GENTEX CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GENTEX CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,679	1,795	1,834	1,859	1,688	1,731	1,919	2,299	2,313	2,534
Cost of revenue	1,010	1,100	1,144	1,171	1,083	1,111	1,309	1,537	1,542	1,668
Gross profit	668	695	690	688	605	620	610	763	771	867
Research and development	94.2	99.7	107	115	116	118	133	154	181	203
Selling, general and administrative	62.5	71.4	75.2	85.1	90	92.2	106	113	121	178
Selling and marketing	1.9	2.6	2.5	3	2	1.8	3.3	3.4	4.5	8
Operating expenses	157	171	182	200	206	210	240	267	311	393
Operating income	512	523	508	489	400	410	370	496	460	474
Interest expense		3	0.8
Other non-operating income	-1.18	8.44	13.9	11.9	12.3	6.57	-0.28	9.25	12.5	-12.9
Pre-tax income	511	532	522	500	412	416	370	505	472	461
Income tax	163	125	84.2	75.7	64.2	55.6	51	76.6	67.7	76.4
Net income to minority interests								0	0	-0.16
Net income	348	407	438	425	348	361	319	428	404	385
EBITDA	600	623	610	593	504	509	467	589	554	578
EPS, basic	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, basic (weighted)	288	286	268	252	243	236	231	229	226	218
Shares, diluted (weighted)	291	288	270	253	244	237	231	230	226	218
Dividend per share	0.36	0.39	0.44	0.46	0.48	0.48	0.48	0.48	0.48	0.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	546	570	217	296	423	262	215	226	233	146
Short-term investments	177	153	169	140	27.2	5.42	23	14.4	22.3	5.39
Receivables	212	231	214	235	285	250	276	322	295	369
Inventory	189	217	225	249	226	316	404	402	436	516
Other current assets	30.6	14.4	25.7	29.3	17.6	39.2	26	32.7	49.9	92.6
Total current assets	1,155	1,185	851	950	979	873	949	998	1,037	1,128
Property, plant and equipment	466	492	498	498	468	464	550	653	728	791
Goodwill	307	307	307	307	312	314	314	340	341	357
Intangible assets	308	289	270	250	250	239	219	214	195	189
Long-term investments	49.9	57.8	138	140	162	208	202	299	340	273
Other non-current assets	689	675	736	720	750	794	829	961	995	1,009
Total assets	2,310	2,352	2,085	2,169	2,198	2,131	2,327	2,611	2,761	2,929
Accounts payable	80	89.9	92.8	97.6	84.8	98.3	152	184	168	249
Accrued liabilities	69.9	75.7	76.4	74.3	93	83.3	98.8	87.2	84.4	135
Deferred revenue										19.1
Short-term debt	7.5	78	0	0	0				0	3.8
Total current liabilities	150	244	169	172	178	182	251	272	253	388
Other non-current liabilities			0	7.41	17.3	11.7	10.9	27.3	36	49.2
Total liabilities	399	303	224	231	234	193	261	299	289	438
Total debt	178	0	0	0	0
Paid-in capital	683	724	745	808	853	879	917	968	1,010	1,009
Retained earnings	1,211	1,302	1,102	1,116	1,090	1,042	1,148	1,337	1,450	1,466
Other comprehensive income	-1.27	7.19	-1.6	-1.29	6.85	1.93	-14.1	-6.56	-6.41	0.27
Shareholders' equity	1,910	2,050	1,862	1,938	1,964	1,938	2,066	2,313	2,468	2,488
Minority interests								0	4.15	0
Total equity	1,910	2,050	1,862	1,938	1,964	1,938	2,066	2,313	2,472	2,488
Total liabilities and equity	2,310	2,352	2,085	2,169	2,198	2,131	2,327	2,611	2,761	2,929
Shares outstanding	288	280	259	251	244	236	234	231	227	215

