Tearsheet

Tennant (TNC)

Market Price (12/18/2025): $76.41 | Market Cap: $1.4 Bil
Sector: Industrials | Industry: Industrial Machinery & Supplies & Components

Tennant (TNC)

Market Price (12/18/2025): $76.41
Market Cap: $1.4 Bil
Sector: Industrials
Industry: Industrial Machinery & Supplies & Components

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2%	Weak multi-year price returns 2Y Excs Rtn is -54%, 3Y Excs Rtn is -41%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.2%, Rev Chg QQuarterly Revenue Change % is -4.0%
1	Low stock price volatility Vol 12M is 28%		Key risks TNC key risks include [1] significant organic sales declines from volume reductions in North America, Show more.
2	Megatrend and thematic drivers Megatrends include Automation & Robotics, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Process / Warehouse Automation, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2%
1	Low stock price volatility Vol 12M is 28%
2	Megatrend and thematic drivers Megatrends include Automation & Robotics, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Process / Warehouse Automation, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -54%, 3Y Excs Rtn is -41%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.2%, Rev Chg QQuarterly Revenue Change % is -4.0%
5	Key risks TNC key risks include [1] significant organic sales declines from volume reductions in North America, Show more.

Valuation, Metrics & Events

	12/18/25	2024	2023	2022	2021
Share Price CYE	$76.41	$80.30	$90.25	$59.14	$76.64
Market Cap CYE ($ Bil)	1.4	1.5	1.7	1.1	1.4
Total Debt ($ Bil)	0.3	0.3	0.2	0.3	0.3
Total Cash ($ Bil)	0.1	0.1	0.1	0.1	0.1
Enterprise Value ($ Bil)	1.6	1.8	1.9	1.4	1.7
Valuation Ratios
P/S TTM	1.20	1.19	1.38	1.04	1.37
P/EBIT TTM	19.10	13.45	12.50	13.15	18.42
P/FCF TTM	24.21	22.43	10.44	-20.93	32.38
P/E TTM	27.08	18.30	15.67	17.17	23.10
Sector Ratios
P/S TTM (Sector)	1.66	1.50	1.41	1.15	1.61
P/EBIT TTM (Sector)	13.95	12.85	12.56	10.02	13.41
P/FCF TTM (Sector)	13.44	13.47	12.08	8.44	14.49
P/E TTM (Sector)	17.22	16.55	15.40	12.19	16.46

	12/18/25	2024	2023
Share Price CYE	$76.41	$80.30	$90.25
Market Cap CYE ($ Bil)	1.4	1.5	1.7
Total Debt ($ Bil)	0.3	0.3	0.2
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	1.6	1.8	1.9
Valuation Ratios
P/S TTM	1.20	1.19	1.38
P/EBIT TTM	19.10	13.45	12.50
P/FCF TTM	24.21	22.43	10.44
P/E TTM	27.08	18.30	15.67
Sector Ratios
P/S TTM (Sector)	1.66	1.50	1.41
P/EBIT TTM (Sector)	13.95	12.85	12.56
P/FCF TTM (Sector)	13.44	13.47	12.08
P/E TTM (Sector)	17.22	16.55	15.40

	TNC	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	1.2
Rev Chg Q	-4.0%	7.3%
Rev Chg LTM	-2.2%	6.0%
Rev Chg 3Y Avg	5.0%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	6.5%	18.8%
CFO/Rev LTM	7.1%	20.4%
Net Inc Mgn	4.4%	13.1%
VALUATION	MODERATE
P/S	1.2	3.2
P/CFO	16.8	16.0
P/FCF	24.2	20.8
P/E	27.1	23.5
STABILITY	GOOD
Debt/Equity	0.18	0.21
Cash/Assets	0.08	0.07

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Metric	Value	Date	Source
Number of Employees	4632	12312024	Link
Direct Sales Presence (Number of Countries)	21	8062025	Link
Distributor Network (Number of Countries)	more than 100	8062025	Link
Autonomous Mobile Robots (AMR) Sold	10000	6032025	Link
Backlog Reduction	26 million	6302025	Link

Recent
11/28/2025	Dividend	Amount: $0.31 Payment On: 12/15/2025
Upcoming
2/16/2026	Earnings Release	Rev: - EPS: -

TNC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Missed Revenue Expectations for Q3 2025.

Tennant Company reported net sales of $303.3 million for the third quarter of 2025, which represented a 4.0% decrease from the third quarter of 2024. This figure fell short of analyst estimates, which ranged from $306 million to $306.9 million.

2. Adjusted EPS Missed Analyst Forecasts.

The company's adjusted diluted earnings per share (EPS) for Q3 2025 was $1.46. This missed consensus analyst expectations, which were between $1.48 and $1.50.

Stock Movement Drivers

Fundamental Drivers

The -5.2% change in TNC stock from 9/17/2025 to 12/17/2025 was primarily driven by a -8.8% change in the company's Net Income Margin (%).

