(THR) Thermon Holdings - Overview
Sector: Industrials | Industry: Specialty Industrial Machinery | Exchange: NYSE (USA) | Market Cap: 2.152m USD | Total Return: 115.2% in 12m
Industry Rotation: -5.9
Avg Turnover: 36.9M
EPS Trend: 58.2%
Qual. Beats: 2
Rev. Trend: 67.8%
Qual. Beats: 2
Warnings
No concerns identified
Tailwinds
Supp Ema20, Leader, Tailwind, Pullback Retrace
Thermon Group Holdings, Inc. (THR) specializes in engineered industrial process heating solutions, providing critical thermal management systems across global markets including energy, chemical processing, and power generation. The company’s portfolio encompasses heat tracing cables, tubing bundles, environmental heating, and specialized filtration systems, supported by engineering, construction, and maintenance services.
Operating within the industrial heating sector, Thermon utilizes an installed base business model where specialized hardware sales often lead to recurring revenue through long-term maintenance, monitoring software, and facility audits. The company maintains a diverse brand architecture, including Ruffneck and Caloritech, to address specific hazardous area heating and rail infrastructure requirements.
For a detailed breakdown of the companys valuation and historical performance, you may want to explore the data on ValueRay.
Founded in 1954 and headquartered in Austin, Texas, Thermon operates an electron cross-linking facility to enhance the durability of its cable products. This vertically integrated manufacturing capability allows the firm to serve complex industrial environments that require precise temperature maintenance for safety and operational efficiency.
- Energy transition demand drives revenue growth in electrification and decarbonization
- Industrial maintenance backlog and recurring services stabilize operating margins
- Expansion into semiconductor and data center markets diversifies revenue base
- Strategic acquisitions in specialized heating sectors accelerate capital allocation efficiency
| 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) |
| 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 |
| 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 |
Over the past week, the price has changed by -0.65%, over one month by +20.89%, over three months by +27.70% and over the past year by +115.21%.
- StrongBuy: 1
- Buy: 2
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 51 | -21.8% |
P/E Forward = 30.6748
P/S = 4.1225
P/B = 4.0063
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 = 2.28b USD (2.15b + Debt 173.2m - CCE 46.9m)
Interest Coverage Ratio = 10.25 (Ebit TTM 85.0m / Interest Expense TTM 8.30m)
EV/FCF = 41.63x (Enterprise Value 2.28b / FCF TTM 54.7m)
FCF Yield = 2.40% (FCF TTM 54.7m / Enterprise Value 2.28b)
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 = 2.79 (Enterprise Value 2.28b / 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 = 9.08% (E(2.15b)/V(2.33b) * Re(9.74%) + D(173.2m)/V(2.33b) * Rd(1.25%) * (1-Tc(0.26)))
Discount Rate = 9.74% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -73.33 | Cagr: -1.49%
[DCF] Terminal Value 76.25% ; FCFF base≈56.1m ; Y1≈62.4m ; Y5≈82.0m
[DCF] Fair Price = 32.01 (EV 1.18b - Net Debt 126.3m = Equity 1.05b / Shares 32.9m; r=9.08% [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 current Quarter (2026-06-30): EPS=0.39 | Chg30d=+0.00% | Revisions=-20% | Analysts=3
[Analyst] Revisions Ratio: -20%