olivLaw · US equity research
Tecnoglass Holdings Inc. TGLS
Flat Glass · SIC 3211 · Vertical: Stone, clay, glass and concrete (SIC 32xx)
Tecnoglass is a vertically integrated maker of aluminum and vinyl windows and architectural glass, with main operations in Colombia and sales concentrated in the United States. In the second quarter of 2026 it reported record revenues, but margins narrowed under pressure from aluminum costs, tariffs and the Colombian peso, and full-year guidance was revised. The topic matters for investors and for the US construction market, where financing conditions and tariffs can shift demand and profitability quickly.
At the close of 05 Nov 2026, Tecnoglass Holdings Inc. (TGLS) stock was 45.13 USD (+5.42% on the day), with market capitalisation 2.0 bn USD, P/E 15.9 on diluted EPS of 2.84 USD over the last 12 months, dividend yield 0.16%, beta 1.17, 52-week range 34.63–53.82 USD. Latest reported quarter (Q2 2026): revenue of 295.3 m USD (+15.6% YoY), net income of 24.6 m USD (−44.3% YoY), diluted EPS 0.55 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 34.95 – 42.58
- above the upper band · %B 1.33 · band width 19.7%
- SMA 50 / 200
- 37.82 / 42.95
- mixed trend
- MACD (12, 26, 9)
- 1.19 / 0.51
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +23.0% | −1.1% | +24.1 pp | — |
| 3 months | +1.5% | −0.5% | +1.9 pp | — |
| 6 months | +6.3% | +4.4% | +1.9 pp | — |
| Year to date | −10.3% | +12.3% | −22.6 pp | — |
| 1 year | −19.4% | +13.5% | −33.0 pp | −14.5% |
| 3 years | +49.8% | +76.4% | −26.6 pp | +1.8% |
| 5 years | +52.7% | +63.7% | −10.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 238.3 m | 239.6 m | 222.3 m | 255.5 m | 260.5 m | 245.3 m | 249.0 m | 295.3 m |
| Cost of revenue | 129.1 m | 133.1 m | 124.8 m | 141.2 m | 149.2 m | 147.1 m | 153.2 m | 185.3 m |
| Gross profit | 109.2 m | 106.5 m | 97.5 m | 114.3 m | 111.3 m | 98.2 m | 95.8 m | 110.0 m |
| Operating income | 67.7 m | 67.2 m | 59.3 m | 61.2 m | 65.4 m | 44.8 m | 44.9 m | 36.5 m |
| Depreciation & amortisation | 6.9 m ≈ | 6.7 m | 7.3 m | 9.1 m ≈ | 10.0 m ≈ | 10.3 m | 10.7 m | 10.7 m ≈ |
| Interest expense | -1.5 m | 10.3 m | -1.0 m | -1.1 m | -1.9 m | 10.0 m | -2.5 m | -3.4 m |
| Pre-tax income | 69.5 m | 67.2 m | 59.8 m | 62.2 m | 68.0 m | 45.2 m | 43.8 m | 38.7 m |
| Income tax | 20.0 m | 20.2 m | 17.7 m | 18.1 m | 20.8 m | 19.1 m | 11.9 m | 14.1 m |
| Net income | 49.5 m | 47.0 m | 42.2 m | 44.1 m | 47.2 m | 26.1 m | 31.9 m | 24.6 m |
| Diluted EPS | 1.05 | 1.00 ≈ | 0.90 | 0.94 | 1.01 | 0.57 ≈ | 0.71 | 0.55 |
| Operating cash flow | 41.5 m ≈ | 61.1 m | 46.9 m | 17.9 m ≈ | 40.0 m ≈ | 31.0 m | 6.7 m | 4.4 m ≈ |
| Capex | 23.7 m ≈ | 25.7 m | 30.4 m | 32.5 m ≈ | 18.8 m ≈ | 19.6 m | 17.3 m | 35.4 m ≈ |
| Dividends paid | 5.2 m ≈ | 5.2 m | 7.0 m | 7.0 m ≈ | 7.0 m ≈ | 7.0 m | 6.7 m | 6.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 43 percentile of its own 37-quarter history (min 7.8, median 17.1, max 66.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 371.0 m | 430.9 m | 376.6 m | 496.8 m | 716.6 m | 833.3 m | 890.2 m | 983.6 m |
| Revenue YoY | +18.0% | +16.2% | −12.6% | +31.9% | +44.2% | +16.3% | +6.8% | +10.5% |
| Net income | 9.0 m | 24.5 m | 23.9 m | 68.2 m | 155.7 m | 182.9 m | 161.3 m | 159.6 m |
| Net income YoY | +65.7% | +171.7% | −2.7% | +185.4% | +128.5% | +17.4% | −11.8% | −1.1% |
| Diluted EPS | 0.21 | 0.55 | 0.51 | 1.43 | 3.27 | 3.85 | 3.43 | 3.42 |
| Diluted EPS YoY | +40.0% | +161.9% | −7.3% | +180.4% | +128.7% | +17.7% | −10.9% | −0.3% |
| net % | 2.4% | 5.7% | 6.3% | 13.7% | 21.7% | 21.9% | 18.1% | 16.2% |
