undamentalytics Newsletter
Sign in

Tennant Co (TNC) stock

Add to watchlist

Add holding +

NYSE: TNC NYSE Industrial Machinery & Supplies & Components Next results ~February 23, 2027

C Fundamentals grade

Tennant Co is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$34

Cash-flow model

Base case. Range ~$21–$51 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 50% below it.

Price used: $68.73, November 2, 2026

Tennant Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders5 buying, 4 selling9 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds104 adding, 111 cuttingOf 39 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Tennant files

Where Tennant Co stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.22bn, down 2.9% on a year earlier, a smaller fall than the 4.3% decline a quarter earlier. That puts it 40 of 40 for growth among the industrial machinery & supplies & components companies we cover. Free-cash-flow margin fell to -0.2% from 5.3% a year earlier. Operating margin narrowed to 3.2% from 7.1%. The diluted share count is down 5.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $31.11 a share, against a share price of $66.03. At that price, our model says the market is pricing in about 11.6% a year of cash-flow growth for five years, faster than the 2.2% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 23, 2027 (estimated)

Tennant Co's trailing-twelve-month revenue fell 2.9% year on year, with a free-cash-flow margin of -0.2%. Where it stands out: change in share count of -5.4% ranks 5 of 73 industrial machinery & supplies & components companies we cover. Where it lags: revenue growth of -2.9% ranks 69 of 75 industrial machinery & supplies & components companies we cover.

Our discounted-cash-flow model values the business at ~$34 per share in the base case (~$21–$51 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 43% in the quarter to 2026-09-30, the 2nd beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 5.4% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $68.73 is 50% above our value per share of $34.
  • Revenue shrinking. Revenue fell 2.9% over the last 12 months.
  • Margins narrowing. Operating margin is down 3.9 points on a year ago.
  • Burning cash. Free cash flow was -0.2% of revenue over the last 12 months.
  • High earnings multiple. The shares trade at 67 times the last 12 months' earnings, so expectations are demanding.
  • Gross margin slipping. Gross margin is down 3.0 points on a year ago.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$1.40 against an average estimate of $0.98: beat by 42.9%
Revenue
$324m, up 1.7% on a year earlier
Share reaction
-15.3% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 2, 2026; average EPS estimate $1.46

Tennant's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.4%
  • 1 week+4.8%
  • 1 month+2.4%
  • This year-5.5%
  • 1 year-12.6%
  • 5 years-8.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.2B
Operating margin
3.2%
Net margin
1.5%
EPS (TTM, diluted)
$1.02

Growth

Revenue growth
−2.9%
Change in growth rate
+1.4 pts
Share count change
−5.4%

Cash

Free cash flow (TTM)
-$2.7M
FCF margin
-0.2%
Stock pay % of revenue
0.7%

Earnings

Last results
November 2, 2026
Next results (est.)
February 23, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Dividend
  2. Results
  3. Results
  4. Announcement
  5. Results
  6. Results
  7. Dividend
  8. Leadership
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Tennant Co valuation models and calculator

What the price is pricing in

The share price implies about 12.8% a year of cash-flow growth for five years.That is faster than the 2.2% a year revenue growth Tennant has delivered.

  • Priced in12.8%
  • Last 12 months-2.9%
  • 3 years a year1.0%
  • 5 years a year2.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($72.02, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$34
Price used
$72.02close November 3, 2026
Implied change
▼ 53%
Uncertainty
High

How we got here: a discounted-cash-flow model of Tennant Co's free cash flow after stock-based pay with after-tax interest added back ($49.3M, FY2026 Q2 TTM), growing 6.1% and 2.9% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$21–~$51 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Tennant Co's free cash flow after stock-based pay ( $49.3M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Tennant Co as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$34 ~$21–$51 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$98 ~$88–$130 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$47 ~$34–$66 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$50 ~$43–$60 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$53 ~$34–$98 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tennant Co with Industrial Machinery & Supplies & Components in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $25$40$60$86$120$164
8.5% $15$26$40$59$83$114
10% $9$18$29$43$61$85

