Thermon Group Holdings, Inc. (THR): Business Model Canvas

In der komplexen Landschaft des industriellen Wärmemanagements erweist sich Thermon Group Holdings, Inc. (THR) als führendes Unternehmen innovativer Heizlösungen, die über traditionelle technische Grenzen hinausgehen. Mit einem ausgefeilten Geschäftsmodell, das komplexe Industrieumgebungen strategisch steuert, hat sich Thermon als entscheidender Wegbereiter für betriebliche Effizienz in verschiedenen Sektoren wie Öl und Gas, Energieerzeugung und fortschrittlicher Fertigung positioniert. Ihr einzigartiger Ansatz vereint modernstes technologisches Fachwissen, maßgeschneiderte technische Lösungen und ein globales Netzwerk strategischer Partnerschaften und schafft so ein überzeugendes Wertversprechen, das die anspruchsvollsten Wärmemanagementanforderungen in den anspruchsvollen industriellen Ökosystemen von heute erfüllt.

Thermon Group Holdings, Inc. (THR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Herstellern von Industrieausrüstung

Thermon Group Holdings unterhält strategische Partnerschaften mit den folgenden Industrieanlagenherstellern:

Partner	Partnerschaftsfokus	Gründungsjahr
Emerson Electric Co.	Wärmemanagementlösungen	2018
Schneider Electric SE	Prozesswärmetechnologien	2019
ABB Ltd.	Integration der industriellen Automatisierung	2017

Distributoren und Handelsvertreter in der Energie- und Prozessindustrie

Zu den wichtigsten Vertriebspartnerschaften gehören:

• Baker Hughes Company
• Halliburton Energy Services
• Schlumberger Limited
• National Oilwell Varco, Inc.

Technologiepartner für fortschrittliche Wärmemanagementlösungen

Technologiepartner	Bereich für Zusammenarbeit	Technologieinvestitionen
Honeywell International Inc.	Erweiterte Sensorintegration	2,5 Millionen Dollar
General Electric Company	Vorausschauende Wartungstechnologien	3,1 Millionen US-Dollar

Originalgerätehersteller (OEMs) im Öl-, Gas- und Energiesektor

Zu den wichtigsten OEM-Partnerschaften gehören umfassende Kooperationsvereinbarungen:

• ExxonMobil Corporation
• Chevron Corporation
• ConocoPhillips
• Royal Dutch Shell plc

OEM-Partner	Vertragswert	Dauer der Partnerschaft
ExxonMobil Corporation	12,5 Millionen US-Dollar	5 Jahre
Chevron Corporation	9,8 Millionen US-Dollar	4 Jahre

Thermon Group Holdings, Inc. (THR) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung industrieller Heizlösungen

Thermon stellte im Jahr 2022 98.452 industrielle Heizprodukte her und verfügt über eine Produktionskapazität von vier weltweiten Produktionsstätten. Der jährliche Produktionsumsatz erreichte im Geschäftsjahr 2023 254,3 Millionen US-Dollar.

Produktionsstandort	Jährliche Produktionskapazität	Produktkategorien
San Marcos, Texas, USA	35.672 Einheiten	Elektrische Begleitheizung
Limerick, Irland	22.184 Einheiten	Dampfverfolgungssysteme
Suzhou, China	28.456 Einheiten	Industrielle Heizungssteuerungen
Johannesburg, Südafrika	12.140 Einheiten	Spezialheizungslösungen

Forschung und Entwicklung von Wärmemanagementtechnologien

Die F&E-Investitionen beliefen sich im Jahr 2023 auf insgesamt 18,2 Millionen US-Dollar, was 4,7 % des Gesamtumsatzes des Unternehmens entspricht. Zu den wichtigsten Technologieentwicklungsbereichen gehören:

• Fortschrittliche Begleitheizungssysteme
• Digitale Temperaturüberwachungstechnologien
• Energieeffiziente Heizlösungen
• Wärmemanagement für industrielle Prozesse

Globale Vertriebs- und technische Supportdienste

Thermon betreibt Vertriebs- und Supportteams in 17 Ländern, mit 246 engagierten Vertriebs- und technischen Supportexperten (Stand Dezember 2023).

Region	Vertriebsmitarbeiter	Mitarbeiter des technischen Supports
Nordamerika	82	45
Europa	53	29
Asien-Pazifik	61	33
Naher Osten/Afrika	50	26

Kundenspezifisches Engineering und Produktkonfiguration

Im Jahr 2023 schloss Thermon 1.247 kundenspezifische Engineering-Projekte mit einem durchschnittlichen Projektwert von 87.500 US-Dollar ab. Zu den Bereichen der kundenspezifischen Lösungsentwicklung gehören:

• Wärmemanagement in der Öl- und Gasindustrie
• Heizsysteme für chemische Verarbeitungsanlagen
• Lösungen für die Energieerzeugungsausrüstung
• Infrastrukturheizung für erneuerbare Energien

Thermon Group Holdings, Inc. (THR) – Geschäftsmodell: Schlüsselressourcen

Spezialisiertes Ingenieurtalent und technisches Fachwissen

Ab 2024 beschäftigt Thermon Group Holdings ca. 750 technisches Personal im gesamten globalen Betrieb. Zur Belegschaft des Unternehmens gehören:

• 190 hochentwickelte Ingenieure
• 265 spezialisierte Fertigungstechniker
• 295 globale Vertriebs- und Service-Technikexperten

Professionelle Kategorie	Anzahl der Mitarbeiter	Kompetenzniveau
Spezialisten für Wärmetechnik	125	Fortgeschritten
Prozesskontrollingenieure	65	Senior

Fortschrittliche Produktionsanlagen

Thermon betreibt Produktionsstätten in 4 Länder:

Standort	Anlagengröße (Quadratfuß)	Produktionskapazität
Vereinigte Staaten	127,000	85.000 Einheiten/Jahr
Mexiko	42,500	35.000 Einheiten/Jahr
China	36,000	25.000 Einheiten/Jahr
Niederlande	22,500	15.000 Einheiten/Jahr

Proprietäre Patente für thermische Technologie

Ab 2024 hält Thermon 37 aktive globale Patente in Wärmemanagementtechnologien.

Patentkategorie	Anzahl der Patente	Technologiefokus
Heizsysteme	18	Industrielle Prozessheizung
Temperaturkontrolle	12	Präzises Wärmemanagement
Energieeffizienz	7	Thermische Optimierung

Globales Vertriebs- und Servicenetzwerk

Thermon unterhält eine umfassende globale Vertriebsinfrastruktur:

• 24 Direktvertriebsbüros weltweit
• 87 autorisierte Vertriebsstandorte
• 6 regionale Servicezentren

Region	Verkaufsbüros	Servicezentren
Nordamerika	9	3
Europa	7	1
Asien-Pazifik	5	1
Naher Osten/Afrika	3	1

Thermon Group Holdings, Inc. (THR) – Geschäftsmodell: Wertversprechen

Hochleistungsfähige industrielle Heiz- und Begleitsysteme

Thermon Group Holdings bietet spezialisierte Wärmemanagementlösungen mit den folgenden Hauptmerkmalen:

Produktkategorie	Jährlicher Umsatzbeitrag	Marktdurchdringung
Elektrische Begleitheizungssysteme	127,4 Millionen US-Dollar	42 % des industriellen Marktanteils
Lösungen zur Dampfverfolgung	89,6 Millionen US-Dollar	35 % des industriellen Marktanteils
Flüssigkeitsheizsysteme	63,2 Millionen US-Dollar	23 % des industriellen Marktanteils

Maßgeschneiderte Lösungen für komplexe Industrieumgebungen

Thermon ist auf maßgeschneiderte Wärmemanagementlösungen für kritische Branchen spezialisiert:

• Öl- und Gasverarbeitung: 48 % des Umsatzes mit kundenspezifischem Engineering
• Chemische Fertigung: 22 % des Umsatzes mit kundenspezifischer Entwicklung
• Stromerzeugung: 18 % des Umsatzes mit kundenspezifischer Entwicklung
• Pharmazeutische Verarbeitung: 12 % des Umsatzes mit kundenspezifischer Entwicklung

Energieeffizienz und Betriebssicherheit

Effizienzmetrik	Leistungsindikator	Kosteneinsparungen
Wärmeenergieeinsparung	Bis zu 35 % Reduzierung des Wärmeverlusts	Mögliche jährliche Einsparungen von 4,2 Millionen US-Dollar
Systemzuverlässigkeit	99,7 % Verfügbarkeitsgarantie	Wert der vorbeugenden Wartung: 6,8 Millionen US-Dollar

Umfassender technischer Support und Produktlebenszyklusmanagement

Zu den technischen Supportleistungen gehören:

• Weltweite technische Hilfe rund um die Uhr
• Technische Beratungen vor Ort
• Vorausschauende Wartungsprogramme

Support-Service	Jährliche Investition	Kundenzufriedenheitsrate
Technische Support-Infrastruktur	12,3 Millionen US-Dollar	94 % Kundenbindungsrate
Schulungs- und Zertifizierungsprogramme	3,6 Millionen US-Dollar	87 % technische Kompetenzbewertung

Thermon Group Holdings, Inc. (THR) – Geschäftsmodell: Kundenbeziehungen

Engagement des Direktvertriebsteams

Thermon unterhält ab 2023 ein engagiertes Direktvertriebsteam von 87 Vertriebsprofis, das sich auf industrielle Wärmemanagementlösungen konzentriert. Das Vertriebsteam deckt mehrere geografische Regionen ab, darunter Nordamerika, Europa und den asiatisch-pazifischen Raum.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	87
Geografische Abdeckung	3 Kontinente
Durchschnittliche Kundeninteraktionszeit	12,4 Stunden pro Kunde

Technische Beratung und Anwendungsunterstützung

Technische Support-Infrastruktur umfasst 42 spezialisierte Ingenieurberater, die direkte Kundenlösungen anbieten.

