TGEN NYSE Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip Financials FY2016βFY2025
Tecogen Inc. had $27.1M of revenue in fiscal 2025, up 19.7% on the year before. Over five years, revenue changed β0.9% a year on average.
Last close Β· Oct 23, 2026
$2.10
1.4%Hi! I read Tecogen Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+19.7%
Yes. Sales grew 19.7% last year.
Does it make a profit?
β30.5%
No. It lost money last year.
Does profit turn into cash?
β38.1%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Tecogen Inc. had $27.1M of revenue in fiscal 2025, up 19.7% on the year before. Over five years, revenue changed β0.9% a year on average. Its operating margin was β30.5%, down 10.4Β pts: of every 100 in sales, about β30 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Tecogen Inc. lost $8.2M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$10.3M in fiscal 2025, β38.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.1M of shares on the open market and sold none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.1M
6 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Apr 24, 2026 | Ahmed GhoniemDirector | Bought | 12,723 | $0.79 | $0.0M | Form 4 |
| Apr 13, 2026 | Susan B HirschDirector | Bought | 5,000 | $3.73 | $0.0M | Form 4 |
| Mar 27, 2026 | Earl LewisDirector | Bought | 5,000 | $2.52 | $0.0M | Form 4 |
| Mar 27, 2026 | Susan B HirschDirector | Bought | 10,000 | $2.54 | $0.0M | Form 4 |
| Mar 26, 2026 | Earl LewisDirector | Bought | 5,000 | $2.88 | $0.0M | Form 4 |
| Mar 23, 2026 | John Kimball Whiting IVGeneral Counsel & Secretary | Bought | 10,000 | $2.38 | $0.0M | Form 4 |
| Mar 20, 2026 | Abinand RangeshChief Executive Officer, Director, Chief Financial Officer | Bought | 3,000 | $2.30 | $0.0M | Form 4 |
| Mar 20, 2026 | Roger P. DeschenesCAO | Bought | 10,000 | $2.23 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Tecogen Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.6M | $1.9M | $1.4M | $5.4M | $12.4M |
| Interest coverage | β85.9x | β144.1x | β274.1x | β50.2x | β54.9x |
| Current ratio | 2.8x | 2.9x | 1.9x | 1.3x | 3.1x |
| Quick ratio | 2.0x | 1.5x | 0.9x | 0.7x | 1.9x |
| Total assets | $32.4M | $28.3M | $27.8M | $31.1M | $37.0M |
| Total liabilities | $11.2M | $9.3M | $13.1M | $21.0M | $15.5M |
| Shareholders' equity | $21.2M | $19.1M | $14.7M | $10.2M | $21.6M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Tecogen Inc. passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 2 / 8 | 3 / 8 | 5 / 8 | 5 / 8 | 4 / 8 | 3 / 8 | 4 / 8 | 2 / 8 |
| Accruals ratio | 6.8% | 1.7% | β3.7% | β0.5% | β21.2% | 10.3% | β3.6% | β13.5% | β30.0% | 4.9% |
| Altman Z'' | 2.22 | 2.30 | 0.45 | 0.28 | β1.36 | 1.40 | 0.52 | β2.60 | β4.34 | β1.48 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $24.5M | $33.2M | $35.9M | $33.4M | $28.3M | $24.4M | $25.0M | $25.1M | $22.6M | $27.1M |
| Net interest income | β$0.2M | β$0.1M | β$0.2M | β$0.1M | β$0.2M | β | β | β | β | β |
| Gross profit | $9.3M | $13.0M | $13.6M | $12.5M | $10.8M | $11.6M | $11.1M | $10.2M | $9.9M | $9.8M |
| Research and development | $0.7M | $0.9M | $1.3M | $1.5M | $0.8M | $0.5M | $0.7M | $0.8M | $1.0M | $1.2M |
| Operating income | β$1.0M | $0.2M | β$5.5M | β$4.7M | β$6.0M | β$1.2M | β$2.3M | β$4.4M | β$4.5M | β$8.2M |
| Interest expense | $0.2M | $0.2M | $0.1M | $0.1M | $0.1M | $0.0M | $0.0M | $0.0M | $0.1M | $0.2M |
| Pretax income | β$1.2M | $0.1M | β$5.8M | β$4.8M | β$6.2M | $3.8M | β$2.4M | β$4.5M | β$4.7M | β$8.2M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$1.1M | $0.0M | β$5.7M | β$4.7M | β$6.2M | $3.7M | β$2.4M | β$4.6M | β$4.8M | β$8.2M |
| Diluted EPS | β$0.06 | $0.00 | β$0.23 | β$0.19 | β$0.25 | $0.15 | β$0.10 | β$0.19 | β$0.19 | β$0.30 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.03B | 0.02B | 0.02B | 0.02B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | β$2.7M | β$0.6M | β$3.9M | β$4.5M | $1.4M | $0.5M | β$1.4M | β$0.8M | $4.1M | β$9.9M |
| Capital expenditure | $0.1M | $0.6M | $0.8M | $0.1M | $0.1M | $0.1M | $0.3M | $0.0M | $1.0M | $0.4M |
