olivLaw · US equity research
Tennant Company TNC
Refrigeration & Service Industry Machinery · SIC 3580 · Vertical: Refrigeration & Service Industry Machinery (SIC 3580)
Tennant Company, headquartered in Eden Prairie, Minnesota, designs, makes and sells cleaning equipment and solutions for nonresidential surfaces, from manual machines to autonomous robots. Net sales fell to 1,203.5 million USD in fiscal 2025, while in the second quarter of 2026 orders grew but margins were compressed.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Tennant Company (TNC) stock was 72.84 USD (+0.94% on the day), with market capitalisation 1.2 bn USD, P/E 54.9 on diluted EPS of 1.33 USD over the last 12 months, dividend yield 1.70%, beta 0.83, 52-week range 60.91–91.15 USD. Latest reported quarter (Q3 2026): revenue of 322.3 m USD (+6.3% YoY), net income of 19.5 m USD (+30.9% YoY), diluted EPS 1.12 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)
- 71.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 62.59 – 70.88
- above the upper band · %B 1.24 · band width 12.4%
- SMA 50 / 200
- 67.78 / 75.85
- mixed trend
- MACD (12, 26, 9)
- 0.62 / -0.27
- 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 | +7.0% | −1.1% | +8.1 pp | — |
| 3 months | −16.5% | −0.5% | −16.1 pp | — |
| 6 months | −16.5% | +4.4% | −20.9 pp | — |
| Year to date | −1.2% | +12.3% | −13.5 pp | — |
| 1 year | −3.3% | +13.5% | −16.8 pp | +2.6% |
| 3 years | −11.5% | +76.4% | −87.9 pp | +44.0% |
| 5 years | −13.1% | +63.7% | −76.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 328.9 m | 290.0 m | 318.6 m | 303.3 m | 291.6 m | 297.9 m | 324.0 m | 322.3 m |
| Cost of revenue | 192.9 m | 170.0 m | 184.5 m | 173.9 m | 190.8 m | 184.3 m | 196.1 m | 186.0 m |
| Gross profit | 136.0 m | 120.0 m | 134.1 m | 129.4 m | 100.8 m | 113.6 m | 127.9 m | 136.3 m |
| Research & development | 12.0 m | 9.7 m | 9.8 m | 10.5 m | 11.2 m | 10.6 m | 12.5 m | 12.4 m |
| SG&A | 116.4 m | 90.7 m | 93.7 m | 96.6 m | 93.8 m | 98.1 m | 99.5 m | 92.7 m |
| Operating income | 7.6 m | 19.6 m | 30.6 m | 22.3 m | -4.2 m | 4.9 m | 15.9 m | 31.2 m |
| Interest expense | — | 2.3 m | 2.2 m | 2.4 m | — | 3.4 m | 4.3 m | 5.0 m |
| Pre-tax income | 5.3 m | 17.2 m | 27.3 m | 19.4 m | -6.0 m | 900.0 k | 10.3 m | 25.9 m |
| Income tax | -1.3 m | 4.1 m | 7.1 m | 4.5 m | -1.6 m | 700.0 k | 2.7 m | 6.4 m |
| Net income | 6.6 m | 13.1 m | 20.2 m | 14.9 m | -4.4 m | 200.0 k | 7.6 m | 19.5 m |
| Diluted EPS | 0.35 ≈ | 0.69 | 1.08 | 0.80 | -0.24 ≈ | 0.01 | 0.44 | 1.12 |
| Operating cash flow | 37.5 m | -400.0 k | 22.5 m ≈ | 28.7 m ≈ | 14.2 m | -31.2 m | 5.0 m ≈ | 11.9 m ≈ |
| Capex | 9.4 m | 7.0 m | 3.8 m ≈ | 6.4 m ≈ | 4.5 m | 3.2 m | 5.3 m ≈ | 6.7 m ≈ |
| Dividends paid | 5.5 m | 5.6 m | 5.4 m ≈ | 5.4 m ≈ | 5.5 m | 5.5 m | 5.3 m ≈ | 5.2 m ≈ |
| Share repurchases | 2.5 m | 20.2 m | 13.4 m ≈ | 22.7 m ≈ | 32.2 m | 60.0 m | 500.0 k ≈ | 100.0 k ≈ |
≈ 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 89 percentile of its own 35-quarter history (min 13.6, median 26.8, max 1,354.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.2 bn |
| Revenue YoY | +12.0% | +1.3% | −12.0% | +9.0% | +0.1% | +13.9% | +3.5% | −6.5% |
| Net income | 33.4 m | 45.8 m | 33.7 m | 64.9 m | 66.3 m | 109.5 m | 83.7 m | 43.8 m |
| Net income YoY | unavailable | +37.1% | −26.4% | +92.6% | +2.2% | +65.2% | −23.6% | −47.7% |
| Diluted EPS | 1.82 | 2.48 | 1.81 | 3.44 | 3.55 | 5.83 | 4.38 | 2.36 |
| Diluted EPS YoY | unavailable | +36.3% | −27.0% | +90.1% | +3.2% | +64.2% | −24.9% | −46.1% |
| net % | 3.0% | 4.0% | 3.4% | 5.9% | 6.1% | 8.8% | 6.5% | 3.6% |
| Free cash flow | 61.2 m | 33.5 m | 103.9 m | 50.0 m | -50.1 m | 165.6 m | 68.8 m | 43.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 106.4 m USD
- Financial debt
- 274.0 m USD
- Net debt
- 167.6 m USD
- Equity
- 603.4 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- 0.45x
- Current ratio
- 2.05x
- ROE
- 7.1%
- ROA
- 3.6%
- FCF margin
- 3.6%
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 | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 593.2 m | 652.8 m | 671.3 m | 715.8 m | 736.7 m | 719.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 407.8 m | 438.0 m | 420.9 m | 527.8 m | 550.0 m | 484.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 30.1 m | 32.2 m | 31.1 m | 36.6 m | 43.8 m | 41.2 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 314.0 m | 321.9 m | 306.3 m | 352.6 m | 391.9 m | 374.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 63.7 m | 93.7 m | 87.2 m | 138.6 m | 114.3 m | 68.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Interest expense | 17.4 m | 7.3 m | — | — | — | — | SEC (XBRL)· 24 Feb 2022verified |
