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Tecnoglass is a leading vertically integrated manufacturer, supplier and installer of high-end aluminum and vinyl windows and architectural glass for the global commercial and residential construction markets. Tecnoglass earned the #1 spot on Forbe s list of America s 100 most successful small-cap companies for 2024, and was ranked among the four largest glass fabricators in 2025 by Glass Magaz…
Margins and capital returns are both well above average: 23.46% operating margin, ROIC at 19.08%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 10.5%, still solid. Margins contracted 2.0pp, which offsets some of the top-line progress.
Free cash flow declined 62% versus the prior year, cash generation momentum has weakened. ROIC dropped from 22.37% to 19.08%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.01B
▲ +10.5% YoY
Net Income (TTM)
$149M
▼ -1.1% YoY
Op. Margin
21.41%
▼ -2.0pp YoY
ROIC
16.52%
▼ -3.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$7M
▼ -62.1% YoY
Op. Cash Flow (TTM)
$96M
▼ -20.4% YoY
Net Debt
$110M
Cash & Equiv.
$94M
5Y CAGR: +21.2%
5Y CAGR: -8.4%
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