ThermoEnergy Corporation (TMEN) Stock Analysis & Winston Score

ThermoEnergy Corporation is a small industrial company focused on wastewater treatment and nutrient recovery technology. It develops systems that remove nitrogen and other pollutants from wastewater, selling primarily to municipal water utilities and industrial facilities. The company holds patents on its core treatment processes, which sets it apart from standard wastewater contractors.

ThermoEnergy earns revenue through engineering contracts and technology licensing rather than recurring subscriptions, making its income irregular and project-dependent. It operates mainly in the United States and is a very small company, with a market cap near zero and deeply negative operating margins, meaning it spends far more than it earns. The main risk is straightforward: the company is burning cash, and without winning new contracts or securing outside funding, it faces serious challenges staying financially viable long-term.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-80.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-34.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

17.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 months

$1,295 cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

ThermoEnergy Corporation has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-24.8%

Thin — -24.8% gross margin

Operating Margin

-659.9%

Losing money on operations — -659.9%

ROCE

N/A

Data not available

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Growth

Sales YoY

N/A

Data not available

EPS YoY

N/A

—

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-209.5%

Burning cash (-209.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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