Gates Industrial Corp Ltd. GTES
We are a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. We offer a broad portfolio of products to diverse aftermarket channel customers, and to original equipment manufacturers ("OEM") as specified components, with the majority of our revenue coming from aftermarket channels. Our products are used in applications across numerous end markets, including automotive aftermarket, automotive OEM, diversified industrial, industrial off-highway, industrial on-highway, energy and resources, and personal mobility. Our net sales have historically been, and remain, highly correlated with industrial activity and utilization, and not with any single end market given the diversification of our business and high exposure to the aftermarket channel. We sell our products globally under the Gates brand, which is recognized by distributors, equipment manufacturers, installers and end users as a premium brand for quality and technological innovation; this reputation has been built over more than 110 years since Gates' founding in 1911.
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 | $3.44B | $3.41B | $3.57B | $3.55B | $3.47B | $2.79B | $3.09B | $3.35B | $3.04B | $2.75B |
| Cost of revenue | $2.07B | $2.05B | $2.21B | $2.30B | $2.14B | $1.76B | $1.94B | $2.02B | $1.82B | $1.69B |
| Gross profit | $1.37B | $1.36B | $1.36B | $1.25B | $1.34B | $1.03B | $1.14B | $1.33B | $1.22B | $1.06B |
| R&D | $71.9M | $66.5M | $66.0M | $69.4M | $70.7M | $67.2M | $67.9M | $71.4M | $68.6M | $68.5M |
| SG&A | $876.1M | $876.5M | $884.7M | $853.7M | $852.7M | $776.9M | $777.3M | $805.8M | $777.1M | $737.7M |
| Operating income | $465.3M | $472.2M | $460.1M | $384.0M | $484.1M | $211.1M | $346.8M | $496.8M | $402.9M | $305.3M |
| Interest expense | $125.9M | $155.8M | $163.2M | $139.4M | $133.5M | $154.3M | $157.8M | $175.9M | $234.6M | $216.3M |
| Pre-tax income | $340.2M | $328.0M | $285.3M | $257.8M | $349.7M | $71.0M | $198.8M | $303.5M | $109.5M | $93.0M |
| Income tax | $63.1M | $107.5M | $28.3M | $14.9M | $18.4M | $19.3M | $495.9M | $31.8M | $72.5M | $21.1M |
| Net income | $276.3M | $219.9M | $256.4M | $242.5M | $331.3M | $79.4M | $690.1M | $245.3M | $151.3M | $57.7M |
| EPS, basic | 0.98 | 0.75 | 0.86 | 0.78 | 1.02 | 0.27 | 2.38 | 0.86 | 0.62 | 0.23 |
| EPS, diluted | 0.96 | 0.74 | 0.84 | 0.77 | 1.00 | 0.27 | 2.37 | 0.84 | 0.60 | 0.23 |
| Shares, diluted (wtd. avg.) | $260.5M | $264.7M | $275.6M | $287.6M | $297.3M | $292.1M | $291.6M | $291.7M | $250.5M | $248.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $812.1M | $682.0M | $724.0M | $581.4M | $660.9M | $524.1M | $636.6M | $424.6M | $566.0M | — |
| Receivables | $744.2M | $722.7M | $768.2M | $808.6M | $708.1M | $695.0M | $694.7M | — | — | — |
| Inventory | $700.0M | $676.0M | $647.2M | $656.2M | $682.6M | $508.2M | $475.1M | — | — | — |
| Total current assets | $2.48B | $2.31B | $2.40B | $2.28B | $2.28B | $1.91B | $1.96B | — | — | — |
| Goodwill | $2.04B | $1.91B | $2.04B | $1.98B | $2.06B | $2.12B | $2.06B | $2.05B | — | — |
| Other intangibles | $1.19B | $1.25B | $1.39B | $1.49B | $1.64B | $1.79B | $1.88B | — | — | — |
| Total assets | $7.15B | $6.79B | $7.25B | $7.19B | $7.53B | $7.43B | $7.41B | — | — | — |
| Short-term debt | $36.2M | $39.1M | $36.5M | $36.6M | $38.1M | $42.7M | $46.1M | — | — | — |
| Total current liabilities | $735.4M | $721.5M | $779.3M | $752.3M | $855.9M | $726.3M | $658.1M | — | — | — |
| Long-term debt | $2.20B | $2.31B | $2.42B | $2.43B | $2.53B | $2.67B | $2.91B | — | — | — |
| Total liabilities | $3.46B | $3.45B | $3.71B | $3.75B | $4.05B | $4.24B | $4.40B | — | — | — |
| Retained earnings | $1.65B | $1.48B | $1.46B | $1.48B | $1.44B | $1.15B | $1.07B | — | — | — |
| Total equity | $3.33B | $3.02B | $3.54B | $3.44B | $3.48B | $3.19B | $3.01B | $2.33B | $1.43B | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $478.1M | $379.6M | $481.0M | $265.8M | $382.4M | $309.0M | $348.9M | $313.5M | $319.9M | $376.7M |
| Depreciation and amortisation | $213.8M | $216.9M | $217.5M | $217.2M | $222.6M | $218.6M | $222.2M | $218.5M | $212.2M | $240.8M |
| Stock-based compensation | $27.2M | $28.8M | $27.4M | $44.3M | $24.6M | $19.8M | $15.0M | $6.0M | $5.4M | $4.2M |
| Capital expenditure | $73.2M | $83.1M | $61.2M | $77.6M | $77.7M | $58.2M | $72.1M | $166.1M | $101.1M | $59.0M |
| Investing cash flow | -$119.0M | -$104.4M | -$81.8M | -$90.7M | -$86.0M | -$77.5M | -$78.0M | -$243.6M | -$227.0M | -$67.9M |
| Financing cash flow | -$251.1M | -$286.7M | -$258.3M | -$253.1M | -$148.6M | -$353.8M | -$59.3M | -$198.9M | -$75.3M | -$110.8M |
| Buybacks | $119.3M | $176.1M | $251.7M | $175.9M | $10.6M | $0 | $0 | $0 | $1.6M | $2.0M |
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 0001628280-26-026015.
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