	9172025	12172025	Change
Stock Price ($)	80.61	76.45	-5.16%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1253.30	1240.80	-1.00%
Net Income Margin (%)	4.84%	4.42%	-8.81%
P/E Multiple	24.58	25.55	3.95%
Shares Outstanding (Mil)	18.51	18.31	1.05%
Cumulative Contribution			-5.17%

LTM = Last Twelve Months as of date shown

Market Drivers

9/17/2025 to 12/17/2025

	Return	Correlation
TNC	-5.2%
Market (SPY)	1.9%	46.4%
Sector (XLI)	1.6%	64.0%

Fundamental Drivers

The 2.6% change in TNC stock from 6/18/2025 to 12/17/2025 was primarily driven by a 25.4% change in the company's P/E Multiple.

	6182025	12172025	Change
Stock Price ($)	74.49	76.45	2.63%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1265.70	1240.80	-1.97%
Net Income Margin (%)	5.40%	4.42%	-18.28%
P/E Multiple	20.37	25.55	25.45%
Shares Outstanding (Mil)	18.70	18.31	2.07%
Cumulative Contribution			2.59%

LTM = Last Twelve Months as of date shown

Market Drivers

6/18/2025 to 12/17/2025

	Return	Correlation
TNC	2.6%
Market (SPY)	12.7%	48.8%
Sector (XLI)	8.3%	64.3%

Fundamental Drivers

The -7.5% change in TNC stock from 12/17/2024 to 12/17/2025 was primarily driven by a -48.1% change in the company's Net Income Margin (%).

	12172024	12172025	Change
Stock Price ($)	82.67	76.45	-7.53%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1269.20	1240.80	-2.24%
Net Income Margin (%)	8.52%	4.42%	-48.15%
P/E Multiple	14.39	25.55	77.61%
Shares Outstanding (Mil)	18.81	18.31	2.64%
Cumulative Contribution			-7.59%

LTM = Last Twelve Months as of date shown

Market Drivers

12/17/2024 to 12/17/2025

	Return	Correlation
TNC	-7.5%
Market (SPY)	12.1%	57.3%
Sector (XLI)	13.9%	64.4%

Fundamental Drivers

The 32.7% change in TNC stock from 12/18/2022 to 12/17/2025 was primarily driven by a 20.7% change in the company's P/E Multiple.

	12182022	12172025	Change
Stock Price ($)	57.63	76.45	32.66%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1077.60	1240.80	15.14%
Net Income Margin (%)	4.68%	4.42%	-5.57%
P/E Multiple	21.17	25.55	20.68%
Shares Outstanding (Mil)	18.52	18.31	1.09%
Cumulative Contribution			32.65%

LTM = Last Twelve Months as of date shown

Market Drivers

12/18/2023 to 12/17/2025

	Return	Correlation
TNC	-13.8%
Market (SPY)	44.9%	49.0%
Sector (XLI)	39.5%	60.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TNC Return	-9%	17%	-23%	53%	-11%	-5%	6%
Peers Return	21%	25%	-20%	31%	11%	1%	79%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
TNC Win Rate	58%	42%	42%	67%	42%	50%
Peers Win Rate	57%	68%	33%	58%	55%	55%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
TNC Max Drawdown	-37%	-3%	-31%	0%	-12%	-16%
Peers Max Drawdown	-37%	-7%	-34%	-1%	-6%	-15%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ECL, DOV, ITW, IR, GGG.
[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] 2025 data is for the year up to 12/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	TNC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-35.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	54.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	417 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-43.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	76.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	1,232 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-40.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	69.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	387 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-84.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	537.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,443 days	1,480 days

Compare to GGG, GHM, ADVEN, BENN, HRDG

In The Past

Tennant's stock fell -35.1% during the 2022 Inflation Shock from a high on 3/18/2022. A -35.1% loss requires a 54.0% gain to breakeven.

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About Tennant (TNC)

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions. It also provides business solutions, such as financing, rental, and leasing programs, as well as machine-to-machine asset management solutions. The company offers its products under the Tennant, Nobles, Alfa Uma Empresa Tennant, IRIS, VLX, IPC, Gaomei, and Rongen brands, as well as private-label brands. Its products are used in retail establishments and distribution centers; factories and warehouses; and public venues, such as arenas and stadiums, office buildings, schools and universities, hospitals and clinics, parking lots and streets, and other environments. It markets its products to contract cleaners and businesses through direct sales and service organizations, as well as through a network of authorized distributors. Tennant Company was founded in 1870 and is headquartered in Eden Prairie, Minnesota.

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Tennant is like the Dyson for commercial and industrial cleaning.

Think of it as the Ecolab for cleaning equipment and machinery.

It's the John Deere for industrial and commercial floor care.

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Floor Scrubbers: Industrial and commercial machines designed for washing and drying hard floor surfaces.
Floor Sweepers: Equipment used to efficiently collect dust, debris, and other dry contaminants from various floor types.
Vacuum Cleaners: Commercial and industrial vacuums for dry, wet, or wet/dry applications across diverse environments.
Carpet Cleaners: Machines specifically engineered to deep clean and maintain carpets and upholstery.
Floor Burnishers: High-speed machines utilized to polish and enhance the shine of hard floor surfaces.
Cleaning Tools & Supplies: A comprehensive range of consumable products, including detergents, pads, brushes, and accessories compatible with their cleaning machines.
Parts & Service: Comprehensive aftermarket support, including genuine replacement parts, preventative maintenance, and repair services for their equipment fleet.

