Thermon Group (THR) Financials

$28.23 -0.89 (-3.06%)

Closing price 07/7/2025 03:58 PM Eastern

Extended Trading

$28.30 +0.07 (+0.23%)

As of 07/7/2025 06:11 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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	11	8.43	-11	11	15	16	11	8.51	9.49	19	17
Consolidated Net Income / (Loss)	11	8.43	7.70	11	15	16	10	8.51	9.49	19	17
Net Income / (Loss) Continuing Operations	11	8.43	7.70	11	15	16	10	8.51	9.49	19	17
Total Pre-Tax Income	14	13	13	14	19	20	14	11	13	25	21
Total Operating Income	16	14	14	15	22	21	17	14	15	28	23
Total Gross Profit	46	50	52	47	54	57	52	50	51	62	59
Total Revenue	101	122	122	107	124	136	128	115	115	134	134
Operating Revenue	101	122	122	107	124	136	128	115	115	134	134
Total Cost of Revenue	55	72	71	60	69	79	75	65	64	72	75
Operating Cost of Revenue	55	72	71	60	69	79	75	65	64	72	75
Total Operating Expenses	30	36	38	32	33	36	36	37	36	34	36
Selling, General & Admin Expense	28	31	34	29	30	32	33	31	31	34	33
Amortization Expense	2.44	2.37	2.38	2.39	2.23	2.12	3.42	3.40	3.40	3.46	3.42
Other Operating Expenses / (Income)	-0.30	0.46	0.29	0.27	-0.25	0.65	0.55	0.10	0.43	-0.12	0.04
Restructuring Charge	0.00	2.67	1.03	0.58	0.30	1.34	-1.24	2.11	0.61	-3.03	0.01
Total Other Income / (Expense), net	-1.74	-1.22	-1.25	-1.24	-2.19	-1.10	-3.16	-2.70	-2.23	-2.66	-2.05
Other Income / (Expense), net	-0.34	0.66	0.51	0.34	-0.27	0.65	0.42	0.14	0.56	-0.13	0.11
Income Tax Expense	3.31	4.42	4.93	3.23	4.76	4.51	3.58	2.52	3.48	6.49	4.12
Basic Earnings per Share	$0.33	$0.25	$0.23	$0.33	$0.44	$0.47	$0.29	$0.25	$0.28	$0.55	$0.51
Weighted Average Basic Shares Outstanding	33.48M	33.49M	33.47M	33.57M	33.69M	33.70M	33.67M	33.76M	33.79M	33.71M	33.71M
Diluted Earnings per Share	$0.33	$0.25	$0.22	$0.32	$0.43	$0.46	$0.30	$0.25	$0.28	$0.54	$0.50
Weighted Average Diluted Shares Outstanding	33.77M	33.88M	33.75M	33.86M	34.13M	34.20M	34.07M	34.08M	34.14M	34.09M	34.06M
Weighted Average Basic & Diluted Shares Outstanding	33.49M	33.50M	33.51M	33.69M	33.70M	33.71M	33.77M	33.80M	33.69M	33.69M	33.09M

