# Gentex (GNTX.US)

Canonical: https://gigainvestors.com/s/GNTX

Analysis as of: 2026-10-16T07:28:50.045Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $21.11 per share; close as of 2026-10-15.

Estimated value: low $26.50 per share, central $32.62 per share, high $37.94 per share. Buy at or below the central value $32.62 per share. Valuation as of 2026-10-16T07:28:50.045Z; scenarios are not confidence intervals.

Expected annual return: 14.0% at the stated quote. About 14.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.29×

- FY2018: 0.28×

- FY2019: 0.26×

- FY2020: 0.24×

- FY2021: 0.24×

- FY2022: 0.19×

- FY2023: 0.22×

- FY2024: 0.20×

- FY2025: 0.19×

### moat: pass

- ROIC, median of available years: 26.3%

- ROIC, second-lowest year: 21.0%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 35.8%

- Recent gross margin (lower of latest and 3-year median): 33.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 23.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 32.7%

- FY2017: 36.5%

- FY2018: 36.5%

- FY2019: 34.7%

- FY2020: 26.4%

- FY2021: 26.2%

- FY2022: 21.1%

- FY2023: 24.2%

- FY2024: 21.0%

- FY2025: 20.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.9B

- Net income, five-year total: $1.9B

- Return on incremental invested capital: 19.4%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 5.0 pp

- Working capital / revenue, final three-year average: 24.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.08×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.89×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 36.5% vs 21.0%

- Per-share earnings: 1.19 to 1.79 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.0%

- Ordinary dilution, 5-year annual growth: -2.2%

- Market cap gain: -$652M

- Cumulative retained earnings: $255M

- Diluted shares, 10-year annual growth: -3.0%

- Diluted shares, 5-year annual growth: -2.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.2%

- Per-share value change: $0.60

- Per-share value, starting three-year median: $1.19

- Per-share value, ending three-year median: $1.79

- Buybacks concentrated in cheaper years (correlation): 0.59

- Average buyback yield: 4.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $36M

- Cumulative net income, 10 years: $3.9B

- ROIC, first three-year median: 36.5%

- ROIC, last three-year median: 21.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.19

- FY2017: $1.41

- FY2018: $1.62

- FY2019: $1.68

- FY2020: $1.43

- FY2021: $1.52

- FY2022: $1.38

- FY2023: $1.86

- FY2024: $1.79

- FY2025: $1.77

### accounting: pass

- Sloan accruals: -6.9%

- Receivables to sales index (DSRI): 1.14×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.4%

- FY2017: -4.0%

- FY2018: -5.5%

- FY2019: -3.7%

- FY2020: -5.3%

- FY2021: -0.1%

- FY2022: -0.8%

- FY2023: -4.1%

- FY2024: -3.4%

- FY2025: -6.9%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 42% since Feb 2024 · "Operating Expenses: Increased by 8% to $78.7 million, including $2.9 million in severance-related expenses." (finance.yahoo.com, Apr 2025) · sales +9.6%

Story as of 2026-10-16T09:58:50.044Z; price observation 2026-10-15.

Price needs cash profits to shrink 2% a year for ten years

- 2025-07-25: Gentex outlines $2.44B-$2.61B 2025 revenue target as VOXX acquisition drives product, margin initiatives ([seekingalpha.com](https://seekingalpha.com/news/4472438-gentex-outlines-2_44b-2_61b-2025-revenue-target-as-voxx-acquisition-drives-product-margin?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-04-24: GNTX Beats on Q1 Earnings, Raises 2026 Revenue Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/gntx-beats-q1-earnings-raises-183400657.html))

### Sales · FY2024–2025

sales +9.6%; source https://www.sec.gov/Archives/edgar/data/355811/000035581126000010/gntx-20251231.htm; observed 2026-02-24.

- FY2016: $1.7B 

- FY2017: $1.8B 

- FY2018: $1.8B 

- FY2019: $1.9B 

- FY2020: $1.7B 

- FY2021: $1.7B 

- FY2022: $1.9B 

- FY2023: $2.3B 

- FY2024: $2.3B 

- FY2025: $2.5B 

### Gross margin · FY2025

gross margin 34.2%; source https://www.sec.gov/Archives/edgar/data/355811/000035581126000010/gntx-20251231.htm; observed 2026-02-24.