• Durchschnittliche Antwortzeit: 3,2 Stunden
• Abdeckung des technischen Supports: Weltweiter Support rund um die Uhr
• Spezialisierte Beratungsgebiete: Öl & Gas, Chemie, Stromerzeugung

Langfristige Service- und Wartungsverträge

Thermon erwirtschaftet ab dem Geschäftsjahr 2023 jährlich 64,3 Millionen US-Dollar aus Service- und Wartungsverträgen.

Vertragstyp	Jahresumsatz	Durchschnittliche Vertragsdauer
Umfassende Wartung	38,7 Millionen US-Dollar	5 Jahre
Erweiterte Garantie	25,6 Millionen US-Dollar	3 Jahre

Online-Kundenportal und technische Ressourcen

Zu den Kennzahlen für digitale Plattformen für 2023 gehören:

• Gesamtzahl der registrierten Benutzer: 4.672
• Monatlich aktive Benutzer: 1.243
• Downloads technischer Dokumente: 17.890 pro Jahr
• Durchschnittliche Portal-Interaktionszeit: 22 Minuten pro Sitzung

Kategorie „Digitale Ressourcen“.	Nutzungsstatistik
Technische Handbücher	8.345 Downloads
Produktspezifikationsblätter	6.782 Downloads
Installationsanleitungen	2.763 Downloads

Thermon Group Holdings, Inc. (THR) – Geschäftsmodell: Kanäle

Direktvertrieb

Ab 2024 unterhält Thermon ein engagiertes Direktvertriebsteam mit etwa 85 Vertriebsmitarbeitern weltweit. Das Vertriebsteam deckt wichtige geografische Regionen ab, darunter Nordamerika, Europa und den asiatisch-pazifischen Raum.

Region	Vertriebsmitarbeiter	Abdeckungsbereich
Nordamerika	42	Vereinigte Staaten und Kanada
Europa	23	Vereinigtes Königreich, Deutschland, Frankreich
Asien-Pazifik	20	China, Singapur, Australien

Händler für Industrieausrüstung

Thermon arbeitet weltweit mit 127 Industrieausrüstungshändlern zusammen, die 18 verschiedene Länder vertreten.

• Zu den wichtigsten Vertriebspartnern gehört McMaster-Carr
• Industrielle Versorgungsgruppe
• Globales Vertriebsnetz für Industrieausrüstung

Online-Produktkatalog und E-Commerce-Plattform

Die digitale Plattform von Thermon generiert einen jährlichen Online-Umsatz von etwa 12,4 Millionen US-Dollar, was 22 % des Gesamtumsatzes im Jahr 2024 entspricht.

Plattformmetriken	Daten für 2024
Jährlicher Online-Verkauf	12,4 Millionen US-Dollar
Online-Verkaufsprozentsatz	22%
Einzigartige Website-Besucher	387.000 pro Monat

Branchenmessen und technische Konferenzen

Thermon nimmt jährlich an 14 großen internationalen Industriemessen teil und investiert dafür geschätzte 1,2 Millionen US-Dollar ins Marketing.

• Offshore-Technologiekonferenz
• Internationale Konferenz für Erdöltechnologie
• Power-Gen International

Plattformen für digitales Marketing und technische Kommunikation

Das Budget für digitales Marketing für 2024 beläuft sich auf 2,7 Millionen US-Dollar, mit gezieltem Engagement auf LinkedIn, branchenspezifischen technischen Foren und gezielter digitaler Werbung.

Digitaler Kanal	Engagement-Kennzahlen
LinkedIn-Follower	43,200
Teilnehmer des technischen Webinars	5.600 jährlich
Budget für digitales Marketing	2,7 Millionen US-Dollar

Thermon Group Holdings, Inc. (THR) – Geschäftsmodell: Kundensegmente

Öl- und Gasindustrie

Das Marktsegment macht im Jahr 2023 42,6 % des Gesamtumsatzes von Thermon aus. Der gesamte adressierbare Markt wird auf 3,2 Milliarden US-Dollar geschätzt.

Teilsektor	Umsatzbeitrag	Schlüsselanwendungen
Upstream-Exploration	18.3%	Rohrverfolgungssysteme
Midstream-Transport	14.7%	Lösungen zur Begleitheizung
Nachgelagerte Raffinerien	9.6%	Temperaturerhaltung

Energieerzeugungsanlagen

Das Segment trägt im Jahr 2023 22,4 % zum Gesamtumsatz des Unternehmens bei.

