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. In the quarter to June 2026, revenue grew 1.69%, EPS fell 59.1%, free cash flow fell 101.6% and total debt rose 67.9%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years; insiders bought in the last twelve months.
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Tennant Company (TNC) Altman Z-score
Tennant Company's Altman Z-score for fiscal 2025 is 3.33, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.33 | (0.69) |
| FY2024 | 4.02 | (0.44) |
| FY2023 | 4.46 | 1.13 |
| FY2022 | 3.32 | (0.24) |
| FY2021 | 3.56 | 0.57 |
| FY2020 | 3.00 | (0.19) |
| FY2019 | 3.19 | 0.32 |
| FY2018 | 2.87 | (0.01) |
| FY2017 | 2.87 | (4.61) |
| FY2016 | 7.48 | 0.42 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.24 | — | 0.29 | |
| Retained earnings / total assets | 0.49 | — | 0.69 | |
| EBIT / total assets | 0.05 | — | 0.18 | |
| Market value of equity / total liabilities | 2.03 | — | 1.22 | |
| Sales / total assets | 0.95 | — | 0.95 | |
| Altman Z-score | Safe zone | 3.33 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.51 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| KRNT Kornit Digital Ltd. compare | 7.5× |
| PSIX Power Solutions International, Inc. compare | 6.4× |
| EPAC Enerpac Tool Group Corp. compare | 5.6× |
| GHM Graham Corporation compare | 4.2× |
| AMSC American Superconductor Corporation compare | 3.8× |
| TNC Tennant Company | 3.3× |
| ATS ATS Corporation compare | 2.1× |
| BW Babcock compare | −1.9× |
| NNE Nano Nuclear Energy Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets