Tennant (TNC)
Market Price (6/3/2026): $85.82 | Market Cap: $1.5 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Tennant (TNC)
Market Price (6/3/2026): $85.82Market Cap: $1.5 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include Automation & Robotics, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Process / Warehouse Automation, Show more. | Trading close to highsDist 52W High is -1.5% Weak multi-year price returns2Y Excs Rtn is -56%, 3Y Excs Rtn is -65% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 44x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.3% Key risksTNC key risks include [1] significant organic sales declines from volume reductions in North America, Show more. |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Process / Warehouse Automation, Show more. |
| Trading close to highsDist 52W High is -1.5% |
| Weak multi-year price returns2Y Excs Rtn is -56%, 3Y Excs Rtn is -65% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 44x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.3% |
| Key risksTNC key risks include [1] significant organic sales declines from volume reductions in North America, Show more. |
Qualitative Assessment
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Tennant (TNC) stock has gained about 40% since 2/28/2026 because of the following key factors:
1. Strong Q1 2026 Earnings Beat: Tennant reported diluted earnings per share (EPS) of $0.58 for the first quarter of 2026, significantly surpassing analyst consensus estimates of $0.40 to $0.41 by 43.8%. The company also exceeded revenue forecasts, posting $297.9 million against an expected $289.3 million. This positive earnings surprise contributed to the stock reaching a new 52-week high.
2. Positive Analyst Upgrades and Price Targets: In May 2026, Zacks Research upgraded Tennant's stock from a "hold" to a "strong-buy" rating. Concurrently, Wall Street Zen also raised its rating from "hold" to "buy." These upgrades contributed to a consensus "Moderate Buy" rating for the stock, with an average price target of $91.00.
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Stock Movement Drivers
Fundamental Drivers
The 41.1% change in TNC stock from 2/28/2026 to 6/2/2026 was primarily driven by a 95.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.81 | 85.83 | 41.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,204 | 1,211 | 0.7% |
| Net Income Margin (%) | 3.6% | 2.6% | -29.9% |
| P/E Multiple | 24.9 | 48.8 | 95.8% |
| Shares Outstanding (Mil) | 18 | 18 | 2.2% |
| Cumulative Contribution | 41.1% |
Market Drivers
2/28/2026 to 6/2/2026| Return | Correlation | |
|---|---|---|
| TNC | 41.1% | |
| Market (SPY) | 11.0% | 48.7% |
| Sector (XLI) | -1.4% | 55.4% |
Fundamental Drivers
The 18.4% change in TNC stock from 11/30/2025 to 6/2/2026 was primarily driven by a 101.3% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.51 | 85.83 | 18.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,241 | 1,211 | -2.4% |
| Net Income Margin (%) | 4.4% | 2.6% | -42.2% |
| P/E Multiple | 24.2 | 48.8 | 101.3% |
| Shares Outstanding (Mil) | 18 | 18 | 4.3% |
| Cumulative Contribution | 18.4% |
Market Drivers
11/30/2025 to 6/2/2026| Return | Correlation | |
|---|---|---|
| TNC | 18.4% | |
| Market (SPY) | 11.8% | 22.4% |
| Sector (XLI) | 14.0% | 27.5% |
Fundamental Drivers
The 17.2% change in TNC stock from 5/31/2025 to 6/2/2026 was primarily driven by a 143.6% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.22 | 85.83 | 17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,266 | 1,211 | -4.3% |
| Net Income Margin (%) | 5.4% | 2.6% | -52.8% |
| P/E Multiple | 20.0 | 48.8 | 143.6% |
| Shares Outstanding (Mil) | 19 | 18 | 6.5% |
| Cumulative Contribution | 17.2% |
Market Drivers
5/31/2025 to 6/2/2026| Return | Correlation | |
|---|---|---|
| TNC | 17.2% | |
| Market (SPY) | 30.4% | 31.5% |
| Sector (XLI) | 23.6% | 37.7% |
Fundamental Drivers
The 22.4% change in TNC stock from 5/31/2023 to 6/2/2026 was primarily driven by a 202.7% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6022026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.12 | 85.83 | 22.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,140 | 1,211 | 6.3% |
| Net Income Margin (%) | 7.0% | 2.6% | -63.8% |
| P/E Multiple | 16.1 | 48.8 | 202.7% |
| Shares Outstanding (Mil) | 18 | 18 | 5.1% |
| Cumulative Contribution | 22.4% |
Market Drivers
5/31/2023 to 6/2/2026| Return | Correlation | |
