Tennant (TNC) Financials

$82.75 +0.22 (+0.27%)

Closing price 03:59 PM Eastern

Extended Trading

$83.09 +0.34 (+0.41%)

As of 04:10 PM Eastern

Annual Income Statements for Tennant

This table shows Tennant'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	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	32	47	-6.20	33	46	34	65	66	110	84	44
Consolidated Net Income / (Loss)	32	47	-6.20	34	46	34	65	66	110	84	44
Net Income / (Loss) Continuing Operations	32	47	-6.20	34	46	34	65	66	110	84	44
Total Pre-Tax Income	50	66	-1.30	36	54	41	74	80	124	105	58
Total Operating Income	53	68	33	58	72	64	94	87	139	114	68
Total Gross Profit	349	352	400	445	462	408	438	421	528	550	484
Total Revenue	812	809	1,003	1,124	1,138	1,001	1,091	1,092	1,244	1,287	1,204
Operating Revenue	812	809	1,003	1,124	1,138	1,001	1,091	1,092	1,244	1,287	1,204
Total Cost of Revenue	463	457	603	679	676	593	653	671	716	737	719
Operating Cost of Revenue	463	457	603	679	676	593	653	671	716	737	719
Total Operating Expenses	296	283	367	387	390	344	344	334	389	436	416
Selling, General & Admin Expense	252	249	335	356	357	314	322	306	353	392	375
Research & Development Expense	32	35	32	31	33	30	32	31	37	44	41
Total Other Income / (Expense), net	-2.75	-1.77	-34	-22	-18	-23	-20	-7.70	-15	-9.50	-10
Interest & Investment Income	0.17	0.33	2.40	3.00	-	-17	-7.30	-7.10	-14	-9.10	-9.00
Other Income / (Expense), net	-1.61	-0.83	-11	-1.90	0.00	-5.20	-1.00	-0.60	-1.30	-0.40	-1.40
Income Tax Expense	18	20	4.90	2.30	8.10	7.40	9.20	13	14	21	14
Basic Earnings per Share	$1.78	$2.66	($0.35)	$1.86	$2.53	$1.84	$3.51	$3.58	$5.92	$4.46	$2.38
Weighted Average Basic Shares Outstanding	18.02M	17.52M	17.70M	17.94M	18.12M	18.35M	18.50M	18.49M	18.51M	18.79M	18.37M
Diluted Earnings per Share	$1.74	$2.59	($0.35)	$1.82	$2.48	$1.81	$3.44	$3.55	$5.83	$4.38	$2.36
Weighted Average Diluted Shares Outstanding	18.49M	17.98M	17.70M	18.34M	18.45M	18.64M	18.85M	18.70M	18.78M	19.10M	18.58M
Weighted Average Basic & Diluted Shares Outstanding	18M	17.50M	17.70M	18M	18.35M	18.52M	18.53M	18.52M	18.62M	18.82M	17.85M
Cash Dividends to Common per Share	$0.80	$0.81	$0.84	$0.85	$0.88	$0.89	$0.94	$1.02	$1.08	$1.14	$1.20

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	23	31	28	28	21	6.60	13	20	15	-4.40	0.20
Consolidated Net Income / (Loss)	23	31	28	28	21	6.60	13	20	15	-4.40	0.20
Net Income / (Loss) Continuing Operations	23	31	28	28	21	6.60	13	20	15	-4.40	0.20
Total Pre-Tax Income	30	22	35	37	28	5.30	17	27	19	-6.00	0.90
Total Operating Income	35	25	38	39	31	7.60	20	31	22	-4.20	4.90
Total Gross Profit	132	131	138	143	134	136	120	134	129	101	114
Total Revenue	305	311	311	331	316	329	290	319	303	292	298
Operating Revenue	305	311	311	331	316	329	290	319	303	292	298
Total Cost of Revenue	173	181	174	188	182	193	170	185	174	191	184
Operating Cost of Revenue	173	181	174	188	182	193	170	185	174	191	184
Total Operating Expenses	97	106	100	104	103	128	100	104	107	105	109
Selling, General & Admin Expense	88	96	90	93	93	116	91	94	97	94	98
Research & Development Expense	9.10	11	10	11	11	12	9.70	9.80	11	11	11
Total Other Income / (Expense), net	-4.80	-2.50	-2.40	-1.70	-3.10	-2.30	-2.40	-3.30	-2.90	-1.80	-4.00
Interest Expense	3.30	-	2.30	2.50	2.70	-	2.30	2.20	2.40	-	3.40
Other Income / (Expense), net	-1.50	-	-0.10	0.80	-0.40	-0.70	-0.10	-1.10	-0.50	0.30	-0.60
Income Tax Expense	7.00	-9.00	6.70	9.00	6.70	-1.30	4.10	7.10	4.50	-1.60	0.70
Basic Earnings per Share	$1.23	$1.67	$1.52	$1.47	$1.11	$0.36	$0.70	$1.10	$0.81	($0.23)	$0.01
Weighted Average Basic Shares Outstanding	18.57M	18.51M	18.67M	18.90M	18.81M	18.79M	18.70M	18.51M	18.31M	18.37M	17.56M
Diluted Earnings per Share	$1.21	$1.64	$1.49	$1.45	$1.09	$0.35	$0.69	$1.08	$0.80	($0.21)	$0.01
Weighted Average Diluted Shares Outstanding	18.88M	18.78M	19.08M	19.21M	19.09M	19.10M	18.96M	18.69M	18.55M	18.58M	17.80M
Weighted Average Basic & Diluted Shares Outstanding	18.68M	18.62M	19.01M	18.90M	18.87M	18.82M	18.65M	18.47M	18.13M	17.85M	17.04M
Cash Dividends to Common per Share	$0.27	-	$0.28	-	$0.28	-	$0.30	$0.30	-	-	$0.31

This table details how cash moves in and out of Tennant'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	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-42	7.76	-1.70	27	-12	66	-17	-46	40	-17	6.60
Net Cash From Operating Activities	45	58	54	80	72	134	69	-25	188	90	65
Net Cash From Continuing Operating Activities	45	58	54	80	72	134	69	-25	188	90	65
Net Income / (Loss) Continuing Operations	32	47	-6.20	34	46	34	65	66	110	84	44
Consolidated Net Income / (Loss)	32	47	-6.20	34	46	34	65	66	110	84	44
Depreciation Expense	17	18	26	32	32	33	33	33	36	40	45
Amortization Expense	1.48	0.41	19	25	22	21	20	16	15	15	14
Non-Cash Adjustments To Reconcile Net Income	20	4.15	21	8.70	20	11	15	7.40	16	16	19
Changes in Operating Assets and Liabilities, net	-25	-11	-6.00	-19	-48	36	-63	-148	12	-65	-56
Net Cash From Investing Activities	-24	-41	-375	-16	-56	-30	1.70	-25	-23	-78	-23
Net Cash From Continuing Investing Activities	-24	-41	-375	-16	-56	-30	1.50	-25	-23	-78	-23
Purchase of Property, Plant & Equipment	-25	-27	-20	-19	-38	-30	-19	-25	-23	-21	-22
Acquisitions	0.00	-13	-357	-2.80	-20	-0.10	-	0.00	0.00	-26	-3.20
Purchase of Investments	-	-	-	-	-	-	-	0.00	0.00	-32	0.00
Sale of Property, Plant & Equipment	0.34	0.62	2.50	0.10	0.10	0.10	-	-	0.00	0.00	1.50
Other Investing Activities, net	-0.32	-2.00	-1.50	-	-	0.00	-3.80	-3.60	-0.40	0.30	0.70
Net Cash From Financing Activities	-61	-9.56	319	-33	-27	-43	-85	8.10	-123	-25	-39
Net Cash From Continuing Financing Activities	-61	-9.56	319	-33	-27	-43	-85	8.10	-123	-25	-39
Repayment of Debt	-3.45	-3.46	-416	-38	-42	-158	-370	-19	-120	-45	-11
Repurchase of Common Equity	-46	-13	-	-	0.00	0.00	-15	-5.00	-22	-20	-89
Payment of Dividends	-14	-14	-15	-15	-17	-16	-18	-19	-20	-21	-22
Issuance of Debt	0.00	15	743	15	25	126	316	52	20	41	85
Issuance of Common Equity	1.68	5.27	6.90	5.90	6.10	4.90	5.00	-0.90	19	20	-2.50
Other Financing Activities, net	0.86	0.69	0.30	0.00	-0.20	-0.20	-2.40	0.00	0.20	0.00	0.00
Effect of Exchange Rate Changes	-1.91	-	-	-	-	5.30	-4.00	-4.70	-2.90	-3.40	3.00
Cash Interest Paid	1.17	1.14	14	22	20	18	12	7.60	17	14	12
Cash Income Taxes Paid	23	14	14	11	22	12	20	34	40	30	13

