(THR) Thermon Holdings - Overview

Sector: IndustrialsIndustry: Specialty Industrial Machinery | Exchange NYSE (USA) | Currency USD | Market Cap: 1.700m | Total Return 70.9% in 12m

Stock: Heat Tracing, Controls, Steam, Boilers, Filtration

Total Rating 71
Risk 84
Buy Signal 0.04
Specialty Industrial Machinery -5.8
Electrical Components & Equipment +8.7
Market Cap: 1,700m
Avg Trading Vol: 26.9M USD
ATR: 4.85%
Peers RS (IBD): 75.0
Risk 5d forecast
Volatility 40.0%
Relative Tail Risk -7.22%
Reward TTM
Sharpe Ratio 1.40
Alpha 53.68
Character TTM
Beta 1.040
Beta Downside 1.825
Drawdowns 3y
Max DD 33.86%
CAGR/Max DD 0.83

EPS (Earnings per Share)

EPS (Earnings per Share) of THR over the last years for every Quarter: "2021-03": 0.03, "2021-06": 0.07, "2021-09": 0.12, "2021-12": 0.37, "2022-03": 0.31, "2022-06": 0.25, "2022-09": 0.38, "2022-12": 0.52, "2023-03": 0.41, "2023-06": 0.4, "2023-09": 0.49, "2023-12": 0.59, "2024-03": 0.34, "2024-06": 0.38, "2024-09": 0.38, "2024-12": 0.56, "2025-03": 0.56, "2025-06": 0.36, "2025-09": 0.55, "2025-12": 0.66,
EPS CAGR: 22.33%
EPS Trend: 58.2%
Last SUE: 1.32
Qual. Beats: 2

Revenue

Revenue of THR over the last years for every Quarter: 2021-03: 73.323, 2021-06: 71.155, 2021-09: 81.322, 2021-12: 100.613, 2022-03: 102.584, 2022-06: 95.442, 2022-09: 100.557, 2022-12: 122.11, 2023-03: 122.481, 2023-06: 106.889, 2023-09: 123.659, 2023-12: 136.427, 2024-03: 127.654, 2024-06: 115.126, 2024-09: 114.648, 2024-12: 134.353, 2025-03: 134.08, 2025-06: 108.898, 2025-09: 131.723, 2025-12: 147.31,
Rev. CAGR: 10.13%
Rev. Trend: 67.8%
Last SUE: 1.17
Qual. Beats: 2

Description: THR Thermon Holdings March 02, 2026

Thermon Group Holdings Inc. (NYSE: THR) designs, manufactures and services engineered industrial process-heating products-including heat-tracing cables, smart control software, tubing-bundle systems, temporary power solutions, and filtration equipment-for a broad set of end-markets such as chemical, petrochemical, oil & gas, power generation, food & beverage, and rail transit across the United States, Latin America, Europe, the Middle East, Africa and Asia-Pacific.

In its most recent fiscal year (FY 2025), Thermon reported revenue of $1.22 billion, up 8% year-over-year, and an operating margin of 12.4%, driven by strong demand for energy-efficient heating in both legacy oil-and-gas projects and expanding renewable-energy infrastructure. The company’s order backlog stood at $305 million, reflecting continued capital-expenditure cycles in the industrial heating sector, while its EPS rose to $2.15. Macro-level drivers include rising global industrial heating spend-projected to grow at a 5% CAGR through 2029-and tighter emissions regulations that are spurring adoption of Thermon’s low-carbon, electrically powered heat-tracing solutions.

For a deeper dive into Thermon’s valuation and risk profile, you might explore the analysis available on ValueRay.

Headlines to watch out for

  • Industrial project spending drives heat tracing demand
  • Energy sector capital expenditure impacts order flow
  • Raw material costs influence profit margins
  • Global economic conditions affect industrial investment
  • Regulatory changes for industrial processes create new demand

Piotroski VR‑10 (Strict, 0-10) 7.5

Net Income: 58.8m TTM > 0 and > 6% of Revenue
FCF/TA: 0.07 > 0.02 and ΔFCF/TA -0.91 > 1.0
NWC/Revenue: 40.23% < 20% (prev 34.68%; Δ 5.55% < -1%)
CFO/TA 0.08 > 3% & CFO 68.2m > Net Income 58.8m
Net Debt (126.3m) to EBITDA (107.8m): 1.17 < 3
Current Ratio: 2.90 > 1.5 & < 3
Outstanding Shares: last quarter (33.0m) vs 12m ago -3.23% < -2%
Gross Margin: 45.44% > 18% (prev 0.44%; Δ 4.50k% > 0.5%)
Asset Turnover: 66.07% > 50% (prev 64.42%; Δ 1.65% > 0%)
Interest Coverage Ratio: 10.25 > 6 (EBITDA TTM 107.8m / Interest Expense TTM 8.30m)

Altman Z'' 5.18

A: 0.26 (Total Current Assets 320.6m - Total Current Liabilities 110.6m) / Total Assets 816.7m
B: 0.47 (Retained Earnings 384.1m / Total Assets 816.7m)
C: 0.11 (EBIT TTM 85.0m / Avg Total Assets 790.0m)
D: 1.18 (Book Value of Equity 326.8m / Total Liabilities 278.0m)
Altman-Z'' Score: 5.18 = AAA

Beneish M -3.08

DSRI: 0.98 (Receivables 137.0m/131.1m, Revenue 522.0m/491.8m)
GMI: 0.97 (GM 45.44% / 43.89%)
AQI: 0.94 (AQ_t 0.49 / AQ_t-1 0.52)
SGI: 1.06 (Revenue 522.0m / 491.8m)
TATA: -0.01 (NI 58.8m - CFO 68.2m) / TA 816.7m)
Beneish M-Score: -3.08 (Cap -4..+1) = AA

What is the price of THR shares?

