.70	$16.40
Tangible Book Value per Share	$2.14	$3.07	($0.83)	$0.40	$1.34	$1.87	$2.74	$3.15	$2.28	$3.43	$5.05
Total Capital	392	393	558	560	518	524	528	531	646	634	680
Total Debt	94	80	217	211	172	146	128	112	172	138	141
Total Long-Term Debt	80	60	215	198	169	143	120	88	152	120	133
Net Debt	9.04	-7.15	182	180	128	105	87	77	123	99	89
Capital Expenditures (CapEx)	10	7.21	10.00	12	11	8.13	5.22	9.78	10	4.49	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	70	78	125	149	117	116	130	130	136	140	170
Debt-free Net Working Capital (DFNWC)	155	166	160	180	160	157	171	166	185	180	222
Net Working Capital (NWC)	141	146	158	166	157	154	163	141	165	162	214
Net Nonoperating Expense (NNE)	3.21	2.64	10	11	11	4.31	7.05	4.07	5.87	7.36	4.52
Net Nonoperating Obligations (NNO)	9.04	-7.15	182	180	128	105	87	77	123	99	89
Total Depreciation and Amortization (D&A)	18	18	27	32	30	22	21	20	19	23	23
Debt-free, Cash-free Net Working Capital to Revenue	24.85%	29.71%	40.63%	36.06%	30.40%	42.14%	36.53%	29.50%	27.56%	28.12%	31.68%
Debt-free Net Working Capital to Revenue	54.84%	62.89%	51.94%	43.67%	41.67%	56.67%	48.18%	37.58%	37.39%	36.06%	41.43%
Net Working Capital to Revenue	50.06%	55.22%	51.13%	40.35%	41.02%	55.76%	45.95%	31.97%	33.43%	32.44%	39.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.72	$0.45	$0.37	$0.70	$0.36	$0.00	$0.60	$1.01	$1.53	$1.59	$1.37
Adjusted Weighted Average Basic Shares Outstanding	32.18M	32.30M	32.42M	32.57M	32.76M	0.00	33.31M	33.47M	33.67M	33.71M	32.54M
Adjusted Diluted Earnings per Share	$0.71	$0.45	$0.36	$0.69	$0.36	$0.00	$0.60	$1.00	$1.51	$1.57	$1.36
Adjusted Weighted Average Diluted Shares Outstanding	32.59M	32.63M	32.80M	33.05M	33.15M	0.00	33.51M	33.75M	34.07M	34.06M	32.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	32.23M	32.37M	32.50M	32.64M	32.96M	0.00	33.37M	33.51M	33.77M	33.09M	32.94M
Normalized Net Operating Profit after Tax (NOPAT)	28	18	24	34	23	11	27	40	58	61	49
Normalized NOPAT Margin	9.97%	6.67%	7.63%	8.22%	5.95%	4.06%	7.55%	9.14%	11.77%	12.17%	9.15%
Pre Tax Income Margin	11.48%	7.22%	5.96%	8.03%	4.45%	-0.23%	7.99%	11.17%	13.68%	14.07%	11.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.71	6.26	2.90	3.09	2.22	0.94	5.89	9.39	8.65	0.00	9.03
NOPAT to Interest Expense	6.49	5.01	2.51	2.16	1.63	0.51	4.67	6.43	6.50	0.00	6.14
EBIT Less CapEx to Interest Expense	6.20	4.21	1.83	2.33	1.46	0.14	4.99	7.72	7.50	0.00	7.29
NOPAT Less CapEx to Interest Expense	3.98	2.96	1.45	1.39	0.87	-0.29	3.77	4.76	5.35	0.00	4.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	4.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	4.09%	0.00%	0.00%	0.00%	0.00%	0.48%	37.63%	35.39%