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	2.29	-3.78	-2.68	-2.49	-3.10	24	-6.84	0.21	2.06	-12	0.84
Net Cash From Operating Activities	0.67	19	26	0.87	3.39	24	37	13	8.56	9.84	32
Net Cash From Continuing Operating Activities	0.67	19	22	1.88	3.29	24	37	13	8.56	9.84	32
Net Income / (Loss) Continuing Operations	11	8.43	7.70	11	15	16	10	8.51	9.49	19	17
Consolidated Net Income / (Loss)	11	8.43	7.70	11	15	16	10	8.51	9.49	19	17
Depreciation Expense	4.96	4.71	4.67	4.44	4.36	4.27	5.76	5.56	5.57	5.62	5.58
Amortization Expense	0.08	0.08	0.09	0.09	0.09	0.06	0.25	0.13	0.12	0.12	0.12
Non-Cash Adjustments To Reconcile Net Income	2.52	-7.72	5.46	1.22	1.51	1.41	0.74	1.07	1.51	1.47	-5.46
Changes in Operating Assets and Liabilities, net	-18	14	4.25	-15	-17	2.70	20	-2.61	-8.14	-16	15
Net Cash From Investing Activities	-1.92	-1.50	-4.25	-2.79	-2.79	-103	-1.24	-3.90	-1.85	-5.57	-3.65
Net Cash From Continuing Investing Activities	-1.92	-1.50	-4.57	-2.79	-2.79	-103	-1.24	-3.90	-1.85	-5.57	-3.65
Purchase of Property, Plant & Equipment	-2.00	-1.56	-4.60	-2.80	-2.81	-2.27	-3.13	-3.92	-1.86	-1.39	-3.07
Acquisitions	0.04	-	-	-	-	-	-	-	-	-	-0.58
Other Investing Activities, net	0.04	0.06	0.03	0.01	0.02	0.04	0.02	0.02	0.02	0.03	0.00
Net Cash From Financing Activities	-4.82	-11	-20	-1.85	-2.74	102	-41	-8.00	-5.66	-14	-29
Net Cash From Continuing Financing Activities	5.62	-22	-20	-1.85	-2.74	102	-41	-8.00	-5.66	-14	-29
Repayment of Debt	5.65	-24	-20	-7.77	-7.62	-3.06	-41	-3.38	-3.38	-17	-22
Repurchase of Common Equity	-	-	-	0.00	-	-	-	-1.58	-2.26	-2.35	-14
Issuance of Debt	-	2.50	-	8.00	5.00	105	-	0.00	-	5.00	7.00
Other Financing Activities, net	-0.03	-0.03	-0.14	-2.09	-0.13	0.19	-0.06	-3.05	-0.02	0.56	-0.15
Effect of Exchange Rate Changes	-	-	-0.41	0.27	-0.85	0.63	-1.11	-0.54	1.00	-2.22	1.03

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
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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2021	6/30/2022	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024
Total Assets	626	662	654	650	657	664	805	757	762	763
Total Current Assets	233	248	258	253	256	270	310	266	275	280
Cash & Equivalents	33	40	32	35	33	31	55	49	37	39
Accounts Receivable	89	94	101	92	92	102	121	99	94	115
Inventories, net	70	86	95	91	93	93	96	90	94	92
Prepaid Expenses	12	12	15	16	0.24	17	16	11	33	18
Current Deferred & Refundable Income Taxes	7.94	1.97	2.33	1.47	15	1.11	1.65	2.54	1.87	0.50
Other Current Assets	21	13	13	17	22	27	19	15	16	16
Plant, Property, & Equipment, net	66	65	62	61	65	65	68	69	67	71
Total Noncurrent Assets	327	350	335	336	337	329	427	421	419	412
Goodwill	211	226	218	221	222	219	269	269	270	264
Intangible Assets	96	103	97	96	93	88	133	123	121	118
Noncurrent Deferred & Refundable Income Taxes	1.08	1.19	0.82	0.78	0.68	0.70	1.07	1.36	1.76	2.22
Other Noncurrent Operating Assets	18	19	18	18	22	21	25	27	27	28
Total Liabilities & Shareholders' Equity	626	662	654	650	657	664	805	757	762	763
Total Liabilities	238	261	259	239	223	221	338	281	271	275
Total Current Liabilities	75	113	121	110	110	118	140	102	98	110
Short-Term Debt	7.00	38	38	35	33	38	48	21	22	18
Accounts Payable	35	38	41	30	28	35	27	31	30	30
Accrued Expenses	23	21	24	28	32	31	40	29	27	32
Current Deferred & Payable Income Tax Liabilities	0.42	1.12	1.86	3.57	5.28	4.37	5.45	3.15	1.81	5.38
Other Current Liabilities	9.90	15	16	13	12	11	19	19	17	24
Total Noncurrent Liabilities	163	148	138	129	113	103	198	179	173	165
Long-Term Debt	125	113	105	98	80	73	164	148	143	135
Noncurrent Deferred & Payable Income Tax Liabilities	19	17	15	13	11	10	11	8.95	8.73	9.58
Other Noncurrent Operating Liabilities	19	19	18	19	21	20	23	22	21	21
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	389	401	396	412	434	442	467	476	490	489
Total Preferred & Common Equity	389	401	396	412	434	442	467	476	490	489
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	389	401	396	412	434	442	467	476	490	489
Common Stock	234	235	236	238	239	241	242	242	243	245
Retained Earnings	195	210	221	229	248	263	279	297	307	325
Treasury Stock	-	-	-	-	-	-	-	-1.83	-4.09	-6.44
Accumulated Other Comprehensive Income / (Loss)	-40	-44	-62	-56	-54	-61	-53	-61	-56	-75

