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Auto parts · Consumer Cyclical · Fiscal year ends Dec 31
Gentex reported revenue of $2.5B in the fiscal year ended Dec 2025, up 9.6% from the year before. Operating income was $474M, an operating margin of 18.7%, and net income was $385M. Operating cash flow of $587M less capital expenditure of $129M left free cash flow of $458M.
Ranks among the 17 auto parts companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,731 | 1,919 | 2,299 | 2,313 | 2,534 |
| Cost of revenue | 1,111 | 1,309 | 1,537 | 1,542 | 1,668 |
| Gross profit | 620 | 610 | 763 | 771 | 867 |
| Research & development | 118 | 133 | 154 | 181 | 203 |
| Selling, general & admin | 92.2 | 106 | 113 | 121 | 178 |
| Operating income | 410 | 370 | 496 | 460 | 474 |
| Pre-tax income | 416 | 370 | 505 | 472 | 461 |
| Income tax | 55.6 | 51.0 | 76.6 | 67.7 | 76.4 |
| Net income | 361 | 319 | 428 | 404 | 385 |
| Diluted EPS | 1.50 | 1.36 | 1.84 | 1.76 | 1.74 |
| Diluted shares | 237 | 231 | 230 | 226 | 218 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 262 | 215 | 226 | 233 | 146 |
| Receivables | 250 | 276 | 322 | 295 | 369 |
| Inventory | 316 | 404 | 402 | 436 | 516 |
| Current assets | 873 | 949 | 998 | 1,037 | 1,128 |
| Net PP&E | 464 | 550 | 653 | 728 | 791 |
| Goodwill | 314 | 314 | 340 | 341 | 357 |
| Total assets | 2,131 | 2,327 | 2,611 | 2,761 | 2,929 |
| Payables | 98.3 | 152 | 184 | 168 | 249 |
| Deferred revenue | – | – | – | – | 19.1 |
| Current liabilities | 182 | 251 | 272 | 253 | 388 |
| Short-term debt | – | – | – | 0.0 | 3.8 |
| Total liabilities | 193 | 261 | 299 | 289 | 438 |
| Shareholders' equity | 1,938 | 2,066 | 2,313 | 2,468 | 2,488 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 362 | 338 | 537 | 498 | 587 |
| Capital expenditure | 68.8 | 146 | 184 | 145 | 129 |
| Free cash flow | 293 | 192 | 354 | 354 | 458 |
| Depreciation & amortisation | 99.1 | 96.6 | 93.3 | 94.7 | 104 |
| Stock-based compensation | 27.4 | 30.2 | 39.2 | 39.5 | 36.6 |
| Acquisitions | 12.1 | 0.0 | 18.9 | 2.9 | 156 |
| Share buybacks | 325 | 113 | 147 | 206 | 315 |
| Dividends paid | 115 | 113 | 112 | 110 | 107 |
| Dividend per share | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.8% | 19.8% | 0.6% | 9.6% |
| Operating income growth (YoY) | – | −9.7% | 34.0% | −7.3% | 3.1% |
| EPS growth (YoY) | – | −9.3% | 35.3% | −4.3% | −1.1% |
| Gross margin | 35.8% | 31.8% | 33.2% | 33.3% | 34.2% |
| Operating margin | 23.7% | 19.3% | 21.6% | 19.9% | 18.7% |
| Net margin | 20.8% | 16.6% | 18.6% | 17.5% | 15.2% |
| Return on equityBlank when equity is negative | 18.6% | 15.4% | 18.5% | 16.4% | 15.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.0% | 17.8% | 21.2% | 18.3% | 18.7% |
| Free cash flow margin | 16.9% | 10.0% | 15.4% | 15.3% | 18.1% |
| Cash conversion (CFO ÷ net income) | 1.00x | 1.06x | 1.25x | 1.23x | 1.53x |
| Receivable days | 53 | 53 | 51 | 47 | 53 |
| Inventory days | 104 | 113 | 96 | 103 | 113 |
| Payable days | 32 | 42 | 44 | 40 | 54 |
| Current ratio | 4.81x | 3.79x | 3.67x | 4.11x | 2.91x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.