This table displays calculated financial ratios and metrics derived from Thermon Group's official financial filings.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	32,848,372.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	32,848,372.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.97%	11.72%	4.22%	7.71%	-7.29%	-1.52%	5.03%	-5.41%	14.89%	9.64%	10.63%
EBITDA Growth	24.76%	35.55%	21.51%	-3.49%	-17.04%	25.97%	24.40%	-4.24%	30.38%	-2.16%	-45.12%
EBIT Growth	36.39%	50.14%	19.91%	-11.91%	-26.39%	24.69%	34.76%	-6.56%	39.77%	-2.81%	-55.11%
NOPAT Growth	32.97%	80.98%	46.76%	-10.93%	-32.12%	22.86%	49.95%	-13.74%	44.96%	-3.47%	-81.48%
Net Income Growth	34.10%	87.98%	30.93%	-22.19%	-35.55%	17.06%	68.31%	0.82%	57.51%	-1.34%	-83.83%
EPS Growth	30.30%	84.00%	36.36%	-21.88%	-34.88%	17.39%	66.67%	4.00%	60.71%	1.85%	-80.00%
Operating Cash Flow Growth	405.51%	27.55%	43.12%	1,358.41%	152.42%	-59.56%	-14.21%	-15.14%	-13.28%	82.76%	-66.79%
Free Cash Flow Firm Growth	107.31%	-792.98%	-7,333.01%	-850.45%	-7,285.30%	142.53%	124.89%	89.56%	111.67%	-128.16%	-234.06%
Invested Capital Growth	3.00%	22.81%	20.58%	15.81%	18.43%	-3.48%	-0.62%	2.78%	1.00%	5.26%	5.61%
Revenue Q/Q Growth	15.69%	10.33%	-6.43%	-9.81%	-0.42%	17.19%	-0.20%	-18.78%	20.96%	11.83%	0.69%
EBITDA Q/Q Growth	27.55%	2.20%	-12.02%	-15.86%	9.64%	55.19%	-13.12%	-35.23%	49.28%	16.46%	-51.26%
EBIT Q/Q Growth	35.94%	3.20%	-21.98%	-19.52%	13.60%	74.81%	-15.67%	-44.20%	69.93%	21.55%	-61.05%
NOPAT Q/Q Growth	37.73%	1.88%	-25.63%	-14.65%	4.96%	84.39%	-9.23%	-50.90%	76.38%	22.79%	-82.58%
Net Income Q/Q Growth	34.67%	7.52%	-36.33%	-15.59%	11.55%	95.27%	-8.46%	-49.44%	74.27%	22.32%	-84.99%
EPS Q/Q Growth	34.38%	6.98%	-34.78%	-16.67%	12.00%	92.86%	-7.41%	-48.00%	73.08%	22.22%	-81.82%
Operating Cash Flow Q/Q Growth	290.78%	617.22%	53.60%	-66.12%	-32.36%	14.91%	225.83%	-66.49%	-30.88%	142.18%	-40.80%
Free Cash Flow Firm Q/Q Growth	-87.42%	-8,483.41%	9.73%	21.16%	-20.43%	149.62%	-47.17%	-133.08%	234.61%	-219.68%	-151.53%
Invested Capital Q/Q Growth	1.59%	19.60%	-4.26%	-0.44%	3.88%	-2.53%	-1.42%	2.96%	2.09%	1.58%	-1.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.04%	42.08%	41.04%	43.81%	44.41%	46.24%	44.33%	44.12%	46.37%	46.60%	44.01%
EBITDA Margin	20.92%	19.38%	18.22%	17.00%	18.72%	24.79%	21.58%	17.21%	21.24%	22.12%	10.71%
Operating Margin	17.54%	15.72%	13.18%	11.93%	13.26%	20.61%	17.25%	10.77%	16.38%	18.09%	7.27%