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.65%	21.37%	19.40%	11.99%	22.97%	11.72%	4.22%	7.71%	-7.29%	-1.52%	5.03%
EBITDA Growth	141.72%	-5.15%	10.42%	32.81%	24.76%	35.55%	21.51%	-3.49%	-17.04%	25.97%	24.40%
EBIT Growth	380.36%	-5.28%	16.17%	52.99%	36.39%	50.14%	19.91%	-11.91%	-26.39%	24.69%	34.76%
NOPAT Growth	417.53%	-25.59%	-13.31%	53.14%	32.97%	80.98%	46.76%	-10.93%	-32.12%	22.86%	49.95%
Net Income Growth	2,202.73%	-25.24%	-11.33%	66.84%	34.10%	87.98%	30.93%	-22.19%	-35.55%	17.06%	68.31%
EPS Growth	3,200.00%	-24.24%	-18.52%	60.00%	30.30%	84.00%	36.36%	-21.88%	-34.88%	17.39%	66.67%
Operating Cash Flow Growth	-91.59%	478.88%	73.97%	-92.68%	405.51%	27.55%	43.12%	1,358.41%	152.42%	-59.56%	-14.21%
Free Cash Flow Firm Growth	-895.79%	-156.51%	-115.26%	163.80%	107.31%	-792.98%	-7,333.01%	-850.45%	-7,285.30%	142.53%	124.89%
Invested Capital Growth	5.96%	4.17%	1.99%	0.48%	3.00%	22.81%	20.58%	15.81%	18.43%	-3.48%	-0.62%
Revenue Q/Q Growth	5.36%	21.43%	0.30%	-12.73%	15.69%	10.33%	-6.43%	-9.81%	-0.42%	17.19%	-0.20%
EBITDA Q/Q Growth	35.79%	-5.94%	-1.85%	5.94%	27.55%	2.20%	-12.02%	-15.86%	9.64%	55.19%	-13.12%
EBIT Q/Q Growth	52.49%	-6.25%	-2.30%	9.55%	35.94%	3.20%	-21.98%	-19.52%	13.60%	74.81%	-15.67%
NOPAT Q/Q Growth	58.62%	-25.15%	-8.28%	40.63%	37.73%	1.88%	-25.63%	-14.65%	4.96%	84.39%	-9.23%
Net Income Q/Q Growth	67.54%	-23.30%	-8.59%	42.03%	34.67%	7.52%	-36.33%	-15.59%	11.55%	95.27%	-8.46%
EPS Q/Q Growth	65.00%	-24.24%	-12.00%	45.45%	34.38%	6.98%	-34.78%	-16.67%	12.00%	92.86%	-7.41%
Operating Cash Flow Q/Q Growth	-94.34%	2,742.62%	36.88%	-96.68%	290.78%	617.22%	53.60%	-66.12%	-32.36%	14.91%	225.83%
Free Cash Flow Firm Q/Q Growth	-9.77%	31.37%	89.16%	880.92%	-87.42%	-8,483.41%	9.73%	21.16%	-20.43%	149.62%	-47.17%
Invested Capital Q/Q Growth	-0.89%	0.30%	-2.49%	3.66%	1.59%	19.60%	-4.26%	-0.44%	3.88%	-2.53%	-1.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.67%	41.32%	42.07%	44.26%	44.04%	42.08%	41.04%	43.81%	44.41%	46.24%	44.33%
EBITDA Margin	20.62%	15.97%	15.63%	18.97%	20.92%	19.38%	18.22%	17.00%	18.72%	24.79%	21.58%
Operating Margin	15.95%	11.52%	11.33%	14.42%	17.54%	15.72%	13.18%	11.93%	13.26%	20.61%	17.25%
EBIT Margin	15.62%	12.06%	11.74%	14.74%	17.32%	16.20%	13.51%	12.05%	13.75%	20.51%	17.33%
Profit (Net Income) Margin	10.92%	6.90%	6.29%	10.23%	11.91%	11.61%	7.90%	7.39%	8.28%	13.80%	12.66%
Tax Burden Percent	76.84%	65.59%	60.97%	77.19%	75.57%	77.83%	73.80%	77.16%	73.17%	74.08%	80.48%
Interest Burden Percent	91.03%	87.25%	87.83%	89.95%	91.01%	92.06%	79.23%	79.49%	82.30%	90.80%	90.74%
Effective Tax Rate	23.16%	34.41%	39.03%	22.81%	24.43%	22.17%	26.20%	22.84%	26.83%	25.92%	19.52%
Return on Invested Capital (ROIC)	9.93%	6.38%	6.20%	9.81%	12.24%	10.57%	8.80%	8.35%	8.40%	12.24%	11.61%
ROIC Less NNEP Spread (ROIC-NNEP)	8.67%	5.56%	5.27%	8.80%	10.50%	9.90%	6.46%	6.25%	6.84%	10.78%	10.12%
Return on Net Nonoperating Assets (RNNOA)	2.38%	1.37%	1.05%	2.01%	2.39%	2.86%	1.44%	1.37%	1.52%	3.06%	2.31%
