Thermon Group (THR) Financials

$65.15 -3.46 (-5.04%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$66.29 +1.14 (+1.75%)

As of 05/15/2026 06:18 PM Eastern

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	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
Net Income / (Loss) Attributable to Common Shareholders	49	23	15	12	23	12	2.44	17	34	52	54
Consolidated Net Income / (Loss)	49	24	15	13	23	12	0.88	20	34	52	54
Net Income / (Loss) Continuing Operations	49	24	15	13	23	12	2.44	20	34	52	54
Total Pre-Tax Income	63	32	19	18	33	17	-0.64	28	49	68	70
Total Operating Income	67	37	22	33	49	33	7.41	38	55	75	80
Total Gross Profit	155	131	112	144	176	162	117	140	185	212	223
Total Revenue	309	282	264	309	413	383	276	356	441	495	498
Operating Revenue	309	282	264	309	413	383	276	356	441	495	498
Total Cost of Revenue	154	151	152	165	237	222	159	216	255	283	275
Operating Cost of Revenue	154	151	152	165	237	222	159	216	255	283	275
Total Operating Expenses	88	95	89	111	127	129	108	102	130	136	143
Selling, General & Admin Expense	77	81	78	95	107	112	90	93	117	124	129
Amortization Expense	11	12	12	16	21	18	9.45	8.79	9.45	10	14
Other Operating Expenses / (Income)	-	-	-	-	-	-0.39	0.00	0.28	-0.21	1.23	0.45
Restructuring Charge	-	-	-	-	0.00	0.00	8.62	-0.41	3.69	0.98	-0.30
Total Other Income / (Expense), net	-4.50	-4.40	-3.36	-14	-15	-16	-8.05	-9.98	-5.96	-7.70	-9.64
Interest & Investment Income	0.46	0.42	0.57	0.61	0.24	-	-	-	-5.87	-8.85	-10
Other Income / (Expense), net	-0.39	-0.68	-0.41	-5.60	0.11	-1.56	2.14	-4.17	-0.09	1.15	0.69
Income Tax Expense	13	8.72	4.10	5.17	9.97	5.14	-1.52	8.33	16	16	17
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	-	2.99	-0.01	-0.03	0.08
Basic Earnings per Share	$1.54	$0.72	$0.45	$0.37	$0.70	$0.36	$0.03	$0.60	$1.01	$1.53	$1.59
Weighted Average Basic Shares Outstanding	32.03M	32.18M	32.30M	32.42M	32.57M	32.76M	33.13M	33.31M	33.47M	33.67M	33.71M
Diluted Earnings per Share	$1.52	$0.71	$0.45	$0.36	$0.69	$0.36	$0.03	$0.60	$1.00	$1.51	$1.57
Weighted Average Diluted Shares Outstanding	32.41M	32.59M	32.63M	32.80M	33.05M	33.15M	33.34M	33.51M	33.75M	34.07M	34.06M
Weighted Average Basic & Diluted Shares Outstanding	32.10M	32M	32.50M	32.20M	32.50M	32.96M	33.25M	33.37M	33.51M	33.77M	33.09M

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	11	15	16	11	8.51	9.49	19	17	8.58	15	18
Consolidated Net Income / (Loss)	11	15	16	10	8.51	9.49	19	17	8.58	15	18
Net Income / (Loss) Continuing Operations	11	15	16	10	8.51	9.49	19	17	8.58	15	18
Total Pre-Tax Income	14	19	20	14	11	13	25	21	11	20	25
Total Operating Income	15	22	21	17	14	15	28	23	12	22	27
Total Gross Profit	47	54	57	52	50	51	62	59	48	61	69
Total Revenue	107	124	136	128	115	115	134	134	109	132	147
Operating Revenue	107	124	136	128	115	115	134	134	109	132	147
Total Cost of Revenue	60	69	79	75	65	64	72	75	61	71	79
Operating Cost of Revenue	60	69	79	75	65	64	72	75	61	71	79
Total Operating Expenses	32	33	36	36	37	36	34	36	36	39	42
Selling, General & Admin Expense	29	30	32	33	31	31	34	33	32	36	38
Amortization Expense	2.39	2.23	2.12	3.42	3.40	3.40	3.46	3.42	3.49	3.50	3.48
Other Operating Expenses / (Income)	0.27	-0.25	0.65	0.55	0.10	0.43	-0.12	0.04	0.66	0.49	0.21
Restructuring Charge	0.58	0.30	1.34	-1.24	2.11	0.61	-3.03	0.01	0.00	0.00	0.00
Total Other Income / (Expense), net	-1.24	-2.19	-1.10	-3.16	-2.70	-2.23	-2.66	-2.05	-0.72	-1.57	-2.03
Interest Expense	1.58	1.93	1.75	3.58	2.85	2.79	2.54	-	1.96	2.02	2.16
Other Income / (Expense), net	0.34	-0.27	0.65	0.42	0.14	0.56	-0.13	0.11	1.24	0.46	0.13
Income Tax Expense	3.23	4.76	4.51	3.58	2.52	3.48	6.49	4.12	2.43	5.06	6.33
Basic Earnings per Share	$0.33	$0.44	$0.47	$0.29	$0.25	$0.28	$0.55	$0.51	$0.26	$0.45	$0.56
Weighted Average Basic Shares Outstanding	33.57M	33.69M	33.70M	33.67M	33.76M	33.79M	33.71M	33.71M	33.14M	32.95M	32.84M
Diluted Earnings per Share	$0.32	$0.43	$0.46	$0.30	$0.25	$0.28	$0.54	$0.50	$0.26	$0.45	$0.55
Weighted Average Diluted Shares Outstanding	33.86M	34.13M	34.20M	34.07M	34.08M	34.14M	34.09M	34.06M	33.31M	33.24M	33.18M
Weighted Average Basic & Diluted Shares Outstanding	33.69M	33.70M	33.71M	33.77M	33.80M	33.69M	33.69M	33.09M	33.07M	32.84M	32.85M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	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
Net Change in Cash & Equivalents	21	-9.20	-42	-7.97	-2.49	12	-3.56	1.48	-5.41	12	-9.01
Net Cash From Operating Activities	52	48	26	23	23	71	30	29	58	66	63
Net Cash From Continuing Operating Activities	52	48	26	23	23	71	30	29	54	66	63
Net Income / (Loss) Continuing Operations	49	24	15	13	23	12	0.88	20	34	52	54
Consolidated Net Income / (Loss)	49	24	15	13	23	12	0.88	20	34	52	54
Depreciation Expense	14	17	18	24	30	28	21	20	19	19	22
Amortization Expense	0.46	0.73	0.39	2.53	1.93	1.89	1.53	0.60	0.32	0.49	0.49
Non-Cash Adjustments To Reconcile Net Income	-0.22	5.11	6.00	-0.63	-11	14	9.02	2.37	6.25	5.65	-1.41
Changes in Operating Assets and Liabilities, net	-12	1.02	-13	-17	-21	14	-1.86	-15	-5.69	-11	-12
Net Cash From Investing Activities	-9.97	-42	-52	-166	-10	-10	-7.83	-4.53	-45	-110	-15
Net Cash From Continuing Investing Activities	-9.97	-42	-52	-166	-10	-10	-7.83	-4.53	-45	-110	-15
Purchase of Property, Plant & Equipment	-6.08	-13	-8.37	-10	-12	-11	-8.13	-5.22	-9.78	-11	-10
Acquisitions	-3.89	-31	0.00	-203	-	-	0.00	0.00	-35	-100	-11
Sale of Property, Plant & Equipment	0.00	2.19	1.16	0.01	0.03	0.24	-	0.00	0.00	0.84	5.76
Divestitures	-	-	-	-	-	-	-	0.00	0.00	1.03	0.00
Other Investing Activities, net	-	-	-	0.94	0.98	0.60	0.30	0.69	0.20	0.10	0.07
Net Cash From Financing Activities	-12	-15	-15	134	-14	-47	-28	-23	-13	57	-56
Net Cash From Continuing Financing Activities	-12	-15	-15	134	-14	-47	-28	-23	-13	57	-56
Repayment of Debt	-14	-14	-14	-126	-40	-52	-28	-180	-47	-59	-46
Repurchase of Common Equity	-	-	-	-	-	-	-	0.00	0.00	-0.25	-20
Issuance of Debt	-	0.00	0.00	260	33	10	0.00	158	35	118	12
Other Financing Activities, net	1.95	-1.17	-1.16	-0.36	-6.07	-4.66	-0.43	-0.73	-0.79	-2.09	-2.66
Effect of Exchange Rate Changes	-8.80	-0.55	-	-	-	-2.01	2.19	-0.08	-1.17	-1.06	-0.74
Cash Interest Paid	4.06	3.37	3.09	7.35	14	12	8.74	5.70	5.77	9.18	10
Cash Income Taxes Paid	17	16	9.28	7.73	22	13	9.67	9.79	15	23	16

