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Tecogen (TGEN)

Market Price (5/20/2026): $5.47 | Market Cap: $163.3 Mil
Sector: Industrials | Industry: Electrical Components & Equipment

Tecogen (TGEN)

Market Price (5/20/2026): $5.47
Market Cap: $163.3 Mil
Sector: Industrials
Industry: Electrical Components & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20%

Megatrend and thematic drivers
Megatrends include Smart Grids & Grid Modernization, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Distributed Energy Resources, Show more.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -5.1 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -19%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.2%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.6%

High stock price volatility
Vol 12M is 125%

Key risks
TGEN key risks include [1] its ongoing challenge to achieve sustained profitability, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20%
1 Megatrend and thematic drivers
Megatrends include Smart Grids & Grid Modernization, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Distributed Energy Resources, Show more.
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -5.1 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -19%
3 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.2%
4 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.6%
6 High stock price volatility
Vol 12M is 125%
7 Key risks
TGEN key risks include [1] its ongoing challenge to achieve sustained profitability, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Tecogen (TGEN) stock has gained about 45% since 1/31/2026 because of the following key factors:

1. Strategic Expansion into the Data Center Market with Key Partnership.

Tecogen experienced a significant boost due to its strategic focus on the data center market, highlighted by an imminent purchase order from Vertiv for a 1 MW chiller system. This system is slated for a real-world operating deployment at one of Vertiv's facilities, serving as a crucial showcase to validate Tecogen's technology and deepen its partnership within this high-growth sector.

2. Substantial Influx of New Orders Driven by Power Constraints.

The company reported securing or expecting to secure over $8 million in new orders, distinct from its core data center initiatives. These opportunities are driven by broader power constraints across the country and are anticipated to contribute positively to Tecogen's near-term revenue and cash flow.

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Stock Movement Drivers

Fundamental Drivers

The 43.3% change in TGEN stock from 1/31/2026 to 5/19/2026 was primarily driven by a 65.0% change in the company's P/S Multiple.
(LTM values as of)13120265192026Change
Stock Price ($)3.745.3643.3%
Change Contribution By: 
Total Revenues ($ Mil)26272.7%
P/S Multiple3.65.965.0%
Shares Outstanding (Mil)2530-15.4%
Cumulative Contribution43.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/19/2026
ReturnCorrelation
TGEN43.3% 
Market (SPY)6.3%44.8%
Sector (XLI)2.3%42.5%

Fundamental Drivers

The -46.3% change in TGEN stock from 10/31/2025 to 5/19/2026 was primarily driven by a -38.2% change in the company's P/S Multiple.
(LTM values as of)103120255192026Change
Stock Price ($)9.985.36-46.3%
Change Contribution By: 
Total Revenues ($ Mil)26272.7%
P/S Multiple9.65.9-38.2%
Shares Outstanding (Mil)2530-15.4%
Cumulative Contribution-46.3%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/19/2026
ReturnCorrelation
TGEN-46.3% 
Market (SPY)8.2%40.5%
Sector (XLI)9.5%39.6%

Fundamental Drivers

The 117.0% change in TGEN stock from 4/30/2025 to 5/19/2026 was primarily driven by a 118.2% change in the company's P/S Multiple.
(LTM values as of)43020255192026Change
Stock Price ($)2.475.36117.0%
Change Contribution By: 
Total Revenues ($ Mil)232719.3%
P/S Multiple2.75.9118.2%
Shares Outstanding (Mil)2530-16.6%
Cumulative Contribution117.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/19/2026
ReturnCorrelation
TGEN117.0% 
Market (SPY)33.8%36.2%
Sector (XLI)30.3%35.5%

