No, and the same four criteria that settle Slipknot settle every other version of this question, which gets asked about a dozen bands and is nearly always really a question about what the word is supposed to cover.
The criteria: palm muted downpicked rhythm guitar at speed, drumming derived from hardcore rather than from rock, songs built as riff sequences rather than around choruses, and a shouted rather than sung delivery. Three out of four is a thrash band. One out of four is a band that happens to be heavy.
Slipknot

Nine people from Des Moines, formed 1995, and heavy by any standard. They score on the vocal, partly, and on nothing else.
The guitars are downtuned and play single note and rhythmic figures rather than downpicked riff sequences. The drumming is groove and blast oriented, with percussion and sampling layered on top, and it does not come from the hardcore skank beat. And the songs are built around choruses, which is the most decisive point: Slipknot write hooks, deliberately and well, and thrash songs specifically do not.
They come out of nu metal and death metal and a substantial amount of hip hop production, and calling them thrash flattens all three of those lineages.
Pantera

The hardest case and the one that generates the most argument. Dimebag Darrell's technique comes straight out of thrash and he could plainly play at that tempo whenever he wanted. What Pantera did instead was slow down deliberately and build songs around a heavily processed mid paced riff with a pinch harmonic on the end of it.
That is groove metal, and it is a different animal even though it is played by people who could do this. The tempo and the arrangement both fail the test.
Machine Head, Lamb of God, Trivium
Three bands who score two or three out of four and are still not quite thrash. Machine Head came out of Vio-lence and went groove. Lamb of God have the technique and the riff writing and take their arrangements from metalcore. Trivium score highest of the three and are best described as a band who use thrash as one colour among several.
None of those are insults. Each of them is doing something that thrash does not, which is the entire reason they have their own audiences.
| Band | Downpicked riffs | Hardcore beat | Riff sequences | Shouted | Verdict |
|---|---|---|---|---|---|
| Slipknot | No | No | No | Partly | Not thrash |
| Pantera | Yes | No | Partly | Yes | Groove metal |
| Machine Head | Yes | No | Partly | Yes | Groove, from thrash |
| Lamb of God | Yes | Partly | Partly | Yes | Metalcore lineage |
| Trivium | Yes | Partly | Yes | Partly | Closest of the four |
| Sepultura after 1993 | Partly | No | No | Yes | Groove, by choice |
The bands people forget to ask about
The question runs in the other direction too, and there are several bands routinely excluded from thrash that meet the criteria comfortably.
Demolition Hammer score four out of four and are usually filed as death metal. Vektor score four out of four and get called progressive. Power Trip came out of hardcore, score four out of four, and were reviewed by publications that would not otherwise mention metal.
What that suggests is that genre attribution in practice follows the audience and the label rather than the recording, which is worth knowing before anybody wins an argument about it.
Why the question keeps coming
Because thrash is the last heavy genre that most casual listeners can name, so it has become a default label for anything fast and aggressive made after 1985. That is not ignorance; it is what happens when a word escapes into general use.
The useful response is not to police it but to be specific. Slipknot are not thrash and they are extremely good at what they are, and describing them accurately is a compliment rather than an exclusion. The same applies in every row of that table.
The bands who genuinely fit, sorted by where they came from, are in Thrash Metal Bands by Country, and the full map is in the bands you need to know.
Why the criteria are these four
Because they are the features that cannot be borrowed without changing what the music is, and each one carries the others with it.
Downpicking is not a preference; at these tempos it is the only way to get an even attack, and it dictates what riffs are writable. The hardcore beat removes the swing and makes the pulse a flat line, which is why the songs cannot sustain a conventional chorus. Riff sequence arrangement follows from both. And the shouted vocal follows from the tempo, because a sung melody smears above a certain speed.
Take any one away and the others start to fall over, which is why three out of four is a reasonable threshold and two is not. It is also why bands who score highly on the criteria sound like thrash even when nobody has filed them there.
The honest version of the argument
Most of these disputes are not really about definitions. Somebody who insists Pantera are thrash usually means that Pantera matter as much as the thrash bands do, and somebody who insists they are not usually means that thrash is better.
Both of those are separate claims and worth having separately. Pantera are a great band and they are not a thrash band; Slipknot are enormously successful and not a thrash band; Trivium are closer than either and still doing something of their own. None of that is a ranking, and the argument gets a great deal more useful once the ranking is taken out of it.
One final observation about how these arguments actually get settled. Nobody changes their mind because of a table. What changes minds is hearing the two things next to each other: play thirty seconds of Iowa and then thirty seconds of Reign in Blood, at the same volume, and the question answers itself faster than any list of criteria can.
Sources and notes
Descriptions refer to the studio recordings named. Genre attributions are contested and the criteria used here are stated so the reasoning can be checked.