TWIN on Nasdaq

Twin Disc

Logo: https://twindisc.com/, Non-free logo, via Wikipedia5

Power transmission equipment company

Twin Disc, Inc. designs, manufactures, and distributes power transmission equipment for a wide range of applications, including marine, off-road vehicle, and industrial.3 From Wikipedia, CC BY-SA 4.0

$25.39 down 0.66 (2.53%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 18, 2026.

Overview

$381.3MRevenue, fiscal 20266
$27.1MNet income, fiscal 20266

Compare with GRAHAM CORP, Greenland Technologies Holding Corp. or Zurn Elkay Water Solutions Corp, or pick any stock.

  • TickerTWIN on Nasdaq1
  • IndustryGeneral Industrial Machinery & Equipment1
  • HeadquartersRacine1
  • Websitewww.twindisc.com
  • Incorporated inWI7
  • Business address1328 Racine St, Racine, Wi 534037
  • Filer categoryAccelerated filer, Smaller reporting company7

Twin Disc, Inc. designs, manufactures, and distributes power transmission equipment for a wide range of applications, including marine, off-road vehicle, and industrial. The company was founded in 1918 to manufacture clutches for farm tractors. It is now a worldwide company with subsidiaries or sales offices in Asia, Europe, North America, Oceania, and South America.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

26.9%Gross margin6
4.7%Operating margin6
7.1%Net margin6
11.9%Revenue growth, 20266
12.3%Return on equity6
0.13×Debt to equity6
$9.2MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Marine and Propulsion Systems brought in 60% of the revenue Twin Disc broke down this way in fiscal 2026.

  1. Marine and Propulsion Systems$227.7M660%up 13% from 2025
  2. Land Based Transmissions$89.7M624%up 12% from 2025
  3. Industrial$46.1M612%up 11% from 2025
  4. Other$17.8M65%down 1% from 2025
Products and services by year
Products and services20252026
Marine and Propulsion Systems$201.1M$227.7M
Land Based Transmissions$80.2M$89.7M
Industrial$41.5M$46.1M
Other$17.9M$17.8M

Business segments

Manufacturing brought in 75% of the revenue Twin Disc broke down this way in fiscal 2026.

  1. Manufacturing$284.2M675%up 21% from 2025
  2. Distribution$97.1M625%down 8% from 2025
Business segments by year
Business segments20252026
Manufacturing$235.6M$284.2M
Distribution$105.1M$97.1M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue68¢$278.7M
  • Research and development1¢$2.9M
  • Selling, general and admin21¢$84.5M
  • Income tax3¢$14.0M
  • Profit7¢$27.1M

Out of $381.3M in revenue.6

Where each dollar of operating cash went, fiscal 2026

  • Capital spending60¢$13.7M
  • Dividends paid10¢$2.3M
  • Kept or used elsewhere30¢$6.9M

Out of $22.9M of cash from operations.6

Financial statements

Revenue910111213146$381.3M in 2026+26% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $302.7M$302.7M20192020: $246.8M$246.8M2020−18%2021: $218.6M$218.6M2021−11%2022: $242.9M$242.9M2022+11%2023: $277.0M$277.0M2023+14%2024: $295.1M$295.1M2024+7%2025: $340.7M$340.7M2025+15%2026: $381.3M$381.3M2026+12%
Gross profit910111213146$102.6M in 2026+14% since 2019
0$50.0M$100.0M$150.0M2019: $89.6M$89.6M20192020: $55.7M$55.7M2020−38%2021: $50.9M$50.9M2021−9%2022: $68.8M$68.8M2022+35%2023: $74.3M$74.3M2023+8%2024: $83.3M$83.3M2024+12%2025: $93.9M$93.9M2025+13%2026: $102.6M$102.6M2026+9%
Operating income910111213146$18.0M in 2026−3% since 2019
-$60.0M-$40.0M-$20.0M0$20.0M2019: $18.5M$18.5M20192020: -$40.3M-$40.3M20202021: -$12.3M-$12.3M2021−70%2022: $11.0M$11.0M20222023: $16.1M$16.1M2023+46%2024: $11.5M$11.5M2024−29%2025: $11.1M$11.1M2025−3%2026: $18.0M$18.0M2026+62%
Net income910111213146$27.1M in 2026+154% since 2019
-$40.0M-$20.0M0$20.0M$40.0M2019: $10.7M$10.7M20192020: -$39.8M-$39.8M20202021: -$29.7M-$29.7M2021−25%2022: $10.5M$10.5M20222023: $10.4M$10.4M2023−1%2024: $11.0M$11.0M2024+6%2025: -$697.0K-$697.0K20252026: $27.1M$27.1M2026

