Thermon (THR)
Market Price (4/28/2026): $55.88 | Market Cap: $1.8 BilSector: Industrials | Industry: Heavy Electrical Equipment
Thermon (THR)
Market Price (4/28/2026): $55.88Market Cap: $1.8 BilSector: IndustrialsIndustry: Heavy Electrical Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10% Low stock price volatilityVol 12M is 40% Megatrend and thematic driversMegatrends include Hydrogen Economy, Renewable Energy Transition, and Water Infrastructure. Themes include Green Hydrogen Production, Show more. | Trading close to highsDist 52W High is -2.1%, Dist 3Y High is -2.1% | Stock price has recently run up significantly12M Rtn12 month market price return is 106% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 97% Key risksTHR key risks include [1] significant exposure to cyclical capital spending in the energy, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Hydrogen Economy, Renewable Energy Transition, and Water Infrastructure. Themes include Green Hydrogen Production, Show more. |
| Trading close to highsDist 52W High is -2.1%, Dist 3Y High is -2.1% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 106% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 97% |
| Key risksTHR key risks include [1] significant exposure to cyclical capital spending in the energy, Show more. |
Qualitative Assessment
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Thermon (THR) stock has gained about 45% since 12/31/2025 because of the following key factors:
1. Thermon reported strong financial results for Q3 fiscal year 2026, exceeding analyst expectations and raising guidance for the full fiscal year.
The company announced Q3 2026 earnings on February 5, 2026, with an Earnings Per Share (EPS) of $0.66, surpassing analysts' consensus estimates of $0.59 by $0.07. Quarterly revenue also increased by 9.6% year-over-year to $147.31 million, exceeding analyst estimates of $138.35 million. Thermon achieved a record quarterly adjusted EBITDA margin of 24.2% in Q3 2026, with new orders reaching a company-high of $158.2 million. The backlog as of December 31, 2025, stood at $259.4 million, reflecting a 10.1% increase from the prior year. Management subsequently raised its fiscal 2026 guidance, projecting revenue between $516 million and $526 million and adjusted EBITDA between $114 million and $120 million.
2. The company experienced accelerating demand and significant quote log expansion in the rapidly growing data center market with its liquid load bank solutions.
Thermon has seen rapid uptake of its liquid load bank solutions for liquid-cooled data centers, a market it entered approximately eight months prior. As of April 2026, the quote log for these solutions expanded to over $100 million, a nearly 70% increase within two months. These new product offerings, particularly liquid load banks, are expected to contribute an estimated 5-7% to organic growth. To meet this demand and address a multi-year opportunity pipeline of approximately $400 million, Thermon has expanded its manufacturing capacity.
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1. Thermon reported strong financial results for Q3 fiscal year 2026, exceeding analyst expectations and raising guidance for the full fiscal year.
The company announced Q3 2026 earnings on February 5, 2026, with an Earnings Per Share (EPS) of $0.66, surpassing analysts' consensus estimates of $0.59 by $0.07. Quarterly revenue also increased by 9.6% year-over-year to $147.31 million, exceeding analyst estimates of $138.35 million. Thermon achieved a record quarterly adjusted EBITDA margin of 24.2% in Q3 2026, with new orders reaching a company-high of $158.2 million. The backlog as of December 31, 2025, stood at $259.4 million, reflecting a 10.1% increase from the prior year. Management subsequently raised its fiscal 2026 guidance, projecting revenue between $516 million and $526 million and adjusted EBITDA between $114 million and $120 million.
2. The company experienced accelerating demand and significant quote log expansion in the rapidly growing data center market with its liquid load bank solutions.
Thermon has seen rapid uptake of its liquid load bank solutions for liquid-cooled data centers, a market it entered approximately eight months prior. As of April 2026, the quote log for these solutions expanded to over $100 million, a nearly 70% increase within two months. These new product offerings, particularly liquid load banks, are expected to contribute an estimated 5-7% to organic growth. To meet this demand and address a multi-year opportunity pipeline of approximately $400 million, Thermon has expanded its manufacturing capacity.
