A Business at a Glance
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Thermon Group Holdings, Inc.
THR
$2.1B
Mkt Cap
Thermon Group Holdings, Inc. (THR) has a current P/E ratio of 25.6, compared to its historical median P/E of 27.8. The stock is currently considered Fair based on its historical valuation range.
Thermon Group Holdings, Inc. (THR) has a 5-year average return on invested capital (ROIC) of 7.3%. This is below average and may indicate limited pricing power.
Thermon Group Holdings, Inc. (THR) has a market capitalization of $1.5B. It is classified as a small-cap stock.
Thermon Group Holdings, Inc. (THR) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.00%.
Based on historical P/E analysis, Thermon Group Holdings, Inc. (THR) appears fair. The current P/E of 25.6 is 8% below its historical median of 27.8. The estimated fair value CAGR (P/E method) is 30.2%.
Thermon Group Holdings, Inc. (THR) operates in the Electrical Industrial Apparatus industry, within the Industrials sector.
References in this annual report to "we," "our," "us," the "Company," or "Thermon" mean Thermon Group Holdings, Inc. and its consolidated subsidiaries taken together as a combined entity. A particular fiscal year is the twelve months ended on March 31 of the given calendar year (e.g., "fiscal 2025," "fiscal 2024" and "fiscal 2023" relate to the Company's fiscal years ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively). Thermon Group Holdings, Inc. is a holding company that conducts all its business through its subsidiaries, and its common stock is listed on the New York Stock Exchange under the symbol "THR." Business Overview We are one of the largest providers of highly engineered industrial process heating solutions for process industries.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 522M | 498M | 495M | 441M | 356M | 276M |
| Net Income | 59M | 54M | 52M | 34M | 20M | 877K |
| EPS | $1.78 | $1.57 | $1.51 | $1.00 | $0.60 | $0.03 |
| Free Cash Flow | 55M | 53M | 55M | 48M | 24M | 22M |
| ROIC | 10.0% | 10.5% | 11.0% | 7.9% | 5.6% | 1.5% |
| Gross Margin | 45.4% | 44.7% | 42.8% | 42.0% | 39.4% | 42.3% |
| Debt/Equity | 0.26 | 0.24 | 0.32 | 0.21 | 0.32 | 0.39 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 83M | 80M | 75M | 55M | 38M | 7.4M |
| Operating Margin | 15.9% | 16.0% | 15.2% | 12.5% | 10.8% | 2.7% |
| ROE | 10.9% | 11.0% | 11.5% | 8.2% | 5.2% | 0.2% |
| Shares Outstanding | 33M | 34M | 34M | 34M | 33M | 29M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 277M | 309M | 282M | 264M | 309M | 413M | 383M | 276M | 356M | 441M | 495M | 498M | 522M |
| Gross Margin | 48.7% | 50.1% | 46.6% | 42.4% | 46.6% | 42.6% | 42.1% | 42.3% | 39.4% | 42.0% | 42.8% | 44.7% | 45.4% |
| R&D | 3.0M | 2.9M | 3.3M | 3.5M | 5.2M | 6.3M | 8.4M | 7.5M | 6.4M | 11M | 9.8M | 9.4M | 9.4M |
| SG&A | 65M | 77M | 81M | 78M | 95M | 107M | 112M | 90M | 93M | 117M | 124M | 129M | 139M |
| EBIT | 59M | 67M | 37M | 22M | 33M | 49M | 33M | 7.4M | 38M | 55M | 75M | 80M | 83M |
| Op. Margin | 21.1% | 21.7% | 13.0% | 8.5% | 10.6% | 11.8% | 8.5% | 2.7% | 10.8% | 12.5% | 15.2% | 16.0% | 15.9% |
