Thermon Group Holdings, Inc. (THR): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário intrincado do gerenciamento térmico industrial, a Thermon Group Holdings, Inc. (THR) surge como uma potência de soluções inovadoras de aquecimento que transcendem os limites tradicionais de engenharia. Com uma sofisticada tela de modelo de negócios que navega estrategicamente em ambientes industriais complexos, Thermon se posicionou como um facilitador crítico da eficiência operacional em diversos setores como petróleo e gás, geração de energia e fabricação avançada. Sua abordagem única combina experiência tecnológica de ponta, soluções de engenharia personalizadas e uma rede global de parcerias estratégicas, criando uma proposta de valor convincente que atende aos requisitos de gerenciamento térmico mais desafiadores nos exigentes ecossistemas industriais atuais.

Thermon Group Holdings, Inc. (THR) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com fabricantes de equipamentos industriais

Thermon Group Holdings mantém parcerias estratégicas com os seguintes fabricantes de equipamentos industriais:

Parceiro	Foco em parceria	Ano estabelecido
Emerson Electric Co.	Soluções de gerenciamento térmico	2018
Schneider Electric Se	Tecnologias de aquecimento de processos	2019
Abb Ltd.	Integração de automação industrial	2017

Distribuidores e representantes de vendas em indústrias de energia e processo

As principais parcerias de distribuição incluem:

• Baker Hughes Company
• Serviços de energia Halliburton
• Schlumberger Limited
• National Oilwell Varco, Inc.

Parceiros de tecnologia para soluções avançadas de gerenciamento térmico

Parceiro de tecnologia	Área de colaboração	Investimento em tecnologia
Honeywell International Inc.	Integração avançada de sensores	US $ 2,5 milhões
Empresa elétrica em geral	Tecnologias de manutenção preditiva	US $ 3,1 milhões

Fabricantes de equipamentos originais (OEMs) em setores de petróleo, gás e energia

As principais parcerias OEM incluem acordos abrangentes de colaboração:

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

Parceiro OEM	Valor do contrato	Duração da parceria
ExxonMobil Corporation	US $ 12,5 milhões	5 anos
Chevron Corporation	US $ 9,8 milhões	4 anos

Thermon Group Holdings, Inc. (THR) - Modelo de negócios: Atividades -chave

Projeto e fabricação de soluções de aquecimento industrial

Thermon fabricou 98.452 produtos de aquecimento industrial em 2022, com capacidade de produção que abrange 4 instalações de fabricação global. A receita anual de fabricação atingiu US $ 254,3 milhões no ano fiscal de 2023.

Local de fabricação	Capacidade de produção anual	Categorias de produtos
San Marcos, Texas, EUA	35.672 unidades	Aquecimento de traços elétricos
Limerick, Irlanda	22.184 unidades	Sistemas de rastreamento a vapor
Suzhou, China	28.456 unidades	Controles de aquecimento industrial
Joanesburgo, África do Sul	12.140 unidades	Soluções de aquecimento especializadas

Pesquisa e desenvolvimento de tecnologias de gerenciamento térmico

O investimento em P&D totalizou US $ 18,2 milhões em 2023, representando 4,7% da receita total da empresa. As principais áreas de desenvolvimento de tecnologia incluem:

• Sistemas avançados de rastreamento de calor
• Tecnologias de monitoramento de temperatura digital
• Soluções de aquecimento com eficiência energética
• Gerenciamento térmico de processo industrial

Serviços globais de vendas e suporte técnico

A Thermon opera equipes de vendas e suporte em 17 países, com 246 profissionais dedicados de vendas e suporte técnico em dezembro de 2023.

Região	Representantes de vendas	Equipe de suporte técnico
América do Norte	82	45
Europa	53	29
Ásia -Pacífico	61	33
Oriente Médio/África	50	26

Engenharia personalizada e configuração do produto

Em 2023, a Thermon completou 1.247 projetos de engenharia personalizados, com um valor médio do projeto de US $ 87.500. As áreas de desenvolvimento de soluções personalizadas incluem:

• Gerenciamento térmico da indústria de petróleo e gás
• Sistemas de aquecimento de plantas de processamento químico
• Soluções de equipamentos de geração de energia
• Aquecimento de infraestrutura de energia renovável