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Tennant Company (TNC) - Major Customers

Tennant Company (symbol: TNC) primarily sells its floor cleaning equipment, outdoor grounds maintenance equipment, parts, service, and related solutions to other companies and organizations, operating on a business-to-business (B2B) model. It does not primarily sell to individuals. As disclosed in its public filings (e.g., 10-K reports), Tennant does not have any single customer that accounts for 10% or more of its net sales. Therefore, there are no specific named "major customer companies" that can be listed as publicly significant. Instead, Tennant serves a diverse global customer base across numerous industries that require professional cleaning and maintenance solutions. The company's customers can be broadly categorized by the types of businesses they operate:

Building Service Contractors and Facility Management Companies: These companies purchase Tennant equipment to provide cleaning and maintenance services for a wide array of clients, including corporate offices, educational institutions, healthcare facilities, and public venues.
Retail and Wholesale Businesses: Large retail chains, grocery stores, and wholesale distributors utilize Tennant machinery to maintain cleanliness and safety in their stores, distribution centers, and warehouses.
Industrial and Manufacturing Facilities: Factories, production plants, and industrial warehouses are significant customers, using Tennant sweepers and scrubbers to manage debris, dust, and spills, contributing to a safer and more efficient operational environment.

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David W. Huml President and Chief Executive Officer

Mr. Huml has served as Tennant Company's President and Chief Executive Officer since March 2021, following his role as Chief Operating Officer from March 2020 to March 2021. He joined Tennant in November 2014 as Senior Vice President, Global Marketing. With over 25 years of global experience, his background includes product management, marketing, operations, and business unit leadership, demonstrating capabilities in driving global growth, new product innovation, and M&A. Prior to Tennant, he was a Vice President at Pentair plc and held various marketing positions at Graco Inc. from 1992 to 2006. He has successfully launched disruptive technologies in robotic cleaning.

Fay West Senior Vice President, Chief Financial Officer

Ms. West joined Tennant Company in April 2021 as Senior Vice President and Chief Financial Officer. Before joining Tennant, she was Senior Vice President and Chief Financial Officer of SunCoke Energy, Inc. from 2014 to 2021. Her previous roles include Assistant Controller at United Continental Holdings, Inc., and various leadership positions at PepsiAmericas, Inc., such as Vice President of Accounting and Financial Reporting. She also served as Vice President and Controller of GATX Rail Company. She began her career at Arthur Andersen.

Richard H. Zay Senior Vice President, Chief Commercial Officer

Mr. Zay has been Tennant's Senior Vice President, Chief Commercial Officer since March 2021. He initially joined the company in June 2010 as Vice President, Global Marketing, progressing to Senior Vice President, Global Marketing in October 2013, and Senior Vice President of the Americas business unit in 2014. In 2018, he also took on responsibility for Tennant Research and Development. Prior to Tennant, he worked at Whirlpool Corporation from 2006 to June 2010, where he was most recently General Manager, KitchenAid Brand.

Barbara A. Balinski Senior Vice President, Chief Transformation Officer

Ms. Balinski joined Tennant in 2018 as Vice President of Engineering. In March 2021, she was promoted to Senior Vice President, Technology and Innovation, overseeing Research & Development (R&D), Marketing, and Information Technology (IT). She assumed the role of Senior Vice President, Chief Transformation Officer in May 2024. Before her tenure at Tennant, she held increasingly responsible leadership positions within the engineering team for the Integrated Business Units at Whirlpool Corporation from 2005 to 2017, including Director, Product Development.

Patrick W. Schottler Senior Vice President, Chief Marketing and Technology Officer

Mr. Schottler has served as Tennant's Senior Vice President, Chief Marketing and Technology Officer since May 2024. He joined the company in 2011 as Senior Program Manager and progressed through leadership roles in R&D and regional business development. He was named Vice President and General Manager of the Asia-Pacific Business Unit in 2017 and took responsibility for global marketing and product management functions in 2022. Before joining Tennant Company, Mr. Schottler spent over a decade at Honeywell, where he held leadership roles in product development.

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The key risks to Tennant Company's (TNC) business include:

Macroeconomic Uncertainties and Volume Declines: Tennant operates in a global market susceptible to macroeconomic challenges such as geopolitical tensions, elevated interest rates, and foreign currency fluctuations. These factors have adversely affected the company's sales and earnings, with significant organic sales declines, particularly in its largest market, North America, due to volume reductions. This macroeconomic uncertainty translates directly into lower demand for its mechanized cleaning equipment.
Competitive Market Pressures: The cleaning equipment industry is highly competitive, with numerous players vying for market share. This intense competition can lead to price wars, reduced margins, and a continuous need for innovation to maintain market position.
Supply Chain and Cost Pressures: Tennant faces risks related to disruptions in the availability, quality, or increases in the cost of raw materials and components, as well as rising labor costs. Tariffs are also a concern, with management forecasting a full-year impact of $20 million for 2025. The company's reliance on sole-source vendors for certain components further heightens supply chain risks.

