Revenue growth remains volatile at 12.0% in 2026Q1, while operating margins have contracted significantly from their 28.4% peak in 2024Q3 to 18.0% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 1.01B | 983.61M | 890.18M | 833.26M | 716.57M | 496.79M | 376.61M | 430.91M | 370.98M | 314.46M | 304.51M | 239.39M | 197.45M | 183.29M | 130.32M |
| Revenue Growth % | 9.84% | 10.5% | 6.83% | 16.29% | 44.24% | 31.91% | -12.6% | 16.15% | 17.98% | 3.26% | 27.2% | 21.24% | 7.72% | 40.64% | - |
| Cost of Goods Sold | 590.62M | 562.2M | 510.21M | 442.33M | 367.07M | 294.2M | 237.17M | 295.1M | 250.77M | 215.27M | 192.52M | 153.4M | 136.02M | 127.88M | 95.45M |
| COGS % of Revenue | - | 57.16% | 57.32% | 53.08% | 51.23% | 59.22% | 62.97% | 68.48% | 67.6% | 68.46% | 63.22% | 64.08% | 68.89% | 69.77% | 73.24% |
| Gross Profit | 419.72M | 421.41M | 379.97M | 390.93M | 349.5M | 202.58M | 139.44M | 135.81M | 120.22M | 99.18M | 111.99M | 86M | 61.43M | 55.42M | 34.87M |
| Gross Margin % | 41.54% | 42.84% | 42.68% | 46.92% | 48.77% | 40.78% | 37.03% | 31.52% | 32.4% | 31.54% | 36.78% | 35.92% | 31.11% | 30.23% | 26.76% |
| Gross Profit Growth % | - | 10.91% | -2.8% | 11.86% | 72.52% | 45.28% | 2.67% | 12.97% | 21.21% | -11.44% | 30.23% | 39.99% | 10.85% | 58.92% | - |
| Operating Expenses | 203.37M | 190.67M | 152.97M | 131.17M | 123.08M | 85.6M | 73.73M | 76.99M | 73.02M | 64.82M | 64.8M | 51.27M | 39.06M | 28.15M | 23.89M |
| OpEx % of Revenue | - | 19.38% | 17.18% | 15.74% | 17.18% | 17.23% | 19.58% | 17.87% | 19.68% | 20.61% | 21.28% | 21.42% | 19.78% | 15.36% | 18.33% |
| Selling, General & Admin | 158.93M | 196.31M | 139.44M | 118.85M | 111.79M | 77.45M | 66.44M | 68.96M | 65.97M | 54.74M | 55.24M | 43.98M | 37.15M | 28.15M | 23.89M |
| SG&A % of Revenue | - | 19.96% | 15.66% | 14.26% | 15.6% | 15.59% | 17.64% | 16% | 17.78% | 17.41% | 18.14% | 18.37% | 18.81% | 15.36% | 18.33% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 700K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.54% |
| Other Operating Expenses | -4K | -5.64M | 13.54M | 12.32M | 11.29M | 8.15M | 7.29M | 8.04M | 7.05M | 10.07M | 9.55M | 7.29M | 1.92M | 0 | 3.65M |
| Operating Income | 216.35M | 230.74M | 227M | 259.76M | 226.41M | 116.98M | 65.71M | 58.81M | 47.2M | 34.36M | 47.85M | 39.59M | 27.23M | 27.27M | 10.98M |
| Operating Margin % | 21.41% | 23.46% | 25.5% | 31.17% | 31.6% | 23.55% | 17.45% | 13.65% | 12.72% | 10.93% | 15.71% | 16.54% | 13.79% | 14.88% | 8.42% |
| Operating Income Growth % | - | 1.65% | -12.61% | 14.73% | 93.54% | 78.04% | 11.72% | 24.62% | 37.34% | -28.18% | 20.86% | 45.38% | -0.14% | 148.38% | - |
| EBITDA | 256.46M | 267.51M | 253.47M | 281.64M | 246.1M | 137.91M | 86.33M | 81.55M | 70.35M | 55.33M | 63.37M | 52.05M | 35.77M | 34.51M | 18.65M |
| EBITDA Margin % | 25.38% | 27.2% | 28.47% | 33.8% | 34.34% | 27.76% | 22.92% | 18.93% | 18.96% | 17.6% | 20.81% | 21.74% | 18.12% | 18.83% | 14.31% |
| EBITDA Growth % | -5.99% | 5.54% | -10% | 14.44% | 78.45% | 59.75% | 5.86% | 15.92% | 27.14% | -12.68% | 21.74% | 45.51% | 3.67% | 85.06% | - |
| D&A (Non-Cash Add-back) | 40.1M | 36.76M | 26.47M | 21.88M | 19.69M | 20.92M | 20.62M | 22.73M | 23.16M | 20.97M | 15.52M | 12.46M | 8.54M | 7.24M | 7.67M |
