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what it is
TechPrecision makes custom metal parts and assemblies for defense, aerospace, nuclear, and medical equipment.
how it gets paid
Last year Techprecision made $34M in revenue. Defense was the main engine at $14M, or 41% of sales.
why it's growing
Revenue grew 7.7% last year. Revenue was up 232% from a year ago.
what just happened
Revenue hit $24M, while EPS stayed negative at -$0.13.
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
3.7% return on capital — nothing to write home about
-$0.29 fy2024 eps est
$2B fy2026 rev est
xvary composite: 41/100 — below average
What they do
TechPrecision makes custom metal parts and assemblies for defense, aerospace, nuclear, and medical equipment.
You are not buying a broad vendor list. You are buying access to a shop that makes parts for ships, submarines, helicopters, and nuclear plants. Ten customers made 93% of FY2024 revenue, and the largest one made 28%. That is customer concentration, which means a few buyers hold your revenue by the throat.
How they make money
$34M
annual revenue · their business grew +7.7% last year
Defense
$14M
Aerospace
$8M
Nuclear
$5M
Medical
$4M
Precision industrial
$3M
The products that matter
large-scale metal fabrication
Precision Fabrication
$23M · 68% of revenue
this $23M segment is still the center of gravity. it grew 5%, but companywide gross margin stayed at 16.4%. more work is not the same thing as better economics.
core workload
finished machined assemblies
Machined Systems
$11M · 32% of revenue
this $11M segment grew 12%, faster than the rest of the business. the catch is simple: faster growth matters less when the company still lost $7.04M for the year.
faster growth
Key numbers
$34M
annual revenue
That is the cash coming in before costs. You are looking at a very small business, not a giant industrial platform.
16.4%
gross margin
Gross margin means what is left after direct build costs. At 16.4%, the company has a thin cushion.
93%
top-10 customer share
Ten buyers drive almost all sales. If one disappears, your revenue line gets hit fast.
1.9%
operating margin
Operating margin means what is left after overhead. At 1.9%, there is almost no room for mistakes.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
- long-term debt $3M (9% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for TPCS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $24M, while EPS stayed negative at -$0.13.
Revenue was up 232% from a year ago. EPS improved 13% vs. prior year, but the company still lost money.
$24.0M
revenue
-$0.13
eps
16.4%
gross margin
the number that mattered
The $24M quarter mattered because it was 232% above last year. That is real demand, not accounting theater.
source: company earnings report, 2026
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What could go wrong
TechPrecision does not need a catastrophe to hurt you. It needs one more quarter where losses stay heavy, cash stays near $70k, and project timing works against a company this small.
med
chronic losses keep eating the clock
TPCS lost $7.04M over the last fiscal year and another $1.8M in Q3 2026. These are not isolated misses. They are recurring operating outcomes.
On a $34M revenue base, losses of that size shorten the runway quickly and make every next quarter matter more.
med
thin liquidity turns timing into risk
Cash of $70k is tiny for an operating manufacturer. One delayed receivable, one cost overrun, or one messy project can matter immediately.
When liquidity is this tight, management has less time and fewer good options if the next quarter disappoints.
med
too much debt for a 1.9% margin business
Debt-to-equity is 131.7% and operating margin is just 1.9%. Debt is easier to carry when margins are strong. These are not.
If profitability does not improve, the capital structure stops being background and becomes the central problem.
med
small-company concentration cuts both ways
Precision Fabrication is 68% of revenue and Machined Systems is 32%. On a $34M base, a few delayed programs can move the whole result.
Project concentration means reported revenue and margin can swing harder than you would expect from the headline industry label.
A company doing $34M in revenue with a $7.04M annual loss, $70k cash, and 131.7% debt-to-equity does not need a disaster to hurt you. It just needs another weak quarter.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
cash above survival level
$70k in cash is the number that matters right now. If that does not move materially higher, every other improvement has to happen under pressure.
calendar
next quarterly filing
You want the next report to show revenue holding near the $8.5M quarterly level while losses narrow. Another quarter near a $1.8M loss keeps the turnaround story on pause.
risk
debt and financing terms
Debt-to-equity at 131.7% means any refinancing, covenant change, or capital raise matters more here than it would at a healthier company.
trend
segment mix
Machined Systems grew 12% versus 5% for Precision Fabrication. If the faster-growing work also brings better margins, that is where the story starts to change.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not trust this business to produce smooth, repeatable earnings.
balance sheet grade
C++
That grade says the balance sheet is serviceable, not comfortable. For a micro cap with $70k cash, the difference matters.
price stability
15 / 100
This stock does not trade like a calm industrial name. It trades like a small company where each quarter can reset the argument.
source: institutional data
Institutional activity
institutional ownership data for TPCS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
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