Return on Equity (ROE)	12.31%	7.74%	7.25%	11.82%	14.63%	13.43%	10.24%	9.72%	9.93%	15.29%	13.92%
Cash Return on Invested Capital (CROIC)	2.79%	3.76%	5.72%	7.69%	5.98%	-11.04%	-8.16%	-4.53%	-7.95%	12.44%	10.83%
Operating Return on Assets (OROA)	9.79%	7.95%	8.04%	10.10%	12.49%	10.90%	9.43%	8.57%	9.53%	12.86%	11.34%
Return on Assets (ROA)	6.85%	4.55%	4.31%	7.01%	8.59%	7.81%	5.51%	5.26%	5.74%	8.65%	8.28%
Return on Common Equity (ROCE)	12.31%	7.74%	7.25%	11.82%	14.63%	13.43%	10.24%	9.72%	9.93%	15.29%	13.92%
Return on Equity Simple (ROE_SIMPLE)	9.47%	8.42%	0.00%	8.77%	9.45%	10.53%	0.00%	10.33%	8.96%	9.54%	0.00%
Net Operating Profit after Tax (NOPAT)	12	9.22	8.46	12	16	17	12	11	11	21	19
NOPAT Margin	12.26%	7.55%	6.91%	11.13%	13.25%	12.24%	9.73%	9.20%	9.70%	15.27%	13.89%
Net Nonoperating Expense Percent (NNEP)	1.26%	0.81%	0.93%	1.01%	1.74%	0.67%	2.34%	2.09%	1.57%	1.45%	1.48%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	2.46%	-	-	-	3.20%	2.94%
Cost of Revenue to Revenue	54.33%	58.68%	57.93%	55.74%	55.96%	57.92%	58.96%	56.19%	55.59%	53.76%	55.68%
SG&A Expenses to Revenue	27.60%	25.30%	27.72%	26.81%	24.66%	23.35%	25.71%	27.00%	27.27%	25.40%	24.49%
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	29.72%	29.80%	30.74%	29.84%	26.50%	26.36%	27.86%	31.88%	31.15%	25.63%	27.07%
Earnings before Interest and Taxes (EBIT)	16	15	14	16	21	22	17	14	16	28	23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	21	20	19	20	26	26	23	20	21	33	29
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.30	1.63	1.99	2.05	2.09	2.35	2.32	2.18	2.06	1.98	1.89
Price to Tangible Book Value (P/TBV)	6.43	7.14	7.92	7.47	6.83	16.72	14.32	12.45	10.08	9.06	8.11
Price to Revenue (P/Rev)	1.29	1.60	1.90	1.97	1.95	2.24	2.23	2.07	2.04	1.97	1.88
Price to Earnings (P/E)	14.95	21.24	57.69	47.28	40.95	36.57	21.03	20.76	22.52	20.41	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	6.69%	4.71%	1.73%	2.11%	2.44%	2.73%	4.75%	4.82%	4.44%	4.90%	5.70%
Enterprise Value to Invested Capital (EV/IC)	1.24	1.51	1.84	1.89	1.93	2.01	2.05	1.95	1.84	1.80	1.75
Enterprise Value to Revenue (EV/Rev)	1.57	1.83	2.07	2.15	2.12	2.56	2.48	2.30	2.30	2.20	2.08
Enterprise Value to EBITDA (EV/EBITDA)	8.48	10.56	12.21	12.19	11.85	13.68	12.79	12.17	12.53	11.10	10.04
Enterprise Value to EBIT (EV/EBIT)	11.63	14.49	16.55	16.04	15.17	17.03	16.02	15.51	16.48	14.55	12.89
Enterprise Value to NOPAT (EV/NOPAT)	14.83	19.70	24.16	23.19	21.87	23.46	21.34	20.63	22.34	19.83	17.04
Enterprise Value to Operating Cash Flow (EV/OCF)	20.33	16.51	15.80	20.79	20.33	22.94	18.59	14.89	13.71	15.83	16.43
Enterprise Value to Free Cash Flow (EV/FCFF)	45.57	41.09	32.48	24.65	32.68	0.00	0.00	0.00	0.00	14.19	16.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.36	0.32	0.27	0.26	0.25	0.45	0.36	0.35	0.34	0.31	0.28
Long-Term Debt to Equity	0.26	0.24	0.21	0.19	0.16	0.35	0.32	0.31	0.29	0.28	0.24
Financial Leverage	0.27	0.25	0.20	0.23	0.23	0.29	0.22	0.22	0.22	0.28	0.23