|---|---|---|
| TNC | 22.4% | |
| Market (SPY) | 88.9% | 41.4% |
| Sector (XLI) | 88.1% | 51.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TNC Return | 17% | -23% | 53% | -11% | -8% | 17% | 32% |
| Peers Return | 25% | -20% | 31% | 11% | 1% | -3% | 42% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| TNC Win Rate | 42% | 42% | 67% | 42% | 50% | 67% | |
| Peers Win Rate | 68% | 33% | 58% | 55% | 52% | 37% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
Max Drawdowns [4] | |||||||
| TNC Max Drawdown | -17% | -35% | -16% | -34% | -23% | -27% | |
| Peers Max Drawdown | -12% | -34% | -17% | -13% | -21% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 6/2/2026 (YTD)
How Low Can It Go
| Event | TNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.8% | -18.8% |
| % Gain to Breakeven | 29.6% | 23.1% |
| Time to Breakeven | 380 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.4% | -24.5% |
| % Gain to Breakeven | 45.8% | 32.4% |
| Time to Breakeven | 319 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.9% | -33.7% |
| % Gain to Breakeven | 69.1% | 50.9% |
| Time to Breakeven | 354 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -34.1% | -19.2% |
| % Gain to Breakeven | 51.7% | 23.8% |
| Time to Breakeven | 219 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.7% | -12.2% |
| % Gain to Breakeven | 27.7% | 13.9% |
| Time to Breakeven | 148 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.1% | -6.8% |
| % Gain to Breakeven | 39.1% | 7.3% |
| Time to Breakeven | 292 days | 15 days |
In The Past
Tennant's stock fell -22.8% during the 2025 US Tariff Shock. Such a loss loss requires a 29.6% gain to breakeven.
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| Event | TNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.8% | -18.8% |
| % Gain to Breakeven | 29.6% | 23.1% |
| Time to Breakeven | 380 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.4% | -24.5% |
| % Gain to Breakeven | 45.8% | 32.4% |
| Time to Breakeven | 319 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.9% | -33.7% |
| % Gain to Breakeven | 69.1% | 50.9% |
| Time to Breakeven | 354 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -34.1% | -19.2% |
| % Gain to Breakeven | 51.7% | 23.8% |
| Time to Breakeven | 219 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.7% | -12.2% |
| % Gain to Breakeven | 27.7% | 13.9% |
| Time to Breakeven | 148 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.1% | -6.8% |
| % Gain to Breakeven | 39.1% | 7.3% |
| Time to Breakeven | 292 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.3% | -17.9% |
| % Gain to Breakeven | 28.8% | 21.8% |
| Time to Breakeven | 137 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.2% | -53.4% |
| % Gain to Breakeven | 493.8% | 114.4% |
| Time to Breakeven | 871 days | 1085 days |
In The Past
Tennant's stock fell -22.8% during the 2025 US Tariff Shock. Such a loss loss requires a 29.6% 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 Tennant (TNC)
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John Deere for industrial and commercial floor cleaning equipment.
The Otis Elevator of industrial floor cleaning equipment.
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- Floor Maintenance and Cleaning Equipment: Tennant designs, manufactures, and markets various machines for cleaning and maintaining floors across different environments.
- Detergent-free and Sustainable Cleaning Technologies: The company offers advanced cleaning solutions that reduce environmental impact, including systems that operate without detergents.
- Aftermarket Parts and Consumables: Tennant provides replacement parts and supplies necessary for the ongoing operation and maintenance of its cleaning equipment.
- Equipment Maintenance and Repair Services: The company offers services to ensure the longevity and optimal performance of its cleaning machinery through maintenance and repair.
- Specialty Surface Coatings: Tennant provides specific coating products designed for protecting and enhancing various types of surfaces.
- Asset Management Solutions: These solutions help customers manage their cleaning equipment assets efficiently, including machine-to-machine capabilities.
- Business Solutions (Financing, Rental, and Leasing): Tennant offers various programs such as financing, rental, and leasing to help customers acquire and utilize their cleaning equipment.
