GENTEX CORP GNTX
Gentex Corporation (the "Company") was incorporated as a Michigan corporation in 1974. The Company designs, develops, manufactures, markets, and supplies digital vision, connected car, premium audio, dimmable glass, fire protection technologies, medical devices, and consumer electronics, including: automatic-dimming rearview and non-dimming mirrors and electronics for the automotive industry; premium quality sound equipment and products, and other electronic products and accessories for the consumer electronics industry; dimmable aircraft windows for the aviation industry; and smoke alarms for the residential and commercial fire protection industry and signaling devices for the commercial fire protection industry. The Company's largest business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize proprietary electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps. Within this business segment, the Company also designs, develops and manufactures various electronics that are value added features to the interior and exterior automotive rearview mirrors, as well as electronics for interior visors, overhead consoles, and other locations in the vehicle. The Company ships its products to all of the major automotive producing regions worldwide, which it supports with numerous sales, engineering and distribution locations worldwide.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.53B | $2.31B | $2.30B | $1.92B | $1.73B | $1.69B | $1.86B | $1.83B | $1.79B | $1.68B |
| Cost of revenue | $1.67B | $1.54B | $1.54B | $1.31B | $1.11B | $1.08B | $1.17B | $1.14B | $1.10B | $1.01B |
| Gross profit | $866.7M | $771.1M | $762.6M | $609.8M | $619.7M | $605.4M | $688.3M | $690.5M | $694.5M | $668.5M |
| R&D | $203.3M | $181.5M | $154.4M | $133.3M | $117.8M | $115.9M | $114.7M | $107.1M | $99.7M | $94.2M |
| SG&A | $177.9M | $121.0M | $112.5M | $106.5M | $92.2M | $90.0M | $85.1M | $75.2M | $71.4M | $62.5M |
| Total operating expenses | $392.8M | $311.4M | $266.9M | $239.8M | $209.9M | $205.9M | $199.8M | $182.3M | $171.2M | $156.7M |
| Operating income | $473.9M | $459.7M | $495.7M | $370.0M | $409.8M | $399.6M | $488.5M | $508.1M | $523.4M | $511.7M |
| Pre-tax income | $461.1M | $472.2M | $505.0M | $369.7M | $416.4M | $411.8M | $500.4M | $522.0M | $531.8M | $510.6M |
| Income tax | $76.4M | $67.7M | $76.6M | $51.0M | $55.6M | $64.2M | $75.7M | $84.2M | $125.0M | $163.0M |
| Net income | $384.8M | $404.5M | $428.4M | $318.8M | $360.8M | $347.6M | $424.7M | $437.9M | $406.8M | $347.6M |
| EPS, basic | 1.74 | 1.77 | 1.84 | 1.36 | 1.51 | 1.41 | 1.67 | 1.64 | 1.42 | 1.21 |
| EPS, diluted | 1.74 | 1.76 | 1.84 | 1.36 | 1.50 | 1.41 | 1.66 | 1.62 | 1.41 | 1.19 |
| Shares, diluted (wtd. avg.) | $217.8M | $226.0M | $229.7M | $231.2M | $236.6M | $243.7M | $253.3M | $269.9M | $288.2M | $291.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $145.6M | $233.3M | $226.4M | $218.8M | $262.3M | $423.4M | $296.3M | $217.0M | $569.7M | $546.5M |
| Short-term investments | $5.4M | $22.3M | $14.4M | $23.0M | $5.4M | $27.2M | $140.4M | $169.4M | $152.5M | $177.0M |