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	1.20	20	-28	-4.20	6.70	8.50	-20	0.60	19	7.00	-24
Net Cash From Operating Activities	54	64	2.90	19	31	38	-0.40	23	29	14	-31
Net Cash From Continuing Operating Activities	54	64	2.90	19	31	38	-0.40	23	29	14	-31
Net Income / (Loss) Continuing Operations	23	31	28	28	21	6.60	13	20	15	-4.40	0.20
Consolidated Net Income / (Loss)	23	31	28	28	21	6.60	13	20	15	-4.40	0.20
Depreciation Expense	9.20	10	9.60	9.90	10	11	11	11	11	12	11
Amortization Expense	3.50	3.70	3.90	3.90	3.60	3.60	3.40	3.40	3.40	3.50	3.50
Non-Cash Adjustments To Reconcile Net Income	6.30	4.00	3.60	2.60	5.50	4.20	4.10	5.30	4.10	5.30	2.10
Changes in Operating Assets and Liabilities, net	13	15	-43	-26	-9.30	13	-32	-18	-5.00	-2.00	-48
Net Cash From Investing Activities	-3.20	-8.00	-61	-4.30	-4.20	-9.30	-6.90	-3.70	-7.70	-4.40	-10
Net Cash From Continuing Investing Activities	-3.20	-8.00	-61	-4.30	-4.20	-9.30	-6.90	-3.70	-7.70	-4.40	-10
Purchase of Property, Plant & Equipment	-3.50	-7.00	-3.20	-4.30	-4.40	-9.00	-7.10	-3.90	-6.50	-4.20	-3.30
Acquisitions	-	-	-26	-0.20	-	-	0.00	-	-3.20	-	-7.20
Other Investing Activities, net	0.30	-1.00	0.20	0.20	0.20	-0.30	0.20	0.20	0.50	-0.20	0.20
Net Cash From Financing Activities	-49	-36	27	-15	-21	-17	-14	-19	-3.20	-2.70	17
Net Cash From Continuing Financing Activities	-49	-36	27	-15	-21	-17	-14	-19	-3.20	-2.70	17
Repayment of Debt	-56	-21	-26	-1.30	-7.20	-10	-0.80	-	-	-10	-20
Repurchase of Common Equity	-1.70	-10	-1.10	-8.00	-8.00	-2.50	-20	-13	-23	-32	-60
Payment of Dividends	-5.00	-5.30	-5.30	-5.30	-5.30	-5.50	-5.60	-5.40	-5.40	-5.50	-5.50
Issuance of Debt	-	-	40	-	-	0.90	15	-	25	45	105
Issuance of Common Equity	14	0.90	20	0.10	-	-	-2.10	-0.30	-0.10	-	-2.30
Effect of Exchange Rate Changes	-1.00	-0.20	2.50	-4.00	0.70	-2.60	0.70	0.90	1.50	-0.10	0.50
Cash Interest Paid	4.30	2.40	4.50	3.20	3.60	2.30	2.90	3.10	3.00	3.30	4.10
Cash Income Taxes Paid	17	10	1.60	17	9.30	2.30	3.50	5.50	2.20	2.20	-1.90

This table presents Tennant'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	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	432	470	994	993	1,063	1,083	1,062	1,085	1,113	1,190	1,269
Total Current Assets	294	298	423	469	481	494	527	575	569	577	600
Restricted Cash	0.64	0.52	0.65	86	-	141	124	77	117	100	106
Accounts Receivable	140	149	210	216	223	200	211	252	248	259	257
Inventories, net	77	79	128	135	150	128	161	207	176	184	199
Prepaid Expenses	15	9.20	19	31	33	25	31	40	29	34	38
Plant, Property, & Equipment, net	95	112	180	163	173	186	173	180	188	184	190
Total Noncurrent Assets	44	60	391	361	409	404	362	330	357	429	479
Goodwill	17	21	186	183	195	208	193	182	187	186	209
Intangible Assets	3.20	6.46	172	147	138	126	98	76	63	59	53
Other Noncurrent Operating Assets	12	19	21	31	47	70	71	72	106	185	218
Total Liabilities & Shareholders' Equity	432	470	994	993	1,063	1,083	1,062	1,085	1,113	1,190	1,269
Total Liabilities	180	191	696	676	702	677	627	613	535	568	666
Total Current Liabilities	133	133	237	249	275	254	290	262	274	292	293
Short-Term Debt	3.46	3.46	31	27	31	11	4.20	5.20	6.40	1.30	0.40
Accounts Payable	50	47	96	98	94	106	122	126	111	127	128
Current Employee Benefit Liabilities	35	36	37	56	64	54	61	44	67	53	41
Other Current Liabilities	43	44	69	67	86	83	104	86	89	111	124
Total Noncurrent Liabilities	47	59	459	427	427	422	336	351	261	276	372
Long-Term Debt	21	33	346	328	308	298	263	295	194	198	273
Capital Lease Obligations	-	-	-	0.00	-	29	25	17	27	36	36
Noncurrent Deferred & Payable Income Tax Liabilities	0.01	0.17	53	46	42	39	21	12	5.00	4.90	3.30
Noncurrent Employee Benefit Liabilities	22	21	24	21	19	18	16	13	13	14	16
Other Noncurrent Operating Liabilities	4.17	4.63	36	32	58	39	11	15	22	23	45
Commitments & Contingencies	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	252	279	298	316	361	406	435	472	578	622	603
Total Preferred & Common Equity	252	279	297	314	360	405	434	471	577	621	602
Total Common Equity	252	279	297	314	360	405	434	471	577	621	602
Common Stock	6.65	10	22	35	52	62	61	63	72	84	6.70
Retained Earnings	294	318	297	316	346	363	411	458	547	610	628
Accumulated Other Comprehensive Income / (Loss)	-48	-50	-22	-37	-39	-20	-38	-50	-42	-73	-33
Noncontrolling Interest	-	0.00	1.97	1.90	1.40	1.30	1.30	1.30	1.30	1.30	1.80

