Thermon Group Holdings

THR · NYSE

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THR analyst rating

BuyConsensus of 2 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy1
Hold1
Underperform0
Sell0

12-month price target · 4 analysts

Average $52.02

Low: $51.51
High: $53.55

Upgrades and downgrades

The latest rating actions, newest first

THR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
William Blair	Feb 25, 2026	Downgrade	Outperform → Market Perform	—	69%
Roth Capital	Feb 3, 2026	Maintains	Buy	$38.00 → $54.00	46%

The case for and against

Updated Nov 30, 2024

Bull case

Thermon Group Holdings Inc. reported record total revenue of approximately $440.6 million in fiscal year 2023, reflecting a 19% increase from the previous year's $355.7 million, with a strong year-to-date sales growth of 15.4% in the current fiscal year driven by organic growth. The company has successfully diversified its market exposure, moving from cyclical oil and gas project activities to sectors with stronger growth trends, such as LNG, chemicals, and decarbonization, which now accounts for over 4% of sales and represents over 20% of the forward pipeline. With adjusted earnings per share (EPS) rising to $1.56 from $0.84 in fiscal year 2022, Thermon is positioned for multiple expansions as management advances its core strategy and pursues potential strategic mergers and acquisitions.

Bear case

Thermon Group Holdings has demonstrated a concerning trend with its bookings declining by 6% sequentially to $117.0 million, resulting in a book-to-bill ratio of 0.92x and a backlog decrease of 5% to $186.1 million. The company’s adjusted EBITDA was reported at $30.7 million, reflecting a margin contraction from 24.4% to 22.5%, primarily due to reduced Canadian volumes and a challenging product mix, indicating potential profitability pressures. Furthermore, risks remain significant, including the threat of global economic downturns and disruptions in supply chains, which could further impact project opportunities and customer retention.

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