TENNANT CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TENNANT CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	809	1,003	1,124	1,138	1,001	1,091	1,092	1,244	1,287	1,204
Cost of revenue	457	603	679	676	593	653	671	716	737	719
Gross profit	352	400	445	462	408	438	421	528	550	484
Research and development	34.7	32	30.7	32.7	30.1	32.2	31.1	36.6	43.8	41.2
Selling, general and administrative	249	335	356	357	314	322	306	353	392	375
Operating expenses	283	367	387	390	344
Operating income	68.3	33	58	71.8	63.7	93.7	87.2	139	114	68.3
Interest expense	1.28	25.4	23.3	17.8	17.4	7.3
Interest income	0.33	2.4	3	3.3	3.3
Other non-operating income	-1.77	-34.3	-22.2	-17.8	-22.6	-0.3	0.6	-1.6	-0.5	0.3
Pre-tax income	66.5	-1.3	35.8	54	41.1	74.1	79.5	124	105	57.9
Income tax	19.9	4.9	2.3	8.1	7.4	9.2	13.2	14.3	21.1	14.1
Net income to minority interests	0	0	0.1	0.1	0	0
Net income	46.6	-6.2	33.4	45.8	33.7	64.9	66.3	110	83.7	43.8
EBITDA	86.2	59.2	90.3	104	96.3	127	120	175	154	113
EPS, basic	2.66	-0.35	1.86	2.53	1.84	3.51	3.58	5.92	4.46	2.38
EPS, diluted	2.59	-0.35	1.82	2.48	1.81	3.44	3.55	5.83	4.38	2.36
Shares, basic (weighted)	17.5	17.7	17.9	18.1	18.3	18.5	18.5	18.5	18.8	18.4
Shares, diluted (weighted)	18	17.7	18.3	18.5	18.6	18.8	18.7	18.8	19.1	18.6
Dividend per share	0.81	0.84	0.42	0.88	0.89	0.94	1.02	1.08	1.14	1.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	58	58.4	85.6	74.6	141	124	77.4	117	99.8	106
Receivables	145	203	208	217	200	211	252	248	259	257
Inventory	78.6	128	135	150	128	161	207	176	184	199
Other current assets	2.41	7.5	9.07	33	25	31.2	39.8	28.5	33.9	38
Total current assets	298	423	469	481	494	527	575	569	577	600
Property, plant and equipment	112	180	163	173	186	173	180	188	184	190
Lease right-of-use assets			0	46.6	44.5	41.3	31.8	41.7	54.6	56.9
Goodwill	21.1	186	183	195	208	193	182	187	186	209
Intangible assets	6.46	172	147	138	126	98	76.4	63.1	58.7	52.6
Other non-current assets	19.1	21.3	31.3	29.2	25	29.7	39.7	64.4	130	161
Total assets	470	994	993	1,063	1,083	1,062	1,085	1,113	1,190	1,269
Accounts payable	47.4	96.1	98.4	94.1	106	122	126	111	127	128
Accrued liabilities	36	37.3	56.1	63.5	53.7	60.6	44	67.3	53.1	40.9
Deferred revenue	2.37	4.47	5	6.8	5.9	7.7	6.6	7.9	9.8	16.6
Short-term debt	3.46	30.9	27	31.3	10.9	4.2	5.2	6.4	1.3	0.4
Total current liabilities	133	237	249	275	254	290	262	274	292	293
Long-term debt	32.7	346	328	308	298	263	295	194	198	273
Lease liabilities			0	30.3	28.7	25.4	17.1	27.4	36.3	35.5
Other non-current liabilities	4.63	35.9	32.1	27.8	38.9	10.6	14.5	21.5	22.9	44.7
Total liabilities	191	696	676	702	677	627	613	535	568	666
Total debt	36.2	377	355	339	312	268	300	201	200	274
Paid-in capital	3.65	15.1	28.5	45.5	54.7	54.1	56	64.9	76.7	0
Retained earnings	318	297	316	346	363	411	458	547	610	628
Other comprehensive income	-49.9	-22.3	-37.2	-38.5	-20.1	-37.9	-50.2	-42.3	-72.7	-33.2
Shareholders' equity	279	297	314	360	405	434	471	577	621	602
Minority interests	0	1.97	1.9	1.4	1.3	1.3	1.3	1.3	1.3	1.8
Total equity	279	299	316	361	406	435	472	578	622	603
Total liabilities and equity	470	994	993	1,063	1,083	1,062	1,085	1,113	1,190	1,269
Shares outstanding	17.7	17.9	18.1	18.3	18.5	18.5	18.5	18.6	18.8	17.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	46.6	-6.2	33.5	45.9	33.7	64.9	66.3	110	83.7	43.8
Depreciation and amortization	17.9	26.2	32.3	32.2	32.6	33.1	32.8	36.4	40.1	45
Stock-based compensation	3.88	5.9	8.3	11.4	6	9.5	7.8	11.6	11.9	10.4
Deferred income tax	-0.98	-7.2	-9.4	-9.2	-2.4	-15	-15.6	-26.9	-9.5	3.9
Change in receivables	-9.28	-14.4	-7.6	-8.5	26	-20.3	-46.3	4.1	-15	4.1
Change in inventory	0.02	-2.9	-16.6	-17.8	18.3	-56	-68.3	14.3	-33	-21.7
Change in payables	-3.9	10.8	4.6	-7.5	8.5	19.1	7.7	-15.3	15.4	-1.9
Cash from operations	57.9	54.2	80	71.9	134	69.4	-25.1	188	89.7	65
Capital expenditures	-26.5	-20.4	-18.8	-38.4	-29.9	-19.4	-25	-22.8	-20.9	-21.7
Acquisitions	-12.9	-354	0	-19.7	0	0	0	0	-25.7	-3.2
Purchases of investments							0	0	-32.1	0
Cash from investing	-40.6	-375	-16.1	-55.6	-29.9	1.7	-24.5	-23.2	-78.4	-22.7
Debt issued	15	743	14.9	25	126	316	52	20	40.9	85
Debt repaid	-3.46	-96.2	-38.3	-41.8	-158	-362	-19.1	-120	-42.5	-10.8
Stock issued	5.27	6.9	5.9	6.1	4.9	5	-0.9	19	19.6	-2.5
Share buybacks	-12.8	0	0	0	0	-15	-5	-21.7	-19.6	-88.5
Dividends paid	-14.3	-15	-15.3	-16	-16.3	-17.5	-18.9	-20.1	-21.4	-21.9
Cash from financing	-9.56	319	-32.8	-27.4	-42.8	-84.5	8.1	-123	-25.2	-38.7
Exchange rate effect	-1.15	2.2	-4	-0.4
Net change in cash	6.61	0.5	27.1	-11.5	66.4	-17.4	-46.2	39.7	-17.3	6.6
