Gates Industrial Corp Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Gates Industrial Corp Ltd. 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	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,747	3,042	3,348	3,087	2,793	3,474	3,554	3,570	3,408	3,443
Cost of revenue	1,686	1,824	2,017	1,945	1,758	2,135	2,304	2,211	2,050	2,072
Gross profit	1,061	1,218	1,331	1,143	1,035	1,339	1,251	1,359	1,359	1,372
Research and development	68.5	68.6	71.4	67.9	67.2	70.7	69.4	66	66.5	71.9
Selling, general and administrative	738	777	806	777	777	853	854	885	877	876
Operating income	305	403	497	347	211	484	384	460	472	465
Interest expense	216	235	176	158	154	134	139	163	156	126
Other non-operating income	4	-58.8	-17.4	9.8	14.2	-0.9	13.2	-11.6	24.3	0.8
Pre-tax income	93	110	304	199	71	350	258	285	328	340
Income tax	21.1	-72.5	31.8	-496	-19.3	18.4	14.9	28.3	108	63.1
Net income to minority interests	26.6	31.4	25.8	4	10.6	34.2	21.7	23.5	25	24.9
Net income	57.7	151	245	690	79.4	297	221	233	195	251
EBITDA	546	615	715	569	430	707	601	678	689	679
EPS, basic	0.23	0.62	0.86	2.38	0.27	1.02	0.78	0.86	0.75	0.98
EPS, diluted	0.23	0.60	0.84	2.37	0.27	1.00	0.77	0.84	0.74	0.96
Shares, diluted (weighted)	248	250	292	292	292	297	288	276	265	261

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	529	564	423	635	521	658	578	721	682	812
Receivables		714	742	695	695	708	809	768	723	744
Inventory		457	538	475	508	683	656	647	676	700
Other current assets		76.8	104	131	153	211	221	235	197	182
Total current assets		1,826	1,815	1,959	1,907	2,279	2,277	2,401	2,306	2,482
Property, plant and equipment		686	756	728	705	670	638	630	580	609
Lease right-of-use assets				123	121	124	132	120	139	137
Goodwill	1,912	2,086	2,046	2,061	2,120	2,063	1,981	2,039	1,909	2,035
Intangible assets		2,127	1,991	1,876	1,789	1,642	1,490	1,386	1,249	1,192
Other non-current assets		38.6	29.6	17.1	16.6	24.1	47.5	28.8	24	43.2
Total assets		6,854	6,723	7,411	7,426	7,533	7,192	7,255	6,786	7,151
Accounts payable		392	424	375	417	507	470	458	408	434
Accrued liabilities		210	184	189	252	277	223	249	251	239
Short-term debt		66.4	51.6	46.1	42.7	38.1	36.6	36.5	39.1	36.2
Total current liabilities		698	679	658	726	856	752	779	722	735
Long-term debt		3,889	2,953	2,912	2,666	2,527	2,426	2,415	2,312	2,196
Lease liabilities				115	111	114	120	110	126	123
Other non-current liabilities		63.4	79.2	84.7	121	59.2	99.7	123	68.7	226
Total liabilities		5,425	4,389	4,401	4,241	4,052	3,748	3,711	3,446	3,462
Total debt		3,956	3,005	2,958	2,709	2,565	2,463	2,452	2,351	2,233
Paid-in capital		1,623	2,417	2,435	2,457	2,484	2,542	2,584	2,619	2,633
Retained earnings		137	382	1,072	1,151	1,438	1,483	1,462	1,480	1,653
Treasury stock						0		0	0	-37.5
Other comprehensive income		-747	-854	-858	-805	-825	-918	-829	-1,077	-917
Shareholders' equity		1,015	1,947	2,651	2,806	3,100	3,110	3,220	3,024	3,334
Minority interests		414	386	360	379	382	334	324	317	355
Total equity	1,068	1,428	2,334	3,011	3,185	3,481	3,444	3,544	3,340	3,689
Total liabilities and equity		6,854	6,723	7,411	7,426	7,533	7,192	7,255	6,786	7,151
Shares outstanding	246	245	290	290	291	291	283	264	255	254