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$48.66$62.41$64.48$46.82$70.96$64.72$75.65$58.37$89.09$79.26$72.75$68.73
Market value$900m$1.1bn$1.1bn$859m$1.3bn$1.2bn$1.4bn$1.1bn$1.7bn$1.5bn$1.4bn$1.2bn
+ Net debt (− = net cash)−$27m−$22m$318m$269m$264m$171m$144m$223m$84m$100m$167m$282m
Enterprise value$873m$1.1bn$1.5bn$1.1bn$1.6bn$1.4bn$1.6bn$1.3bn$1.8bn$1.6bn$1.5bn$1.5bn
Multiples
Price / sales 1.1x1.4x1.1x0.8x1.2x1.2x1.3x1.0x1.3x1.2x1.1x1.0x
Price / earnings 28.0x24.1x—25.7x28.6x35.8x22.0x16.5x15.3x18.1x30.9x67.3x
Price / free cash flow 44.0x35.8x33.8x14.0x39.1x11.6x28.5x—10.1x22.0x31.2x—
EV / EBITDA 12.5x12.8x24.7x12.5x15.1x14.3x12.4x11.0x10.0x10.4x13.4x17.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

63 /100

Moderate moat

How hard Tennant's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.3% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 40.4%, moving by 1.4 percentage points (standard deviation) across 10 years.

  • Durability 7 / 20

    Operating margin has been a median 6.9%; its worst year was 3.2%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 4.4% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 4.5% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.85 −16% $1.3bn +7%
Next $5.62 +46% $1.4bn +6%

Next year's EPS estimate has moved −12.3% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −24.8% on 90 days ago. In the last 30 days, 0 analysts raised Tennant Co's forecast and 1 cut it.

Consensus EPS forecast Tennant Co, last 90 days
$3.00 $4.00 $5.00 $6.00 $7.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.12 Current fiscal year, 60 days ago: $3.85 Current fiscal year, 30 days ago: $3.85 Current fiscal year, 7 days ago: $3.85 Current fiscal year, Now: $3.85 $3.85 Next fiscal year, 90 days ago: $6.41 Next fiscal year, 60 days ago: $5.62 Next fiscal year, 30 days ago: $5.62 Next fiscal year, 7 days ago: $5.62 Next fiscal year, Now: $5.62 $5.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.12$6.41
60 days ago $3.85$5.62
30 days ago $3.85$5.62
7 days ago $3.85$5.62
Now $3.85$5.62

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.98 $1.40 +42.9%
Jun 2026 $1.33 $0.83 −37.6%
Mar 2026 $0.40 $0.58 +43.8%
Dec 2025 $1.70 $0.48 −71.7%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Tennant Co's revenue by +6.1% next year and +2.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.8%, weight 60%) and the company's own record (+2.0%, weight 40%) . How the weights are set.

Analyst recommendations

3 analysts, Nov 2026
Buy267%
Hold133%
Sell00%

Monthly trend

  1. Nov 2026213
  2. Oct 2026213
  3. Sep 2026213

Counts of recommendations published by analysts covering Tennant Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.6%
of tradable shares
Days to cover
8.51
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.2%
of shares
Employees
4,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −12.6%

$78.63 on October 31, 2025 to $68.73

ThenNowEffect
Revenue (last 12 months) $1.3bn $1.2bn −2.9%
Net margin 4.8% 1.5% −68.9%
P/E multiple 24.5x 67.3x +174.2%
Share count 19m 18m +5.7%

Biggest factor: net margin.

