Detailed financial statements for Gentex Corporation (GNTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Gentex Corporation, established in 1974 and headquartered in Zeeland, Michigan, is a global innovator specializing in the design, development, production, marketing, and distribution of advanced technology solutions. Its diverse product portfolio encompasses digital vision systems, connected car technologies, dimmable glass, and fire safety equipment, serving markets across the United States, Germany, Japan, Mexico, and other international regions.
Analysis Summary
Gentex Corporation reported revenue of $2.53B in the most recent fiscal year, growing at a 5-year CAGR of 8.5%. Net income reached $384.8M, with a 2.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 34.8%, operating margin 19.1%, net margin 15.1%. Free cash flow grew at 2.1% CAGR over 5 years.
At $20.56 (closing price, November 2, 2026), GNTX trades at a P/E of 11.11 and an ROE of 15.85%. Market capitalisation stands at $4.3B.
Balance sheet quality for GNTX: debt-to-equity ratio of 0.00, current ratio of 2.92 over the last 12 months, net cash position of $147.2M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $458.0M represents 119% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.68B | $1.79B | $1.83B | $1.86B | $1.69B | $1.73B | $1.92B | $2.30B | $2.31B | $2.53B |
| Cost of Revenue | $1.01B | $1.10B | $1.14B | $1.17B | $1.08B | $1.11B | $1.31B | $1.54B | $1.54B | $1.67B |
| Gross Profit | $668.5M | $694.5M | $690.5M | $688.3M | $605.4M | $619.7M | $609.8M | $762.6M | $771.1M | $866.7M |
| Research & Development | $94.2M | $99.7M | $107.1M | $114.7M | $115.9M | $117.8M | $133.3M | $154.4M | $181.5M | $203.3M |
| Selling, General & Admin | $62.5M | $71.4M | $75.2M | $85.1M | $90.0M | $92.2M | $106.5M | $112.5M | $121.0M | $177.9M |
| Operating Expenses | $156.7M | $171.2M | $182.3M | $199.8M | $205.9M | $209.9M | $239.8M | $266.9M | $311.4M | $392.8M |
| Operating Income | $511.7M | $523.4M | $508.1M | $488.5M | $399.6M | $409.8M | $370.0M | $495.7M | $459.7M | $473.9M |
| EBITDA | $600.3M | $622.9M | $610.3M | $593.2M | $504.3M | $515.5M | $466.3M | $598.3M | $566.9M | $565.1M |
| Interest Expense | 0 | 0 | 0 | 0 | $600,000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $510.6M | $531.8M | $522.0M | $500.4M | $411.8M | $416.4M | $369.7M | $505.0M | $472.2M | $461.1M |
| Income Tax | $163.0M | $125.0M | $84.2M | $75.7M | $64.2M | $55.6M | $51.0M | $76.6M | $67.7M | $76.4M |
| Net Income | $347.6M | $406.8M | $437.9M | $424.7M | $347.6M | $360.8M | $318.8M | $428.4M | $404.5M | $384.8M |
| EPS | $1.21 | $1.42 | $1.64 | $1.67 | $1.41 | $1.51 | $1.36 | $1.84 | $1.77 | $1.74 |
| EPS (Diluted) | $1.19 | $1.41 | $1.62 | $1.66 | $1.41 | $1.50 | $1.36 | $1.84 | $1.76 | $1.74 |
| Shares Outstanding (Diluted) | 291.1 M | 288.2 M | 269.9 M | 253.3 M | 243.7 M | 236.6 M | 231.2 M | 229.7 M | 226.0 M | 217.8 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $644.4M | $675.4M | $651.3M | $647.7M |
| Gross Profit | $224.5M | $228.6M | $241.0M | $216.3M |
| Operating Income | $120.1M | $123.7M | $141.3M | $115.1M |
| EBITDA | $136.6M | $143.7M | $162.6M | $107.2M |
| Net Income | $93.0M | $98.5M | $114.7M | $90.6M |
| EPS | $0.42 | $0.46 | $0.54 | $0.43 |
| EPS (Diluted) | $0.42 | $0.46 | $0.54 | $0.43 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $723.5M | $722.3M | $217.0M | $296.3M | $423.4M | $262.3M | $218.8M | $226.4M | $233.3M | $145.6M |
| Short-term Investments | 0 | 0 | $169.4M | $140.4M | $27.2M | $5.4M | $23.0M | $14.4M | $22.3M | $5.4M |
| Receivables | $211.6M | $231.1M | $213.5M | $235.4M | $284.9M | $249.8M | $276.5M | $321.8M | $295.3M | $368.5M |
| Inventory | $189.3M | $216.8M | $225.3M | $248.9M | $226.3M | $316.3M | $404.4M | $402.5M | $436.5M | $516.3M |
| Total Current Assets | $1.15B | $1.18B | $850.9M | $950.4M | $979.3M | $873.0M | $948.7M | $997.7M | $1.04B | $1.13B |
| Property, Plant & Equipment | $465.8M | $492.5M | $498.5M | $498.3M | $468.1M | $464.1M | $550.0M | $652.9M | $728.5M | $790.9M |
| Goodwill | $307.4M | $307.4M | $307.4M | $307.4M | $311.9M | $314.0M | $313.8M | $340.1M | $340.7M | $357.2M |
| Intangible Assets | $331.5M | $309.9M | $290.7M | $250.4M | $249.7M | $272.6M | $219.4M | $214.0M | $261.6M | $189.3M |
| Total Assets | $2.31B | $2.35B | $2.09B | $2.18B | $2.22B | $2.13B | $2.39B | $2.68B | $2.76B | $2.93B |
| Accounts Payable | $80.0M | $89.9M | $92.8M | $97.6M | $84.8M | $98.3M | $151.7M | $184.4M | $168.3M | $249.0M |
| Short-term Debt | $7.5M | $78.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.8M |
| Total Current Liabilities | $149.9M | $243.6M | $169.2M | $171.8M | $177.7M | $181.7M | $250.6M | $271.6M | $252.7M | $387.5M |
| Long-term Debt | $178.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $426.1M | $319.4M | $238.7M | $246.4M | $260.3M | $193.4M | $323.6M | $365.7M | $288.7M | $437.7M |
| Retained Earnings | $1.21B | $1.30B | $1.10B | $1.12B | $1.09B | $1.04B | $1.15B | $1.34B | $1.45B | $1.47B |
| Total Equity | $1.91B | $2.05B | $1.86B | $1.94B | $1.96B | $1.94B | $2.07B | $2.31B | $2.47B | $2.49B |
| Total Debt | $185.6M | $78.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.8M |
| Net Debt | -$537.9M | -$644.3M | -$386.4M | -$436.7M | -$450.5M | -$267.7M | -$241.8M | -$240.8M | -$255.6M | -$147.2M |
| Working Capital | $1.01B | $940.9M | $681.8M | $778.5M | $801.6M | $691.3M | $698.1M | $726.1M | $784.6M | $740.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $145.6M | $164.8M | $233.4M | $136.4M |
| Total Assets | $2.93B | $3.00B | $3.02B | $2.94B |
| Total Liabilities | $437.7M | $492.0M | $476.8M | $456.6M |
| Total Equity | $2.49B | $2.50B | $2.54B | $2.48B |
| Total Debt | $3.8M | $10.8M | $3.71B | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $347.6M | $406.8M | $437.9M | $424.7M | $347.6M | $360.8M | $318.8M | $428.4M | $404.5M | $384.7M |
| Depreciation & Amortization | $88.6M | $99.6M | $102.2M | $104.7M | $104.7M | $99.1M | $96.6M | $93.3M | $94.7M | $104.0M |
| Stock-based Compensation | $19.2M | $18.4M | $18.3M | $21.7M | $30.8M | $27.4M | $30.2M | $39.2M | $39.5M | $36.6M |
| Change in Working Capital | -$1.4M | -$7.9M | $932,000 | -$41.7M | -$941,742 | -$82.1M | -$91.2M | -$12.0M | -$40.4M | $54.5M |
| Operating Cash Flow | $471.5M | $501.0M | $552.4M | $506.0M | $464.5M | $362.2M | $338.2M | $537.2M | $498.2M | $587.1M |
| Capital Expenditure | -$121.0M | -$104.0M | -$86.0M | -$84.6M | -$51.7M | -$68.8M | -$146.4M | -$183.7M | -$144.7M | -$129.1M |
