Does TENNANT CO have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores TENNANT CO (TNC) 56.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 69, returns on capital 50, balance-sheet safety 66, capital discipline 40.

Is TNC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $28.33 per share versus a recent price of $86.11 — 204% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has TNC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 56.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

TENNANT CO

TNC · Industrials · $1.5B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power69

Median gross margin 40.4% over 10y, very stable.

Returns on capital50

Median ROIC 10.1%, above the 9% hurdle in 80% of years.

Balance-sheet safety66

Net debt/EBITDA 2.4x, no material interest expense disclosed.

Capital discipline40

Owner earnings +1.1%/yr, share count flat.

Margin of safety

Above valueOn sale

204% above value

Owner earnings (normalized): $45.5M
Est. intrinsic value / share: $28.33
Recent price: $86.11
Discount to value: 204% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

TENNANT CO booked $1.2B of revenue in FY2025 in the Industrials sector and kept 40.2% of it as gross profit — a solid-margin business by that measure. After every other cost, 3.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $595.9M (FY2009) to $1.2B (FY2025) — about 4.5% a year compounded over 16 years.

It earned 6.7% on invested capital in FY2025, with a median of 14.2% across 17 filed years. The Returns on Capital filter above scores it 50/100.

The balance sheet carried $273.6M of total debt in FY2025 against $22.1M of owner earnings — roughly 12.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 66/100.

The share count fell 6.3% between FY2010 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 40/100.

Put together: Pricing Power is the strongest of the four filters (69/100) and Capital Discipline the weakest (40/100), which is how TNC lands at 57/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.2B FY2025

Gross marginRevenue kept after cost of goods40.2% FY2025

Return on invested capitalOperating profit on the capital employed6.7% FY2025

Owner earningsCash an owner could take out$22.1M FY2025

Gaps in a line mean that item isn’t in TNC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale56.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TNC has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#91 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#89HWKN HAWKINS, INC.57.6 out of 100, Shallow moatShallow moat
#90CXT CRANE NXT, CO.57.3 out of 100, Shallow moatShallow moat
#92SPRS SURGE COMPONENTS, INC.55.9 out of 100, Shallow moatShallow moat
#93ROCK GIBRALTAR INDUSTRIES, INC.54.8 out of 100, Shallow moatShallow moat

Compare TNC with its nearest peers →All Industrials companies on the Index →

Common questions about TNC

Does TENNANT CO have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores TENNANT CO (TNC) 56.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 69, returns on capital 50, balance-sheet safety 66, capital discipline 40.
Is TNC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $28.33 per share versus a recent price of $86.11 — 204% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has TNC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 56.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TNC. See the disclaimer.