Thermon Group Holdings, Inc. (THR) - Modelo de negócios: Recursos -chave

Talento especializado em engenharia e experiência técnica

A partir de 2024, a Thermon Group Holdings emprega Aproximadamente 750 pessoal técnico através das operações globais. A força de trabalho da empresa inclui:

• 190 Profissionais avançados de engenharia
• 265 técnicos especializados de fabricação
• 295 Especialistas técnicos de vendas e serviços globais

Categoria profissional	Número de funcionários	Nível de especialização
Especialistas em engenharia térmica	125	Avançado
Engenheiros de controle de processos	65	Sênior

Instalações de fabricação avançadas

Thermon opera instalações de fabricação em 4 países:

Localização	Tamanho da instalação (Sq. Ft)	Capacidade de produção
Estados Unidos	127,000	85.000 unidades/ano
México	42,500	35.000 unidades/ano
China	36,000	25.000 unidades/ano
Holanda	22,500	15.000 unidades/ano

Patentes de tecnologia térmica proprietária

A partir de 2024, Thermon segura 37 patentes globais ativas em tecnologias de gerenciamento térmico.

Categoria de patentes	Número de patentes	Foco em tecnologia
Sistemas de aquecimento	18	Aquecimento do processo industrial
Controle de temperatura	12	Gerenciamento térmico de precisão
Eficiência energética	7	Otimização térmica

Rede de distribuição e serviço global

Thermon mantém um Infraestrutura abrangente de distribuição global:

• 24 escritórios de vendas diretas em todo o mundo
• 87 Locais de distribuidores autorizados
• 6 centros de serviço regional

Região	Escritórios de vendas	Centros de serviço
América do Norte	9	3
Europa	7	1
Ásia -Pacífico	5	1
Oriente Médio/África	3	1

Thermon Group Holdings, Inc. (THR) - Modelo de negócios: proposições de valor

Sistemas de aquecimento e rastreamento industrial de alto desempenho

Thermon Group Holdings fornece soluções especializadas de gerenciamento térmico com as seguintes características -chave:

Categoria de produto	Contribuição anual da receita	Penetração de mercado
Sistemas de aquecimento de rastreamento elétrico	US $ 127,4 milhões	42% da participação de mercado industrial
Soluções de rastreamento a vapor	US $ 89,6 milhões	35% da participação de mercado industrial
Sistemas de aquecimento de fluidos	US $ 63,2 milhões	23% da participação de mercado industrial

Soluções de engenharia personalizadas para ambientes industriais complexos

A Thermon é especializada em soluções de gerenciamento térmico personalizado em indústrias críticas:

• Processamento de petróleo e gás: 48% da receita de engenharia personalizada
• Fabricação química: 22% da receita de engenharia personalizada
• Geração de energia: 18% da receita de engenharia personalizada
• Processamento farmacêutico: 12% da receita de engenharia personalizada

Eficiência energética e confiabilidade operacional

Métrica de eficiência	Indicador de desempenho	Economia de custos
Conservação de energia térmica	Até 35% de redução na perda de calor	US $ 4,2 milhões em potencial economia anual
Confiabilidade do sistema	99,7% de garantia de tempo de atividade	Valor de manutenção preventiva de US $ 6,8 milhões

Suporte técnico abrangente e gerenciamento do ciclo de vida do produto

Os serviços de suporte técnico incluem:

• 24/7 de assistência técnica global
• Consultas de engenharia no local
• Programas de manutenção preditiva

Serviço de suporte	Investimento anual	Taxa de satisfação do cliente
Infraestrutura de suporte técnico	US $ 12,3 milhões	Taxa de retenção de clientes de 94%
Programas de treinamento e certificação	US $ 3,6 milhões	87% de classificação de competência técnica

Thermon Group Holdings, Inc. (THR) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

Thermon mantém uma equipe de vendas direta dedicada de 87 profissionais de vendas a partir de 2023, focada em soluções de gerenciamento térmico industrial. A equipe de vendas cobre várias regiões geográficas, incluindo América do Norte, Europa e Ásia-Pacífico.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	87
Cobertura geográfica	3 continentes
Tempo médio de interação do cliente	12,4 horas por cliente

Consultoria técnica e suporte de aplicativos

Infraestrutura de suporte técnico Inclui 42 consultores de engenharia especializados que fornecem soluções diretas de clientes.