Leverage Ratio	1.65	1.60	1.57	1.58	1.57	1.66	1.59	1.55	1.53	1.64	1.57
Compound Leverage Factor	1.50	1.39	1.38	1.42	1.43	1.52	1.26	1.24	1.26	1.49	1.42
Debt to Total Capital	26.54%	24.33%	21.16%	20.68%	19.96%	31.24%	26.54%	26.12%	25.18%	23.82%	21.84%
Short-Term Debt to Total Capital	7.11%	6.38%	4.65%	6.00%	6.83%	7.13%	3.04%	3.22%	3.34%	2.81%	2.84%
Long-Term Debt to Total Capital	19.43%	17.94%	16.50%	14.69%	13.14%	24.12%	23.51%	22.90%	21.85%	21.01%	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%	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	73.46%	75.67%	78.84%	79.32%	80.04%	68.76%	73.46%	73.88%	74.82%	76.18%	78.16%
Debt to EBITDA	1.94	1.82	1.51	1.42	1.30	2.32	1.79	1.77	1.82	1.57	1.34
Net Debt to EBITDA	1.50	1.33	1.03	1.00	0.94	1.71	1.28	1.25	1.41	1.17	0.96
Long-Term Debt to EBITDA	1.42	1.34	1.17	1.01	0.86	1.79	1.59	1.55	1.58	1.38	1.17
Debt to NOPAT	3.38	3.39	2.98	2.70	2.40	3.97	2.99	3.00	3.24	2.80	2.27
Net Debt to NOPAT	2.63	2.48	2.03	1.91	1.74	2.94	2.14	2.12	2.52	2.09	1.62
Long-Term Debt to NOPAT	2.48	2.50	2.32	1.92	1.58	3.07	2.64	2.63	2.81	2.47	1.98
Altman Z-Score	2.61	3.17	3.69	3.96	4.16	3.39	3.76	3.75	3.79	3.74	3.82
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	2.13	2.31	2.28	2.32	2.29	2.22	2.51	2.61	2.80	2.56	2.43
Quick Ratio	1.09	1.16	1.21	1.13	1.12	1.26	1.43	1.45	1.33	1.40	1.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-16	-11	-1.21	9.42	1.18	-99	-90	-71	-85	42	22
Operating Cash Flow to CapEx	33.60%	1,223.48%	567.09%	30.99%	120.84%	1,069.83%	1,192.31%	322.69%	459.83%	706.32%	1,043.89%
Free Cash Flow to Firm to Interest Expense	-11.51	-5.92	-0.69	5.95	0.62	-56.61	-25.02	-24.82	-30.50	16.66	0.00
Operating Cash Flow to Interest Expense	0.48	10.16	14.91	0.55	1.76	13.87	10.43	4.45	3.07	3.88	0.00
Operating Cash Flow Less CapEx to Interest Expense	-0.94	9.33	12.28	-1.22	0.30	12.57	9.56	3.07	2.40	3.33	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.63	0.66	0.69	0.69	0.72	0.67	0.70	0.71	0.69	0.63	0.65
Accounts Receivable Turnover	4.36	4.63	4.57	4.86	4.70	4.60	4.83	5.28	5.06	4.18	4.59
Inventory Turnover	2.92	3.05	3.32	2.87	2.89	2.97	3.36	3.15	3.04	2.93	3.14
Fixed Asset Turnover	6.14	6.61	6.81	6.99	7.51	7.59	7.52	7.50	7.47	7.08	7.06
Accounts Payable Turnover	6.50	7.59	8.39	7.74	7.17	9.85	9.64	9.79	8.70	9.80	8.80
Days Sales Outstanding (DSO)	83.63	78.87	79.92	75.06	77.63	79.42	75.62	69.07	72.09	87.29	79.54
Days Inventory Outstanding (DIO)	125.18	119.49	109.86	127.28	126.13	122.90	108.61	115.77	120.16	124.75	116.20
Days Payable Outstanding (DPO)	56.18	48.08	43.50	47.17	50.90	37.07	37.86	37.30	41.97	37.24	41.48
Cash Conversion Cycle (CCC)	152.63	150.28	146.27	155.16	152.86	165.25	146.36	147.54	150.27	174.79	154.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	507	508	496	514	522	624	598	595	618	603	594
Invested Capital Turnover	0.81	0.84	0.90	0.88	0.92	0.86	0.90	0.91	0.87	0.80	0.84
