Electrical Industrial ApparatusIFRS · EUR

Thermon Group Holdings, Inc.

Thermon Group Holdings, Inc. designs and supplies engineered industrial process heating solutions for process industries worldwide. Its portfolio includes heating cables, heating units, boilers, blankets, tubing bundles, software, and related engineering, installation, and maintenance services, supported by manufacturing and distribution operations across North America, Europe, and Asia-Pacific.

Kysy yhtiöstä
Liikevaihto536milj. EUR
+7,6 %v/v
Liikevoitto (EBIT)70,7milj. EUR
−11,3 %v/v
EBIT-marginaali13,2%
−2,8 %-yks.v/v
Nettotulos44,6milj. EUR
−16,7 %v/v
Vapaa kassavirta32,9milj. EUR
−37,8 %v/v

Tilikausi 2026 · muutos edellisvuodesta

Kehitys 2021–2026

0200400600milj. EUR2021: 276 milj. EUR2021: EBIT 7,4 milj. EUR20212022: 356 milj. EUR2022: EBIT 38 milj. EUR20222023: 441 milj. EUR2023: EBIT 55 milj. EUR20232024: 495 milj. EUR2024: EBIT 75 milj. EUR20242025: 498 milj. EUR2025: EBIT 80 milj. EUR20252026: 536 milj. EUR2026: EBIT 71 milj. EUR202653671
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Thermon Group Holdings, Inc.

Liiketoiminta

Osuus liikevaihdosta
Heat tracing and heating systems45 %

Electric heat tracing, heating cables, blankets, and related industrial heating hardware.

Engineered heating equipment20 %

Heating units, electrode and gas-fired boilers, and other process heating equipment.

Project engineering and installation services20 %

Engineering, installation, maintenance, and project execution services for customer sites.

Software and controls10 %

Design optimization software and wireless/network control systems for heating applications.

Temporary and specialty solutions5 %

Temporary power solutions, tubing bundles, and other complementary products.

Asiakkaat

Thermon sells to thousands of industrial customers, including large multinational end users and EPC firms that specify process heating systems during project design and construction. Its end markets include chemical and petrochemical, oil and gas, power generation, food and beverage, commercial, rail and transit, and newer energy-transition applications such as hydrogen, biofuels, thermal energy storage, and carbon capture.

Large industrial end users

Buy engineered heating systems for process reliability, freeze protection, and hazardous-area applications.

EPC companies

Specify and procure Thermon solutions during design and construction of large projects.

Oil and gas operators

Use heat tracing and process heating for pipelines, facilities, and maintenance needs.

Chemical and petrochemical customers

Buy heating systems for process control, safety, and uptime in complex plants.

Power, food, and industrial customers

Purchase heating and control solutions for operations, maintenance, and compliance.

Strategia

Thermon is focused on expanding through acquisitions that fit its process-heating platform and complement its product and service mix. It also emphasizes technology investment, global manufacturing flexibility, and a broader mix of non-oil-and-gas end markets to strengthen its competitive position and reduce dependence on any single industry.

Acquire complementary process-heating businessesKeskipitkä aikaväli

Adds products, customers, and geographic reach to the core platform.

Expand technology-enabled solutionsKeskipitkä aikaväli

Software and controls improve differentiation and customer stickiness.

Diversify end-market exposureKeskipitkä aikaväli

Reduces cyclicality tied to oil, gas, and large capital projects.

Optimize global supply chain and manufacturingLyhyt aikaväli

Supports tariff mitigation, local service, and faster customer response.

Maantiede

Thermon operates globally through sales and service teams and distributors in more than 30 countries, with 11 manufacturing facilities on two continents. Its reportable segments are US-LAM, Canada, EMEA, and APAC, and management disclosed that approximately 52% of revenues in YTD 2026 and 44% in YTD 2025 came from outside the United States.

Riskit

Thermon is exposed to cyclical capital spending in large industrial projects, especially in oil, gas, chemical processing, and power markets. It also faces execution risk from acquisitions, tariffs and supply-chain disruption, customer credit risk on project work, and product liability or indemnity claims tied to engineered equipment and field services.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Cyclicality and delays in large capital projects1Acquisition integration and execution risk2Tariffs and trade disruption3Customer credit and retainage risk4Product liability and indemnity claims5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Cyclicality and delays in large capital projectsVaikutus: KorkeaTodennäköisyys: Korkea

    A meaningful share of demand comes from project-driven industrial spending.

    Kohdistuu: United States and Canada project markets

  2. Acquisition integration and execution riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Growth strategy depends partly on buying complementary businesses.

    Kohdistuu: M&A and post-close integration

  3. Tariffs and trade disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Cross-border manufacturing and sourcing can increase landed costs.

    Kohdistuu: Canada-U.S. trade flows and global supply chain

  4. Customer credit and retainage riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Project contracts often involve milestone billing and deferred payment.

    Kohdistuu: Fixed-price projects and EPC customers

  5. Product liability and indemnity claimsVaikutus: KeskitasoTodennäköisyys: Matala

    Engineered equipment and field services can create claims if failures occur.

    Kohdistuu: Installed systems and service work

Kysy Clarifolta: Thermon Group Holdings, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

Mix of product sales and project services creates timing differences in reported revenue.

Vaikutus: Point-in-time control transfer versus over-time project progress

Goodwill and intangible assets

Acquisitions can create large intangible balances that may later be impaired.

Vaikutus: Non-cash impairment charges can affect earnings

Income taxes

Global operations and acquisitions increase judgment around tax rates and deferred taxes.

Vaikutus: Effective tax rate and deferred tax balances

Project estimates and retainage

Fixed-price contracts and milestone billing require judgment on collectability and completion.

Vaikutus: Receivables, margins, and revenue timing

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Brenx LTD.

BRNX · Heating Equipment, Except Electric & Warm Air Furnaces

NewHydrogen, Inc.

NEWH · Unsupported Plastics Film & Sheet

Babcock & Wilcox Enterprises, Inc.

BW · Heating Equipment, Except Electric & Warm Air Furnaces

Perma-Pipe International Holdings, Inc.

PPIH · Industrial & Commercial Fans & Blowers & Air Purifing Equip

Päivitetty: 24.9.2026

Thermon Group Holdings, Inc. – Electrical Industrial Apparatus | Analyysi – Clarifo