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The accelerating market shift towards highly autonomous, AI-driven cleaning robots across the commercial and industrial sectors. While Tennant has introduced its own robotic solutions, the rapid pace of innovation from numerous new pure-play robotics companies and established competitors, combined with the increasing cost-effectiveness and advanced capabilities of these machines, poses a clear threat. This trend threatens to commoditize and significantly reduce the demand for Tennant's traditional human-operated cleaning equipment, which currently forms a substantial portion of its revenue. The shift could fundamentally alter market dynamics, value capture, and customer expectations, potentially eroding Tennant's established revenue streams and market share if its robotic offerings or business model adaptation fall behind the rapidly evolving industry landscape.

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Tennant Company (TNC) operates in several addressable markets related to cleaning equipment and solutions, including floor cleaning equipment, industrial cleaning equipment, and commercial cleaning products.

Addressable Market Sizes:

Global Mechanized Cleaning Market: This market is approximately $9 billion.
Global Floor Cleaning Equipment Market:
- In 2023, the market was estimated at USD 12.86 billion and is projected to reach USD 22.66 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 8.5% from 2024 to 2030.
- In 2024, the market stood at USD 16.80 billion and is anticipated to grow to USD 28.14 billion by 2033, with a CAGR of 5.9% from 2025 through 2033.
North America Floor Cleaning Equipment Market:
- This region held a 44.0% market share in 2023.
- In 2023, the market size surpassed USD 45.9 billion and is expected to grow at a CAGR of 12% through 2032.
Europe Floor Cleaning Equipment Market:
- In 2023, Europe held a market share of 29.2%.
- In 2024, the market size was valued at USD 3.55 billion and is projected to reach USD 6.05 billion by 2033, growing at a CAGR of 6.08% during the forecast period (2025-2033).
Global Industrial Cleaning Equipment Market:
- The market size was valued at USD 10.63 billion in 2024 and is estimated to reach USD 15.67 billion by 2033, growing at a CAGR of 4.41% during the forecast period (2025–2033).
- Another estimate places the market at USD 30.89 billion in 2024, projected to grow to USD 48.53 billion by 2035.
United States Industrial Cleaning Equipment Market:
- The sales revenue was USD 1.79 billion in 2021, USD 2.12 billion in 2024, and is projected to reach USD 3.06 billion by 2030, with a CAGR of 4.688%.
Europe Commercial Cleaning Equipment Market:
- Valued at USD 556.29 million in 2022, it is projected to reach USD 853.73 million by 2030, growing at a CAGR of 5.5% during the forecast period of 2023 to 2030.
Global Commercial Cleaning Products Market:
- The market size was estimated at USD 121.29 billion in 2023 and is projected to reach USD 202.32 billion by 2030, growing at a CAGR of 7.91% from 2024 to 2030.

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Here are 3-5 expected drivers of future revenue growth for Tennant (TNC) over the next 2-3 years:

New Product Launches and Innovation, especially in Autonomous Mobile Robots (AMRs): Tennant is focused on expanding its product portfolio with new and innovative cleaning solutions. This includes the introduction of new scrubbers, such as the T291 small walk-behind scrubber in North America and the T360 walk-behind scrubber, targeting various sectors like retail, healthcare, and education. The company is also heavily investing in Autonomous Mobile Robots (AMRs), with over 8,700 units deployed as of Q3 2024, and specific products like the X4 and X6 ROVR generating strong sales growth and customer interest. This innovation in AMRs and other cleaning equipment is expected to be a key growth driver.
Strategic Pricing Actions: Tennant has demonstrated the ability to realize price increases and plans to continue leveraging disciplined pricing strategies. These pricing actions are crucial for offsetting inflationary pressures and tariff impacts, contributing to revenue growth and margin expansion.
Expansion in Strategic Accounts and Channels: The company is pursuing global expansion efforts, including successful introductions of products like i-mop in new geographic markets such as Brazil, France, Portugal, and Spain. There is strong demand noted in the Americas, supported by effective price realization and new product launches. Acquisitions, such as TCS in Eastern Europe, have also shown strong performance and are exceeding expectations, contributing to growth.
Organic Growth in Key Regions and Markets: Tennant anticipates organic sales growth, particularly driven by strong demand in the Americas. While some regions like APAC (specifically China and Australia) have experienced volume declines, the company is strategically shifting its focus to less competitive, higher-margin product categories in APAC and leveraging acquisitions like Gaomei in China to improve sales outlook in Asian markets. Investments in the Asia region are expected to deliver solid earnings growth in the coming years.
Operational Efficiencies and Digital Transformation (ERP Modernization): While primarily aimed at improving operational performance, Tennant's ongoing ERP modernization journey, with go-live launches planned for 2025, is designed to support global scalability and improve operational efficiencies. This digital transformation can indirectly drive revenue growth by enhancing decision-making speed, improving the customer experience, and enabling future AI integration.

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Share Repurchases

In 2025, Tennant's Board of Directors authorized a new share repurchase program of 2,000,000 shares of common stock, in addition to approximately 580,000 shares remaining under its existing program.
Tennant returned $41.0 million to shareholders in 2024 through dividends and share repurchases.
In 2022, the company repurchased 79,756 shares for $5.0 million. In 2021, Tennant purchased $15.0 million of its common stock.

Share Issuance

As of December 31, 2024, there were 1,846,357 shares available for issuance under the 2020 Plan.
In 2021, proceeds from the issuance of common stock amounted to $5.0 million.