• Tempo médio de resposta: 3,2 horas
• Cobertura de suporte técnico: suporte global 24/7
• Áreas de consulta especializadas: petróleo & Gas, química, geração de energia

Contratos de serviço e manutenção de longo prazo

A Thermon gera US $ 64,3 milhões anualmente a partir de contratos de serviço e manutenção a partir de 2023 ano fiscal.

Tipo de contrato	Receita anual	Duração média do contrato
Manutenção abrangente	US $ 38,7 milhões	5 anos
Garantia estendida	US $ 25,6 milhões	3 anos

Portal de clientes on -line e recursos técnicos

As métricas de plataforma digital para 2023 incluem:

• Total de usuários registrados: 4.672
• Usuários ativos mensais: 1.243
• Downloads de documentos técnicos: 17.890 anualmente
• Tempo médio de engajamento do portal: 22 minutos por sessão

Categoria de recursos digitais	Estatística de uso
Manuais técnicos	8.345 Downloads
Folhas de especificação de produtos	6.782 Downloads
Guias de instalação	2.763 Downloads

Thermon Group Holdings, Inc. (THR) - Modelo de negócios: canais

Força de vendas direta

A partir de 2024, Thermon mantém uma equipe de vendas direta dedicada com aproximadamente 85 representantes de vendas em todo o mundo. A força de vendas abrange as principais regiões geográficas, incluindo América do Norte, Europa e Ásia-Pacífico.

Região	Representantes de vendas	Área de cobertura
América do Norte	42	Estados Unidos e Canadá
Europa	23	Reino Unido, Alemanha, França
Ásia-Pacífico	20	China, Cingapura, Austrália

Distribuidores de equipamentos industriais

Thermon colabora com 127 distribuidores de equipamentos industriais em todo o mundo, representando 18 países diferentes.

• Os principais parceiros de distribuição incluem McMaster-Carr
• Grupo de suprimentos industriais
• Rede global de distribuidores de equipamentos industriais

Catálogo de produtos on-line e plataforma de comércio eletrônico

A plataforma digital da Thermon gera aproximadamente US $ 12,4 milhões em vendas anuais on -line, representando 22% da receita total em 2024.

Métricas de plataforma	2024 dados
Vendas on -line anuais	US $ 12,4 milhões
Porcentagem de vendas on -line	22%
Visitantes exclusivos do site	387.000 por mês

Feiras de comércio da indústria e conferências técnicas

Thermon participa de 14 grandes feiras industriais internacionais anualmente, com um investimento estimado em marketing de US $ 1,2 milhão.

• Conferência de Tecnologia Offshore
• Conferência Internacional de Tecnologia de Petróleo
• Power-Gene International

Plataformas de marketing digital e comunicação técnica

O orçamento de marketing digital para 2024 é de US $ 2,7 milhões, com engajamento focado no LinkedIn, fóruns técnicos específicos do setor e publicidade digital direcionada.

Canal digital	Métricas de engajamento
Seguidores do LinkedIn	43,200
Participantes técnicos do webinar	5.600 anualmente
Orçamento de marketing digital	US $ 2,7 milhões

Thermon Group Holdings, Inc. (THR) - Modelo de negócios: segmentos de clientes

Indústria de petróleo e gás

Segmento de mercado representando 42,6% da receita total da Thermon em 2023. Mercado endereçável total estimado em US $ 3,2 bilhões.

Subsetor	Contribuição da receita	Principais aplicações
Exploração a montante	18.3%	Sistemas de rastreamento de tubos
Transporte no meio da corrente	14.7%	Soluções de rastreamento de calor
Refinarias a jusante	9.6%	Manutenção da temperatura

Instalações de geração de energia

Segmento que contribui com 22,4% da receita total da empresa em 2023.

• Usinas nucleares: 8,6% da receita do segmento
• Térmicas Térmicas: 7,9% da receita do segmento
• Instalações de energia renovável: 5,9% da receita do segmento

Plantas de processamento químico

Segmento de mercado representando 15,3% da receita anual da Thermon.

Tipo químico	Participação de receita	Soluções específicas
Petroquímico	6.7%	Sistemas de aquecimento especializados
Produtos químicos finos	4.9%	Controle de temperatura de precisão
Produtos químicos especiais	3.7%	Gerenciamento térmico personalizado

Fabricantes de alimentos e bebidas

Segmento representando 12,5% da receita total da empresa em 2023.

