Thermon Group Holdings, Inc. provides engineered industrial process heating solutions globally, serving diverse sectors for over 70 years.

# Company Overview: Thermon Group Holdings, Inc.

## Business Description
Thermon specializes in providing highly engineered industrial process heating solutions primarily for process industries worldwide. It has served customers for over 70 years and operates in markets including:

- General industrial
- Chemical and petrochemical
- Oil and gas
- Power generation
- Commercial facilities
- Food and beverage
- Rail and transit
- Other industrial sectors

## Products and Services
- **Products:**
  - Electric heat tracing cables
  - Electrode and gas-fired boilers
  - Heating blankets
  - Tubing bundles
  - Industrial heating units and appliances
  - Temporary power systems and electrical lighting
  - Filtration solutions

- **Services:**
  - Engineering and design
  - Installation
  - Maintenance and upgrades
  - Turnkey project execution

- **Software and Control Systems:**
  - Wireless, networked control and monitoring solutions
  - Internet of Things (IoT) embedded systems for heat trace management
  - Automation and design optimization software (brand: Genesis, TraceNet)

## Capabilities
- Global network of sales, service professionals, and distributors in over 30 countries.
- 11 manufacturing facilities on two continents.
- Ability to serve large, complex projects, including hazardous or classified environments.

## Market Position and Strategy
- Second-largest player in the global industrial electric heat tracing industry.
- Differentiates through comprehensive product and service offerings, a global footprint, and industry-leading controls technology.
- Focuses on diversification, including expanding in non-oil-and-gas markets (over 70% of revenue from such markets as of fiscal 2025).

## Customer Base
- Serves thousands of large multinational customers.
- No single customer accounted for more than 10% of total revenue in fiscal 2023, 2024, or 2025.
- Long-standing relationships with major oil, gas, chemical, power, and EPC (engineering, procurement, and construction) companies.

## Financial Highlights (Fiscal Year Ended March 31, 2025)
- **Revenue:** \$498.2 million
- **Net Income:** \$53.5 million
- **Employees:** 1,568 employees worldwide
  - Regional breakdown:
    - US-LAM: 43.9%
    - Canada: 32.8%
    - EMEA: 11.2%
    - APAC: 12.1%
- **Market Capitalization:** As of May 21, 2025, approximately \$986.4 million based on stock price of \$29.84.
- **Stock:** Listed on NYSE under the symbol "THR."
- **Outstanding Shares:** 33,088,725 shares as of May 21, 2025.

## Business Focus
- Covering both engineered solutions and standardized products for temperature maintenance, freeze protection, environmental control, and process regulation across multiple industries.
- Sustainability and technological innovation are central to product development.
- Provides tailored turnkey projects, including engineering, procurement, construction, and ongoing maintenance.

This summary reflects the company's core operations, market sectors, customer relationships, and recent financial performance based solely on provided disclosures.

Thermon Group Holdings, Inc. is a leading provider of highly engineered industrial process heating solutions serving a diverse global customer base across multiple industries.

# Thermon Group Holdings, Inc. Overview

Thermon Group Holdings, Inc. is a leading provider of highly engineered industrial process heating solutions for various process industries, operating for nearly 70 years. The company offers a comprehensive suite of products, services, and software designed to meet the demands of a diverse customer base across a range of industries.

## Business Segments and Products

### Key End Markets
Thermon serves thousands of customers globally in several growing markets, including:
- General Industrial
- Chemical and Petrochemical
- Oil and Gas
- Power Generation
- Commercial
- Food and Beverage
- Energy Transition/Decarbonization
- Rail and Transit

### Product Offerings
The company provides a wide variety of products, including:
- **Heating Units**: Electric heat tracing cables and steam heating solutions.
- **Boilers**: Gas-fired and electric resistance boilers.
- **Heating Blankets**: Customized heating products using patented heat spreading technology.
- **Controls and Monitoring Systems**: Smart connected devices for heat trace system management.
- **Temporary Power Solutions**: Portable electrical connection systems and LED lighting.
- **Tubing Bundles**: Heated and insulated samples for process control and emissions monitoring.

### Services
Thermon's services cover:
- Engineering and design
- Turnkey construction installation
- Maintenance services and project support

## Global Footprint

- **Employees**: As of March 31, 2024, Thermon employed 1,416 individuals worldwide, with:
  - 41.4% in the U.S. and Latin America
  - 38.8% in Canada
  - 7.6% in Europe, Middle East, and Africa (EMEA)
  - 12.2% in Asia-Pacific (APAC)
- **Customers**: They serve a diverse customer base without any single customer accounting for more than 10% of total revenue.

## Financials

- **Revenue**: Approximately $480.3 million in fiscal year 2024.
- **Operating Income**: $69.7 million in fiscal year 2024.
- **Goodwill and Intangible Assets**: As of March 31, 2024, goodwill and intangible assets amounted to $397.9 million, representing 52% of total assets.

## Manufacturing and Operations

- **Manufacturing Facilities**: 11 manufacturing facilities on two continents, with major operations located in San Marcos, Texas, and various locations in Canada and Europe. The facilities implement high operational efficiency and stringent quality standards.
- **Distribution Centers**: Primarily located in San Marcos, Texas; Calgary, Alberta; and Pijnacker, the Netherlands, ensuring inventory is available close to customers for fast fulfillment.

## Competitive Advantage
Thermon differentiates itself through:
- A global footprint and comprehensive product offerings.
- Established relationships with major multinational companies in the energy and chemical sectors.
- Commitment to innovation and investment in research and development, particularly in hazardous areas.

## Commitment to Safety and Sustainability
- The company emphasizes employee safety, reducing workplace incidents and promoting a strong safety culture.
- It is dedicated to developing sustainable solutions that assist customers in meeting their sustainability goals.

Overall, Thermon Group Holdings, Inc. is positioned as a market leader in the industrial process heating sector, offering innovative solutions and maintaining strong relationships with a diverse global customer base.

Thermon Group Holdings, Inc.

10-K / May 22, 2025

10-K / May 29, 2024

10-K / May 22, 2025

Company Overview: Thermon Group Holdings, Inc.

Business Description

Products and Services

Capabilities

Market Position and Strategy

Customer Base

Financial Highlights (Fiscal Year Ended March 31, 2025)

Business Focus