TNC Industrials

Tennant Company

$72.16+4.99%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Industrials
Industry: Specialty Industrial Machinery
Country: United States
Market cap: 1.2B USD
Enterprise value: 1.4B USD
Full-time employees: 4,500

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.11 vs a peer median of 0.64)bigger price swings (beta 1.11 vs peers 0.64)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #2,020 of 2,308 industrials companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Tennant reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Valuation signals disagree. Cheaper than 47% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 47% of peers on operating cash profit, but only 0% on free cash flow.
Relative to its operating cash profit (EBITDA), Tennant looks cheaper than 47% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Tennant looks cheaper than 47% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Sales growing faster than profits. Since 2022: revenue +10%, operating profit −22%.
Since 2022, Tennant's revenue changed +10% while operating profit fell 22%: costs rose faster than sales.
Share count shrinking. Shares outstanding down 7.9% from December 2022 to July 2026.
Tennant had 7.9% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

StockQuotient Score

27/ 100▼ 1 since Oct 27 close

Oct 5 28 → Nov 4 27 (-1)

Valuation

Is the price right?

32/100

Weak▼ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 35 → 32

Share price +9.3%-3

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.5%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.78Sector median: 0.0377 · MAD: 0.0294

EBITDA yield6.5%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.09Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-0.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield43.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

15/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-67.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.00Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth1.0%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.51Sector median: 0.0421 · MAD: 0.0625

Revenue growth-2.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.95Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

26/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Free cash flow turned negative over the last 12 months

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin3.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.89Sector median: 0.0773 · MAD: 0.0507

Return on assets1.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.69Sector median: 0.0311 · MAD: 0.0241

Return on invested capital3.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.61Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin38.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity3.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.11

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.69Sector median: 0.6440 · MAD: 0.2745

Current ratio2.04×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.80Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.67×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.80Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Tennant

Is Tennant getting weaker?: Its latest SEC filing (Aug 6, 2026) got weaker in some ways: free cash flow turned negative over the last 12 months. Its overall score is 27/100, down 1 since Oct 28, 2026.
How is Tennant valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 32/100 against 2,459 industrials peers. Free cash flow yield -0.2% vs a peer median of 3.7% (weaker than 100% of peers).Free cash flow yield -0.2% vs peers 3.7% (weaker than 100% of peers).
Is Tennant growing?: More slowly than most of its peers. Growth scores 15/100 against 2,459 industrials peers. Earnings per share growth -67.3% vs a peer median of 7.1% (weaker than 95% of peers).Earnings per share growth -67.3% vs peers 7.1% (weaker than 95% of peers).
How profitable is Tennant?: Less profitable than most of its peers. Profitability scores 26/100 against 2,459 industrials peers. Operating margin 3.2% vs a peer median of 7.7% (weaker than 76% of peers).Operating margin 3.2% vs peers 7.7% (weaker than 76% of peers).
How risky is Tennant?: Moderate risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.04× vs a peer median of 1.62× (stronger than 66% of peers).Current ratio 2.04× vs peers 1.62× (stronger than 66% of peers). Beta 1.11 vs a peer median of 0.64 (weaker than 80% of peers).Beta 1.11 vs peers 0.64 (weaker than 80% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Free cash flow turned negative over the last 12 months

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.2B USD	1.2B USD	+0.4%
Net income (12 months)	30.9M USD	18.3M USD	−40.8%
Operating margin	4.4%	3.2%	−1.2 pts
Free cash flow (12 months)	16.3M USD	−2.7M USD	turned negative
Debt	358.7M USD	358.9M USD	+0.1%
Cash	82.6M USD	76.9M USD	−6.9%
Shares outstanding	17.0M	17.0M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Specialty Industrial Machinery · 42 companies

Valuations in Specialty Industrial Machinery are above their usual range since 2016.

