10-Q · February 5, 2026
Thermon’s Q3 (three months ended December 31, 2025) showed revenue growth and modest margin improvement versus the comparable prior-year quarter. Sales were $147,310,000 and diluted EPS was $0.55; gross margin remained…
Earnings analysis · 10-K
THR earnings analysis
Filed May 21, 2026 · Our reading of the company's report
The latest report
Thermon Group Holdings, Inc. reported strong revenue growth for fiscal 2026, with total revenue increasing by 8% to $536.3 million, driven by higher project-related activities and the acquisition of F.A.T.I.…
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Thermon Group Holdings, Inc. reported strong revenue growth for fiscal 2026, with total revenue increasing by 8% to $536.3 million, driven by higher project-related activities and the acquisition of F.A.T.I. Profitability faced challenges with net income declining by 17% to $44.6 million, attributed to rising operating expenses and transaction costs from a pending merger. The company remains cautiously optimistic despite providing no forward guidance amid merger uncertainties.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.36
- Segment
- US-LAM
- Segment
- Canada
- Segment
- EMEA
- Segment
- APAC
What stood out
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Revenue Growth
Fiscal 2026 revenue reached $536.3 million, an increase of 8% from $498.2 million in fiscal 2025.
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Strong Market Segments
Significant contributions to growth came from EMEA, where revenue increased by 57.9% to $71.6 million, largely due to F.A.T.I.'s integration.
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Profitability Challenges
Net income for fiscal 2026 was $44.6 million, a 17% decline from $53.5 million in fiscal 2025.
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Healthy Backlog
Thermon's backlog stood at $254.9 million as of March 31, 2026, up from $240.3 million the prior year.
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Free Cash Flow
The company generated free cash flow of $32.9 million for fiscal 2026, down from $52.9 million in fiscal 2025.
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Successful Share Repurchase
During fiscal 2026, Thermon repurchased 601,125 shares at a weighted average price of $26.21, with $38.5 million remaining under the buyback program.
What to watch
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Merger Completion Uncertainties
The merger with CECO Environmental could face delays or failure to complete due to stockholder approval, resulting in potential costs of up to $105 million.
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Rising Operating Expenses
SG&A expenses rose significantly by 22% to $158.3 million, contributing to the decline in net income.
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Economic Sensitivity
The company is sensitive to fluctuations in capital projects due to economic uncertainty, which could impact future demand in energy and industrial sectors.
Management's outlook
Annual outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 6, 2025
Thermon reported a strong quarter: sales of $131,723,000 (up $17,075,000 or ~14.9% vs. $114,648,000 a year ago), gross margin expanded to ~46.4% and operating margin to ~16.4%, while diluted EPS rose to $0.45 from $0.28…
10-K · May 22, 2025
Thermon positions itself as a global, technology-led provider of industrial process heating with a diversified revenue base and a strategy to grow through electrification, software/IoT, project services and strategic…
10-Q · November 7, 2024
Thermon reported Q1 (three months ended Sept 30, 2024) sales of $114,648,000 and diluted EPS of $0.28. Revenue and operating income declined versus the prior-year quarter (sales down $9,011,000 and operating income down…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.