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,005	1,101	1,108	1,059	1,152	1,168	1,216	1,180	1,242	1,257	1,277
Total Current Assets	522	582	590	555	561	578	594	551	575	598	611
Restricted Cash	59	91	96	97	89	85	91	80	80	99	83
Accounts Receivable	219	254	264	242	257	269	260	251	265	249	281
Inventories, net	200	204	198	185	181	190	202	191	195	206	205
Prepaid Expenses	44	33	32	31	34	35	41	29	34	44	43
Plant, Property, & Equipment, net	166	183	185	182	185	179	184	186	193	192	185
Total Noncurrent Assets	317	336	334	323	406	410	439	444	474	467	480
Goodwill	169	185	186	181	192	191	198	193	207	208	210
Intangible Assets	74	73	70	64	72	68	66	57	58	56	53
Other Noncurrent Operating Assets	74	77	79	78	141	152	174	194	209	202	218
Total Liabilities & Shareholders' Equity	1,005	1,101	1,108	1,059	1,152	1,168	1,216	1,180	1,242	1,257	1,277
Total Liabilities	579	608	586	513	536	542	568	554	588	614	744
Total Current Liabilities	244	257	258	245	260	266	274	257	275	282	289
Short-Term Debt	5.30	5.30	5.30	5.90	7.20	7.80	0.60	0.50	0.40	0.40	0.40
Accounts Payable	110	118	113	99	125	129	128	115	122	111	123
Current Employee Benefit Liabilities	47	45	52	62	47	52	59	39	41	49	40
Other Current Liabilities	82	89	88	78	82	78	86	102	111	122	126
Total Noncurrent Liabilities	334	351	329	268	275	275	294	297	313	333	455
Long-Term Debt	276	294	273	216	207	206	209	213	213	238	358
Capital Lease Obligations	17	18	17	19	27	30	35	35	34	34	34
Noncurrent Deferred & Payable Income Tax Liabilities	16	11	9.70	8.60	8.40	7.90	7.90	5.10	5.30	1.20	4.20
Noncurrent Employee Benefit Liabilities	16	13	13	13	14	13	14	14	15	15	15
Other Noncurrent Operating Liabilities	9.00	15	16	12	19	19	29	29	45	44	43
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	427	493	522	546	616	626	649	626	654	643	533
Total Preferred & Common Equity	425	492	521	545	615	625	647	624	652	641	531
Total Common Equity	425	492	521	545	615	625	647	624	652	641	531
Common Stock	64	60	61	78	94	88	84	65	54	34	6.40
Retained Earnings	439	477	504	522	571	593	609	617	632	642	562
Accumulated Other Comprehensive Income / (Loss)	-78	-46	-44	-55	-50	-56	-45	-57	-34	-34	-37
Noncontrolling Interest	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.70	1.80	1.80	1.80