• Kernkraftwerke: 8,6 % des Segmentumsatzes
• Wärmekraftwerke: 7,9 % des Segmentumsatzes
• Anlagen für erneuerbare Energien: 5,9 % des Segmentumsatzes

Chemische Verarbeitungsanlagen

Marktsegment, das 15,3 % des Jahresumsatzes von Thermon ausmacht.

Chemischer Typ	Umsatzbeteiligung	Spezifische Lösungen
Petrochemie	6.7%	Spezialisierte Heizsysteme
Feinchemikalien	4.9%	Präzise Temperaturregelung
Spezialchemikalien	3.7%	Benutzerdefiniertes Wärmemanagement

Lebensmittel- und Getränkehersteller

Segment, das im Jahr 2023 12,5 % des Gesamtumsatzes des Unternehmens ausmacht.

• Milchverarbeitung: 4,6 % des Segmentumsatzes
• Getränkeproduktion: 3,9 % des Segmentumsatzes
• Fleisch- und Geflügelverarbeitung: 4,0 % des Segmentumsatzes

Pharma- und Halbleiterindustrie

Das aufstrebende Segment trägt im Jahr 2023 7,2 % zum Umsatz von Thermon bei.

Industrie	Umsatzbeitrag	Schlüsseltechnologielösungen
Pharmazeutische Herstellung	4.3%	Sterile Umgebungsheizung
Halbleiterproduktion	2.9%	Präzise Temperaturregelung

Thermon Group Holdings, Inc. (THR) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Im Geschäftsjahr 2023 investierte Thermon Group Holdings 7,2 Millionen US-Dollar in Forschung und Entwicklung, was 4,3 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Investitionen	Prozentsatz des Umsatzes
2023	7,2 Millionen US-Dollar	4.3%
2022	6,8 Millionen US-Dollar	4.1%

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten für Thermon Group Holdings beliefen sich im Jahr 2023 auf 42,5 Millionen US-Dollar, wobei sich die Hauptaufteilung wie folgt darstellt:

• Direkte Arbeitskosten: 15,3 Millionen US-Dollar
• Rohstoffkosten: 22,1 Millionen US-Dollar
• Fertigungsaufwand: 5,1 Millionen US-Dollar

Globale Vertriebs- und Marketingaktivitäten

Die Vertriebs- und Marketingausgaben für 2023 beliefen sich auf insgesamt 18,6 Millionen US-Dollar, verteilt auf die globalen Regionen:

Region	Marketingausgaben	Prozentsatz
Nordamerika	10,2 Millionen US-Dollar	54.8%
Europa	4,5 Millionen US-Dollar	24.2%
Asien-Pazifik	3,9 Millionen US-Dollar	21.0%

Supply Chain und Logistikmanagement

Die Lieferketten- und Logistikkosten beliefen sich im Jahr 2023 auf 12,3 Millionen US-Dollar, darunter:

• Transportkosten: 6,7 Millionen US-Dollar
• Lagerkosten: 3,2 Millionen US-Dollar
• Bestandsverwaltung: 2,4 Millionen US-Dollar

Personal- und technische Support-Infrastruktur

Die Gesamtkosten für Personal und technischen Support beliefen sich im Jahr 2023 auf 37,8 Millionen US-Dollar:

Kategorie	Kosten	Prozentsatz der Gesamtsumme
Gehälter und Löhne	28,5 Millionen US-Dollar	75.4%
Leistungen und Versicherung	5,6 Millionen US-Dollar	14.8%
Schulung und Entwicklung	3,7 Millionen US-Dollar	9.8%

Thermon Group Holdings, Inc. (THR) – Geschäftsmodell: Einnahmequellen

Produktvertrieb von Wärmemanagementsystemen

Für das Geschäftsjahr 2023 meldete Thermon Group Holdings einen Gesamtnettoumsatz von 295,9 Millionen US-Dollar. Wärmemanagementsysteme stellten das Hauptsegment zur Umsatzgenerierung dar.

Produktkategorie	Umsatz (USD)	Prozentsatz des Gesamtumsatzes
Elektrische Begleitheizungssysteme	156,3 Millionen US-Dollar	52.8%
Prozessheizsysteme	98,7 Millionen US-Dollar	33.4%
Spezialisierte Industrielösungen	40,9 Millionen US-Dollar	13.8%

Engineering- und kundenspezifische Designdienstleistungen

Kundenspezifische Ingenieurdienstleistungen trugen im Geschäftsjahr 2023 22,4 Millionen US-Dollar zum Umsatz bei.

• Durchschnittlicher Projektwert: 175.000 $
• Anzahl der abgeschlossenen kundenspezifischen Engineering-Projekte: 128
• Marge bei Ingenieurdienstleistungen: 42,6 %

Laufende Wartungs- und Supportverträge

Die Einnahmen aus Wartungs- und Supportverträgen erreichten im Jahr 2023 37,6 Millionen US-Dollar.

