TENNANT CO

Listed Company

TNCCIK 0000097134NYSELarge AcceleratedRefrigeration & Service Industry MachineryMinnesotaFY ends Dec 31

Period

FY 2025

Revenue

$1.20B

Net Income

$43.80M

Total Assets

$1.27B

Equity

$601.60M

Shares Out

17.85M

Op. Cash Flow

$65.00M

Business

TENNANT CO designs, manufactures and markets solutions for cleaning, maintenance and safety of nonresidential surfaces worldwide. The company offers manual and autonomous mechanized cleaning equipment, detergent‑free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and business solutions including financing, rental, leasing and machine‑to‑machine asset management. Tennant aggregates operations into one reportable segment that encompasses design, manufacture, sale and servicing of its floor‑care products and related technologies and brands. It sells across the Americas, EMEA and APAC through the industry’s largest direct sales and service organization and a network of authorized distributors in over 100 countries.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	1,204	1,287	1,244	1,092	1,091
Cost of sales	719	737	716	671	653
Gross profit	484	550	528	421	438
Selling and administrative expense	375	392	353	306	322
Research and development expense	41	44	37	31	32
Operating income	68	114	139	87	94
Interest expense, net	−9	−9	−14	−7	−7
Gain (Loss), Foreign Currency Transaction, before Tax	−2	100,000	300,000	−1	−700,000
Other income (expense), net	300,000	−500,000	−2	600,000	−300,000
Income before income taxes	58	105	124	80	74
Income tax expense	14	21	14	13	9
Net income	44	84	110	66	65
Net income per share, Basic (in dollars per share)	2.38	4.46	5.92	3.58	3.51
Net income per share, Diluted (in dollars per share)	2.36	4.38	5.83	3.55	3.44
Weighted average shares outstanding, Basic (in shares)	18	19	19	18	18
Weighted average shares outstanding, Diluted (in shares)	19	19	19	19	19

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents, and restricted cash	106	100	117	77	124
Receivables, less allowances of $10.4 and $7.1, respectively	257	259	248	252	211
Inventories	199	184	176	207	161
Prepaid and other current assets	38	34	29	40	31
Total current assets	600	577	569	575	527
Property, plant and equipment, less accumulated depreciation of $289.0 and $310.9, respectively	190	184	188	180	173
Operating lease assets	57	55	42	32	41
Goodwill	209	186	187	182	193
Intangible assets, net	53	59	63	76	98
Other assets	161	130	64	40	30
Total assets	1,269	1,190	1,113	1,085	1,062
Current portion of long-term debt	400,000	1	6	5	4
Accounts payable	128	127	111	126	122
Employee compensation and benefits	41	53	67	44	61
Other current liabilities	124	111	89	86	104
Total current liabilities	293	292	274	262	290
Long-term debt	273	198	194	295	263
Long-term operating lease liabilities	36	36	27	17	25
Employee-related benefits	16	14	13	13	16
Deferred income taxes	3	5	5	12	21
Other liabilities	45	23	22	15	11
Total long-term liabilities	372	276	261	351	336
Total liabilities	666	568	535	613	627
Commitments and contingencies (Note 17)	—	—	—	—	—
Common stock, $0.375 par value per share, 60,000,000 shares authorized; 17,846,681 and 18,849,456 issued and outstanding, respectively	7	7	7	7	7
Additional paid-in capital	0	77	65	56	54
Retained earnings	628	610	547	458	411
Accumulated other comprehensive loss	−33	−73	−42	−50	−38
Total Tennant Company shareholders' equity	602	621	577	471	434
Noncontrolling interest	2	1	1	1	1
Total equity	603	622	578	472	435
Total liabilities and total equity	1,269	1,190	1,113	1,085	1,062

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	44	84	110	66	65
Depreciation expense	45	40	36	33	33
Amortization expense	14	15	15	16	20
Deferred income tax expense (benefit)	4	−10	−27	−16	−15
Share-based compensation expense	10	12	12	8	10
Bad debt and returns expense	7	3	3	2	2
Other, net	1	600,000	1	1	2
Receivables	4	−15	4	−46	−20
Inventories	−22	−33	14	−68	−56
Accounts payable	−2	15	−15	8	19
Employee compensation and benefits	−14	−5	22	−15	8
Other assets and liabilities	−27	−17	13	−10	500,000
Net cash provided by operating activities	65	90	188	−25	69
Purchases of property, plant and equipment	−22	−21	−23	−25	−19
Proceeds from sale of property, plant and equipment	2	0	0	0	0
Purchase of investment	0	−32	0	0	—
Payments made in connection with business acquisition, net of cash acquired	−3	−26	0	0	0
Investment in leased assets	−400,000	−500,000	−1	−4	−4
Cash received from leased assets	1	800,000	800,000	600,000	0
Net cash used in investing activities	−23	−78	−23	−25	2
Proceeds from borrowings	85	41	20	52	316
Repayments of borrowings	−11	−43	−120	−19	−362
Payment of debt financing costs	0	−2	0	0	—
Change in finance lease obligations	0	0	200,000	0	100,000
Proceeds from exercise of stock options, net of employee tax withholdings obligations of $3.1, $3.8 and $1.7, respectively	−3	20	19	−900,000	5
Dividends paid	−22	−21	−20	−19	−18
Repurchases of common stock	−89	−20	−22	−5	−15
Net cash used in financing activities	−39	−25	−123	8	−85
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3	−3	−3	−5	−4
Net increase (decrease) in cash, cash equivalents and restricted cash	7	−17	40	−46	−17
Cash paid for income taxes	13	30	40	34	20
Cash paid for interest, net of capitalized interest	12	14	17	8	12
Capital expenditures in accounts payable	4	6	4	4	4

Filings

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