TECOGEN INC.
TGENAbout the company
Tecogen Inc., together with its subsidiaries, designs, manufactures, markets, and maintains cogeneration products for multi-family residential, commercial, recreational, and industrial use in the United States. It operates in three segments: Products, Services, and Energy Production.
Investment snapshot
Positive
0
BUY / PASS
Neutral / negative
1 / 15
NEUTRAL / FAIL
Median fair value
$2.73
+42.9% vs price
Models with upside
1 / 17
Positive margin of safety
Strongest signal
8 of 12 pass — Graham, Buffett, Lynch +1 more object
Key risk
All 16 investors flag TGEN's profitability
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #2589 (Top 83.6%) | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | +30.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-19 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-19 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-12 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-12 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage67% pass✓ 11✗ 4▾
8 of 12 pass — Graham, Buffett, Lynch +1 more object
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.08, IC: -66.8x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.08✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities2.69✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.08✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0.08✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-66.8x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.08✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0756; #1165/4210 (top 27.7%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Profitability0% pass✗ 35▾
All 16 investors flag TGEN's profitability
Positive EPS (10 years)1/16 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)2/16 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-22.2%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-30.5% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-7.8M✗BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-60.0%✗Lynch> 15%EBIT / Enterprise Value-17.7%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-17.7%, ROC=-93.7%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-22.30%✗PiotroskiROA > 0ROA Change YoY-15.31% -> -22.30% (delta: -6.99%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-26.80%, ROA=-22.30%✗PiotroskiCFO/Assets > ROAGross Margin Change YoY43.6% -> 36.3%✗PiotroskiImproved YoYPre-Tax Income / Revenue-38.8%✗Dreman>= 8%Net Income / Shareholders' Equity-60.0%✗Dreman> 12%Margin of SafetyP/B=2.6x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-38.6% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency2/15 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-39.5%✗Ackman>= 15%Net Income / Shareholders Equity-60.0%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-17.6% (2023) -> -30.5% (2025)✗TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 40.6% -> 36.3%, operating margin -17.6% -> -30.5%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-17.09%; #4465/6340 (top 70.4%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+31.83%; #1327/3702 (top 35.8%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity-60.05%; #4316/5226 (top 82.6%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.1168; #3669/5884 (top 62.4%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years1/10 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Valuation0% pass✓ 2✗ 26▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio2.6x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-17.7%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-17.7%, ROC=-93.7%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xPrice / Book Value per Share2.6x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-13.6%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-17.9%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=2.6x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low110% of trailing low ($1.74)✓Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-17.09%; #4465/6340 (top 70.4%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.2846; #3761/6449 (top 58.3%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share3.12x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change+4.1%✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.4383; #2814/5247 (top 53.6%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-16.68%; #3446/4519 (top 76.3%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-32.98%; #4533/6202 (top 73.1%)✗OshaughnessyTop 10% of eligible cross-section - Cash Flow0% pass✗ 12▾
All 10 investors flag TGEN's cash flow