Outbound Investments

In the first quarter of 2021, the company recorded a negative divestiture impact of 2.1% related to the sale of its coatings business.
The acquisition of TCS contributed to an improvement in Adjusted EBITDA in the third quarter of 2024.

Capital Expenditures

Tennant invested $20.9 million in capital expenditures in 2024.
For 2025, the company anticipates capital expenditures of approximately $20 million.
In 2021, projected capital expenditures were between $20 million and $25 million.

Better Bets than Tennant (TNC)

	TNC	Better Performance than TNC
Metric	Value	INDUSTRY: Industrial Machinery & Supplies & Components
Rev Chg LTM	-2.2%	XYL (5.6%), GWW (4.8%), OTIS (0.7%), PH (0.2%), ITW (-0.4%)
Rev Chg 3Y Avg	5.0%	XYL (18.9%), IR (9.4%), PH (7.4%), GWW (6.3%), HUBB (5.7%)
Op Mgn LTM	6.5%	ITW (26.2%), PH (20.7%), OTIS (14.8%), GWW (14.1%), XYL (13.9%)
CFO/Rev LTM	7.1%	ITW (20.6%), PH (19.0%), XYL (14.3%), GWW (11.5%), OTIS (10.3%)
FCF/Rev LTM	4.9%	ITW (17.9%), PH (16.9%), XYL (10.4%), OTIS (9.2%), GWW (6.9%)
Total Yield	5.2%	DOV (11.1%), SNA (6.9%), ITW (6.3%), OTIS (5.6%), NDSN (5.2%)
P/S	1.2	SWK (0.7), HI (0.8), KMT (0.9), ATS (1.0), TKR (1.2)
P/Op Inc	18.5	FTV (12.9), OTIS (16.9), DOV (17.3), ITW (18.2), GWW (18.3)

	TNC	Better Performance than TNC
Metric	Value	SECTOR: Industrials
Rev Chg LTM	-2.2%	UBER (18.2%), GE (17.7%), GEV (9.4%), RTX (8.8%), CAT (-1.5%)
Rev Chg 3Y Avg	5.0%	UBER (19.6%), GE (15.7%), BA (10.1%), RTX (9.4%), HON (5.2%)
Op Mgn LTM	6.5%	UNP (40.6%), GE (20.5%), CAT (17.7%), RTX (10.3%), UBER (9.2%)
CFO/Rev LTM	7.1%	UBER (18.1%), CAT (17.8%), GE (17.2%), RTX (9.3%), GEV (9.1%)
FCF/Rev LTM	4.9%	UBER (17.5%), GE (14.7%), CAT (11.7%), GEV (6.6%), RTX (5.5%)
Total Yield	5.2%	UBER (8.1%), UNP (7.3%), HON (6.8%), LMT (5.6%), ADP (5.5%)
P/S	1.2	UAL (0.5), DAL (0.6), FDX (0.6), LUV (0.6), UPS (0.8)
P/Op Inc	18.5	UNP (14.0), DE (15.9), MMM (16.3), GD (17.2), HON (17.4)

	TNC	Better Performance than TNC
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-2.2%	NVDA (65.2%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	5.0%	NVDA (91.6%), META (17.3%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	6.5%	NVDA (58.8%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	7.1%	MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	4.9%	NVDA (41.3%), MSFT (26.6%), META (23.7%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	5.2%	XOM (9.8%), JNJ (8.4%), JPM (6.7%), BRK-B (6.2%), V (5.3%)
P/S	1.2	CVS (0.2), MCK (0.2), UNH (0.7), CMCSA (0.9), WMT (1.2)
P/Op Inc	18.5	UNH (11.9), HD (16.4), V (16.6), PG (17.5), JNJ (18.5)

		Best Bets In Industrials Sector
	TNC	GATX	VRSK	PAYX	ADT	AME	NDSN	PCTY	FTV	VRRM	CSW
What You Pay
P/E	27.1	20.1	38.1	27.6	11.1	29.5	26.6	39.3	26.9	77.1	28.4
P/EBIT	19.1	9.6	26.0	20.0	5.6	23.5	18.0	28.2	13.1	22.8	21.9
What You Get
Rev Chg Q	-4.0%	8.4%	5.9%	10.2%	4.4%	10.8%	12.1%	12.5%	2.3%	16.1%	21.5%
Rev Chg LTM	-2.2%	10.7%	7.3%	5.6%	6.3%	3.7%	4.5%	13.3%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	5.0%	10.3%	13.4%	6.5%	3.4%	5.9%	3.6%	21.4%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	7.3%	39.2%	33.2%	31.6%	24.7%	23.2%	21.5%	21.5%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Tennant Earnings Notes
2	How Low Can Tennant Stock Really Go?	Return
3	Tennant (TNC) Debt Comparison	Financials
4	Tennant (TNC) Operating Cash Flow Comparison	Financials
5	Tennant (TNC) EBITDA Comparison	Financials
6	Tennant (TNC) Tax Expense Comparison	Financials
7	Tennant (TNC) Revenue Comparison	Financials
8	Tennant (TNC) Net Income Comparison	Financials
9	Tennant (TNC) Operating Income Comparison	Financials
10	Why Tennant Stock Moved: TNC Stock Has Gained 26% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to TNC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.3%	16.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.2%	3.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| 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	5.6%	5.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-0.4%	-0.4%	-0.4%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.3%	16.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.2%	3.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| 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	5.6%	5.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-0.4%	-0.4%	-0.4%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	282.6%	459.2%
WVE	WAVE Life Sciences	2.7	128.5%	32.1%
ALMS	Alumis	0.8	89.8%	34.6%
NUVB	Nuvation Bio	2.9	82.4%	220.3%
SEMR	SEMrush	1.8	75.7%	-0.2%
TE	T1 Energy	0.8	70.4%
ANF	Abercrombie & Fitch	5.6	68.4%	-21.6%
CBLL	CeriBell	0.8	67.5%	-16.6%
FTRE	Fortrea	1.5	65.4%	-13.2%
VERA	Vera Therapeutics	3.1	64.7%	14.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.3%	-85.2%
RZLT	Rezolute	0.2	-80.3%	-59.0%
JANX	Janux Therapeutics	0.9	-50.9%	-73.7%
FRMI	Fermi	6.3	-50.6%
AGIO	Agios Pharmaceuticals	1.5	-43.6%	-22.6%
IMSR	Terrestrial Energy	0.7	-38.9%
LENZ	LENZ Therapeutics	0.5	-36.3%	-43.3%
LWLG	Lightwave Logic	0.4	-36.3%	41.4%
UAMY	United States Antimony	0.5	-33.7%	156.5%
BETR	Better Home & Finance	0.5	-33.6%	292.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

