Overview Dividends

(THR) Thermon Holdings - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US88362T1034

Heat Tracing, Controls, Boilers, Filtration, Heating

Electrical Components & Equipment
Market Cap in USD: 1,304m

IPO / Inception: 2011-05-05
Return 12m vs S&P 500: 17.9%

EPS (Earnings per Share)

EPS CAGR: -44.26%
EPS Trend: -2.7%

Last SUE: -4.00
Qual. Beats: 0

Revenue

Rev. CAGR: 7.45%
Rev. Trend: 65.8%

Last SUE: 1.36
Qual. Beats: 1

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	37.3%
Value at Risk 5%th	58.0%
Relative Tail Risk	-5.46%

Reward TTM
Sharpe Ratio	0.91
Alpha	16.18
CAGR/Max DD	0.64

Character TTM
Hurst Exponent	0.487
Beta	1.092
Beta Downside	1.032

Drawdowns 3y
Max DD	33.86%
Mean DD	13.62%
Median DD	14.73%

Description: THR Thermon Holdings November 30, 2025

Thermon Group Holdings (NYSE: THR) designs, manufactures, and services engineered industrial heating and related solutions for a broad set of process-industry customers 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, electric boilers, filtration, and rail-transit heating products, supported by full-cycle project services from engineering to maintenance.

Key financial indicators (FY 2023) show revenue of roughly $1.1 billion, up about 12 % year-over-year, with an EBITDA margin near 9 % and a backlog of $400 million, suggesting a solid order pipeline. The company’s exposure to the U.S. industrial heating market, which analysts forecast to grow at a 4 % CAGR through 2029, positions it to benefit from rising capital-expenditure cycles in petrochemical, power generation, and food-and-beverage sectors.

Thermon’s growth is also tied to macro-level drivers such as tightening energy-efficiency regulations and the broader energy-transition push, which increase demand for smart, connected heating controls and low-emission boiler technologies. Recent strategic moves-including the 2023 acquisition of a European heat-tracing specialist-aim to broaden its geographic footprint and deepen its product-software integration capabilities.

For a deeper quantitative view, you might explore the detailed financial model on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 7.0

Net Income (59.0m TTM) > 0 and > 6% of Revenue (6% = 30.5m TTM)

FCFTA 0.06 (>2.0%) and ΔFCFTA -2.98pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 36.62% (prev 35.79%; Δ 0.83pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.08 (>3.0%) and CFO 60.1m > Net Income 59.0m (YES >=105%, WARN >=100%)

Net Debt (121.9m) to EBITDA (108.5m) ratio: 1.12 <= 3.0 (WARN <= 3.5)

Current Ratio 2.82 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (33.2m) change vs 12m ago -2.63% (target <= -2.0% for YES)

Gross Margin 45.31% (prev 26.75%; Δ 18.56pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 66.12% (prev 64.85%; Δ 1.27pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 9.90 (EBITDA TTM 108.5m / Interest Expense TTM 8.67m) >= 6 (WARN >= 3)

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 (Balance) 365.8m / Total Assets 778.2m

(D) 1.16 = Book Value of Equity 305.1m / Total Liabilities 263.0m

Total Rating: 5.07 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 67.22

1. Piotroski 7.0pt

2. FCF Yield 3.51%

3. FCF Margin 9.84%

4. Debt/Equity 0.29

5. Debt/Ebitda 1.12

6. ROIC - WACC (= 0.94)%

7. RoE 11.76%

8. Rev. Trend 65.78%

9. EPS Trend -2.66%

What is the price of THR shares?

As of January 10, 2026, the stock is trading at USD 39.45 with a total of 190,667 shares traded.
Over the past week, the price has changed by +4.84%, over one month by +1.60%, over three months by +51.44% and over the past year by +42.68%.

Is THR a buy, sell or hold?

Thermon Holdings has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy THR.

Strong Buy: 1
Buy: 2
Hold: 1
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the THR price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	37	-6.2%
Analysts Target Price	37	-6.2%
ValueRay Target Price	45.5	15.4%

THR Fundamental Data Overview January 10, 2026

P/E Trailing = 22.5429
P/E Forward = 18.0505
P/S = 2.5624
P/B = 2.4386
P/EG = 4.04
Beta = 0.785
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 = 1.43b USD (1.30b + Debt 151.6m - CCE 29.7m)
Interest Coverage Ratio = 9.90 (Ebit TTM 85.8m / Interest Expense TTM 8.67m)
EV/FCF = 28.46x (Enterprise Value 1.43b / FCF TTM 50.1m)
FCF Yield = 3.51% (FCF TTM 50.1m / Enterprise Value 1.43b)
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 = 1.83 (Enterprise Value 1.43b / 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 = 9.01% (E(1.30b)/V(1.46b) * Re(9.94%) + D(151.6m)/V(1.46b) * Rd(1.33%) * (1-Tc(0.25)))
Discount Rate = 9.94% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -1.41%
[DCF Debug] Terminal Value 78.05% ; FCFF base≈58.8m ; Y1≈72.5m ; Y5≈123.4m
Fair Price DCF = 48.99 (EV 1.73b - Net Debt 121.9m = Equity 1.61b / Shares 32.8m; r=9.01% [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 current Year (2026-03-31): EPS=2.08 | Chg30d=+0.228 | Revisions Net=+3 | Growth EPS=+11.1% | Growth Revenue=+3.8%
EPS next Year (2027-03-31): EPS=2.20 | Chg30d=+0.107 | Revisions Net=+1 | Growth EPS=+6.1% | Growth Revenue=+4.8%

Additional Sources for THR Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle