Thermon Group Holdings, Inc. (THR) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Return on Common Equity (%)	- -	- -	- -	- -	69.74	66.21	20.77	11.3	8.34	14.24	6.76	0.64	10.37	15.28	19.61
Return on Assets (%)	- -	9.13	3.72	6.27	5.88	11.02	4.99	3.17	2.13	3.45	1.87	0.19	3.2	5.23	7.28
Return on Capital (%)	- -	22.25	17.26	26.14	21.48	27.99	11.88	7.72	5.75	8.79	5.77	- -	7.01	10.6	13.86
Return on Invested Capital (%)	- -	15.64	10.93	10.88	12.88	14.04	8.3	4.46	4.91	6.01	4.14	- -	4.97	7.38	9.71
Gross Margin (%)	47.99	47.38	48.84	46.77	48.74	50.13	46.58	42.38	46.6	42.64	42.15	42.45	39.4	42.02	42.77
EBITDA Margin (%)	24.35	23.85	21.6	24.93	26.25	26.32	21.85	15.25	18.52	19.02	15.89	13.44	16.36	17.73	19.51
Operating Margin (%)	20.15	21.56	16.43	20.06	21.14	21.73	15.67	8.5	10.61	11.76	8.52	5.94	10.68	13.36	15.7
Incremental Operating Margin (%)	- -	-6.75	3.74	92.69	-24.27	27.02	85.86	122.13	23.14	15.16	54.35	15.16	27.16	24.6	34.72
Pretax Margin (%)	13.91	17.08	7.21	14.63	11.81	20.27	11.48	7.22	5.96	8.03	4.45	-0.1	7.99	11.17	13.68
Profit Margin (%)	13.02	9.83	4.45	9.5	9.3	16	8.16	5.54	3.86	5.51	3.11	0.42	5.65	7.64	10.43
Net Income to Common Margin (%)	13.02	9.83	4.45	9.5	9.3	16	8.16	5.54	3.86	5.51	3.11	0.42	5.65	7.64	10.43
Effective Tax Rate (%)	6.37	42.44	38.3	35.08	21.26	21.06	26.93	21.48	28.12	30.09	30.11	- -	29.32	31.62	23.77
Dvd Payout Ratio (%)	- -	45.41	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	69.74	66.21	20.77	11.3	8.34	14.24	6.76	0.64	10.37	15.28	19.61

Credit	2009 Y	2010 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Debt	99	109	143	118	122	108	94	80	217	211	191	161	142	128	187
ST Debt	- -	- -	25	- -	14	14	14	20	2	14	6	6	12	28	23
LT Debt	99	109	118	118	108	94	80	60	215	198	185	155	130	100	165
Total Debt/EBITDA	2.01	2.38	2.44	1.67	1.67	1.33	1.52	2	3.8	2.69	3.13	4.35	2.43	1.64	1.94
Net Debt/EBITDA	1.73	1.72	2.01	1.05	0.67	0.18	0.15	0.93	3.2	2.29	2.11	2.84	1.49	0.98	1.27
Total Debt/EBIT	2.42	2.63	3.21	2.07	2.07	1.61	2.12	3.59	6.63	4.36	5.84	9.84	3.73	2.18	2.41
Net Debt/EBIT	2.1	1.9	2.65	1.3	0.83	0.21	0.2	1.68	5.59	3.71	3.93	6.43	2.29	1.3	1.58
EBITDA to Interest Expense	5.13	6.25	3.81	4.65	7.27	17.79	14.87	11.45	6.36	4.99	4.27	3.62	10.01	13.31	10.91
EBITDA-CapEx/Interest Expense	4.85	6.03	3.23	4.24	6.93	16.46	11.83	9.07	5.25	4.23	3.51	2.83	9.11	11.69	9.66
EBIT to Interest Expense	4.25	5.65	2.9	3.74	5.85	14.69	10.67	6.38	3.64	3.09	2.29	1.6	6.53	10.03	8.78
Interest Expense	10	7	15	15	10	5	4	4	9	16	14	10	6	6	9
Common Equity/Total Assets	- -	- -	-0.68	5.53	11.28	21.86	26.09	30.16	22.47	26.02	29.41	29.74	31.97	36.52	37.62
Long-Term Debt/Equity (%)	259.15	198.37	61.38	52.27	43.12	34.77	26.82	19.27	62.94	56.66	53.29	40.98	32.59	23.91	34.66
Long-Term Debt/Capital (%)	100	100	84.51	83.06	63.01	45.59	36.38	27.13	57.7	51.18	49.46	45.02	37.68	27.41	34.56
Long-Term Debt/Total Assets (%)	51.12	49.41	27.76	27.14	24.41	20.81	17.09	13.26	32.38	30.15	29.73	25.15	20.43	15.42	21.44
Total Debt/Equity (%)	259.15	198.37	74.12	52.27	48.51	39.74	31.34	25.75	63.67	60.6	55.04	42.57	35.48	30.62	39.48
Total Debt/Capital (%)	100	100	102.06	83.06	70.89	52.1	42.52	36.25	58.37	54.74	51.08	46.76	41.03	35.1	39.36
Total Debt/Total Assets (%)	51.12	49.41	33.52	27.14	27.46	23.78	19.97	17.72	32.76	32.25	30.71	26.12	22.25	19.75	24.42
Net Debt to Equity	224.08	143.63	61.14	32.87	19.51	5.23	3.03	12.04	53.73	51.6	37.04	27.8	21.77	18.33	25.89
Net Debt/Capital (%)	100	100	99.45	75.51	49.48	12.53	6.67	21	54.2	50.73	38.88	34.55	28.61	23.28	28.75
EBITDA	49	46	58	71	73	81	62	40	57	78	61	37	58	78	96
EBITDA-CapEx	47	44	50	65	69	75	49	32	47	66	50	29	53	69	85
Operating Income (Loss)	41	42	44	57	59	67	44	22	33	49	33	16	38	59	78

Liquidity	2009 Y	2010 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Cash Ratio	0.45	1.15	0.32	0.96	1.66	1.76	1.47	1.67	0.56	0.43	0.71	0.77	0.51	0.32	0.45
Current Ratio	2.89	3.95	1.92	3.32	4.03	3.98	3.47	3.79	3.53	3.28	3.59	3.94	3.02	2.28	2.51
Quick Ratio	1.85	2.86	1.15	2.38	3.01	3.03	2.62	2.99	2.36	2.29	2.45	2.56	1.99	1.39	1.59
CFO/Avg Current Liab	- -	0.89	0.11	0.74	1.03	1.07	0.87	0.48	0.38	0.34	1.06	0.54	0.43	0.6	0.6
Common Equity/Total Assets	- -	- -	-0.68	5.53	11.28	21.86	26.09	30.16	22.47	26.02	29.41	29.74	31.97	36.52	37.62
Long-Term Debt/Equity (%)	259.15	198.37	61.38	52.27	43.12	34.77	26.82	19.27	62.94	56.66	53.29	40.98	32.59	23.91	34.66
Long-Term Debt/Capital (%)	100	100	84.51	83.06	63.01	45.59	36.38	27.13	57.7	51.18	49.46	45.02	37.68	27.41	34.56
Long-Term Debt/Total Assets (%)	51.12	49.41	27.76	27.14	24.41	20.81	17.09	13.26	32.38	30.15	29.73	25.15	20.43	15.42	21.44
Total Debt/Equity (%)	259.15	198.37	74.12	52.27	48.51	39.74	31.34	25.75	63.67	60.6	55.04	42.57	35.48	30.62	39.48
Total Debt/Capital (%)	100	100	102.06	83.06	70.89	52.1	42.52	36.25	58.37	54.74	51.08	46.76	41.03	35.1	39.36
Total Debt/Total Assets (%)	51.12	49.41	33.52	27.14	27.46	23.78	19.97	17.72	32.76	32.25	30.71	26.12	22.25	19.75	24.42
CFO/Total Liabilities	15.23	14.86	2.27	19.77	24.02	28.37	51.19	32.85	9.74	7.57	25.77	20.4	12.11	25.02	22.52
CFO/CapEx	8.75	15.55	0.6	6.6	13.7	8.52	3.81	3.16	2.19	1.93	6.52	3.72	5.51	6.11	5.99
Altman's Z-Score	3.66	3.28	4.61	5.36	5.63	6.01	6.67	7.9	4.65	4.69	3.98	5.11	4.3	5.55	5.86

Working Capital	2009 Y	2010 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Accounts Receivable Turnover	- -	4.83	5.89	5.35	5.1	5.46	4.74	4.32	3.9	4.13	3.88	3.31	4.19	4.57	4.83
Days Sales Outstanding	- -	75.53	62.01	68.21	71.53	66.84	76.99	84.44	93.51	88.34	94.13	110.34	87.13	79.92	75.62
Inventory Turnover	- -	4.23	4.52	4.15	3.96	3.93	3.69	4.08	3.37	3.68	3.54	2.56	3.18	3.32	3.36
Days Inventory Outstanding	- -	86.28	80.82	87.92	92.06	92.9	98.94	89.53	108.36	99.24	102.96	142.45	114.67	109.86	108.61
Accounts Payable Turnover	- -	9.99	12.26	8.15	7.75	9.21	8.21	8.29	10.06	10.41	9.09	7.25	8.39	8.73	9.78
Accounts Payable Turnover Days	- -	36.55	29.77	44.77	47.09	39.62	44.46	44.05	36.27	35.08	40.14	50.32	43.53	41.79	37.31
Cash Conversion Cycle	- -	125.26	113.06	111.36	116.5	120.11	131.47	129.92	165.6	152.5	156.96	202.48	158.27	147.99	146.91
Inventory to Cash Days	- -	-10.75	-18.8	-19.71	-20.53	-26.05	-21.95	-5.09	-14.85	-10.91	-8.83	-32.12	-27.54	-29.94	-32.99
Inventories	25	23	38	34	37	41	41	34	64	65	60	64	72	82	86
Raw Materials	7	7	12	10	12	12	13	12	32	33	31	33	41	54	58
Work In Process	3	2	1	2	2	5	3	2	7	6	5	4	6	5	5
Finished Goods	16	15	26	24	24	25	26	21	27	29	26	28	26	30	27
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Market Capitalization	- -	- -	630	690	733	775	575	675	726	804	475	630	545	834	1,075
- Cash & Cash Equivalents	13	30	21	44	73	94	85	43	34	31	43	40	41	36	49
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	4	5	6	4	- -	- -	- -	- -	- -
+ Total Debt	99	109	143	118	122	108	94	80	217	211	191	161	142	128	187
Enterprise Value	86	79	751	764	781	789	589	672	914	988	622	752	645	926	1,214
Total Capital	99	109	140	142	171	207	220	222	372	386	373	345	345	366	476
Total Debt/Capital (%)	100	100	102.06	83.06	70.89	52.1	42.52	36.25	58.37	54.74	51.08	46.76	41.03	35.1	39.36
Total Debt / EV	1.16	1.38	0.19	0.15	0.16	0.14	0.16	0.12	0.24	0.21	0.31	0.21	0.22	0.14	0.15
EV/Sales	0.42	0.41	2.78	2.69	2.82	2.56	2.09	2.54	2.96	2.39	1.62	2.72	1.81	2.1	2.45
EV/EBITDA	1.73	1.72	12.85	10.79	10.73	9.72	9.56	16.68	15.99	12.59	10.21	20.25	11.09	11.86	12.59
EV/EBIT	2.1	1.9	16.89	13.41	13.33	11.77	13.32	29.94	27.92	20.37	19.05	45.83	16.99	15.73	15.64
EV/Cash Flow to Firm	2.62	2.74	50.88	14.91	14.47	14.26	11.55	23.01	32.21	28.88	7.71	- -	19.64	15.01	16.7
EV/Free Cash Flow to Firm	2.42	2.59	31.76	13.29	13.62	12.85	9.26	17.88	23.81	21.37	6.79	- -	16.95	13.01	14.5
Diluted Market Cap	- -	- -	635	701	738	783	582	680	733	814	478	632	548	840	1,086
Diluted Enterprise Value	86	79	756	775	787	797	595	722	922	999	625	754	648	932	1,225
EV per Share	1.59	1.51	24.85	24.41	24.48	24.6	18.26	20.76	28.13	30.29	18.9	22.62	19.34	27.64	36.01
TTM Sales	203	193	271	284	277	309	282	264	309	413	383	276	356	441	495
TTM EBITDA	49	46	58	71	73	81	62	40	57	78	61	37	58	78	96
TTM Operating Income	41	42	44	57	59	67	44	22	33	49	33	16	38	59	78
TTM Cash Flow to Firm	33	29	15	51	54	55	51	29	28	34	81	-13	33	62	73
TTM Free Cash Flow to Firm	35	31	24	58	57	61	64	38	38	46	92	-5	38	71	84