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.24%	-0.40%	24.06%	12.00%	1.26%	-12.01%	8.97%	0.13%	13.86%	3.47%	-6.47%
EBITDA Growth	-23.54%	23.20%	-22.09%	69.01%	11.78%	-11.33%	30.29%	-7.20%	39.25%	-10.30%	-25.68%
EBIT Growth	-27.33%	30.79%	-67.82%	158.53%	27.99%	-18.52%	58.46%	-6.58%	58.55%	-17.04%	-41.26%
NOPAT Growth	-35.56%	41.43%	-51.73%	134.95%	12.45%	-14.42%	57.12%	-11.39%	68.58%	-25.53%	-43.40%
Net Income Growth	-36.65%	45.27%	-113.30%	640.32%	37.01%	-26.58%	92.58%	2.16%	65.16%	-23.56%	-47.67%
EPS Growth	-35.56%	48.85%	-113.51%	620.00%	36.26%	-27.02%	90.06%	3.20%	64.23%	-24.87%	-46.12%
Operating Cash Flow Growth	-23.80%	27.96%	-6.35%	47.60%	-10.13%	86.09%	-48.13%	-136.17%	850.60%	-52.39%	-27.54%
Free Cash Flow Firm Growth	-40.04%	-66.79%	-3,397.64%	125.29%	-75.56%	262.13%	5.88%	-143.67%	517.14%	-84.61%	-83.62%
Invested Capital Growth	1.43%	17.22%	140.55%	-5.02%	6.87%	-3.71%	0.37%	17.80%	-3.22%	10.00%	6.33%
Revenue Q/Q Growth	-1.27%	0.73%	7.22%	0.53%	0.84%	-2.12%	0.31%	1.35%	1.67%	1.38%	-3.01%
EBITDA Q/Q Growth	-6.42%	5.33%	-7.09%	4.98%	4.04%	-7.98%	2.68%	12.38%	-1.31%	-9.24%	-7.10%
EBIT Q/Q Growth	-7.88%	6.66%	-40.10%	12.45%	8.30%	-15.71%	4.86%	22.32%	-2.56%	-13.38%	-13.90%
NOPAT Q/Q Growth	-12.39%	5.24%	-11.84%	15.16%	5.59%	-15.88%	3.52%	33.25%	6.38%	-21.80%	-18.55%
Net Income Q/Q Growth	-11.93%	4.89%	-150.19%	48.78%	7.75%	-20.33%	9.08%	31.55%	7.04%	-22.57%	-20.07%
EPS Q/Q Growth	-10.31%	4.86%	-151.47%	50.41%	6.90%	-20.26%	9.21%	31.97%	6.58%	-22.75%	-19.18%
Operating Cash Flow Q/Q Growth	-15.36%	21.57%	-4.44%	21.81%	-12.95%	8.60%	-30.04%	22.29%	36.23%	-22.67%	-26.39%
Free Cash Flow Firm Q/Q Growth	-42.99%	172.45%	-0.28%	18.47%	1.54%	-30.28%	-22.14%	14.36%	58.76%	354.08%	-92.47%
Invested Capital Q/Q Growth	6.08%	-3.54%	-1.84%	-2.94%	-2.31%	1.36%	5.89%	6.89%	-0.09%	-5.43%	-1.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.00%	43.48%	39.86%	39.61%	40.59%	40.74%	40.15%	38.54%	42.44%	42.75%	40.24%
EBITDA Margin	8.57%	10.60%	6.66%	10.05%	11.09%	11.18%	13.37%	12.39%	15.15%	13.13%	10.44%
Operating Margin	6.55%	8.44%	3.29%	5.16%	6.31%	6.36%	8.59%	7.98%	11.15%	8.88%	5.68%
EBIT Margin	6.35%	8.34%	2.16%	4.99%	6.31%	5.84%	8.50%	7.93%	11.04%	8.85%	5.56%
Profit (Net Income) Margin	3.95%	5.77%	-0.62%	2.98%	4.03%	3.37%	5.95%	6.07%	8.81%	6.51%	3.64%
Tax Burden Percent	63.64%	70.11%	476.92%	93.58%	85.00%	82.00%	87.58%	83.40%	88.45%	79.87%	75.65%
Interest Burden Percent	97.79%	98.59%	-5.99%	63.81%	75.21%	70.26%	79.94%	91.80%	90.17%	92.01%	86.55%
Effective Tax Rate	36.36%	29.89%	0.00%	6.42%	15.00%	18.00%	12.42%	16.60%	11.55%	20.13%	24.35%
Return on Invested Capital (ROIC)	15.59%	20.16%	5.30%	9.03%	10.08%	8.51%	13.60%	11.05%	17.50%	12.61%	6.61%
ROIC Less NNEP Spread (ROIC-NNEP)	19.14%	24.60%	-14.54%	1.95%	4.41%	0.46%	4.21%	7.91%	10.04%	6.47%	1.96%
Return on Net Nonoperating Assets (RNNOA)	-3.55%	-2.60%	-7.44%	1.86%	3.47%	0.27%	1.83%	3.57%	3.35%	1.33%	0.54%
Return on Equity (ROE)	12.04%	17.57%	-2.15%	10.90%	13.55%	8.78%	15.43%	14.62%	20.85%	13.95%	7.15%
Cash Return on Invested Capital (CROIC)	14.18%	4.31%	-77.25%	14.19%	3.44%	12.29%	13.24%	-5.30%	20.77%	3.09%	0.47%
Operating Return on Assets (OROA)	11.22%	14.95%	2.96%	5.65%	6.99%	5.45%	8.65%	8.07%	12.49%	9.89%	5.44%
Return on Assets (ROA)	6.98%	10.33%	-0.85%	3.37%	4.47%	3.14%	6.05%	6.18%	9.96%	7.27%	3.56%
Return on Common Equity (ROCE)	12.04%	17.57%	-2.14%	10.83%	13.48%	8.75%	15.38%	14.57%	20.80%	13.92%	7.13%
Return on Equity Simple (ROE_SIMPLE)	12.72%	16.73%	-2.09%	10.66%	12.75%	8.33%	14.96%	14.08%	18.98%	13.48%	0.00%
Net Operating Profit after Tax (NOPAT)	34	48	23	54	61	52	82	73	123	91	52
NOPAT Margin	4.17%	5.92%	2.30%	4.83%	5.36%	5.22%	7.52%	6.66%	9.86%	7.09%	4.29%
Net Nonoperating Expense Percent (NNEP)	-3.54%	-4.44%	19.84%	7.08%	5.68%	8.05%	9.39%	3.14%	7.46%	6.15%	4.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.21%	15.20%	10.64%	5.66%
Cost of Revenue to Revenue	57.00%	56.52%	60.14%	60.39%	59.41%	59.26%	59.85%	61.46%	57.56%	57.26%	59.76%
SG&A Expenses to Revenue	31.08%	30.74%	33.38%	31.71%	31.40%	31.37%	29.51%	28.04%	28.35%	30.46%	31.14%
R&D to Revenue	3.99%	4.30%	3.19%	2.73%	2.87%	3.01%	2.95%	2.85%	2.94%	3.40%	3.42%
Operating Expenses to Revenue	36.45%	35.04%	36.57%	34.45%	34.27%	34.38%	31.56%	30.55%	31.30%	33.86%	34.57%
Earnings before Interest and Taxes (EBIT)	52	67	22	56	72	59	93	87	137	114	67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	70	86	67	113	126	112	146	135	188	169	126
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.56	4.09	4.02	2.79	3.73	3.06	3.35	2.37	2.97	2.48	2.22
Price to Tangible Book Value (P/TBV)	3.87	4.54	0.00	0.00	49.50	17.48	10.17	5.26	5.24	4.09	3.92
Price to Revenue (P/Rev)	1.11	1.41	1.19	0.78	1.18	1.24	1.33	1.02	1.38	1.20	1.11
Price to Earnings (P/E)	28.00	24.43	0.00	26.30	29.29	36.72	22.36	16.84	15.63	18.38	30.50
Dividend Yield	1.59%	1.25%	1.26%	1.75%	1.20%	1.33%	1.20%	1.69%	1.17%	1.39%	1.62%
Earnings Yield	3.57%	4.09%	0.00%	3.80%	3.41%	2.72%	4.47%	5.94%	6.40%	5.44%	3.28%
Enterprise Value to Invested Capital (EV/IC)	3.99	4.36	2.45	1.96	2.57	2.38	2.68	1.91	2.65	2.21	1.91
Enterprise Value to Revenue (EV/Rev)	1.07	1.38	1.51	1.02	1.41	1.43	1.49	1.24	1.47	1.30	1.28
Enterprise Value to EBITDA (EV/EBITDA)	12.52	13.02	22.62	10.18	12.74	12.82	11.12	10.04	9.68	9.92	12.26
Enterprise Value to EBIT (EV/EBIT)	16.89	16.56	69.64	20.48	22.38	24.53	17.50	15.68	13.28	14.71	23.03
Enterprise Value to NOPAT (EV/NOPAT)	25.74	23.33	65.42	21.17	26.33	27.48	19.76	18.67	14.88	18.36	29.81
Enterprise Value to Operating Cash Flow (EV/OCF)	19.26	19.29	27.88	14.36	22.35	10.73	23.37	0.00	9.68	18.68	23.70
Enterprise Value to Free Cash Flow (EV/FCFF)	28.31	109.26	0.00	13.48	77.16	19.02	20.31	0.00	12.54	74.86	420.03
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.10	0.13	1.26	1.12	0.94	0.83	0.67	0.67	0.39	0.38	0.51
Long-Term Debt to Equity	0.08	0.12	1.16	1.04	0.85	0.80	0.66	0.66	0.38	0.38	0.51
Financial Leverage	-0.19	-0.11	0.51	0.95	0.79	0.60	0.43	0.45	0.33	0.21	0.28
Leverage Ratio	1.73	1.70	2.54	3.23	3.03	2.80	2.55	2.37	2.09	1.92	2.01