| Net Income | 26M | 49M | 23M | 15M | 12M | 23M | 12M | 877K | 20M | 34M | 52M | 54M | 59M |
| Net Margin | 9.3% | 16.0% | 8.2% | 5.5% | 3.9% | 5.5% | 3.1% | 0.3% | 5.6% | 7.6% | 10.4% | 10.7% | 11.3% |
| Non-Recurring | 0 | 0 | 0 | 1.2M | 0 | 0 | 0 | 6.6M | 108K | 3.7M | 984K | 301K | 5K |
| Returns on Capital | |||||||||||||
| ROIC | 16.2% | 13.7% | 7.5% | 5.4% | 5.2% | 6.5% | 4.6% | 1.5% | 5.6% | 7.9% | 11.0% | 10.5% | 10.0% |
| ROE | 10.8% | 18.9% | 8.1% | 4.9% | 3.7% | 6.7% | 3.5% | 0.2% | 5.2% | 8.2% | 11.5% | 11.0% | 10.9% |
| ROA | 5.9% | 11.1% | 5.0% | 3.2% | 2.1% | 3.5% | 1.9% | 0.1% | 3.2% | 5.2% | 7.3% | 7.0% | 7.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 46M | 52M | 48M | 26M | 23M | 23M | 71M | 30M | 29M | 58M | 66M | 63M | 68M |
| Free Cash Flow | 43M | 45M | 35M | 18M | 13M | 11M | 60M | 22M | 24M | 48M | 55M | 53M | 55M |
| Owner Earnings | 41M | 45M | 40M | 17M | 11M | 9.9M | 55M | -29M | 4.7M | 33M | 41M | 36M | 97M |
| CapEx | 3.4M | 6.3M | 13M | 8.6M | 10M | 12M | 11M | 8.1M | 5.2M | 9.5M | 11M | 10M | 13M |
| Maint. CapEx | 3.1M | 3.4M | 4.7M | 6.1M | 8.0M | 9.2M | 11M | 56M | 20M | 19M | 19M | 22M | -36M |
| Growth CapEx | 338K | 2.9M | 8.2M | 2.6M | 2.3M | 3.0M | 353K | 0 | 0 | 0 | 0 | 0 | 49M |
| D&A | 3.1M | 3.4M | 4.7M | 6.1M | 8.0M | 9.2M | 11M | 56M | 20M | 19M | 19M | 22M | -36M |
| CapEx/OCF | 7.4% | 12.1% | 26.7% | 32.6% | 44.8% | 51.8% | 15.3% | 26.8% | 18.2% | 16.4% | 16.7% | 16.2% | 19.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 250K | 20M | 30M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 2.1% | 2.0% |
| Stock-Based Comp | 2.2M | 3.3M | 3.7M | 3.4M | 3.5M | 4.1M | 5.0M | 3.7M | 3.8M | 6.0M | 5.8M | 5.2M | 6.4M |
| Debt Repayment | 14M | 14M | 14M | 14M | 116M | 40M | 52M | 57M | 171M | 27M | 31M | 29M | 29M |
| Balance Sheet | |||||||||||||
| Net Debt | 49M | 14M | 9.9M | 38M | 191M | 175M | 133M | 109M | 88M | 52M | 103M | 81M | 96M |
| Cash & Equiv. | 73M | 94M | 85M | 43M | 34M | 31M | 43M | 40M | 41M | 36M | 49M | 40M | 47M |
| Long-Term Debt | 122M | 108M | 95M | 81M | 225M | 207M | 176M | 149M | 129M | 88M | 152M | 120M | 116M |
| Debt/Equity | 0.49 | 0.40 | 0.32 | 0.26 | 0.67 | 0.60 | 0.51 | 0.39 | 0.32 | 0.21 | 0.32 | 0.24 | 0.26 |
| Interest Coverage | 5.9 | 14.7 | 8.9 | 6.4 | 3.6 | 3.1 | 2.3 | 0.7 | 6.6 | 9.4 | 8.5 | 1375.1 | 1375.1 |
| Equity | 250M | 272M | 294M | 308M | 335M | 345M | 346M | 379M | 399M | 419M | 475M | 495M | 539M |
| Total Assets | 442M | 450M | 469M | 454M | 662M | 656M | 621M | 618M | 637M | 650M | 768M | 755M | 817M |
| Total Liabilities | 192M | 178M | 170M | 142M | 322M | 307M | 274M | 239M | 237M | 231M | 293M | 260M | 278M |
| Intangibles | 119M | 101M | 104M | 86M | 151M | 127M | 105M | 104M | 95M | 94M | 127M | 115M | 107M |
| Retained Earnings | 50M | 99M | 122M | 137M | 149M | 171M | 183M | 183M | 204M | 237M | 289M | 342M | 384M |
| Working Capital | 132M | 154M | 141M | 146M | 158M | 166M | 157M | 154M | 163M | 141M | 165M | 162M | 210M |
| Current Assets | 176M | 207M | 199M | 198M | 220M | 240M | 218M | 207M | 244M | 251M | 275M | 274M | 321M |