| EBIT | 221.73M | 235.29M | 232.59M | 270.59M | 239.33M | 106.76M | 58.55M | 60M | 35.65M | 31.39M | 56.07M | 18.95M | 26.95M | 38.89M | 14.63M |
| Net Interest Income | 909K | -3.44M | -7.43M | -9.18M | -8.16M | -9.85M | -22.94M | -23.98M | -22.13M | -21.52M | -19.7M | -10.77M | -8.9M | -7.89M | -5.49M |
| Interest Income | 564K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.99K |
| Interest Expense | -345K | 3.44M | 7.43M | 9.18M | 8.16M | 9.85M | 22.94M | 23.98M | 21.19M | 19.87M | 16.81M | 9.27M | 8.9M | 7.89M | 5.51M |
| Other Income/Expense | 2.88M | 4.55M | -1.84M | 1.65M | 4.75M | -20.07M | -28.83M | -21.62M | -32.73M | -22.85M | -8.6M | -29.92M | -9.18M | 3.74M | -1.86M |
| Pretax Income | 219.24M | 235.29M | 225.16M | 261.41M | 231.17M | 96.91M | 36.87M | 37.2M | 14.46M | 11.52M | 39.2M | 19.34M | 28.86M | 31.01M | 9.12M |
| Pretax Margin % | 21.7% | 23.92% | 25.29% | 31.37% | 32.26% | 19.51% | 9.79% | 8.63% | 3.9% | 3.66% | 12.87% | 8.08% | 14.61% | 16.92% | 6.99% |
| Income Tax | 69.97M | 75.73M | 63.85M | 77.9M | 74.76M | 28.48M | 13.03M | 12.93M | 5.98M | 5.79M | 15.88M | 20.87M | 8.54M | 8.7M | 3.22M |
| Effective Tax Rate % | 31.91% | 32.18% | 28.36% | 29.8% | 32.34% | 29.39% | 35.34% | 34.76% | 41.32% | 50.3% | 40.52% | 107.95% | 29.59% | 28.04% | 35.36% |
| Net Income | 149.27M | 159.57M | 161.31M | 182.88M | 155.74M | 68.15M | 23.88M | 24.54M | 9.03M | 5.45M | 23.32M | -1.54M | 20.32M | 22.31M | 5.89M |
| Net Margin % | 14.77% | 16.22% | 18.12% | 21.95% | 21.73% | 13.72% | 6.34% | 5.69% | 2.43% | 1.73% | 7.66% | -0.64% | 10.29% | 12.17% | 4.52% |
| Net Income Growth % | -14.1% | -1.08% | -11.8% | 17.43% | 128.53% | 185.45% | -2.69% | 171.68% | 65.74% | -76.63% | 1617.31% | -107.56% | -8.94% | 278.68% | - |
| Net Income (Continuing) | 149.27M | 159.57M | 161.31M | 183.51M | 156.41M | 68.43M | 23.84M | 24.27M | 8.49M | 5.72M | 23.18M | -11.02M | 9.51M | 22.31M | 5.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 1.5M | 836K | 560K | 606K | 872K | 1.42M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.34 | 3.42 | 3.43 | 3.85 | 3.27 | 1.43 | 0.51 | 0.55 | 0.24 | 0.16 | 0.77 | -0.06 | 0.73 | 1.08 | 3.74 |
| EPS Growth % | -12.7% | -0.29% | -10.91% | 17.74% | 128.67% | 180.39% | -7.27% | 129.17% | 50% | -79.22% | 1500% | -107.53% | -32.41% | -71.12% | - |
| EPS (Basic) | - | 3.42 | 3.43 | 3.85 | 3.27 | 1.43 | 0.51 | 0.55 | 0.24 | 0.16 | 0.80 | -0.06 | 0.83 | 1.08 | 3.74 |
| Diluted Shares Outstanding | 44.63M | 46.68M | 47M | 47.51M | 47.67M | 47.67M | 46.4M | 44.46M | 38.06M | 35.32M | 30.25M | 27.95M | 27.74M | 20.71M | 1.58M |
| Basic Shares Outstanding | 44.63M | 46.68M | 47M | 47.51M | 47.67M | 47.67M | 46.4M | 44.46M | 37.51M | 34.82M | 29.23M | 25.45M | 24.35M | 20.68M | 1.58M |
| Dividend Payout Ratio | - | 17.63% | 12.24% | 8.98% | 8.26% | 7.69% | 15.92% | 21.3% | 30.05% | 45.35% | 12.88% | - | - | - | - |
Florida construction cycle sensitivity
According to recent quarterly filings, TGLS revenue growth has exhibited significant volatility, fluctuating from a 23.1% year-over-year increase in 2024Q4 to a 12.0% expansion in 2026Q1, suggesting that the company's reliance on U.S. construction cycles remains a primary driver of its top-line performance.
