Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026

Tennant Co (TNC)

A forensic read on Tennant Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

5.5

Distress distance

Clean

Earnings quality

Forensic signals

41.8

P / E (ttm)

7.3%

ROE

$1.2B

Market cap

1.61%

Dividend yield

-6.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Tennant Co earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 5.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.3%

FY2025

Return on invested capital. Return on invested capital is 5.3% in the latest fiscal year and slipping from 9% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

255% of FCF

FY2025

Shareholder returns. Returned $110M to shareholders (buybacks + dividends) in FY2025 — 255% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $10M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 279%.

97d

FY2024→FY2025

Inventory days. Days inventory outstanding moved from 89 to 97 FY2024→FY2025 (against cost of goods sold; inventory +8% vs -2% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.

-0.2%/yr

FY2022–FY2025

Share count. Diluted share count changed -1% over the last 3 years to FY2025 (-0.2%/yr). Roughly flat — buybacks ($88M) are about offsetting stock comp ($10M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$1.20B

Revenue Growth YoY-6.5%

Revenue CAGR (3yr)+3.3%

Net Margin3.6%

Free Cash Flow$43.3M

Return on Equity7.3%

Debt / Equity0.45x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.