Multiples	2009 Y	2010 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Price/Earnings	- -	- -	50.38	25.16	28.11	15.67	24.96	45.98	60.82	35.27	39.57	539.55	27.09	24.73	20.81
Price/Earnings Average	- -	- -	37.61	25.84	28.42	15.73	28.84	43.16	55.84	34.03	64.9	423.08	29.06	18.57	17.81
Price/Earnings High	- -	- -	49.95	29.35	34.76	17.89	34.92	45.91	66.51	38.44	74.48	610.65	32.54	27.06	21.66
Price/Earnings Low	- -	- -	27.58	22.14	22.57	13.26	21.31	37.51	43.53	26.49	35.92	284.71	26.14	13.59	13.49
Price/Book Value	- -	- -	-218.59	28.64	14.68	7.81	4.7	4.93	4.88	4.71	2.6	3.43	2.68	3.51	3.72
Price/Book Value Average	- -	- -	-163.19	29.41	14.85	7.84	5.43	4.62	4.48	4.55	4.26	2.69	2.87	2.64	3.19
Price/Book Value High	- -	- -	-216.7	33.41	18.16	8.92	6.58	4.92	5.33	5.13	4.89	3.88	3.22	3.84	3.88
Price/Book Value Low	- -	- -	-119.68	25.19	11.79	6.61	4.02	4.02	3.49	3.54	2.36	1.81	2.58	1.93	2.41
Price/Tangible Book Value	- -	- -	-8.95	-31.12	42.01	11.79	6.54	6.5	-34.32	46.31	10.81	10.11	5.96	7.91	13.96
Price/Tangible Book Value Average	- -	- -	-6.68	-31.96	42.48	11.84	7.56	6.1	-31.51	44.69	17.73	7.93	6.39	5.94	11.95
Price/Tangible Book Value High	- -	- -	-8.87	-36.3	51.95	13.47	9.15	6.49	-37.53	50.48	20.34	11.44	7.15	8.65	14.53
Price/Tangible Book Value Low	- -	- -	-4.9	-27.38	33.74	9.98	5.59	5.3	-24.56	34.79	9.81	5.34	5.75	4.35	9.05
Price/Sales	- -	- -	2.24	2.39	2.61	2.51	2.04	2.55	2.35	1.94	1.23	2.28	1.53	1.89	2.17
Price/Sales Average	- -	- -	1.67	2.45	2.64	2.52	2.35	2.39	2.15	1.88	2.02	1.78	1.64	1.42	1.86
Price/Sales High	- -	- -	2.22	2.79	3.23	2.86	2.85	2.54	2.57	2.12	2.32	2.58	1.84	2.07	2.26
Price/Sales Low	- -	- -	1.23	2.1	2.1	2.12	1.74	2.08	1.68	1.46	1.12	1.2	1.48	1.04	1.41
Price/Cash Flow	- -	- -	114.51	16.41	15.72	14.96	11.99	25.46	33.05	34.55	6.68	20.75	18.93	14.43	16.28
Price/Cash Flow Average	- -	- -	85.49	16.85	15.9	15.01	13.85	23.9	30.35	33.34	10.95	16.27	20.31	10.83	13.93
Price/Cash Flow High	- -	- -	113.52	19.14	19.44	17.08	16.77	25.42	36.15	37.66	12.57	23.49	22.74	15.79	16.94
Price/Cash Flow Low	- -	- -	62.69	14.43	12.63	12.66	10.23	20.77	23.66	25.95	6.06	10.95	18.27	7.93	10.55
Price/Free Cash Flow	- -	- -	44.77	14.71	14.91	13.54	9.62	19.54	22.95	23.1	5.86	16.46	16.12	12.5	14.11
Price/Free Cash Flow Average	- -	- -	33.42	15.11	15.08	13.6	11.11	18.34	21.07	22.29	9.61	12.91	17.3	9.39	12.07
Price/Free Cash Flow High	- -	- -	44.38	17.16	18.44	15.47	13.45	19.51	25.1	25.18	11.03	18.63	19.36	13.68	14.69
Price/Free Cash Flow Low	- -	- -	24.51	12.94	11.98	11.46	8.21	15.94	16.43	17.35	5.32	8.69	15.56	6.87	9.15
EV/Sales	0.42	0.41	2.78	2.69	2.82	2.56	2.09	2.54	2.96	2.39	1.62	2.72	1.81	2.1	2.45
EV/Sales Average	0.42	0.41	2.19	2.76	2.85	2.57	2.4	2.56	2.77	2.33	2.41	2.23	1.93	1.63	2.14
EV/Sales High	0.42	0.41	2.76	3.1	3.44	2.91	2.9	2.71	3.18	2.57	2.71	3.02	2.12	2.28	2.54
EV/Sales Low	0.42	0.41	1.72	2.4	2.3	2.17	1.79	2.24	2.3	1.91	1.51	1.64	1.76	1.25	1.69
EV/EBITDA	1.73	1.72	12.85	10.79	10.73	9.72	9.56	16.68	15.99	12.59	10.21	20.25	11.09	11.86	12.59
EV/EBITDA Average	1.73	1.72	10.12	11.06	10.85	9.76	11.01	16.77	14.97	12.23	15.19	16.58	11.77	9.2	10.97
EV/EBITDA High	1.73	1.72	12.76	12.42	13.12	11.08	13.28	17.77	17.2	13.51	17.08	22.48	12.98	12.86	13.04
EV/EBITDA Low	1.73	1.72	7.97	9.62	8.75	8.25	8.19	14.71	12.4	10.04	9.49	12.23	10.76	7.05	8.66
EV/EBIT	2.1	1.9	16.89	13.41	13.33	11.77	13.32	29.94	27.92	20.37	19.05	45.83	16.99	15.73	15.64
EV/EBIT Average	2.1	1.9	13.3	13.74	13.47	11.81	15.34	30.1	26.13	19.79	28.35	37.53	18.03	12.2	13.64
EV/EBIT High	2.1	1.9	16.76	15.43	16.29	13.41	18.51	31.89	30.02	21.86	31.87	50.89	19.88	17.06	16.2
EV/EBIT Low	2.1	1.9	10.48	11.96	10.87	10	11.42	26.4	21.65	16.25	17.71	27.67	16.49	9.35	10.77
Last Price	- -	- -	20.84	22.04	22.95	24.16	17.85	20.84	22.34	24.64	14.42	18.97	16.34	24.88	31.89
High Price	- -	- -	20.66	25.71	28.38	27.59	24.97	20.81	24.43	26.86	27.14	21.47	19.63	27.22	33.19
Low Price	- -	- -	11.41	19.39	18.43	20.45	15.24	17	15.99	18.51	13.09	10.01	15.77	13.67	20.67
Enterprise Value	86	79	751	764	781	789	589	672	914	988	622	752	645	926	1,214
Enterprise Value Average	86	79	591	783	790	792	678	675	855	960	926	616	685	719	1,059
Enterprise Value High	86	79	745	879	955	899	818	716	983	1,061	1,041	835	755	1,005	1,258
Enterprise Value Low	86	79	466	681	637	670	504	592	709	788	578	454	626	551	836