Peer Comparisons for Tennant

Peers to compare with:

Financials

	TNC	ECL	DOV	ITW	IR	GGG	Median
Name	Tennant	Ecolab	Dover	Illinois.	Ingersol.	Graco
Mkt Price	76.45	261.89	196.15	252.40	78.12	83.16	139.66
Mkt Cap	1.4	74.2	26.9	73.4	30.9	13.8	28.9
Rev LTM	1,241	15,724	7,923	15,883	7,458	2,192	7,691
Op Inc LTM	80	2,718	1,323	4,162	1,477	582	1,400
FCF LTM	61	1,574	567	2,845	1,250	625	937
FCF 3Y Avg	91	1,658	886	2,811	1,200	496	1,043
CFO LTM	88	2,625	784	3,277	1,383	672	1,083
CFO 3Y Avg	114	2,531	1,072	3,265	1,328	622	1,200

Growth & Margins

	TNC	ECL	DOV	ITW	IR	GGG	Median
Name	Tennant	Ecolab	Dover	Illinois.	Ingersol.	Graco
Rev Chg LTM	-2.2%	0.6%	2.6%	-0.4%	4.2%	2.9%	1.6%
Rev Chg 3Y Avg	5.0%	5.2%	-1.6%	0.5%	9.4%	1.0%	3.0%
Rev Chg Q	-4.0%	1.0%	4.8%	2.3%	5.1%	4.7%	3.5%
QoQ Delta Rev Chg LTM	-1.0%	0.3%	1.2%	0.6%	1.3%	1.1%	0.9%
Op Mgn LTM	6.5%	17.3%	16.7%	26.2%	19.8%	26.6%	18.5%
Op Mgn 3Y Avg	9.5%	15.2%	16.2%	25.9%	19.1%	28.0%	17.6%
QoQ Delta Op Mgn LTM	-0.6%	0.4%	0.4%	0.2%	-0.1%	-0.1%	0.1%
CFO/Rev LTM	7.1%	16.7%	9.9%	20.6%	18.5%	30.7%	17.6%
CFO/Rev 3Y Avg	9.2%	16.4%	13.9%	20.4%	18.7%	28.7%	17.6%
FCF/Rev LTM	4.9%	10.0%	7.2%	17.9%	16.8%	28.5%	13.4%
FCF/Rev 3Y Avg	7.3%	10.8%	11.5%	17.6%	16.9%	22.8%	14.2%

Valuation

	TNC	ECL	DOV	ITW	IR	GGG	Median
Name	Tennant	Ecolab	Dover	Illinois.	Ingersol.	Graco
Mkt Cap	1.4	74.2	26.9	73.4	30.9	13.8	28.9
P/S	1.2	4.9	2.9	4.8	4.4	6.4	4.6
P/EBIT	19.1	25.8	15.8	18.0	27.8	23.0	21.0
P/E	27.1	36.3	10.2	25.1	60.0	28.3	27.7
P/CFO	16.8	29.6	29.2	23.1	23.7	20.9	23.4
Total Yield	5.2%	3.7%	11.1%	6.3%	1.8%	4.8%	5.0%
Dividend Yield	1.5%	0.9%	1.2%	2.3%	0.1%	1.3%	1.3%
FCF Yield 3Y Avg	6.0%	2.5%	3.9%	3.8%	3.7%	3.6%	3.8%
D/E	0.2	0.1	0.1	0.1	0.1	0.0	0.1
Net D/E	0.1	0.1	0.1	0.1	0.1	-0.0	0.1