Fundamental Drivers

The 405.7% change in TGEN stock from 4/30/2023 to 5/19/2026 was primarily driven by a 463.0% change in the company's P/S Multiple.
(LTM values as of)43020235192026Change
Stock Price ($)1.065.36405.7%
Change Contribution By: 
Total Revenues ($ Mil)25277.9%
P/S Multiple1.15.9463.0%
Shares Outstanding (Mil)2530-16.8%
Cumulative Contribution405.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/19/2026
ReturnCorrelation
TGEN405.7% 
Market (SPY)83.3%22.0%
Sector (XLI)76.5%21.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TGEN Return-2%4%-35%81%237%29%420%
Peers Return36%-21%60%54%39%59%488%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
TGEN Win Rate42%42%33%58%67%40% 
Peers Win Rate67%40%53%67%60%64% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
TGEN Max Drawdown-54%-47%-41%-25%-61%-64% 
Peers Max Drawdown-22%-47%-29%-19%-37%-16% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: GNRC, CMI, CAT, VRT, JCI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/19/2026 (YTD)

How Low Can It Go

EventTGENS&P 500
2025 US Tariff Shock
  % Loss-30.0%-18.8%
  % Gain to Breakeven42.8%23.1%
  Time to Breakeven10 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-32.9%-9.5%
  % Gain to Breakeven49.0%10.5%
  Time to Breakeven414 days24 days
2023 SVB Regional Banking Crisis
  % Loss-25.5%-6.7%
  % Gain to Breakeven34.2%7.1%
  Time to Breakeven12 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.2%-24.5%
  % Gain to Breakeven28.5%32.4%
  Time to Breakeven33 days427 days
2020 COVID-19 Crash
  % Loss-55.0%-33.7%
  % Gain to Breakeven122.2%50.9%
  Time to Breakeven311 days140 days

Compare to GNRC, CMI, CAT, VRT, JCI

In The Past

Tecogen's stock fell -30.0% during the 2025 US Tariff Shock. Such a loss loss requires a 42.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTGENS&P 500
2025 US Tariff Shock
  % Loss-30.0%-18.8%
  % Gain to Breakeven42.8%23.1%
  Time to Breakeven10 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-32.9%-9.5%
  % Gain to Breakeven49.0%10.5%
  Time to Breakeven414 days24 days
2023 SVB Regional Banking Crisis
  % Loss-25.5%-6.7%
  % Gain to Breakeven34.2%7.1%
  Time to Breakeven12 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.2%-24.5%
  % Gain to Breakeven28.5%32.4%
  Time to Breakeven33 days427 days
2020 COVID-19 Crash
  % Loss-55.0%-33.7%
  % Gain to Breakeven122.2%50.9%
  Time to Breakeven311 days140 days

Compare to GNRC, CMI, CAT, VRT, JCI

In The Past

Tecogen's stock fell -30.0% during the 2025 US Tariff Shock. Such a loss loss requires a 42.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Tecogen (TGEN)

Tecogen Inc. designs, manufactures, markets, and maintains industrial and commercial cogeneration systems for residential, commercial, recreational, and industrial use in the United States and internationally. It operates through three segments: Products, Services, and Energy Production. The company offers InVerde e+ and TecoPower, a cogeneration product that supplies electricity and hot water; TECOCHILL air-conditioning and refrigeration chillers; Tecofrost gas engine-driven refrigeration compressors; and water heaters under the Ilios brand name, as well as emissions control technology under the Ultera brand name. It also provides long-term maintenance contracts, parts sales, and turnkey installation services through a network of eleven field service centers in California, the Midwest, the Northeast, and the Southeast, as well as in Ontario, Canada. In addition, the company installs, owns, operates, and maintains distributed generation of electricity, energy, and other complementary systems. It serves hospitals and nursing homes, colleges, universities, health clubs, spas, hotels, motels, office and retail buildings, food and beverage processors, multi-unit residential buildings, laundries, ice rinks, swimming pools, factories, municipal buildings, military installations, and indoor growing facilities. The company was incorporated in 2000 and is headquartered in Waltham, Massachusetts.

AI Analysis | Feedback

Here are a few brief analogies for Tecogen (TGEN):

  • Generac for commercial and industrial combined heat and power (CHP) systems.

  • A specialized Johnson Controls, focused on making buildings energy self-sufficient with on-site electricity and heating systems.