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Tennant Company (TNC) sells primarily to other companies and organizations (B2B) rather than individuals. The provided background describes the categories of businesses and institutions that are its major customers, rather than listing specific company names.
Its major customers fall into the following categories:
- Contract Cleaners: Businesses that provide cleaning services to other organizations.
- Businesses and Institutions operating various facilities: This includes a broad range of entities that utilize Tennant's floor cleaning equipment and solutions in their operations, such as:
- Retail establishments and distribution centers
- Factories and warehouses
- Public venues, including arenas, stadiums, office buildings, schools, universities, hospitals, clinics, parking lots, and streets.
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```htmlDavid W. Huml President and Chief Executive Officer
David W. Huml has served as President and Chief Executive Officer of Tennant Company 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. Mr. Huml possesses over 25 years of global experience encompassing product management, marketing, operations, and business unit leadership, demonstrating capabilities in driving global growth, new product innovation, and mergers and acquisitions. Before joining Tennant, he held various positions at Pentair plc, including Vice President Marketing and Vice President Global Agriculture from 2009 to 2014. His earlier career included sales and marketing roles at Hoffman and Graco Inc. from 1992 to 2009.
Fay West Senior Vice President, Chief Financial Officer and Principal Accounting Officer
Fay West joined Tennant Company in April 2021 as Senior Vice President and Chief Financial Officer. Prior to her role at Tennant, she served as Senior Vice President and Chief Financial Officer of SunCoke Energy, Inc., a raw material processing and handling company, from 2014 to 2021. Before SunCoke Energy, Inc., she was Assistant Controller at United Continental Holdings, Inc. from 2010 to 2011. Ms. West also held several leadership positions at PepsiAmericas, Inc., including Vice President of Accounting and Financial Reporting, and Director of Financial Reporting. Earlier in her career, she was Vice President and Controller of GATX Rail Company. She is a Certified Public Accountant (CPA) and holds a bachelor's degree in accounting from DePaul University.
Kristin A. Erickson Senior Vice President, Chief Human Resources Officer, General Counsel and Corporate Secretary
Kristin A. Erickson has served as Tennant Company's Senior Vice President, Chief Human Resources Officer since February 2026, and interim SVP, Chief Human Resources Officer since June 2025. She also holds the role of Senior Vice President, General Counsel and Corporate Secretary, having been appointed in December 2020. Ms. Erickson joined Tennant's legal department in April 2008, progressing through various roles, including Vice President, Deputy General Counsel and Chief Compliance Officer from 2019 to 2020. Before joining Tennant, she served as Senior Counsel and Assistant Secretary for MoneyGram International, Inc., from 2004 to 2008.
Richard H. Zay Senior Vice President, Chief Commercial Officer
Richard H. Zay has served as Tennant Company's Senior Vice President, Chief Commercial Officer since March 2021. He began his tenure at Tennant in June 2010 as Vice President, Global Marketing. He was later appointed Senior Vice President, Global Marketing in October 2013 and Senior Vice President of the Americas business unit in 2014. In 2018, Mr. Zay also took on responsibility for Tennant Research and Development. Prior to joining Tennant, he held various positions with Whirlpool Corporation from 2006 to June 2010, most recently as General Manager, KitchenAid Brand.
Barbara A. Balinski Senior Vice President, Chief Transformation Officer
Barbara A. Balinski has served as Tennant Company's Senior Vice President, Chief Transformation Officer since May 2024. She joined the company in 2018 as Vice President of Engineering. In March 2021, she was named Senior Vice President, Technology and Innovation, where she led the Research & Development (R&D), Marketing, and Information Technology (IT) functions for Tennant Company.
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Here are the key risks to Tennant Company's business:- Enterprise Resource Planning (ERP) System Implementation and Operational Disruptions: Tennant Company has experienced significant operational disruptions due to the implementation of a new ERP system in North America, particularly in late 2025. This transition led to "unexpected challenges" that constrained operating capacity, including issues with order management, fulfillment, and manufacturing scheduling. These disruptions severely impacted the company's financial performance, resulting in missed earnings targets, reduced sales, and a collapse in gross profit margin. The company is also facing a securities law investigation related to these financial disclosures. The recovery from these ERP-related issues is expected to require additional spending and may continue to impact performance.
- Macroeconomic Headwinds, Geopolitical Uncertainty, and Tariff Volatility: The company faces risks from global economic volatility, geopolitical tensions, and changes in trade policy, particularly tariffs. These factors have contributed to customer uncertainty, especially in the North American industrial market, leading to delayed capital expenditure decisions and reduced demand for products. Tariff-related cost increases and other inflationary input costs are also expected to remain key elements of the company's cost structure, potentially impacting profitability.
- Intense Competition and Pricing Pressures: Tennant operates in a highly competitive market with significant competition from both global and regional players. This competition is based on factors such as product features, design, brand recognition, and price. The company may struggle to maintain product pricing due to these competitive pressures and increased price sensitivity among customers, which could impact its ability to maintain market position and profitability.
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```htmlTennant Company (TNC) operates in several addressable markets related to floor cleaning equipment, sustainable cleaning technologies, aftermarket parts and services, specialty surface coatings, and asset management solutions.
Floor Cleaning Equipment (Industrial and Commercial)
- The global industrial and commercial floor scrubbers market was valued at approximately USD 4.07 billion in 2024 and is projected to reach USD 7.17 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 6.24% during 2025-2033. North America holds the largest share, accounting for over 30.5% in 2024.
- More broadly, the global commercial floor cleaning equipment market was valued at USD 2,243.766 million in 2021 and is expected to reach USD 3,496,049 million by 2029, with a CAGR of 5.7% during the forecast period of 2022-2029.
- The overall global floor cleaning equipment market, which includes residential and commercial, was estimated at USD 178 billion in 2025 and is projected to grow to USD 624.1 billion by 2035, at a CAGR of 13.8%. North America is identified as the largest and fastest-growing region in this market.
- The global industrial cleaning equipment 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 2025–2033. Asia-Pacific is the highest shareholder in this market.
- The global industrial cleaning system market was valued at USD 54,890 million in 2024 and is projected to grow to USD 96,340 million by 2031, with a CAGR of 8.6%. Asia-Pacific currently dominates this market.
Sustainable Cleaning Technologies
- While a specific market size for "detergent-free and sustainable cleaning technologies" as a standalone category is not readily available, the broader global industrial and institutional cleaning chemicals market, which includes sustainable solutions, is projected to grow from USD 92.63 billion in 2025 to USD 154.56 billion by 2032, registering a CAGR of 7.59%. Europe accounted for 23% of this market in 2025, and Asia-Pacific is the fastest-growing region.
- The global cleaner & degreaser aftermarket is witnessing a shift towards more sustainable product offerings, with biobased cleaner and degreaser products representing a growing segment, capturing 16.3% of the market share in 2023.
Aftermarket Parts and Consumables
- The global cleaner & degreaser aftermarket was valued at approximately USD 45.14 billion in 2024 and is predicted to grow to around USD 68.96 billion by 2034, at a CAGR of roughly 5.45% between 2025 and 2034. North America is expected to lead this market, accounting for nearly 35.01% of global revenue in 2024.
- Another report indicates the global Cleaner and Degreaser Aftermarket is expected to be worth around USD 47.7 billion by 2033, growing from USD 41.5 billion in 2023 at a CAGR of 1.4%. North America leads with a 38.7% revenue share, while Asia Pacific experiences the highest growth rate.
Equipment Maintenance and Repair Services
- The global maintenance services market was valued at USD 82.03 billion in 2025 and is projected to reach USD 134.63 billion in 2030, with a CAGR of 10.5%. Asia-Pacific was the largest region in this market in 2025.
- The global industrial maintenance services market was valued at USD 57.59 billion in 2025 and is expected to grow to USD 77.6 billion in 2030, at a CAGR of 6.1%.
- The global inspection, repair, and maintenance market was estimated at USD 53.59 billion in 2025 and is projected to reach USD 106.24 billion by 2034, growing at a CAGR of 7.9% from 2026 to 2034. Asia Pacific dominated with a market share of 27.22% in 2025.