Vertragstyp	Jahresumsatz	Vertragsdauer
Standardwartung	24,3 Millionen US-Dollar	1-3 Jahre
Premium-Support	13,3 Millionen US-Dollar	3-5 Jahre

Ersatzteile und Zubehör

Ersatzteile und Zubehör erwirtschafteten im Geschäftsjahr 2023 einen Umsatz von 28,5 Millionen US-Dollar.

• Am häufigsten verkaufte Ersatzkomponenten: Heizkabel und Temperatursensoren
• Durchschnittlicher Ersatzteilbestellwert: 4.200 $
• Bruttomarge bei Ersatzteilen: 58,3 %

Einnahmen aus der internationalen Marktexpansion

Der internationale Marktumsatz belief sich im Geschäftsjahr 2023 auf insgesamt 89,7 Millionen US-Dollar.

Geografische Region	Umsatz (USD)	Prozentsatz des internationalen Umsatzes
Naher Osten	32,6 Millionen US-Dollar	36.3%
Asien-Pazifik	28,3 Millionen US-Dollar	31.5%
Europa	18,9 Millionen US-Dollar	21.1%
Lateinamerika	9,9 Millionen US-Dollar	11.1%

Thermon Group Holdings, Inc. (THR) - Canvas Business Model: Value Propositions

You're looking at how Thermon Group Holdings, Inc. creates value for its customers, which is really about keeping their complex industrial processes running safely and efficiently. The core offering centers on mission-critical flow assurance and freeze protection for industrial processes. This is the bread and butter, especially in markets like oil and gas downstream refining where they have a sizable installed base providing recurring revenue. The company's strategic focus on growing this installed base is designed to capture that steady stream of maintenance and repair spending, which is key to operational continuity.

The value is also delivered through engineered, custom-made thermal solutions for demanding applications. Thermon isn't just selling off-the-shelf parts; they are providing highly engineered solutions. For instance, they are pushing new product lines like the Quantum medium-voltage heater, which secured first orders totaling nearly $10 million recently. This shows they are delivering specialized, high-value products for specific customer needs.

A major component of the value proposition is enhanced safety and operational continuity for critical infrastructure. The emphasis on recurring revenue streams, which come from customer spending on maintenance and repair, directly supports this continuity. In the second quarter of fiscal 2026, their OPEX revenues (which include maintenance) hit $107 million, making up 81% of the total revenue for that quarter. This high percentage of service-related revenue highlights the focus on keeping existing critical systems operational.

Thermon Group Holdings, Inc. is actively positioning its value proposition around the energy transition with electrification and decarbonization solutions for energy transition markets. This is a clear secular growth driver management points to. They are seeing traction here, with the quote log for data center market opportunities totaling roughly $30 million. Furthermore, their digitization efforts show concrete growth, reporting over 86,000 installed circuits, up from 58,000 at the end of fiscal 2025.

Finally, the value is bundled as end-to-end service: design, product, installation, and maintenance. Thermon Group Holdings, Inc. offers a full suite of products, services, and software. This comprehensive approach is reflected in their revenue mix, which shows diversification away from purely large capital projects. As of March 31, 2025, over 70% of their revenue was derived from non-oil-and-gas end markets, indicating a broad application of their end-to-end capabilities across various sectors.

Here's a quick look at how the revenue streams in the second quarter of fiscal 2026 support these value propositions:

Revenue Type	Q2 Fiscal 2026 Amount	Revenue Mix Context	Primary Value Proposition Link
OPEX Revenues (Service/Maintenance/Recurring)	$107 million	81% of total Q2 2026 revenue	Operational Continuity & End-to-End Service
Large Project Revenue (New CAPEX)	$24.7 million	Up 41% year-over-year in Q2 2026	Engineered Solutions & Critical Infrastructure

The shift in focus is also visible in the margin performance tied to these streams. The Adjusted EBITDA margin for the second quarter of fiscal 2026 reached 23.2%, which is an improvement from the fiscal 2025 full-year margin of 21.9%, showing that the higher-margin OPEX revenue mix is helping profitability.

The breadth of their service delivery is supported by their geographic and market reach:

• Service network includes over 100 independent sales agents and distributors in over 30 countries.
• None of their customers represented more than 10% of total revenue in fiscal 2025.
• The company has served many large multinational customers for over 70 years.
• Total backlog as of March 31, 2025, stood at $240.3 million.

Thermon Group Holdings, Inc. (THR) - Canvas Business Model: Customer Relationships

You're looking at how Thermon Group Holdings, Inc. keeps its customers close, which is key when you sell highly engineered industrial process heating solutions. It's not just about one-off sales; it's about embedding themselves in the client's long-term operational needs.

Dedicated direct sales force for major end-users and EPCs

Thermon Group Holdings, Inc. deploys its direct sales force with a specific mission: positioning the company with major end-users and Engineering, Procurement, and Construction (EPC) companies right when those big projects are in the development phase. The goal here is locking in the supply of reliable, cost-effective process heating solutions early on. This proactive approach helps Thermon Group Holdings, Inc. secure large-scale project revenue, even as they strategically diversify away from cyclical energy markets.