Every line of the income statement as filed: the last 2 fiscal years (annual) or 8 quarters (quarterly), latest first.6

Period ending2026-06-302025-06-30
Net Sales$381.3M$340.7M
Cost of goods sold$278.7M$246.8M
Gross profit$102.6M$93.9M
Marketing, engineering and administrative expenses$84.5M$82.4M
Additions$366.0K$408.0K
Other operating income-$221.0K$0
Operating income (loss)$18.0M$11.1M
Interest expense-$3.1M-$2.6M
Other income (expense), net-$1.3M-$5.5M
Non-operating income (expense)-$4.4M-$8.1M
Income (loss) before income taxes and noncontrolling interest$13.6M$3.0M
Income tax benefit (expense)$14.0M-$3.4M
Net income (loss)$27.6M-$402.0K
Less: Net income (loss) attributable to noncontrolling interest, net of tax$493.0K$295.0K
Net income (loss) attributable to Twin Disc, Incorporated$27.1M-$697.0K
Dividends per share (in dollars per share)$0.16$0.16
Basic earnings (loss) per share attributable to Twin Disc, Incorporated common shareholders (in dollars per share)$1.92-$0.05
Diluted earnings (loss) per share attributable to Twin Disc, Incorporated common shareholders (in dollars per share)$1.86-$0.05
Basic shares outstanding (in shares)14.1M shares13.9M shares
Diluted shares outstanding (in shares)14.6M shares13.9M shares
Benefit plan adjustments, net of income taxes of $452 and $13, respectively$2.7M-$3.4M
Foreign currency translation adjustment-$6.1M$15.9M
Unrealized gain (loss) on hedges, net of income taxes of $0 and $0, respectively-$155.0K-$1.9M
Comprehensive income (loss)$24.0M$10.3M
Less: Comprehensive income (loss) attributable to noncontrolling interest$359.0K$334.0K
Comprehensive income (loss) attributable to Twin Disc, Incorporated$23.6M$9.9M
Benefit plan adjustments, income taxes$452.0K$13.0K
Unrealized gain (loss) on cash flow hedge, income taxes$0$0

Compare Twin Disc with another company

The story

Founding

In 1915, veteran of the American railroad and manufacturing sector, Percy Haight Batten arrived in Racine, Wisconsin to assist in the running of the newly created Wallis Tractor Company. During his time in Racine, Batten was introduced to Arthur B. Modine, a local engineer and founder of Modine Manufacturing. Through his connection with Modine, Batten became acquainted with inventor and engineer Thomas Fawick. Fawick, who had relocated to southeastern Wisconsin from Sioux Falls, South Dakota and recently designed a revolutionary "twin-disc" clutch for use in tractors and other heavy farm equipment. After testing Fawick's new clutch design and subsequently encouraging its use in all new Wallis tractors, Batten, Fawick, and Modine incorporated Twin Disc Clutch Company in September of 1918 with Fawick serving as President, Batten as Vice-President, and Modine as Secretary and charter director. Batten officially took over the position of President in 1925.

Early years (1920s agricultural recession and the Great Depression)

The early years of Twin Disc's existence were defined by intense fluctuations in the American agricultural sector, nearly destroying the company in the process. As a result of the instability in the agricultural world during the 1920s Twin Disc made efforts to diversify, expanding into logging, mining, oil, and other industries where heavy industrial equipment was needed.

In response to the Good Roads Movement occurring in America during the 1920s, Twin Disc expanded into the roadbuilding world, recognizing that the same powertrain issues that plagued tractors of the time were also affecting the machinery required to construct roads. The T.L Smith Company of Milwaukee, Wisconsin and The Barber-Greene Company of Aurora, Illinois were among the first roadbuilding companies to adopt Twin Disc Clutches.

