THR earnings analysis
What we found in THR's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Fiscal 2026 revenue reached $536.3 million, an increase of 8% from $498.2 million in fiscal 2025.
- 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.
- Profitability Challenges
- Net income for fiscal 2026 was $44.6 million, a 17% decline from $53.5 million in fiscal 2025.
- Healthy Backlog
- Thermon's backlog stood at $254.9 million as of March 31, 2026, up from $240.3 million the prior year.
- Free Cash Flow
- The company generated free cash flow of $32.9 million for fiscal 2026, down from $52.9 million in fiscal 2025.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Rising Operating Expenses
- SG&A expenses rose significantly by 22% to $158.3 million, contributing to the decline in net income.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.36
- Gross margin
- 45.3%
- Operating margin
- 13.2%
- Segment
- US-LAM
- Segment
- Canada
- Segment
- EMEA
- Segment
- APAC
What they said about what is next.
Annual outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing THR makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever