Thermon Group Holdings, Inc. (THR) FY2025 10-K Annual Report
Thermon Group Holdings, Inc. (THR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on May 22, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Thermon Group Holdings, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: provider of innovative process heating and filtration solutions for industrial and hazardous areas
- • New acquisition: F.A.T.I. for $14.7 million, adding electric heaters production facility in Milan, expanding EMEA segment
- • Strategic positioning: strengthened global production capabilities and market presence via F.A.T.I. integration
- • Quantitative metric: backlog grew to $240.3 million at March 31, 2025, from $186.1 million one year prior
- • Noteworthy fact: adjusted F.A.T.I. purchase price increased from initial $13.8 million to $14.7 million due to excess cash acquired
Management Discussion & Analysis
- • Operating cash flow $63.1M fiscal 2025 vs $65.9M fiscal 2024, decrease due to $8.4M higher working capital investments
- • Free Cash Flow $52.9M fiscal 2025 vs $55.0M fiscal 2024, decline driven by lower operating cash flows
- • Financing cash flow outflow $56.4M fiscal 2025 driven by $20.1M share repurchases vs inflow $56.5M in fiscal 2024 due to $105M borrowings for Vapor Power acquisition
- • Capital expenditures $10.2M fiscal 2025, expected 2%-3% of revenue in fiscal 2026
- • Long-term debt principal payments $18.0M and interest $7.5M expected next 12 months; management confident in meeting liquidity needs
Risk Factors
- • Regulatory risk: Legal proceedings with potential significant charges, reserves established but could impact results in any period (Note 15 reference, no specific case named)
- • Macroeconomic threat: Macroeconomic uncertainty causing $48.9M decline in Over time large projects revenue fiscal 2025 versus prior year
- • Operational vulnerability: Closure of Denver manufacturing facility and workforce reduction in fiscal 2025 as part of manufacturing footprint consolidation
- • Competitive risk: Increased SG&A by 4% due to investments in decarbonization, diversification, digitization to compete amid evolving industry demands
- • Financial risk: Average debt increased to $156.8M in fiscal 2025 from $127.5M in fiscal 2024 to finance Vapor Power acquisition
Thermon Group Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$498M
▲ +0.7% YoY
Net Income
$54M
▲ +3.7% YoY
Gross Margin
44.7%
▲ +197bp YoY
Operating Margin
16.0%
▲ +77bp YoY
Net Margin
10.7%
▲ +31bp YoY
ROE
10.8%
▼ -6bp YoY
Total Assets
$755M
▼ -1.6% YoY
EPS (Diluted)
$1.57
▲ +4.0% YoY
Operating Cash Flow
$63M
▼ -4.3% YoY
Source: XBRL data from Thermon Group Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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