75% of months since 2016 were valued lower than now.
46% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +21% and earnings +11% (medians): prices and earnings moved broadly together.
Median price-to-sales is +32% vs the whole market, against a usual −5%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	40.2%	38.5%	42.4%	42.7%	40.2%	▼ 2.5 pts
Operating margin	8.6%	8.0%	11.1%	8.9%	5.7%	▼ 3.2 pts
Net margin	5.9%	6.1%	8.8%	6.5%	3.6%	▼ 2.9 pts
Return on assets (ROA)	6.1%	6.1%	9.8%	7.0%	3.5%	▼ 3.6 pts
Return on equity (ROE)	15.0%	14.1%	19.0%	13.5%	7.3%	▼ 6.2 pts
Free cash flow margin	4.6%	-4.6%	13.3%	5.3%	3.6%	▼ 1.7 pts
Current ratio	1.81×	2.20×	2.08×	1.97×	2.05×	▲ 3.7%
Quick ratio	1.26×	1.41×	1.44×	1.34×	1.37×	▲ 1.8%
Debt to equity	0.62×	0.64×	0.35×	0.32×	0.45×	▲ 42%
Interest coverage	12.84×	—	—	—	—	—

TNC price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.11 vs a peer median of 0.64)bigger price swings (beta 1.11 vs peers 0.64)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #2,020 of 2,308 industrials companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Tennant reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Valuation signals disagree. Cheaper than 47% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 47% of peers on operating cash profit, but only 0% on free cash flow.

Relative to its operating cash profit (EBITDA), Tennant looks cheaper than 47% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Tennant looks cheaper than 47% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Sales growing faster than profits. Since 2022: revenue +10%, operating profit −22%.

Since 2022, Tennant's revenue changed +10% while operating profit fell 22%: costs rose faster than sales.

Share count shrinking. Shares outstanding down 7.9% from December 2022 to July 2026.

Tennant had 7.9% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Questions investors ask about Tennant

Is Tennant getting weaker?

Its latest SEC filing (Aug 6, 2026) got weaker in some ways: free cash flow turned negative over the last 12 months. Its overall score is 27/100, down 1 since Oct 28, 2026.

How is Tennant valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 32/100 against 2,459 industrials peers. Free cash flow yield -0.2% vs a peer median of 3.7% (weaker than 100% of peers).Free cash flow yield -0.2% vs peers 3.7% (weaker than 100% of peers).

Is Tennant growing?

More slowly than most of its peers. Growth scores 15/100 against 2,459 industrials peers. Earnings per share growth -67.3% vs a peer median of 7.1% (weaker than 95% of peers).Earnings per share growth -67.3% vs peers 7.1% (weaker than 95% of peers).

How profitable is Tennant?

Less profitable than most of its peers. Profitability scores 26/100 against 2,459 industrials peers. Operating margin 3.2% vs a peer median of 7.7% (weaker than 76% of peers).Operating margin 3.2% vs peers 7.7% (weaker than 76% of peers).

How risky is Tennant?

Moderate risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.04× vs a peer median of 1.62× (stronger than 66% of peers).Current ratio 2.04× vs peers 1.62× (stronger than 66% of peers). Beta 1.11 vs a peer median of 0.64 (weaker than 80% of peers).Beta 1.11 vs peers 0.64 (weaker than 80% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.2B USD

1.2B USD

+0.4%

Net income (12 months)

30.9M USD

18.3M USD

−40.8%

Operating margin

4.4%

3.2%

−1.2 pts

Free cash flow (12 months)

16.3M USD

−2.7M USD

turned negative

Debt

358.7M USD

358.9M USD

+0.1%

Cash

82.6M USD

76.9M USD

−6.9%

Shares outstanding

17.0M

17.0M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

40.2%

38.5%

42.4%

42.7%

40.2%

▼ 2.5 pts

Operating margin

8.6%

8.0%

11.1%

8.9%

5.7%

▼ 3.2 pts

Net margin

5.9%

6.1%

8.8%

6.5%

3.6%

▼ 2.9 pts

Return on assets (ROA)

6.1%

9.8%

7.0%

3.5%

▼ 3.6 pts

Return on equity (ROE)

15.0%

14.1%

19.0%

13.5%

7.3%

▼ 6.2 pts

Free cash flow margin

4.6%

-4.6%

13.3%

5.3%

3.6%

▼ 1.7 pts

Current ratio

1.81×

2.20×

2.08×

1.97×

2.05×

▲ 3.7%

Quick ratio

1.26×

1.41×

1.44×

1.34×

1.37×

▲ 1.8%

Debt to equity

0.62×

0.64×

0.35×

0.32×

0.45×

▲ 42%

Interest coverage

12.84×

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