TNCTENNANT CO

Refrigeration & Service Industry Machinery

Revenue: $1.2B; 6.5% YoY
Operating margin: 5.7%; 36% YoY
EBITDA: $113M; 27% YoY
Market cap: $1.1B
Employees: 4,484; $268K revenue each
Net debt / EBITDA: 2.4×; $273M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
148% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
170% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$268K · 14th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$882K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.1B	$1.2B	$1.3B	$1.2B	6.5%
Operating income	$94M	$87M	$139M	$114M	$68M	40%
Net income	$65M	$66M	$110M	$84M	$44M	48%
Operating cash flow	$69M	−$25M	$188M	$90M	$65M	28%
Capex	$19M	$25M	$23M	$21M	$22M	3.8%
Stock-based comp	$10M	$8M	$12M	$12M	$10M	13%
Buybacks	$15M	$5M	$22M	$20M	$89M	352%
Dividends	$18M	$19M	$20M	$21M	$22M	2.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 22, 2026	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	6.0%	Passive
Mar 9, 2026	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D	5.0%	Passive
Mar 22, 2021	PrimeStone Capital LLP	SC 13D/A	4.1%	Passive

Insider trading

Open-market buys, 12 mo: $2M · 9
Open-market sells, 12 mo: $1M · 4
Net: $882K

Pay vs performance

No pay-versus-performance disclosure yet.