TENNANT CO (TNC)

Refrigeration & Service Industry Machinery

Latest Price

$68.62

TTM P/E

65.98

Normalized P/E

18.92

Div Yield

0.90%

Book Value

30.96

P/B Ratio

2.22

Valuation metrics

EPS: $2.36

Book value / share: $33.71

Formula: √(22.5 × EPS × BVPS)

Graham Number

$42.31

38% downside

Norm. op. income: $87M (median of 7yr)

Tax rate: 17%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$31.36

54% downside

Base FCF: $59M (median of recent 5yr)

Growth: -15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$4.78

93% downside

EPS: $2.36

Target P/E: 19×

Formula: EPS × P/E

P/E Fair Value

$44.84

35% downside

99.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	2.70M	$236.0M	15.83%	-27.1K	2026-06-30
ALLIANCEBERNSTEIN L.P.	1.22M	$80.0M	7.13%	+1.18M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	1.18M	$103.0M	6.94%	-6.2K	2026-06-30
FMR LLC	982.4K	$85.0M	5.76%	+293.7K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	767.0K	$67.0M	4.50%	-49.6K	2026-06-30
STATE STREET CORP	711.4K	$62.0M	4.17%	+12.0K	2026-06-30
MAIRS & POWER INC	681.8K	$59.0M	4.00%	-121.7K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	661.1K	$57.0M	3.88%	+27.0K	2026-06-30
AMERICAN CENTURY COMPANIES INC	541.4K	$47.0M	3.18%	-44.1K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	474.6K	$41.0M	2.78%	+10.4K	2026-06-30