| Free cash flow | -18.1 m | 712.0 k | 53.4 m | 65.7 m | 70.6 m | 60.9 m | 91.0 m | 34.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 100.9 m USD
- Financial debt
- 171.6 m USD
- Net debt
- 70.7 m USD
- Equity
- 713.1 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- 0.24x
- Current ratio
- 1.86x
- ROE
- 23.7%
- ROA
- 14.0%
- FCF margin
- 3.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 376.6 m | 496.8 m | 716.6 m | 833.3 m | 890.2 m | 983.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 237.2 m | 294.2 m | 367.1 m | 442.3 m | 510.2 m | 562.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 139.4 m | 202.6 m | 349.5 m | 390.9 m | 380.0 m | 421.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | 65.7 m | 117.0 m | 226.4 m | 259.8 m | 227.0 m | 230.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 20.6 m | 20.9 m | 19.7 m | 21.9 m | 26.5 m | 36.8 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | 86.3 m ≈ | 137.9 m ≈ | 246.1 m ≈ | 281.6 m ≈ | 253.5 m ≈ | 267.5 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 20.7 m | 8.5 m | 6.8 m | 7.9 m | 6.2 m | 6.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | 36.9 m | 96.9 m | 231.2 m | 261.4 m | 225.2 m | 235.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 13.0 m | 28.5 m | 74.8 m | 77.9 m | 63.8 m | 75.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | 23.9 m | 68.2 m | 155.7 m | 182.9 m | 161.3 m | 159.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | 0.51 | 1.43 | 3.27 | 3.85 | 3.43 | 3.42 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 46.4 m | 47.7 m | 47.7 m | 47.5 m | 47.0 m | 46.7 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 67.7 m | 85.0 m | 103.7 m | 129.5 m | 134.9 m | 100.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 89.4 m | 110.5 m | 158.4 m | 166.5 m | 202.9 m | 239.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | 81.2 m | 85.0 m | 125.0 m | 159.1 m | 139.6 m | 213.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 285.2 m | 326.3 m | 432.1 m | 535.8 m | 560.0 m | 653.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 152.5 m | 166.6 m | 202.9 m | 324.6 m | 344.4 m | 476.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 23.6 m | 23.6 m | 23.6 m | 23.6 m | 23.6 m | 30.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 5.1 m | 3.3 m | 2.7 m | 3.5 m | 4.4 m | 13.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 530.1 m | 591.6 m | 734.3 m | 962.7 m | 1.0 bn | 1.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 42.3 m | 68.1 m | 90.2 m | 82.8 m | 98.8 m | 127.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 1.8 m | 10.7 m | 504.0 k | 7.0 m | 1.1 m | 427.0 k | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 222.7 m | 188.4 m | 169.0 m | 163.0 m | 108.2 m | 171.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 94.1 m | 155.0 m | 209.8 m | 235.9 m | 265.8 m | 351.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 321.6 m | 346.9 m | 384.0 m | 414.7 m | 385.5 m | 547.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 208.5 m | 244.7 m | 350.3 m | 548.0 m | 631.2 m | 713.1 m | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 71.7 m | 117.3 m | 141.9 m | 138.8 m | 170.5 m | 135.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 18.3 m | 51.5 m | 71.3 m | 78.0 m | 79.6 m | 101.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | 53.4 m ≈ | 65.7 m ≈ | 70.6 m ≈ | 60.9 m ≈ | 91.0 m ≈ | 34.5 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -18.1 m | -50.8 m | -72.6 m | -76.0 m | -77.3 m | -87.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | -33.5 m | -43.8 m | -44.8 m | -42.8 m | -84.5 m | -85.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividends paid | 3.8 m | 5.2 m | 12.9 m | 16.4 m | 19.7 m | 28.1 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet98
- Valuation56
- Quality69
- Growth51
- Returns20
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.94 – 71.19 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA51.55 – 71.19 (Mid 56.41)6 companies used · median multiple 11.3x · quartiles 10.4x – 14.2xAMRZ, APOG, CRH, JHX, OC, OI
- Peers: P/E44.58 – 55.28 (Mid 52.70)5 companies used · median multiple 18.6x · quartiles 15.7x – 19.5xAMRZ, APOG, CRH, EXP, SMID
- Dividend discount (DDM)0.94 – 1.26 (Mid 1.07)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.5% | 100 (vs peers) | 11% |
| Net margin · Quality | 12.4% | 86 (vs peers) | 7% |
| FCF conversion · Quality | -6.8% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 11.1% | 93 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 1.5% | 10 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.6x | 100 (vs peers) | 11% |
| Interest coverage · Balance sheet | 89.8x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.9x | 88 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 15.9x | 71 (vs peers) | 11% |
| EV/EBITDA · Valuation | 9.2x | 86 (vs peers) | 11% |
| FCF yield · Valuation | -0.4% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.4% | 20 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet98/100 · 3/3 factors with a value
- Growth51/100 · 2/2 factors with a value
- Quality69/100 · 3/3 factors with a value
- Returns· partial20/100 · 1/2 factors with a value
- Valuation56/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TECNOGLASS HOLDINGS INC. (TGLS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 983.6 m USD in 2025; YoY growth 10.5%; net margin 12.4%; ROE 17.0%; net debt/EBITDA 0.6x.
The estimated value range is 44.58–55.28 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 52.70 USD, the price of 45.13 USD leaves a potential of 16.8% (value / price − 1) and a margin of safety of 14.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.5%
- Net margin: 12.4%
- Revenue CAGR 3Y: 11.1%
- Net debt / EBITDA: 0.6x
- Interest coverage: 89.8x
- Current ratio: 1.9x
- P/E (TTM): 15.9x
- EV/EBITDA: 9.2x
What contradicts it
- FCF conversion: -6.8%
- EPS CAGR 3Y: 1.5%
- FCF yield: -0.4%
- Shareholder yield (distributions): 1.4%
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Stone, clay, glass and concrete (SIC 32xx) · same major group (2-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CXCemex Sab De Cv | 155.4 bn | 502.8 | 7.8% | 5.8% | −2.1% | −1% / +55% |
| CRHCRH public limited company | 65.7 bn | 18.6 | 14.8% | 9.2% | +5.3% | −18% / +57% |
| AMRZAmrize Ltd | 23.5 bn | 19.5 | 9.8% | 10.2% | +0.9% | −14% / unavailable |
| JHXJAMES HARDIE INDUSTRIES plc | 16.6 bn | 114.2 | 3.3% | 2.7% | +24.7% | +45% / −11% |
| OCOwens Corning | 9.6 bn | — | -11.3% | -4.4% | +2.6% | +10% / −8% |
| EXPEagle Materials Inc. | 5.8 bn | 15.7 | 24.5% | 16.1% | +2.1% | −15% / +5% |
| TGLSTecnoglass Holdings Inc. | 2.0 bn | 15.9 | 17.0% | 12.4% | +10.5% | −19% / +50% |
| APOGApogee Enterprises, Inc. | 959.5 m | 14.5 | 13.1% | 4.7% | +3.2% | +26% / +2% |
| OIO-I Glass, Inc. | 829.8 m | — | -119.2% | -18.9% | −1.6% | −60% / −63% |
| RETOReTo Eco-Solutions, Inc. | 169.3 m | — | -48.3% | -366.1% | +84.3% | −98% / −100% |
| SMIDSmith-Midland Corporation | 134.5 m | 22.0 | 14.5% | 8.6% | +19.0% | −27% / −17% |
| CPSHCps Technologies Corp. | 69.8 m | — | -0.1% | -0.1% | +54.3% | +5% / +55% |
| CSTECaesarstone Ltd. | 44.3 m | — | -66.9% | -34.6% | −10.4% | −15% / −68% |
| CPACHolcim Ltd | — | — | 16.6% | 10.1% | +1.4% | +90% / +170% |
| LOMALoma Negra Compania Industrialargentina Sociedad Anonima | — | — | 21.5% | 22.0% | −23.9% | −29% / +35% |
1- and 3-year price returns: for TGLS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 29.31 Total return -35% · Per year -35% | 51.67 Total return 14% · Per year 14% | 77.61 Total return 72% · Per year 72% |
| 3 years | 32.37 Total return -28% · Per year -10% | 63.82 Total return 41% · Per year 12% | 104.68 Total return 132% · Per year 32% |
| 5 years | 35.75 Total return -21% · Per year -5% | 78.82 Total return 75% · Per year 12% | 141.19 Total return 213% · Per year 26% |
- Exit P/E± 15.95
- Net margin± 11.17
- Annual revenue growth± 8.62
- Annual dilution± 0.94
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Tecnoglass is a vertically integrated maker of aluminum and vinyl windows and architectural glass, with main operations in Colombia and sales concentrated in the United States. In the second quarter of 2026 it reported record revenues, but margins narrowed under pressure from aluminum costs, tariffs and the Colombian peso, and full-year guidance was revised. The topic matters for investors and for the US construction market, where financing conditions and tariffs can shift demand and profitability quickly.
SWOT
Strengths
- Vertical integration from raw materials to installation and low production costs in Colombia give the company a clear competitive position 1.
- A record backlog and steady order growth indicate solid demand for the company's products 3.
- A conservative balance sheet and high liquidity give the company flexibility for investment and dividends 3.
Weaknesses
- Reliance on Florida and the US market as a whole means performance depends on a single economic environment 1.
- Margins were compressed by aluminum costs, currency movements and tariffs, and annual guidance was lowered 3.
- The company depends on a few suppliers for a significant share of raw materials, creating operational vulnerability 1.
Opportunities
- Expansion beyond Florida, especially on the East Coast and in vinyl windows, could widen the customer base 13.
- Automation and a potential US plant could lower costs and bring production closer to the market if completed 3.
- Projected growth in window and nonresidential construction spending could support demand over the medium term 1.
Risks
- Price and competitive pressuremedium
The markets in which the company operates are competitive, and price cuts could reduce margins and net income 1.
- Raw material costshigh
Swings in aluminum and other material prices can quickly affect costs, and passing them on to customers may be delayed 13.
- Trade tariffshigh
Section 232 tariffs generated significant expenses in the second quarter of 2026, and their full effect depends on trade policy developments 3.
- Integration and investment riskmedium
Acquisitions, the Vidrio Andino joint venture and capacity projects might not deliver expected benefits if execution slips or costs rise 1.
- Dependence on construction activitymedium
A slowdown in construction, driven by interest rates or economic conditions, could reduce orders and backlog 13.
Investment thesis
What would need to be true (bull case)
- Record quarterly revenues, a growing backlog and an expanding market share could show that the integrated model works even under high costs 23.
- If pricing actions and automation take effect in the second half of the year, margins could gradually recover toward earlier levels 3.
- The US redomiciliation and a conservative balance sheet could broaden the investor base and provide flexibility for future investment 3.
