Tennant Company (TNC) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Tennant Company stock $55.34, price $71.50, that is 22.6% below the price, quality 55 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $52.05 – $118.43 · fair‑value band $30.34 – $83.44 · the $71.50 price screens above the $55.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.
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The company offers manual and autonomous mechanized cleaning equipment for industrial and commercial use, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, and equipment maintenance and repair services.
It also provides business solutions such as financing, rental and leasing programs, and machine-to-machine asset management solutions.
In addition, the company offers robotic cleaning equipment; IRIS, an asset management solution; ec-H2O NanoClean, a detergent-free cleaning solution; and ReadySpace, a rapid-drying carpet cleaning technology.
It offers its products under the Tennant, Nobles, Alfa Uma Empresa Tennant, IPC, Gaomei, and Rongen brands, as well as private-label brands.
The company serves retail establishments, distribution centers, factories and warehouses, public venues such as arenas and stadiums, office buildings, schools and universities, hospitals and clinics, and others.
It markets its products to contract cleaners and businesses through direct sales and service organizations, as well as through a network of authorized distributors. Tennant Company was founded in 1870 and is headquartered in Eden Prairie, Minnesota.
Stock analysis
Tennant Company (TNC) currently trades at $71.50, while our model-based Fair Value estimate is $55.34, 23% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $54.04 per share, and 2 of the 26 models we run sit above the $71.50 price.
Bear case: the Asset-Based group reads lowest at $13.38, and 24 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $30.34 (bear) to $83.44 (bull), the price of $71.50 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Tennant Company reported revenue of $1.2B in FY2025 versus $1.1B in FY2021, a compound +2.5%/yr. Reported net income was $43.8M in FY2025, compounding −9.4%/yr from FY2021.
Key figures
Market cap $1.2B Small · P/E ratio 68.8 · P/S ratio 1.01 · EPS (TTM) $1.04 · Dividend yield 1.7% · Net margin 1.5% · Return on equity 3.1% · Return on assets (EBIT) 8.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 29 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −23%, TNC screens cheaper than that median.
Fair Value models
Bear$30.34Fair Value $55.34Bull$83.44
Price $71.50 · Downside -22.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF$15.76$25.09$36.6680
Growth DCF$16.02$24.30$34.0378
Residual Income$26.86$27.60$29.8076
All 26 models by family
DCF Models
FCF DCF$15.76$25.09$36.6680
Owner Earnings$8.81$15.60$24.0175
5Y Revenue Exit$20.78$37.90$59.2971
5Y EBITDA Exit$37.72$68.64$103.9674
5Y P/E Exit$21.49$39.18$57.1470
10Y Revenue Exit$17.45$31.22$48.8165
10Y EBITDA Exit$27.79$49.89$78.2767
10Y P/E Exit$18.69$32.00$47.4063
Earnings-Based
Graham-Dodd$17.47$46.72$61.1265
Lynch FV$9.08$12.97$16.8761
PEG = 1.0$9.08$12.97$16.8757
EPV$14.50$17.63$20.2174
Dividend Discount
Gordon GGM$9.53$16.62$22.2768
DDM Multi-Stage$9.53$13.74$17.5067
Multiples
P/E Multiple$40.46$53.95$67.4463
P/S Multiple$32.76$43.67$54.5958
P/B Multiple$67.38$89.85$112.3155
EV/EBIT$37.11$54.13$71.1665
EV/EBITDA$58.66$82.87$107.0767
EV/Revenue$22.48$38.11$53.7352
Asset-Based
NCAV (Graham)$9.98$13.38$19.9754
Growth DCF
Growth DCF$16.02$24.30$34.0378
Rev-Margin DCF$20.78$38.05$57.1071
Economic Profit
Residual Income$26.86$27.60$29.8076
ROIC Compounder$14.50$17.63$20.2172
Growth Earnings
Growth-Adj P/E$31.83$45.47$59.1167
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
In the last 6 months, 3 officers or directors bought shares worth $849,250, most recently on Aug 31, 2026. Buying cluster
BuyPatrick E AllenDirector3,000 shares at $69.42$208,260Aug 31, 2026
BuyTimothy R. MorseDirector1,500 shares at $68.18$102,270Aug 12, 2026
BuyDonal L MulliganDirector2× since Feb 26, 2026: 16,000 shares, avg. $65.18$1.0MAug 12, 2026
SaleRichard H. ZayCHIEF COMMERCIAL OFFICER6,875 shares at $88.02$605,138May 7, 2026
BuyJames T Glerum Jr.Director8,163 shares at $61.25$499,984Mar 2, 2026
SaleAzita ArvaniDirector3,156 shares at $61.40$193,778Feb 27, 2026
SaleCarol S EicherDirector3,130 shares at $61.98$193,997Feb 26, 2026
BuyDavid W. HumlPRESIDENT AND CEO, Director4,000 shares at $64.39$257,548Feb 26, 2026
SaleDavid WindleyDirector3,694 shares at $63.86$235,899Feb 26, 2026
Plus 2 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.8%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+1.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.2%
Dividend (yield on the price)1.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−1.0% vs −0.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+23.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.4%
Yearly sales growth analysts expect, extended to five years.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +20.6% a year for the price and +3.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Industrial Machinery · 814 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−22.6% · Above median
Profitability
Return on equity (12 months)3.1% · Below median
Return on assets3.5% · Below median
Net margin (12 months)1.5% · Below median
Operating margin (12 months)5.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)1.7% · Below median
Dividend yield (12 months)1.7% · Above median
Balance sheet
Debt / equity0.45× · Highest 25%
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
P/E (12 months)68.8× · Priciest 25%
P/B2.04× · Cheaper than median
P/S (12 months)1.01× · Cheapest 25%
Price / free cash flow (fiscal year)28.4× · Pricier than median
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Cite: Fair Value Calculator (2026). "Tennant Company Fair Value". https://www.fairvalue-calculator.com/stock/TNC
Frequently asked questions
Is Tennant Company (TNC) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $55.34 versus a price of $71.50, about 23% lower (overvalued).