- FY2016: 39.8% 

- FY2017: 38.7% 

- FY2018: 37.6% 

- FY2019: 37.0% 

- FY2020: 35.9% 

- FY2021: 35.8% 

- FY2022: 31.8% 

- FY2023: 33.2% 

- FY2024: 33.3% 

- FY2025: 34.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto parts; annual sales are USD 2.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/355811/000035581126000010/gntx-20251231.htm (filed 2026-02-24); FY2025: revenue 2534268965; grossProfit 866708940; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GNTX.US: Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, fire protection technologies, audio products, medical devices, and consumer electronics. It operates through Automotive Products, Audio Products, and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers; and HomeLink modules for the automotive industry. It also provides variable dimmable windows to aircraft manufacturers and airline operators. In addition, the company offers photoelectric smoke detectors and alarms, visual signaling alarms, photoelectric smoke alarms, electrochemical carbon monoxide alarms and detectors, audible and visual signaling appliances, and bells and speakers used in fire detection systems in office buildings, hotels, and other commercial and residential buildings. It sells its fire protection products directly, as well as through sales managers and manufacturer representative organizations to fire protection and security product distributors, electrical wholesale houses, and original equipment manufacturers of fire protection systems. Further, the company is involved in the research and development of nanofiber chemical sensing products; and market and sale of eSight smart glasses to consumers with visual impairment or eye conditions, as well as of identity authentication and access control products that utilizes biometrics technology. It operates in the United States, China, Germany, Japan, Mexico, South Korea, and internationally. Gentex Corporation was incorporated in 1974 and is headquartered in Zeeland, Michigan.

### Why customers stay

Margins ranged from 33.2% to 34.2% during 2023–25; it earns 26.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 33.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 33.3%.

- Source: https://www.sec.gov/Archives/edgar/data/355811/000035581126000010/gntx-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 34.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2016,0.32707563202533996],[2017,0.36464563356458024],[2018,0.3649188652227224],[2019,0.34723458127406504],[2020,0.2635584322085869],[2021,0.2618196024095057],[2022,0.21122795759639218],[2023,0.24236875955287046],[2024,0.20987207337498537],[2025,0.20426653194016506]]; median 0.26268901730904626. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 6.5% of cash earnings on expansion; earns 19.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 32368184; upkeep 88587430; owner earnings 347591276. Growth capex / owner earnings = 0.09312139353002634.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2017: growth capex 4470011; upkeep 99570908; owner earnings 406791922. Growth capex / owner earnings = 0.010988445832510902.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2018: growth capex 0; upkeep 85990570; owner earnings 454079341. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2019: growth capex 0; upkeep 84580255; owner earnings 444806658. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2020: growth capex 0; upkeep 51706541; owner earnings 400596980. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 0; upkeep 68835047; owner earnings 391074204. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2022: growth capex 49864680; upkeep 96568443; owner earnings 318757352. Growth capex / owner earnings = 0.15643460358523747.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: growth capex 90357268; upkeep 93321192; owner earnings 428403272. Growth capex / owner earnings = 0.21091638160970907.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 4034915.4243033826; upkeep 140634084.57569662; owner earnings 358568320.4243034. Growth capex / owner earnings = 0.011252849720602087.

- Source: https://www.sec.gov/Archives/edgar/data/355811/000035581126000010/gntx-20251231.htm (filed 2026-02-24); FY2025: growth capex 25047014; upkeep 104041764; owner earnings 384841367. Growth capex / owner earnings = 0.06508399602478286.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Incremental return on capital 0.19396740490581021, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,101131356],[2017,108815040],[2018,116566639],[2019,116309197],[2020,117181928],[2021,115285625],[2022,113091921],[2023,112150060],[2024,110438045],[2025,106860563]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/355811/000035581126000010/gntx-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 315499459 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GNTX.US SharesStats.PercentInsiders = 0.47200000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2% yearly over ten years; actual growth was 5.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Ten-year compound average after fade. Initial solved rate -0.06807499496113173. Price 21.11; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0750476562082287 → FY2025 1.7665538055908934. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $16.91 per share