Last 3 years −12.9%

$78.87 on November 3, 2023 to $68.73

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.2bn +3.0%
Net margin 8.0% 1.5% −81.3%
P/E multiple 15.5x 67.3x +333.9%
Share count 19m 18m +4.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TNC+17%−23%+53%−11%−8%−6%
Industry peers (median)+19%−13%+19%+2%+13%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TNC42%42%67%42%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TNC−17%−35%−16%−34%−23%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 49% from April 1, 2024 to March 2, 2026. Getting back needed a 96% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$60.42 – $90.74
From 52-week high
−24.3%
vs 50-day average
+1.7%
vs 200-day average
−8.9%
Volatility (1 year)
39%
Beta vs S&P 500
0.70

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 9 down
typical move ±7.1%
After a week
5 up, 6 down
typical move ±7.9%
After a month
3 up, 8 down
typical move ±7.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −15.3% +0.5% −22.5% −17.1%
May 4, 2026 −0.2% +0.4% +3.9% +1.6%
February 24, 2026 −23.8% +1.6% −24.3% −16.7%
November 3, 2025 −5.9% −1.0% −7.6% −7.1%
August 6, 2025 −4.7% +0.7% +2.1% −0.4%
April 30, 2025 −4.7% +0.7% −2.9% +2.5%
February 18, 2025 +1.3% +0.5% +0.1% −2.6%
October 31, 2024 −7.7% −1.5% +1.9% −1.3%
August 8, 2024 −2.5% +2.8% −2.3% −5.2%
May 3, 2024 −7.5% +2.3% −8.2% −11.7%
February 22, 2024 +4.3% +2.1% +11.4% +19.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Tennant Co’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Tennant Co in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Tennant Co
$1.2B $1.3B $1.3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.2B Revenue (TTM), FY23 Q4: $1.2B Revenue (TTM), FY24 Q1: $1.2B Revenue (TTM), FY24 Q2: $1.3B Revenue (TTM), FY24 Q3: $1.3B Revenue (TTM), FY24 Q4: $1.3B Revenue (TTM), FY25 Q1: $1.3B Revenue (TTM), FY25 Q2: $1.3B Revenue (TTM), FY25 Q3: $1.2B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.2B $1.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.2B
FY23 Q4 $1.2B
FY24 Q1 $1.2B
FY24 Q2 $1.3B
FY24 Q3 $1.3B
FY24 Q4 $1.3B
FY25 Q1 $1.3B
FY25 Q2 $1.3B
FY25 Q3 $1.2B
FY25 Q4 $1.2B
FY26 Q1 $1.2B
FY26 Q2 $1.2B
Revenue growth, TTM YoY Tennant Co
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 13.5% Revenue growth, TTM YoY, FY23 Q4: 13.9% Revenue growth, TTM YoY, FY24 Q1: 9.6% Revenue growth, TTM YoY, FY24 Q2: 6.5% Revenue growth, TTM YoY, FY24 Q3: 3.8% Revenue growth, TTM YoY, FY24 Q4: 3.5% Revenue growth, TTM YoY, FY25 Q1: 1.4% Revenue growth, TTM YoY, FY25 Q2: -0.4% Revenue growth, TTM YoY, FY25 Q3: -2.2% Revenue growth, TTM YoY, FY25 Q4: -6.5% Revenue growth, TTM YoY, FY26 Q1: -4.3% Revenue growth, TTM YoY, FY26 Q2: -2.9% -2.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 13.5%
FY23 Q4 13.9%
FY24 Q1 9.6%
FY24 Q2 6.5%
FY24 Q3 3.8%
FY24 Q4 3.5%
FY25 Q1 1.4%
FY25 Q2 -0.4%
FY25 Q3 -2.2%
FY25 Q4 -6.5%
FY26 Q1 -4.3%
FY26 Q2 -2.9%
Operating margin (TTM) Tennant Co
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 11.6% Operating margin (TTM), FY23 Q4: 11.1% Operating margin (TTM), FY24 Q1: 11.2% Operating margin (TTM), FY24 Q2: 10.8% Operating margin (TTM), FY24 Q3: 10.3% Operating margin (TTM), FY24 Q4: 8.9% Operating margin (TTM), FY25 Q1: 7.6% Operating margin (TTM), FY25 Q2: 7.1% Operating margin (TTM), FY25 Q3: 6.5% Operating margin (TTM), FY25 Q4: 5.7% Operating margin (TTM), FY26 Q1: 4.4% Operating margin (TTM), FY26 Q2: 3.2% 3.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 11.6%
FY23 Q4 11.1%
FY24 Q1 11.2%
FY24 Q2 10.8%
FY24 Q3 10.3%
FY24 Q4 8.9%
FY25 Q1 7.6%
FY25 Q2 7.1%
FY25 Q3 6.5%
FY25 Q4 5.7%
FY26 Q1 4.4%
FY26 Q2 3.2%
FCF margin (TTM) Tennant Co
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 9.6% FCF margin (TTM), FY23 Q4: 13.3% FCF margin (TTM), FY24 Q1: 11.3% FCF margin (TTM), FY24 Q2: 9.7% FCF margin (TTM), FY24 Q3: 7.6% FCF margin (TTM), FY24 Q4: 5.3% FCF margin (TTM), FY25 Q1: 4.9% FCF margin (TTM), FY25 Q2: 5.3% FCF margin (TTM), FY25 Q3: 5.0% FCF margin (TTM), FY25 Q4: 3.6% FCF margin (TTM), FY26 Q1: 1.3% FCF margin (TTM), FY26 Q2: -0.2% -0.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 9.6%
FY23 Q4 13.3%
FY24 Q1 11.3%
FY24 Q2 9.7%
FY24 Q3 7.6%
FY24 Q4 5.3%
FY25 Q1 4.9%
FY25 Q2 5.3%
FY25 Q3 5.0%
FY25 Q4 3.6%
FY26 Q1 1.3%
FY26 Q2 -0.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Tennant took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.2B
  2. Cost of revenue $719M · 59.8%
  3. Gross profit $484M · 40.2%
  4. Research and development $41.2M · 3.4%
  5. Selling, general and admin $375M · 31.1%
  6. Operating income $68.3M · 5.7%
  7. Income tax $14.1M · 1.2%
  8. Interest and other $10.4M · 0.9%
  9. Net income $43.8M · 3.6%

