Question 1

What is Tennant's P/FCF ratio?

Accepted Answer

Tennant (TNC) P/FCF ratio is 95.9× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Tennant?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Tennant specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Is Tennant's P/FCF ratio high or low?

Accepted Answer

Tennant's P/FCF ratio of 95.9× is above its own 5-year average of 29.6× and above the sector median of 24.3×. That places the current reading at the 98th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Tennant's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Tennant (TNC) P/FCF ratio has ranged from a low of 4.6× in 2009 to a high of 445.5× in 2007. The 5-year average is 29.6× and the 5-year median is 22.2×.

Question 7

What was Tennant's P/FCF ratio in 2025?

Accepted Answer

Tennant (TNC) P/FCF ratio at the end of 2025 was 30.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Tennant's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$1.32B	$43M	30.8×	+8.3×	Dec 31, 2025
2024	$1.53B	$68.3M	22.4×	+11.9×	Dec 31, 2024
2023	$1.72B	$164M	10.5×	—	Dec 31, 2023
2022	$1.14B	-$54.4M	—	—	Dec 31, 2022
2021	$1.49B	$46.2M	32.3×	+19.9×	Dec 31, 2021
2020	$1.29B	$104M	12.4×	-30.6×	Dec 31, 2020
2019	$1.42B	$33M	43.0×	+26.9×	Dec 31, 2019
2018	$939M	$58.4M	16.1×	-25.2×	Dec 31, 2018
2017	$1.29B	$31.2M	41.3×	+1.5×	Dec 31, 2017
2016	$1.25B	$31.4M	39.8×	-8.7×	Dec 31, 2016
2015	$993M	$20.5M	48.5×	+15.4×	Dec 31, 2015
2014	$1.32B	$39.8M	33.2×	+5.6×	Dec 31, 2014
2013	$1.24B	$45M	27.6×	+2.3×	Dec 31, 2013
2012	$809M	$31.9M	25.3×	+8.4×	Dec 31, 2012
2011	$728M	$43M	16.9×	-5.8×	Dec 31, 2011
2010	$728M	$32M	22.8×	+15.1×	Dec 31, 2010
2009	$489M	$63.7M	7.7×	-9.0×	Dec 31, 2009
2008	$280M	$16.8M	16.7×	-58.1×	Dec 31, 2008
2007	$817M	$10.9M	74.8×	+41.8×	Dec 31, 2007
2006	$543M	$16.4M	33.0×	+12.6×	Dec 31, 2006
2005	$476M	$23.4M	20.4×	-2.5×	Dec 31, 2005
2004	$357M	$15.6M	22.9×	+6.6×	Dec 31, 2004
2003	$391M	$24M	16.3×	-31.3×	Dec 31, 2003
2002	$293M	$6.15M	47.6×	—	Dec 31, 2002


Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for Tennant (TNC) 2002-2026

P/FCF Ratio daily chart for Tennant (TNC)

Historical P/FCF Ratio for Tennant (TNC) from 2002 to 2025

About P/FCF Ratio at Tennant (TNC)

Tennant P/FCF Ratio by Year

Tennant P/FCF Ratio 2025: 30.8×

Tennant P/FCF Ratio 2024: 22.4×

Tennant P/FCF Ratio 2023: 10.5×

Tennant P/FCF Ratio 2021: 32.3×

Tennant P/FCF Ratio 2020: 12.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Tennant (TNC) Key Financials