Compound Leverage Factor	1.69	1.68	-0.15	2.06	2.28	1.96	2.04	2.17	1.89	1.77	1.74
Debt to Total Capital	8.90%	11.50%	55.80%	52.89%	48.39%	45.37%	40.24%	40.20%	28.28%	27.49%	33.87%
Short-Term Debt to Total Capital	1.25%	1.10%	4.57%	4.02%	4.47%	1.47%	0.58%	0.66%	0.79%	0.15%	0.04%
Long-Term Debt to Total Capital	7.66%	10.40%	51.23%	48.87%	43.92%	43.90%	39.66%	39.54%	27.48%	27.33%	33.83%
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%	0.29%	0.28%	0.20%	0.17%	0.18%	0.16%	0.16%	0.15%	0.20%
Common Equity to Total Capital	91.10%	88.50%	43.91%	46.83%	51.41%	54.46%	59.58%	59.63%	71.56%	72.36%	65.93%
Debt to EBITDA	0.35	0.42	5.64	3.15	2.68	3.01	2.01	2.35	1.21	1.40	2.46
Net Debt to EBITDA	-0.39	-0.26	4.76	2.38	2.09	1.75	1.16	1.77	0.59	0.80	1.61
Long-Term Debt to EBITDA	0.30	0.38	5.18	2.91	2.44	2.92	1.98	2.31	1.18	1.39	2.46
Debt to NOPAT	0.73	0.76	16.31	6.54	5.55	6.46	3.57	4.36	1.86	2.58	5.98
Net Debt to NOPAT	-0.81	-0.47	13.76	4.96	4.33	3.76	2.06	3.30	0.90	1.49	3.92
Long-Term Debt to NOPAT	0.63	0.68	14.98	6.05	5.04	6.25	3.52	4.29	1.81	2.57	5.97
Altman Z-Score	6.66	7.13	2.75	2.81	3.13	2.94	3.51	3.30	4.45	4.03	3.31
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.34%	0.63%	0.49%	0.35%	0.31%	0.29%	0.25%	0.22%	0.25%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.20	2.24	1.79	1.88	1.75	1.94	1.81	2.20	2.08	1.97	2.05
Quick Ratio	1.44	1.56	1.13	0.87	1.08	0.79	0.73	0.96	0.90	0.89	0.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	31	10	-337	85	21	75	80	-35	145	22	3.67
Operating Cash Flow to CapEx	185.04%	223.37%	302.79%	427.81%	187.73%	448.99%	357.73%	-100.40%	826.32%	429.19%	321.78%
Free Cash Flow to Firm to Interest Expense	23.43	7.99	-13.27	3.66	1.17	0.00	7.07	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	34.45	45.25	2.13	3.43	4.04	0.00	6.14	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	15.83	24.99	1.43	2.63	1.89	0.00	4.42	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.77	1.79	1.37	1.13	1.11	0.93	1.02	1.02	1.13	1.12	0.98
Accounts Receivable Turnover	5.54	5.58	5.59	5.28	5.18	4.73	5.30	4.72	4.98	5.08	4.67
Inventory Turnover	5.86	5.86	5.85	5.16	4.74	4.27	4.53	3.66	3.74	4.10	3.76
Fixed Asset Turnover	8.95	7.81	6.87	6.54	6.76	5.58	6.09	6.19	6.77	6.92	6.43
Accounts Payable Turnover	8.26	9.35	8.41	6.98	7.02	5.92	5.73	5.42	6.03	6.18	5.65
Days Sales Outstanding (DSO)	65.83	65.36	65.25	69.15	70.51	77.16	68.81	77.35	73.24	71.87	78.23
Days Inventory Outstanding (DIO)	62.24	62.27	62.41	70.69	77.01	85.47	80.60	99.83	97.52	89.11	97.01
Days Payable Outstanding (DPO)	44.16	39.04	43.41	52.31	51.98	61.65	63.68	67.31	60.55	59.03	64.56
Cash Conversion Cycle (CCC)	83.90	88.59	84.26	87.53	95.54	100.97	85.73	109.86	110.21	101.94	110.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	219	256	616	585	626	602	605	712	689	758	806
Invested Capital Turnover	3.74	3.41	2.30	1.87	1.88	1.63	1.81	1.66	1.77	1.78	1.54
Increase / (Decrease) in Invested Capital	3.07	38	360	-31	40	-23	2.20	108	-23	69	48
Enterprise Value (EV)	871	1,117	1,511	1,149	1,607	1,435	1,622	1,358	1,824	1,676	1,540
Market Capitalization	898	1,139	1,191	878	1,342	1,238	1,451	1,117	1,712	1,539	1,336
Book Value per Share	$14.14	$15.80	$16.61	$17.35	$19.70	$21.91	$23.40	$25.32	$30.89	$32.89	$33.19
Tangible Book Value per Share	$13.02	$14.24	($3.47)	($0.82)	$1.48	$3.83	$7.70	$11.42	$17.48	$19.95	$18.78
Total Capital	277	315	675	671	700	743	728	790	806	858	913
Total Debt	25	36	377	355	339	337	293	317	228	236	309
Total Long-Term Debt	21	33	346	328	308	326	289	312	222	235	309
Net Debt	-27	-22	318	269	264	196	169	240	111	136	203
Capital Expenditures (CapEx)	24	26	18	19	38	30	19	25	23	21	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	112	110	158	161	163	109	117	242	185	186	201
Debt-free Net Working Capital (DFNWC)	164	169	217	247	237	250	241	319	302	286	307
Net Working Capital (NWC)	160	165	187	220	206	239	237	314	295	284	307
Net Nonoperating Expense (NNE)	1.75	1.24	29	21	15	19	17	6.42	13	7.59	7.87
Net Nonoperating Obligations (NNO)	-34	-22	318	269	264	196	169	240	111	136	203
Total Depreciation and Amortization (D&A)	18	18	45	57	54	53	53	49	51	55	59
Debt-free, Cash-free Net Working Capital to Revenue	13.79%	13.60%	15.80%	14.29%	14.31%	10.91%	10.74%	22.11%	14.85%	14.45%	16.67%
Debt-free Net Working Capital to Revenue	20.19%	20.85%	21.68%	21.96%	20.87%	25.00%	22.07%	29.20%	24.27%	22.20%	25.51%
Net Working Capital to Revenue	19.76%	20.42%	18.60%	19.56%	18.12%	23.91%	21.68%	28.72%	23.75%	22.10%	25.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.78	$2.66	($0.35)	$1.86	$2.53	$1.84	$3.51	$3.58	$5.92	$4.46	$2.38
Adjusted Weighted Average Basic Shares Outstanding	18.02M	17.52M	17.70M	17.94M	18.12M	18.35M	18.50M	18.49M	18.51M	18.79M	18.37M
Adjusted Diluted Earnings per Share	$1.74	$2.59	($0.35)	$1.82	$2.48	$1.81	$3.44	$3.55	$5.83	$4.38	$2.36
Adjusted Weighted Average Diluted Shares Outstanding	18.49M	17.98M	17.70M	18.34M	18.45M	18.64M	18.85M	18.70M	18.78M	19.10M	18.58M
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	17.65M	17.70M	17.88M	18.12M	18.35M	18.52M	18.53M	18.52M	18.62M	18.82M	17.85M
Normalized Net Operating Profit after Tax (NOPAT)	41	48	23	54	61	52	73	70	123	91	52
Normalized NOPAT Margin	5.05%	5.92%	2.30%	4.83%	5.36%	5.22%	6.74%	6.38%	9.86%	7.09%	4.29%
Pre Tax Income Margin	6.21%	8.22%	-0.13%	3.19%	4.75%	4.11%	6.79%	7.28%	9.96%	8.14%	4.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	39.27	52.73	0.85	2.41	4.03	0.00	8.20	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	25.77	37.42	0.91	2.33	3.43	0.00	7.26	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	20.66	32.47	0.15	1.61	1.88	0.00	6.49	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	7.16	17.16	0.20	1.53	1.28	0.00	5.55	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.18%	30.66%	-241.94%	45.67%	35.95%	48.66%	26.96%	28.51%	18.36%	25.57%	50.00%
Augmented Payout Ratio	188.53%	58.04%	-241.94%	45.67%	35.95%	48.66%	50.08%	36.05%	38.17%	48.98%	252.05%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	-	-	-	-	-	-	-	-	-	-	17,846,681.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	17,846,681.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.90%	7.01%	1.70%	2.89%	3.64%	5.62%	-6.75%	-3.75%	-3.96%	-11.34%	2.72%
