NYSE : GTES
Gates Industrial Corporation plc — Financial statements
Industrials · Specialty Industrial Machinery · United States
Last price 26.25 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.65B
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Financial statements
Gates Industrial Corporation plc (GTES) reported revenue of 3.55B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.55B | 3.44B | 3.41B | 3.57B | 3.55B | 3.47B |
| Cost of Revenue | 2.09B | 2.05B | 2.03B | 2.20B | 2.30B | 2.13B |
| Gross Profit | 1.46B | 1.39B | 1.38B | 1.37B | 1.25B | 1.34B |
| Selling, General & Admin | 922.30M | 866.00M | 871.10M | 872.30M | 853.20M | 852.00M |
| Other Operating Expenses | 200.00K | 200.00K | -9.30M | |||
| Operating Expenses | 922.30M | 866.00M | 871.10M | 872.50M | 853.40M | 842.70M |
| Operating Income | 540.40M | 528.20M | 511.50M | 494.20M | 399.50M | 497.90M |
| Interest Expense | -123.00M | -125.90M | -155.80M | -163.20M | -139.40M | -133.50M |
| Interest & Investment Income | 9.60M | 9.60M | 13.70M | |||
| Currency Exchange Gain (Loss) | -12.70M | -11.70M | -200.00K | |||
| Other Non Operating Income (Expenses) | -900.00K | -6.30M | 4.90M | -13.80M | 11.10M | -900.00K |
| EBT Excluding Unusual Items | 413.40M | 393.90M | 374.10M | 317.20M | 271.20M | 363.50M |
| Merger & Restructuring Charges | -65.00M | -63.70M | -33.50M | -20.50M | -13.40M | -13.80M |
| Gain (Loss) on Sale of Assets | -12.70M | |||||
| Other Unusual Items | -600.00K | 100.00K | -11.40M | |||
| Pretax Income | 357.80M | 340.20M | 328.00M | 285.30M | 257.80M | 349.70M |
| Income Tax Expense | -34.80M | 63.10M | 107.50M | 28.30M | 14.90M | 18.40M |
| Earnings From Continuing Operations | 392.60M | 277.10M | 220.50M | 257.00M | 242.90M | 331.30M |
| Earnings From Discontinued Operations | -700.00K | -800.00K | -600.00K | -600.00K | -400.00K | |
| Net Income to Company | 391.90M | 276.30M | 219.90M | 256.40M | 242.50M | 331.30M |
| Minority Interest in Earnings | -23.50M | -24.90M | -25.00M | -23.50M | -21.70M | -34.20M |
| Net Income | 368.40M | 251.40M | 194.90M | 232.90M | 220.80M | 297.10M |
| Net Income to Common | 368.40M | 251.40M | 194.90M | 232.90M | 220.80M | 297.10M |
| Shares Outstanding (Basic) | 253.98M | 256.66M | 259.48M | 271.88M | 284.06M | 291.62M |
| Shares Outstanding (Diluted) | 256.71M | 260.53M | 264.68M | 275.65M | 287.59M | 297.29M |
| EPS (Basic) | 1.45 | 0.98 | 0.75 | 0.86 | 0.78 | 1.02 |
| EPS (Diluted) | 1.42 | 0.96 | 0.74 | 0.84 | 0.77 | 1.00 |
| Free Cash Flow | 367.20M | 404.90M | 296.50M | 419.80M | 188.20M | 304.70M |
| Free Cash Flow Per Share | 1.43 | 1.55 | 1.12 | 1.52 | 0.65 | 1.02 |
| Gross Margin | 41.17% | 40.49% | 40.57% | 38.28% | 35.25% | 38.59% |
| Operating Margin | 15.21% | 15.34% | 15.01% | 13.84% | 11.24% | 14.33% |
| Profit Margin | 10.37% | 7.30% | 5.72% | 6.52% | 6.21% | 8.55% |
| Free Cash Flow Margin | 10.34% | 11.76% | 8.70% | 11.76% | 5.29% | 8.77% |
| EBITDA | 764.30M | 742.00M | 728.40M | 711.70M | 616.70M | 720.50M |
| EBITDA Margin | 21.51% | 21.55% | 21.37% | 19.93% | 17.35% | 20.74% |
