Thermon Group Holdings Reports $498.2 Million Revenue and $53.5 Million Net Income for Fiscal Year Ending March 31, 2025

Thermon Group Holdings, Inc. reported a revenue of $498.2 million for the fiscal year ending March 31, 2025, marking a slight increase from $494.6 million in the previous fiscal year. The company's net income rose to $53.5 million, or $1.57 per diluted share, compared to $51.6 million, or $1.51 per diluted share, in fiscal 2024. This growth in revenue and profitability was primarily driven by the contributions from recent acquisitions, particularly Vapor Power, which added $52.2 million in revenue, and F.A.T.I., which contributed $6.6 million. However, the company experienced a decline in its Over time sales, which fell by $48.9 million, attributed to a slowdown in demand for large projects amid macroeconomic uncertainties.

In terms of operational developments, Thermon has been actively integrating its recent acquisitions, including F.A.T.I., acquired in October 2024, and Vapor Power, acquired in December 2023. The integration of these companies is expected to enhance Thermon's market position and global production capabilities. The company also reported a backlog of $240.3 million as of March 31, 2025, an increase from $186.1 million a year earlier, indicating a strong pipeline of future revenue opportunities. The sales mix for fiscal 2025 was 71% Point-in-time sales and 29% Over time sales, reflecting a shift towards higher-margin product sales.

Thermon's workforce consisted of 1,568 employees as of March 31, 2025, with a voluntary turnover rate of 9.9%, significantly lower than the U.S. manufacturing industry average of 18.5%. The company has emphasized its commitment to diversity, with 23.8% of its global workforce identifying as female and 51% of U.S. employees identifying as a racial or ethnic minority. Additionally, Thermon has been investing in talent development and employee engagement initiatives to foster a positive workplace culture.

Looking ahead, Thermon anticipates continued revenue growth driven by strategic acquisitions and an expanding global footprint. The company plans to focus on securing new facility project bids and increasing revenue from facility maintenance and upgrades. However, it acknowledges potential risks, including economic volatility and competition in the industrial process heating market. The company remains committed to its long-term strategies of diversification, digitization, and decarbonization, which are expected to position it favorably in the evolving energy landscape.