What is the fair value of TNC?
Our model-based fair value for Tennant Company is $55.34 (as of Nov 7, 2026), built from audited fundamentals. The current price: $71.50.
What is the quality score of TNC?
Tennant Company has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Tennant Company (TNC)?
Our model-based price target is the fair value of $55.34 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario $30.34, optimistic scenario $83.44. It is a calculation from audited fundamentals, not an analyst target.
What is the Tennant Company stock forecast for 2026?
Our models put fair value at $55.34, about 23% lower versus a price of $71.50 (overvalued). Cautious scenario $30.34, optimistic scenario $83.44. The calculation is refreshed regularly with new filings.
What is the revenue of Tennant Company (TNC)?
Tennant Company reported trailing-twelve-month revenue of about $1.2B (latest available figure, as of Nov 7, 2026).
Does Tennant Company pay a dividend?
Tennant Company currently shows a dividend yield of 1.71% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Tennant Company (TNC) and when is the ex-dividend date?
Tennant Company pays a dividend of $1.23 per share a year, a dividend yield of 1.7%. The last ex-dividend date was Aug 31, 2026. A dividend has been paid every year since at least 1985. The payout ratio is 104% of earnings (on adjusted earnings, reported 118%). Free cash flow covers the dividend 2.07 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Tennant Company (TNC)?
For today's price to be fair in a discounted-cash-flow model, Tennant Company would have to grow free cash flow by +23.5 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.8 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of TNC use?
Our models discount Tennant Company at 11.6 %: a base by market capitalisation (small), damped by beta 1.14, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Tennant Company that is +23.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Tennant Company (TNC) delivered so far?
Over the past 5 years revenue at Tennant Company grew +3.8 % a year. The price currently implies free-cash-flow growth of +23.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Tennant Company (TNC) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Tennant Company (+23.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Tennant Company (TNC)?
The free-cash-flow yield on the price is 3.53 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Tennant Company produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tennant Company (TNC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tennant Company it is $55.34 per share (as of Nov 7, 2026), against a price of $71.50. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Tennant Company stock overvalued or undervalued in 2026?
As of Nov 7, 2026, TNC trades above its calculated fair value: price $71.50, fair value $55.34, a gap of about −23% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TNC?
No. The price is what the market pays today ($71.50); the fair value is what the company's own numbers justify ($55.34). For Tennant Company the two are $16.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tennant Company worth?
The market values Tennant Company at about $1.2B (market capitalisation, as of Nov 7, 2026). Per share that is $71.50; our models calculate a fair value of $55.34 per share.
What do the bullish and bearish scenarios say about TNC?
Our models span a range for Tennant Company: cautious scenario $30.34, base $55.34, optimistic $83.44 per share (as of Nov 7, 2026, price $71.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TNC?
Tennant Company trades at a price-to-earnings ratio of 68.8 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $55.34 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 26.8 (reported for FY2025: 30.3). Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings, 6 of the years ex one-offs: 27.5. Other multiples: PEG 1.7, P/B 2.0, P/S 1.0, EV/EBITDA 13.2.
What is the PEG ratio of TNC?
The PEG ratio of Tennant Company is 1.73 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Tennant Company (TNC)?
Balance-sheet figures for Tennant Company (as of Nov 7, 2026): return on equity 3.1%, debt of 0.45 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is TNC from its 52-week high?
Tennant Company trades at $71.50, about 21% below its 52-week high of $90.74 and 18% above the low of $60.42 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $55.34 is for.
Which stocks are comparable to Tennant Company?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tennant Company stock attractive at the current price?
The data as of Nov 7, 2026: price $71.50, calculated fair value $55.34 (−23%), Quality Score 55/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TNC calculated?
We run Tennant Company through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $55.34 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Tennant Company itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Tennant Company (TNC)?
The closing price on Nov 6, 2026 was $71.50. Our model-based fair value is $55.34, about 23% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tennant Company right now?
The model range is unusually wide ($30.34 to $83.44). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Tennant Company (TNC) come from?
Earnings per share at Tennant Company grew +6.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.6 %, EBIT margin +0.9 %, tax rate +2.0 %, residual (interest, one-offs) −0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tennant Company
How large is the market capitalisation of Tennant Company (TNC)?
The market capitalisation of Tennant Company is $1.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tennant Company (TNC)?
The price-to-sales ratio of Tennant Company is 1.01 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tennant Company (TNC)?
Earnings per share at Tennant Company are $1.04 (price ÷ EPS = P/E 68.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tennant Company (TNC)?
The dividend yield of Tennant Company is 1.7% (payout 104%, on adjusted earnings, reported 118%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Tennant Company (TNC)?
The net margin of Tennant Company is 1.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tennant Company (TNC)?
The return on equity (ROE) of Tennant Company is 3.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tennant Company (TNC)?
On an EBIT basis the return on assets of Tennant Company is 8.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Tennant Company (TNC)?
The operating margin of Tennant Company is 5.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tennant Company (TNC)?
Revenue at Tennant Company is growing +1.7% versus a year earlier (3y avg +3.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tennant Company (TNC)?
Earnings per share at Tennant Company are growing −59.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Tennant Company (TNC) carry?
The net debt of Tennant Company is $238M (fiscal year 2025, ≈ 5.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 7, 2026