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	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
Net Change in Cash & Equivalents	-2.49	-3.10	24	-6.84	0.21	2.06	-12	0.84	-2.70	-3.24	17
Net Cash From Operating Activities	0.87	3.39	24	37	13	8.56	9.84	32	11	7.43	18
Net Cash From Continuing Operating Activities	1.88	3.29	24	37	13	8.56	9.84	32	11	7.43	18
Net Income / (Loss) Continuing Operations	11	15	16	10	8.51	9.49	19	17	8.58	15	18
Consolidated Net Income / (Loss)	11	15	16	10	8.51	9.49	19	17	8.58	15	18
Depreciation Expense	4.44	4.36	4.27	5.76	5.56	5.57	5.62	5.58	5.66	5.81	5.70
Amortization Expense	0.09	0.09	0.06	0.25	0.13	0.12	0.12	0.12	0.11	0.13	0.10
Non-Cash Adjustments To Reconcile Net Income	1.22	1.51	1.41	0.74	1.07	1.51	1.47	-5.46	1.48	-7.09	4.53
Changes in Operating Assets and Liabilities, net	-15	-17	2.70	20	-2.61	-8.14	-16	15	-5.10	-6.38	-11
Net Cash From Investing Activities	-2.79	-2.79	-103	-1.24	-3.90	-1.85	-5.57	-3.65	-2.35	-3.05	-4.47
Net Cash From Continuing Investing Activities	-2.79	-2.79	-103	-1.24	-3.90	-1.85	-5.57	-3.65	-2.35	-3.05	-4.47
Purchase of Property, Plant & Equipment	-2.80	-2.81	-2.27	-3.13	-3.92	-1.86	-1.39	-3.07	-2.42	-3.06	-4.92
Other Investing Activities, net	0.01	0.02	0.04	0.02	0.02	0.02	0.03	0.00	0.07	0.01	0.43
Net Cash From Financing Activities	-1.85	-2.74	102	-41	-8.00	-5.66	-14	-29	-13	-6.84	3.76
Net Cash From Continuing Financing Activities	-1.85	-2.74	102	-41	-8.00	-5.66	-14	-29	-13	-6.84	3.76
Repayment of Debt	-7.77	-7.62	-3.06	-41	-3.38	-3.38	-17	-22	-13	-144	-1.11
Issuance of Debt	8.00	5.00	105	-	0.00	-	5.00	7.00	13	144	5.00
Other Financing Activities, net	-2.09	-0.13	0.19	-0.06	-3.05	-0.02	0.56	-0.15	-3.37	-0.07	-0.13
Effect of Exchange Rate Changes	0.27	-0.85	0.63	-1.11	-0.54	1.00	-2.22	1.03	1.55	-0.77	-0.16

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	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
Total Assets	450	469	454	662	656	621	618	637	650	768	755
Total Current Assets	207	199	198	220	240	218	207	244	251	275	274
Cash & Equivalents	94	85	43	34	31	43	40	41	36	49	40
Accounts Receivable	67	65	69	111	105	92	75	95	98	107	110
Inventories, net	41	41	34	64	65	60	64	72	82	86	89
Prepaid Expenses	5.13	8.23	5.81	9.05	7.32	9.22	8.78	12	16	14	17
Current Deferred & Refundable Income Taxes	0.00	0.21	2.03	1.89	4.39	2.54	8.23	4.63	3.14	1.63	0.23
Other Current Assets	-	-	-	-	26	10	11	20	16	17	19
Plant, Property, & Equipment, net	35	42	43	74	75	73	73	66	63	68	73
Total Noncurrent Assets	208	228	213	368	341	330	338	326	335	425	408
Goodwill	105	122	123	211	205	198	213	213	220	271	264
Intangible Assets	101	104	86	151	127	105	104	95	94	127	115
Noncurrent Deferred & Refundable Income Taxes	1.21	1.48	2.82	3.43	3.83	2.90	2.59	1.21	0.69	1.07	0.90
Other Noncurrent Operating Assets	0.52	1.38	1.12	2.37	5.61	25	19	17	21	26	28
Total Liabilities & Shareholders' Equity	450	469	454	662	656	621	618	637	650	768	755
Total Liabilities	178	170	142	322	307	274	239	237	231	293	260
Total Current Liabilities	53	58	52	62	73	61	53	81	110	109	113
Short-Term Debt	14	14	20	2.50	14	2.50	2.50	7.93	25	20	18
Accounts Payable	17	19	16	23	23	25	20	34	27	31	31
Accrued Expenses	17	18	13	23	28	24	24	27	39	32	36
Current Deferred & Payable Income Tax Liabilities	2.71	2.94	0.48	5.95	1.96	1.22	0.22	0.90	6.81	2.82	4.06
Other Current Liabilities	-	-	-	-	7.05	8.09	6.47	12	12	24	24
Total Noncurrent Liabilities	125	112	89	259	234	214	186	156	121	184	147
Long-Term Debt	93	80	60	215	198	169	143	120	88	152	120
Noncurrent Deferred & Payable Income Tax Liabilities	29	29	26	34	28	22	21	18	12	9.44	9.76
Other Noncurrent Operating Liabilities	3.07	3.18	3.37	10	7.66	23	22	18	21	22	17
Commitments & Contingencies	-	-	-	-	-	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	272	299	313	341	349	346	379	399	419	475	495
Total Preferred & Common Equity	272	294	308	335	345	346	379	399	419	475	495
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	272	294	308	335	345	346	379	399	419	475	495
Common Stock	214	217	219	223	223	228	231	235	240	244	246
Retained Earnings	99	122	137	149	171	183	183	204	237	289	342
Treasury Stock	-	-	-	-	-	-	-	-	0.00	-0.25	-20
Accumulated Other Comprehensive Income / (Loss)	-41	-45	-48	-37	-49	-64	-36	-39	-58	-57	-73