At the same time, discovery of massive oil reserves in Texas and Oklahoma during the early 1920s prompted Twin Disc to expand into the burgeoning oil market. By the late 1930s, Twin Disc clutches had become a staple of oil fields across America, their profitability playing a strong role in the company's ability to survive the Great Depression.

Twin Disc introduced its first line of marine clutches during the early 1930s following a long development process starting in 1924. During the 1930s, Twin Disc's market for marine clutches was limited mostly to small, light vessels that operated at a low RPM such as small fishing boats, pleasure craft, and work boats.

The Second World War

During the Second World War, Twin Disc was contracted by the United States Government to produce nearly 100,000 marine gears for assorted military craft including the Landing Craft Vehicle and Personnel (LCVP), Landing Craft Mechanized (LCM), and Landing Craft Tank (LCT) famously used by Allied Forces during the landings in Normandy as a part of Operation Overlord as well at the battles of Iwo Jima and Okinawa in the Pacific Theatre.

By 1942, Twin Disc had also secured a contract to produce T-10010 torque converters for the M4 and M6 high-speed artillery tractors manufactured by the nearby Milwaukee based Allis-Chalmers tractor company.

In September of 1943, Twin Disc was awarded the Army-Navy "E" Award with four stars for "Excellence in Production" during the course of the war.

Read the full text

Postwar expansion

John Henry Batten was appointed President and Chief Executive Officer in 1948, succeeding his father P.H. Batten and becoming the third person and second member of the Batten family to lead Twin Disc Clutch Company.

Under the leadership of John H. Batten, Twin Disc entered a partnership with the Japanese Niigata Converter Co., Ltd. (now Hitachi Nico Transmission Co) in 1952. The partnership between the two firms has lasted over 70 years.

In the mid 1950s Twin Disc broke into the rail market, providing the first three-stage torque converter for an American locomotive. Internationally, Twin Disc provided torque converters for rail equipment in Belgium, Hong Kong, and the United Kingdom. Twin Disc torque converters (formerly made under license in the United Kingdom which became their only European Division known as the British Twin Disc Company Limited of Strood in Rochester Kent who specialized in agricultural tractors, forestry skidders and forklift trucks. Later production moved to Rolls-Royce) these were fitted to the British Rail Class 125 diesel multiple units and some export diesel locomotives, e.g. NZR TR class.

As a result of increased demand for roadbuilding equipment spurred by the Federal-Aid Highway Act of 1956, Twin Disc opened a second location in Racine in 1957, providing the company with over 90,000 square-feet of floor space for production in addition to the existing Racine and Rockford plants that had been used during the war.

Twin Disc Clutch Belgium S.A. begins operations in a new facility in Nivelles, Belgium in 1962, producing Twin Disc products for sale in Europe.

In response to its diversification in products, Twin Disc Clutch Company changed its name to Twin Disc, Incorporated, in 1967.

Acquisition milestones

In 1968, the company acquired Paragon Gear Works, based out of Taunton, Massachusetts. Paragon manufactured marine transmissions for pleasure craft.

In 1992, the company acquired the rights to produce and distribute Arneson Surface Drives.

In 2004, the company acquired Rolla SP Propellers SA, a Swiss based propeller manufacturer.

In 2007, the company acquired BCS, an Italian company that manufactures boat management systems.

In 2018, the company acquired Veth Propulsion, a marine propulsion company based out of Rotterdam, Netherlands. Veth manufactures azimuth thrusters, a product not previously produced by Twin Disc.

In 2024, the company acquired the Finnish company Katsa Oy based out of Tampere, Finland. Katsa designs and manufactures power transmission components and gearboxes.

From Wikipedia’s article on Twin Disc, shared under CC BY-SA 4.0.8

Leadership

Who has led Twin Disc, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (30)

Timeline

  1. Mar 7, 2014New chief executive John H. Batten becomes CEO17
  2. Jul 2, 2003New chief executive Michael E. Batten becomes CEO18
  3. Jan 2, 1990Went public Listed on NASDAQ1

Filings

238 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 116 insider forms, 12 large holders, 31 other. The latest 20:

  1. Sep 18, 2026DEFR14A EDGAR
  2. Sep 14, 2026ARS EDGAR
  3. Sep 14, 2026DEFA14A EDGAR
  4. Sep 14, 2026DEF 14A EDGAR
  5. Sep 8, 20264 EDGAR
  6. Sep 4, 20264 EDGAR
  7. Sep 4, 202610-K EDGAR
  8. Aug 26, 2026144 EDGAR
  9. Aug 25, 20268-K EDGAR
  10. Aug 20, 20268-K EDGAR
  11. Aug 20, 20268-K EDGAR
  12. Aug 11, 20268-K EDGAR
  13. Aug 7, 20264 EDGAR
  14. Aug 7, 20264 EDGAR
  15. Aug 4, 20264 EDGAR
  16. Aug 4, 20264 EDGAR
  17. Aug 4, 2026S-8 POS EDGAR
  18. Jul 30, 2026SCHEDULE 13G EDGAR
  19. Jul 6, 20268-K EDGAR
  20. Jun 8, 20264 EDGAR

The 238 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

5 open-market trades by officers, directors and large owners since October 2021: 0 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 8, 2026Knutson Jeffrey ScottVP Finance, CFO, Secr & TreaSale7,482$24.25$181.4KForm 4
Sep 4, 2026Knutson Jeffrey ScottVP Finance, CFO, Secr & TreaSale5,902$23.25$137.2KForm 4
Sep 3, 2026Knutson Jeffrey ScottVP Finance, CFO, Secr & TreaSale4,302$23.00$98.9KForm 4
May 23, 2024BATTEN JOHN HPresident and CEOSale12,114$14.00$169.6KForm 4
May 22, 2024BATTEN JOHN HPresident and CEOSale7,662$14.04$107.6KForm 4

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 12 such filings since October 2021, the latest 10:

  1. Jul 30, 2026SCHEDULE 13G
  2. Feb 18, 2025SCHEDULE 13G/A
  3. Feb 10, 2025SCHEDULE 13G/A
  4. Jun 26, 2024SC 13G
  5. Apr 22, 2024SC 13G/A
  6. Feb 13, 2024SC 13G/A
  7. May 1, 2023SC 13D/A
  8. Feb 13, 2023SC 13G/A
  9. Feb 6, 2023SC 13G/A
  10. Oct 20, 2022SC 13G

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 92. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Gamco Investors, Inc. Et Al1,629,936$37.8M0.3%−23,200
Juniper Investment Company, LLC1,024,954$23.8M6.3%No change
BlackRock, Inc.743,060$17.2M0.0%+567,507
Dimensional Fund Advisors LP607,438$14.1M0.0%−2,974
Vanguard Capital Management LLC550,852$12.8M0.0%+21,556
Pacific Ridge Capital Partners, LLC526,488$12.2M2.2%−4,078
Gabelli Funds LLC400,524$9.3M0.1%No change
Ameriprise Financial Inc314,368$7.3M0.0%−127,363
Geode Capital Management, LLC291,841$6.8M0.0%+157,864
Allspring Global Investments Holdings, LLC246,197$5.7M0.0%+51,723
Grace & White Inc /ny217,230$5.0M0.8%−18,892
Needham Investment Management LLC150,000$3.5M0.1%New
Archon Capital Management LLC147,660$3.4M1.4%+128,731
State Street Corp129,569$3.0M0.0%+82,265
IFP Advisors, Inc120,357$2.8M0.1%+2,368
Renaissance Technologies LLC117,093$2.7M0.0%+9,700
Bank of New York Mellon Corp115,687$2.7M0.0%+33,989
Bridgeway Capital Management, LLC97,261$2.3M0.0%+19,896
Northern Trust Corp95,023$2.2M0.0%+65,454
Connor, Clark & Lunn Investment Management Ltd.92,104$2.1M0.0%+2,506
Teton Advisors, LLC90,700$2.1M1.2%−800
O'shaughnessy Asset Management, LLC89,689$2.1M0.0%−2,798
Meros Investment Management, LP80,377$1.9M0.6%+22,418
Vanguard Portfolio Management LLC77,767$1.8M0.0%New
Vanguard Fiduciary Trust Co75,390$1.7M0.0%+8,086

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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