Increase / (Decrease) in Invested Capital	29	20	9.67	2.48	15	116	102	81	96	-22	-3.69
Enterprise Value (EV)	627	769	912	971	1,005	1,255	1,226	1,158	1,137	1,083	1,037
Market Capitalization	516	673	835	891	925	1,098	1,103	1,039	1,009	969	938
Book Value per Share	$11.82	$12.29	$12.51	$12.95	$13.13	$13.87	$14.09	$14.10	$14.50	$14.51	$14.70
Tangible Book Value per Share	$2.40	$2.81	$3.15	$3.56	$4.02	$1.95	$2.28	$2.47	$2.96	$3.18	$3.43
Total Capital	539	544	531	547	553	680	646	644	655	641	634
Total Debt	143	132	112	113	110	212	172	168	165	153	138
Total Long-Term Debt	105	98	88	80	73	164	152	148	143	135	120
Net Debt	111	97	77	80	80	157	123	119	128	114	99
Capital Expenditures (CapEx)	2.00	1.56	4.60	2.80	2.81	2.27	3.13	3.92	1.86	1.39	3.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)	143	143	130	145	159	163	136	136	162	150	140
Debt-free Net Working Capital (DFNWC)	175	178	166	178	190	218	185	185	199	189	180
Net Working Capital (NWC)	137	143	141	146	152	170	165	164	177	171	162
Net Nonoperating Expense (NNE)	1.34	0.80	0.76	0.96	1.66	0.86	2.33	2.09	1.63	1.97	1.65
Net Nonoperating Obligations (NNO)	111	97	77	80	80	157	123	119	128	114	99
Total Depreciation and Amortization (D&A)	5.03	4.78	4.76	4.53	4.45	4.34	6.02	5.69	5.69	5.74	5.70
Debt-free, Cash-free Net Working Capital to Revenue	35.93%	33.93%	29.50%	32.11%	33.49%	33.31%	27.56%	27.00%	32.73%	30.46%	28.12%
Debt-free Net Working Capital to Revenue	43.91%	42.34%	37.58%	39.45%	39.92%	44.63%	37.39%	36.76%	40.22%	38.34%	36.06%
Net Working Capital to Revenue	34.31%	34.09%	31.97%	32.19%	31.98%	34.73%	33.43%	32.64%	35.79%	34.68%	32.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.33	$0.25	$0.23	$0.33	$0.44	$0.47	$0.29	$0.25	$0.28	$0.55	$0.51
Adjusted Weighted Average Basic Shares Outstanding	33.48M	33.49M	33.47M	33.57M	33.69M	33.70M	33.67M	33.76M	33.79M	33.71M	33.71M
Adjusted Diluted Earnings per Share	$0.33	$0.25	$0.22	$0.32	$0.43	$0.46	$0.30	$0.25	$0.28	$0.54	$0.50
Adjusted Weighted Average Diluted Shares Outstanding	33.77M	33.88M	33.75M	33.86M	34.13M	34.20M	34.07M	34.08M	34.14M	34.09M	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	33.49M	33.50M	33.51M	33.69M	33.70M	33.71M	33.77M	33.80M	33.69M	33.69M	33.09M
Normalized Net Operating Profit after Tax (NOPAT)	12	11	9.08	12	17	18	12	12	12	18	19
Normalized NOPAT Margin	12.26%	8.99%	7.42%	11.55%	13.44%	13.00%	9.01%	10.62%	10.09%	13.60%	13.89%
Pre Tax Income Margin	14.22%	10.52%	10.31%	13.26%	15.76%	14.91%	10.70%	9.58%	11.32%	18.63%	15.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.15	7.84	8.21	9.95	11.13	12.60	4.81	4.87	5.65	10.87	0.00
NOPAT to Interest Expense	8.75	4.91	4.83	7.51	8.51	9.52	3.47	3.72	3.99	8.09	0.00
EBIT Less CapEx to Interest Expense	9.73	7.01	5.58	8.18	9.67	11.30	3.94	3.50	4.98	10.32	0.00
NOPAT Less CapEx to Interest Expense	7.33	4.08	2.20	5.74	7.05	8.22	2.59	2.34	3.32	7.54	0.00
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%	0.00%	0.00%	0.00%	0.48%	3.72%	9.31%	13.81%	37.63%