Shares of revenue. Source: Tennant's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 596 668 754 739 752 822 812 809 1,003 1,124 1,138 1,001 1,091 1,092 1,244 1,287 1,204 1,217
Gross profit 246 284 319 325 326 352 349 352 400 445 462 408 438 421 528 550 484 472
EBITDA −3 55 68 81 80 90 70 86 59 90 104 96 127 120 175 154 113 85
Operating income −22 37 50 63 62 72 53 68 33 58 72 64 94 87 139 114 68 39
Net income −26 35 33 42 40 51 32 47 −6 33 46 34 65 66 110 84 44 18
Diluted EPS −$1.42 $1.80 $1.69 $2.18 $2.14 $2.70 $1.74 $2.59 −$0.35 $1.82 $2.48 $1.81 $3.44 $3.55 $5.83 $4.38 $2.36 $1.02
Growth (year on year)
Revenue — +12.0% +12.9% −2.0% +1.8% +9.3% −1.2% −0.4% +24.1% +12.0% +1.3% −12.0% +9.0% +0.1% +13.9% +3.5% −6.5% −2.9%
EBITDA — — +22.8% +19.3% −0.8% +12.1% −22.3% +23.6% −31.3% +52.5% +15.2% −7.4% +31.7% −5.4% +45.8% −11.8% −26.6% −35.0%
Operating income — — +33.7% +26.3% −0.5% +15.5% −26.2% +28.4% −51.7% +75.8% +23.8% −11.3% +47.1% −6.9% +58.9% −17.5% −40.2% −56.0%
Net income — — −6.0% +27.1% −3.3% +25.9% −36.6% +45.3% −113.3% — +37.1% −26.4% +92.6% +2.2% +65.2% −23.6% −47.7% −69.9%
Diluted EPS — — −6.1% +29.0% −1.8% +26.2% −35.6% +48.9% −113.5% — +36.3% −27.0% +90.1% +3.2% +64.2% −24.9% −46.1% −68.1%
Margins
Gross margin 41.3% 42.6% 42.3% 44.0% 43.3% 42.9% 43.0% 43.5% 39.9% 39.6% 40.6% 40.7% 40.2% 38.5% 42.4% 42.7% 40.2% 38.8%
EBITDA margin −0.5% 8.3% 9.0% 10.9% 10.7% 10.9% 8.6% 10.7% 5.9% 8.0% 9.1% 9.6% 11.6% 11.0% 14.1% 12.0% 9.4% 7.0%
Operating margin −3.8% 5.6% 6.6% 8.5% 8.3% 8.8% 6.6% 8.4% 3.3% 5.2% 6.3% 6.4% 8.6% 8.0% 11.1% 8.9% 5.7% 3.2%
Net margin −4.4% 5.2% 4.3% 5.6% 5.3% 6.2% 4.0% 5.8% −0.6% 3.0% 4.0% 3.4% 5.9% 6.1% 8.8% 6.5% 3.6% 1.5%
Free-cash-flow margin 10.7% 4.8% 5.7% 4.3% 6.0% 4.8% 2.5% 3.9% 3.4% 5.4% 2.9% 10.4% 4.6% −4.6% 13.3% 5.3% 3.6% −0.2%
Cash flow
Cash from operations 75 43 57 48 60 59 45 58 54 80 72 134 69 −25 188 90 65 17
Capital spending 11 11 14 16 15 20 25 27 20 19 38 30 19 25 23 21 22 19
Free cash flow 64 32 43 32 45 40 20 31 34 61 34 104 50 −50 166 69 43 −3
Stock-based pay 2 5 5 9 6 7 8 4 6 8 11 6 10 8 12 12 10 8
Free cash flow after stock pay 61 27 38 23 39 32 12 27 28 53 22 98 41 −58 154 57 33 −11
Balance sheet
Cash 18 40 52 54 81 93 51 58 58 86 75 141 124 77 117 100 106 77
Total debt 0 31 36 32 32 28 25 36 377 355 339 312 268 300 201 200 274 359
Net debt (negative = net cash) −18 −9 −16 −22 −49 −65 −27 −22 318 269 264 171 144 223 84 100 167 282
Diluted shares 19m 19m 19m 19m 19m 19m 18m 18m 18m 18m 18m 19m 19m 19m 19m 19m 19m 18m
Returned to shareholders
Dividends 10 11 13 13 13 14 14 14 15 15 16 16 18 19 20 21 22 22
Buybacks 0 3 18 25 22 14 46 13 0 0 0 0 15 5 22 20 89 115
Total returned 10 14 30 38 35 29 60 27 15 15 16 16 33 24 42 41 110 137