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.27%	-8.64%	-6.31%	16.84%	33.71%	-7.07%	-27.98%	28.78%	23.87%	12.27%	0.72%
EBITDA Growth	5.87%	-33.28%	-25.76%	34.36%	48.85%	-23.90%	-48.11%	73.15%	35.63%	28.39%	7.75%
EBIT Growth	14.90%	-45.87%	-38.94%	23.19%	79.12%	-36.02%	-69.33%	258.87%	60.93%	38.86%	5.13%
NOPAT Growth	14.69%	-49.26%	-34.39%	33.53%	44.10%	-32.68%	-77.29%	423.64%	39.02%	52.24%	5.94%
Net Income Growth	91.43%	-52.11%	-36.64%	-11.78%	75.27%	-48.48%	-92.65%	2,190.99%	67.56%	53.23%	3.74%
EPS Growth	90.00%	-53.29%	-36.62%	-20.00%	91.67%	-47.83%	-91.67%	1,900.00%	66.67%	51.00%	3.97%
Operating Cash Flow Growth	241.59%	-7.37%	-44.74%	-13.48%	1.37%	204.50%	-57.17%	-5.07%	100.72%	14.28%	-4.30%
Free Cash Flow Firm Growth	43.06%	-94.23%	414.12%	-1,069.68%	114.37%	176.29%	-105.61%	684.68%	11.00%	-258.86%	244.77%
Invested Capital Growth	-4.86%	8.07%	-0.78%	71.27%	1.15%	-10.25%	2.00%	0.38%	1.99%	20.58%	-0.62%
Revenue Q/Q Growth	2.25%	-0.67%	-1.77%	12.79%	2.90%	-6.32%	-5.17%	8.96%	4.73%	1.06%	1.31%
EBITDA Q/Q Growth	-0.78%	-11.52%	-0.79%	33.05%	-2.18%	-17.59%	-4.67%	23.79%	2.48%	4.49%	5.81%
EBIT Q/Q Growth	-0.83%	-18.19%	-2.23%	45.55%	0.46%	-29.38%	1.00%	50.43%	3.77%	3.89%	8.05%
NOPAT Q/Q Growth	-0.33%	-19.49%	-0.17%	33.11%	-0.92%	-31.12%	-15.99%	48.84%	-3.40%	7.44%	11.44%
Net Income Q/Q Growth	1.90%	-22.91%	-0.83%	32.53%	0.67%	-44.88%	184.33%	94.01%	-2.84%	4.84%	14.77%
EPS Q/Q Growth	1.33%	-23.66%	0.00%	28.57%	4.55%	-45.45%	200.00%	100.00%	-4.76%	5.59%	14.60%
Operating Cash Flow Q/Q Growth	308.39%	-9.06%	4.56%	-10.16%	9.13%	7.59%	-10.52%	0.69%	23.82%	20.58%	-7.76%
Free Cash Flow Firm Q/Q Growth	21.22%	-84.05%	19.89%	1.91%	-12.50%	50.71%	-121.90%	-0.89%	49.93%	28.67%	-15.43%
Invested Capital Q/Q Growth	-4.80%	-0.11%	-1.20%	-0.31%	0.39%	-6.72%	-2.24%	-0.40%	-2.49%	-4.26%	-1.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.13%	46.58%	42.38%	46.60%	42.64%	42.15%	42.32%	39.40%	42.02%	42.77%	44.74%
EBITDA Margin	26.34%	19.23%	15.24%	17.53%	19.51%	15.98%	11.51%	15.48%	16.94%	19.38%	20.73%
Operating Margin	21.73%	13.04%	8.50%	10.61%	11.76%	8.52%	2.68%	10.80%	12.53%	15.24%	16.01%
EBIT Margin	21.60%	12.80%	8.34%	8.80%	11.78%	8.11%	3.45%	9.63%	12.51%	15.47%	16.15%
Profit (Net Income) Margin	16.00%	8.39%	5.67%	4.28%	5.61%	3.11%	0.32%	5.65%	7.64%	10.43%	10.74%
Tax Burden Percent	78.94%	73.07%	78.52%	71.89%	69.91%	69.89%	-136.18%	70.68%	68.38%	76.23%	76.32%
Interest Burden Percent	93.84%	89.69%	86.60%	67.75%	68.17%	54.90%	-6.75%	83.02%	89.35%	88.44%	87.17%
Effective Tax Rate	21.06%	26.93%	21.48%	28.11%	30.09%	30.11%	0.00%	29.32%	31.62%	23.77%	23.68%
Return on Invested Capital (ROIC)	18.13%	9.07%	5.75%	5.68%	6.45%	4.55%	1.08%	5.60%	7.69%	10.51%	10.21%
ROIC Less NNEP Spread (ROIC-NNEP)	6.65%	-20.06%	-273.61%	-6.11%	0.52%	-2.52%	-2.60%	-1.74%	2.71%	4.63%	3.58%
Return on Net Nonoperating Assets (RNNOA)	0.79%	-0.78%	-0.85%	-1.64%	0.27%	-1.12%	-0.84%	-0.43%	0.54%	1.04%	0.82%
Return on Equity (ROE)	18.91%	8.29%	4.90%	4.05%	6.72%	3.43%	0.24%	5.16%	8.23%	11.54%	11.03%
Cash Return on Invested Capital (CROIC)	23.11%	1.31%	6.53%	-46.87%	5.30%	15.36%	-0.90%	5.21%	5.72%	-8.16%	10.83%
Operating Return on Assets (OROA)	14.95%	7.86%	4.78%	4.86%	7.38%	4.87%	1.54%	5.46%	8.57%	10.80%	10.56%
Return on Assets (ROA)	11.07%	5.15%	3.25%	2.37%	3.52%	1.87%	0.14%	3.20%	5.23%	7.28%	7.03%
Return on Common Equity (ROCE)	18.91%	8.23%	4.83%	3.98%	6.62%	3.41%	0.24%	5.16%	8.23%	11.54%	11.03%
Return on Equity Simple (ROE_SIMPLE)	18.17%	8.03%	4.87%	3.95%	6.72%	3.45%	0.23%	5.03%	8.04%	10.86%	10.80%
Net Operating Profit after Tax (NOPAT)	53	27	18	24	34	23	5.18	27	38	57	61
NOPAT Margin	17.16%	9.53%	6.67%	7.63%	8.22%	5.95%	1.88%	7.63%	8.57%	11.62%	12.22%
Net Nonoperating Expense Percent (NNEP)	11.48%	29.13%	279.36%	11.79%	5.93%	7.06%	3.69%	7.34%	4.98%	5.87%	6.63%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	9.61%
Cost of Revenue to Revenue	49.87%	53.42%	57.62%	53.40%	57.36%	57.85%	57.68%	60.60%	57.98%	57.23%	55.26%