| Acquisitions | $665,191 | $249,757 | $738,093 | $2.0M | -$11.2M | -$12.1M | -$33.8M | -$18.9M | -$30.5M | -$179.0M |
| Stock Repurchased | -$163.4M | -$231.4M | -$591.6M | -$331.5M | -$288.5M | -$324.6M | -$112.5M | -$147.4M | -$206.1M | -$315.5M |
| Dividends Paid | -$101.1M | -$108.8M | -$116.6M | -$116.3M | -$117.2M | -$115.3M | -$113.1M | -$112.2M | -$110.4M | -$106.9M |
| Free Cash Flow | $350.5M | $397.0M | $466.4M | $421.4M | $412.8M | $293.3M | $191.8M | $353.6M | $353.5M | $458.0M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $125.5M | $137.1M | $184.6M | 0 |
| Capital Expenditure | -$25.7M | -$17.0M | -$19.2M | 0 |
| Free Cash Flow | $99.8M | $120.0M | $165.4M | 0 |
| Dividends Paid | -$26.3M | -$25.9M | -$25.6M | 0 |
| Stock-based Compensation | $10.1M | $10.4M | $9.7M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.9% | +2.2% | +1.4% | -9.2% | +2.5% | +10.8% | +19.8% | +0.6% | +9.6% | |
| Net Income Growth (YoY) | +17.0% | +7.6% | -3.0% | -18.2% | +3.8% | -11.7% | +34.4% | -5.6% | -4.9% | |
| EPS Growth (YoY) | +17.4% | +15.5% | +1.8% | -15.6% | +7.1% | -9.9% | +35.3% | -3.8% | -1.7% | |
| Shares Change (YoY) | -1.0% | -6.4% | -6.2% | -3.8% | -2.9% | -2.3% | -0.6% | -1.6% | -3.6% | |
| FCF Growth (YoY) | +13.3% | +17.5% | -9.7% | -2.0% | -28.9% | -34.6% | +84.4% | -0.0% | +29.6% | |
| Gross Margin | 39.8% | 38.7% | 37.6% | 37.0% | 35.9% | 35.8% | 31.8% | 33.2% | 33.3% | 34.2% |
| Operating Margin | 30.5% | 29.2% | 27.7% | 26.3% | 23.7% | 23.7% | 19.3% | 21.6% | 19.9% | 18.7% |
| EBITDA Margin | 35.8% | 34.7% | 33.3% | 31.9% | 29.9% | 29.8% | 24.3% | 26.0% | 24.5% | 22.3% |
| Net Margin | 20.7% | 22.7% | 23.9% | 22.8% | 20.6% | 20.8% | 16.6% | 18.6% | 17.5% | 15.2% |
| FCF Margin | 20.9% | 22.1% | 25.4% | 22.7% | 24.5% | 16.9% | 10.0% | 15.4% | 15.3% | 18.1% |
| Effective Tax Rate | 31.9% | 23.5% | 16.1% | 15.1% | 15.6% | 13.3% | 13.8% | 15.2% | 14.3% | 16.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.20 | $1.38 | $1.73 | $1.66 | $1.69 | $1.24 | $0.83 | $1.54 | $1.56 | $2.10 |
| Dividends Per Share | $0.35 | $0.38 | $0.43 | $0.46 | $0.48 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 |
| Shares Outstanding (Basic) | 288.4 M | 285.9 M | 267.8 M | 251.8 M | 242.6 M | 235.5 M | 230.8 M | 229.4 M | 225.7 M | 217.8 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 15.85% |
| Return on Invested Capital | 16.51% |
| Return on Assets | 13.49% |
| Gross Margin | 34.77% |
| Operating Margin | 19.10% |
| Net Margin | 15.15% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 2.92 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 9.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.27 | 14.75 | 12.32 | 17.35 | 24.06 | 23.08 | 20.05 | 17.75 | 16.23 | 13.37 |
| P/B | 2.97 | 2.92 | 2.91 | 3.76 | 4.19 | 4.24 | 3.05 | 3.24 | 2.63 | 2.04 |
| P/S | 3.38 | 3.34 | 2.95 | 3.93 | 4.88 | 4.74 | 3.28 | 3.26 | 2.80 | 2.00 |
| Gross Margin | 39.8% | 38.7% | 37.6% | 37.0% | 35.9% | 35.8% | 31.8% | 33.2% | 33.3% | 34.2% |
| Operating Margin | 30.5% | 29.2% | 27.7% | 26.3% | 23.7% | 23.7% | 19.3% | 21.6% | 19.9% | 18.7% |
| Net Margin | 20.7% | 22.7% | 23.9% | 22.8% | 20.6% | 20.8% | 16.6% | 18.6% | 17.5% | 15.2% |
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Explore sector: Consumer Cyclical · Auto - Parts
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