TGLS

MKT CAP:$2B

Tecnoglass Inc.

Market Cap

$2B

Basic Materials·Construction Materials· Colombia·NYSE

Materials·Construction·NYSE

Stock Price

$44.45-$7.59 (-14.58%)

Apr 22, 2026

Company Details

Tecnoglass Inc., through its subsidiaries, designs, produces, markets, and installs architectural systems for the commercial and residential construction industries in Colombia, the United States, Panama, and internationally. The company of...

CEO

Jose Manuel Daes

IPO Date

May 10, 2012

Website

www.tecnoglass.com

Key Metrics TTM

Revenue

$984M

+10.5% YoY

Net Income

$160M

EPS (Diluted)

$3.42

Free Cash Flow

$43M

Revenue / Share

$21.43

Gross Margin

42.8%

Operating Margin

23.5%

Net Margin

16.2%

FCF Margin

4.4%

P/S

2.1x

P/E

13.0x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 2, 2026

$984M+10.5%EPS $3.42

Q4 2025

Mar 2, 2026

$245M+2.4%EPS $0.57

Q3 2025

Nov 7, 2025

$260M+9.3%EPS $1.01

Q2 2025

Aug 7, 2025

$256M+16.3%EPS $0.94

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$122M	$49M	$29M
Q3 21	$132M	$52M	$30M
Q1 22	$135M	$60M	$34M
Q3 22	$202M	$105M	$70M
Q4 22	$211M	$110M	$77M
Q1 23	$203M	$108M	$74M
Q2 23	$225M	$110M	$75M
Q4 23	$195M	$83M	$51M
Q1 24	$193M	$75M	$41M
Q2 24	$220M	$90M	$51M
Q3 24	$238M	$109M	$68M
Q4 24	$240M	$107M	$67M
Q1 25	$222M	$98M	$59M
Q2 25	$256M	$114M	$61M
Q3 25	$260M	$111M	$65M
Q4 25	$245M	$98M	$45M

Valuation

Quarter	P/S	P/E
Q2 21	4.6x	39.0x
Q3 21	4.4x	31.2x
Q1 22	4.2x	26.0x
Q3 22	3.5x	19.2x
Q4 22	3.0x	14.5x
Q1 23	2.8x	12.1x
Q2 23	2.5x	10.2x
Q4 23	2.5x	10.8x
Q1 24	2.5x	12.4x
Q2 24	2.5x	13.5x
Q3 24	2.4x	13.7x
Q4 24	2.3x	12.8x
Q1 25	2.2x	11.9x
Q2 25	2.2x	11.3x
Q3 25	2.1x	11.5x
Q4 25	2.1x	13.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$31M	$19M
Q3 21	$33M	$19M
Q1 22	$27M	$18M
Q3 22	$29M	$9M
Q4 22	$50M	$25M
Q1 23	$43M	$28M
Q2 23	$151.0K	-$22M
Q4 23	$44M	$29M
Q1 24	$33M	$24M
Q2 24	$34M	$14M
Q3 24	$41M	$18M
Q4 24	$61M	$35M
Q1 25	$47M	$16M
Q2 25	$27M	-$6M
Q3 25	$40M	$21M
Q4 25	$31M	$11M

Capital Expenditures

Quarter	CapEx
Q2 21	$13M
Q3 21	$14M
Q1 22	$9M
Q3 22	$21M
Q4 22	$25M
Q1 23	$16M
Q2 23	$22M
Q4 23	$16M
Q1 24	$10M
Q2 24	$20M
Q3 24	$24M
Q4 24	$26M
Q1 25	$30M
Q2 25	$33M
Q3 25	$19M
Q4 25	$20M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+25.5%	+13.8%
Q3 21	+22.9%	+9.5%
Q1 22	+18.1%	+5.2%
Q3 22	+97.1%	+55.2%
Q4 22	+73.4%	+44.4%
Q1 23	+53.9%	+26.7%
Q2 23	+67.4%	+49.9%
Q4 23	-3.6%	+9.4%
Q1 24	-8.8%	+12.9%
Q2 24	+8.4%	+30.7%
Q3 24	+5.8%	+13.2%
Q4 24	+23.1%	+19.7%
Q1 25	+15.4%	+7.5%
Q2 25	+16.3%	+15.3%
Q3 25	+9.3%	+14.3%
Q4 25	+2.4%	+16.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q1 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 21	$8M	$12M
Q3 21	$8M	$13M
Q1 22	$13M	$13M
Q3 22	$15M	$20M
Q4 22	$8M	$10M
Q1 23	$18M	$16M
Q2 23	$15M	$20M
Q4 23	$17M	$3M
Q1 24	$16M	$18M
Q2 24	$18M	$20M
Q3 24	$18M	$23M
Q4 24	$22M	$4M
Q1 25	$19M	$24M
Q2 25	$23M	$30M
Q3 25	$21M	$26M
Q4 25	$27M	$26M