SG&A Expenses to Revenue	24.91%	28.63%	29.42%	30.66%	25.85%	29.10%	32.53%	26.16%	26.56%	25.03%	25.95%
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	28.40%	33.54%	33.88%	35.99%	30.88%	33.63%	39.07%	28.60%	29.49%	27.53%	28.73%
Earnings before Interest and Taxes (EBIT)	67	36	22	27	49	31	9.54	34	55	77	80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	81	54	40	54	81	61	32	55	75	96	103
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.84	1.92	2.19	2.17	2.32	1.43	1.71	1.35	1.99	2.32	1.89
Price to Tangible Book Value (P/TBV)	11.75	8.21	6.80	0.00	60.75	11.28	10.43	5.90	7.92	14.32	8.11
Price to Revenue (P/Rev)	2.50	2.01	2.55	2.36	1.94	1.29	2.34	1.52	1.90	2.23	1.88
Price to Earnings (P/E)	15.63	24.59	46.04	61.07	35.12	41.51	265.06	31.59	57.69	21.03	17.53
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	6.40%	4.07%	2.17%	1.64%	2.85%	2.41%	0.38%	3.17%	1.73%	4.75%	5.70%
Enterprise Value to Invested Capital (EV/IC)	2.76	1.88	2.20	1.75	1.86	1.31	1.55	1.29	1.84	2.05	1.75
Enterprise Value to Revenue (EV/Rev)	2.54	2.05	2.54	2.97	2.38	1.63	2.72	1.76	2.07	2.48	2.08
Enterprise Value to EBITDA (EV/EBITDA)	9.66	10.68	16.68	16.93	12.21	10.18	23.67	11.40	12.21	12.79	10.04
Enterprise Value to EBIT (EV/EBIT)	11.77	16.05	30.47	33.73	20.23	20.06	78.86	18.32	16.55	16.02	12.89
Enterprise Value to NOPAT (EV/NOPAT)	14.83	21.56	38.10	38.91	29.00	27.33	145.13	23.10	24.16	21.34	17.04
Enterprise Value to Operating Cash Flow (EV/OCF)	15.17	12.08	25.36	39.96	42.34	8.82	24.84	21.81	15.80	18.59	16.43
Enterprise Value to Free Cash Flow (EV/FCFF)	11.63	148.72	33.55	0.00	35.25	8.09	0.00	24.80	32.48	0.00	16.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.39	0.31	0.26	0.64	0.61	0.50	0.38	0.32	0.27	0.36	0.28
Long-Term Debt to Equity	0.34	0.27	0.19	0.63	0.57	0.49	0.38	0.30	0.21	0.32	0.24
Financial Leverage	0.12	0.04	0.00	0.27	0.53	0.44	0.32	0.25	0.20	0.22	0.23
Leverage Ratio	1.71	1.61	1.51	1.71	1.91	1.84	1.71	1.61	1.57	1.59	1.57
Compound Leverage Factor	1.60	1.44	1.31	1.16	1.30	1.01	-0.12	1.34	1.40	1.40	1.37
Debt to Total Capital	28.21%	23.86%	20.48%	38.90%	37.73%	33.12%	27.75%	24.33%	21.16%	26.54%	21.84%
Short-Term Debt to Total Capital	3.57%	3.44%	5.15%	0.45%	2.45%	0.48%	0.48%	1.50%	4.65%	3.04%	2.84%
Long-Term Debt to Total Capital	24.64%	20.42%	15.33%	38.45%	35.28%	32.64%	27.27%	22.83%	16.50%	23.51%	18.99%
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%	1.09%	1.18%	1.06%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	71.79%	75.05%	78.35%	60.03%	61.52%	66.88%	72.25%	75.67%	78.84%	73.46%	78.16%
Debt to EBITDA	1.31	1.73	2.00	4.01	2.63	2.80	4.58	2.33	1.51	1.79	1.34
Net Debt to EBITDA	0.16	0.17	-0.18	3.37	2.24	2.09	3.32	1.58	1.03	1.28	0.96
Long-Term Debt to EBITDA	1.15	1.48	1.50	3.97	2.46	2.76	4.50	2.19	1.17	1.59	1.17
Debt to NOPAT	2.02	3.49	4.57	9.22	6.24	7.51	28.07	4.73	2.98	2.99	2.27
Net Debt to NOPAT	0.25	0.34	-0.41	7.74	5.31	5.62	20.33	3.20	2.03	2.14	1.62
Long-Term Debt to NOPAT	1.76	2.98	3.42	9.12	5.83	7.41	27.59	4.44	2.32	2.64	1.98
Altman Z-Score	4.50	3.58	4.41	2.56	3.11	2.58	2.84	2.86	3.90	4.02	4.07
Noncontrolling Interest Sharing Ratio	0.00%	0.75%	1.46%	1.61%	1.47%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.90	3.45	3.79	3.53	3.27	3.59	3.92	3.02	2.28	2.51	2.43
Quick Ratio	3.03	2.60	2.99	2.33	1.87	2.24	2.17	1.69	1.21	1.43	1.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	67	3.89	20	-194	28	77	-4.33	25	28	-45	65
Operating Cash Flow to CapEx	851.54%	461.30%	367.36%	229.24%	193.51%	666.41%	372.47%	550.84%	590.30%	648.14%	1,405.75%
Free Cash Flow to Firm to Interest Expense	14.78	0.94	5.69	-20.74	1.78	5.49	-0.42	4.35	4.78	-5.04	0.00
Operating Cash Flow to Interest Expense	11.33	11.57	7.53	2.45	1.48	5.04	2.97	4.94	9.83	7.46	0.00
Operating Cash Flow Less CapEx to Interest Expense	10.00	9.06	5.48	1.38	0.71	4.29	2.18	4.05	8.17	6.31	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.69	0.61	0.57	0.55	0.63	0.60	0.45	0.57	0.69	0.70	0.65