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	348	407	438	425	348	361	319	428	404	385
Depreciation and amortization	88.6	99.6	102	105	105	99.1	96.6	93.3	94.7	104
Stock-based compensation	19.2	18.4	18.3	21.7	30.8	27.4	30.2	39.2	39.5	36.6
Deferred income tax	22.5	-15	-4.41	-3.36	-15.4	-41.7	-17.8	-17.7	-12.4	-18.4
Change in receivables	-15.6	-19.5	17.6	-21.9	-49.3	35.1	-26.7	-45.3	27.1	-14.6
Change in inventory	-14.6	-27.5	-8.52	-23.7	22.7	-90	-88.1	2.13	-32.6	18.1
Change in payables	13.6	9.93	2.91	4.74	-12.9	7.27	37.4	41	-26	52.4
Cash from operations	477	501	552	506	464	362	338	537	498	587
Capital expenditures	-121	-104	-86	-84.6	-51.7	-68.8	-146	-184	-145	-129
Acquisitions			0	0	-11.2	-12.1	0	-18.9	-2.87	-156
Purchases of investments	-217	-29.9	-332	-153	-73.7	-100	-17.8	-80.9	-51.1	-26
Sales and maturities of investments	5.5	23.1	182	125	143	27.7	3.5	17.4	16.2	2.93
Cash from investing	-251	-77.7	-186	-56.7	26.4	-113	-173	-299	-202	-267
Debt issued			0	0	75	0	0
Debt repaid	-47.5	-108	-78	0	-75	0	0
Stock issued	81.3	47.8	66.8	77.8	41.8	29.8	16.6	29.4	27.3	14.5
Share buybacks	-163	-231	-592	-331	-288	-325	-113	-147	-206	-315
Dividends paid	-101	-109	-117	-116	-117	-115	-113	-112	-110	-107
Cash from financing	-231	-400	-719	-370	-364	-410	-209	-230	-289	-408
Net change in cash	-5.08	23.3	-353	79.3	127	-161	-43.6	7.68	6.88	-87.7
Free cash flow	356	397	466	421	413	293	192	354	354	458
Income taxes paid	144	126	86.9	74.9	61.9	106	35.2	110	86.2	78.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $22.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.0%	Gross profit / revenue.
Operating margin	19.3%	Operating income / revenue.
EBITDA margin	23.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.5%	Pre-tax income / revenue.
Net margin	15.5%	Net income / revenue.
FCF margin	18.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.6%	Cash from operations / revenue.
Effective tax rate	16.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	13.6%	Net income / average total assets.
R&D / revenue	7.9%	Research and development expense / revenue.
SG&A / revenue	7.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	3.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	3.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-4.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	29.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	33.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.04x	Current assets / current liabilities.
Quick ratio	1.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.60x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	15.3%	Total liabilities / total assets.
Working capital	$825.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.2%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.88x	Revenue / average total assets.
Fixed asset turnover	3.37x	Revenue / average property, plant and equipment.
Inventory turnover	3.29x	Cost of revenue / average inventory.
Days inventory	111 days	365 x average inventory / cost of revenue.
Receivables turnover	6.80x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	112 days	Days inventory + days sales outstanding - days payables.
FCF conversion	122.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.95	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.59	Revenue / diluted weighted shares.
FCF per share	$2.38	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.85	Cash from operations / diluted weighted shares.
Cash per share	$1.16	(Cash + short-term investments) / shares outstanding.
Payout ratio	25.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	20.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	51.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.76B	Share price x shares outstanding.
Enterprise value	$4.51B	Market cap + total debt - cash - short-term investments.
P/E	11.7x	Market cap / net income. Only when net income is positive.
P/S	1.81x	Market cap / revenue.
P/FCF	9.58x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.01x	Market cap / cash from operations, when positive.
EV/Sales	1.72x	Enterprise value / revenue.
EV/EBIT	8.90x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.40x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.09x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.4%	Free cash flow / market cap.
Earnings yield	8.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	7.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.37x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was GENTEX CORP's revenue in fiscal 2025?

GENTEX CORP reported revenue of $2.53B for fiscal 2025, 9.6% higher than the year before.

Was GENTEX CORP profitable in fiscal 2025?

Yes. Net income was $384.8M, a net margin of 15.2%.

How much free cash flow did GENTEX CORP generate in fiscal 2025?

Cash from operations of $587.1M minus capital expenditures of $129.1M left free cash flow of $458.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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