EBIT Margin	17.32%	16.20%	13.51%	12.05%	13.75%	20.51%	17.33%	11.91%	16.73%	18.18%	7.03%
Profit (Net Income) Margin	11.91%	11.61%	7.90%	7.39%	8.28%	13.80%	12.66%	7.88%	11.35%	12.42%	1.85%
Tax Burden Percent	75.57%	77.83%	73.80%	77.16%	73.17%	74.08%	80.48%	77.96%	74.72%	74.28%	31.99%
Interest Burden Percent	91.01%	92.06%	79.23%	79.49%	82.30%	90.80%	90.74%	84.88%	90.82%	91.93%	82.26%
Effective Tax Rate	24.43%	22.17%	26.20%	22.84%	26.83%	25.92%	19.52%	22.04%	25.28%	25.72%	68.01%
Return on Invested Capital (ROIC)	12.24%	10.57%	8.80%	8.35%	8.40%	12.24%	11.61%	6.84%	10.03%	11.34%	2.04%
ROIC Less NNEP Spread (ROIC-NNEP)	10.50%	9.90%	6.46%	6.25%	6.84%	10.78%	10.12%	6.34%	9.04%	9.90%	1.29%
Return on Net Nonoperating Assets (RNNOA)	2.39%	2.86%	1.44%	1.37%	1.52%	3.06%	2.31%	1.43%	2.13%	2.02%	0.23%
Return on Equity (ROE)	14.63%	13.43%	10.24%	9.72%	9.93%	15.29%	13.92%	8.27%	12.16%	13.36%	2.28%
Cash Return on Invested Capital (CROIC)	5.98%	-11.04%	-8.16%	-4.53%	-7.95%	12.44%	10.83%	7.11%	9.37%	5.17%	2.58%
Operating Return on Assets (OROA)	12.49%	10.90%	9.43%	8.57%	9.53%	12.86%	11.34%	7.70%	11.06%	12.01%	4.76%
Return on Assets (ROA)	8.59%	7.81%	5.51%	5.26%	5.74%	8.65%	8.28%	5.09%	7.51%	8.20%	1.25%
Return on Common Equity (ROCE)	14.63%	13.43%	10.24%	9.72%	9.93%	15.29%	13.92%	8.27%	12.16%	13.36%	2.28%
Return on Equity Simple (ROE_SIMPLE)	9.45%	10.53%	0.00%	10.33%	8.96%	9.54%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	16	17	12	11	11	21	19	9.14	16	20	3.45
NOPAT Margin	13.25%	12.24%	9.73%	9.20%	9.70%	15.27%	13.89%	8.39%	12.24%	13.44%	2.32%
Net Nonoperating Expense Percent (NNEP)	1.74%	0.67%	2.34%	2.09%	1.57%	1.45%	1.48%	0.51%	0.99%	1.44%	0.75%
Return On Investment Capital (ROIC_SIMPLE)	-	2.46%	-	-	-	3.20%	2.94%	1.41%	2.46%	2.91%	0.51%
Cost of Revenue to Revenue	55.96%	57.92%	58.96%	56.19%	55.59%	53.76%	55.68%	55.88%	53.63%	53.40%	55.99%
SG&A Expenses to Revenue	24.66%	23.35%	25.71%	27.00%	27.27%	25.40%	24.49%	29.55%	26.96%	26.00%	35.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.50%	26.36%	27.86%	31.88%	31.15%	25.63%	27.07%	33.35%	29.98%	28.51%	36.74%
Earnings before Interest and Taxes (EBIT)	21	22	17	14	16	28	23	13	22	27	10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	26	26	23	20	21	33	29	19	28	33	16
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.09	2.35	2.32	2.18	2.06	1.98	1.89	1.82	1.71	2.27	3.07