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $1.3bn
Short-term assets $614mLonger-term assets $657m
What it owes, and who funded it · $1.3bn
Short-term liabilities $300mLonger-term liabilities $435mShareholders' equity $533m
  • Short-term assets cover short-term liabilities $614m of assets due within a year against $300m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $614m short-term assets against $435m of longer-dated liabilities.
  • More cash than debt $77m of cash against $359m of debt.
  • Debt below 40% of shareholders' equity Debt is 67% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 62% to 67% over five years.
  • A year's operating cash flow covers at least 20% of debt $17m of operating cash flow against $359m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Tennant Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$115M
Dividends (TTM)
$21.7M
Returned to shareholders
-5078%
of free cash flow
Buybacks, last 3 fiscal years
$130M
Diluted share count
−5.4%
year over year
Total shareholder yield
11.7%
dividends 1.9% + buybacks 9.8% of market value
Dividend payout ratio
119%
of net income paid out
R&D spending
3.7%
of revenue
Sales & admin spending
31.9%
of revenue
Days sales outstanding
86 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial machinery & supplies & components
Last 12 months unless stated TNC NPO KAI AIN MWA CMCO Median
Revenue, last 12 months $1.2bn $1.2bn $1.2bn $1.3bn $1.5bn $1.5bn $1.4bn
Revenue growth, last 12 months −2.9% 13.3% 12.5% 14.2% 5.9% 55.2% 8.3%
Revenue growth, 3-year average 1.0% 3.3% 7.3% 6.3% 4.2% 16.1% 4.0%
Revenue growth, latest quarter 1.7% 17.6% 22.6% 33.7% 4.1% 125.3% 9.1%
Gross margin 38.8% 42.8% 44.4% 34.2% 37.9% 28.8% 35.2%
Operating margin 3.2% 14.3% 15.0% 11.2% 19.4% −9.6% 13.1%
Operating margin, 3-year average 7.0% 13.7% 15.8% 6.4% 16.4% 1.7% 13.7%
Net margin 1.5% 3.6% 9.5% 6.7% 15.0% −21.2% 8.9%
Cash from operations / revenue 1.4% 17.9% 15.9% 9.6% 16.1% −6.9% 11.9%
Free-cash-flow margin −0.2% 13.2% 13.9% 5.3% 12.1% −8.2% 8.8%
Free-cash-flow margin, 3-year average 4.9% 13.6% 13.7% 7.5% 12.5% −0.5% 9.8%
Stock pay / revenue 0.7% 1.3% 1.0% 0.6% 0.9% 0.6% 0.8%
Change in share count −5.4% 0.6% 0.2% −6.2% −0.0% 0.4% −0.0%

