Thermal Windows, Inc
How we got $41.6M
Based on its 123 employees and its payroll, both reported for PPP in 2020 and brought up to date.
Estimated value over time
▲ 10% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▼ 15% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 123 | $35.1M |
| 2020 | Form 5500 | 102 | $29.1M |
| 2021 | Form 5500 | 101 | $28.8M |
| 2022 | Form 5500 | 108 | $30.8M |
| 2023 | Form 5500 | 104 | $29.7M |
| 2024 | Form 5500 | 105 | $30.0M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
What we know
Signs of a sale High sell likelihood
- In business 47 years (since 1979)
- Founder still runs it after 47 years
- No family successor named on its website
From public records and the company's website, not a statement that it's for sale.
What they do
Thermal Windows, Inc. manufactures energy-efficient residential and commercial windows and doors in Tulsa, Oklahoma, and offers installation for residential customers, with commercial support across the U.S.
From the company's website. Industry: Metal Window and Door Manufacturing.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| THERMAL WINDOWS, INC this business | $57.4M | — |
| THE EDEN COMPANIES LLC Tulsa · 4 employees | $2.5M | 2.3 mi |
| EQUUS METALS INC Tulsa · 22 employees | $11.4M | 2.5 mi |
| SB SYSTEMS INC Tulsa · 2 employees | $2.1M | 2.5 mi |
| FABRICATION SOLUTIONS LLC Tulsa · 19 employees | $7.8M | 2.6 mi |
| JP METALWORKS INC Tulsa · 2 employees | $1.4M | 2.7 mi |
| MOODY METAL FAB LLC Tulsa · 7 employees | $2.5M | 2.8 mi |
The full calculation
| Employees reported to the SBA | 123 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $45.9M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $55.2M |
| Estimate: the two combined (geometric mean) | $57.4M |
| EBITDA margin (industry, adjusted for size) | 11% |
| EBITDA = revenue × margin | $6.1M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $41.6M |
| Multiple for this size and industry | 6.8× |
| Value range | $21.9M – $56.9M |
| Revenue range | $37.8M – $65.5M |
| EBITDA range | $4.0M – $7.0M |
| Industry (NAICS) | Metal Window and Door Manufacturing (332321) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
History & advisors
“In 1979, he founded Thermal Windows, Inc. and began designing and manufacturing energy efficient windows.”
Advisors
- AccountingCck StrategiesAudits its 401(k) plan (2024 filing)
- BankingSecurity BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Security Bank PPP 2020, PPP 2021 | All 617 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/3/2020 | first | $1.3M | 123 |
| 1/16/2021 | second | $1.3M | 118 |
2 locations
| 12805 E 31st St | Tulsa | This listing |
| 6405 NW 23rd St | Bethany | View |
Revenue, profit and value are for the whole company.
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Thermal Windows, Inc
Thermal Windows, Inc is a metal window and door manufacturing company in Tulsa, Oklahoma, in business since 1979. It is owned by Bob G. Pool (Founder). Its estimated annual revenue is about $57.4M, with roughly $6.1M of EBITDA. It has about 105 employees. Its estimated business value is $41.6M (likely range $21.9M–$56.9M). It has 2 locations.
Common questions
- Who owns Thermal Windows, Inc?
- Thermal Windows, Inc is owned by Bob G. Pool (Founder), according to public sources such as the company's website or filings.
- How much revenue does Thermal Windows, Inc make?
- SeeBITDA estimates Thermal Windows, Inc's annual revenue at about $57.4M (likely between $37.8M and $65.5M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Thermal Windows, Inc worth?
- About $41.6M, roughly 6.8× its estimated EBITDA of $6.1M, typical for a metal window and door manufacturing company its size. Likely range: $21.9M–$56.9M.
- How many employees does Thermal Windows, Inc have?
- About 105, from its 2024 retirement-plan filing.
- When was Thermal Windows, Inc founded?
- Thermal Windows, Inc has been in business since 1979.
- Is Thermal Windows, Inc for sale?
- There's no public listing, but it shows signs that often come before a sale: in business 47 years (since 1979); founder still runs it after 47 years; no family successor named on its website.