Price to Tangible Book Value (P/TBV)	6.83	16.72	14.32	12.45	10.08	9.06	8.11	7.56	6.55	7.63	9.97
Price to Revenue (P/Rev)	1.95	2.24	2.23	2.07	2.04	1.97	1.88	1.89	1.74	2.34	3.09
Price to Earnings (P/E)	40.95	36.57	21.03	20.76	22.52	20.41	17.53	17.34	14.96	20.76	37.14
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.44%	2.73%	4.75%	4.82%	4.44%	4.90%	5.70%	5.77%	6.68%	4.82%	2.69%
Enterprise Value to Invested Capital (EV/IC)	1.93	2.01	2.05	1.95	1.84	1.80	1.75	1.69	1.59	2.07	2.78
Enterprise Value to Revenue (EV/Rev)	2.12	2.56	2.48	2.30	2.30	2.20	2.08	2.10	1.95	2.52	3.25
Enterprise Value to EBITDA (EV/EBITDA)	11.85	13.68	12.79	12.17	12.53	11.10	10.04	10.07	9.11	12.16	18.33
Enterprise Value to EBIT (EV/EBIT)	15.17	17.03	16.02	15.51	16.48	14.55	12.89	12.97	11.57	15.48	24.15
Enterprise Value to NOPAT (EV/NOPAT)	21.87	23.46	21.34	20.63	22.34	19.83	17.04	17.36	15.42	20.67	35.53
Enterprise Value to Operating Cash Flow (EV/OCF)	20.33	22.94	18.59	14.89	13.71	15.83	16.43	16.86	16.53	19.29	37.28
Enterprise Value to Free Cash Flow (EV/FCFF)	32.68	0.00	0.00	0.00	0.00	14.19	16.06	24.04	17.06	41.15	110.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.25	0.45	0.36	0.35	0.34	0.31	0.28	0.27	0.27	0.26	0.26
Long-Term Debt to Equity	0.16	0.35	0.32	0.31	0.29	0.28	0.24	0.23	0.26	0.25	0.25
Financial Leverage	0.23	0.29	0.22	0.22	0.22	0.28	0.23	0.23	0.24	0.20	0.18
Leverage Ratio	1.57	1.66	1.59	1.55	1.53	1.64	1.57	1.55	1.53	1.54	1.53
Compound Leverage Factor	1.43	1.52	1.26	1.24	1.26	1.49	1.42	1.31	1.39	1.41	1.26
Debt to Total Capital	19.96%	31.24%	26.54%	26.12%	25.18%	23.82%	21.84%	21.44%	21.25%	20.93%	20.75%
Short-Term Debt to Total Capital	6.83%	7.13%	3.04%	3.22%	3.34%	2.81%	2.84%	3.55%	0.96%	1.03%	1.15%
Long-Term Debt to Total Capital	13.14%	24.12%	23.51%	22.90%	21.85%	21.01%	18.99%	17.89%	20.30%	19.89%	19.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	80.04%	68.76%	73.46%	73.88%	74.82%	76.18%	78.16%	78.56%	78.75%	79.07%	79.25%
Debt to EBITDA	1.30	2.32	1.79	1.77	1.82	1.57	1.34	1.36	1.28	1.32	1.48
Net Debt to EBITDA	0.94	1.71	1.28	1.25	1.41	1.17	0.96	1.00	1.00	0.88	0.93
Long-Term Debt to EBITDA	0.86	1.79	1.59	1.55	1.58	1.38	1.17	1.13	1.22	1.25	1.40
Debt to NOPAT	2.40	3.97	2.99	3.00	3.24	2.80	2.27	2.34	2.16	2.24	2.87
Net Debt to NOPAT	1.74	2.94	2.14	2.12	2.52	2.09	1.62	1.72	1.70	1.50	1.81
Long-Term Debt to NOPAT	1.58	3.07	2.64	2.63	2.81	2.47	1.98	1.95	2.06	2.13	2.71
