At a glance
Tennant Company is worth $1.13B, about 28 times its fiscal 2025 earnings. Revenue fell 6.5% to $1.20B in fiscal 2025, with 3.6% kept as profit; over 5 years it has grown 3.8% a year. It pays a 1.88% dividend yield, raised every year for at least 7 years, and returned $249.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −17.1% over the past year with dividends reinvested and −2.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.2% in the 2020 crash (S&P 500: 33.7%) and 34.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 14 months after the lows.
The business in plain English
Tennant Company, founded in 1870 and based in Eden Prairie, Minnesota, designs, builds and services floor-cleaning machines for commercial and industrial buildings rather than homes. Its equipment ranges from machines run by an operator to a growing line of autonomous robots, and it is used in stores, warehouses, factories, stadiums, offices, schools and hospitals. Brands include Tennant, Nobles, IPC, Alfa, Gaomei and Rongen, plus private-label brands sold under other companies' names. It also offers ec-H2O NanoClean, which cleans without detergent, and IRIS, a tool for managing fleets of machines.
Equipment sales brought in 59.4% of Tennant's $1.2 billion in revenue in the fiscal year ended December 31, 2025. Replacement parts and consumable supplies added 22.9%, and service and other revenue added 17.7%. Beyond selling machines, Tennant repairs and maintains them and offers financing, rental and leasing. Its more than 40,000 customers include contract cleaning firms, which other organizations hire to clean their buildings, and businesses that do their own cleaning.
The United States supplied 55.7% of fiscal 2025 revenue; Europe, the Middle East and Africa, 27.8%; the rest of the Americas, 10.1%; and Asia Pacific, 6.4%. Tennant reports as a single business segment. It sells directly in 21 countries and through distributors in more than 100, and it has 11 manufacturing sites.
Price history
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TNC -17.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Equipment | $714.7M | 59.4% |
| Parts and consumables | $275.6M | 22.9% |
| Service and other | $213.2M | 17.7% |
By geography
| UNITED STATES | $670.9M | 55.7% |
| Europe, Middle East and Africa (EMEA) | $334.6M | 27.8% |
| Other Americas | $121.1M | 10.1% |
| Asia Pacific (APAC) | $76.9M | 6.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $324.0M, up 1.7% from a year earlier, and net income was $7.6M (-62.4%).
- For fiscal 2025, revenue was $1.20B (-6.5% year over year; +3.8% a year from FY2020 to FY2025) with a 3.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.8% watch |
|---|---|
| Operating margin | 5.7% watch |
| Free cash flow margin | 3.6% watch |
| Return on equity (FY2025) | 7.3% weak |
| Return on assets (FY2025) | 3.5% watch |
| Net cash (cash minus debt) | $-282.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.00B | $33.7M | $103.9M |
| FY2021 | $1.09B | $64.9M | $50.0M |
| FY2022 | $1.09B | $66.3M | $-50.1M |
| FY2023 | $1.24B | $109.5M | $165.6M |
| FY2024 | $1.29B | $83.7M | $68.8M |
| FY2025 | $1.20B | $43.8M | $43.3M |
Valuation snapshot
| Market value | $1.13B |
|---|---|
| P/E ratio | 28 |
| Dividend yield | 1.88% |
Rank among 1514 US companies
Market value at each year end
Tennant’s market value went from $1.26B at the end of 2016 to $1.13B on Oct 28, 2026, down 10%; since the end of 2025 it is down 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.13B | -15.7% |
| 2025 | $1.34B | -13.2% |
| 2024 | $1.54B | -11.1% |
| 2023 | $1.73B | +51.2% |
| 2022 | $1.14B | -23.8% |
| 2021 | $1.50B | +15.9% |
| 2020 | $1.30B | -8.9% |
| 2019 | $1.42B | +50.7% |
| 2018 | $944.5M | -27.2% |
| 2017 | $1.30B | +3.3% |
| 2016 | $1.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TNC price data to Oct 28, 2026 | -9.1% | -17.1% | -2.0% | -2.1% | +1.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.1% |
| 2025 | -8.2% |
| 2024 | -11.0% |
| 2023 | +52.6% |
| 2022 | -22.8% |
| 2021 | +16.9% |
| 2020 | -8.8% |
| 2019 | +51.6% |
| 2018 | -27.4% |
| 2017 | +3.3% |
| 2016 | +28.3% |
| 2015 | -21.1% |
| 2014 | +7.7% |
| 2013 | +56.4% |
| 2012 | +15.0% |
| 2011 | +2.9% |
| 2010 | +49.5% |
| 2009 | +75.0% |
| 2008 | -64.6% |
| 2007 | +54.7% |
| 2006 | +13.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 83.3% over that stretch · deepest drop along the way 83.3%, back to its old high 36.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.9% over that stretch · deepest drop along the way 41.2%, back to its old high 11.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.8% over that stretch · deepest drop along the way 34.8%, back to its old high 13.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 4 open-market purchases ($1.3M) and 1 sales ($605K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 7, 2026 | Richard H. Zay CHIEF COMMERCIAL OFFICER | sell | $605K |
| Aug 12, 2026 | Donal L Mulligan Director | buy | $539K |
| Mar 2, 2026 | James T Jr. Glerum Director | buy | $500K |
| Aug 31, 2026 | Patrick E Allen Director | buy | $208K |
| Aug 12, 2026 | Timothy R. Morse Director | buy | $102K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15% | Mar 31, 2025 |
| AllianceBernstein L.P. | 7.1% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.64% | Mar 31, 2026 |
| FMR LLC | 5.8% | Jun 30, 2026 |
| Vanguard Capital Management | 5.31% | Mar 31, 2026 |
| Mairs and Power, Inc. | 4.4% | Mar 31, 2026 |
ETFs with the most weight in TNC
| EVX VanEck Environmental Services ETF | 3.77% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.7% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.7% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.64% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.51% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.47% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.3% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.25% |
What could go wrong
- Sales depend on customers' equipment budgets. Cleaning machines are big-ticket purchases that customers can postpone. In a long economic downturn, Tennant says lower demand could cut revenue, profit and cash flow and force cost cuts.
