(THR) Thermon Holdings - Overview
Stock: Heat Tracing, Controls, Heating, Filtration, Boilers
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 37.4% |
| Relative Tail Risk | -6.51% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.62 |
| Alpha | 74.10 |
| Character TTM | |
|---|---|
| Beta | 1.086 |
| 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) 7.5
| 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: 44.77% > 18% (prev 0.44%; Δ 4433 % > 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 -3.06
| DSRI: 0.98 (Receivables 137.0m/131.1m, Revenue 522.0m/491.8m) |
| GMI: 0.98 (GM 44.77% / 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: -3.06 (Cap -4..+1) = AA |
What is the price of THR shares?
Over the past week, the price has changed by +7.45%, over one month by +28.34%, over three months by +43.84% and over the past year by +77.40%.
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 | 57 | 12.6% |
| Analysts Target Price | 57 | 12.6% |
| ValueRay Target Price | 61.1 | 20.7% |
THR Fundamental Data Overview February 09, 2026
P/E Forward = 23.8095
P/S = 3.1728
P/B = 3.0745
P/EG = 4.04
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 = 1.78b USD (1.66b + Debt 173.2m - CCE 46.9m)
Interest Coverage Ratio = 10.25 (Ebit TTM 85.0m / Interest Expense TTM 8.30m)
EV/FCF = 32.57x (Enterprise Value 1.78b / FCF TTM 54.7m)
FCF Yield = 3.07% (FCF TTM 54.7m / Enterprise Value 1.78b)
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 = 44.77% ((Revenue TTM 522.0m - Cost of Revenue TTM 288.3m) / Revenue TTM)
Gross Margin QoQ = 44.24% (prev 46.37%)
Tobins Q-Ratio = 2.18 (Enterprise Value 1.78b / 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 = 9.07% (E(1.66b)/V(1.83b) * Re(9.92%) + D(173.2m)/V(1.83b) * Rd(1.25%) * (1-Tc(0.26)))
Discount Rate = 9.92% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -1.79%
[DCF Debug] Terminal Value 75.96% ; FCFF base≈56.1m ; Y1≈62.4m ; Y5≈81.8m
Fair Price DCF = 31.57 (EV 1.16b - Net Debt 126.3m = Equity 1.04b / Shares 32.8m; r=9.07% [WACC]; 5y FCF grow 13.00% → 2.90% )
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 | Chg30d=+0.000 | Revisions Net=+0 | Analysts=3
EPS next Year (2027-03-31): EPS=2.25 | Chg30d=+0.049 | Revisions Net=+1 | Growth EPS=+6.9% | Growth Revenue=+5.9%