The inconsistent growth trajectory appears to reflect the lumpy nature of large-scale architectural project recognition combined with shifting residential demand. Investors should monitor whether the recent expansion into vinyl windows can provide a more stable, recurring revenue base to offset the inherent cyclicality of the commercial segment.
As reported in financial statements, TGLS has maintained a robust gross margin profile, though figures have recently compressed from a peak of 45.8% in 2024Q3 to 38.5% in 2026Q1, indicating potential sensitivity to rising raw material costs and shifts in product mix.
While the company's vertical integration in Colombia provides a structural cost advantage over U.S. peers like Apogee, the recent margin contraction suggests that this moat may be narrowing. The ability to pass through commodity price volatility to customers remains a critical factor in sustaining these industry-leading profitability levels.
Based on TGLS's reported figures, operating income has demonstrated significant sensitivity to revenue fluctuations, with operating margins declining from 28.4% in 2024Q3 to 18.0% in 2026Q1, which suggests that the company's high fixed-cost manufacturing base may be struggling to scale efficiently during periods of slower growth.
The high fixed-cost structure inherent in glass tempering and aluminum extrusion creates a double-edged sword for profitability. When capacity utilization is high, the company captures significant operating leverage, but the recent decline in operating margins warrants further investigation into whether management can maintain expense discipline during softer demand environments.
Data from the last ten quarters indicates that TGLS's net income growth has lagged behind revenue expansion, with EPS falling 21.1% in 2026Q1 despite a 12% revenue increase, highlighting potential risks regarding the sustainability of current profitability levels in a more challenging macroeconomic environment.
Short-term margin compression and the potential for project-based revenue lumpiness suggest that the market's current valuation may be overly optimistic. Investors should consider whether the company's historical reliance on favorable currency translation and commodity tailwinds is sustainable as it pivots toward a more competitive residential vinyl market.
Quick answers to the most common questions about buying TGLS stock.
For fiscal year 2025, Tecnoglass Inc. (TGLS) reported total revenue of $983.6M. This represents a 654.7% increase compared to $130.3M in 2012.
Tecnoglass Inc. (TGLS) is profitable, generating $159.6M in net income for the fiscal year ending 2025 with a net profit margin of 16.2%.
Tecnoglass Inc. (TGLS) reported an operating income of $230.7M, resulting in an operating profit margin of 23.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Tecnoglass Inc. (TGLS) generated $421.4M in gross profit for the year, representing a gross profit margin of 42.8%. This demonstrates the company's core pricing power and production efficiency.