Short answer
Thermon Group Holdings, Inc. (THR) filed its fiscal 2025 10-K annual report with the SEC on May 22, 2025. It reported revenue of $498M (+0.7% year over year) and net income of $54M.
- Top risk flagged: Regulatory risk: Legal proceedings with potential significant charges, reserves established but could impact results in any period (Note 15 reference, no specific case named)
FY2025 key financial metrics · XBRL
- Revenue
- $498M
- +0.7% YoY
- Net income
- $54M
- +3.7% YoY
- Operating margin
- 16.0%
- +0.8 pp YoY
- Gross margin
- 44.7%
- +2.0 pp YoY
- EPS (diluted)
- $1.57
- +4.0% YoY
- ROE
- 10.8%
- −0.1 pp YoY
- Operating cash flow
- $63M
- −4.3% YoY
Source: XBRL data from the Thermon Group Holdings, Inc. (THR) FY2025 10-K on SEC EDGAR. USD.
Thermon Group Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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