Free cash flow	31.4	33.8	61.2	33.5	104	50	-50.1	166	68.8	43.3
Interest paid	1.14	14.2	22.4	19.7	18.3	11.7	7.6	17.1	13.6	12.3
Income taxes paid	14.2	13.5	11.1	21.7	12	19.5	34.1	39.5	30.2	13.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $67.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.8%	Gross profit / revenue.
Operating margin	3.2%	Operating income / revenue.
EBITDA margin	7.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.0%	Pre-tax income / revenue.
Net margin	1.5%	Net income / revenue.
FCF margin	-0.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.4%	Cash from operations / revenue.
Effective tax rate	25.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Return on invested capital (ROIC)	3.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.7%	Research and development expense / revenue.
SG&A / revenue	31.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	3.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-11.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-40.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	1.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-26.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-47.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-12.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-46.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-12.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-27.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-13.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-37.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-16.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.04x	Current assets / current liabilities.
Quick ratio	1.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.26x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.67x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.2%	Total debt / total assets.
Liabilities / assets	57.9%	Total liabilities / total assets.
Net debt	$282.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$313.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$276.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.96x	Revenue / average total assets.
Fixed asset turnover	6.48x	Revenue / average property, plant and equipment.
Inventory turnover	3.69x	Cost of revenue / average inventory.
Days inventory	99 days	365 x average inventory / cost of revenue.
Receivables turnover	4.25x	Revenue / average receivables.
Days sales outstanding	86 days	365 x average receivables / revenue.
Days payables	55 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	129 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-14.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	116.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.07	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$70.86	Revenue / diluted weighted shares.
FCF per share	-$0.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.97	Cash from operations / diluted weighted shares.
Book value per share	$31.29	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.22	Tangible book value / shares outstanding.
Cash per share	$4.51	(Cash + short-term investments) / shares outstanding.
Payout ratio	118.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.15B	Share price x shares outstanding.
Enterprise value	$1.44B	Market cap + total debt - cash - short-term investments.
P/E	63.1x	Market cap / net income. Only when net income is positive.
P/S	0.95x	Market cap / revenue.
P/B	2.17x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.18x	Market cap / tangible book value, when positive.
P/OCF	69.2x	Market cap / cash from operations, when positive.
EV/Sales	1.18x	Enterprise value / revenue.
EV/EBIT	36.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.9x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.2%	Free cash flow / market cap.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	11.9%	(Dividends paid + share buybacks) / market cap.

What was TENNANT CO's revenue in fiscal 2025?

TENNANT CO reported revenue of $1.20B for fiscal 2025, 6.5% lower than the year before.

Was TENNANT CO profitable in fiscal 2025?

Yes. Net income was $43.8M, a net margin of 3.6%.

How much free cash flow did TENNANT CO generate in fiscal 2025?

Cash from operations of $65.0M minus capital expenditures of $21.7M left free cash flow of $43.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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