| D&A For EBITDA | 223.90M | 213.80M | 216.90M | 217.50M | 217.20M | 222.60M |
| EBIT | 540.40M | 528.20M | 511.50M | 494.20M | 399.50M | 497.90M |
| EBIT Margin | 15.21% | 15.34% | 15.01% | 13.84% | 11.24% | 14.33% |
| Effective Tax Rate | 18.55% | 32.77% | 9.92% | 5.78% | 5.26% | |
| Advertising Expenses | 16.50M | 15.60M | 14.00M | 16.80M | 12.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 830.80M | 812.10M | 682.00M | 720.60M | 578.40M | 658.20M |
| Trading Asset Securities | 7.60M | 300.00K | 13.40M | 29.90M | 33.30M | |
| Cash & Short-Term Investments | 838.40M | 812.40M | 695.40M | 750.50M | 611.70M | 658.20M |
| Accounts Receivable | 885.80M | 744.20M | 722.70M | 768.20M | 808.60M | 708.10M |
| Other Receivables | 40.00M | 43.40M | 28.60M | 30.40M | 13.00M | 19.10M |
| Receivables | 925.80M | 787.60M | 751.30M | 798.60M | 821.60M | 727.20M |
| Inventory | 812.90M | 700.00M | 676.00M | 647.20M | 656.20M | 682.60M |
| Prepaid Expenses | 171.40M | 162.30M | 162.10M | 189.20M | 173.40M | 205.10M |
| Restricted Cash | 2.90M | 2.80M | 3.40M | 3.00M | 2.70M | |
| Other Current Assets | 11.70M | 16.30M | 18.40M | 12.40M | 11.50M | 2.90M |
| Total Current Assets | 2.76B | 2.48B | 2.31B | 2.40B | 2.28B | 2.28B |
| Property, Plant & Equipment | 738.20M | 746.10M | 718.90M | 750.10M | 769.70M | 794.50M |
| Long-Term Investments | 23.70M | 1.10M | 200.00K | 11.80M | 32.70M | 7.70M |
| Goodwill | 2.03B | 2.04B | 1.91B | 2.04B | 1.98B | 2.06B |
| Other Intangible Assets | 1.09B | 1.19B | 1.25B | 1.39B | 1.49B | 1.64B |
| Long-Term Deferred Tax Assets | 728.60M | 640.00M | 553.50M | 622.40M | 600.30M | 639.30M |
| Other Long-Term Assets | 65.50M | 55.10M | 50.20M | 44.10M | 40.00M | 107.60M |
| Total Assets | 7.43B | 7.15B | 6.79B | 7.25B | 7.19B | 7.53B |
| Accounts Payable | 441.90M | 433.70M | 408.20M | 457.70M | 469.60M | 506.60M |
| Accrued Expenses | 270.60M | 191.10M | 216.70M | 208.90M | 133.00M | 214.00M |
| Current Portion of Long-Term Debt | 30.00M | 39.30M | 45.30M | 46.40M | 47.30M | 52.30M |
| Current Portion of Leases | 26.70M | 25.20M | 22.80M | 24.80M | 22.00M | |
| Current Income Taxes Payable | 33.70M | 27.00M | 22.90M | 36.60M | 23.50M | 34.10M |
| Other Current Liabilities | 33.70M | 17.60M | 3.20M | 6.90M | 54.10M | 26.90M |
| Total Current Liabilities | 809.90M | 735.40M | 721.50M | 779.30M | 752.30M | 855.90M |
| Long-Term Debt | 2.19B | 2.20B | 2.31B | 2.43B | 2.45B | 2.55B |
| Long-Term Leases | 125.00M | 124.50M | 127.30M | 110.60M | 121.90M | 116.40M |
| Pension & Post-Retirement Benefits | 58.40M | 68.80M | 78.00M | 83.80M | 76.20M | 106.20M |
| Long-Term Deferred Tax Liabilities | 40.90M | 49.30M | 56.80M | 119.40M | 192.00M | 283.70M |
| Other Long-Term Liabilities | 268.50M | 283.60M | 150.60M | 188.90M | 157.10M | 135.50M |
| Total Liabilities | 3.49B | 3.46B | 3.45B | 3.71B | 3.75B | 4.05B |
| Common Stock | 2.50M | 2.60M | 2.60M | 2.60M | 2.80M | 2.90M |
| Additional Paid-In Capital | 2.65B | 2.63B | 2.62B | 2.58B | 2.54B | 2.48B |
