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Thermon Group Holdings, Inc. provides engineered industrial process heating solutions for process industries in the United States and Latin America, Canada, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers heat tracing solutions, including software automated engineering design services, heat tracing products, smart connected control and monitoring systems, construction services, and maintenance services; tubing bundle solutions comprising bundle design services, heated, and insulated sample lines; temporary power systems; heated blankets; and electric heat tracing cables, steam heating solutions, controls, monitoring and software, instrumentation, project services, industrial heating and filtration solutions, temporary electrical power distribution and lighting, and other complementary products and services. It also provides controls, monitoring, and software systems for the control and management of a heat trace system; environmental heating solutions that offer electric or gas-powered space heating for hazardous and non-hazardous areas under the Ruffneck, Norsemen, and Catadyne brands; process heating solutions under the Caloritech brand name; filtration solutions under the 3L Filters brand; rail and transit solutions under the Hellfire, Velocity, ArcticSense, and other brand names; and electric resistance, electrode, and fired coil tube boilers under the Vapor Power, Precision Boilers, and Caloritech brands. In addition, the company offers project services, such as engineering and design, procurement and project management, turnkey construction installation, recurring facility assessment or audit, and maintenance services. Further, it operates an electron cross-linking facility. The company serves the general industrial, chemical and petrochemical, oil, gas, power generation, commercial, food and beverage, rail and transit, and other markets. Thermon Group Holdings, Inc. was founded in 1954 and is headquartered in Austin, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2026
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2026 | $536M | $95M | $45M | $33M | 8.3% | 7.6% | -16.7% |
| 2025 | $498M | $103M | $54M | $53M | 10.8% | 0.7% | 3.7% |
| 2024 | $495M | $95M | $52M | $55M | 10.9% | 12.3% | 53.2% |
| 2023 | $441M | $74M | $34M | $48M | 8.0% | - | - |
| 2022 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | 440.59 | 494.63 | 498.21 | 536.26 |
| Operating Revenue | - | 440.59 | 494.63 | 498.21 | 536.26 |
| Cost Of Revenue | - | 255.46 | 283.06 | 275.31 | 293.21 |
| Gross Profit | - | 185.12 | 211.56 | 222.90 | 243.06 |
| Operating Expense | - | 126.24 | 135.21 | 143.44 | 172.32 |
| Selling General And Administration | - | 116.80 | 125.05 | 129.76 | 158.89 |
| Total Expenses | - | 381.71 | 418.27 | 418.75 | 465.52 |
| Operating Income | - | 58.88 | 76.36 | 79.46 | 70.74 |
| Total Operating Income As Reported | - | 55.19 | 75.37 | 79.76 | 70.74 |
| EBITDA | - | 74.33 | 95.36 | 102.78 | 94.69 |
| Normalized EBITDA | - | 78.13 | 96.54 | 102.41 | 94.54 |
| EBIT | - | 55.10 | 76.52 | 80.44 | 72.22 |
| Interest Expense | - | 5.87 | 8.85 | 10.32 | 8 |
| Net Interest Income | - | -5.87 | -8.85 | -10.32 | -8 |
| Other Non Operating Income Expenses | - | 0.01 | 1.35 | 0.61 | 1.34 |
| Other Income Expense | - | -3.78 | 0.16 | 0.99 | 1.48 |
| Interest Expense Non Operating | - | 5.87 | 8.85 | 10.32 | 8 |
| Net Non Operating Interest Income Expense | - | -5.87 | -8.85 | -10.32 | -8 |
| Pretax Income | - | 49.23 | 67.67 | 70.12 | 64.23 |
| Tax Provision | - | 15.57 | 16.09 | 16.60 | 19.66 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.20 | -0.38 | 0.09 | 0.04 |
| Net Income Continuous Operations | - | 33.67 | 51.59 | 53.52 | 44.57 |
| Net Income From Continuing And Discontinued Operation | - | 33.67 | 51.59 | 53.52 | 44.57 |
| Net Income From Continuing Operation Net Minority Interest | - | 33.67 | 51.59 | 53.52 | 44.57 |
| Net Income | - | 33.67 | 51.59 | 53.52 | 44.57 |
| Net Income Common Stockholders | - | 33.67 | 51.59 | 53.52 | 44.57 |
| Net Income Including Noncontrolling Interests | - | 33.67 | 51.59 | 53.52 | 44.57 |
| Normalized Income | - | 36.26 | 52.40 | 53.23 | 44.47 |
| Diluted NI Availto Com Stockholders | - | 33.67 | 51.59 | 53.52 | 44.57 |
| Basic Average Shares | - | 33.47 | 33.67 | 33.71 | 32.54 |
| Diluted Average Shares | - | 33.75 | 34.07 | 34.06 | 32.80 |
| Reconciled Depreciation | - | 19.23 | 18.84 | 22.34 | 22.47 |
| Reconciled Cost Of Revenue | - | 245.68 | 274.39 | 266.65 | 284.17 |
| Total Unusual Items | - | -3.79 | -1.19 | 0.38 | 0.14 |
| Total Unusual Items Excluding Goodwill | - | -3.79 | -1.19 | 0.38 | 0.14 |
| Minority Interests | 0 | - | - | - | - |
| Special Income Charges | - | -3.69 | -0.98 | 0.30 | 0.85 |
| Other Special Charges | 2.57 | - | - | - | -0.85 |
| Restructuring And Mergern Acquisition | - | 3.69 | 0.98 | -0.30 | 0 |
| Gain On Sale Of Security | - | -0.10 | -0.20 | 0.07 | -0.71 |
| Depreciation Amortization Depletion Income Statement | - | 9.45 | 10.16 | 13.68 | 13.43 |
| Depreciation And Amortization In Income Statement | - | 9.45 | 10.16 | 13.68 | 13.43 |
| General And Administrative Expense | - | -0.21 | 1.23 | 0.45 | 0.60 |
| Other Gand A | 93.05 | 117 | - | - | - |
| Salaries And Wages | - | -0.21 | 1.23 | 0.45 | 0.60 |
| Selling And Marketing Expense | - | 117 | 123.82 | 129.31 | 158.29 |
| Amortization | - | 9.45 | 10.16 | 13.68 | 13.43 |
| Amortization Of Intangibles Income Statement | - | 9.45 | 10.16 | 13.68 | 13.43 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Thermon Group Holdings, Inc.this co. | THR | $2.0B | 45.18↑ premium | 3.74 | 8.3% | 22.38 |
| American Superconductor Corporation | AMSC | $2.2B | 16.54 | 3.98 | 24.1% | 86.26 |
| TriNet Group, Inc. | TNET | $2.1B | 13.72 | 39.37 | 287.0% | 8.04 |
| The Gorman-Rupp Company | GRC | $2.1B | 38.84 | 4.97 | 12.8% | 19.39 |
| Costamare Inc. | CMRE |
| - |
| - |
| - |
| - |
| - |
| - |
| $1.9B |
| 5.16 |
| 0.90 |
| 17.5% |
| 4.67 |
| Preformed Line Products Company | PLPC | $1.8B | 52.13 | 3.87 | 7.4% | 25.78 |
| Enovix Corporation | ENVX | $1.8B | - | 6.72 | -57.8% | - |
| JetBlue Airways Corporation | JBLU | $1.8B | -2.99 | 0.85 | -28.4% | 18.80 |
| CBIZ, Inc. | CBZ | $1.8B | 15.50 | 1.02 | 6.6% | 9.83 |
| Peer Median | - | 15.50 | 3.93 | 10.1% | 18.80 | |