Altman Z-Score	4.16	3.39	3.76	3.75	3.79	3.74	3.82	3.77	3.71	4.35	5.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.29	2.22	2.51	2.61	2.80	2.56	2.43	2.43	2.82	2.90	2.69
Quick Ratio	1.12	1.26	1.43	1.45	1.33	1.40	1.33	1.22	1.29	1.44	1.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1.18	-99	-90	-71	-85	42	22	-7.38	9.94	-12	-30
Operating Cash Flow to CapEx	120.84%	1,069.83%	1,192.31%	322.69%	459.83%	706.32%	1,043.89%	443.70%	242.33%	365.56%	299.97%
Free Cash Flow to Firm to Interest Expense	0.62	-56.61	-25.02	-24.82	-30.50	16.66	0.00	-3.76	4.91	-5.50	-16.16
Operating Cash Flow to Interest Expense	1.76	13.87	10.43	4.45	3.07	3.88	0.00	5.48	3.67	8.32	5.75
Operating Cash Flow Less CapEx to Interest Expense	0.30	12.57	9.56	3.07	2.40	3.33	0.00	4.24	2.16	6.04	3.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.67	0.70	0.71	0.69	0.63	0.65	0.65	0.66	0.66	0.68
Accounts Receivable Turnover	4.70	4.60	4.83	5.28	5.06	4.18	4.59	4.93	5.20	4.61	4.56
Inventory Turnover	2.89	2.97	3.36	3.15	3.04	2.93	3.14	2.79	2.72	2.72	2.83
Fixed Asset Turnover	7.51	7.59	7.52	7.50	7.47	7.08	7.06	6.79	7.07	6.93	0.00
Accounts Payable Turnover	7.17	9.85	9.64	9.79	8.70	9.80	8.80	8.50	7.76	8.31	8.11
Days Sales Outstanding (DSO)	77.63	79.42	75.62	69.07	72.09	87.29	79.54	73.97	70.13	79.18	80.06
Days Inventory Outstanding (DIO)	126.13	122.90	108.61	115.77	120.16	124.75	116.20	130.99	134.11	134.12	128.92
Days Payable Outstanding (DPO)	50.90	37.07	37.86	37.30	41.97	37.24	41.48	42.96	47.04	43.95	45.00
Cash Conversion Cycle (CCC)	152.86	165.25	146.36	147.54	150.27	174.79	154.26	162.00	157.21	169.34	163.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	522	624	598	595	618	603	594	612	625	634	628
Invested Capital Turnover	0.92	0.86	0.90	0.91	0.87	0.80	0.84	0.82	0.82	0.84	0.88
Increase / (Decrease) in Invested Capital	15	116	102	81	96	-22	-3.69	17	6.19	32	33
Enterprise Value (EV)	1,005	1,255	1,226	1,158	1,137	1,083	1,037	1,032	993	1,316	1,744
Market Capitalization	925	1,098	1,103	1,039	1,009	969	938	929	883	1,220	1,656
Book Value per Share	$13.13	$13.87	$14.09	$14.10	$14.50	$14.51	$14.70	$15.39	$15.58	$16.40	$16.40
Tangible Book Value per Share	$4.02	$1.95	$2.28	$2.47	$2.96	$3.18	$3.43	$3.71	$4.08	$4.87	$5.05
Total Capital	553	680	646	644	655	641	634	648	654	681	680
Total Debt	110	212	172	168	165	153	138	139	139	143	141
Total Long-Term Debt	73	164	152	148	143	135	120	116	133	136	133