Per Share Data Items	2009 Y	2010 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Shares Outstanding	54	52	30	31	32	32	32	32	32	33	33	33	33	34	34
Diluted Weighted Avg Shares	54	52	30	32	32	32	33	33	33	33	33	33	34	34	34
Basic Weighted Avg Shares	47	47	29	31	32	32	32	32	32	33	33	33	33	33	34
Revenue per Share	4.3	4.08	9.3	9.22	8.78	9.63	8.76	8.18	9.52	12.67	11.71	8.34	10.68	13.16	14.69
EBITDA per Share	1.05	0.97	2.01	2.3	2.3	2.54	1.91	1.25	1.76	2.41	1.86	1.12	1.75	2.33	2.87
Operating Income per Share	0.87	0.88	1.53	1.85	1.86	2.09	1.37	0.69	1.01	1.49	1	0.49	1.14	1.76	2.31
Basic EPS, GAAP	0.56	0.4	0.41	0.88	0.82	1.54	0.72	0.45	0.37	0.7	0.36	0.04	0.6	1.01	1.53
Basic EPS from Cont Ops	0.56	0.4	0.41	0.88	0.82	1.54	0.73	0.46	0.41	0.71	0.36	0.04	0.6	1.01	1.53
Diluted EPS, GAAP	0.49	0.36	0.4	0.85	0.8	1.52	0.71	0.45	0.36	0.69	0.36	0.03	0.6	1	1.51
Diluted EPS from Cont Ops	0.49	0.36	0.4	0.85	0.8	1.52	0.73	0.46	0.4	0.7	0.36	0.03	0.6	1	1.51
Dividend per Share	- -	0.18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.5	0.52	0.18	1.34	1.46	1.62	1.49	0.82	0.68	0.71	2.16	0.91	0.86	1.72	1.96
Free Cash Flow per Basic Share	0.44	0.49	-0.12	1.14	1.35	1.43	1.1	0.56	0.37	0.34	1.83	0.67	0.71	1.44	1.63
Cash & Equivalents per Share	0.25	0.58	0.71	1.4	2.28	2.92	2.62	2.71	1.07	0.96	1.31	1.21	1.24	1.06	1.44
Book Value per Share	- -	- -	-0.1	0.77	1.56	3.09	3.8	4.23	4.58	5.23	5.55	5.53	6.1	7.08	8.56
Tangible Book Value per Share	-0.84	-0.71	-2.33	-0.71	0.55	2.05	2.73	3.21	-0.65	0.53	1.33	1.88	2.74	3.15	2.28

Thermon Group Holdings, Inc.

THR US

29.00

29.00