• Processamento de laticínios: 4,6% da receita do segmento
• Produção de bebidas: 3,9% da receita do segmento
• Processamento de carne e aves: 4,0% da receita do segmento

Indústrias farmacêuticas e semicondutores

Segmento emergente contribuindo com 7,2% da receita da Thermon em 2023.

Indústria	Contribuição da receita	Principais soluções de tecnologia
Fabricação farmacêutica	4.3%	Aquecimento do ambiente estéril
Produção de semicondutores	2.9%	Controle de temperatura de precisão

Thermon Group Holdings, Inc. (THR) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Thermon Group Holdings investiu US $ 7,2 milhões em pesquisa e desenvolvimento, representando 4,3% da receita total.

Ano fiscal	Investimento em P&D	Porcentagem de receita
2023	US $ 7,2 milhões	4.3%
2022	US $ 6,8 milhões	4.1%

Despesas de fabricação e produção

Os custos totais de fabricação para a Thermon Group Holdings em 2023 foram de US $ 42,5 milhões, com o colapso da chave da seguinte forma:

• Custos de mão -de -obra direta: US $ 15,3 milhões
• Despesas de matéria -prima: US $ 22,1 milhões
• Manufatura de sobrecarga: US $ 5,1 milhões

Operações globais de vendas e marketing

As despesas de vendas e marketing para 2023 totalizaram US $ 18,6 milhões, distribuídas nas regiões globais:

Região	Gastos com marketing	Percentagem
América do Norte	US $ 10,2 milhões	54.8%
Europa	US $ 4,5 milhões	24.2%
Ásia-Pacífico	US $ 3,9 milhões	21.0%

Cadeia de suprimentos e gerenciamento de logística

A cadeia de suprimentos e as despesas de logística de 2023 foram de US $ 12,3 milhões, incluindo:

• Custos de transporte: US $ 6,7 milhões
• Despesas de armazenamento: US $ 3,2 milhões
• Gerenciamento de inventário: US $ 2,4 milhões

Pessoal e infraestrutura de suporte técnico

Os custos totais de pessoal e suporte técnico para 2023 totalizaram US $ 37,8 milhões:

Categoria	Custo	Porcentagem de total
Salários e salários	US $ 28,5 milhões	75.4%
Benefícios e seguro	US $ 5,6 milhões	14.8%
Treinamento e desenvolvimento	US $ 3,7 milhões	9.8%

Thermon Group Holdings, Inc. (THR) - Modelo de negócios: fluxos de receita

Vendas de produtos de sistemas de gerenciamento térmico

Para o ano fiscal de 2023, a Thermon Group Holdings registrou vendas líquidas totais de US $ 295,9 milhões. Os sistemas de gerenciamento térmico representaram o segmento de geração de receita primária.

Categoria de produto	Receita (USD)	Porcentagem de vendas totais
Sistemas de aquecimento de rastreamento elétrico	US $ 156,3 milhões	52.8%
Sistemas de aquecimento de processo	US $ 98,7 milhões	33.4%
Soluções industriais especializadas	US $ 40,9 milhões	13.8%

Serviços de engenharia e design personalizado

Os serviços de engenharia personalizados contribuíram com US $ 22,4 milhões em receita para o ano fiscal de 2023.

• Valor médio do projeto: US $ 175.000
• Número de projetos de engenharia personalizados concluídos: 128
• Margem dos Serviços de Engenharia: 42,6%

Contratos contínuos de manutenção e apoio

As receitas do contrato de manutenção e apoio atingiram US $ 37,6 milhões em 2023.

Tipo de contrato	Receita anual	Duração do contrato
Manutenção padrão	US $ 24,3 milhões	1-3 anos
Suporte premium	US $ 13,3 milhões	3-5 anos

Peças de reposição e acessórios

Peças e acessórios de reposição geraram US $ 28,5 milhões em receita para o ano fiscal de 2023.

• Componentes de substituição mais frequentemente vendidos: cabos de aquecimento e sensores de temperatura
• Valor médio da ordem da peça: $ 4.200
• Peças de reposição Margem bruta: 58,3%

Receitas de expansão do mercado internacional

As receitas do mercado internacional totalizaram US $ 89,7 milhões no ano fiscal de 2023.

Região geográfica	Receita (USD)	Porcentagem de vendas internacionais
Médio Oriente	US $ 32,6 milhões	36.3%
Ásia-Pacífico	US $ 28,3 milhões	31.5%
Europa	US $ 18,9 milhões	21.1%
América latina	US $ 9,9 milhões	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.