AI Analysis | Feedback

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  • InVerde e+ and TecoPower: Cogeneration systems that supply both electricity and hot water.
  • TECOCHILL: Air-conditioning and refrigeration chillers.
  • Tecofrost: Gas engine-driven refrigeration compressors.
  • Ilios Water Heaters: Water heaters offered under the Ilios brand.
  • Ultera: Emissions control technology.
  • Long-term Maintenance Contracts: Services providing ongoing support and upkeep for their systems.
  • Parts Sales: Provision of replacement components for their manufactured products.
  • Turnkey Installation Services: Comprehensive services for the complete setup and deployment of their systems.
  • Energy Production and Management: Services that involve installing, owning, operating, and maintaining distributed generation and other energy systems.
```

AI Analysis | Feedback

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AI Analysis | Feedback

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AI Analysis | Feedback

Abinand Rangesh, Chief Executive Officer and Director

Abinand Rangesh was appointed CEO of Tecogen in January 2023, having previously served as the company's CFO from 2021. He joined Tecogen in 2016 and held various roles in sales, business development, and strategy. Prior to his tenure at Tecogen, Dr. Rangesh was the CTO of Lumisolair, an off-grid solar and wind energy company, the COO of Peek You, a software company, and the CEO of Lumi Ventures, where he managed multiple startup investments for a high-net-worth investor. He holds a Ph.D. and an engineering degree from the University of Cambridge, United Kingdom.

Roger Deschenes, Chief Financial Officer, Chief Accounting Officer and Treasurer

Roger Deschenes was appointed CFO and Treasurer of Tecogen in July 2025, after serving as the company's Chief Accounting Officer since September 2020. He brings over 30 years of experience leading accounting and finance functions in high-technology manufacturing, consumer products, and distribution companies. His previous roles include Division CFO at L3 Security Detection Systems, Inc., and Vice President, Finance, CFO, and Chief Accounting Officer at Implant Sciences Corporation. Mr. Deschenes also served as CAO of Saucony, Inc.

Robert A. Panora, Chief Operations Officer and President

Robert Panora has served as President of Tecogen since 2000. With over 41 years at Tecogen, he has held key positions including General Manager of the Product Group since 1990, and Manager of Product Development, Engineering Manager, and Operations Manager since 1984. He has been instrumental in sales and marketing, engineering, service, and manufacturing, contributing to the development of the company's first product, the CM-60 cogeneration module. Mr. Panora holds B.S. and M.S. degrees in Chemical Engineering from Tufts University.

Stephen Lafaille, Vice President of Business Development

Stephen Lafaille began his career at Tecogen in 2010 as a Product Development Engineer. He advanced to Director of Business Development and subsequently to Vice President of Business Development. In his current role, he is responsible for developing strategic partnerships, cultivating new markets, and reinforcing Tecogen's presence in existing key market verticals. Mr. Lafaille earned his B.S. and M.S. degrees in Mechanical Engineering from the University of New Hampshire.

John N. Hatsopoulos, Lead Director

John N. Hatsopoulos is the Lead Director of Tecogen. He is a co-founder of Tecogen and served as its CEO until 2014, and then as Co-CEO until his retirement in 2018. Mr. Hatsopoulos also co-founded Thermo Electron Corporation (now Thermo Fisher Scientific), where he was President and Vice Chairman of the Board of Directors. He was the CEO and Director of American DG Energy Inc. from its inception in 2001, becoming Co-CEO until its merger with Tecogen in 2017. Additionally, he was Chairman of EuroSite Power Inc., an affiliated company, from 2009 to 2016.