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Stock Movement Drivers
Fundamental Drivers
The 45.6% change in THR stock from 12/31/2025 to 4/27/2026 was primarily driven by a 45.7% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4272026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.16 | 54.11 | 45.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 509 | 522 | 2.5% |
| Net Income Margin (%) | 11.6% | 11.3% | -2.9% |
| P/E Multiple | 20.7 | 30.2 | 45.7% |
| Shares Outstanding (Mil) | 33 | 33 | 0.3% |
| Cumulative Contribution | 45.6% |
Market Drivers
12/31/2025 to 4/27/2026| Return | Correlation | |
|---|---|---|
| THR | 45.6% | |
| Market (SPY) | 4.2% | 49.0% |
| Sector (XLI) | 11.2% | 53.7% |
Fundamental Drivers
The 102.5% change in THR stock from 9/30/2025 to 4/27/2026 was primarily driven by a 82.9% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4272026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.72 | 54.11 | 102.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 492 | 522 | 6.1% |
| Net Income Margin (%) | 10.9% | 11.3% | 3.4% |
| P/E Multiple | 16.5 | 30.2 | 82.9% |
| Shares Outstanding (Mil) | 33 | 33 | 0.9% |
| Cumulative Contribution | 102.5% |
Market Drivers
9/30/2025 to 4/27/2026| Return | Correlation | |
|---|---|---|
| THR | 102.5% | |
| Market (SPY) | 7.0% | 45.6% |
| Sector (XLI) | 12.2% | 51.3% |
Fundamental Drivers
The 94.3% change in THR stock from 3/31/2025 to 4/27/2026 was primarily driven by a 50.1% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4272026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.85 | 54.11 | 94.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 492 | 522 | 6.1% |
| Net Income Margin (%) | 9.5% | 11.3% | 18.8% |
| P/E Multiple | 20.1 | 30.2 | 50.1% |
| Shares Outstanding (Mil) | 34 | 33 | 2.6% |
| Cumulative Contribution | 94.3% |
Market Drivers
3/31/2025 to 4/27/2026| Return | Correlation | |
|---|---|---|
| THR | 94.3% | |
| Market (SPY) | 28.1% | 53.6% |
| Sector (XLI) | 33.0% | 58.9% |
Fundamental Drivers
The 117.1% change in THR stock from 3/31/2023 to 4/27/2026 was primarily driven by a 36.8% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4272026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.92 | 54.11 | 117.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 421 | 522 | 24.1% |
| Net Income Margin (%) | 8.2% | 11.3% | 36.8% |
| P/E Multiple | 24.1 | 30.2 | 25.5% |
| Shares Outstanding (Mil) | 33 | 33 | 2.0% |
| Cumulative Contribution | 117.1% |
Market Drivers
3/31/2023 to 4/27/2026| Return | Correlation | |
|---|---|---|
| THR | 117.1% | |
| Market (SPY) | 79.8% | 45.0% |
| Sector (XLI) | 77.8% | 55.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| THR Return | 8% | 19% | 62% | -12% | 29% | 46% | 246% |
| Peers Return | 41% | -4% | 30% | 28% | 17% | 12% | 195% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 91% |
Monthly Win Rates [3] | |||||||
| THR Win Rate | 25% | 50% | 58% | 42% | 58% | 75% | |
| Peers Win Rate | 70% | 40% | 62% | 57% | 57% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| THR Max Drawdown | -7% | -19% | -0% | -24% | -18% | 0% | |
| Peers Max Drawdown | -4% | -28% | -7% | -6% | -24% | -6% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NVT, EMR, AME, PNR, BDC.
