Thermon Group Holdings Inc. has reported its fourth quarter and fiscal year 2025 earnings, showcasing a return to organic growth driven by continued OPEX revenue momentum and improving large project trends. The company saw a 3% organic revenue growth, marking the first positive organic growth in four quarters. Additionally, there was an uptick in large CAPEX that led to higher bookings and backlog. The quarter ended with a 29% increase in backlog, 20% of which was organic, and four consecutive quarters of positive book-to-bill. The company also reported strong adjusted EBITDA margin expansion due to efficiency measures, cost management, and a favorable revenue mix. The presentation highlights a strong financial position with net leverage of under 1x, significant free cash flow conversion, and a reset of remaining share repurchase authorization to $50 million. You can access the full presentation through the link below.