Thermon Group Holdings, Inc.

CIK:0001489096|SEC Filings

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Sales	$ 536,263	$ 498,207	$ 494,629
Cost of sales	293,207	275,311	283,065
Gross profit	243,056	222,896	211,564
Operating expenses:
Selling, general and administrative expenses	158,290	129,307	123,820
Deferred compensation plan expense/(income)	599	452	1,231
Amortization of intangible assets	13,428	13,681	10,158
Restructuring and other charges/(income)	0	(301)	984
Income from operations	70,739	79,757	75,371
Other income/(expenses):
Interest expense, net	(7,995)	(10,325)	(8,845)
Other income/(expense)	1,482	687	1,148
Income before provision for income taxes	64,226	70,119	67,674
Income tax expense	19,655	16,604	16,086
Net income	44,571	53,515	51,588
Other comprehensive income:
Net income	44,571	53,515	51,588
Foreign currency translation adjustment	10,011	(15,515)	836
Other	0	(79)	29
Total comprehensive income	$ 54,582	$ 37,921	$ 52,453
Net income per common share:
Basic (in dollars per share)	$ 1.37	$ 1.59	$ 1.53
Diluted (in dollars per share)	$ 1.36	$ 1.57	$ 1.51
Weighted-average shares used in computing net income per common share:
Basic (in shares)	32,540,731	33,707,804	33,670,861
Diluted (in shares)	32,800,016	34,058,239	34,066,987

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Net income	$ 44,571	$ 53,515	$ 51,588
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,466	22,339	18,837
Amortization of debt costs	497	486	489
Stock compensation expense	8,244	5,244	5,754
Deferred income taxes	619	(1,081)	(2,079)
Reserve release for uncertain tax positions	0	(1,046)	84
Remeasurement (gain)/loss on intercompany balances	(75)	36	(784)
Changes in operating assets and liabilities:
Accounts receivable	(13,205)	(4,220)	(540)
Inventories	(28,021)	(698)	3,778
Contract assets and liabilities	(7,736)	(6,655)	(101)
Other current and non-current assets	(3,089)	(9,402)	(4,935)
Accounts payable	8,485	(1,156)	2,707
Accrued liabilities and non-current liabilities	14,083	3,410	(6,355)
Income taxes payable and receivable	(44)	2,346	(2,488)
Net cash provided by operating activities	46,795	63,118	65,955
Investing activities
Purchases of property, plant and equipment	(13,931)	(10,249)	(11,016)
Sales of rental equipment	850	65	99
Proceeds from sale of property, plant and equipment	0	5,759	840
Proceeds from disposal of business	0	0	1,027
Cash paid for acquisitions, net of cash acquired	0	(10,545)	(100,472)
Net cash used in investing activities	(13,081)	(14,970)	(109,522)
Financing activities
Proceeds from Term Loan A	125,000	0	100,000
Payments on Term Loan A	(142,000)	(28,625)	(30,872)
Proceeds from revolving credit facility	36,711	12,000	18,000
Payments on revolving credit facility	(17,011)	(17,000)	(27,500)
Issuance costs associated with debt financing	(523)	0	(759)
Lease financing	(59)	(58)	(28)
Issuance of common stock including exercise of stock options	72	632	0
Repurchase of employee stock units on vesting	(3,732)	(3,230)	(2,058)
Repurchase of treasury shares under authorized program	(15,774)	(20,138)	(250)
Net cash provided by/ (used in) financing activities	(17,316)	(56,419)	56,533
Effect of exchange rate changes on cash and cash equivalents	29	(738)	(1,055)
Change in cash and cash equivalents	16,427	(9,009)	11,911
Cash, cash equivalents and restricted cash at beginning of period	41,422	50,431	38,520
Cash, cash equivalents and restricted cash at end of period	57,849	41,422	50,431
Interest paid	8,543	10,405	9,178
Income taxes paid	18,189	16,498	23,130
Income tax refunds received	189	1,497	2,829
Purchases of property, plant and equipment in accounts payable	$ 1,269	$ 311	$ 654

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Current assets:
Cash and cash equivalents	$ 52,275	$ 39,537
Accounts receivable, net of allowances of $1,355 and $1,230 as of March 31, 2026 and 2025, respectively	125,414	109,830
Inventories, net	118,148	88,980
Contract assets	26,737	19,188
Prepaid expenses and other current assets	18,574	16,526
Income tax receivable	53	231
Total current assets	341,201	274,292
Property, plant and equipment, net of depreciation and amortization of $81,934 and $75,773 as of March 31, 2026 and 2025, respectively	79,739	72,824
Goodwill	269,041	264,331
Intangible assets, net	103,660	115,283
Operating lease right-of-use assets	14,783	11,192
Deferred income taxes	1,121	895
Other non-current assets	21,030	16,635
Total assets	830,575	755,452
Current liabilities:
Accounts payable	41,110	31,185
Accrued liabilities	49,779	35,788
Current portion of long-term debt	7,813	18,000
Contract liabilities	19,471	19,604
Lease liabilities	4,701	4,023
Income taxes payable	3,962	4,063
Total current liabilities	126,836	112,663
Borrowings under revolving credit facility	19,700	0
Long-term debt, net of current maturities and deferred debt issuance costs of $503 and $508 as of March 31, 2026 and 2025, respectively	113,559	120,366
Deferred income taxes	10,861	9,756
Non-current lease liabilities	12,099	9,299
Other non-current liabilities	8,813	8,053
Total liabilities	291,868	260,137
Equity
Common stock: $.001 par value; 150,000,000 authorized; 34,169,520 issued and 32,866,352 outstanding, and 33,945,413 shares issued and 33,243,370 outstanding at March 31, 2026 and 2025, respectively	33	33
Preferred stock: $.001 par value; 10,000,000 authorized; no shares issued and outstanding	0	0
Additional paid-in capital	250,785	246,201
Treasury stock, common stock, at cost; 1,303,168 and 702,043 shares at March 31, 2026 and 2025, respectively	(36,162)	(20,388)
Accumulated other comprehensive loss	(62,818)	(72,829)
Retained earnings	386,869	342,298
Total equity	538,707	495,315
Total liabilities and equity	$ 830,575	$ 755,452