Returns

	TNC	ECL	DOV	ITW	IR	GGG	Median
Name	Tennant	Ecolab	Dover	Illinois.	Ingersol.	Graco
1M Rtn	9.9%	2.8%	9.2%	4.6%	6.0%	4.9%	5.5%
3M Rtn	-5.2%	-1.0%	14.7%	-3.2%	-1.1%	-1.6%	-1.3%
6M Rtn	2.6%	1.2%	12.3%	5.9%	-3.3%	-1.1%	1.9%
12M Rtn	-7.5%	7.5%	0.9%	-3.5%	-19.8%	-2.3%	-2.9%
3Y Rtn	32.7%	88.4%	52.4%	24.1%	51.3%	30.7%	42.0%
1M Excs Rtn	9.1%	2.1%	8.5%	3.8%	5.3%	4.2%	4.7%
3M Excs Rtn	-8.2%	-2.2%	12.5%	-5.0%	-5.5%	-3.2%	-4.1%
6M Excs Rtn	-9.7%	-11.2%	-0.1%	-6.5%	-15.6%	-13.5%	-10.5%
12M Excs Rtn	-18.7%	-5.1%	-12.4%	-16.0%	-33.7%	-15.2%	-15.6%
3Y Excs Rtn	-40.8%	11.9%	-23.4%	-48.4%	-24.0%	-43.2%	-32.4%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/18/2025	2/22/2024	2/23/2023	2/24/2022	2/25/2021	2/27/2020
Key Financials
Total Revenue	1,241	1,287	1,244	1,092	1,091	1,001	1,138
EBITDA	135	169	188	135	134	112	126
Operating Income	80	114	139	84	84	64	72
Net Income	55	84	110	66	65	34	46
EPS	2.97	4.46	5.92	3.58	3.51	1.84	2.53
Growth Rates
Total Revenue Growth	-2.2%	3.5%	13.9%	0.1%	9.0%	-12.0%	1.3%
EBITDA Growth	-27.4%	-10.3%	39.2%	0.6%	20.2%	-11.3%	11.2%
Operating Income Growth	-38.9%	-17.5%	66.0%	-0.5%	31.7%	-11.3%	23.8%
Net Income Growth	-49.3%	-23.6%	65.2%	2.2%	92.6%	-26.4%	37.1%
Margins
EBITDA Margin	10.9%	13.1%	15.1%	12.4%	12.3%	11.2%	11.1%
Operating Income Margin	6.5%	8.9%	11.1%	7.6%	7.7%	6.4%	6.3%
Net Income Margin	4.4%	6.5%	8.8%	6.1%	5.9%	3.4%	4.0%
Cash & Debt
Total Cash	99	100	117	77	123	140	74
Total Debt	273	254	242	332	309	354	386
Net Debt / (Cash)	174	155	126	255	186	213	312
Cash Flows
Net Cash from Operations	88	90	188	-25	69	134	72
Free Cash from Operations	61	68	164	-54	46	104	33
Returns to Shareholders
Dividends	22	21	20	19	18	16	16
Share Repurchases	59	20	22	5	15	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/7/2025	5/1/2025	2/18/2025	11/1/2024	8/8/2024	5/3/2024	2/22/2024	10/31/2023	8/4/2023	4/28/2023	2/23/2023
Key Financials Quarterly
Total Revenue	303	319	290	329	316	331	311	311	305	322	306	291
Ebitda	36	44	34	21	44	53	51	38	46	56	48	41
Operating Income	22	31	20	8	31	39	38	24	35	44	36	28
Net Income	15	20	13	7	21	28	28	31	23	31	24	24
EPS	0.81	1.10	0.70	0.36	1.11	1.47	1.52	1.67	1.23	1.70	1.32	1.29
Key Financials TTM
Total Revenue TTM	1,241	1,253	1,266	1,287	1,269	1,258	1,249	1,244	1,223	1,181	1,140	1,092
Ebitda TTM	135	143	152	169	186	188	191	188	191	178	156	135
Operating Income TTM	80	88	96	114	131	135	140	139	142	129	105	84
Net Income TTM	55	61	68	84	108	110	114	110	102	95	80	66
Growth Rates Quarterly
Total Revenue Growth	-4.0%	-3.7%	-6.8%	5.6%	3.6%	2.9%	1.7%	7.0%	15.9%	14.8%	18.5%	5.3%
EBITDA Growth	-16.9%	-16.9%	-34.2%	-45.0%	-4.4%	-5.7%	6.3%	-6.1%	37.8%	67.9%	72.9%	57.8%
Operating Income Growth	-27.1%	-20.7%	-47.7%	-69.0%	-11.8%	-11.3%	4.5%	-13.7%	62.1%	127.7%	145.9%	116.8%
Net Income Growth	-28.4%	-27.6%	-53.9%	-78.7%	-9.2%	-10.9%	16.9%	30.3%	46.8%	88.6%	135.9%	201.3%
Margins Quarterly
EBITDA Margin	12.0%	13.9%	11.6%	6.4%	13.9%	16.1%	16.4%	12.3%	15.1%	17.5%	15.7%	14.0%
Operating Income Margin	7.4%	9.6%	6.8%	2.3%	9.7%	11.7%	12.1%	7.9%	11.4%	13.5%	11.7%	9.8%
Net Income Margin	4.9%	6.3%	4.5%	2.0%	6.6%	8.4%	9.1%	10.0%	7.5%	9.7%	7.9%	8.2%
Cash & Debt
Total Cash	99	80	80	100	91	85	89	117	97	96	91	77
Total Debt	273	248	249	254	244	243	242	242	241	295	317	332
Net Debt / (Cash)	174	168	170	155	153	158	153	126	144	200	226	255
Cash Flows Quarterly
FCF from Operations	29	22	-0	38	31	19	3	64	54	39	31	14
Cash Flows TTM
FCF from Operations TTM	88	90	86	90	116	140	160	188	138	69	16	-25
Returns to Shareholders Quarterly
Dividends	5	5	6	6	5	5	5	5	5	5	5	5
Share Repurchases	23	13	20	2	8	8	1	10	2	5	5	5
Return on Invested Capital (ROIC) Quarterly
ROIC	39.5%	48.3%	33.8%	18.3%	48.3%	61.4%	61.6%	63.2%	63.5%	63.1%	45.3%	40.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	36.5%	37.0%	42.9%	55.1%	60.9%	63.3%	63.7%	79.0%	68.8%	48.7%	36.1%	26.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Equipment	776	664	680	630	742
Parts and consumables	280	263	249	206	222
Service and other	188	165	160	143	26
Specialty surface coatings		0	2	23	148
Total	1,244	1,092	1,091	1,001	1,138