Revenue Segments

Quarter	External Customers	Related Parties	Fixed Price Contracts	Product Sales	Commercial	Residential
Q1 22	$134M	$526.0K	—	—	—	—
Q3 22	$201M	$540.0K	—	—	—	—
Q4 22	$211M	$302.0K	—	—	—	—
Q1 23	$202M	$333.0K	—	—	—	—
Q2 23	—	—	$32M	$193M	—	—
Q1 24	—	—	$33M	$160M	—	—
Q2 24	—	—	$31M	$188M	—	—
Q3 24	—	—	$44M	$195M	—	—
Q1 25	—	—	—	—	$133M	$89M
Q2 25	—	—	—	—	$146M	$110M
Q3 25	—	—	—	—	$147M	$113M
Q4 25	—	—	—	—	$154M	$91M

Revenue by Geography

Quarter	Colombia	Other	Panama	United States
Q1 22	$4M	$3M	$799.0K	$127M
Q3 22	$5M	$3M	$571.0K	$194M
Q4 22	$2M	$2M	$365.0K	$206M
Q1 23	$6M	$2M	$270.0K	$195M
Q2 23	$6M	$4M	$314.0K	$215M
Q4 23	$6M	$3M	$365.0K	$185M
Q1 24	$5M	$3M	$94.0K	$184M
Q2 24	$6M	$4M	$434.0K	$210M
Q3 24	$5M	$4M	$283.0K	$228M
Q1 25	$6M	$3M	$455.0K	$212M
Q2 25	$7M	—	$54.0K	$242M
Q3 25	$8M	$6M	$106.0K	$246M
Q4 25	$11M	$9M	$145.0K	$232M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$84M	$3M	$87M
Q2 22	$99M	$2M	$101M
Q3 22	$84M	$2M	$87M
Q4 22	$104M	$2M	$106M
Q1 23	$129M	$2M	$131M
Q2 23	$105M	$2M	$107M
Q3 23	$119M	$2M	$121M
Q4 23	$130M	$3M	$132M
Q1 24	$136M	$3M	$139M
Q2 24	$127M	$3M	$130M
Q3 24	$122M	$3M	$125M
Q4 24	$135M	$3M	$138M
Q1 25	$157M	$3M	$160M
Q2 25	$138M	$3M	$141M
Q3 25	$124M	$3M	$127M
Q4 25	$101M	$3M	$104M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	48M	+2.8%	+16.6%
Q3 21	48M	0.0%	+16.7%
Q1 22	48M	0.0%	+3.3%
Q3 22	48M	0.0%	+2.8%
Q4 22	48M	0.0%	0.0%
Q1 23	48M	0.0%	0.0%
Q2 23	48M	-0.0%	-0.0%
Q4 23	47M	-1.2%	-1.2%
Q1 24	47M	-0.2%	-1.4%
Q2 24	47M	-0.0%	-1.4%
Q3 24	47M	+0.0%	-1.4%
Q4 24	47M	-0.0%	-0.2%
Q1 25	47M	-0.0%	-0.0%
Q2 25	47M	0.0%	-0.0%
Q3 25	47M	-0.1%	-0.1%
Q4 25	46M	-2.2%	-2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$21.8K	6K
Q3 21	$23.6K	6K
Q1 22	$19.5K	7K
Q3 22	$29.2K	7K
Q4 22	$24.1K	9K
Q1 23	$23.1K	9K
Q2 23	$25.7K	9K
Q4 23	$22.8K	9K
Q1 24	$22.6K	9K
Q2 24	$25.7K	9K
Q3 24	$27.9K	9K
Q4 24	$24.4K	10K
Q1 25	$22.6K	10K
Q2 25	$26.0K	10K
Q3 25	$26.5K	10K
Q4 25	$25.5K	10K

Revenue / Employee