| Current Liabilities | 44M | 53M | 58M | 52M | 62M | 73M | 61M | 53M | 81M | 110M | 109M | 113M | 111M |
| Per Share Data | |||||||||||||
| EPS | 0.80 | 1.52 | 0.71 | 0.45 | 0.36 | 0.69 | 0.36 | 0.03 | 0.60 | 1.00 | 1.51 | 1.57 | 1.78 |
| Owner EPS | 1.27 | 1.39 | 1.22 | 0.52 | 0.35 | 0.30 | 1.67 | -0.99 | 0.14 | 0.97 | 1.21 | 1.04 | 2.97 |
| Book Value | 7.77 | 8.36 | 9.09 | 9.46 | 10.12 | 10.45 | 10.45 | 12.96 | 11.92 | 12.45 | 13.90 | 14.53 | 16.40 |
| Cash Flow/Share | 1.43 | 1.59 | 1.48 | 0.81 | 0.69 | 0.70 | 2.13 | 1.04 | 0.86 | 1.71 | 1.93 | 1.85 | 0.71 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 32.2M | 32.5M | 32.4M | 32.5M | 33.1M | 33.0M | 33.2M | 29.2M | 33.5M | 33.7M | 34.2M | 34.1M | 32.8M |
| Valuation | |||||||||||||
| P/E Ratio | 28.6 | 15.6 | 24.7 | 46.2 | 61.8 | 35.5 | 40.0 | 654.0 | 27.8 | 24.6 | 21.7 | 18.1 | 25.4 |
| P/FCF | 17.3 | 16.9 | 16.2 | 37.9 | 58.2 | 73.5 | 8.0 | 25.9 | 23.7 | 17.2 | 20.3 | 18.3 | 27.2 |
| EV/EBIT | 13.2 | 11.5 | 15.3 | 30.9 | 28.0 | 20.1 | 18.5 | 91.3 | 16.6 | 16.0 | 16.2 | 13.2 | 19.0 |
| Price/Book | 2.9 | 2.8 | 1.9 | 2.2 | 2.2 | 2.3 | 1.4 | 1.5 | 1.4 | 2.0 | 2.4 | 2.0 | 2.8 |
| Price/Sales | 2.7 | 2.6 | 2.4 | 2.4 | 2.2 | 1.9 | 2.1 | 1.6 | 1.7 | 1.4 | 1.9 | 2.1 | 2.8 |
| FCF Yield | 5.8% | 5.9% | 6.2% | 2.6% | 1.7% | 1.4% | 12.5% | 3.9% | 4.2% | 5.8% | 4.9% | 5.5% | 3.7% |
| Market Cap | 738M | 769M | 568M | 677M | 736M | 807M | 477M | 574M | 559M | 829M | 1.1B | 968M | 1.5B |
| Avg. Price | 23.21 | 24.24 | 20.70 | 19.52 | 20.49 | 23.73 | 23.75 | 14.82 | 17.55 | 18.59 | 27.27 | 30.18 | 45.25 |
| Year-End Price | 22.89 | 23.67 | 17.54 | 20.81 | 22.25 | 24.47 | 14.39 | 19.62 | 16.69 | 24.61 | 32.72 | 28.40 | 45.25 |
Thermon Group Holdings, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Thermon Group Holdings, Inc. trades at 25.6x trailing earnings, compared to its 15-year median P/E of 27.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 27.2x vs a median of 22.0x. The company's 5-year average ROIC is 7.3% with a gross margin of 42.2%. Total shareholder yield (buybacks) is 2.0%. At current prices, the estimated annualized return to fair value is +15.6%.
Thermon Group Holdings, Inc. (THR) reported annual revenue of $498 million in its most recent fiscal year, based on SEC EDGAR filings.
Thermon Group Holdings, Inc. (THR) has a net profit margin of 10.7%. This is a healthy margin.
Thermon Group Holdings, Inc. (THR) generated $53 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Thermon Group Holdings, Inc. (THR) has a debt-to-equity ratio of 0.24. This indicates a conservatively financed balance sheet.
Thermon Group Holdings, Inc. (THR) reported earnings per share (EPS) of $1.57 in its most recent fiscal year.
Thermon Group Holdings, Inc. (THR) has a return on equity (ROE) of 11.0%. This indicates moderate shareholder returns.
Thermon Group Holdings, Inc. (THR) has a 5-year average gross margin of 42.2%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for Thermon Group Holdings, Inc. (THR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Thermon Group Holdings, Inc. (THR) has a book value per share of $14.53, based on its most recent annual SEC filing.