Price Behavior

Price Behavior

Market Price	$76.45
Market Cap ($ Bil)	1.4
First Trading Date	03/03/1992
Distance from 52W High	-12.9%
	50 Days	200 Days
DMA Price	$75.89	$77.50
DMA Trend	down	down
Distance from DMA	0.7%	-1.4%
	3M	1YR
Volatility	24.6%	28.0%
Downside Capture	138.00	105.00
Upside Capture	98.47	85.30
Correlation (SPY)	47.2%	57.3%

TNC Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.87	0.86	0.96	1.16	0.80	0.88
Up Beta	0.31	0.33	0.84	1.36	0.74	0.77
Down Beta	-0.76	0.59	0.61	0.75	0.72	0.83
Up Capture	46%	59%	63%	98%	66%	73%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	6	21	31	65	128	384
Down Capture	166%	144%	152%	148%	105%	101%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	14	21	32	61	121	363

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of TNC With Other Asset Classes (Last 1Y)
	TNC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-7.7%	12.7%	12.1%	61.5%	2.2%	-2.2%	-12.7%
Annualized Volatility	27.9%	19.0%	19.7%	19.3%	15.9%	17.7%	35.4%
Sharpe Ratio	-0.30	0.50	0.46	2.36	-0.05	-0.28	-0.17
Correlation With Other Assets		64.5%	57.3%	0.1%	16.0%	51.7%	29.6%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of TNC With Other Asset Classes (Last 5Y)
	TNC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.9%	13.1%	14.4%	18.3%	11.4%	4.8%	36.3%
Annualized Volatility	27.4%	17.2%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.12	0.61	0.68	0.95	0.49	0.17	0.63
Correlation With Other Assets		64.7%	53.1%	5.4%	13.7%	47.1%	20.8%

Based On 10-Year Data

		Comparison of TNC With Other Asset Classes (Last 10Y)
	TNC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.7%	13.1%	14.5%	14.6%	6.1%	5.4%	70.7%
Annualized Volatility	31.3%	19.9%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.19	0.59	0.69	0.82	0.27	0.23	0.91
Correlation With Other Assets		65.2%	57.7%	0.3%	21.4%	48.8%	14.1%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	567,496
Short Interest: % Change Since 11152025	3.7%
Average Daily Volume	121,237
Days-to-Cover Short Interest	4.68
Basic Shares Quantity	18,314,488
Short % of Basic Shares	3.1%

Returns Analyses

	Title
0	How Low Can Tennant Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/3/2025	-5.4%	-7.1%	-6.3%
8/6/2025	-3.5%	3.3%	0.8%
4/30/2025	-3.7%	-1.9%	3.5%
2/18/2025	-1.7%	-0.2%	-3.3%
10/31/2024	-5.0%	4.9%	1.6%
8/8/2024	-3.7%	-3.6%	-4.5%
5/3/2024	-7.5%	-7.7%	-13.0%
2/22/2024	-0.2%	11.7%	19.8%
...
SUMMARY STATS
# Positive	7	9	11
# Negative	14	12	10
Median Positive	1.2%	4.9%	5.2%
Median Negative	-3.0%	-3.1%	-5.7%
Max Positive	6.6%	11.7%	19.8%
Max Negative	-7.5%	-10.4%	-36.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2182025	10-K 12/31/2024
9302024	11012024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5032024	10-Q 3/31/2024
12312023	2222024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	4282023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

External Quote Links

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2	SeekingAlpha	ValueLine
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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Tennant (TNC)

Market Price (12/18/2025): $76.41 | Market Cap: $1.4 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components

Tennant (TNC)

Market Price (12/18/2025): $76.41Market Cap: $1.4 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components

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TNC Stock

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Market Price (12/18/2025): $76.41 | Market Cap: $1.4 Bil
Sector: Industrials | Industry: Industrial Machinery & Supplies & Components

Market Price (12/18/2025): $76.41
Market Cap: $1.4 Bil
Sector: Industrials
Industry: Industrial Machinery & Supplies & Components