AI Analysis | Feedback

The key risks to Tecogen (TGEN) are primarily linked to its reliance on natural gas technology, ongoing financial performance challenges, and the complexities of scaling its production to meet growing demand.

  1. Dependence on Natural Gas and Evolving Regulatory Landscape: Tecogen's core products, including cogeneration systems and gas engine-driven chillers and refrigeration compressors, are fundamentally reliant on natural gas as a fuel source. This exposes the company to significant risks arising from the global energy transition away from fossil fuels, potential fluctuations in natural gas prices, and adverse "anti-fossil fuel regulations" in key markets. Such regulatory changes and policy shifts could substantially diminish the demand for their natural gas-fired systems, impacting their market attractiveness and economic viability for customers.
  2. Persistent Financial Losses, Negative Cash Flow, and Margin Pressures: Tecogen has a history of operating with net losses and negative operating cash flow, indicating ongoing challenges in translating revenue growth into sustainable profitability. The company has experienced decreased gross profit margins, attributed to rising labor and material costs, as well as operational inefficiencies within its service and energy production segments. These financial challenges could constrain internal reinvestment capabilities and necessitate external funding to sustain operations and support anticipated growth.
  3. Execution Risks in Scaling Production and Supply Chain Challenges: As Tecogen aims to capitalize on increasing demand, particularly within the data center market, it faces substantial risks related to scaling its manufacturing operations. The company's ability to ramp up production is contingent on its suppliers' capacity to increase output. Potential "supply chain delays, quality control issues, or production bottlenecks" could impede delivery schedules, increase costs, and negatively impact profitability, posing a significant challenge for a company transitioning from smaller-scale to potentially larger-volume production.

AI Analysis | Feedback

The accelerating global and regional push towards decarbonization and electrification, particularly the shift away from on-site fossil fuel combustion in buildings and industrial facilities, presents a clear emerging threat. As governments implement stricter emissions regulations, introduce carbon pricing, and provide incentives for renewable energy and all-electric building solutions, demand for natural gas-fired cogeneration systems, gas engine-driven chillers, and water heaters (TGEN's core products) could significantly decline. This trend favors solutions like electric heat pumps, solar PV with battery storage, and other non-combustion technologies for heating, cooling, and power generation, directly competing with and potentially displacing TGEN's offerings.

AI Analysis | Feedback

Tecogen Inc. (TGEN) operates in several key markets for its energy-efficient products and services.

Cogeneration Systems (Combined Heat and Power - CHP)

The global cogeneration system market was valued at USD 29.9 billion in 2024 and is projected to reach USD 69.5 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.8% from 2025 to 2034. The North America cogeneration system market was valued at USD 9.005 billion in 2024 and is expected to grow at a CAGR of 8.8% from 2024 to 2031. Specifically, the U.S. combined heat and power (CHP) system market size is expected to be valued at US$ 6.7 billion in 2026 and is projected to reach US$ 10.9 billion by 2033, with a CAGR of 7.2% between 2026 and 2033.

TECOCHILL Air-Conditioning and Refrigeration Chillers (Absorption Chillers)