Accounts Receivable Turnover	5.03	4.26	3.95	3.44	3.82	3.88	3.31	4.19	4.57	4.83	4.59
Inventory Turnover	3.93	3.69	4.08	3.37	3.68	3.54	2.57	3.18	3.32	3.36	3.14
Fixed Asset Turnover	9.30	7.38	6.22	5.24	5.52	5.20	3.80	5.13	6.81	7.52	7.06
Accounts Payable Turnover	8.85	8.23	8.66	8.52	10.36	9.29	7.11	8.09	8.39	9.64	8.80
Days Sales Outstanding (DSO)	72.57	85.63	92.40	105.98	95.46	94.13	110.34	87.13	79.92	75.62	79.54
Days Inventory Outstanding (DIO)	92.90	98.94	89.53	108.36	99.24	102.96	142.12	114.67	109.86	108.61	116.20
Days Payable Outstanding (DPO)	41.25	44.35	42.14	42.83	35.24	39.30	51.31	45.12	43.50	37.86	41.48
Cash Conversion Cycle (CCC)	124.22	140.22	139.79	171.51	159.47	157.80	201.15	156.68	146.27	146.36	154.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	285	308	305	523	529	475	484	486	496	598	594
Invested Capital Turnover	1.06	0.95	0.86	0.75	0.78	0.76	0.58	0.73	0.90	0.90	0.84
Increase / (Decrease) in Invested Capital	-15	23	-2.39	218	6.02	-54	9.51	1.85	9.67	102	-3.69
Enterprise Value (EV)	785	579	671	916	983	624	752	627	912	1,226	1,037
Market Capitalization	772	566	674	728	799	496	647	540	835	1,103	938
Book Value per Share	$8.47	$9.14	$9.52	$10.32	$10.57	$10.53	$11.41	$11.97	$12.51	$14.09	$14.70
Tangible Book Value per Share	$2.05	$2.14	$3.07	($0.83)	$0.40	$1.34	$1.87	$2.74	$3.15	$2.28	$3.43
Total Capital	379	392	393	558	560	518	524	528	531	646	634
Total Debt	107	94	80	217	211	172	146	128	112	172	138
Total Long-Term Debt	93	80	60	215	198	169	143	120	88	152	120
Net Debt	13	9.04	-7.15	182	180	128	105	87	77	123	99
Capital Expenditures (CapEx)	6.08	10	7.21	10.00	12	11	8.13	5.22	9.78	10	4.49
Debt-free, Cash-free Net Working Capital (DFCFNWC)	74	70	78	125	149	117	116	130	130	136	140
Debt-free Net Working Capital (DFNWC)	168	155	166	160	180	160	157	171	166	185	180
Net Working Capital (NWC)	154	141	146	158	166	157	154	163	141	165	162
Net Nonoperating Expense (NNE)	3.55	3.21	2.64	10	11	11	4.31	7.05	4.07	5.87	7.36
Net Nonoperating Obligations (NNO)	13	9.04	-7.15	182	180	128	105	87	77	123	99
Total Depreciation and Amortization (D&A)	15	18	18	27	32	30	22	21	20	19	23
Debt-free, Cash-free Net Working Capital to Revenue	23.90%	24.85%	29.71%	40.63%	36.06%	30.40%	42.14%	36.53%	29.50%	27.56%	28.12%
Debt-free Net Working Capital to Revenue	54.29%	54.84%	62.89%	51.94%	43.67%	41.67%	56.67%	48.18%	37.58%	37.39%	36.06%
Net Working Capital to Revenue	49.91%	50.06%	55.22%	51.13%	40.35%	41.02%	55.76%	45.95%	31.97%	33.43%	32.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.54	$0.72	$0.45	$0.37	$0.70	$0.36	$0.00	$0.60	$1.01	$1.53	$1.59
Adjusted Weighted Average Basic Shares Outstanding	32.03M	32.18M	32.30M	32.42M	32.57M	32.76M	0.00	33.31M	33.47M	33.67M	33.71M
Adjusted Diluted Earnings per Share	$1.52	$0.71	$0.45	$0.36	$0.69	$0.36	$0.00	$0.60	$1.00	$1.51	$1.57
Adjusted Weighted Average Diluted Shares Outstanding	32.41M	32.59M	32.63M	32.80M	33.05M	33.15M	0.00	33.51M	33.75M	34.07M	34.06M
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	32.09M	32.23M	32.37M	32.50M	32.64M	32.96M	0.00	33.37M	33.51M	33.77M	33.09M
Normalized Net Operating Profit after Tax (NOPAT)	53	28	18	24	34	23	11	27	40	58	61
Normalized NOPAT Margin	17.16%	9.97%	6.67%	7.63%	8.22%	5.95%	4.06%	7.55%	9.14%	11.77%	12.17%
Pre Tax Income Margin	20.27%	11.48%	7.22%	5.96%	8.03%	4.45%	-0.23%	7.99%	11.17%	13.68%	14.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.60	8.71	6.26	2.90	3.09	2.22	0.94	5.89	9.39	8.65	0.00
NOPAT to Interest Expense	11.60	6.49	5.01	2.51	2.16	1.63	0.51	4.67	6.43	6.50	0.00
EBIT Less CapEx to Interest Expense	13.27	6.20	4.21	1.83	2.33	1.46	0.14	4.99	7.72	7.50	0.00
NOPAT Less CapEx to Interest Expense	10.27	3.98	2.96	1.45	1.39	0.87	-0.29	3.77	4.76	5.35	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	4.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	4.09%	0.00%	0.00%	0.00%	0.00%	0.48%	37.63%