| Pre-tax income | 41.1 m | 74.1 m | 79.5 m | 123.8 m | 104.8 m | 57.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 7.4 m | 9.2 m | 13.2 m | 14.3 m | 21.1 m | 14.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 33.7 m | 64.9 m | 66.3 m | 109.5 m | 83.7 m | 43.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 1.81 | 3.44 | 3.55 | 5.83 | 4.38 | 2.36 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 18.6 m | 18.8 m | 18.7 m | 18.8 m | 19.1 m | 18.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.89 | 0.94 | 1.02 | 1.08 | 1.14 | 1.20 | SEC (XBRL)· 24 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 141.0 m | 123.6 m | 77.4 m | 117.1 m | 99.8 m | 106.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 199.9 m | 211.4 m | 251.5 m | 247.6 m | 259.1 m | 256.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 127.7 m | 160.6 m | 206.6 m | 175.9 m | 183.8 m | 198.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 493.6 m | 526.8 m | 575.3 m | 569.1 m | 576.6 m | 599.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 185.5 m | 172.8 m | 179.9 m | — | — | — | SEC (XBRL)· 28 Apr 2023verified |
| Goodwill | 207.8 m | 193.1 m | 182.0 m | 187.4 m | 185.6 m | 208.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 126.2 m | 98.0 m | 76.4 m | 63.1 m | 58.7 m | 52.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 106.3 m | 121.5 m | 126.1 m | 111.4 m | 126.9 m | 127.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 10.9 m | 4.2 m | 5.2 m | 6.4 m | 1.3 m | 400.0 k | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 311.6 m | 267.6 m | 300.3 m | 200.6 m | 199.5 m | 273.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 254.3 m | 290.3 m | 261.6 m | 273.7 m | 292.2 m | 293.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 676.5 m | 626.6 m | 613.0 m | 535.1 m | 568.0 m | 665.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 406.1 m | 435.1 m | 472.1 m | 578.3 m | 622.1 m | 603.4 m | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 133.8 m | 69.4 m | -25.1 m | 188.4 m | 89.7 m | 65.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 29.9 m | 19.4 m | 25.0 m | 22.8 m | 20.9 m | 21.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 103.9 m ≈ | 50.0 m ≈ | -50.1 m ≈ | 165.6 m ≈ | 68.8 m ≈ | 43.3 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -29.9 m | 1.7 m | -24.5 m | -23.2 m | -78.4 m | -22.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -42.8 m | -84.5 m | 8.1 m | -122.6 m | -25.2 m | -38.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 16.3 m | 17.5 m | 18.9 m | 20.1 m | 21.4 m | 21.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 0 | 15.0 m | 5.0 m | 21.7 m | 19.6 m | 88.5 m | SEC (XBRL)· 24 Feb 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
Risk
Valuation
olivLaw classification
Score: 28 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation0
- Balance sheet100
- Quality28
- Growth14
- Returns100
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: 15.70 – 34.46 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 reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E31.19 – 34.46 (Mid 33.37)3 companies used · median multiple 25.1x · quartiles 23.5x – 26.0xALH, HAYW, SXI
- Dividend discount (DDM)15.70 – 21.12 (Mid 18.01)
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
Unattractive profile · Score 28/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.9% | 38 (on a fixed band) | 15% |
| Net margin · Quality | 1.9% | 40 (vs peers) | 9% |
| FCF conversion · Quality | -86.5% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 3.3% | 27 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | -12.7% | 0 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 54.9x | 0 (on a fixed band) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.6% | 0 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 9.2% | 100 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth14/100 · 2/2 factors with a value
- Quality28/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation0/100 · 2/3 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
TENNANT CO (TNC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth -6.5%; net margin 1.9%; ROE 3.9%.