The global absorption chillers market size was valued at USD 2.89 billion in 2025 and is projected to grow from USD 3.07 billion in 2026 to reach USD 4.74 billion by 2034, exhibiting a CAGR of 5.61%. The U.S. absorption chillers market reached a value of approximately USD 0.36 billion in 2025. Another report estimates the global absorption chillers market at US$850.9 million in 2024 and projected to reach US$1.0 billion by 2030, with a CAGR of 2.9% from 2024 to 2030. The U.S. market within this segment was estimated at $221.4 million in 2024.

Tecofrost Gas Engine-Driven Refrigeration Compressors

While specific market size for "gas engine-driven refrigeration compressors" was not found, the broader U.S. industrial refrigeration systems market was valued at USD 5.95 billion in 2023 and is projected to reach approximately USD 7.18 billion by 2033, growing at a CAGR of 1.9% from 2024 to 2033. Additionally, the U.S. commercial refrigeration equipment market was estimated at USD 9.77 billion in 2024 and is projected to reach approximately USD 18.54 billion by 2034, growing at a CAGR of 6.62% from 2025 to 2034.

Ilios Brand Water Heaters (Commercial Water Heaters)

The global commercial water heater market size was valued at USD 8 billion in 2024 and is anticipated to cross USD 15.8 billion by 2034, growing at a CAGR of 7.1% from 2025 to 2034. The U.S. commercial water heater market was valued at USD 554.9 million in 2024 and is projected to grow at a 5.6% CAGR from 2025 to 2034. North America holds a significant share, approximately 40%, of the global commercial water heaters market.

Ultera Emissions Control Technology

The global emission control technology market size was valued at approximately USD 159.79 billion in 2025 and is projected to reach USD 317.28 billion by 2035, growing at a CAGR of more than 7.1% from 2026 to 2035. Another report indicates the global emission control technology market was valued at approximately USD 222.55 billion in 2023 and is projected to reach USD 393.3 billion by 2032, exhibiting a CAGR of 6.53%. North America is the largest market for emission control technology, holding approximately 40% of the global share. The North America industrial emission control system market was valued at USD 6.8 billion in 2024 and is estimated to grow at a CAGR of 5.7% from 2025 to 2034.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Tecogen (TGEN)

Over the next 2-3 years, Tecogen (TGEN) is expected to experience revenue growth driven by several key initiatives and market opportunities:

  1. Expansion into the Data Center Cooling Market: Tecogen is strategically pivoting towards the rapidly growing data center cooling market, leveraging its natural gas and hybrid chillers. The company has observed significant interest from data center developers, including larger, established players and AI chip manufacturers, who view Tecogen's solutions as vital for power-constrained data centers. This focus is anticipated to be a substantial catalyst for product sales.
  2. Growth in Product Sales, Particularly Chillers and Engineered Accessories: Beyond the data center market, Tecogen is seeing increased shipments of its chillers and engineered accessories, including the new hybrid-drive air-cooled chiller. This general growth in product sales has already contributed significantly to the company's revenue increases.
  3. Increasing Recurring Service Revenue: As more of Tecogen's systems are deployed, the company anticipates a rise in recurring service revenue from long-term maintenance contracts and parts sales. Although there have been short-term impacts on service margins due to investments in engine improvements and R&D, these investments are aimed at enhancing long-term service margins and extending service intervals, particularly for data center applications.