- Tariffs and shifting trade policy. New or retaliatory tariffs can raise the cost of imported materials and parts and disrupt supply chains. A February 20, 2026 Supreme Court ruling leaves possible refunds of some 2025 tariffs uncertain.
- Rivals, robots and pressure on prices. Tennant competes with large multinationals and many regional makers, some offering robotic cleaners. It may struggle to raise prices, match rivals' innovation, or keep customers willing to pay extra for new technology.
- New ERP system and business transformation. Tennant is installing a new enterprise resource planning (ERP) system, the software that runs orders, production and accounting, while pursuing a broader business transformation. Problems with either could disrupt operations or hurt results.
- Raw material and component costs. Tennant relies on steel, resin and suppliers' electronics and components. Shortages, quality problems or higher costs could hurt results; operating profit was 5.7% of sales in fiscal 2025.
- Currency swings on overseas sales. Europe, the Middle East and Africa produced 27.8% of fiscal 2025 revenue and Asia Pacific 6.4%. When the US dollar strengthens, those sales and profits are worth less once converted into dollars.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Executive or board change
- Quarterly results released
- Major agreement signed; Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Tennant has raised its regular dividend for 7 years in a row through fiscal 2025. Dividends per share grew from $0.89 in fiscal 2020 to $1.195 in fiscal 2025, about 6.1% a year. In fiscal 2025, after net income fell 47.7%, the dividend took about half of earnings and free cash flow (cash left after running the business and investing in it). The yield was 1.88% as of October 28, 2026. From fiscal 2021 through 2025, Tennant spent $149.8 million on buybacks, more than the $99.8 million it paid in dividends, and its share count fell 8% from October 2021 to July 2026.
The stock has fallen sharply in downturns. It dropped 83.3% in the 2008 financial crisis and took about 37 months from its low to recover. It fell 41.2% in the 2020 COVID crash and 34.8% in the 2022 bear market, recovering in roughly 12 and 14 months. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Tennant make money?
Tennant makes most of its money selling floor-cleaning machines for commercial and industrial buildings. In the fiscal year ended December 31, 2025, equipment brought in 59.4% of its $1.2 billion in revenue. Replacement parts and consumables added 22.9%, and service and other revenue added 17.7%. Its more than 40,000 customers include contract cleaning firms and businesses that clean their own stores, warehouses, factories, schools and hospitals. The United States supplied 55.7% of revenue, and Europe, the Middle East and Africa 27.8%.
Does Tennant raise its dividend every year?
Tennant has raised its regular dividend for 7 straight years through fiscal 2025. Dividends per share rose from $0.89 in fiscal 2020 to $1.195 in fiscal 2025, an average of about 6.1% a year. The yield, or annual dividend as a share of the stock price, was 1.88% as of October 28, 2026. In fiscal 2025 the dividend used about half of earnings and free cash flow, a higher share than before because net income fell 47.7%. Past increases do not guarantee future ones.
Are Tennant's sales and profits growing?
Both fell in fiscal 2025. Revenue dropped 6.5% to about $1.2 billion, and net income fell 47.7% to $43.8 million, or $2.36 per share, down from $4.38 in fiscal 2024. Over the five years from fiscal 2020, revenue grew about 3.8% a year. In the quarter ended June 30, 2026, revenue rose 1.7% from a year earlier to $324 million, but net income fell 62.4% to $7.6 million.
How has Tennant stock performed?
Tennant's share price has fallen over the past one and five years. As of October 28, 2026, it was down 17.1% over one year and 10% over five years, or about 2.1% a year. Over 10 years it rose 19% in total, about 1.8% a year. Within the past year it dropped 28.9% from peak to low. Its price-to-earnings ratio was 28 on fiscal 2025 earnings, meaning investors paid about $28 for each $1 of annual profit.
How much debt does Tennant have?
Tennant had $358.9 million of total debt as of June 30, 2026, and $76.9 million of cash and investments, leaving net debt of about $282 million. Shareholders' equity, the accounting value of what owners would keep after all debts, was $533.4 million. For context, fiscal 2025 net income was $43.8 million and free cash flow was $43.3 million, while Tennant spent $88.5 million on share buybacks and $21.9 million on dividends that year.