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.99%	22.97%	11.72%	4.22%	7.71%	-7.29%	-1.52%	5.03%	-5.41%	14.89%	9.64%
EBITDA Growth	32.81%	24.76%	35.55%	21.51%	-3.49%	-17.04%	25.97%	24.40%	-4.24%	30.38%	-2.16%
EBIT Growth	52.99%	36.39%	50.14%	19.91%	-11.91%	-26.39%	24.69%	34.76%	-6.56%	39.77%	-2.81%
NOPAT Growth	53.14%	32.97%	80.98%	46.76%	-10.93%	-32.12%	22.86%	49.95%	-13.74%	44.96%	-3.47%
Net Income Growth	66.84%	34.10%	87.98%	30.93%	-22.19%	-35.55%	17.06%	68.31%	0.82%	57.51%	-1.34%
EPS Growth	60.00%	30.30%	84.00%	36.36%	-21.88%	-34.88%	17.39%	66.67%	4.00%	60.71%	1.85%
Operating Cash Flow Growth	-92.68%	405.51%	27.55%	43.12%	1,358.41%	152.42%	-59.56%	-14.21%	-15.14%	-13.28%	82.76%
Free Cash Flow Firm Growth	163.80%	107.31%	-792.98%	-7,333.01%	-850.45%	-7,285.30%	142.53%	124.89%	89.56%	111.67%	-128.16%
Invested Capital Growth	0.48%	3.00%	22.81%	20.58%	15.81%	18.43%	-3.48%	-0.62%	2.78%	1.00%	5.26%
Revenue Q/Q Growth	-12.73%	15.69%	10.33%	-6.43%	-9.81%	-0.42%	17.19%	-0.20%	-18.78%	20.96%	11.83%
EBITDA Q/Q Growth	5.94%	27.55%	2.20%	-12.02%	-15.86%	9.64%	55.19%	-13.12%	-35.23%	49.28%	16.46%
EBIT Q/Q Growth	9.55%	35.94%	3.20%	-21.98%	-19.52%	13.60%	74.81%	-15.67%	-44.20%	69.93%	21.55%
NOPAT Q/Q Growth	40.63%	37.73%	1.88%	-25.63%	-14.65%	4.96%	84.39%	-9.23%	-50.90%	76.38%	22.79%
Net Income Q/Q Growth	42.03%	34.67%	7.52%	-36.33%	-15.59%	11.55%	95.27%	-8.46%	-49.44%	74.27%	22.32%
EPS Q/Q Growth	45.45%	34.38%	6.98%	-34.78%	-16.67%	12.00%	92.86%	-7.41%	-48.00%	73.08%	22.22%
Operating Cash Flow Q/Q Growth	-96.68%	290.78%	617.22%	53.60%	-66.12%	-32.36%	14.91%	225.83%	-66.49%	-30.88%	142.18%
Free Cash Flow Firm Q/Q Growth	880.92%	-87.42%	-8,483.41%	9.73%	21.16%	-20.43%	149.62%	-47.17%	-133.08%	234.61%	-219.68%
Invested Capital Q/Q Growth	3.66%	1.59%	19.60%	-4.26%	-0.44%	3.88%	-2.53%	-1.42%	2.96%	2.09%	1.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.26%	44.04%	42.08%	41.04%	43.81%	44.41%	46.24%	44.33%	44.12%	46.37%	46.60%
EBITDA Margin	18.97%	20.92%	19.38%	18.22%	17.00%	18.72%	24.79%	21.58%	17.21%	21.24%	22.12%
Operating Margin	14.42%	17.54%	15.72%	13.18%	11.93%	13.26%	20.61%	17.25%	10.77%	16.38%	18.09%
EBIT Margin	14.74%	17.32%	16.20%	13.51%	12.05%	13.75%	20.51%	17.33%	11.91%	16.73%	18.18%
Profit (Net Income) Margin	10.23%	11.91%	11.61%	7.90%	7.39%	8.28%	13.80%	12.66%	7.88%	11.35%	12.42%
Tax Burden Percent	77.19%	75.57%	77.83%	73.80%	77.16%	73.17%	74.08%	80.48%	77.96%	74.72%	74.28%
Interest Burden Percent	89.95%	91.01%	92.06%	79.23%	79.49%	82.30%	90.80%	90.74%	84.88%	90.82%	91.93%
Effective Tax Rate	22.81%	24.43%	22.17%	26.20%	22.84%	26.83%	25.92%	19.52%	22.04%	25.28%	25.72%
Return on Invested Capital (ROIC)	9.81%	12.24%	10.57%	8.80%	8.35%	8.40%	12.24%	11.61%	6.84%	10.03%	11.34%
ROIC Less NNEP Spread (ROIC-NNEP)	8.80%	10.50%	9.90%	6.46%	6.25%	6.84%	10.78%	10.12%	6.34%	9.04%	9.90%
Return on Net Nonoperating Assets (RNNOA)	2.01%	2.39%	2.86%	1.44%	1.37%	1.52%	3.06%	2.31%	1.43%	2.13%	2.02%
Return on Equity (ROE)	11.82%	14.63%	13.43%	10.24%	9.72%	9.93%	15.29%	13.92%	8.27%	12.16%	13.36%
Cash Return on Invested Capital (CROIC)	7.69%	5.98%	-11.04%	-8.16%	-4.53%	-7.95%	12.44%	10.83%	7.11%	9.37%	5.17%
Operating Return on Assets (OROA)	10.10%	12.49%	10.90%	9.43%	8.57%	9.53%	12.86%	11.34%	7.70%	11.06%	12.01%
Return on Assets (ROA)	7.01%	8.59%	7.81%	5.51%	5.26%	5.74%	8.65%	8.28%	5.09%	7.51%	8.20%
Return on Common Equity (ROCE)	11.82%	14.63%	13.43%	10.24%	9.72%	9.93%	15.29%	13.92%	8.27%	12.16%	13.36%
Return on Equity Simple (ROE_SIMPLE)	8.77%	9.45%	10.53%	0.00%	10.33%	8.96%	9.54%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	12	16	17	12	11	11	21	19	9.14	16	20
NOPAT Margin	11.13%	13.25%	12.24%	9.73%	9.20%	9.70%	15.27%	13.89%	8.39%	12.24%	13.44%
Net Nonoperating Expense Percent (NNEP)	1.01%	1.74%	0.67%	2.34%	2.09%	1.57%	1.45%	1.48%	0.51%	0.99%	1.44%
Return On Investment Capital (ROIC_SIMPLE)	-	-	2.46%	-	-	-	3.20%	2.94%	1.41%	2.46%	2.91%
Cost of Revenue to Revenue	55.74%	55.96%	57.92%	58.96%	56.19%	55.59%	53.76%	55.68%	55.88%	53.63%	53.40%
SG&A Expenses to Revenue	26.81%	24.66%	23.35%	25.71%	27.00%	27.27%	25.40%	24.49%	29.55%	26.96%	26.00%
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	29.84%	26.50%	26.36%	27.86%	31.88%	31.15%	25.63%	27.07%	33.35%	29.98%	28.51%
Earnings before Interest and Taxes (EBIT)	16	21	22	17	14	16	28	23	13	22	27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	20	26	26	23	20	21	33	29	19	28	33
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.05	2.09	2.35	2.32	2.18	2.06	1.98	1.89	1.82	1.71	2.27
Price to Tangible Book Value (P/TBV)	7.47	6.83	16.72	14.32	12.45	10.08	9.06	8.11	7.56	6.55	7.63
Price to Revenue (P/Rev)	1.97	1.95	2.24	2.23	2.07	2.04	1.97	1.88	1.89	1.74	2.34
Price to Earnings (P/E)	47.28	40.95	36.57	21.03	20.76	22.52	20.41	17.53	17.34	14.96	20.76
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	2.11%	2.44%	2.73%	4.75%	4.82%	4.44%	4.90%	5.70%	5.77%	6.68%	4.82%
Enterprise Value to Invested Capital (EV/IC)	1.89	1.93	2.01	2.05	1.95	1.84	1.80	1.75	1.69	1.59	2.07
Enterprise Value to Revenue (EV/Rev)	2.15	2.12	2.56	2.48	2.30	2.30	2.20	2.08	2.10	1.95	2.52
Enterprise Value to EBITDA (EV/EBITDA)	12.19	11.85	13.68	12.79	12.17	12.53	11.10	10.04	10.07	9.11	12.16
Enterprise Value to EBIT (EV/EBIT)	16.04	15.17	17.03	16.02	15.51	16.48	14.55	12.89	12.97	11.57	15.48
Enterprise Value to NOPAT (EV/NOPAT)	23.19	21.87	23.46	21.34	20.63	22.34	19.83	17.04	17.36	15.42	20.67
Enterprise Value to Operating Cash Flow (EV/OCF)	20.79	20.33	22.94	18.59	14.89	13.71	15.83	16.43	16.86	16.53	19.29
Enterprise Value to Free Cash Flow (EV/FCFF)	24.65	32.68	0.00	0.00	0.00	0.00	14.19	16.06	24.04	17.06	41.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.26	0.25	0.45	0.36	0.35	0.34	0.31	0.28	0.27	0.27	0.26
Long-Term Debt to Equity	0.19	0.16	0.35	0.32	0.31	0.29	0.28	0.24	0.23	0.26	0.25