Median of all 76 companies we cover in industrial machinery & supplies & components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

76 industrial machinery & supplies & components companies
Measure Company Peer median Rank
Revenue growth Growth -2.9% 8.3% 69 of 75
Change in growth rate Growth +1.4pp +1.2pp 35 of 75
Gross margin Profitability 38.8% 35.4% 27 of 70
Operating margin Profitability 3.2% 13.0% 54 of 75
Net margin Profitability 1.5% 8.9% 55 of 76
Free-cash-flow margin Cash generation -0.2% 9.1% 55 of 76
Stock pay as % of revenue Cash generation 0.7% 0.8% 28 of 70
Long-term debt as % of assets Balance sheet 28.2% 23.4% 39 of 59
Change in share count Balance sheet -5.4% -0.0% 5 of 73
Days sales outstanding Balance sheet 86 days 63 days 56 of 65

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Equipment Sales $715M 59.4% ▼ 11.6%
Parts and Consumables $276M 22.9% ▲ 0.5%
Service and Other $213M 17.7% ▲ 4.7%
Geography
Region Revenue Share YoY
Americas $792M 65.8% ▼ 10.9%
United States $671M 84.7% ▼ 12.5%
Americas Excluding United States $121M 15.3% ▼ 0.4%
EMEA $335M 27.8% ▲ 5.1%
Asia Pacific $76.9M 6.4% ▼ 3.5%

From Tennant Co's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.6B
Institutions reporting
238
Shares held vs prior quarter
▲ 5.4%
Positions opened / closed
40 / 19