Free Cash Flow Proxy$-7.8M✗BuffettPositive and growingFCF Positive and Growing$-9.6M✗LynchPositive and growingOperating Cash Flow$-9.9M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-26.80%, ROA=-22.30%✗PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-17.9%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive3/15 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-16.9%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency3/15 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-9.6M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-16.68%; #3446/4519 (top 76.3%)✗OshaughnessyTop 10% of eligible cross-section - Growth0% pass✗ 13▾
All 8 investors flag TGEN's growth
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: 20.2% vs Rev: -9.2%✗LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency2/15 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth0.5%✗Ackman>= 5%Positive EPS Growth Frequency1/5 years with positive EPS growth✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 40.6% -> 36.3%, operating margin -17.6% -> -30.5%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR-0.9%✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Verdicts0% pass✗ 16▾
Split decision: 15 FAIL · 1 NEUTRAL
Overall verdict✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)✗GreenblattRank #2589✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #2117/2370 (Top 89.3%))✗NeffFAIL (0/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked) - Efficiency38% pass✓ 4✗ 7▾
5 of 8 flag TGEN's efficiency — Buffett, Greenblatt, Munger +2 more
Current Ratio2.69✓Graham>= 2.0ROIC (3-5 yr avg)-34.5%✗Buffett> 10%ROIC - WACC-44.5%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-93.7%✗Greenblatt> 25%Current Ratio Change YoY1.32 -> 3.12✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.73x -> 0.73x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities2.69✓Dreman> 1.5Return on Invested Capital-44.7%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-23.3%; FY2024: ROIC=-33.7%; FY2025: ROIC=-28.4%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -28.4%)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 19.5% of shares last year, 20.1% issued over two.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $57.7Mcurrent | -- | -- | -- | $111.7Mest. | $60.2Mest. | $18.1Mest. | $30.6Mest. | $29.1Mest. |
| Revenue | $25.3M↓9% | $7.9M↑10% | $5.7M↓21% | $6.3M↓13% | $27.1M↑20% | $22.6M↓10% | $25.1M↑1% | $25.0M↑2% | $24.4M |
| Operating Income | -$10.0M↓91% | -$1.6M↑25% | -$2.2M↓52% | -$2.1M↓259% | -$8.2M↓82% | -$4.5M↓3% | -$4.4M↓88% | -$2.3M↓93% | -$1.2M |
| Net Income | -$9.9M↓81% | -$1.6M↑25% | -$2.1M↓47% | -$2.1M↓221% | -$8.2M↓73% | -$4.8M↓4% | -$4.6M↓88% | -$2.4M↓166% | $3.7M |
| EPS (Diluted) | -- | $-0.05↑29% | $-0.07↓17% | $-0.07↓133% | $-0.30↓58% | $-0.19 | $-0.19↓90% | $-0.10↓167% | $0.15 |
| Gross Margin | 38.2% | 37.4%↑23% | 37.8%↑12% | 40.9%↓8% | 36.3%↓17% | 43.6%↑8% | 40.6%↓8% | 44.3%↓7% | 47.5% |
| Operating Margin | -39.5%↓110% | -19.9%↑32% | -37.4%↓93% | -33.7%↓313% | -30.5%↓52% | -20.0%↓14% | -17.6%↓87% | -9.4%↓88% | -5.0% |
| ROE | -60.0%↓181% | — | — | — | -38.1%↑18% | -46.5%↓49% | -31.2%↓143% | -12.8%↓174% | 17.4% |
| Total Debt | $1.2M↑5% | $1.2M↑5% | $1.3M↑56% | $1.4M↑151% | $1.3M↑210% | $410.9K↑105% | $200.2K | $0 | $0 |
| Shareholders' Equity | $16.4M↓36% | $16.4M↓36% | $17.7M↑95% | $19.7M↑104% | $21.6M↑112% | $10.2M↓31% | $14.7M↓23% | $19.1M↓10% | $21.2M |
| Current Ratio | 2.69↓1% | 2.69↓1% | 2.93↑115% | 3.02↑119% | 3.12↑137% | 1.32↓32% | 1.94↓32% | 2.87↑1% | 2.84 |
| Debt / Equity | 0.08↑62% | 0.08↑62% | 0.07↓20% | 0.07↑23% | 0.06↑46% | 0.04↑196% | 0.01 | 0.00 | 0.00 |
| Operating Cash Flow | -$9.4M↓198% | -$1.4M↑61% | -$2.4M↑10% | -$3.1M↓165% | -$9.9M↓344% | $4.1M↑597% | -$817.8K↑40% | -$1.4M↓391% | $465.0K |
| Free Cash Flow | -$9.6M↓164% | -$1.4M↑61% | -$2.4M↑12% | -$3.2M↓142% | -$10.3M↓434% | $3.1M↑458% | -$864.7K↑48% | -$1.7M↓546% | $373.6K |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Machinery
TGEN vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LAM RESEARCH CORPLRCX | $282.2B | $225.92 | $23.2B | $7.3B | 58.3% | 0.30 | 35.3% | 2.63 | 3/9 | 5/9 | 5/7 | 1/3 | F-Score 8 | 5/11 |
| CATERPILLAR INCCAT | $274.6B | $600.20 | $67.6B | $8.9B | 41.7% | 1.70 | 16.5% | 1.44 | 2/9 | 5/9 | 4/7 | 1/3 | F-Score 6 | 5/11 |
| DEERE & CODE | $181.6B | $673.54 | $45.7B | $5.0B | 19.4% | 0.53 | 13.7% | — | 2/9 | 6/9 | 4/7 | 0/3 | F-Score 5 | 4/11 |
| Johnson Controls International plcJCI | $84.4B | $139.33 | $23.6B | $3.3B | 25.5% | 0.71 | — | 0.93 | 2/9 | 1/9 | 4/7 | 1/3 | F-Score 6 | 4/11 |
| CUMMINS INCCMI | $61.9B | $452.18 | $33.7B | $3.0B | 23.9% | 0.56 | 12.0% | 1.76 | 2/9 | 4/9 | 3/7 | 1/3 | F-Score 6 | 7/11 |
| ITT INC.ITT | $18.8B | $211.18 | $3.9B | $488.0M | 11.9% | 0.19 | 17.4% | 2.58 | 2/9 | 4/9 | 3/7 | 1/3 | F-Score 5 | 3/11 |
| REGAL REXNORD CORPRRX | $11.7B | $176.41 | $5.9B | $279.5M | 4.1% | 0.70 | 11.5% | 2.15 | 3/9 | 1/9 | 1/7 | 1/3 | F-Score 6 | 3/11 |
| GRACO INCGGG | $11.6B | $72.42 | $2.2B | $521.8M | 19.7% | 0.00 | 27.9% | 3.15 | 4/9 | 7/9 | 4/7 | 1/3 | F-Score 7 | 5/11 |