Question 1

What is Tennant's P/B ratio?

Accepted Answer

Tennant (TNC) P/B ratio is 2.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Tennant?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Tennant specifically, the relevant sector benchmark is the current sector median of 5.0×.

Question 5

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

Accepted Answer

Tennant's P/B ratio of 2.8× is above its own 5-year average of 2.7× and below the sector median of 5.0×. That places the current reading at the 50th 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/B ratio range?

Accepted Answer

In the available daily series, Tennant (TNC) P/B ratio has ranged from a low of 1.0× in 2009 to a high of 5.1× in 2014. The 5-year average is 2.7× and the 5-year median is 2.6×.

Question 7

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

Accepted Answer

Tennant (TNC) P/B ratio at the end of 2025 was 2.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$601.60M	2.2×	-0.3×	Dec 31, 2025
2024	$1.53B	$620.80M	2.5×	-0.5×	Dec 31, 2024
2023	$1.72B	$577.00M	3.0×	+0.6×	Dec 31, 2023
2022	$1.14B	$470.80M	2.4×	-1.0×	Dec 31, 2022
2021	$1.49B	$433.80M	3.4×	+0.3×	Dec 31, 2021
2020	$1.29B	$404.80M	3.2×	-0.8×	Dec 31, 2020
2019	$1.42B	$359.90M	3.9×	+1.0×	Dec 31, 2019
2018	$939.29M	$314.42M	3.0×	-1.4×	Dec 31, 2018
2017	$1.29B	$296.50M	4.4×	-0.1×	Dec 31, 2017
2016	$1.25B	$278.54M	4.5×	+0.5×	Dec 31, 2016
2015	$992.80M	$252.21M	3.9×	-0.8×	Dec 31, 2015
2014	$1.32B	$280.65M	4.7×	-0.0×	Dec 31, 2014
2013	$1.24B	$263.85M	4.7×	+1.3×	Dec 31, 2013
2012	$808.55M	$235.05M	3.4×	+0.1×	Dec 31, 2012
2011	$727.73M	$220.85M	3.3×	-0.1×	Dec 31, 2011
2010	$728.38M	$216.13M	3.4×	+0.7×	Dec 31, 2010
2009	$489.29M	$184.28M	2.7×	+1.3×	Dec 31, 2009
2008	$280.26M	$209.90M	1.3×	-1.9×	Dec 31, 2008
2007	$816.75M	$252.43M	3.2×	+0.9×	Dec 31, 2007
2006	$542.76M	$229.66M	2.4×	-0.1×	Dec 31, 2006
2005	$475.87M	$193.10M	2.5×	+0.4×	Dec 31, 2005
2004	$357.28M	$174.03M	2.1×	-0.3×	Dec 31, 2004
2003	$390.65M	$165.62M	2.4×	+0.5×	Dec 31, 2003
2002	$292.65M	$154.15M	1.9×	-0.3×	Dec 31, 2002
2001	$334.72M	$154.33M	2.2×	—	Dec 31, 2001


Ingersoll Rand (IR)	3.1×
PACCAR (PCAR)	3.1×
Franklin Electric Co. (FELE)	3.0×
Huntington Ingalls Industries (HII)	2.9×
Brady (BRC)	2.9×
Fortive (FTV)	2.9×
Southwest Airlines (LUV)	2.7×
Xylem (XYL)	2.6×
FedEx (FDX)	2.5×
Axon Enterprise (TASR)	2.4×
Builders FirstSource (BLDR)	2.3×
McGrath RentCorp (MGRC)	2.2×
Delta Air Lines (DAL)	2.1×
AGCO (AGCO)	2.0×
Textron (TXT)	1.9×
Archer Aviation (ACHR)	1.9×
United Airlines Holdings (UAL)	1.9×
Alamo Group (ALG)	1.7×
Matthews International (MATW)	1.6×
MDU Resources Group (MDU)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Stanley Black & Decker (SWK)	1.2×
Alaska Air Group (ALK)	1.1×
Versant Media Group, Inc. Class A (VSNT)	0.7×

P/B Ratio for Tennant (TNC)

P/B Ratio daily chart for Tennant (TNC)

Historical P/B Ratio for Tennant (TNC) from 2001 to 2025

About P/B Ratio at Tennant (TNC)

Tennant P/B Ratio by Year

Tennant P/B Ratio 2025: 2.2×

Tennant P/B Ratio 2024: 2.5×

Tennant P/B Ratio 2023: 3.0×

Tennant P/B Ratio 2022: 2.4×

Tennant P/B Ratio 2021: 3.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Tennant (TNC) Key Financials

P/B Ratio daily chart for Tennant (TNC)

Historical P/B Ratio for Tennant (TNC) from 2001 to 2025

About P/B Ratio at Tennant (TNC)

Tennant P/B Ratio by Year

Tennant P/B Ratio 2025: 2.2×

Tennant P/B Ratio 2024: 2.5×

Tennant P/B Ratio 2023: 3.0×

Tennant P/B Ratio 2022: 2.4×

Tennant P/B Ratio 2021: 3.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Tennant's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Tennant?

+Is Tennant's P/B ratio high or low?

+What is Tennant's historical P/B ratio range?

+What was Tennant's P/B ratio in 2025?

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

Tennant (TNC) Key Financials