EBITDA Growth	37.84%	-6.14%	6.26%	-5.67%	-4.36%	-45.03%	-34.18%	-16.92%	-16.86%	-45.71%	-42.69%
EBIT Growth	50.91%	-12.81%	4.76%	-10.25%	-9.04%	-71.84%	-47.86%	-25.13%	-27.81%	-156.52%	-77.95%
NOPAT Growth	57.62%	26.16%	11.30%	-14.47%	-12.91%	-72.59%	-50.80%	-22.42%	-26.00%	-131.06%	-92.71%
Net Income Growth	46.79%	30.25%	16.87%	-10.86%	-9.17%	-78.71%	-53.87%	-27.60%	-28.37%	-166.67%	-98.47%
EPS Growth	45.78%	28.13%	14.62%	-13.69%	-9.92%	-78.66%	-53.69%	-25.52%	-26.61%	-160.00%	-98.55%
Operating Cash Flow Growth	457.89%	365.69%	-90.68%	-52.43%	-43.57%	-41.22%	-113.79%	20.97%	-6.51%	-62.13%	-7,700.00%
Free Cash Flow Firm Growth	103.79%	171.57%	68.19%	15.03%	-3,078.75%	-203.51%	37.31%	57.12%	102.74%	14.29%	-281.14%
Invested Capital Growth	3.54%	-3.22%	6.90%	8.72%	16.21%	10.00%	3.51%	4.73%	1.83%	6.33%	5.92%
Revenue Q/Q Growth	-5.28%	2.20%	-0.13%	6.43%	-4.59%	4.15%	-11.83%	9.86%	-4.80%	-3.86%	2.16%
EBITDA Q/Q Growth	-18.62%	-16.78%	33.25%	4.52%	-17.48%	-52.16%	59.52%	31.94%	-17.42%	-68.77%	68.42%
EBIT Q/Q Growth	-24.37%	-26.20%	52.65%	5.35%	-23.35%	-77.15%	182.61%	51.28%	-26.10%	-117.89%	210.26%
NOPAT Q/Q Growth	-22.12%	29.90%	-12.11%	-3.81%	-20.70%	-59.11%	57.73%	51.67%	-24.36%	-117.17%	137.04%
Net Income Q/Q Growth	-26.84%	35.37%	-8.39%	-1.76%	-25.45%	-68.27%	98.48%	54.20%	-26.24%	-129.53%	104.55%
EPS Q/Q Growth	-27.98%	35.54%	-9.15%	-2.68%	-24.83%	-67.89%	97.14%	56.52%	-25.93%	-126.25%	104.76%
Operating Cash Flow Q/Q Growth	39.13%	17.28%	-95.45%	541.38%	65.05%	22.15%	-101.07%	5,725.00%	27.56%	-50.52%	-319.72%
Free Cash Flow Firm Q/Q Growth	107.50%	1,829.36%	-133.54%	-75.07%	-162.96%	32.96%	79.69%	-19.77%	116.79%	-2,198.61%	9.68%
Invested Capital Q/Q Growth	-4.39%	-0.09%	11.55%	2.03%	2.19%	-5.43%	4.97%	3.23%	-0.63%	-1.25%	4.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.32%	42.00%	44.21%	43.11%	42.37%	41.35%	41.38%	42.09%	42.66%	34.57%	38.13%
EBITDA Margin	15.06%	12.27%	16.37%	16.07%	13.90%	6.38%	11.55%	13.87%	12.03%	3.91%	6.45%
Operating Margin	11.39%	7.87%	12.06%	11.66%	9.69%	2.31%	6.76%	9.60%	7.35%	-1.44%	1.64%
EBIT Margin	10.90%	7.87%	12.03%	11.90%	9.56%	2.10%	6.72%	9.26%	7.19%	-1.34%	1.44%
Profit (Net Income) Margin	7.52%	9.96%	9.13%	8.43%	6.59%	2.01%	4.52%	6.34%	4.91%	-1.51%	0.07%
Tax Burden Percent	76.59%	140.91%	80.91%	75.61%	75.64%	124.53%	76.16%	73.99%	76.80%	73.33%	22.22%
Interest Burden Percent	90.06%	89.80%	93.85%	93.65%	91.06%	76.81%	88.21%	92.54%	88.99%	153.85%	20.93%
Effective Tax Rate	23.41%	-40.91%	19.09%	24.39%	24.36%	-24.53%	23.84%	26.01%	23.20%	0.00%	77.78%
Return on Invested Capital (ROIC)	15.74%	19.68%	16.38%	14.73%	12.47%	5.12%	8.33%	11.09%	8.66%	-1.55%	0.54%
ROIC Less NNEP Spread (ROIC-NNEP)	13.82%	17.67%	15.35%	14.01%	10.89%	2.80%	7.20%	9.60%	7.30%	-2.41%	0.17%
Return on Net Nonoperating Assets (RNNOA)	5.44%	5.90%	5.24%	4.37%	2.70%	0.58%	1.87%	2.45%	1.85%	-0.67%	0.07%
Return on Equity (ROE)	21.18%	25.58%	21.62%	19.11%	15.18%	5.69%	10.20%	13.54%	10.51%	-2.22%	0.61%
Cash Return on Invested Capital (CROIC)	13.52%	20.77%	10.20%	7.63%	0.66%	3.09%	6.25%	4.02%	6.02%	0.47%	-0.89%
Operating Return on Assets (OROA)	12.91%	8.90%	13.33%	13.16%	10.67%	2.34%	7.30%	9.63%	7.21%	-1.31%	1.42%
Return on Assets (ROA)	8.91%	11.26%	10.13%	9.32%	7.35%	2.24%	4.90%	6.60%	4.93%	-1.48%	0.07%
Return on Common Equity (ROCE)	21.12%	25.52%	21.57%	19.06%	15.15%	5.68%	10.17%	13.51%	10.48%	-2.21%	0.61%
Return on Equity Simple (ROE_SIMPLE)	18.77%	0.00%	18.48%	17.64%	16.70%	0.00%	10.95%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	27	35	30	29	23	9.46	15	23	17	-2.94	1.09
NOPAT Margin	8.72%	11.09%	9.76%	8.82%	7.33%	2.88%	5.15%	7.11%	5.65%	-1.01%	0.37%
Net Nonoperating Expense Percent (NNEP)	1.92%	2.01%	1.03%	0.72%	1.58%	2.32%	1.13%	1.50%	1.36%	0.86%	0.37%
Return On Investment Capital (ROIC_SIMPLE)	-	4.28%	3.54%	-	-	1.10%	1.71%	2.51%	1.87%	-0.32%	0.12%
Cost of Revenue to Revenue	56.68%	58.00%	55.79%	56.89%	57.63%	58.65%	58.62%	57.91%	57.34%	65.43%	61.87%
SG&A Expenses to Revenue	28.95%	30.73%	28.91%	28.07%	29.35%	35.39%	31.28%	29.41%	31.85%	32.17%	32.93%
R&D to Revenue	2.99%	3.40%	3.25%	3.38%	3.32%	3.65%	3.34%	3.08%	3.46%	3.84%	3.56%
Operating Expenses to Revenue	31.93%	34.14%	32.15%	31.45%	32.68%	39.04%	34.62%	32.49%	35.31%	36.01%	36.49%
Earnings before Interest and Taxes (EBIT)	33	25	37	39	30	6.90	20	30	22	-3.90	4.30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	46	38	51	53	44	21	34	44	37	11	19
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.50	2.97	3.65	3.00	2.81	2.48	2.40	2.22	2.34	2.22	2.23
Price to Tangible Book Value (P/TBV)	4.54	5.24	6.41	5.11	4.75	4.09	4.01	3.74	3.97	3.92	4.41
Price to Revenue (P/Rev)	1.11	1.38	1.80	1.49	1.43	1.20	1.19	1.15	1.21	1.11	0.98
Price to Earnings (P/E)	13.32	15.63	19.75	16.98	16.80	18.38	21.94	23.81	27.32	30.50	38.35
Dividend Yield	1.45%	1.17%	0.91%	1.12%	1.17%	1.39%	1.44%	1.50%	1.46%	1.62%	1.82%
Earnings Yield	7.51%	6.40%	5.06%	5.89%	5.95%	5.44%	4.56%	4.20%	3.66%	3.28%	2.61%
Enterprise Value to Invested Capital (EV/IC)	2.19	2.65	3.12	2.59	2.46	2.21	2.10	1.97	2.05	1.91	1.78
Enterprise Value to Revenue (EV/Rev)	1.23	1.47	1.92	1.61	1.55	1.30	1.32	1.29	1.35	1.28	1.24
Enterprise Value to EBITDA (EV/EBITDA)	7.90	9.68	12.53	10.79	10.58	9.92	11.03	11.32	12.37	12.26	13.45
Enterprise Value to EBIT (EV/EBIT)	10.70	13.28	17.25	15.10	14.98	14.71	17.42	18.76	21.53	23.03	28.95
Enterprise Value to NOPAT (EV/NOPAT)	13.08	14.88	19.10	16.88	16.88	18.36	22.04	23.26	26.37	29.81	37.59
Enterprise Value to Operating Cash Flow (EV/OCF)	10.90	9.68	14.97	14.54	16.98	18.68	19.35	17.88	18.94	23.70	43.76
Enterprise Value to Free Cash Flow (EV/FCFF)	16.45	12.54	31.59	35.36	399.58	74.86	34.21	49.97	34.32	420.03	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.39	0.39	0.39	0.38	0.38	0.40	0.38	0.42	0.51	0.74
Long-Term Debt to Equity	0.43	0.38	0.38	0.38	0.38	0.38	0.40	0.38	0.42	0.51	0.74
Financial Leverage	0.39	0.33	0.34	0.31	0.25	0.21	0.26	0.26	0.25	0.28	0.41
Leverage Ratio	2.12	2.09	2.03	1.98	1.90	1.92	1.88	1.88	1.92	2.01	2.12
