Thermon Group (NYSE:THR) reported its fiscal 2025 fourth-quarter results on May 22, achieving 5% year-over-year revenue growth to $134.1 million and a record annual free cash flow of $53 million, with a 22.7% adjusted EBITDA margin. The company noted a 29% year-over-year backlog increase, driven by gains in the LNG segment and strategic expansion amidst tariff challenges anticipated for fiscal 2026, following the lifting of the U.S. moratorium on LNG export project permits, which enabled significant project bidding and five major awards. Thermon’s acquisitions of Vapor Power and Fati further enhanced its sales pipeline and backlog, presenting $80 million in potential LNG opportunities.