Financial Leverage	0.23	0.23	0.29	0.22	0.22	0.22	0.28	0.23	0.23	0.24	0.20
Leverage Ratio	1.58	1.57	1.66	1.59	1.55	1.53	1.64	1.57	1.55	1.53	1.54
Compound Leverage Factor	1.42	1.43	1.52	1.26	1.24	1.26	1.49	1.42	1.31	1.39	1.41
Debt to Total Capital	20.68%	19.96%	31.24%	26.54%	26.12%	25.18%	23.82%	21.84%	21.44%	21.25%	20.93%
Short-Term Debt to Total Capital	6.00%	6.83%	7.13%	3.04%	3.22%	3.34%	2.81%	2.84%	3.55%	0.96%	1.03%
Long-Term Debt to Total Capital	14.69%	13.14%	24.12%	23.51%	22.90%	21.85%	21.01%	18.99%	17.89%	20.30%	19.89%
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	79.32%	80.04%	68.76%	73.46%	73.88%	74.82%	76.18%	78.16%	78.56%	78.75%	79.07%
Debt to EBITDA	1.42	1.30	2.32	1.79	1.77	1.82	1.57	1.34	1.36	1.28	1.32
Net Debt to EBITDA	1.00	0.94	1.71	1.28	1.25	1.41	1.17	0.96	1.00	1.00	0.88
Long-Term Debt to EBITDA	1.01	0.86	1.79	1.59	1.55	1.58	1.38	1.17	1.13	1.22	1.25
Debt to NOPAT	2.70	2.40	3.97	2.99	3.00	3.24	2.80	2.27	2.34	2.16	2.24
Net Debt to NOPAT	1.91	1.74	2.94	2.14	2.12	2.52	2.09	1.62	1.72	1.70	1.50
Long-Term Debt to NOPAT	1.92	1.58	3.07	2.64	2.63	2.81	2.47	1.98	1.95	2.06	2.13
Altman Z-Score	3.96	4.16	3.39	3.76	3.75	3.79	3.74	3.82	3.77	3.71	4.35
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	2.32	2.29	2.22	2.51	2.61	2.80	2.56	2.43	2.43	2.82	2.90
Quick Ratio	1.13	1.12	1.26	1.43	1.45	1.33	1.40	1.33	1.22	1.29	1.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9.42	1.18	-99	-90	-71	-85	42	22	-7.38	9.94	-12
Operating Cash Flow to CapEx	30.99%	120.84%	1,069.83%	1,192.31%	322.69%	459.83%	706.32%	1,043.89%	443.70%	242.33%	365.56%
Free Cash Flow to Firm to Interest Expense	5.95	0.62	-56.61	-25.02	-24.82	-30.50	16.66	0.00	-3.76	4.91	-5.50
Operating Cash Flow to Interest Expense	0.55	1.76	13.87	10.43	4.45	3.07	3.88	0.00	5.48	3.67	8.32
Operating Cash Flow Less CapEx to Interest Expense	-1.22	0.30	12.57	9.56	3.07	2.40	3.33	0.00	4.24	2.16	6.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.69	0.72	0.67	0.70	0.71	0.69	0.63	0.65	0.65	0.66	0.66
Accounts Receivable Turnover	4.86	4.70	4.60	4.83	5.28	5.06	4.18	4.59	4.93	5.20	4.61
Inventory Turnover	2.87	2.89	2.97	3.36	3.15	3.04	2.93	3.14	2.79	2.72	2.72
Fixed Asset Turnover	6.99	7.51	7.59	7.52	7.50	7.47	7.08	7.06	6.79	7.07	6.93
Accounts Payable Turnover	7.74	7.17	9.85	9.64	9.79	8.70	9.80	8.80	8.50	7.76	8.31
Days Sales Outstanding (DSO)	75.06	77.63	79.42	75.62	69.07	72.09	87.29	79.54	73.97	70.13	79.18
Days Inventory Outstanding (DIO)	127.28	126.13	122.90	108.61	115.77	120.16	124.75	116.20	130.99	134.11	134.12
Days Payable Outstanding (DPO)	47.17	50.90	37.07	37.86	37.30	41.97	37.24	41.48	42.96	47.04	43.95
Cash Conversion Cycle (CCC)	155.16	152.86	165.25	146.36	147.54	150.27	174.79	154.26	162.00	157.21	169.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	514	522	624	598	595	618	603	594	612	625	634
Invested Capital Turnover	0.88	0.92	0.86	0.90	0.91	0.87	0.80	0.84	0.82	0.82	0.84
Increase / (Decrease) in Invested Capital	2.48	15	116	102	81	96	-22	-3.69	17	6.19	32
Enterprise Value (EV)	971	1,005	1,255	1,226	1,158	1,137	1,083	1,037	1,032	993	1,316
Market Capitalization	891	925	1,098	1,103	1,039	1,009	969	938	929	883	1,220
Book Value per Share	$12.95	$13.13	$13.87	$14.09	$14.10	$14.50	$14.51	$14.70	$15.39	$15.58	$16.40
Tangible Book Value per Share	$3.56	$4.02	$1.95	$2.28	$2.47	$2.96	$3.18	$3.43	$3.71	$4.08	$4.87
Total Capital	547	553	680	646	644	655	641	634	648	654	681
Total Debt	113	110	212	172	168	165	153	138	139	139	143
Total Long-Term Debt	80	73	164	152	148	143	135	120	116	133	136
Net Debt	80	80	157	123	119	128	114	99	102	109	96
Capital Expenditures (CapEx)	2.80	2.81	2.27	3.13	3.92	1.86	1.39	3.07	2.42	3.06	4.92
Debt-free, Cash-free Net Working Capital (DFCFNWC)	145	159	163	136	136	162	150	140	147	163	170
Debt-free Net Working Capital (DFNWC)	178	190	218	185	185	199	189	180	183	193	217
Net Working Capital (NWC)	146	152	170	165	164	177	171	162	160	186	210
Net Nonoperating Expense (NNE)	0.96	1.66	0.86	2.33	2.09	1.63	1.97	1.65	0.56	1.17	1.51
Net Nonoperating Obligations (NNO)	80	80	157	123	119	128	114	99	102	109	96
Total Depreciation and Amortization (D&A)	4.53	4.45	4.34	6.02	5.69	5.69	5.74	5.70	5.77	5.94	5.80
Debt-free, Cash-free Net Working Capital to Revenue	32.11%	33.49%	33.31%	27.56%	27.00%	32.73%	30.46%	28.12%	29.85%	32.00%	32.60%
Debt-free Net Working Capital to Revenue	39.45%	39.92%	44.63%	37.39%	36.76%	40.22%	38.34%	36.06%	37.27%	37.84%	41.58%
Net Working Capital to Revenue	32.19%	31.98%	34.73%	33.43%	32.64%	35.79%	34.68%	32.44%	32.60%	36.62%	40.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.33	$0.44	$0.47	$0.29	$0.25	$0.28	$0.55	$0.51	$0.26	$0.45	$0.56
Adjusted Weighted Average Basic Shares Outstanding	33.57M	33.69M	33.70M	33.67M	33.76M	33.79M	33.71M	33.71M	33.14M	32.95M	32.84M
Adjusted Diluted Earnings per Share	$0.32	$0.43	$0.46	$0.30	$0.25	$0.28	$0.54	$0.50	$0.26	$0.45	$0.55
Adjusted Weighted Average Diluted Shares Outstanding	33.86M	34.13M	34.20M	34.07M	34.08M	34.14M	34.09M	34.06M	33.31M	33.24M	33.18M
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	33.69M	33.70M	33.71M	33.77M	33.80M	33.69M	33.69M	33.09M	33.07M	32.84M	32.85M
Normalized Net Operating Profit after Tax (NOPAT)	12	17	18	12	12	12	18	19	9.14	16	20
Normalized NOPAT Margin	11.55%	13.44%	13.00%	9.01%	10.62%	10.09%	13.60%	13.89%	8.39%	12.24%	13.44%
Pre Tax Income Margin	13.26%	15.76%	14.91%	10.70%	9.58%	11.32%	18.63%	15.73%	10.11%	15.19%	16.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.95	11.13	12.60	4.81	4.87	5.65	10.87	0.00	6.61	10.90	12.39
NOPAT to Interest Expense	7.51	8.51	9.52	3.47	3.72	3.99	8.09	0.00	4.66	7.97	9.16
EBIT Less CapEx to Interest Expense	8.18	9.67	11.30	3.94	3.50	4.98	10.32	0.00	5.38	9.38	10.12
NOPAT Less CapEx to Interest Expense	5.74	7.05	8.22	2.59	2.34	3.32	7.54	0.00	3.43	6.46	6.89
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%	0.00%	0.48%	3.72%	9.31%	13.81%	37.63%	52.86%	54.32%	50.55%