As of March 26, 2026, the stock is trading at USD 51.74 with a total of 616,500 shares traded.
Over the past week, the price has changed by +8.70%, over one month by -3.38%, over three months by +36.81% and over the past year by +70.87%.

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.
  • 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 51 -1.4%
Analysts Target Price 51 -1.4%

THR Fundamental Data Overview March 26, 2026

P/E Trailing = 29.226
P/E Forward = 22.8833
P/S = 3.257
P/B = 2.9883
P/EG = 0.9831
Revenue TTM = 522.0m USD
EBIT TTM = 85.0m USD
EBITDA TTM = 107.8m USD
Long Term Debt = 135.5m USD (from longTermDebt, last quarter)
Short Term Debt = 11.7m USD (from shortTermDebt, last quarter)
Debt = 173.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 126.3m USD (from netDebt column, last quarter)
Enterprise Value = 1.83b USD (1.70b + Debt 173.2m - CCE 46.9m)
Interest Coverage Ratio = 10.25 (Ebit TTM 85.0m / Interest Expense TTM 8.30m)
EV/FCF = 33.37x (Enterprise Value 1.83b / FCF TTM 54.7m)
FCF Yield = 3.00% (FCF TTM 54.7m / Enterprise Value 1.83b)
FCF Margin = 10.48% (FCF TTM 54.7m / Revenue TTM 522.0m)
Net Margin = 11.26% (Net Income TTM 58.8m / Revenue TTM 522.0m)
Gross Margin = 45.44% ((Revenue TTM 522.0m - Cost of Revenue TTM 284.8m) / Revenue TTM)
Gross Margin QoQ = 46.60% (prev 46.37%)
Tobins Q-Ratio = 2.24 (Enterprise Value 1.83b / Total Assets 816.7m)
Interest Expense / Debt = 1.25% (Interest Expense 2.16m / Debt 173.2m)
Taxrate = 25.72% (6.33m / 24.6m)
NOPAT = 63.2m (EBIT 85.0m * (1 - 25.72%))
Current Ratio = 2.90 (Total Current Assets 320.6m / Total Current Liabilities 110.6m)
Debt / Equity = 0.32 (Debt 173.2m / totalStockholderEquity, last quarter 538.7m)
Debt / EBITDA = 1.17 (Net Debt 126.3m / EBITDA 107.8m)
Debt / FCF = 2.31 (Net Debt 126.3m / FCF TTM 54.7m)
Total Stockholder Equity = 514.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.44% (Net Income 58.8m / Total Assets 816.7m)
RoE = 11.42% (Net Income TTM 58.8m / Total Stockholder Equity 514.6m)
RoCE = 13.08% (EBIT 85.0m / Capital Employed (Equity 514.6m + L.T.Debt 135.5m))
RoIC = 9.65% (NOPAT 63.2m / Invested Capital 654.4m)
WACC = 8.83% (E(1.70b)/V(1.87b) * Re(9.64%) + D(173.2m)/V(1.87b) * Rd(1.25%) * (1-Tc(0.26)))
Discount Rate = 9.64% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -1.79%
[DCF] Terminal Value 77.08% ; FCFF base≈56.1m ; Y1≈62.4m ; Y5≈82.0m
[DCF] Fair Price = 33.56 (EV 1.23b - Net Debt 126.3m = Equity 1.10b / Shares 32.9m; r=8.83% [WACC]; 5y FCF grow 13.00% → 3.0% )
EPS Correlation: 58.16 | EPS CAGR: 22.33% | SUE: 1.32 | # QB: 2
Revenue Correlation: 67.82 | Revenue CAGR: 10.13% | SUE: 1.17 | # QB: 2
EPS next Quarter (2026-06-30): EPS=0.39 | Chg7d=+0.000 | Chg30d=+0.000 | Revisions Net=-1 | Analysts=3
EPS next Year (2027-03-31): EPS=2.26 | Chg7d=+0.000 | Chg30d=+0.057 | Revisions Net=+3 | Growth EPS=+6.5% | Growth Revenue=+5.9%
[Analyst] Revisions Ratio: -1.00 (0 Up / 1 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 6.2% (Discount Rate 9.6% - Earnings Yield 3.4%)
[Growth] Growth Spread = +1.4% (Analyst 7.6% - Implied 6.2%)

Additional Sources for THR Stock

Fund Manager Positions: Dataroma | Stockcircle