| Free cash flow | β$2.9M | β$1.2M | β$4.7M | β$4.6M | $1.3M | $0.4M | β$1.7M | β$0.9M | $3.1M | β$10.3M |
| Depreciation and amortization | $0.3M | $0.6M | $0.8M | $0.4M | $0.4M | $0.5M | $0.4M | $0.6M | $0.6M | $0.9M |
| Stock-based compensation | $0.2M | $0.2M | $0.2M | $0.2M | $0.2M | $0.2M | $0.3M | $0.3M | $0.2M | $0.3M |
| Acquisitions | β | β | β | β | β | β | $0.0M | $0.2M | $0.0M | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.7M | $1.7M | $0.3M | $0.9M | $1.5M | $3.6M | $1.9M | $1.4M | $5.4M | $12.4M |
| Finance lease liabilities | β | β | β | β | β | β | β | $0.2M | $0.4M | $1.3M |
| Current assets | $20.1M | $21.7M | $26.4M | $27.9M | $22.2M | $25.0M | $22.0M | $20.3M | $22.1M | $28.9M |
| Current liabilities | $5.6M | $8.7M | $13.2M | $13.4M | $9.2M | $8.8M | $7.7M | $10.5M | $16.8M | $9.3M |
| Inventory | $4.8M | $5.1M | $6.3M | $6.4M | $7.2M | $7.8M | $10.5M | $10.6M | $9.6M | $10.9M |
| Property and equipment, net | $0.5M | $12.3M | $11.3M | $3.5M | $2.3M | $1.8M | $1.4M | $1.2M | $1.7M | $1.6M |
| Goodwill | $0.0M | $13.4M | $9.0M | $5.3M | $2.4M | $2.4M | $2.4M | $2.7M | $2.3M | $1.2M |
| Intangible assets | $1.1M | $2.9M | $2.9M | $1.6M | $1.4M | $1.2M | $1.0M | $2.4M | $2.5M | $2.1M |
| Total assets | $23.7M | $50.7M | $49.9M | $41.1M | $30.1M | $32.4M | $28.3M | $27.8M | $31.1M | $37.0M |
| Total liabilities | $9.2M | $17.0M | $21.9M | $17.8M | $12.8M | $11.2M | $9.3M | $13.1M | $21.0M | $15.5M |
| Shareholders' equity | $14.5M | $33.2M | $27.8M | $23.3M | $17.3M | $21.2M | $19.1M | $14.7M | $10.2M | $21.6M |
| Margins | ||||||||||
| Gross margin | 38.0% | 39.0% | 37.9% | 37.3% | 38.3% | 47.5% | 44.3% | 40.6% | 43.6% | 36.3% |
| Operating margin | β4.1% | 0.7% | β15.4% | β13.9% | β21.1% | β5.0% | β9.4% | β17.6% | β20.0% | β30.5% |
| EBITDA margin | β3.0% | 2.4% | β13.2% | β12.6% | β19.6% | β3.1% | β7.7% | β15.3% | β17.6% | β27.2% |
| Net margin | β4.5% | 0.1% | β15.9% | β14.1% | β21.8% | 15.1% | β9.8% | β18.3% | β21.0% | β30.5% |
| FCF margin | β11.7% | β3.5% | β13.1% | β13.7% | 4.8% | 1.5% | β6.7% | β3.4% | 13.7% | β38.1% |
| Net interest share of revenue | β0.7% | β0.4% | β0.6% | β0.4% | β0.8% | β | β | β | β | β |
| Returns | ||||||||||
| Return on capital employed | β5.5% | 0.5% | β15.1% | β16.8% | β28.5% | β5.2% | β11.4% | β25.5% | β31.8% | β29.7% |
| Return on equity | β7.6% | 0.2% | β18.7% | β18.4% | β30.3% | 19.2% | β12.1% | β27.2% | β38.1% | β51.8% |
| Return on assets | β4.6% | 0.1% | β11.4% | β10.3% | β17.3% | 11.8% | β8.1% | β16.4% | β16.2% | β24.2% |
| Return on tangible equity | β8.2% | 0.3% | β35.9% | β28.7% | β45.4% | 21.0% | β15.6% | β48.1% | β88.6% | β45.2% |
| Growth | ||||||||||
| Revenue growth | β | 35.6% | 8.1% | β6.8% | β15.5% | β13.6% | 2.5% | 0.5% | β10.0% | 19.7% |
| Net income growth | β | β | β12,143.2% | β | β | β | β166.2% | β | β | β |
| EPS growth | β | β | β | β | β | β | β166.7% | β | β | β |
| FCF growth | β | β | β | β | β | β72.3% | β546.3% | β | β | β433.6% |
| Share count change | β | 21.0% | 6.3% | 0.1% | 0.0% | 1.1% | β1.1% | 0.0% | 0.0% | 9.5% |
| Financial health | ||||||||||
| Interest coverage | β5.7x | 1.5x | β46.2x | β45.7x | β47.4x | β85.9x | β144.1x | β274.1x | β50.2x | β54.9x |
| Current ratio | 3.6x | 2.5x | 2.0x | 2.1x | 2.4x | 2.8x | 2.9x | 1.9x | 1.3x | 3.1x |
| Quick ratio | 2.7x | 1.9x | 1.5x | 1.6x | 1.6x | 2.0x | 1.5x | 0.9x | 0.7x | 1.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.6% | 1.7% | 2.3% | 0.3% | 0.2% | 0.4% | 1.3% | 0.2% | 4.3% | 1.5% |
| Stock comp / revenue | 0.7% | 0.6% | 0.5% | 0.5% | 0.7% | 0.8% | 1.3% | 1.0% | 0.8% | 1.3% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 3.0 | 2.0 | 3.0 | 5.0 | 5.0 | 4.0 | 3.0 | 4.0 | 2.0 |
| Altman Z'' | 2.2 | 2.3 | 0.4 | 0.3 | β1.4 | 1.4 | 0.5 | β2.6 | β4.3 | β1.5 |
| Accruals ratio | 6.8% | 1.7% | β3.7% | β0.5% | β21.2% | 10.3% | β3.6% | β13.5% | β30.0% | 4.9% |
Source: SEC EDGAR XBRL filings (CIK 0001537435). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