Financials Breakdown Chart

Key Financial Trends

Thermon Group Holdings, Inc. (THR) shows several notable trends when looking at the last four years of quarterly statements (cash flow, income statement, and balance sheet). Here are the key takeaways for retail investors based on the latest data through Q3 2026.

Net income trend improving: Net income from continuing operations has trended higher in 2024–2026, with Q3 2026 posting about 18.29 million and successive quarterly improvements in early 2026 (Q1–Q3). This points to ongoing profitability in core operations.
Operating cash flow (OCF) turning up: Net cash from continuing operating activities in Q3 2026 was roughly 17.98 million, up from Q2 2026’s ~7.4 million and Q1 2026’s ~10.7 million, signaling stronger cash generation from operations.
Healthy free cash flow in recent quarters: Free cash flow (OCF minus capital expenditures) has been positive in recent quarters, with Q3 2026 around +13 million and Q4 2025 notably strong (about +29 million), indicating cash that can be used for debt reduction, dividends, or growth investments.
Solid balance sheet and liquidity: Total equity near 539 million and Total assets around 817 million as of Q3 2026 point to a solid balance sheet base to support ongoing operations and investments.
Cash on hand supports near-term liquidity: Cash & equivalents were roughly 46.9 million in Q3 2026, contributing to liquidity cushions for operational needs and discretionary uses.
EPS showing strength and improvement: Diluted earnings per share around $0.55 in Q3 2026 reflect higher profitability per share as net income grows and shares outstanding are relatively stable.
Debt levels are moderate and stable: Long-term debt about 135.5 million and total debt modest relative to equity, suggesting manageable leverage without heavy near-term refinancing pressure.
Revenue cadence remains solid but varies by period: Operating and total revenues have been substantial across quarters, though quarterly cadence fluctuates due to seasonality and past restatements, which can obscure year-over-year comparisons.
Asset base includes elevated goodwill and intangibles: The balance sheet carries sizable goodwill and intangible assets, reflecting past acquisitions and growth initiatives; this can affect amortization and impairment risk going forward.
Investing cash outflows persist: Investing cash flows are typically negative (CAPEX and acquisitions), which can press near-term cash flow even when operating cash flow is positive.

05/17/26 12:57 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 2025 ended on March 31, 2025.

Thermon Group's net income appears to be on an upward trend, with a most recent value of $53.52 million in 2025, rising from $49.39 million in 2015. The previous period was $51.59 million in 2024. Check out Thermon Group's forecast to explore projected trends and price targets.

Thermon Group's total operating income in 2025 was $79.76 million, based on the following breakdown:

Total Gross Profit: $222.90 million
Total Operating Expenses: $143.14 million

Over the last 10 years, Thermon Group's total revenue changed from $308.58 million in 2015 to $498.21 million in 2025, a change of 61.5%.

Thermon Group's total liabilities were at $260.14 million at the end of 2025, a 11.2% decrease from 2024, and a 46.2% increase since 2015.

In the past 10 years, Thermon Group's cash and equivalents has ranged from $31.40 million in 2019 to $93.77 million in 2015, and is currently $39.54 million as of their latest financial filing in 2025.

Over the last 10 years, Thermon Group's book value per share changed from 8.47 in 2015 to 14.70 in 2025, a change of 73.5%.

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Financial statements for NYSE:THR last updated on 2/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Thermon Group (THR) Financials

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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

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Quarterly Metrics And Ratios for Thermon Group

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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?

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How much cash does Thermon Group have?

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

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