Net Debt	80	157	123	119	128	114	99	102	109	96	89
Capital Expenditures (CapEx)	2.81	2.27	3.13	3.92	1.86	1.39	3.07	2.42	3.06	4.92	3.55
Debt-free, Cash-free Net Working Capital (DFCFNWC)	159	163	136	136	162	150	140	147	163	170	170
Debt-free Net Working Capital (DFNWC)	190	218	185	185	199	189	180	183	193	217	222
Net Working Capital (NWC)	152	170	165	164	177	171	162	160	186	210	214
Net Nonoperating Expense (NNE)	1.66	0.86	2.33	2.09	1.63	1.97	1.65	0.56	1.17	1.51	0.70
Net Nonoperating Obligations (NNO)	80	157	123	119	128	114	99	102	109	96	89
Total Depreciation and Amortization (D&A)	4.45	4.34	6.02	5.69	5.69	5.74	5.70	5.77	5.94	5.80	5.45
Debt-free, Cash-free Net Working Capital to Revenue	33.49%	33.31%	27.56%	27.00%	32.73%	30.46%	28.12%	29.85%	32.00%	32.60%	31.68%
Debt-free Net Working Capital to Revenue	39.92%	44.63%	37.39%	36.76%	40.22%	38.34%	36.06%	37.27%	37.84%	41.58%	41.43%
Net Working Capital to Revenue	31.98%	34.73%	33.43%	32.64%	35.79%	34.68%	32.44%	32.60%	36.62%	40.23%	39.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.44	$0.47	$0.29	$0.25	$0.28	$0.55	$0.51	$0.26	$0.45	$0.56	$0.10
Adjusted Weighted Average Basic Shares Outstanding	33.69M	33.70M	33.67M	33.76M	33.79M	33.71M	33.71M	33.14M	32.95M	32.84M	32.54M
Adjusted Diluted Earnings per Share	$0.43	$0.46	$0.30	$0.25	$0.28	$0.54	$0.50	$0.26	$0.45	$0.55	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	34.13M	34.20M	34.07M	34.08M	34.14M	34.09M	34.06M	33.31M	33.24M	33.18M	32.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	33.70M	33.71M	33.77M	33.80M	33.69M	33.69M	33.09M	33.07M	32.84M	32.85M	32.94M
Normalized Net Operating Profit after Tax (NOPAT)	17	18	12	12	12	18	19	9.14	16	20	7.55
Normalized NOPAT Margin	13.44%	13.00%	9.01%	10.62%	10.09%	13.60%	13.89%	8.39%	12.24%	13.44%	5.09%
Pre Tax Income Margin	15.76%	14.91%	10.70%	9.58%	11.32%	18.63%	15.73%	10.11%	15.19%	16.72%	5.79%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.13	12.60	4.81	4.87	5.65	10.87	0.00	6.61	10.90	12.39	5.64
NOPAT to Interest Expense	8.51	9.52	3.47	3.72	3.99	8.09	0.00	4.66	7.97	9.16	1.86
EBIT Less CapEx to Interest Expense	9.67	11.30	3.94	3.50	4.98	10.32	0.00	5.38	9.38	10.12	3.72
NOPAT Less CapEx to Interest Expense	7.05	8.22	2.59	2.34	3.32	7.54	0.00	3.43	6.46	6.89	-0.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.48%	3.72%	9.31%	13.81%	37.63%	52.86%	54.32%	50.55%	35.39%

