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Tennant Company

TNC Industrials Specialty Industrial Machinery

Tennant Company’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, down 6.47% from fiscal 2024.

Revenue
+6.26%
EPS
+42.4%
Free cash flow
−78.2%
Total debt
+50.3%

Quarter to September 2026, against a year earlier

70.81 2.03 −2.79%
Market cap
$1.2B
P/E
51.2×
Fwd P/E
27.8×
Dividend yield
1.75%
F-score
5/9
Altman Z
3.33
Beneish M
−2.54
Dividend safety
81/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 2.11
Sold, $m 1.23
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 2 1 — — — — 3 — — —
Sell — — 3 — — 1 — — — — — —
Insider Ownership 1.57%

Capital & Financial Ratios $m

Size
Market Cap 1,210.00
Revenue ttm 1,235.80
Net income ttm 22.90
Free cash flow ttm (19.80)
Net debt Q 283.40
Valuation
P/E 51.18 (above 35: high)
Forward P/E 27.80
Price / sales 0.97
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.18
Financial health
Current ratio Q 2.18 (at or above 1.5: strong)
Debt / equity Q 0.65
Interest coverage Q 6.24
Growth
Revenue growth Q +6.26% (above 0%: growing)
Operating income growth Q +39.91% (above 0%: growing)
EPS, this year −12.69% (below 0%: weak)
EPS, next year A +37.26% (at or above 15%: strong)
Revenue, next year A +6.86%
EPS, past 5 yrs +5.45%
EPS, next 5 yrs A +12.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 1.4×; over the ten years it ranged from 1.0× in 2016 to 1.9× in 2017.
P/E against its own 10 years 86.68%
10-year low 10-year high
P/S against its own 10 years 6.53%
10-year low 10-year high
P/B against its own 10 years 4.77%
10-year low 10-year high
EV/Sales against its own 10 years 13.57%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.75%
Annual rate
1.24
Payout ratio
91.5%
Growth, 2017–25
+4.50%/yr
  1. 0.84 ’17
  2. 0.85 ’18 +1
  3. 0.88 ’19 +4
  4. 0.89 ’20 +1
  5. 0.94 ’21 +6
  6. 1.02 ’22 +8
  7. 1.08 ’23 +6
  8. 1.14 ’24 +6
  9. 1.20 ’25 +5
  10. 1.26 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 117 100 106 75
Receivables 248 259 257 292
Inventory 176 184 199 213
Other — — — —
569 577 600 640
2023 2024 2025 Q'26
Payables 111 127 128 116
ST’ Debt 6 1 0 0
Other 156 164 165 177
274 292 293 293

Compound Annual Growth %

10y 5y 3y
Sales 4.02% 3.75% 3.29%
Cash Flow 3.69% (13.45%) 0.00%
Earnings 3.16% 5.38% (12.91%)
Book Value 9.12% 8.24% 8.52%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.93 Actual 1.40

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.68 1.39 Miss by 0.29
Q1 FY26 0.24 0.58 Beat by 0.34
Q2 FY26 1.23 0.83 Miss by 0.40
Q3 FY26 0.93 1.40 Beat by 0.47
Q4 FY26 1.51 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.01 0.44 1.14 — —
’25 0.69 1.08 0.80 (0.23) 2.36
’24 1.49 1.45 1.09 0.35 4.38
’23 1.30 1.68 1.21 1.64 5.83
’22 0.55 0.89 0.83 1.27 3.55
’21 1.37 0.51 1.14 0.42 3.44
’20 0.28 0.77 0.63 0.13 1.81
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 298 324 322 — —
’25 290 319 303 292 1,204
’24 311 331 316 329 1,287
’23 306 322 305 311 1,244
’22 258 280 263 291 1,092
’21 263 279 272 276 1,091
’20 252 214 262 273 1,001
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (31) 5 12 — —
’25 0 23 29 14 65
’24 3 19 31 38 90
’23 31 39 54 64 188
’22 (10) (13) (15) 14 (25)
’21 18 19 25 7 69
’20 9 40 49 36 134
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (34) 0 5 — —
’25 (7) 19 24 10 45
’24 0 14 26 28 69
’23 24 34 51 56 166
’22 (15) (15) (24) 4 (50)
’21 14 41 21 (1) 75
’20 (4) 34 42 32 104
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 809 1,003 1,124 1,138 1,001 1,091 1,092 1,244 1,287 1,204 1,236 +4.5% 1,286 1,361 1,409 +5.4%
Gross margin, % 43.48 39.86 39.61 40.59 40.74 40.15 38.54 42.44 42.74 40.24 38.73 (3.2) pt
EBT 66 (1) 36 54 41 74 80 124 105 58 31 (1.5%)
EBT margin, % 8.22 (0.13) 3.19 4.75 4.11 6.79 7.28 9.95 8.14 4.81 2.52 (3.4) pt
Net income 47 (6) 34 46 34 65 66 110 84 44 23 (0.7%)
Per share, $
Per share, $ Revenue 46.14 56.69 62.63 62.79 54.55 58.96 59.06 67.19 68.49 65.53 73.10 +4.0%
Earnings 2.66 (0.35) 1.86 2.53 1.84 3.51 3.58 5.92 4.46 2.38 1.38 (1.2%)
Cash flow 3.30 3.06 4.46 3.97 7.29 3.75 (1.36) 10.18 4.77 3.54 (0.01) +0.8%
Capex (1.48) (1.15) (1.20) (2.14) (1.63) 0.28 (1.35) (1.23) (1.11) (1.10) (1.17) (3.2%)
Free cash flow 1.82 1.91 3.26 1.83 5.66 4.03 (2.71) 8.95 3.66 2.44 (1.17) +3.3%
Book value 15.90 16.87 17.63 19.94 22.13 23.52 25.53 31.24 33.11 32.85 32.55 +8.4%
Shares, m 18 18 18 18 18 19 18 19 19 18 17 +0.5%
Valuation, ×
Valuation, × P/E 27.19 0.00 28.02 30.80 38.14 23.09 17.31 15.46 18.28 30.97 51.18 22.9
P/S 1.57 1.31 0.83 1.24 1.29 1.37 1.05 1.36 1.19 1.12 0.97 1.2
P/B 4.57 4.41 2.96 3.91 3.17 3.45 2.43 2.93 2.46 2.24 2.18 3.3
EV/Sales 1.55 1.63 1.07 1.47 1.45 1.51 1.26 1.43 1.27 1.26 1.20 1.4
EV/FCF 39.10 48.33 20.58 50.63 14.01 22.06 (27.28) 10.75 23.78 34.10 (74.02) 23.6
Cash, $m
Cash, $m Operating cash flow 58 54 80 72 134 69 (25) 188 90 65 0 +1.3%
Capex (26) (20) (21) (39) (30) 5 (25) (23) (21) (20) (20) (2.7%)
Free cash flow 32 34 59 33 104 75 (50) 166 69 45 (20) +3.8%
Balance, $m
Balance, $m Working capital 165 187 220 206 239 237 314 295 284 307 347 +7.1%
Net debt (22) 318 269 264 168 144 223 84 100 167 283 n/m
Shareholders’ equity 279 298 316 361 406 435 472 578 622 603 550 +9.0%
Returns, %
Returns, % ROA 10.33 (0.85) 3.36 4.46 3.14 6.05 6.18 9.96 7.27 3.56 1.80 (6.8) pt
ROIC 16.65 3.35 6.19 7.17 6.94 10.11 7.84 13.09 9.90 5.54 3.58 (11.1) pt
ROE 17.57 (2.15) 10.87 13.52 8.78 15.43 14.62 20.85 13.95 7.15 3.84 (10.4) pt
People
People Employees 3,236 4,300 4,300 4,400 4,373 4,263 4,299 4,457 4,632 4,484 — +3.7%
Revenue/emp, $m 0.25 0.23 0.26 0.26 0.23 0.26 0.25 0.28 0.28 0.27 — +0.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Tennant Company vs peers in Specialty Industrial Machinery (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MFP Midera Food Processing, Inc $1.9B — — — — — 35.33% 9.66% Compare
GRC Gorman-Rupp Company (The) $1.8B 24.4× 24.8× +11.82% (above 0%: growing) +99.98% (above 0%: growing) +27.49% (above 0%: growing) 33.39% 17.54% Compare
ATS ATS Corporation $1.7B 50.0× 37.7× −5.93% (below 0%: shrinking) n/m −117.83% (below 0%: shrinking) 27.38% 3.49% Compare
EROC ERock, Inc. $1.5B — — — n/m — 21.92% (49.77%) Compare
TNC Tennant Company $1.2B 51.2× 27.8× +6.26% (above 0%: growing) +42.41% (above 0%: growing) −78.15% (below 0%: shrinking) 42.29% 9.68%
AMSC American Superconductor Corporation $1.2B 7.8× 53.4× +42.78% (above 0%: growing) −45.45% (below 0%: shrinking) +68.38% (above 0%: growing) 28.21% 5.70% Compare
GHM Graham Corporation $846.2M 61.0× 45.5× +5.65% (above 0%: growing) +42.86% (above 0%: growing) +371.17% (above 0%: growing) 28.20% 8.36% Compare
PSIX Power Solutions International, Inc. $827.4M 11.8× 15.7× −0.86% (below 0%: shrinking) +8.33% (above 0%: growing) +2,119.22% (above 0%: growing) 29.66% 20.24% Compare
KRNT Kornit Digital Ltd. $705.1M — (loss-making) — (loss-making) +11.19% (above 0%: growing) n/m +113.86% (above 0%: growing) 45.31% (26.91%) Compare
Median of peers $1.3B 24.4× 37.7× +8.42% +25.60% +91.12% 28.94% 7.03%

All 79 Specialty Industrial Machinery stocks →

Pay and ownership Proxy statement filed 18 March 2026

Ownership

Directors and executive officers, together 3.50%
BlackRock, Inc. 15.70% of the votes
The Vanguard Group, Inc. 12.50% of the votes
Mairs & Power, Inc. 6.00% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Tennant Company (TNC) Latest News

4 Nov

Impact 3 · · MarketBeat transcript

3 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby transcript

2 Nov

Impact 3 · · StockStory
Impact 3 · · Business Wire

29 Oct

Impact 4 · · Simply Wall St.

26 Oct

Impact 3 · · Zacks

20 Oct

Impact 4 · · Business Wire
Impact 3 · · Business Wire

16 Oct

Impact 3 · · StockStory

9 Oct

Impact 3 · · StockStory

27 Sep

Impact 4 · · MarketBeat

13 Sep

Impact 3 ·

10 Aug

Impact 3 ·

9 Aug

Impact 3 · · MarketBeat transcript

6 Aug

Impact 3 ·

5 Aug

Impact 3 ·

3 Jul

Impact 4 ·
Impact 4 ·

2 Jul

Impact 4 ·

1 Jul

Impact 3 ·

30 Jun

Impact 3 ·

8 Jun

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

19 May

Impact 4 · · Simply Wall St.

11 May

Impact 4 · · Business Wire

6 May

Impact 4 · · The Motley Fool transcript
Impact 3 · · Insider Monkey

5 May

Impact 4 · · Simply Wall St.
stockrow.com/TNC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com