Tecogen Inc. (TGEN) Stock

Tecogen Inc. (TGEN) is a Industrials stock trading at $3.10 (as of 2026-09-18), with a market capitalization of $92.75M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Tecogen Inc. designs, manufactures, markets, and maintains industrial and commercial cogeneration systems, including products for generating electricity and hot water, air-conditioning/chilling, gas-driven refrigeration compression, and water heating, along with emissions control technology. It also provides maintenance, parts, and installation services and operates distributed energy generation; its systems serve commercial facilities such as healthcare, education, and hospitality customers.

Understand Tecogen Inc.: how it makes money

Tecogen designs and sells cogeneration systems that generate electricity and heat for commercial and industrial sites, earning money from hardware sales, service contracts, and energy it produces on-site. It is a small, project-driven manufacturer where the timing of a few large installations swings quarterly results, with modest recurring revenue from services and energy production.

Delivery timing of a handful of large cogeneration projects is the entire swing factor: the 41% gross margin that supports the product on paper becomes a deeply negative operating margin when those projects slip and fixed costs sit on an empty quarter.

Revenue by segment (latest quarter)
Products	$0.0B
Services	$0.0B
Energy Production	$0.0B

Business quality (Unprofitable): Unprofitable and project-driven: negative operating margin, widening losses, and revenue that moves with the book of a few large installations rather than steady demand.

Bull case

Data center pipeline building: Management cited Vertiv's permanent installation as a customer showcase and plans demonstrations for at least three new larger data centers, giving the stock a visible catalyst path if even one converts to a full order.
Chiller capacity to absorb demand: The factory and qualified manufacturers can support 100 chillers annually, a ceiling well above current output that lets the company take on data-center cooling orders without a capacity constraint.
Per-unit economics intact: Gross margin held at 41% even as total revenue declined, indicating the core cogeneration product still commands healthy per-unit pricing independent of volume timing.

Bear case

Product revenue cliff: Product revenue fell 54% year over year as large projects were delayed, and because this segment is the primary growth engine, a second consecutive miss would deepen the revenue hole considerably.
Losses nearly tripling: Net loss widened to $2.2 million from $0.7 million a year earlier while revenue shrank, showing the fixed-cost base is consuming cash faster as bookings stay lumpy and unpredictable.

Valuation — source: SEC EDGAR (first-party)
Price	$3.10
Market Cap	$92.75M
Price / Book	5.28
Price / Sales	3.77
FCF Yield	-12.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$27.07M
Net Margin	-30.5%
Return on Equity	-59.2%
Current Ratio	2.93
Revenue Growth (YoY)	-21.2%
EPS Growth (YoY)	16.7%
FCF Growth (YoY)	-11.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.78 (distress)

Valuation vs Sector & Industry
Sector P/E (Industrials)	26.8
Industry P/E (Machinery)	29.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Portolan Capital Management, LLC ($8.10M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Machinery
CEO	Abinand Rangesh
Employees	91
Country	US
IPO Date	2014-05-20

Tecogen Inc. earnings call transcripts

TGEN Q1 FY26 earnings call transcript (reported 2026-05-12) · analysis

All TGEN earnings calls

Related Companies (Machinery; 8 comparable machinery makers)

Data as of 2026-09-18.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.