Financials Breakdown Chart

Key Financial Trends

Thermon Group Holdings (NYSE: THR) showed a much stronger second half of fiscal 2026 than the prior-year comparison period, but the latest quarter also came with margin pressure and lower cash generation than the standout Q3.

In the most recent quarter ended March 31, 2026, revenue was $148.3 million, up slightly from $147.3 million in the prior quarter and above the $134.1 million reported in the comparable quarter a year ago. More importantly, Thermon posted $10.8 million in operating income and $2.7 million in net income, which was a solid rebound from the prior quarter’s $26.7 million operating income and $18.3 million net income, but still far below the unusually strong Q3 result. The business continues to generate positive operating cash flow, which is a key strength for retail investors to watch.

Over the longer trend, Thermon has shown improved scale and profitability versus fiscal 2023. Revenue in the latest fiscal 2026 quarters has generally run above the comparable 2025 and 2024 periods, and earnings have improved materially from the weaker 2023 period. At the same time, the balance sheet has become more leveraged, with total debt still significant and equity building mostly through retained earnings rather than explosive growth. That makes execution and cash flow discipline especially important.

Revenue has held up well and trended higher year over year. Q4 2026 revenue of $148.3 million was above Q4 2025’s $134.1 million and also ahead of several earlier quarters in the 2024-2025 period.
Operating cash flow remains healthy. Thermon generated $10.6 million in operating cash flow in Q4 2026, after $17.9 million in Q3 2026 and $7.4 million in Q2 2026.
The company has been profitable across the recent run of quarters. Q4 2026 net income was $2.7 million, following $18.3 million in Q3 2026 and $15.0 million in Q2 2026.
Gross profit dollars remain strong. Q4 2026 gross profit was $65.3 million, showing the company still has meaningful pricing and product contribution power.
Equity has grown over the last year. Total common equity rose to $538.7 million in Q3 2026 from $488.7 million in Q3 2025, supported by retained earnings growth.
Capital spending is manageable. Quarterly capex has generally stayed in the low-to-mid single-digit millions, suggesting Thermon is not being forced into heavy reinvestment.
Debt remains meaningful but manageable. The company ended Q3 2026 with $142.6 million of total debt, down from the heavier debt load seen at points in the prior year.
Share count has not changed dramatically. Diluted shares in Q4 2026 were 32.8 million, so recent earnings growth has been driven more by operations than by major dilution.
Margins weakened in the latest quarter. Q4 2026 operating margin was about 7.3%, well below Q3 2026’s stronger result and indicating some pressure on profitability.
Working capital swings remain a drag on cash flow. The latest quarter had only modest operating cash generation relative to net income, reflecting ongoing changes in receivables, inventories, and liabilities.

Bottom line: Thermon Group looks like a business that has improved materially from its 2023 baseline and is still producing solid cash flow, but the latest quarter shows that profitability can be uneven. For investors, the main positives are steady revenue, healthy operating cash flow, and improving equity. The main risks are margin volatility and a still-levered balance sheet.

06/06/26 09:39 PM ETAI Generated. May Contain Errors.

Thermon Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Thermon Group's fiscal year ends in March. Their fiscal year 2026 ended on March 31, 2026.

Thermon Group's net income appears to be on an upward trend, with a most recent value of $44.57 million in 2026, rising from $23.65 million in 2016. The previous period was $53.52 million in 2025. Find out what analysts predict for Thermon Group in the coming months.

Thermon Group's total operating income in 2026 was $70.74 million, based on the following breakdown:

Total Gross Profit: $243.06 million
Total Operating Expenses: $172.32 million

Over the last 10 years, Thermon Group's total revenue changed from $281.93 million in 2016 to $536.26 million in 2026, a change of 90.2%.

Thermon Group's total liabilities were at $291.87 million at the end of 2026, a 12.2% increase from 2025, and a 71.7% increase since 2016.

In the past 10 years, Thermon Group's cash and equivalents has ranged from $31.40 million in 2019 to $84.57 million in 2016, and is currently $52.28 million as of their latest financial filing in 2026.

Over the last 10 years, Thermon Group's book value per share changed from 9.14 in 2016 to 16.40 in 2026, a change of 79.4%.

Related Companies

Financial statements for NYSE:THR last updated on 5/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thermon Group (THR) Financials

Financials Breakdown Chart

Key Financial Trends

Thermon Group Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Thermon Group (THR) Financials

Annual Income Statements for Thermon Group

Quarterly Income Statements for Thermon Group

Annual Cash Flow Statements for Thermon Group

Quarterly Cash Flow Statements for Thermon Group

Annual Balance Sheets for Thermon Group

Quarterly Balance Sheets for Thermon Group

Annual Metrics And Ratios for Thermon Group

Quarterly Metrics And Ratios for Thermon Group

Financials Breakdown Chart

Key Financial Trends

Thermon Group Financials - Frequently Asked Questions

When does Thermon Group's financial year end?

How has Thermon Group's net income changed over the last 10 years?

What is Thermon Group's operating income?

How has Thermon Group's revenue changed over the last 10 years?

How much debt does Thermon Group have?

How much cash does Thermon Group have?

How has Thermon Group's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools