Thermon Q4 Revenue Rises 11% to $148.3M; Net Income Falls 84%
THR•Thermon delivered Q4 revenue of $148.3M, up 11%, with gross profit rising 10% to $65.3M, but net income plunged 84% to $2.7M while adjusted EBITDA grew 5% to $32.1M. Full-year revenue reached a record $536.3M, up 8%, adjusted EBITDA margin rose to 22.3%, and new orders hit $550.8M.
1. Q4 Financial Results
Thermon reported fourth-quarter revenue of $148.3 million, an 11% increase year-over-year, driven by a rebound in large project activity and pricing benefits. Gross profit rose 10% to $65.3 million, while GAAP net income declined 84% to $2.7 million; non-GAAP adjusted EBITDA climbed 5% to $32.1 million, yielding a 21.6% margin.
2. Full-Year Fiscal 2026 Highlights
For fiscal 2026, Thermon achieved record revenue of $536.3 million, up 8%, and gross profit of $243.1 million, up 9%, with a 45.3% gross margin. Adjusted EBITDA reached $119.6 million, a 9% gain, with margin expanding to 22.3%, and adjusted net income rose 11% to $70.5 million.
3. Order Growth and Strategic Trends
New orders totaled $550.8 million for the year, a 3% increase, producing a book-to-bill ratio of 1.03x. The bid pipeline surged over 40% to nearly $1.8 billion, led by demand in onshoring, decarbonization, LNG, power and data center liquid load bank solutions, where 220 units are now ordered.
4. Pending CECO Environmental Combination
Thermon’s proposed acquisition of CECO Environmental remains on track to close in June 2026. The combined entity is expected to deliver double-digit growth, attractive margins and strong operating cash flow, leveraging CECO’s projected 25% revenue and 45% adjusted EBITDA growth in 2026.