[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 4/27/2026 (YTD)
How Low Can It Go
| Event | THR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -38.3% | -25.4% |
| % Gain to Breakeven | 62.1% | 34.1% |
| Time to Breakeven | 194 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -62.9% | -33.9% |
| % Gain to Breakeven | 169.2% | 51.3% |
| Time to Breakeven | 832 days | 148 days |
| 2018 Correction | ||
| % Loss | -32.4% | -19.8% |
| % Gain to Breakeven | 48.0% | 24.7% |
| Time to Breakeven | 1,529 days | 120 days |
Compare to NVT, EMR, AME, PNR, BDC
In The Past
Thermon's stock fell -38.3% during the 2022 Inflation Shock from a high on 2/24/2021. A -38.3% loss requires a 62.1% gain to breakeven.
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About Thermon (THR)
Thermon Group Holdings, Inc. provides engineered industrial process heating solutions for process industries worldwide. Its products include electric heating products, such as air heaters and heating accessories, boilers and calorifiers, controlling and monitoring solutions, heat tracing systems, tank heating systems, thermostats, and system accessories, as well as band, strip, tubular, immersion, and process heaters; and gas heating products, including enclosure and explosion proof gas catalytic heaters, gas fired blowers, and has heating accessories that comprise regulators, valves, mounting brackets, and battery cables. The company also offers specialty products, which include CEMS and analytical systems, commercial construction products and services, control panels, engineered products, compressed gas scrubbing systems, temporary power solutions, and snow clearing devices for rail track and switch equipment; and steam heating solutions comprising heat transfer compounds, steam heated bundles, steam supply and condensate return lines, steam tracing solutions, steam trace accessories, and tank heating products. In addition, it provides design engineering solutions that include deign assistance, product selection, and computer-generated drawing/installation packages; energy audit services; and engineering, training, and technical support services. The company offers its solutions to chemical and petrochemical, oil and gas, power generation, rail and transit, commercial, transportation, food and beverage, pharmaceutical, and mineral processing industries, as well as data centers, semiconductor facilities, and other markets through a network of sales and service professionals, and distributors. Thermon Group Holdings, Inc. was founded in 1954 and is headquartered in Austin, Texas.
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Here are 1-2 brief analogies to describe Thermon (THR):
- They are like a specialized Honeywell or Siemens that focuses exclusively on industrial heating and temperature control solutions.
- Imagine Carrier or Trane, but instead of heating and cooling buildings, they engineer specialized heating solutions for critical industrial processes like oil pipelines, chemical plants, and railway switches.
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- Electric Heating Solutions: Provides a variety of electric heaters and systems for industrial processes, including heat tracing, tank heating, and specialized process heaters.
- Gas Heating Solutions: Offers gas catalytic heaters, gas-fired blowers, and related accessories for industrial heating needs.
- Steam Heating Solutions: Supplies products like heat transfer compounds, steam heated bundles, and steam tracing solutions for process heating.
- Specialty Products: Includes CEMS and analytical systems, control panels, engineered products, and snow clearing devices for rail infrastructure.
- Design Engineering Solutions: Delivers design assistance, product selection, and computer-generated drawing/installation packages.
- Energy Audit Services: Provides services to evaluate and enhance energy efficiency for industrial processes.
- Engineering, Training, and Technical Support: Offers comprehensive engineering, training, and technical support services for their products and systems.
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Thermon Group Holdings, Inc. (THR) sells primarily to other companies.
The provided company description does not list specific major customer companies by name. However, it identifies the various industries that Thermon serves, which constitute its customer base. These industries include:
- Chemical and petrochemical
- Oil and gas
- Power generation
- Rail and transit
- Commercial
- Transportation
- Food and beverage
- Pharmaceutical
- Mineral processing
- Data centers
- Semiconductor facilities
- Other markets
Thermon offers its solutions to companies within these sectors through a network of sales and service professionals and distributors.
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Bruce A. Thames, President and Chief Executive Officer
Bruce A. Thames joined Thermon in April 2015 as Executive Vice President and Chief Operating Officer. He was promoted to President and Chief Executive Officer and appointed to the Board on April 1, 2016. Prior to joining Thermon, Mr. Thames served as Senior Vice President and Chief Operating Officer of TD Williamson in Tulsa, Oklahoma, a position he held since 2012. TD Williamson specializes in manufacturing and delivering solutions for pressurized piping systems.
Jan L. Schott, Senior Vice President and Chief Financial Officer
Jan L. Schott joined Thermon as Senior Vice President and Chief Financial Officer, effective October 14, 2024. She brings over 30 years of global financial, commercial, and operational experience, with a deep background across the energy verticals. Before Thermon, Ms. Schott was Executive Vice President and Chief Financial Officer of TG Natural Resources, where she led several multi-billion dollar financings and oversaw the integration of a $3.0 billion acquisition. She also served as Chief Financial Officer of Texas Crude Energy LLC, managing the successful implementation of a new ERP system, and was Chief Financial Officer at Goodrich Petroleum Corporation (NYSE: GDP), as well as holding various senior financial and accounting roles at APA Corporation (NASDAQ: APA).
Thomas N. Cerovski, Senior Vice President and Chief Operating Officer
Thomas N. Cerovski brings more than 30 years of leadership experience in the energy and industrial industries, encompassing engineering, product management, sales, business development, and business unit management. Before joining Thermon, from 2018 until 2019, Mr. Cerovski was the Senior Vice President, Global Sales and Business Development for Trojan Battery Company.
Roberto Kuahara, Senior Vice President, Global Operations
Roberto Kuahara joined Thermon in February 2022 as Senior Vice President, Global Operations. Previously, Mr. Kuahara served as the Vice President of Manufacturing and Supply Chain, Continuous Improvement and EHS of SPM Oil & Gas, Inc., a subsidiary of Caterpillar, Inc. From 2011 to February 2021, he held various positions at the oil and gas division of Weir Group plc, including Divisional Vice President, until the sale of the oil and gas division to Caterpillar, Inc. in 2021.
Greg Lucas, Vice President and Chief Accounting Officer
Greg Lucas was promoted to Vice President and Chief Accounting Officer, effective October 14, 2024. Mr. Lucas has been with Thermon since 2020, serving as the Company's Vice President, Corporate Controller, where he managed the accounting and financial reporting organization. He also served as interim principal financial officer and principal accounting officer from April 2024.
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The key risks to Thermon's business are:1. Exposure to Cyclical Industrial Markets and Energy Transition
Thermon's significant reliance on industries such as chemical and petrochemical, oil and gas, and power generation exposes it to inherent cyclicality driven by global economic conditions, commodity prices, and fluctuations in capital expenditure. The broader industrial heating market is also experiencing a "profound transformation" due to increasing global pressure around sustainability, energy efficiency, and fuel flexibility. Decarbonization mandates and rising energy costs are pushing industries to "rethink their heating strategies," which could lead to reduced long-term investment and demand in traditional heavy industrial sectors and impact Thermon's growth prospects if it does not adapt to these shifts.2. Technological Disruption and Evolving Regulatory Environment
The industrial heating sector is at a critical inflection point due to the convergence of digitalization, data-driven process optimization, and remote services, alongside pressures for sustainability and energy efficiency. While industrial heat electrification has long been technically feasible, its economic viability is evolving. The need for "new product development" focusing on energy efficiency, automation compatibility, and long operational life is a key trend. If Thermon fails to adapt to these technological advancements or to stricter environmental and safety regulations, which increase design and certification complexity, its existing product lines could face obsolescence or reduced competitiveness. The commercial viability of Thermon's newer products, such as liquid load banks for data centers, remains unproven.3. Competition and Pricing Pressure
The industrial products sector, in which Thermon operates, is subject to fluctuations in industrial demand. The market for industrial heating solutions is competitive, with various players vying for market share by offering solutions that address energy efficiency and automation. This competitive landscape, coupled with the capital-intensive nature of Thermon's client industries, can lead to pricing pressures and challenges in maintaining profit margins and market share, particularly during periods of lower industrial investment.AI Analysis | Feedback
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Addressable Markets for Thermon (THR)
- Global Electric Heat Tracing (EHT) Market: The global Electric Heat Tracing (EHT) market was valued at approximately USD 2.22 billion in 2024 and is projected to reach USD 3.82 billion by 2032, with a compound annual growth rate (CAGR) of 7.00% during the forecast period. Another source estimated the market at USD 3.1 billion in 2024, expecting it to reach USD 5.8 billion by 2032, growing at a CAGR of 8.4%. The market was also valued at USD 3.3 billion in 2024 and is expected to reach USD 5.3 billion by 2030 with a CAGR of 8.1%. North America dominated the global Electric Heat Tracing (EHT) market with the largest revenue share of 39.1% in 2024.
- Global Electric Heating Equipment Market: The global Electric Heating Equipment Market was valued at USD 5,247.50 million in 2024 and is expected to increase to USD 6,905.35 million by 2031, growing at a CAGR of 4.0%. Another estimate for the global Electric Heater market projects it at USD 9.35 billion in 2025, rising to USD 9.7 billion in 2026, and reaching nearly USD 13 billion by 2034, advancing at a CAGR of 3.7%. The Asia-Pacific region dominates the Electric Heater Market with over 45% of production and manufacturing hubs.
- Global Electric Heating Elements Market: This market was valued at USD 9.14 billion in 2024 and is expected to reach USD 12.75 billion by 2032, exhibiting a CAGR of 4.9% during the forecast period.
- Global Industrial Heating Equipment Market: The global Industrial Heating Equipment Market was valued at USD 41.5 billion in 2022 and is projected to reach USD 72.4 billion by 2032, growing at a CAGR of 5.67% from 2023 to 2032. Another source estimates the global industrial heating equipment market size at USD 75.5 billion in 2025 and projected to reach USD 112.1 billion by 2033, growing at a CAGR of 5.3% from 2026 to 2033. Asia Pacific dominated this market with the largest revenue share of 43.4% in 2025.
- Global Fuel Gas Heater Market: The global Fuel Gas Heater Market was valued at USD 8.91 billion in 2024 and is expected to reach USD 16.47 billion by 2030, with a CAGR of 10.62%. Another report estimates the market at USD 2.0 billion in 2025, projected to reach USD 3.3 billion by 2035, registering a CAGR of 4.8%.
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Thermon Group Holdings, Inc. (THR) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market trends:
- Expansion in the Data Center Market: Thermon anticipates significant revenue growth from the surging demand for its liquid load bank solutions and medium voltage heaters within the data center sector. This growth is accelerated by the increasing infrastructure needs for artificial intelligence (AI) and cloud computing, with the company actively expanding its production capacity to meet multi-year growth opportunities.
- Electrification and Decarbonization Trends: The company is strategically positioned to capitalize on global macroeconomic trends toward electrification and decarbonization. This involves a shift in industrial plants towards electric heating solutions and Thermon's active pursuit of related projects. The acquisition of Vapor Power in December 2023 specifically aims to accelerate its diversification and efforts in these high-growth markets.
- Growth in Large-Scale Industrial Projects: Management has highlighted strong performance stemming from robust activity in large-scale projects, including those in liquefied natural gas (LNG), midstream gas processing, and sustainable aviation fuels. Thermon expects continued strength in broader industrial demand, contributing to its revenue trajectory.
- Diversification into New End Markets: Thermon is actively diversifying its revenue base beyond traditional oil and gas sectors. The company is experiencing sustained investments and growth in various end markets such as power generation, commercial construction, food and beverage, rail and transit, and pharmaceuticals. A stated goal is to achieve 70% of its revenue from these diversified sectors by fiscal year 2026.
- Strategic Acquisitions: Acquisitions play a role in Thermon's growth strategy. The acquisition of Vapor Power has been noted for accelerating diversification and decarbonization efforts, contributing to revenue growth in fiscal year 2024. Additionally, the F.A.T.I. acquisition has also contributed to revenue growth.
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Share Repurchases
- Thermon's Board of Directors authorized an inaugural $50 million share repurchase program on March 15, 2024, effective through March 15, 2027.
- The Board re-increased the share repurchase authorization back to $50 million in May 2025.
