Company Analysis

Tecogen Inc. (TGEN)

NYSE: TGEN · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip · North Billerica, MA · filing with the SEC since 2011
Grade3.5
◀ Past 1.3● Present 3.3▶ Future 6.0
1 est.

The grade of Tecogen Inc.

Nine metrics read from its own filings, by tense
Headline grade
3.5/10
◀ Past1.330% of the headline
● Present3.340% of the headline
▶ Future6.030% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.3/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
1.7/10

Has it survived what it has been through?

1 warning event since 2017; the latest 2020-05-29.

weight 33% of this tense · 17th percentile among 68 sector filers · read for itself

From the record

Tecogen Inc.'s filings since 2017 show 1 warning event: a notice about its exchange listing (8-K item 3.01, the latest 2020-05-29) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
1.1/10

What has it actually done, year after year?

-3.9% a year over 8 filed years; profitable in 1 of 8.

weight 45% of this tense · 11th percentile among 64 sector filers · read for its customers

From the record

Tecogen Inc.'s 8 filed years say what it did: revenue went from $36 million in fiscal 2018 to $27 million in fiscal 2025, down 3.9% a year; it rose in 3 of 7 years; the deepest fall was 37% from fiscal 2018 to fiscal 2024; net income was positive in 1 of 8 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span-3.9%bottom 12% of its family
  • the share of years revenue rosebottom 8% of its family
  • the share of filed years with a profitbottom 9% of its family
  • the deepest fall from a revenue peak37.0%bottom 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
1.3/10

How has it treated the people who own it?

SI estimate 1.3/10, confidence 35 of 100 (one part).

weight 22% of this tense · 13th percentile among 65 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the bottom 13% of 65 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 65 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Tecogen Inc.'s shareholder treatment is put at 1.3 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 13% of 65 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.3/1040% of the headline grade · 3 of 3 filed

Financial health

as filed
3.6/10

Is it financially healthy right now?

ROE -38%: lost 38¢ per shareholder dollar. Leverage 42%: owes 42¢ per asset dollar.

weight 45% of this tense · 36th percentile among 65 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Tecogen Inc. lost about 38 cents for every dollar of shareholders' money, and gross profitability: its products earned about 27 cents per dollar of everything the company owns. Leverage: it owed about 42 cents per dollar of assets, and net share issuance: its share count grew 9.5% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 27% of its family
  • return on equitybottom 6% of its family
  • gross profit against assetstop 40% of its family
  • the share count against the year beforebottom 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
1.9/10

How strong is its position in its industry?

bottom 19% of 63 in its family; net margin -30.5%.

weight 33% of this tense · 19th percentile among 63 sector filers · read for its customers

From the record

Tecogen Inc.'s standing among 63 graded names in its industry family: revenue of $27 million in fiscal 2025 ranks in the bottom 7% by size; a net margin of -30.5% ranks in the bottom 6%; revenue growth of 2.7% a year over the last 3 filed years ranks in the bottom 44% (its annual reports).

What it rests on

  • revenue against the family$27.1Mbottom 7% of its family
  • net margin-30.5%bottom 6% of its family
  • three-year revenue growth2.7%bottom 44% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
4.8/10

What are the people in charge doing?

bottom 48% of 55 in its family for leadership; chief executive since 2023.

weight 22% of this tense · 48th percentile among 55 sector filers · read for its shareholders

From the record

Tecogen Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Rangesh, Abinand (Chief Executive Officer, as filed), filing under that title since 2023-03-27, 3.6 years (bottom 34% of its family); the 11 officers and directors filing in the last fifteen months have been on the record a median of 6.6 years (top 34%); 5 officer or director changes were reported on Form 8-K since 2023-11-13, against the 11 people in charge now (bottom 44%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge5 in three years among 11 peoplebottom 44% of its family
  • the median years the people in charge have filed6.6 yearstop 34% of its family
  • the chief executive's years on the record3.6 yearsbottom 34% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

6.0/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
5.6/10

How much room does it have to grow?

top 44% of 63 in its family for room to expand.

weight 45% of this tense · 56th percentile among 63 sector filers · read for itself

From the record

Tecogen Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $12 million against no long-term debt tagged leaves 33.6% of its assets as net cash, top 1% of its family; cash from operations less capital spending is -38.1% of revenue (bottom 2%); a gross margin of 36.3% (top 48%); research spending of 4.3% of revenue (top 28%) (its annual report).

What it rests on

  • cash less debt against assets33.6%top 1% of its family
  • cash from operations less capital spending against revenue-38.1%bottom 2% of its family
  • gross margin36.3%top 48% of its family
  • research spending against revenue4.3%top 28% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
8.1/10

What could actually drive growth from here?

top 19% of 64 in its family for growth drivers.

weight 33% of this tense · 81st percentile among 64 sector filers · read for its customers

From the record

Tecogen Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 2.7% a year over the last three filed years against -3.9% over all 8, speeding up (top 17% of its family); the newest year grew 19.7% (top 20%); research spending grew 16.8% a year (top 9%); capital spending grew 8.4% a year (top 29%) (its annual reports). Tecogen Inc. reported 3 product lines in fiscal 2025: Service at $17 million (61%), Product at $9 million (34%), Energy Service at $1 million (5%); 2 of 3 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span+6.6 points a yeartop 17% of its family
  • the newest year's revenue growth19.7%top 20% of its family
  • three-year growth of research spending16.8%top 9% of its family
  • three-year growth of capital spending8.4%top 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
3.7/10

Did its newest year beat what its own record pointed to?

bottom 37% of 62 in its family for expectations against reality.

weight 22% of this tense · 37th percentile among 62 sector filers · read for its shareholders

From the record

Tecogen Inc.'s newest year against its own record: revenue of $27 million in fiscal 2025 came in 25.8% above the $22 million its prior three years' pace pointed to (top 10% of its family); net income of $8 million against a prior three-year average of $4 million (bottom 12%); a net margin of -30.5% against -16.4% before (bottom 9%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace25.8%top 10% of its family
  • net income against the prior three years' average-110%bottom 12% of its family
  • net margin against its prior average-14.1 pointsbottom 9% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton TGEN · research, not advice