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	84.3	183	271	694	90	331	243	256	220	276
Depreciation and amortization	241	212	219	222	219	223	217	218	217	214
Stock-based compensation	4.2	5.4	6	15	19.8	24.6	44.3	27.4	28.8	27.2
Deferred income tax	-54.3	-163	-64.9	-648	-47.7	-94.3	-79.7	-65.7	-12.1	-26
Change in receivables	-44.8	-24.6	-49.6	41.8	9.7	-22.3	-129	45.6	8.4	18.4
Change in inventory	39.5	-45.4	-96.1	65.1	-22.1	-192	2.9	24.5	-64	14.3
Change in payables	50.2	49.9	42.1	-48.2	28.6	99.6	-15.9	-17.8	-27.6	4.3
Cash from operations	377	320	314	349	309	382	266	481	380	478
Capital expenditures	-59	-101	-166	-72.1	-58.2	-77.7	-77.6	-61.2	-83.1	-73.2
Acquisitions	0	-111	-50.9	0	0
Purchases of investments							0	0	-11.3	0
Cash from investing	-67.9	-227	-244	-78	-77.5	-86	-90.7	-81.8	-104	-119
Debt issued	0.1	645	0	568	0	0	645	100	1,840	0
Debt repaid	-67.3	-677	-934	-593	-331	-91	-677	-120	-1,948	-123
Stock issued	1.1	0.6	800	1.8	3.1	4.6	15.9	18.7	14.9	10.4
Share buybacks	-2	-1.6	0	0	0	-10.6	-176	-252	-176	-119
Cash from financing	-111	-75.3	-199	-59.3	-354	-149	-253	-258	-287	-251
Exchange rate effect	-9.4	19.6	-12.4	0.4	9.8	-11	-1.5	1.7	-27.7	22.2
Net change in cash	189	37.2	-141	212	-113	137	-79.5	143	-39.2	130
Free cash flow	318	219	147	277	251	305	188	420	297	405
Interest paid	199	198	158	151	136	121	119	155	133	121
Income taxes paid	41.7	84.8	114	109	60.4	83	118	111	122	112

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $26.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.7%	Gross profit / revenue.
Operating margin	13.3%	Operating income / revenue.
EBITDA margin	19.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.8%	Pre-tax income / revenue.
Net margin	10.4%	Net income / revenue.
FCF margin	11.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.6%	Cash from operations / revenue.
Effective tax rate	-13.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.9%	Net income / average total assets.
Return on invested capital (ROIC)	7.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	25.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.1%	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	5.8%	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	-1.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.6%	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	17.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	29.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.4%	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	25.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	29.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	28.9%	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	25.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.6%	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	9.1%	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	36.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.1%	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	10.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.3%	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	3.5%	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	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.2%	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	-0.8%	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	-1.6%	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	-3.2%	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	-2.3%	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	3.24x	Current assets / current liabilities.
Quick ratio	2.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.99x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.63x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	30.2%	Total debt / total assets.
Liabilities / assets	47.3%	Total liabilities / total assets.
Net debt	$1.41B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.65x	Operating income / interest expense.
Working capital	$1.87B	Current assets - current liabilities.
Goodwill and intangibles / assets	42.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$376.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	5.85x	Revenue / average property, plant and equipment.
Inventory turnover	2.85x	Cost of revenue / average inventory.
Days inventory	128 days	365 x average inventory / cost of revenue.
Receivables turnover	3.89x	Revenue / average receivables.
Days sales outstanding	94 days	365 x average receivables / revenue.
Days payables	83 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	138 days	Days inventory + days sales outstanding - days payables.
FCF conversion	111.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.42	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	$13.68	Revenue / diluted weighted shares.
FCF per share	$1.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.86	Cash from operations / diluted weighted shares.
Book value per share	$13.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.49	Tangible book value / shares outstanding.
Cash per share	$3.25	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	35.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.80B	Share price x shares outstanding.
Enterprise value	$8.21B	Market cap + total debt - cash - short-term investments.
P/E	18.7x	Market cap / net income. Only when net income is positive.
P/S	1.94x	Market cap / revenue.
P/B	1.93x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	18.1x	Market cap / tangible book value, when positive.
P/FCF	16.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.3x	Market cap / cash from operations, when positive.
EV/Sales	2.34x	Enterprise value / revenue.
EV/EBIT	17.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.0%	Free cash flow / market cap.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.
PEG	2.45x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Gates Industrial Corp Ltd.'s revenue in fiscal 2025?

Gates Industrial Corp Ltd. reported revenue of $3.44B for fiscal 2025, 1% higher than the year before.

Was Gates Industrial Corp Ltd. profitable in fiscal 2025?

Yes. Net income was $251.4M, a net margin of 7.3%.

How much free cash flow did Gates Industrial Corp Ltd. generate in fiscal 2025?

Cash from operations of $478.1M minus capital expenditures of $73.2M left free cash flow of $404.9M.

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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