| Retained Earnings | 1.84B | 1.65B | 1.48B | 1.46B | 1.48B | 1.44B |
| Treasury Stock | -37.50M | |||||
| Comprehensive Income & Other | -932.00M | -917.10M | -1.08B | -828.50M | -917.80M | -825.20M |
| Total Common Equity | 3.56B | 3.33B | 3.02B | 3.22B | 3.11B | 3.10B |
| Minority Interest | 382.10M | 355.20M | 316.70M | 323.70M | 333.60M | 381.70M |
| Shareholders' Equity | 3.94B | 3.69B | 3.34B | 3.54B | 3.44B | 3.48B |
| Total Liabilities & Equity | 7.43B | 7.15B | 6.79B | 7.25B | 7.19B | 7.53B |
| Total Debt | 2.35B | 2.39B | 2.51B | 2.61B | 2.64B | 2.74B |
| Net Cash (Debt) | -1.51B | -1.58B | -1.81B | -1.86B | -2.03B | -2.09B |
| Net Cash Per Share | -5.87 | -6.06 | -6.85 | -6.74 | -7.06 | -7.02 |
| Filing Date Shares Outstanding | 251.14M | 253.86M | 255.41M | 264.27M | 282.60M | 291.35M |
| Total Common Shares Outstanding | 251.13M | 253.54M | 255.20M | 264.26M | 282.58M | 291.28M |
| Working Capital | 1.95B | 1.75B | 1.58B | 1.62B | 1.53B | 1.42B |
| Book Value Per Share | 14.17 | 13.15 | 11.85 | 12.19 | 11.01 | 10.64 |
| Tangible Book Value | 440.50M | 106.40M | -133.90M | -204.60M | -361.50M | -605.50M |
| Tangible Book Value Per Share | 1.75 | 0.42 | -0.52 | -0.77 | -1.28 | -2.08 |
| Land | 343.20M | 322.00M | 335.00M | 321.40M | 329.20M | |
| Machinery | 1.10B | 991.20M | 996.80M | 884.60M | 873.30M | |
| Construction In Progress | 79.70M | 63.30M | 55.10M | 100.90M | 81.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 368.40M | 251.40M | 194.90M | 232.90M | 220.80M | 297.10M |
| Depreciation & Amortization | 223.90M | 213.80M | 216.90M | 217.50M | 217.20M | 222.60M |
| Loss (Gain) From Sale of Assets | 200.00K | 300.00K | 5.40M | |||
| Asset Writedown & Restructuring Costs | 2.30M | 3.50M | 100.00K | 2.60M | 2.00M | |
| Stock-Based Compensation | 29.10M | 27.20M | 28.80M | 27.40M | 44.30M | 24.60M |
| Other Operating Activities | -146.90M | -39.40M | -40.40M | -71.60M | -61.60M | -37.90M |
| Change in Accounts Receivable | -54.70M | 18.40M | 8.40M | 45.60M | -129.30M | -22.30M |
| Change in Inventory | -97.00M | 14.30M | -64.00M | 24.50M | 2.90M | -192.40M |
| Change in Accounts Payable | 53.30M | 4.30M | -27.60M | -17.80M | -15.90M | 99.60M |
| Change in Income Taxes | 11.10M | -18.60M | -900.00K | -14.50M | -24.40M | 38.70M |
| Change in Other Net Operating Assets | 50.10M | 2.90M | 58.10M | 36.90M | 9.20M | -49.60M |
| Operating Cash Flow | 439.80M | 478.10M | 379.60M | 481.00M | 265.80M | 382.40M |
| Capital Expenditures | -72.60M | -73.20M | -83.10M | -61.20M | -77.60M | -77.70M |
| Sale of Property, Plant & Equipment | 1.10M | 2.30M | 12.00M | 1.20M | ||
| Divestitures | -12.50M | |||||
| Sale (Purchase) of Intangibles | -23.30M | -40.70M | -23.60M | -10.20M | -9.40M | -9.30M |
| Investment in Securities | -6.30M | |||||
| Other Investing Activities | 15.60M | -7.40M | 9.10M | -11.60M | -3.70M | 1.00M |
| Investing Cash Flow | -79.20M | -119.00M | -104.40M | -81.80M | -90.70M | -86.00M |
| Long-Term Debt Issued | 1.84B | 100.00M | 645.00M | |||
| Long-Term Debt Repaid | -123.40M | -1.95B | -119.60M | -676.90M | -91.00M | |