- For the full fiscal year 2025 (ended March 31, 2025), Thermon repurchased $20 million in common shares.
Share Issuance
- No significant share issuance for capital raising by Thermon has been reported.
- While there has been a minor increase in share count over the years, it has not prevented per-share performance from improving dramatically.
Inbound Investments
- No large investments made in Thermon by third-parties for the purpose of funding its operations have been reported within the last 3-5 years.
Outbound Investments
- Thermon funded acquisitions totaling over $135 million during fiscal years 2023 and 2024.
- On May 31, 2022 (for fiscal year 2023), Thermon acquired Powerblanket for an initial purchase price of $35 million.
- On January 2, 2024 (consummated December 29, 2023 for fiscal year 2024), Thermon acquired Vapor Power International for a net closing purchase price of approximately $100.5 million, funded with cash on hand, borrowings under an existing revolving credit facility, and an increased term loan.
- On October 3, 2024 (for fiscal year 2025), Thermon acquired Fabbrica Apparecchiature Termoelettriche Industriali S.r.L. (F.A.T.I.) for a purchase price of 12.5 million euro, funded with cash on hand.
Capital Expenditures
- Capital expenditures were $8.4 million for fiscal year 2023 (ended March 31, 2023).
- Capital expenditures were $17.4 million for fiscal year 2024 (ended March 31, 2024).
- Capital expenditures were $11.3 million for fiscal year 2025 (ended March 31, 2025).
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 136.56 |
| Mkt Cap | 19.0 |
| Rev LTM | 4,035 |
| Op Inc LTM | 745 |
| FCF LTM | 559 |
| FCF 3Y Avg | 564 |
| CFO LTM | 640 |
| CFO 3Y Avg | 640 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.4% |
| Rev Chg 3Y Avg | 7.0% |
| Rev Chg Q | 8.9% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 16.3% |
| Op Inc Chg 3Y Avg | 14.2% |
| Op Mgn LTM | 17.9% |
| Op Mgn 3Y Avg | 17.5% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 14.8% |
| CFO/Rev 3Y Avg | 15.5% |
| FCF/Rev LTM | 12.3% |
| FCF/Rev 3Y Avg | 13.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 19.0 |
| P/S | 4.0 |
| P/Op Inc | 21.7 |
| P/EBIT | 21.9 |
| P/E | 31.2 |
| P/CFO | 26.2 |
| Total Yield | 3.3% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 12.1% |
| 3M Rtn | 9.2% |
| 6M Rtn | 18.7% |
| 12M Rtn | 38.6% |
| 3Y Rtn | 76.1% |
| 1M Excs Rtn | 0.3% |
| 3M Excs Rtn | 5.9% |
| 6M Excs Rtn | 10.9% |
| 12M Excs Rtn | 7.8% |
| 3Y Excs Rtn | 3.5% |
Price Behavior
Price Behavior
| Market Price | $54.11 | |
| Market Cap ($ Bil) | 1.8 | |
| First Trading Date | 05/05/2011 | |
| Distance from 52W High | -2.1% | |
| 50 Days | 200 Days | |
| DMA Price | $50.66 | $37.12 |
| DMA Trend | up | up |
| Distance from DMA | 6.8% | 45.8% |
| 3M | 1YR | |
| Volatility | 44.9% | 39.9% |
| Downside Capture | 0.49 | 0.72 |
| Upside Capture | 164.61 | 176.18 |
| Correlation (SPY) | 48.5% | 47.9% |
THR Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.93 | 1.74 | 1.66 | 1.48 | 1.17 | 1.11 |
| Up Beta | 4.44 | 2.75 | 2.53 | 1.28 | 0.93 | 0.99 |
| Down Beta | 3.51 | 2.52 | 1.79 | 1.53 | 1.17 | 1.18 |
| Up Capture | 180% | 230% | 297% | 343% | 244% | 168% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 23 | 36 | 71 | 137 | 390 |