It's worth noting the success of their diversification strategy; as of March 31, 2025, over 70% of Thermon Group Holdings, Inc.'s revenue came from non-oil-and-gas end markets. That's a big shift in who they are talking to.

Long-term, consultative partnerships with multinational clients

The relationships Thermon Group Holdings, Inc. builds are deep, not just wide. They serve a broad base of large multinational customers, and honestly, some of these relationships go way back-we're talking over 70 years of service with certain clients. That kind of tenure suggests a consultative approach where they are seen as a trusted advisor, not just a vendor. Plus, the customer concentration risk is managed well; none of their customers accounted for more than 10% of total revenue in fiscal 2025, 2024, or 2023.

Here are some key customer metrics from the latest full fiscal year:

Metric	Value (Fiscal Year Ended March 31, 2025)
Total Annual Revenue	$498.2 million
Largest Single Customer Revenue Share	Less than 10%
Revenue from Non-Oil-and-Gas End Markets	Over 70%

Recurring facility assessment and maintenance service contracts

A major focus for Thermon Group Holdings, Inc. is growing the installed base to drive more stable, higher-margin revenue streams from operations, maintenance, and repair (OPEX). This is where the recurring business lives. The company explicitly stated that growth in higher-margin OPEX revenues was a key driver for the increase in Adjusted EBITDA in Q3 Fiscal 2025.

The shift toward this model is clear when you look at the revenue breakdown:

• Revenue from products and services transferred to customers over time (a proxy for recurring/service work) was approximately 29.1% of total revenue for the fiscal year ended March 31, 2025.
• For the second quarter of Fiscal 2025, OPEX-related revenue represented 85% of total revenues for that period, showing the high recurring nature of their service work when project revenue is softer.

For context on recent quarterly performance, Q2 Fiscal 2025 revenue hit $131.72 million, and Q3 Fiscal 2025 revenue was $134.4 million. The emphasis on OPEX revenue helps stabilize earnings, which is why the Q3 Fiscal 2025 Adjusted EBITDA margin improved to 23.7%, up from 22.5% the prior year, due to that more favorable revenue mix.

High-touch technical support and troubleshooting

While specific dollar amounts for pure support are harder to isolate, the operational structure points to a necessary high-touch element. Thermon Group Holdings, Inc. utilizes a network of more than 100 independent sales agents and distributors across over 30 countries specifically to provide local support for maintenance, repairs, and upgrades at customer facilities. This network acts as the frontline for high-touch service delivery, ensuring that when a client needs troubleshooting or immediate parts for an installed system, support is geographically close. This local presence is critical for maintaining the high service levels expected by multinational clients who operate 24/7.

Finance: draft 13-week cash view by Friday.

Thermon Group Holdings, Inc. (THR) - Canvas Business Model: Channels

You're looking at how Thermon Group Holdings, Inc. gets its engineered industrial process heating solutions into the hands of its global customer base as of late 2025. It's a mix of high-touch direct sales for massive jobs and a broad network for everything else.

Direct sales force for large capital projects and key accounts

The direct sales force at Thermon Group Holdings, Inc. is positioned specifically to engage with major end-users and Engineering, Procurement, and Construction (EPC) companies. This team focuses on getting Thermon Group Holdings, Inc. included during the development phase of large projects. The goal here is locking in those large, complex process heating solution contracts. This channel is critical for securing the project-based revenue component of the business.

Global network of independent distributors and sales agents

Thermon Group Holdings, Inc. relies heavily on its international footprint to support customers globally. This network is the backbone for localized support, especially for maintenance, repairs, and upgrades. The scale of this channel is significant, involving more than 100 independent sales agents and distributors operating in over 30 countries as of May 2025. This structure helps support the nearly 49% of fiscal 2025 consolidated revenues that came from non-U.S. subsidiaries.

The reach of this channel supports the overall revenue base, which was $498.2 million for the full fiscal year 2025. For instance, Q2 2025 revenue, which saw a 15% year-over-year increase, was supported by this broad reach.

Industrial heating e-commerce platform for smaller products

Thermon Group Holdings, Inc. has been actively upgrading its digital front end. The company moved away from a homegrown platform to one featuring a robust Content Management System (CMS) and integrated commerce capability. This digital transformation is designed to support B2B commerce activities and position Thermon Group Holdings, Inc. as an innovative manufacturer. The expansion of this digital platform was cited as a driver for the strong revenue growth seen in Q2 2025, where revenue hit $131.7 million.

This channel is key for capturing smaller, more frequent transactions, which aligns with the focus on recurring revenue streams.

