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Tecogen Inc. (TGEN) stock analysis

TGENNYSEAir-Cond & Warm Air Heatg Equip & Comm & Indl Refrig EquipFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 12, 2026Score 3/3028% above fair value
$1.91−0.31 (-13.96%)

Close on Nov 13, 2026Market cap $57.66MP/E –Yield –

StockData Score

Prices as of Nov 13, 2026How the score works

Value1Growth1Performance0Health1Dividend0

Weak3 of 30 checks passed

Tecogen passes 3 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
1/6
Growth
1/6
Past performance
0/6
Financial health
1/6
Dividend
0/6

What stands out

  • P/B below the industry

    Tecogen's price-to-book of 3.51 is below the Refrigeration and Service Industry Machinery median of 3.63.

  • Gross margin improving

    Gross margin was 38.2% over the last twelve months, against 38.1% a year earlier.

  • Short-term assets cover short-term debts

    Current assets are 2.69 times current liabilities.

What to watch

  • Margin of safety under 20%

    The price is 28.0% above fair value, so there is no margin of safety.

  • Trading above fair value

    The share price of $1.91 is above our fair value estimate of $1.49.

  • Return on equity under 15%

    Return on equity was -47.1% over the last twelve months and averaged -22.0% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -73.2%, below the 10% that usually covers the cost of capital.

Valuation1/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B below the industry

    Tecogen's price-to-book of 3.51 is below the Refrigeration and Service Industry Machinery median of 3.63.

  • Trading above fair value

    The share price of $1.91 is above our fair value estimate of $1.49.

  • Margin of safety under 20%

    The price is 28.0% above fair value, so there is no margin of safety.

Growth1/6

  • Revenue growing under 10% a year

    Revenue grew 2.7% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew -9.2% over the last twelve months; the Refrigeration and Service Industry Machinery median is 7.8%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin improving

    Gross margin was 38.2% over the last twelve months, against 38.1% a year earlier.

Past performance0/6

  • Return on equity under 15%

    Return on equity was -47.1% over the last twelve months and averaged -22.0% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -73.2%, below the 10% that usually covers the cost of capital.

  • Return on equity below the industry

    Tecogen's return on equity of -47.1% is below the Refrigeration and Service Industry Machinery median of 3.1%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin below its 5-year average

    Net margin was -39.0% over the last twelve months, against a 5-year average of -12.9%.

  • Net margin below the industry

    Tecogen's net margin of -39.0% is below the Refrigeration and Service Industry Machinery median of 5.3%.

Financial health1/6

  • Debt level

    Needs debt and equity figures.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt coverage

    Needs operating cash flow.

  • Interest not well covered

    Operating income covers interest expense -66.8 times; we look for at least 5.

  • Short-term assets cover short-term debts

    Current assets are 2.69 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is -0.08; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    Tecogen has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$1.49

The share price is 28% above this estimate.

20%+ below
Near fair value
20%+ above
$1.91Price$1.49Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/B2.6×1.7×3.6×$1.4450%
P/S1.8×1.2×2.4×$1.5450%
Fair value$1.49100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • EV/EBITDA at month end
  • Refrigeration and Service Industry Machinery median 14.5

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day
$678.56K
Value traded per 1% price move
$95.97K

Downside

High risk

Typical loss in a bad month
40.2%
Volatility (annualized)
109%
Sharpe ratio, 1 year
-0.72
Beta to the S&P 500 (5Y)
1.68

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

36.3%−2.0 pts over 5 years

Operating margin

-30.5%−9.4 pts over 5 years

Net margin

-30.5%−8.7 pts over 5 years

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