Key Financial Trends

Thermon Group’s Q4 2025 results show a clear improvement in underlying profitability and cash flow after a challenging prior year, though working capital and valuation remain areas to watch.

Revenue grew 5.0% year-over-year in Q4 2025, reversing prior quarter declines.
EBITDA margin expanded to 21.6% in Q4 2025 from 18.2% a year ago, driven by cost discipline.
Return on Invested Capital (ROIC) rose to 11.6% in Q4 2025 versus 8.8% in Q4 2024.
Free cash flow to firm turned positive $22.3 M in Q4 2025 versus –$89.6 M in Q4 2024.
Net income margin improved to 12.7% from 7.9% in the year-ago quarter.
Current ratio remains healthy at approximately 2.4x through the last year.
Debt/EBITDA is modest at ~1.3x, supporting financial flexibility.
Cash conversion cycle extended to 154 days in Q4 2025 versus 146 days a year earlier.
Operating cash flow fell 14% year-over-year in Q4 2025 despite stronger earnings.
Valuation remains elevated at ~17.5x P/E despite margin gains, testing investor expectations.

Overall, Thermon has strengthened profitability and cash generation, but working capital trends and its premium valuation could pose headwinds if revenue momentum slows.

07/08/25 04:19 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Thermon Group's Financials

When does Thermon Group's financial year end?

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.

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

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.

What is Thermon Group's operating income?

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

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

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%.

How much debt does Thermon Group have?

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.

How much cash does Thermon Group have?

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.

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

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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This page (NYSE:THR) was last updated on 7/8/2025 by MarketBeat.com Staff

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Thermon Group (THR) Financials

Key Financial Trends

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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

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

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Frequently Asked Questions About Thermon Group's Financials

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