- 2016-11: $18.49 per share

- 2016-12: $19.69 per share

- 2017-01: $20.89 per share

- 2017-02: $21.03 per share

- 2017-03: $21.33 per share

- 2017-04: $20.65 per share

- 2017-05: $18.98 per share

- 2017-06: $18.97 per share

- 2017-07: $17.02 per share

- 2017-08: $18.27 per share

- 2017-09: $19.80 per share

- 2017-10: $19.41 per share

- 2017-11: $20.48 per share

- 2017-12: $20.95 per share

- 2018-01: $23.68 per share

- 2018-02: $22.71 per share

- 2018-03: $23.02 per share

- 2018-04: $22.74 per share

- 2018-05: $24.03 per share

- 2018-06: $23.02 per share

- 2018-07: $23.20 per share

- 2018-08: $23.38 per share

- 2018-09: $21.46 per share

- 2018-10: $21.05 per share

- 2018-11: $22.52 per share

- 2018-12: $20.21 per share

- 2019-01: $21.18 per share

- 2019-02: $20.34 per share

- 2019-03: $20.68 per share

- 2019-04: $23.03 per share

- 2019-05: $21.36 per share

- 2019-06: $24.61 per share

- 2019-07: $27.42 per share

- 2019-08: $26.60 per share

- 2019-09: $27.54 per share

- 2019-10: $28.05 per share

- 2019-11: $28.40 per share

- 2019-12: $28.98 per share

- 2020-01: $29.77 per share

- 2020-02: $26.70 per share

- 2020-03: $22.16 per share

- 2020-04: $24.24 per share

- 2020-05: $26.44 per share

- 2020-06: $25.77 per share

- 2020-07: $26.99 per share

- 2020-08: $27.05 per share

- 2020-09: $25.75 per share

- 2020-10: $27.67 per share

- 2020-11: $32.60 per share

- 2020-12: $33.93 per share

- 2021-01: $33.05 per share

- 2021-02: $35.38 per share

- 2021-03: $35.67 per share

- 2021-04: $35.18 per share

- 2021-05: $35.50 per share

- 2021-06: $33.09 per share

- 2021-07: $34.03 per share

- 2021-08: $30.80 per share

- 2021-09: $32.98 per share

- 2021-10: $35.39 per share

- 2021-11: $34.43 per share

- 2021-12: $34.85 per share

- 2022-01: $31.40 per share

- 2022-02: $30.27 per share

- 2022-03: $29.17 per share

- 2022-04: $29.35 per share

- 2022-05: $31.08 per share

- 2022-06: $27.97 per share

- 2022-07: $28.22 per share

- 2022-08: $27.29 per share

- 2022-09: $23.84 per share

- 2022-10: $26.49 per share

- 2022-11: $28.90 per share

- 2022-12: $27.27 per share

- 2023-01: $29.51 per share

- 2023-02: $28.55 per share

- 2023-03: $28.03 per share

- 2023-04: $27.59 per share

- 2023-05: $26.26 per share

- 2023-06: $29.26 per share

- 2023-07: $33.58 per share

- 2023-08: $32.66 per share

- 2023-09: $32.54 per share

- 2023-10: $28.68 per share

- 2023-11: $30.41 per share

- 2023-12: $32.66 per share

- 2024-01: $33.13 per share

- 2024-02: $36.53 per share

- 2024-03: $36.12 per share

- 2024-04: $34.30 per share

- 2024-05: $35.00 per share

- 2024-06: $33.71 per share

- 2024-07: $31.06 per share

- 2024-08: $31.33 per share

- 2024-09: $29.69 per share

- 2024-10: $30.31 per share

- 2024-11: $30.56 per share

- 2024-12: $28.73 per share

- 2025-01: $25.92 per share

- 2025-02: $24.32 per share

- 2025-03: $23.30 per share

- 2025-04: $21.78 per share

- 2025-05: $21.57 per share

- 2025-06: $21.99 per share

- 2025-07: $26.42 per share

- 2025-08: $28.01 per share

- 2025-09: $28.30 per share

- 2025-10: $23.45 per share

- 2025-11: $22.83 per share

- 2025-12: $23.27 per share

- 2026-01: $23.01 per share

- 2026-02: $23.40 per share

- 2026-03: $21.85 per share

- 2026-04: $23.11 per share

- 2026-05: $24.16 per share

- 2026-06: $25.27 per share

- 2026-07: $23.36 per share

- 2026-08: $22.37 per share

- 2026-09: $21.74 per share

- 2026-10: $21.11 per share

## Annual estimated value (USD per share)

- FY2016: low $19.65 per share, central $27.58 per share, high $32.00 per share

- FY2017: low $21.10 per share, central $29.69 per share, high $34.48 per share

- FY2018: low $22.35 per share, central $32.01 per share, high $37.40 per share

- FY2019: low $25.73 per share, central $36.81 per share, high $42.99 per share

- FY2020: low $20.45 per share, central $23.08 per share, high $26.57 per share

- FY2021: low $20.78 per share, central $23.55 per share, high $27.24 per share

- FY2022: low $25.14 per share, central $32.18 per share, high $37.47 per share

- FY2023: low $29.88 per share, central $39.96 per share, high $46.67 per share

- FY2024: low $24.34 per share, central $29.74 per share, high $34.56 per share

- FY2025: low $24.34 per share, central $30.06 per share, high $35.02 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/355811/000035581126000010/gntx-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.