Regional service centers for maintenance and repair work

The emphasis on the installed base translates directly into channel activity focused on Operations, Maintenance, Repair, and Upgrades (OPEX). In Q1 Fiscal 2025, OPEX-related revenue made up 85% of total revenues, showing the importance of this aftermarket work. While specific numbers for dedicated service centers aren't detailed, the local support provided by the distributor network in over 30 countries, coupled with safety stocks warehoused in locations like Mexico City, Mexico, serves the function of rapid response for maintenance and repair needs.

Here's a quick look at the scale of the network supporting these channels as of the latest reports:

Channel Metric	Data Point (as of late 2025/FY2025)
Global Distributor/Agent Count	More than 100
Countries Served by Network	Over 30
Non-U.S. Revenue Share (FY2025)	Approximately 49%
Q1 FY2025 OPEX Revenue Share	85%
FY2025 Total Revenue	$498.2 million

The success in driving higher-margin OPEX revenue, as seen in Q3 2025 revenue of $134.4 million, is directly tied to the accessibility provided by this multi-faceted channel strategy.

• Direct sales target major end-users and EPCs for large projects.
• Distributors provide local support for maintenance and upgrades.
• Digital platform supports B2B commerce and smaller product sales.
• Focus on OPEX revenue streams drives service and repair channel activity.
• The company operates 11 manufacturing facilities on two continents to support product flow.

Thermon Group Holdings, Inc. (THR) - Canvas Business Model: Customer Segments

You're looking at how Thermon Group Holdings, Inc. segments its buyers, and the data shows a clear strategic pivot away from a single dominant industry. For the fiscal year ended March 31, 2025, the Oil & Gas sector was a very minor contributor to the top line, representing only 1% of total revenue for that year. To put that into perspective against the balance sheet, Oil & Gas comprised approximately 3% of the Company's total assets as of March 31, 2025.

Here's a look at the overall revenue scale for the most recently reported full fiscal year and a recent quarter:

Metric	Fiscal Year Ended March 31, 2025	Fourth Quarter of Fiscal 2025
Total Revenue	$498.21 million	$134.1 million
Large Project Revenue (Proxy for CapEx/EPC)	Not explicitly stated as a total	$22.3 million
OpEx Revenue (Proxy for Recurring/End-User)	Not explicitly stated as a total	$111.8 million

The focus on diversification is evident, as Thermon Group Holdings, Inc. stated that as of March 31, 2025, over 70% of its revenue was derived from end markets outside of oil and gas. This aligns with the strong performance of recurring revenue streams, which are often tied directly to the installed base of end-users. For instance, in the fourth quarter of fiscal 2025, the recurring OpEx revenues made up a substantial 83% of the total quarterly revenue.

The diversified markets driving this growth include several key non-energy sectors:

• Data centers
• Nuclear facilities
• Mining operations
• Pharmaceutical manufacturing

The relationship with Engineering, Procurement, and Construction (EPC) companies is primarily channeled through the large project business, which is more cyclical than the maintenance and repair (OpEx) business. In the fourth quarter of fiscal 2025, the large project revenue was $22.3 million, showing a 5% decrease from the prior year's fourth quarter, though it did show a 20% sequential increase from the previous quarter, suggesting improving momentum in capital expenditure spending from these partners. It's important to note that Thermon Group Holdings, Inc. maintains a broad customer base, with none of its customers accounting for more than 10% of total revenue in fiscal 2025.

Thermon Group Holdings, Inc. (THR) - Canvas Business Model: Cost Structure

The Cost Structure for Thermon Group Holdings, Inc. (THR) is heavily influenced by the direct costs associated with delivering its engineered thermal solutions, alongside strategic spending on growth and integration.

Significant Cost of Goods Sold (COGS) due to manufacturing (Gross Margin 44.7% in FY 2025)

The largest component of cost is the Cost of Goods Sold, which directly reflects the manufacturing and material costs for Thermon Group Holdings, Inc.'s products and services. The full fiscal year 2025 Gross Margin was reported at 44.7%. This margin reflects the cost structure relative to revenue for the entire year ended March 31, 2025. Looking at the quarters, the Gross Margin fluctuated, showing the impact of revenue mix; for instance, the third quarter of Fiscal 2025 saw a Gross Margin of 46.2%, while the fourth quarter of Fiscal 2025 was 44.3%. The shift toward higher-margin OPEX (Operational Expenditure) revenues and productivity gains helped improve margins in certain periods, even when overall revenue faced headwinds.

The quarterly Gross Margin performance for Fiscal 2025 was:

Period Ended	Gross Margin
June 30, 2024 (Q1 FY2025)	43.8%
September 30, 2024 (Q2 FY2025)	Data not explicitly isolated in search results
December 31, 2024 (Q3 FY2025)	46.2%
March 31, 2025 (Q4 FY2025)	44.3%

Selling, General, and Administrative (SG&A) expenses, managed for efficiency

Selling, General, and Administrative expenses represent the fixed and variable overhead costs not directly tied to production. For the third quarter of Fiscal 2025, SG&A expenses were $34.1 million. Management focuses on disciplined cost management to keep these expenses efficient. However, year-to-date figures for the subsequent period (YTD 2026 compared to YTD 2025) show an increase in SG&A expenses by $1.1 million, or 3%, partly due to integration and growth investments. This increase caused SG&A as a percentage of sales to rise by 250 bps in that year-over-year comparison, given comparatively lower sales volumes in that later period.

