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Auto parts · Consumer Cyclical · Fiscal year ends Dec 31
Garrett Motion reported revenue of $3.6B in the fiscal year ended Dec 2025, up 3.1% from the year before. Operating income was $500M, an operating margin of 14.0%, and net income was $310M. Operating cash flow of $413M less capital expenditure of $72M left free cash flow of $341M. Net debt was $1.2B.
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 | 3,633 | 3,603 | 3,886 | 3,475 | 3,584 |
| Cost of revenue | 2,926 | 2,920 | 3,130 | 2,770 | 2,853 |
| Gross profit | 707 | 683 | 756 | 705 | 731 |
| Selling, general & admin | 216 | 216 | 247 | 240 | 240 |
| Operating incomederived: pre-tax income + interest | 621 | 504 | 506 | 499 | 500 |
| Interest expense | 83.0 | 8.0 | 159 | 156 | 108 |
| Pre-tax income | 538 | 496 | 347 | 343 | 392 |
| Income tax | 43.0 | 106 | 86.0 | 61.0 | 82.0 |
| Net income | 495 | 390 | 261 | 282 | 310 |
| Diluted EPS | 1.56 | 0.75 | −0.31 | 1.26 | 1.52 |
| Diluted shares | 318 | 65.1 | 167 | 224 | 204 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 423 | 246 | 259 | 125 | 177 |
| Receivables | 747 | 803 | 808 | 687 | 703 |
| Inventory | 244 | 270 | 263 | 286 | 339 |
| Current assets | 1,511 | 1,431 | 1,406 | 1,193 | 1,319 |
| Net PP&E | 485 | 470 | 477 | 449 | 462 |
| Goodwill | 193 | 193 | 193 | 193 | 193 |
| Total assets | 2,706 | 2,637 | 2,527 | 2,276 | 2,367 |
| Payables | 1,006 | 1,048 | 1,074 | 972 | 1,061 |
| Deferred revenue | 5.0 | 8.0 | 9.0 | 8.0 | 10.0 |
| Current liabilities | 1,508 | 1,375 | 1,374 | 1,278 | 1,363 |
| Short-term debt | 7.0 | 7.0 | 7.0 | 7.0 | 7.0 |
| Long-term debt | 1,181 | 1,148 | 1,643 | 1,464 | 1,411 |
| Total liabilities | 3,174 | 2,753 | 3,262 | 2,949 | 3,169 |
| Shareholders' equity | −468 | −116 | −735 | −673 | −802 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −310 | 375 | 465 | 408 | 413 |
| Capital expenditure | 72.0 | 91.0 | 83.0 | 91.0 | 72.0 |
| Free cash flow | −382 | 284 | 382 | 317 | 341 |
| Depreciation & amortisation | 92.0 | 84.0 | 90.0 | 90.0 | 99.0 |
| Stock-based compensation | 7.0 | 11.0 | 14.0 | 23.0 | 27.0 |
| Share buybacks | 4.0 | 0.0 | 213 | 296 | 208 |
| Dividends paid | 0.0 | 83.0 | 42.0 | 0.0 | 52.0 |
| Dividend per share | – | – | – | 0.06 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.8% | 7.9% | −10.6% | 3.1% |
| Operating income growth (YoY) | – | −18.8% | 0.4% | −1.4% | 0.2% |
| EPS growth (YoY) | – | −51.9% | −141.3% | – | 20.6% |
| Gross margin | 19.5% | 19.0% | 19.5% | 20.3% | 20.4% |
| Operating margin | 17.1% | 14.0% | 13.0% | 14.4% | 14.0% |
| Net margin | 13.6% | 10.8% | 6.7% | 8.1% | 8.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 51.8% | 39.9% | 43.9% | 50.0% | 49.8% |
| Free cash flow margin | −10.5% | 7.9% | 9.8% | 9.1% | 9.5% |
| Cash conversion (CFO ÷ net income) | −0.63x | 0.96x | 1.78x | 1.45x | 1.33x |
| Receivable days | 75 | 81 | 76 | 72 | 72 |
| Inventory days | 30 | 34 | 31 | 38 | 43 |
| Payable days | 125 | 131 | 125 | 128 | 136 |
| Interest cover | 7.48x | 63.0x | 3.18x | 3.20x | 4.63x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 765 | 909 | 1,391 | 1,346 | 1,241 |
| Current ratio | 1.00x | 1.04x | 1.02x | 0.93x | 0.97x |
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.