The estimated value range is 23.45–27.79 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 25.69 USD, the price of 72.84 USD leaves a potential of -64.7% (value / price − 1) and a margin of safety of -183.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 28/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
- Shareholder yield (distributions): 9.2%
What contradicts it
- FCF conversion: -86.5%
- Revenue CAGR 3Y: 3.3%
- EPS CAGR 3Y: -12.7%
- P/E (TTM): 54.9x
- FCF yield: -1.6%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Refrigeration & Service Industry Machinery (SIC 3580) · same industry (4-digit SIC) · compared with 5 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 | |
|---|---|---|---|---|---|---|
| MIDDThe Middleby Corporation | 5.8 bn | — | -16.2% | -13.9% | unavailable | +34% / +26% |
| ALHAlliance Laundry Holdings Inc. | 4.6 bn | 25.1 | 109.8% | 10.1% | +13.3% | −3% / unavailable |
| HAYWHayward Holdings, Inc. | 3.5 bn | 21.8 | 10.9% | 14.4% | +6.7% | +3% / +44% |
| SXIStandex International Corp | 3.0 bn | 26.8 | 15.3% | 12.5% | +12.8% | +3% / +88% |
| TNCTennant Co | 1.2 bn | 54.9 | 3.9% | 1.9% | −6.5% | −3% / −12% |
| LBGJLi Bang International Corporation Inc. | 34.5 m | — | -16.6% | -9.1% | +2.9% | −100% / unavailable |
1- and 3-year price returns: for TNC 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 | 43.13 Total return -39% · Per year -39% | 76.29 Total return 7% · Per year 7% | 114.97 Total return 60% · Per year 60% |
| 3 years | 40.84 Total return -40% · Per year -16% | 81.39 Total return 17% · Per year 5% | 134.82 Total return 92% · Per year 24% |
| 5 years | 38.68 Total return -41% · Per year -10% | 86.83 Total return 29% · Per year 5% | 158.09 Total return 130% · Per year 18% |
- Exit P/E± 20.35
- Net margin± 14.24
- Annual revenue growth± 11.83
- Annual dilution± 1.20
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.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
Tennant Company, headquartered in Eden Prairie, Minnesota, designs, makes and sells cleaning equipment and solutions for nonresidential surfaces, from manual machines to autonomous robots. Net sales fell to 1,203.5 million USD in fiscal 2025 1, while in the second quarter of 2026 orders grew but margins were compressed 3.
SWOT
Strengths
- The company has what it describes as the industry's largest direct sales and service organization and a broad customer base.
- The portfolio includes differentiated technologies such as detergent-free cleaning and robotic systems, backed by ongoing research investment.
- Recurring revenue from parts, consumables and services provides stability relative to equipment sales.
Weaknesses
- Gross margins fell significantly in fiscal 2025 and in 2026, mainly due to ERP inefficiencies and costs.
- Dependence on a new ERP system in North America affected orders, deliveries and working capital.
- Profitability is sensitive to raw material costs and pricing pressure in competitive markets.
Opportunities
- Growth in robotic and autonomous systems could offset pressure on traditional equipment.
- A recovery in North American demand after ERP stabilization could improve volumes and efficiency.