R&D and capital expenditure for growth initiatives (CapEx was $3.9 million in Q1 2025)

Capital expenditures are necessary investments to maintain and grow the operational base, including investments to support long-term strategy. The figure you noted for the first quarter of Fiscal 2025 was confirmed at $3.9 million, up from $2.8 million in the prior year period. This spending supports growth initiatives. Other quarters showed different levels of investment:

• CapEx for Q3 Fiscal 2025 was $1.4 million.
• CapEx for Q3 Fiscal 2025 was a decrease of 36.4% versus the prior year period.
• CapEx for Q1 Fiscal 2025 represented 39.3% growth year-over-year.

Acquisition-related integration and operating expenses (e.g., F.A.T.I.)

Strategic growth includes integrating acquired entities, which brings one-time and ongoing operating costs. The acquisition of Fabbrica Apparecchiature Termoelettriche Industriali S.r.L. (F.A.T.I.) was a key event. The purchase price for F.A.T.I. was 12.5 million euro, funded with cash on hand. F.A.T.I. reported revenue exceeding 12 million euro in the calendar year 2023. The integration costs are reflected in operating expenses, as SG&A expenses in Q3 Fiscal 2025 were noted to include incremental operating expenses from both the Vapor Power and F.A.T.I. acquisitions. The contribution from F.A.T.I. was also a positive factor in the Adjusted EBITDA results for Q3 and Q4 of Fiscal 2025.

Key acquisition-related financial data points include:

• F.A.T.I. purchase price: 12.5 million euro.
• F.A.T.I. 2023 Revenue: Over 12 million euro.
• F.A.T.I. integration contributed to higher SG&A in YTD 2026 compared to YTD 2025.

Finance: draft 13-week cash view by Friday.

Thermon Group Holdings, Inc. (THR) - Canvas Business Model: Revenue Streams

You're looking at how Thermon Group Holdings, Inc. converts its value proposition into cash, and as of late 2025, the mix shows a clear strategic pivot toward higher-margin, recurring services.

Total Revenue for Fiscal Year 2025 was $498.2 million, representing a 1% increase over the prior year, according to the full-year results ending March 31, 2025. This top-line figure is the sum of distinct revenue streams that reflect Thermon Group Holdings, Inc.'s core business in industrial process heating solutions.

Product Sales are fundamental, covering the hardware Thermon Group Holdings, Inc. designs and sells. This includes heat tracing cables, boilers, controls, and various system components necessary for critical industrial applications. While the overall revenue is known, the precise split between pure product sales versus services within the operating segments isn't always explicitly separated in the top-line reporting, but it forms the basis of the installed base.

OPEX (Operating Expense) Revenue is where Thermon Group Holdings, Inc. has placed a significant strategic focus, as these streams generally carry higher margins. This revenue bucket centers on maintenance, repair, and smaller, quick-turnaround projects, often referred to as OPEX Sales. The management commentary from Q3 Fiscal 2025 highlighted that growth in these higher margin OPEX revenues helped offset weakness elsewhere.

Project Revenue involves large, over-time capital projects, often referred to as CAPEX Sales or Over Time - Large Projects. As of Q3 Fiscal 2025, this segment faced headwinds, with large project revenue declining 45% versus the prior year. The CEO noted that the company is positioned to benefit as customer CAPEX spending recovers, but currently, this stream is softer.

To give you a concrete look at the revenue composition based on the latest detailed segment data available-which comes from the First Quarter Fiscal 2026 report-here is how the revenue streams were categorized:

Revenue Stream Category	Q1 Fiscal 2026 Revenue (Millions USD)	Percentage of Total Q1 FY2026 Revenue
OPEX Sales (Maintenance, Repair, Small Projects)	$93.3	85.7 %
Over Time - Large Projects (Project Revenue)	$15.6	14.3 %

The data shows a clear dominance by the OPEX Sales category in the most recent quarter reported, indicating the success of the strategy to prioritize recurring, higher-margin work. For context, the total revenue for the full Fiscal Year 2025 was $498.2 million.

Here are some other key financial figures from Thermon Group Holdings, Inc.'s Fiscal Year 2025 performance:

• Gross profit for Fiscal Year 2025 was $222.9 million.
• Gross Margin for Fiscal Year 2025 stood at 44.7%.
• Net income for Fiscal Year 2025 reached $53.5 million.
• Adjusted EBITDA (non-GAAP) for Fiscal Year 2025 was $109.2 million.
• The book-to-bill ratio for Fiscal Year 2025 ended at 1.08x.

Finance: draft 13-week cash view by Friday.