What would break the thesis
- Gross margins fell significantly year over year, and tariff costs could keep weighing on results 3.
- Annual guidance was lowered, which could suggest cost pressure is more persistent than first expected 3.
- Concentration on the US market and dependence on a few suppliers could amplify the effects of an economic or trade shock 1.
What to watch
- Gross margin trajectory and the effect of pricing increases on resultsQ3 2026
- Evolution of aluminum costs and Section 232 tariff impactQ3 2026
- Delivery against full-year guidance for revenue and adjusted EBITDA2026
- Decision on a possible new US facility and the status of incentives2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Tecnoglass describes itself as a vertically integrated manufacturer, supplier and installer of high-end aluminum and vinyl windows and architectural glass, headquartered in Miami, Florida 1. Its main production sits in Barranquilla, Colombia, and it serves over 1,000 customers across North, Central and South America 1. The strategy rests on integration from raw material sourcing to installation, automation, and expansion in the US beyond Florida 12.
The company's stated structural advantage comes from low production costs in Colombia, shipping access to the US coast, and a 25.8% minority stake in Vidrio Andino that secures part of its raw glass supply 1. In April 2025 it acquired the assets of Continental Glass Systems, adding capacity and backlog in the Southeast US 1.
Effective July 2026 the company completed its redomiciliation from the Cayman Islands to the United States, is now incorporated in Florida, and continues to trade on the NYSE under TGLS 3. Management presents this change as simplifying its structure and broadening its potential investor base 3.
Segments
Market context
According to the FMI forecast cited in the annual report, spending on the US residential window and door market could grow at a 6.2% compound annual rate and total $340 billion over 2025 to 2029, with acceleration expected from 2027 1. Nonresidential building product spending could rise 22% over the same period 1.
The market is influenced by housing affordability, interest rates and tariff uncertainty, which weighed on the US residential market in 2025 1. The NRCI nonresidential index rose in the first quarter of 2026, suggesting better expectations for commercial construction 1.
Trends
- Tariffs on aluminum importsheadwind
Section 232 tariffs on finished aluminum products, applied from April 2026, generated substantial SG&A costs in the second quarter 3. If these tariffs persist, they could keep pressuring margins, although the company says it expects to offset the impact in 2027 through automation and pricing 3.
- Aluminum pricesheadwind
The average all-in US aluminum price, including the Midwest premium, rose sharply year over year and reduced the company's gross margin in the second quarter of 2026 3. Management expects May pricing actions to support results in the second half of the year 3.
- Automation and efficiencytailwind
The company invested nearly $230 million since 2023 in production technology and reduced headcount by 10% by the end of June 2026, with further automation planned by year end 13. These measures could improve costs and competitiveness over the longer term 3.
- Demand from commercial constructionmixed
The record backlog in the second quarter of 2026 and growth in multi-family and commercial projects point to solid demand, although execution pace and costs could change results 3. Expansion along the East Coast is supported by direct sea access 1.
Competitive position
The company says it operates in competitive markets against producers of varying size, some with greater financial resources 1. In the US it names competitors such as Viracon, PGT, Cardinal Glass and Oldcastle Glass, and in Colombia and Latin America Vitro and Vitelco 1.
The main advantage it claims over rivals is its production and distribution cost base, combined with vertical integration and the technical certifications required on complex projects, which limit new entrants 1. Price pressure could nonetheless reduce margins if competition becomes more aggressive 1.
- Viracon (Apogee Enterprises)APOG
A subsidiary within the Apogee Enterprises group, named by the company as a main US competitor in architectural glass.
- PGTPGTI
Window and door maker named by the company as a competitor in the United States.
- Cardinal Glass
Glass producer named by the company as a competitor in the United States.
- Oldcastle Glass
Glass supplier named by the company as a competitor in the United States.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report10 Sept 2026Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report (amendment)20 Jul 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report07 Jul 2026Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Current report25 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jun 2026Shareholder vote
- Current report10 Jun 2026Other events · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Tecnoglass Holdings Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Tecnoglass Holdings Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Tecnoglass Holdings Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.