- Refunds of previously paid tariffs, if approved, could support results, though this remains uncertain.
Threats
- Tariffs and shifting trade policy could raise costs and reduce demand in some markets.
- An economic slowdown or lower customer capital spending could hurt equipment sales.
- Lower-priced competitors could cause market share losses, especially in EMEA.
Risks
- ERP stabilizationhigh
Residual inefficiencies in North America could extend pressure on margins and working capital.
- Tariffs and international tradehigh
New tariffs and uncertainty over refunds could raise material costs.
- Competitive pricing pressuremedium
Lower-priced competitors could limit the company's ability to reach its pricing targets.
- Demand and customer capital spendingmedium
An economic slowdown could reduce demand for equipment, especially in APAC and EMEA.
- Geopolitical and supply chain riskmedium
Conflicts in the Middle East and Ukraine could disrupt transport and component supply.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Adjusted EBITDA margin fell sharply in the second quarter and guidance was lowered, showing recovery is slower than expected 3.
- Tariffs and trade uncertainty may persist, and refunds are not recognized in the financial statements 2.
- Competitive pressure in EMEA and lower volumes in APAC could limit organic sales growth 3.
What to watch
- Gross margin and adjusted EBITDA progress against guidanceQ3 2026
- North America ERP stabilization and backlog reductionQ4 2026
- Decision on refunds of IEEPA tariffs2026
- Progress toward the AMR revenue target2028
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.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
The business
The company was founded in 1870 and operates 11 manufacturing locations, selling directly in 21 countries and through distributors in more than 100 countries 1. Its range covers manual and autonomous mechanized cleaning equipment, detergent-free cleaning technologies, parts and consumables, service and asset management tools such as IRIS. Customers include more than 40,000 contract cleaners and businesses that maintain their own facilities 1. It reports one operating segment.
The model combines equipment sales with recurring revenue from parts, consumables and services, so profitability also depends on how much the installed base is used. Main raw materials are steel, metal alloys and resin, and input costs depend on trade policy and tariffs 1.
In 2025 the company implemented a new ERP system in North America, which disrupted orders and shipments and continues to weigh on operating efficiency into 2026 12. Investment in robotics remains a strategic priority 3.
Segments
Market context
The company describes a market led by large multinational manufacturers alongside numerous regional competitors, differentiated by degree of automation and technology 1. Demand depends on customers' capital spending, which was volatile in fiscal 2025 and 2026 13.
Management says demand in the Americas and interest in robotic and autonomous solutions support orders, while margins remain pressured by costs, tariffs and inflation 23.
Trends
- Tariffs and trade policymixed
A February 2026 Supreme Court decision struck down certain tariffs, but new temporary tariffs were announced and refunds remain uncertain, keeping material cost risk in place 12. The final effect cannot yet be estimated.
- Robotics and autonomous solutionstailwind
AMR sales are growing quickly and the company targets an ambitious revenue level by 2028, which could support differentiation against competitors if the pace holds 3.
- North America ERP stabilizationheadwind
Residual inefficiencies after the ERP go-live slow margin recovery and pressure working capital, though management expects improvement as processes stabilize 23.
- Input and freight costsheadwind
Middle East tensions raised freight and material costs, weighing on margins in the second quarter of 2026 23.
Competitive position
The sources cite competition from large multinational manufacturers and numerous regional players, some offering lower-priced products 1. The company differentiates through innovation, its service network and premium products 1.
Competitive pressure is most visible in EMEA, where price concessions eroded margins 3. The risk of losing market share is explicitly flagged in the risk factors 1.
- Large multinational floor cleaning equipment manufacturers
Major companies operating in most geographic markets, described in the filing without being named.
- Regional and local cleaning equipment makers
Numerous participants that vary by country, vertical market and level of automation.
- Autonomous and robotic cleaning equipment providers
Active rivals in autonomous solutions, an area where the company is investing.
- Private-label and lower-priced equipment sellers
Lower-priced offerings that compete on price, as described in the risk factors.
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.
Loading the links…
News & filings
In the press
- Tennant’s (TNC) Orders Are Surging While Its Margins Keep SlidingYahoo Finance — News · 14 Sept 2026 · EN
The latest news item in our archive is from 14 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report30 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report17 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Current report01 May 2026Shareholder vote
- Proxy statement18 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Tennant Company · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Tennant Company · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Tennant Company · 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.