Monitor the stockholder vote on May 27, 2026, and the expected closure of the CECO merger in June. The earnings report confirms operational stability, but the stock price will primarily reflect merger arbitrage dynamics. Any delay or antitrust issue would be material.
Price Chart
Executive Summary
Thermon reported Q4 FY2026 revenue of $148.3M (+11% YoY) and adjusted EPS of $0.55, slightly below consensus of $0.56. GAAP net income plummeted 84% to $2.7M due to $12.9M in transaction costs related to the pending merger with CECO Environmental, which remains on track to close in June 2026. Guidance was withdrawn given the impending acquisition.
Key Financial Metrics
Key Facts
- Q4 revenue $148.3M, +11% YoY, beating the $135.3M consensus (estimate).
- Adjusted EPS $0.55 vs consensus $0.56, a slight miss (-1.8%).
- GAAP net income down 84% to $2.7M due to $12.9M merger-related expenses.
- Full-year revenue $536.3M (+8%), adjusted EBITDA $119.6M (+9.5%).
- Merger with CECO Environmental on track; stockholder votes May 27, expected close June 2026.
- No financial guidance provided due to pending merger.
Financial Impact
Neutral; earnings in line with expectations but overshadowed by merger. Stock likely to trade based on deal progression rather than quarterly results.
Risk Factors
- Merger failure or delay could cause significant downside.
- The adjusted EPS miss, though small, may indicate softer margins (21.6% vs 22.7% last year).
- Working capital increased 21% to $202.5M, and free cash flow fell to $7.1M from $29.0M a year ago.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001489096-26-000063 |
| Document: thr-20260519.htm | 0001489096-26-000063 |
| Document: 0001489096-26-000063-index-headers.html | 0001489096-26-000063 |
| Document: 0001489096-26-000063-index.html | 0001489096-26-000063 |
| Document: 0001489096-26-000063.txt | 0001489096-26-000063 |
| 8-K Data (Synthetic) | 0001489096-26-000063 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 17, 2026 15w ago | 15-12G | — | awaiting T+1 | — | — |
Jun 1, 2026 17w ago | 25-NSE | $61.02 awaiting T+1 | awaiting T+1 | — | — |
Jun 1, 2026 17w ago | 8-K | $61.02 awaiting T+1 | awaiting T+1 | — | — |
May 28, 2026 18w ago | 8-K | $66.81 $61.14 | ▼ −8.49% | ▼ −8.73% | — |
May 19, 2026 19w ago | 425 | $65.43 $65.04 | ▼ −0.60% | ▼ −0.79% | — |
May 19, 2026 19w ago | 8-K | $63.42 $65.43 | ▲ +3.17% | ▲ +2.13% | — |
Apr 20, 2026 23w ago | 8-K | $54.12 $51.80 | ▼ −4.29% | ▼ −3.63% | — |
US Market Status
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