| Down Capture | 71% | 65% | 46% | 71% | 115% | 103% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 19 | 27 | 54 | 112 | 355 |
[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 THR | |
|---|---|---|---|---|
| THR | 112.0% | 39.7% | 1.99 | - |
| Sector ETF (XLI) | 35.3% | 15.1% | 1.80 | 53.1% |
| Equity (SPY) | 31.2% | 12.5% | 1.91 | 47.5% |
| Gold (GLD) | 39.7% | 27.2% | 1.21 | 3.2% |
| Commodities (DBC) | 45.1% | 18.1% | 1.93 | -6.6% |
| Real Estate (VNQ) | 13.1% | 13.4% | 0.67 | 27.7% |
| Bitcoin (BTCUSD) | -17.7% | 42.1% | -0.35 | 16.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with THR | |
|---|---|---|---|---|
| THR | 23.8% | 35.6% | 0.68 | - |
| Sector ETF (XLI) | 13.3% | 17.3% | 0.60 | 54.7% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 46.8% |
| Gold (GLD) | 20.9% | 17.8% | 0.96 | 5.1% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 15.9% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 38.0% |
| Bitcoin (BTCUSD) | 6.5% | 56.3% | 0.33 | 17.9% |
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 THR | |
|---|---|---|---|---|
| THR | 11.5% | 38.5% | 0.40 | - |
| Sector ETF (XLI) | 13.8% | 19.9% | 0.61 | 59.4% |
| Equity (SPY) | 14.8% | 17.9% | 0.71 | 51.5% |
| Gold (GLD) | 13.8% | 15.9% | 0.72 | -0.2% |
| Commodities (DBC) | 10.0% | 17.8% | 0.47 | 25.5% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 42.0% |
| Bitcoin (BTCUSD) | 68.2% | 66.9% | 1.07 | 13.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/5/2026 | 5.6% | 14.0% | -2.0% |
| 11/6/2025 | 11.5% | 21.0% | 30.0% |
| 8/7/2025 | -11.6% | -8.0% | -9.5% |
| 5/22/2025 | -0.9% | -9.0% | -6.1% |
| 2/6/2025 | -1.6% | 9.1% | 5.9% |
| 11/7/2024 | -1.4% | 1.5% | 8.6% |
| 8/7/2024 | -0.1% | -0.9% | -2.0% |
| 5/29/2024 | -3.4% | -10.5% | -13.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 10 |
| # Negative | 11 | 10 | 13 |
| Median Positive | 3.8% | 9.1% | 15.4% |
| Median Negative | -3.4% | -7.1% | -6.1% |
| Max Positive | 11.5% | 21.0% | 55.5% |
| Max Negative | -17.9% | -20.2% | -16.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/22/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/29/2024 | 10-K |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/25/2023 | 10-K |
| 12/31/2022 | 02/02/2023 | 10-Q |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/26/2022 | 10-K |
Recent Forward Guidance [BETA]
Latest: Q3 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 516.00 Mil | 521.00 Mil | 526.00 Mil | 0.9% | Raised | Guidance: 516.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | 114.00 Mil | 117.00 Mil | 120.00 Mil | 1.3% | Raised | Guidance: 115.50 Mil for 2026 | |
| 2026 EPS | 1.64 | 1.71 | 1.78 | 0.9% | Raised | Guidance: 1.7 for 2026 | |
| 2026 Adjusted EPS | 2.05 | 2.12 | 2.19 | 2.2% | Raised | Guidance: 2.08 for 2026 | |
Prior: Q2 2026 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 506.00 Mil | 516.50 Mil | 527.00 Mil | 0.3% | Raised | Guidance: 515.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | 112.00 Mil | 115.50 Mil | 119.00 Mil | 6.0% | Raised | Guidance: 109.00 Mil for 2026 | |
| 2026 EPS | 1.62 | 1.7 | 1.77 | 16.1% | Raised | Guidance: 1.46 for 2026 | |
| 2026 Adjusted EPS | 2 | 2.08 | 2.15 | 10.4% | Raised | Guidance: 1.88 for 2026 | |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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