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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. 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.

65.35 0.65 −0.98%
Market cap
$1.1B
P/E
62.8×
Fwd P/E
22.2×
Dividend yield
1.90%
F-score
5/9
Altman Z
3.33
Beneish M
−2.54
Dividend safety
81/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 2.11
Total sells 1.23
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — 2 1 — — — — 3 — —
Sell — — — 3 — — 1 — — — — —
Insider Ownership 1.53%

Capital & Financial Ratios $m

Market Cap 1,130.00
Revenue 1,216.80
Net Income 18.30
Free Cash Flow (1.20)
Net Debt 282.00
Current Ratio 2.04 (at or above 1.5: strong)
Debt/Equity 0.67
P/E ratio 62.84 (above 35: high)
Fwd P/E 22.20
P/S ratio 0.91
P/B ratio 2.06
Past 5Y EPS Growth 5.45%
This Y EPS Growth (15.83%) (below 0%: weak)
Next Y EPS Growth 46.10% (at or above 15%: strong)
Next Y revenue growth 6.86%
Next 5Y EPS Growth 3.90%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, 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 89.14%
10-year low 10-year high
P/S against its own 10 years 1.84%
10-year low 10-year high
P/B against its own 10 years 1.25%
10-year low 10-year high
EV/Sales against its own 10 years 5.20%
10-year low 10-year high

Dividends

Payout Ratio 1.22
Annual Dividend Rate 1.24
Annual Dividend Yield 1.90%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.26
0.31
0.31
0.31
2025 1.20
0.30
0.30
0.30
0.31
2024 1.14
0.28
0.28
0.28
0.30
2023 1.08
0.27
0.27
0.27
0.28
2022 1.02
0.25
0.25
0.25
0.27
2021 0.94
0.23
0.23
0.23
0.25
2020 0.89
0.22
0.22
0.22
0.23
2019 0.88
0.22
0.22
0.22
0.22
2018 0.85
0.21
0.21
0.21
0.22
2017 0.84
0.21
0.21
0.21
0.21
2016 0.81
0.20
0.20
0.20
0.21
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 117 100 106 77
Receivables 248 259 257 286
Inventory 176 184 199 202
Other — — — —
569 577 600 614
2023 2024 2025 Q'26
Payables 111 127 128 113
ST’ Debt 6 1 0 1
Other 156 164 165 187
274 292 293 300

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%

Revenue $m

Mar Jun Sep Dec Year
’26 298 324 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.01 0.44 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 45.92 60.05 48.97 50.29 46.64 66.73 54.90 61.65 79.25 67.32

Analyst estimates 2026–2028

Powerpack
High 76.80 76.80 86.03 80.44 87.06 87.40 85.33 93.78 124.11 90.44
People
People Employees 3,236 4,300 4,300 4,400 4,373 4,263 4,299 4,457 4,632 4,484
Revenue/emp, $m 0.25 0.23 0.26 0.26 0.23 0.26 0.25 0.28 0.28 0.27
Income, $m
Income, $m Revenue 809 1,003 1,124 1,138 1,001 1,091 1,092 1,244 1,287 1,204
Gross margin, % 43.48 39.86 39.61 40.59 40.74 40.15 38.54 42.44 42.74 40.24
EBT 66 (1) 36 54 41 74 80 124 105 58
EBT margin, % 8.22 (0.13) 3.19 4.75 4.11 6.79 7.28 9.95 8.14 4.81
Net income 47 (6) 34 46 34 65 66 110 84 44
Depreciation 18 45 57 54 53 53 49 51 55 59
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
Earnings 2.66 (0.35) 1.86 2.53 1.84 3.51 3.58 5.92 4.46 2.38
Cash flow 3.30 3.06 4.46 3.97 7.29 3.75 (1.36) 10.18 4.77 3.54
Capex (1.48) (1.15) (1.20) (2.14) (1.63) 0.28 (1.35) (1.23) (1.11) (1.10)
Free cash flow 1.82 1.91 3.26 1.83 5.66 4.03 (2.71) 8.95 3.66 2.44
Book value 15.90 16.87 17.63 19.94 22.13 23.52 25.53 31.24 33.11 32.85
Shares, m 18 18 18 18 18 19 18 19 19 18
Valuation, ×
Valuation, × P/E 27.19 0.00 28.02 30.80 38.14 23.09 17.31 15.46 18.28 30.97
P/S 1.57 1.31 0.83 1.24 1.29 1.37 1.05 1.36 1.19 1.12
P/B 4.57 4.41 2.96 3.91 3.17 3.45 2.43 2.93 2.46 2.24
EV/Sales 1.55 1.63 1.07 1.47 1.45 1.51 1.26 1.43 1.27 1.26
EV/FCF 39.10 48.33 20.58 50.63 14.01 22.06 (27.28) 10.75 23.78 34.10
Cash, $m
Cash, $m Operating cash flow 58 54 80 72 134 69 (25) 188 90 65
Capex (26) (20) (21) (39) (30) 5 (25) (23) (21) (20)
Free cash flow 32 34 59 33 104 75 (50) 166 69 45
Balance, $m
Balance, $m Working capital 165 187 220 206 239 237 314 295 284 307
Total debt 36 377 355 339 309 268 300 201 200 274
Net debt (22) 318 269 264 168 144 223 84 100 167
Shareholders’ equity 279 298 316 361 406 435 472 578 622 603
Returns, %
Returns, % ROA 10.33 (0.85) 3.36 4.46 3.14 6.05 6.18 9.96 7.27 3.56
ROIC 16.65 3.35 6.19 7.17 6.94 10.11 7.84 13.09 9.90 5.54
ROE 17.57 (2.15) 10.87 13.52 8.78 15.43 14.62 20.85 13.95 7.15
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
EPAC Enerpac Tool Group Corp. $1.8B 19.9× 18.7× +5.60% (above 0%: growing) +41.46% (above 0%: growing) +4.70% (above 0%: growing) 52.99% 24.69% Compare
ATS ATS Corporation $1.8B 52.2× 27.3× −5.93% (below 0%: shrinking) n/m −117.83% (below 0%: shrinking) 27.38% 3.49% Compare
AMSC American Superconductor Corporation $1.3B 8.3× 71.0× +30.01% (above 0%: growing) +23.53% (above 0%: growing) +68.38% (above 0%: growing) 26.28% 10.45% Compare
PSIX Power Solutions International, Inc. $1.2B 15.6× 16.0× −20.51% (below 0%: shrinking) −67.26% (below 0%: shrinking) +280.84% (above 0%: growing) 27.12% 15.68% Compare
TNC Tennant Company $1.1B 62.8× 22.2× +1.69% (above 0%: growing) −59.09% (below 0%: shrinking) −101.60% (below 0%: shrinking) 39.48% 4.91%
GHM Graham Corporation $835.1M 64.3× 56.0× +28.57% (above 0%: growing) −19.05% (below 0%: shrinking) −64.73% (below 0%: shrinking) 24.95% 5.82% Compare
BW Babcock $738.9M — (loss-making) — (loss-making) +130.25% (above 0%: growing) n/m +14.34% (above 0%: growing) 14.59% 3.68% Compare
KRNT Kornit Digital Ltd. $737.7M — (loss-making) — (loss-making) +11.19% (above 0%: growing) n/m +113.86% (above 0%: growing) 45.31% (26.91%) Compare
NNE Nano Nuclear Energy Inc. $729.8M — (loss-making) — — n/m −13.05% (below 0%: shrinking) 29.07% (7,395.14%) Compare
Median of peers $1.0B 19.9× 27.3× +11.19% +2.24% +9.52% 27.25% 4.75%

All 76 Specialty Industrial Machinery stocks →

Tennant Company (TNC) key facts

  • Concern: Tennant Company’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, down 6.47% from fiscal 2024.
  • Concern: Net income was $43.8 million, or $2.38 per share (basic), a net margin of 3.64%.
  • Tennant Company (TNC) is a Specialty Industrial Machinery company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, TNC traded at $65.35, a market capitalization of $1.1 billion.
  • At that price the stock trades at 62.8× trailing-twelve-month earnings and 0.9× sales; its P/E is higher than 89% of its own readings over the past ten years.
  • Tennant Company pays an annual dividend of $1.24 per share, a yield of 1.90%, with a payout ratio of 121.6%.
  • Return on equity was 7.15% and debt-to-equity 0.67.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 3.33 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/TNC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com