- The global cleaning services market was valued at USD 447.2 billion in 2025 and is projected to reach USD 850.2 billion by the end of 2035, rising at a CAGR of 7.4% during the forecast period 2026-2035. North America is projected to capture a leading 35.9% share by 2035, while Asia Pacific is expected to be the fastest-growing region.
Specialty Surface Coatings
- The global floor coatings market size was estimated at USD 3.42 billion in 2024 and is projected to grow at a CAGR of 6.9% from 2025 to 2030. The Asia Pacific region dominated this market with a revenue share of 41.9% in 2023.
- Another estimate places the global floor coatings market size at USD 3.0 billion in 2024, expected to reach USD 4.9 billion by 2033, exhibiting a CAGR of 5.31% during 2025-2033.
- The global concrete floor coating market is expected to reach a valuation of USD 5,030.2 million in 2023 and is anticipated to exhibit a CAGR of 5.8% for the forecast period (2023-2032), reaching USD 8,367.6 million by 2032. Asia Pacific dominates this market, with a substantial share of 39.8% in 2023.
- The global specialty coating market size was valued at USD 3.11 billion in 2023 and is expected to grow to USD 4.12 billion in 2031, with a CAGR of 3.6% during the forecast period between 2024 and 2031. The Asia-Pacific region is expected to witness the highest growth rate.
Asset Management Solutions
While a direct addressable market size for "machine-to-machine asset management solutions" specifically for cleaning equipment was not found as a standalone market, the increasing adoption of automated and smart cleaning machines is a key trend. The cleaning machines segment, which includes automated and robotic systems, accounted for 46.2% of the global cleaning equipment supplies market in 2024. Tennant itself is focused on advanced technologies, particularly autonomous mobile robots (AMRs), aiming for AMR sales to exceed USD 100 million annually by 2027, with USD 75 million in AMR sales in 2024 across 25 countries.
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Tennant Company (TNC) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:- Expansion of Autonomous Mobile Robots (AMRs) and Robotics Portfolio: Tennant is heavily investing in and expanding its robotics offerings, including the launch of a dedicated TNC Robotics group. The company anticipates its AMR revenue to reach approximately $250 million by 2028, driven by products like the X6 ROVR and X4 Rover AMR.
- Geographic Market Expansion and Strategic Acquisitions: Tennant is actively pursuing new geographic markets, particularly in regions like Central and Eastern Europe. Strategic acquisitions, such as M&F Management and Financing GmbH (parent of TCS EMEA GmbH) in March 2024 and Reinigungstechnik 4 You GmbH ("R4Y"), are key to broadening its customer base and market reach.
- New Product Innovation and Sustainable Cleaning Solutions: The company is committed to continuous product innovation, including the introduction of user-friendly scrubbers like the T291. Furthermore, Tennant's ongoing investment in research and development for detergent-free and other sustainable cleaning technologies addresses the growing demand for eco-friendly solutions, reinforcing its position as an industry innovator.
- Strategic Pricing Actions and Volume Growth: Tennant projects that its net sales growth for 2026 will be driven by approximately 25% pricing actions and about 75% by volume increases. This indicates an expectation of continued strong price realization across its product categories.
- Growth in Service Offerings and Recurring Revenue Models: The company's comprehensive service offerings, which include equipment maintenance, repair services, asset management solutions, and financing/leasing programs, contribute to a steady stream of aftermarket revenue. Additionally, the expansion of "equipment-as-a-service" programs, such as the "Clean 360" subscription for AMRs, is expected to grow its recurring revenue base.
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Here's a summary of Tennant Company's (TNC) capital allocation decisions over the last 3-5 years:
Share Repurchases
- Tennant repurchased approximately $87.7 million of its stock in 2025.
- In February 2025, the Board of Directors authorized a new share repurchase program for up to 2,000,000 shares, in addition to approximately 580,000 shares remaining under a prior program.
- In 2023, the company executed approximately $22 million in share repurchases.
Share Issuance
No significant share issuance events were identified for Tennant Company in the provided information for the last 3-5 years.
Inbound Investments
No information regarding large inbound investments made in Tennant Company by third-parties was found in the provided information.
Outbound Investments
No information on significant outbound investments or acquisitions made by Tennant Company was found in the provided information, beyond a general mention of "Opportunistic M&A" in an investor presentation.
Capital Expenditures
- Tennant invested $21.7 million in capital expenditures in 2025.
- Historically, the company aims for $20-$25 million in capital expenditures annually, focusing on new product innovation and manufacturing optimization.
- In 2023, capital expenditures totaled $22.8 million, and in 2022, they were $25.0 million.
- For 2026, Tennant anticipates spending over $20 million on ERP modernization.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Tennant Stock (-23%) : Botched ERP Launch Annihilates Q4 Earnings | 02/25/2026 | |
| Tennant Earnings Notes | 12/16/2025 | |
| How Low Can Tennant Stock Really Go? | 10/17/2025 | |
| Tennant (TNC) Debt Comparison | 08/09/2025 | |
| Tennant (TNC) Operating Cash Flow Comparison | 08/09/2025 | |
| Tennant (TNC) EBITDA Comparison | 08/09/2025 | |
| Tennant (TNC) Tax Expense Comparison | 08/09/2025 | |
| Tennant (TNC) Revenue Comparison | 08/09/2025 | |
| Tennant (TNC) Net Income Comparison | 08/09/2025 | |
| Tennant (TNC) Operating Income Comparison | 08/09/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 02/25/2026 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 148.84 |
| Mkt Cap | 28.3 |
| Rev LTM | 8,031 |
| Op Inc LTM | 1,441 |
| FCF LTM | 1,148 |
| FCF 3Y Avg | 1,090 |
| CFO LTM | 1,333 |
| CFO 3Y Avg | 1,254 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.8% |
| Rev Chg 3Y Avg | 2.0% |
| Rev Chg Q | 6.1% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 4.4% |
| Op Inc Chg 3Y Avg | 3.0% |
| Op Mgn LTM | 18.7% |
| Op Mgn 3Y Avg | 18.0% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 17.6% |
| CFO/Rev 3Y Avg | 18.3% |
| FCF/Rev LTM | 14.3% |
| FCF/Rev 3Y Avg | 14.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 28.3 |
| P/S | 4.0 |
| P/Op Inc | 20.5 |
| P/EBIT | 21.7 |
| P/E | 30.1 |
| P/CFO | 22.1 |
| Total Yield | 4.4% |
| Dividend Yield | 1.3% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.3% |
| 3M Rtn | -13.2% |
| 6M Rtn | -1.8% |
| 12M Rtn | 1.3% |
| 3Y Rtn | 16.4% |
| 1M Excs Rtn | -9.6% |
| 3M Excs Rtn | -24.9% |
| 6M Excs Rtn | -13.8% |
| 12M Excs Rtn | -28.0% |
| 3Y Excs Rtn | -61.1% |
Price Behavior
| Market Price | $85.83 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 03/03/1992 | |
| Distance from 52W High | -1.5% | |
| 50 Days | 200 Days | |
| DMA Price | $78.79 | $76.46 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 8.9% | 12.3% |
| 3M | 1YR | |
| Volatility | 29.0% | 35.3% |
| Downside Capture | 69.49 | 99.81 |
| Upside Capture | 161.07 | 91.09 |
| Correlation (SPY) | 49.4% | 31.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.59 | 1.61 | 0.99 | 0.77 | 0.93 | 0.83 |
| Up Beta | 4.60 | 1.13 | 0.86 | 0.84 | 1.01 | 0.75 |
| Down Beta | 2.02 | 1.81 | 0.62 | 0.86 | 0.77 | 0.81 |
| Up Capture | 156% | 200% | 179% | 75% | 83% | 57% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 26 | 39 | 69 | 134 | 389 |
| Down Capture | 283% | 207% | 58% | 56% | 100% | 98% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 15 | 24 | 55 | 116 | 359 |
[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 TNC | |
|---|---|---|---|---|
| TNC | 17.3% | 35.3% | 0.52 | - |
| Sector ETF (XLI) | 23.7% | 15.4% | 1.18 | 37.7% |
| Equity (SPY) | 30.5% | 11.8% | 1.95 | 31.1% |
| Gold (GLD) | 35.9% | 26.7% | 1.12 | 8.7% |
| Commodities (DBC) | 44.5% | 18.9% | 1.81 | -12.4% |
| Real Estate (VNQ) | 10.1% | 13.2% | 0.47 | 28.4% |
| Bitcoin (BTCUSD) | -32.2% | 41.6% | -0.82 | 18.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNC | |
|---|---|---|---|---|
| TNC | 2.3% | 29.4% | 0.10 | - |
| Sector ETF (XLI) | 12.7% | 17.4% | 0.57 | 58.0% |
| Equity (SPY) | 14.2% | 17.0% | 0.66 | 49.0% |
| Gold (GLD) | 18.3% | 18.0% | 0.83 | 6.6% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 8.6% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.06 | 44.3% |
| Bitcoin (BTCUSD) | 13.0% | 54.6% | 0.43 | 18.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNC | |
|---|---|---|---|---|
| TNC | 6.6% | 32.1% | 0.27 | - |
| Sector ETF (XLI) | 14.2% | 20.0% | 0.63 | 63.3% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 55.8% |
| Gold (GLD) | 13.2% | 16.0% | 0.68 | 2.2% |
| Commodities (DBC) | 7.5% | 17.9% | 0.34 | 18.1% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 47.5% |
| Bitcoin (BTCUSD) | 66.0% | 66.9% | 1.05 | 13.4% |
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Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | 0.8% | 4.9% | |
| 2/24/2026 | -0.5% | -1.1% | 8.7% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 12 | 13 |
| # Negative | 15 | 12 | 10 |
| Median Positive | 1.9% | 5.0% | 5.2% |
| Median Negative | -2.4% | -2.7% | -5.7% |
| Max Positive | 14.8% | 15.9% | 19.8% |
| Max Negative | -7.5% | -9.3% | -13.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.24 Bil | 1.26 Bil | 1.28 Bil | 0 | Affirmed | Guidance: 1.26 Bil for 2026 | |
| 2026 Revenue Growth | 3.0% | 4.75% | 6.5% | 0 | 0 | Affirmed | Guidance: 4.75% for 2026 |
| 2026 EPS | 4.7 | 5 | 5.3 | 0 | Affirmed | Guidance: 5 for 2026 | |
| 2026 Adjusted EBITDA | 175.00 Mil | 182.50 Mil | 190.00 Mil | 0 | Affirmed | Guidance: 182.50 Mil for 2026 | |
| 2026 Operating Margin | 14.1% | 14.45% | 14.8% | 0 | 0 | Affirmed | Guidance: 14.45% for 2026 |
| 2026 Capital Expenditures | 25.00 Mil | 0 | Affirmed | Guidance: 25.00 Mil for 2026 | |||
| 2026 Adjusted effective tax rate | 24.0% | 26.5% | 29.0% | Higher New | |||
Prior: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.24 Bil | 1.26 Bil | 1.28 Bil | 2.4% | Raised | Actual: 1.23 Bil for 2025 | |
| 2026 Revenue Growth | 3.0% | 4.75% | 6.5% | 8.8% | Raised | Actual: -4.0% for 2025 | |
| 2026 EPS | 4.7 | 5 | 5.3 | -16.0% | Lowered | Actual: 5.95 for 2025 | |
| 2026 Operating Margin | 14.1% | 14.45% | 14.8% | -12.2% | -2.0% | Lowered | Actual: 16.45% for 2025 |
| 2026 Capital Expenditures | 25.00 Mil | 25.0% | Raised | Actual: 20.00 Mil for 2025 | |||
Insider Activity
Updated 5/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zay, Richard H | CHIEF COMMERCIAL OFFICER | Direct | Sell | 5112026 | 88.02 | 6,875 | 605,103 | 2,421,997 | Form |
| 2 | Glerum, James T JR | Direct | Buy | 3022026 | 61.25 | 8,163 | 499,980 | 526,746 | Form | |
| 3 | Mulligan, Donal L | trust for spouse | Buy | 3022026 | 61.61 | 3,000 | 184,830 | 492,880 | Form | |
| 4 | Arvani, Azita | Direct | Sell | 3022026 | 61.40 | 3,156 | 193,794 | 1,070,593 | Form | |
| 5 | Mulligan, Donal L | trust for spouse | Buy | 3022026 | 63.86 | 5,000 | 319,300 | 319,300 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Industrial Machinery & Supplies & Components Resources |
| Machine Design |
| Modern Machine Shop |
| Industrial Equipment News (IEN) |
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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