Top buyers and sellers, Q2 2026: 104 institutions bought and 111 sold ; the biggest buyer was Alliancebernstein L.P (+1.2M shares) and the biggest seller Invenomic Capital Management LP (−167K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $236M 2.7M 15.0% ▼ 1.0%
Vanguard Portfolio Management LLC $104M 1.2M 6.6% ▼ 0.5%
FMR LLC $86M 982K 5.4% ▲ 42.6%
Alliancebernstein L.P. $80.8M 1.2M 5.1% ▲ 3121.3%
Vanguard Capital Management LLC $67.1M 767K 4.3% ▼ 6.1%
State Street Corp $62.3M 711K 3.9% ▲ 1.7%
GAMCO Investors, Inc. Et Al $61.4M 701K 3.9% ▼ 0.8%
Mairs & Power Inc $59.7M 682K 3.8% ▼ 15.1%
Dimensional Fund Advisors LP $57.9M 661K 3.7% ▲ 4.3%
American Century Companies Inc $47.4M 541K 3.0% ▼ 7.5%
Geode Capital Management, LLC $41.6M 475K 2.6% ▲ 2.2%
Vision One Management Partners, LP $34.3M 392K 2.2% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Tennant Co's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $2.1M 9 trades by 5 insiders, last 12 months Insider sales History → $1.2M 4 trades by 4 insiders · 0% under pre-set plans
Net ▲ $882,100 net buying
Insider Date Trade Shares Price Value
Allen Patrick E Director August 31, 2026 Buy 3,000 $69.42 $208,260
Morse Timothy R. Director August 12, 2026 Buy 1,500 $68.18 $102,270
Mulligan Donal L Director August 12, 2026 Buy 8,000 $67.34 $538,720
Zay Richard H. CHIEF COMMERCIAL OFFICER May 7, 2026 Sell 6,875 $88.02 $605,138
Glerum James T Jr. Director March 2, 2026 Buy 8,163 $61.25 $499,984
Arvani Azita Director February 27, 2026 Sell 3,156 $61.40 $193,778
Mulligan Donal L Director February 27, 2026 Buy 3,000 $61.61 $184,830
Huml David W. PRESIDENT AND CEO February 26, 2026 Buy 175 $65.48 $11,459
Huml David W. PRESIDENT AND CEO February 26, 2026 Buy 1,225 $65.01 $79,637
Huml David W. PRESIDENT AND CEO February 26, 2026 Buy 2,600 $64.02 $166,452
Windley David Director February 26, 2026 Sell 3,694 $63.86 $235,899
Eicher Carol S Director February 26, 2026 Sell 3,130 $61.98 $193,997

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Tennant Co disclosed in the last 12 months; 3 earlier trades on record.

  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded March 14, 2025, filed April 11, 2025
  • Peter Welch(D-VT):Sale (full), $1,001 - $15,000, traded November 18, 2021, filed December 17, 2021
  • Peter Welch(D-VT):Purchase, $1,001 - $15,000, traded May 6, 2019, filed June 4, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 23, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 6, 2026
  • May 4, 2026
  • February 24, 2026
  • November 3, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Tennant Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Tennant Co in brief

What does Tennant Co do?
Tennant Co is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.
What is Tennant Co's stock ticker?
Tennant Co trades under the ticker TNC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tennant Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tennant Co reported revenue of $1.2B, 2.9% lower than a year earlier, according to its SEC filings.
What is Tennant Co's free cash flow?
Tennant Co's free-cash-flow margin is -0.2% of revenue over the trailing twelve months, ranking 55 of the 76 industrial machinery & supplies & components companies we cover.
What is Tennant Co's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Tennant Co's free cash flow after stock-based pay gives ~$34 per share in the base case, and ~$21–$51 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Tennant Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Tennant Co buying back stock, and does it pay a dividend?
Tennant Co spent $115M on share repurchases over the trailing twelve months, and its diluted share count fell 5.4% over the year.
What is Tennant Co's market cap?
On November 2, 2026, Tennant Co's market capitalisation was about $1.2B, with a price-to-earnings ratio of 67.3 and net debt of $282M. Market figures come from third-party market data and may be delayed.
Does Tennant Co pay a dividend?
Yes: Tennant Co paid $21.7M in dividends over the trailing twelve months, a dividend yield of 1.85% and a payout ratio of 118.6%.
How much debt does Tennant Co have?
Tennant Co's debt-to-equity ratio is 67.3%, from its latest balance sheet (61.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Tennant Co's competitors?
In our Industrial Machinery & Supplies & Components peer group, the companies closest to Tennant Co are Enpro Inc., Kadant Inc, Albany International Corp, Mueller Water Products, Inc. and Columbus Mckinnon Corp. The side-by-side comparison below sets their revenue, margins and growth against Tennant Co's.
Are insiders buying or selling Tennant Co stock?
Over the last 12 months, Tennant Co's directors and officers reported 9 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Tennant Co's next earnings date?
Around February 23, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Tennant Co announces its own schedule.