| Receivables | $368.5M | $295.3M | $321.8M | $276.5M | $249.8M | $284.9M | $235.4M | $213.5M | $231.1M | $211.6M |
| Inventory | $516.3M | $436.5M | $402.5M | $404.4M | $316.3M | $226.3M | $248.9M | $225.3M | $216.8M | $189.3M |
| Total current assets | $1.13B | $1.04B | $997.7M | $948.7M | $873.0M | $979.3M | $950.4M | $850.9M | $1.18B | $1.15B |
| Property, plant and equipment | $790.9M | $728.5M | $652.9M | $550.0M | $464.1M | $468.1M | $498.3M | $498.5M | $492.5M | $465.8M |
| Goodwill | $357.2M | $340.7M | $340.1M | $313.8M | $314.0M | $311.9M | $307.4M | $307.4M | $307.4M | $307.4M |
| Other intangibles | $189.3M | $195.2M | $214.0M | $219.4M | $239.2M | $249.7M | $250.4M | $269.7M | $289.0M | $308.3M |
| Total assets | $2.93B | $2.76B | $2.61B | $2.33B | $2.13B | $2.20B | $2.17B | $2.09B | $2.35B | $2.31B |
| Accounts payable | $249.0M | $168.3M | $184.4M | $151.7M | $98.3M | $84.8M | $97.6M | $92.8M | $89.9M | $80.0M |
| Short-term debt | $3.8M | $0 | — | — | — | — | — | $0 | $78.0M | $7.5M |
| Total current liabilities | $387.5M | $252.7M | $271.6M | $250.6M | $181.7M | $177.7M | $171.8M | $169.2M | $243.6M | $149.9M |
| Long-term debt | — | — | — | — | — | — | — | — | $0 | $178.1M |
| Total liabilities | $437.7M | $288.7M | $298.9M | $261.4M | $193.4M | $234.0M | $230.7M | $223.7M | $302.5M | $399.2M |
| Retained earnings | $1.47B | $1.45B | $1.34B | $1.15B | $1.04B | $1.09B | $1.12B | $1.10B | $1.30B | $1.21B |
| Total equity | $2.49B | $2.47B | $2.31B | $2.07B | $1.94B | $1.96B | $1.94B | $1.86B | $2.05B | $1.91B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $587.1M | $498.2M | $537.2M | $338.2M | $362.2M | $464.5M | $506.0M | $552.4M | $501.0M | $477.0M |
| Depreciation and amortisation | $104.0M | $94.7M | $93.3M | $96.6M | $99.1M | $104.7M | $104.7M | $102.2M | $99.6M | $88.6M |
| Stock-based compensation | $36.6M | $39.5M | $39.2M | $30.2M | $27.4M | $30.8M | $21.7M | $18.3M | $18.4M | $19.2M |
| Capital expenditure | $129.1M | $144.7M | $183.7M | $146.4M | $68.8M | $51.7M | $84.6M | $86.0M | $104.0M | $121.0M |
| Investing cash flow | -$266.9M | -$202.1M | -$299.4M | -$172.7M | -$113.1M | $26.4M | -$56.7M | -$185.8M | -$77.7M | -$251.4M |
| Financing cash flow | -$407.9M | -$289.3M | -$230.2M | -$209.0M | -$410.1M | -$363.9M | -$370.0M | -$719.3M | -$400.0M | -$230.7M |
| Dividends paid | $106.9M | $110.4M | $112.2M | $113.1M | $115.3M | $117.2M | $116.3M | $116.6M | $108.8M | $101.1M |
| Buybacks | $315.5M | $206.1M | $147.4M | $112.5M | $324.6M | $288.5M | $331.5M | $591.6M | $231.4M | $163.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000355811-26-000016.
Others in SIC 3714
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|---|---|---|---|---|
| BWA | BORGWARNER INC | $13.76B | 52.8x | 1.6% |
| ALSN | Allison Transmission Holdings Inc | $10.84B | 17.9x | -6.7% |
| MOD | MODINE MANUFACTURING CO | $10.34B | 86.1x | 23.1% |
| APTV | Aptiv PLC | $9.96B | 63.9x | 3.5% |
| ALV | AUTOLIV INC | $9.17B | 13.1x | 4.1% |
| LEA | LEAR CORP | $6.64B | 16.5x | -0.2% |
| GTX | Garrett Motion Inc. | $5.24B | 18.4x | 3.1% |
| ATMU | Atmus Filtration Technologies Inc. | $3.94B | 19.3x | 5.7% |