  4. Strategic Partnerships: Tecogen's collaboration with Vertiv, a global provider of critical digital infrastructure, is gaining momentum and is expected to be a crucial driver. This partnership is poised to enhance Tecogen's market position and revenue generation through joint sales and scaling up natural gas solutions for larger developers.

AI Analysis | Feedback

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Capital Allocation Decisions for Tecogen (TGEN)

Share Issuance

  • Tecogen announced an underwritten public offering in July 2025, pricing 3,500,000 shares of common stock at $5.00 per share, with an expected gross proceeds of approximately $17.5 million.
  • The company successfully closed this public offering, including the full exercise of the underwriter's option for an additional 485,000 shares, resulting in a total of 3,985,000 shares issued at $5.00 per share.
  • This offering generated gross proceeds of approximately $19.9 million (or $19,925,000).

Outbound Investments

  • In February and May 2024, Tecogen acquired service agreements for a total of 83 additional cogeneration units.

Capital Expenditures

  • In the third quarter of 2025, Tecogen invested $75,000 in capital expenditures.
  • For the year ended December 31, 2024, the company utilized $0.97 million in cash for property, plant, and equipment acquisitions, primarily for improvements at its North Billerica facility.
  • Net proceeds from the July 2025 public offering, approximately $18.16 million, are designated partly for capital expenditures, specifically to support expansion into the data center market.
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Latest Trefis Analyses

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Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
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RSG_4172026_Monopoly_xInd_xCD_Getting_Cheaper04172026RSGRepublic ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.8%0.8%-1.1%
VRSK_4102026_Dip_Buyer_FCFYield04102026VRSKVerisk AnalyticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		12.3%12.3%0.0%
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Peer Comparisons

Peers to compare with:

Financials

TGENGNRCCMICATVRTJCIMedian
NameTecogen Generac Cummins Caterpil.Vertiv Johnson . 
Mkt Price5.36243.97659.46860.15322.63135.42283.30
Mkt Cap0.214.391.2398.6123.582.987.0
Rev LTM274,32633,89470,75510,84324,43317,638
Op Inc LTM-53233,85111,6572,0353,3732,704
FCF LTM-33312,6717,9012,2761,3661,821
FCF 3Y Avg-24661,7458,6871,4761,8731,611
CFO LTM-34993,93312,3202,5771,7382,158
CFO 3Y Avg-26132,96312,3191,6862,2951,991

Growth & Margins

TGENGNRCCMICATVRTJCIMedian
NameTecogen Generac Cummins Caterpil.Vertiv Johnson . 
Rev Chg LTM20.2%-0.5%0.1%11.8%29.0%5.1%8.5%
Rev Chg 3Y Avg0.2%0.3%4.2%5.0%21.6%4.8%4.5%
Rev Chg Q12.5%12.4%2.7%22.2%30.1%8.2%12.5%
QoQ Delta Rev Chg LTM2.7%2.8%0.7%4.7%6.0%1.9%2.7%
Op Inc Chg LTM3.3%-41.7%8.1%-3.9%38.4%2.7%3.0%
Op Inc Chg 3Y Avg-118.2%-5.5%48.5%8.7%73.8%29.1%18.9%
Op Mgn LTM-18.8%7.5%11.4%16.5%18.8%13.8%12.6%
Op Mgn 3Y Avg-19.6%10.1%8.5%18.7%16.7%11.8%11.0%
QoQ Delta Op Mgn LTM-4.3%0.6%-0.1%-0.0%0.2%0.6%0.1%
CFO/Rev LTM-10.0%11.5%11.6%17.4%23.8%7.1%11.6%
CFO/Rev 3Y Avg-5.9%14.5%8.7%18.4%18.6%10.1%12.3%
FCF/Rev LTM-11.7%7.6%7.9%11.2%21.0%5.6%7.8%
FCF/Rev 3Y Avg-7.8%11.0%5.1%13.0%16.2%8.2%9.6%

Valuation

TGENGNRCCMICATVRTJCIMedian
NameTecogen Generac Cummins Caterpil.Vertiv Johnson . 
Mkt Cap0.214.391.2398.6123.582.987.0
P/S5.93.32.75.611.43.44.5
P/Op Inc-31.644.123.734.260.724.629.4
P/EBIT-30.446.522.231.462.730.631.0
P/E-29.575.434.142.379.323.538.2
P/CFO-59.128.623.232.447.947.730.5
Total Yield-3.4%1.3%4.1%3.1%1.3%4.8%2.2%
Dividend Yield0.0%0.0%1.2%0.7%0.1%0.6%0.3%
FCF Yield 3Y Avg-5.6%5.7%3.2%4.4%3.3%3.4%3.4%
D/E0.00.10.10.10.00.10.1
Net D/E-0.00.10.10.10.00.10.1

Returns

TGENGNRCCMICATVRTJCIMedian
NameTecogen Generac Cummins Caterpil.Vertiv Johnson . 
1M Rtn24.7%15.0%5.1%8.4%5.0%-3.9%6.8%
