(THR) Thermon Holdings - Overview
Stock: Heat Tracing, Controls, Heating, Filtration, Boilers
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 41.2% |
| Relative Tail Risk | -6.65% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.70 |
| Alpha | 70.46 |
| Character TTM | |
|---|---|
| Beta | 1.085 |
| Beta Downside | 0.962 |
| Drawdowns 3y | |
|---|---|
| Max DD | 33.86% |
| CAGR/Max DD | 0.69 |
Description: THR Thermon Holdings January 25, 2026
Thermon Group Holdings (NYSE: THR) designs, manufactures, and services engineered industrial heating and related solutions for a broad set of end-markets-including chemical, petrochemical, oil & gas, power generation, food & beverage, and rail/transit-across North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific. Its portfolio spans heat-tracing hardware and software, bundled tubing systems, temporary power and lighting, filtration, and boiler technologies, complemented by full-service project execution from engineering design through maintenance.
In FY 2025 the company reported revenue of approximately **$512 million**, up 7 % year-over-year, with an adjusted EBITDA margin of **14.2 %**, reflecting steady demand for energy-efficient heating amid rising global industrial capex. The order backlog stood at **$180 million**, roughly 35 % of annual revenue, indicating a healthy pipeline. Key macro drivers include: (1) a 4 %-5 % annual increase in worldwide oil-and-gas upstream spending, which fuels demand for reliable heat-trace and boiler solutions; (2) tightening ESG regulations that push process industries toward electric-based heating for lower emissions; and (3) a modest rebound in rail-transit infrastructure projects in Europe and North America, supporting Thermon’s specialized rail-heating product lines.
For a deeper, data-driven view of THR’s valuation dynamics, consider exploring the analytics on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 7.0
| Net Income: 59.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA -2.98 > 1.0 |
| NWC/Revenue: 36.62% < 20% (prev 35.79%; Δ 0.83% < -1%) |
| CFO/TA 0.08 > 3% & CFO 60.1m > Net Income 59.0m |
| Net Debt (121.9m) to EBITDA (108.5m): 1.12 < 3 |
| Current Ratio: 2.82 > 1.5 & < 3 |
| Outstanding Shares: last quarter (33.2m) vs 12m ago -2.63% < -2% |
| Gross Margin: 45.31% > 18% (prev 0.27%; Δ 4505 % > 0.5%) |
| Asset Turnover: 66.12% > 50% (prev 64.85%; Δ 1.27% > 0%) |
| Interest Coverage Ratio: 9.90 > 6 (EBITDA TTM 108.5m / Interest Expense TTM 8.67m) |
Altman Z'' 5.07
| A: 0.24 (Total Current Assets 288.9m - Total Current Liabilities 102.5m) / Total Assets 778.2m |
| B: 0.47 (Retained Earnings 365.8m / Total Assets 778.2m) |
| C: 0.11 (EBIT TTM 85.8m / Avg Total Assets 769.9m) |
| D: 1.16 (Book Value of Equity 305.1m / Total Liabilities 263.0m) |
| Altman-Z'' Score: 5.07 = AAA |
Beneish M -3.30
| DSRI: 1.11 (Receivables 127.5m/111.0m, Revenue 509.1m/493.9m) |
| GMI: 0.59 (GM 45.31% / 26.75%) |
| AQI: 0.97 (AQ_t 0.52 / AQ_t-1 0.53) |
| SGI: 1.03 (Revenue 509.1m / 493.9m) |
| TATA: -0.00 (NI 59.0m - CFO 60.1m) / TA 778.2m) |
| Beneish M-Score: -3.30 (Cap -4..+1) = AA |
What is the price of THR shares?
Over the past week, the price has changed by +11.43%, over one month by +31.10%, over three months by +53.72% and over the past year by +90.12%.
Is THR a buy, sell or hold?
- StrongBuy: 1
- Buy: 2
- Hold: 1
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the THR price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 37 | -26.6% |
| Analysts Target Price | 37 | -26.6% |
| ValueRay Target Price | 61.7 | 22.4% |
THR Fundamental Data Overview February 01, 2026
P/E Forward = 21.5054
P/S = 2.9392
P/B = 2.9052
P/EG = 4.04
Revenue TTM = 509.1m USD
EBIT TTM = 85.8m USD
EBITDA TTM = 108.5m USD
Long Term Debt = 132.8m USD (from longTermDebt, last quarter)
Short Term Debt = 10.1m USD (from shortTermDebt, last quarter)
Debt = 151.6m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 121.9m USD (from netDebt column, last quarter)
Enterprise Value = 1.62b USD (1.50b + Debt 151.6m - CCE 29.7m)
Interest Coverage Ratio = 9.90 (Ebit TTM 85.8m / Interest Expense TTM 8.67m)
EV/FCF = 32.29x (Enterprise Value 1.62b / FCF TTM 50.1m)
FCF Yield = 3.10% (FCF TTM 50.1m / Enterprise Value 1.62b)
FCF Margin = 9.84% (FCF TTM 50.1m / Revenue TTM 509.1m)
Net Margin = 11.60% (Net Income TTM 59.0m / Revenue TTM 509.1m)
Gross Margin = 45.31% ((Revenue TTM 509.1m - Cost of Revenue TTM 278.4m) / Revenue TTM)
Gross Margin QoQ = 46.37% (prev 44.12%)
Tobins Q-Ratio = 2.08 (Enterprise Value 1.62b / Total Assets 778.2m)
Interest Expense / Debt = 1.33% (Interest Expense 2.02m / Debt 151.6m)
Taxrate = 25.28% (5.06m / 20.0m)
NOPAT = 64.1m (EBIT 85.8m * (1 - 25.28%))
Current Ratio = 2.82 (Total Current Assets 288.9m / Total Current Liabilities 102.5m)
Debt / Equity = 0.29 (Debt 151.6m / totalStockholderEquity, last quarter 515.2m)
Debt / EBITDA = 1.12 (Net Debt 121.9m / EBITDA 108.5m)
Debt / FCF = 2.43 (Net Debt 121.9m / FCF TTM 50.1m)
Total Stockholder Equity = 502.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.67% (Net Income 59.0m / Total Assets 778.2m)
RoE = 11.76% (Net Income TTM 59.0m / Total Stockholder Equity 502.1m)
RoCE = 13.51% (EBIT 85.8m / Capital Employed (Equity 502.1m + L.T.Debt 132.8m))
RoIC = 9.95% (NOPAT 64.1m / Invested Capital 644.4m)
WACC = 9.09% (E(1.50b)/V(1.65b) * Re(9.91%) + D(151.6m)/V(1.65b) * Rd(1.33%) * (1-Tc(0.25)))
Discount Rate = 9.91% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -1.41%
[DCF Debug] Terminal Value 77.80% ; FCFF base≈58.8m ; Y1≈72.5m ; Y5≈123.4m
Fair Price DCF = 48.27 (EV 1.71b - Net Debt 121.9m = Equity 1.59b / Shares 32.8m; r=9.09% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: -2.66 | EPS CAGR: -44.26% | SUE: -4.0 | # QB: 0
Revenue Correlation: 65.78 | Revenue CAGR: 7.45% | SUE: 1.36 | # QB: 1
EPS next Year (2027-03-31): EPS=2.20 | Chg30d=+0.107 | Revisions Net=+1 | Growth EPS=+6.1% | Growth Revenue=+4.8%