Compound Leverage Factor	1.91	1.88	1.91	1.86	1.73	1.47	1.66	1.74	1.70	3.09	0.44
Debt to Total Capital	30.57%	28.28%	28.18%	27.97%	27.37%	27.49%	28.47%	27.50%	29.81%	33.87%	42.41%
Short-Term Debt to Total Capital	0.75%	0.79%	0.84%	0.90%	0.07%	0.15%	0.06%	0.04%	0.04%	0.04%	0.04%
Long-Term Debt to Total Capital	29.82%	27.48%	27.34%	27.08%	27.30%	27.33%	28.41%	27.45%	29.77%	33.83%	42.37%
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	0.17%	0.16%	0.15%	0.15%	0.15%	0.15%	0.19%	0.20%	0.20%	0.20%	0.19%
Common Equity to Total Capital	69.27%	71.56%	71.67%	71.88%	72.48%	72.36%	71.34%	72.30%	69.99%	65.93%	57.40%
Debt to EBITDA	1.26	1.21	1.26	1.29	1.31	1.40	1.64	1.74	2.02	2.46	3.53
Net Debt to EBITDA	0.75	0.59	0.80	0.84	0.82	0.80	1.12	1.18	1.28	1.61	2.78
Long-Term Debt to EBITDA	1.23	1.18	1.23	1.25	1.31	1.39	1.64	1.74	2.02	2.46	3.52
Debt to NOPAT	2.09	1.86	1.93	2.02	2.09	2.58	3.28	3.57	4.30	5.98	9.86
Net Debt to NOPAT	1.25	0.90	1.22	1.32	1.31	1.49	2.24	2.42	2.74	3.92	7.78
Long-Term Debt to NOPAT	2.04	1.81	1.87	1.96	2.09	2.57	3.28	3.57	4.30	5.97	9.85
Altman Z-Score	3.89	4.12	4.71	4.29	4.06	3.73	3.78	3.57	3.52	3.13	2.84
Noncontrolling Interest Sharing Ratio	0.27%	0.25%	0.23%	0.23%	0.22%	0.22%	0.24%	0.24%	0.24%	0.25%	0.30%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.27	2.08	2.15	2.17	2.17	1.97	2.14	2.09	2.13	2.05	2.12
Quick Ratio	0.99	0.90	0.99	1.01	0.95	0.89	0.98	0.97	0.89	0.88	0.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2.98	57	-19	-34	-89	-59	-12	-14	2.43	-51	-46
Operating Cash Flow to CapEx	1,554.29%	911.43%	90.63%	432.56%	697.73%	416.67%	-5.63%	576.92%	441.54%	338.10%	-945.45%
Free Cash Flow to Firm to Interest Expense	0.90	0.00	-8.37	-13.49	-32.84	0.00	-5.25	-6.57	1.01	0.00	-13.53
Operating Cash Flow to Interest Expense	16.48	0.00	1.26	7.44	11.37	0.00	-0.17	10.23	11.96	0.00	-9.18
Operating Cash Flow Less CapEx to Interest Expense	15.42	0.00	-0.13	5.72	9.74	0.00	-3.26	8.45	9.25	0.00	-10.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.19	1.13	1.11	1.11	1.12	1.12	1.09	1.04	1.00	0.98	0.99
Accounts Receivable Turnover	5.30	4.98	4.88	4.73	5.06	5.08	4.98	4.69	4.87	4.67	4.56
Inventory Turnover	3.70	3.74	3.68	3.69	3.75	4.10	3.93	3.79	3.54	3.76	3.71
Fixed Asset Turnover	7.03	6.77	6.80	6.91	6.94	6.92	6.83	6.74	6.60	6.43	6.53
Accounts Payable Turnover	6.82	6.03	5.85	5.92	6.40	6.18	6.10	5.81	6.05	5.65	6.15
Days Sales Outstanding (DSO)	68.81	73.24	74.77	77.22	72.20	71.87	73.32	77.77	74.94	78.23	80.12
Days Inventory Outstanding (DIO)	98.62	97.52	99.10	99.05	97.35	89.11	92.77	96.35	103.15	97.01	98.50
Days Payable Outstanding (DPO)	53.52	60.55	62.42	61.68	57.06	59.03	59.79	62.80	60.37	64.56	59.32
Cash Conversion Cycle (CCC)	113.91	110.21	111.45	114.58	112.48	101.94	106.30	111.33	117.72	110.69	119.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	690	689	769	784	802	758	796	822	816	806	843
Invested Capital Turnover	1.80	1.77	1.68	1.67	1.70	1.78	1.62	1.56	1.53	1.54	1.48
Increase / (Decrease) in Invested Capital	24	-23	50	63	112	69	27	37	15	48	47
Enterprise Value (EV)	1,507	1,824	2,398	2,031	1,970	1,676	1,672	1,615	1,673	1,540	1,497
Market Capitalization	1,362	1,712	2,244	1,871	1,816	1,539	1,501	1,445	1,497	1,336	1,185
Book Value per Share	$29.33	$30.89	$32.93	$32.86	$34.24	$32.89	$33.18	$34.95	$34.70	$33.19	$29.76
Tangible Book Value per Share	$16.16	$17.48	$18.76	$19.26	$20.23	$19.95	$19.89	$20.72	$20.40	$18.78	$15.06
Total Capital	787	806	858	869	893	858	875	902	916	913	926
Total Debt	241	228	242	243	244	236	249	248	273	309	393
Total Long-Term Debt	235	222	235	235	244	235	249	248	273	309	392
Net Debt	144	111	153	159	153	136	170	168	174	203	310
Capital Expenditures (CapEx)	3.50	7.00	3.20	4.30	4.40	9.00	7.10	3.90	6.50	4.20	3.30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	219	185	219	235	230	186	215	220	218	201	240
Debt-free Net Working Capital (DFNWC)	316	302	308	319	321	286	294	300	317	307	323
Net Working Capital (NWC)	310	295	301	312	320	284	294	300	317	307	323
Net Nonoperating Expense (NNE)	3.68	3.52	1.94	1.29	2.34	2.86	1.83	2.44	2.23	1.46	0.89
Net Nonoperating Obligations (NNO)	144	111	153	159	153	136	170	168	174	203	310
Total Depreciation and Amortization (D&A)	13	14	14	14	14	14	14	15	15	15	15
Debt-free, Cash-free Net Working Capital to Revenue	17.88%	14.85%	17.54%	18.66%	18.10%	14.45%	16.95%	17.56%	17.55%	16.67%	19.84%
Debt-free Net Working Capital to Revenue	25.81%	24.27%	24.66%	25.39%	25.29%	22.20%	23.23%	23.95%	25.56%	25.51%	26.66%
Net Working Capital to Revenue	25.33%	23.75%	24.08%	24.77%	25.24%	22.10%	23.19%	23.92%	25.53%	25.48%	26.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.23	$1.67	$1.52	$1.47	$1.11	$0.36	$0.70	$1.10	$0.81	($0.23)	$0.01
Adjusted Weighted Average Basic Shares Outstanding	18.57M	18.51M	18.67M	18.90M	18.81M	18.79M	18.70M	18.51M	18.31M	18.37M	17.56M
Adjusted Diluted Earnings per Share	$1.21	$1.64	$1.49	$1.45	$1.09	$0.35	$0.69	$1.08	$0.80	($0.21)	$0.01
Adjusted Weighted Average Diluted Shares Outstanding	18.88M	18.78M	19.08M	19.21M	19.09M	19.10M	18.96M	18.69M	18.55M	18.58M	17.80M
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	18.68M	18.62M	19.01M	18.90M	18.87M	18.82M	18.65M	18.47M	18.13M	17.85M	17.04M
Normalized Net Operating Profit after Tax (NOPAT)	27	17	30	29	23	5.32	15	23	17	-2.94	3.43
Normalized NOPAT Margin	8.72%	5.51%	9.76%	8.82%	7.33%	1.62%	5.15%	7.11%	5.65%	-1.01%	1.15%
Pre Tax Income Margin	9.81%	7.06%	11.29%	11.15%	8.71%	1.61%	5.93%	8.57%	6.40%	-2.06%	0.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.06	0.00	16.26	15.76	11.19	0.00	8.48	13.41	9.08	0.00	1.26
NOPAT to Interest Expense	8.05	0.00	13.19	11.67	8.57	0.00	6.49	10.29	7.14	0.00	0.32
EBIT Less CapEx to Interest Expense	9.00	0.00	14.87	14.04	9.56	0.00	5.39	11.64	6.38	0.00	0.29
NOPAT Less CapEx to Interest Expense	6.99	0.00	11.80	9.95	6.94	0.00	3.40	8.52	4.43	0.00	-0.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.26%	18.36%	18.05%	18.97%	19.61%	25.57%	31.73%	35.91%	39.96%	50.00%	70.55%
Augmented Payout Ratio	35.58%	38.17%	33.71%	37.84%	44.68%	48.98%	88.30%	108.57%	147.26%	252.05%	485.76%

Financials Breakdown Chart

Key Financial Trends

Tennant Co (NYSE: TNC) has provided quarterly data spanning roughly four years. Below are 10 concise takeaways highlighting trends in revenue, margins, cash flow, and liquidity, based on the latest four years of quarterly statements. Items are sorted with positive takes first, then neutral, then negative.

Stable revenue band with mid-year peaks: Operating revenue has generally hovered around the $300M range each quarter over the four-year window, with a notable peak near $319M (Q2 2025) and a dip in Q4 2025 (about $292M) versus Q4 2024. This indicates a resilient, portfolio-wide demand base.
Consistent quarterly profitability through 2023–2024: Net income and earnings per share stayed positive for most quarters from 2022 through 2024 (e.g., multiple quarters with EPS in the mid-$0.70 to $1.70 range), suggesting earnings visibility despite quarterly fluctuations. Q4 2025 marks a rare deviation to a loss, but prior years show solid profitability.
Healthy operating cash flow across many quarters: Operating cash flow remained positive in most quarters, with notable strength in 2024 (Q4 around $37.5M) and solid contributions through 2025 (Q2 around $22.5M and Q3 around $28.7M). This supports ongoing liquidity from core operations.
Capital return signals via share repurchases in 2025: Tennant repurchased common equity in 2025 (e.g., roughly $22–32M in some quarters), signaling management’s confidence in the stock and a capital return approach alongside dividends.
Seasonality and margin variability: Gross margins have fluctuated across quarters but generally sit in the high 30s to low 40s percent range, with some quarters weaker (e.g., Q4 2025 gross margin around 34–35%). This reflects normal seasonality and mix changes rather than a persistent margin compression.
Balance sheet appears stable with solid equity base: Total assets have hovered around $1.15–1.26B in recent years, and total equity has stayed in the $0.62–0.65B vicinity, indicating a balanced capitalization structure despite quarterly swings in earnings.
Debt levels relatively modest and manageable: Long-term debt typically sits in the low-to-mid $200M range across the four-year window, with no clear, consistent deleveraging trend, suggesting a stable financing posture to support operations and capex.
Q4 2025 shows a quarterly net loss and negative EPS: Net income for the quarter was about $4.4M, and diluted EPS came in around -$0.21, highlighting near-term profitability pressure that contrasts with prior quarters. This could impact near-term sentiment.
Q4 2025 revenue dip vs prior-year Q4 and sequential Q3 2025: Revenue in Q4 2025 (~$291–292M) declined versus Q4 2024 (~$329M) and was lower than Q3 2025, suggesting some demand softness in the latest quarter.
Financing cash flow pressures and capital returns may affect liquidity if operating cash flow weakens: Net cash from financing activities has often been negative due to share repurchases and debt actions in multiple quarters, which could pressure liquidity if operating cash flow declines in a sustained way.

05/14/26 06:43 PM ETAI Generated. May Contain Errors.

Tennant Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tennant's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Tennant's net income appears to be on an upward trend, with a most recent value of $43.80 million in 2025, rising from $32.09 million in 2015. The previous period was $83.70 million in 2024. View Tennant's forecast to see where analysts expect Tennant to go next.

Tennant's total operating income in 2025 was $68.30 million, based on the following breakdown:

Total Gross Profit: $484.30 million
Total Operating Expenses: $416 million

Over the last 10 years, Tennant's total revenue changed from $811.80 million in 2015 to $1.20 billion in 2025, a change of 48.3%.

Tennant's total liabilities were at $665.50 million at the end of 2025, a 17.2% increase from 2024, and a 269.5% increase since 2015.

Over the last 10 years, Tennant's book value per share changed from 14.14 in 2015 to 33.19 in 2025, a change of 134.7%.

Related Companies

Financial statements for NYSE:TNC last updated on 5/7/2026 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.

Tennant (TNC) Financials

Financials Breakdown Chart

Key Financial Trends

Tennant 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

Tennant (TNC) Financials

Annual Income Statements for Tennant

Quarterly Income Statements for Tennant

Annual Cash Flow Statements for Tennant

Quarterly Cash Flow Statements for Tennant

Annual Balance Sheets for Tennant

Quarterly Balance Sheets for Tennant

Annual Metrics And Ratios for Tennant

Quarterly Metrics And Ratios for Tennant

Financials Breakdown Chart

Key Financial Trends

Tennant Financials - Frequently Asked Questions

When does Tennant's fiscal year end?

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

What is Tennant's operating income?

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

How much debt does Tennant have?

How has Tennant'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