3M Rtn39.2%4.5%11.1%12.7%32.5%-4.5%11.9%
6M Rtn-15.5%71.3%42.9%58.0%95.8%19.1%50.4%
12M Rtn19.1%89.2%99.5%146.6%203.6%40.3%94.4%
3Y Rtn400.0%114.4%223.5%319.0%1,980.5%127.0%271.3%
1M Excs Rtn6.6%8.9%0.2%4.3%-0.8%-7.4%2.2%
3M Excs Rtn45.4%-0.0%4.7%7.7%25.8%-9.5%6.2%
6M Excs Rtn-26.9%52.1%34.4%46.7%79.6%5.6%40.6%
12M Excs Rtn-0.2%65.1%77.4%122.5%181.2%16.8%71.2%
3Y Excs Rtn380.4%40.5%146.7%251.2%1,965.6%53.1%199.0%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Services16151213 
Products491110 
Energy Production22222
Corporate00-0-0-0
Products and Services    27
Total2325252428


Operating Income by Segment
$ Mil20252024202320222021
Services1-0   
Energy Production01   
Products-12   
Corporate-6-6   
Total-5-4   


Assets by Segment
$ Mil20252024202320222021
Services12131011 
Products991012 
Corporate7346 
Energy Production33444
Products and Services    26
Total3128283230


Price Behavior

Price Behavior
Market Price$5.36 
Market Cap ($ Bil)0.1 
First Trading Date10/16/2014 
Distance from 52W High-55.6% 
   50 Days200 Days
DMA Price$3.75$5.85
DMA Trenddownup
Distance from DMA42.9%-8.3%
 3M1YR
Volatility143.7%125.6%
Downside Capture484.23402.02
Upside Capture484.52320.68
Correlation (SPY)42.9%36.9%
TGEN Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta2.693.873.603.093.481.51
Up Beta1.821.982.512.872.921.41
Down Beta13.807.215.514.134.731.85
Up Capture594%567%484%199%997%435%
Bmk +ve Days15223166141428
Stock +ve Days12213359116330
Down Capture603%332%294%251%196%107%
Bmk -ve Days4183056108321
Stock -ve Days10223166134330

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with TGEN
TGEN41.7%124.9%0.85-
Sector ETF (XLI)19.0%15.4%0.9335.0%
Equity (SPY)25.0%12.1%1.5536.9%
Gold (GLD)40.0%26.8%1.236.8%
Commodities (DBC)49.4%18.5%2.03-11.5%
Real Estate (VNQ)9.7%13.4%0.4513.3%
Bitcoin (BTCUSD)-25.6%41.9%-0.5918.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with TGEN
TGEN41.8%104.9%0.87-
Sector ETF (XLI)12.4%17.4%0.5617.7%
Equity (SPY)14.2%17.0%0.6517.3%
Gold (GLD)19.3%18.0%0.877.5%
Commodities (DBC)11.0%19.4%0.454.1%
Real Estate (VNQ)4.0%18.8%0.116.6%
Bitcoin (BTCUSD)9.4%55.6%0.389.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with TGEN
TGEN12.1%95.6%0.61-
Sector ETF (XLI)13.6%20.0%0.6013.1%
Equity (SPY)15.3%17.9%0.7311.5%
Gold (GLD)13.0%16.0%0.677.3%
Commodities (DBC)8.4%17.9%0.385.7%
Real Estate (VNQ)5.1%20.7%0.216.2%
Bitcoin (BTCUSD)67.2%66.9%1.068.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity1.3 Mil
Short Interest: % Change Since 415202618.5%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest2.2 days
Basic Shares Quantity29.9 Mil
Short % of Basic Shares4.4%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/18/20269.0%44.5%115.0%
11/12/2025-6.0%-16.5%-20.9%
8/12/2025-2.4%-2.9%-19.6%
3/17/2025-16.3%-4.3%-26.8%
11/14/20241.1%-5.5%90.1%
8/8/202415.4%10.6%29.9%
3/14/20240.0%8.6%-0.0%
11/8/2023-3.3%-3.1%-0.0%
...
SUMMARY STATS   
# Positive578
# Negative131110
Median Positive2.8%8.6%12.3%
Median Negative-6.2%-6.1%-11.8%
Max Positive15.4%44.5%115.0%
Max Negative-24.8%-22.1%-26.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202503/19/202610-K
06/30/202508/13/202510-Q
03/31/202505/13/202510-Q
12/31/202403/18/202510-K
09/30/202411/14/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/25/202410-K
09/30/202311/09/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/23/202310-K
09/30/202211/10/202210-Q
06/30/202208/11/202210-Q
03/31/202205/12/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Hirsch, Susan B DirectBuy41420263.735,00018,650990,002Form
2Hirsch, Susan B DirectBuy32720262.5410,00025,400661,457Form
3Lewis, Earl DirectBuy32720262.525,00012,5962,546,926Form
4Lewis, Earl DirectBuy32720262.885,00014,4082,899,007Form
5Whiting, John Kimball IVGeneral Counsel & SecretaryDirectBuy32320262.3810,00023,80053,817Form

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