| Net Debt Issued (Repaid) | -18.70M | -123.40M | -108.40M | -19.60M | -31.90M | -91.00M |
| Issuance of Common Stock | 4.10M | 10.40M | 14.90M | 18.70M | 15.90M | 4.60M |
| Repurchase of Common Stock | -212.00M | -140.30M | -180.80M | -255.00M | -175.90M | -10.60M |
| Other Financing Activities | 5.00M | 2.20M | -12.40M | -2.40M | -61.20M | -51.60M |
| Financing Cash Flow | -221.60M | -251.10M | -286.70M | -258.30M | -253.10M | -148.60M |
| Foreign Exchange Rate Adjustments | 2.50M | 22.20M | -27.70M | 1.70M | -1.50M | -11.00M |
| Net Cash Flow | 141.50M | 130.20M | -39.20M | 142.60M | -79.50M | 136.80M |
| Free Cash Flow | 367.20M | 404.90M | 296.50M | 419.80M | 188.20M | 304.70M |
| Free Cash Flow Margin | 10.34% | 11.76% | 8.70% | 11.76% | 5.29% | 8.77% |
| Free Cash Flow Per Share | 1.43 | 1.55 | 1.12 | 1.52 | 0.65 | 1.02 |
| Levered Free Cash Flow | 396.68M | 338.44M | 342.41M | 425.18M | 190.46M | 288.05M |
| Unlevered Free Cash Flow | 473.55M | 417.12M | 439.79M | 527.17M | 277.59M | 371.49M |
| Cash Interest Paid | 115.20M | 120.70M | 132.60M | 155.10M | 118.70M | 121.20M |
| Cash Income Tax Paid | 92.10M | 111.50M | 122.30M | 110.50M | 117.80M | 83.00M |
| Change in Working Capital | -37.20M | 21.30M | -26.00M | 74.70M | -157.50M | -126.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.98B | 5.55B | 5.27B | 3.54B | 3.22B | 4.64B |
| Enterprise Value | 7.49B | 7.57B | 7.54B | 5.85B | 5.76B | 7.22B |
| Last Close Price | 23.83 | 21.47 | 20.67 | 13.42 | 11.41 | 15.91 |
| PE Ratio | 16.72 | 22.06 | 27.01 | 15.22 | 14.60 | 15.63 |
| Forward PE | 12.63 | 13.95 | 13.56 | 10.22 | 10.24 | 11.96 |
| PS Ratio | 1.68 | 1.61 | 1.54 | 0.99 | 0.91 | 1.34 |
| PB Ratio | 1.68 | 1.50 | 1.58 | 1.00 | 0.94 | 1.33 |
| P/TBV Ratio | 13.59 | 52.12 | ||||
| P/FCF Ratio | 16.30 | 13.70 | 17.76 | 8.44 | 17.12 | 15.24 |
| P/OCF Ratio | 13.61 | 11.60 | 13.87 | 7.37 | 12.12 | 12.15 |
| EV/Sales Ratio | 2.11 | 2.20 | 2.21 | 1.64 | 1.62 | 2.08 |
| EV/EBITDA Ratio | 9.80 | 10.20 | 10.36 | 8.21 | 9.33 | 10.03 |
| EV/EBIT Ratio | 13.86 | 14.33 | 14.74 | 11.83 | 14.41 | 14.51 |
| EV/FCF Ratio | 20.40 | 18.69 | 25.44 | 13.92 | 30.59 | 23.71 |
| Debt / Equity Ratio | 0.59 | 0.65 | 0.75 | 0.74 | 0.77 | 0.79 |
| Debt / EBITDA Ratio | 2.90 | 3.03 | 3.22 | 3.43 | 4.00 | 3.58 |
| Debt / FCF Ratio | 6.39 | 5.91 | 8.46 | 6.21 | 14.04 | 9.01 |
| Net Debt / Equity Ratio | 0.38 | 0.43 | 0.54 | 0.52 | 0.59 | 0.60 |
| Net Debt / EBITDA Ratio | 1.97 | 2.13 | 2.49 | 2.61 | 3.29 | 2.90 |
| Net Debt / FCF Ratio | 4.11 | 3.90 | 6.12 | 4.43 | 10.79 | 6.85 |
| Asset Turnover | 0.49 | 0.49 | 0.48 | 0.49 | 0.48 | 0.47 |
| Inventory Turnover | 2.73 | 2.98 | 3.06 | 3.38 | 3.44 | 3.58 |
| Quick Ratio | 2.18 | 2.18 | 2.00 | 1.99 | 1.91 | 1.62 |
| Current Ratio | 3.41 | 3.37 | 3.20 | 3.08 | 3.03 | 2.66 |
| Return on Equity (ROE) | 10.26% | 7.88% | 6.41% | 7.36% | 7.02% | 9.94% |
| Return on Assets (ROA) | 4.63% | 4.74% | 4.55% | 4.28% | 3.39% | 4.16% |
| Return on Invested Capital (ROIC) | 9.93% | 8.26% | 6.51% | 8.19% | 6.82% | 8.47% |
| Return on Capital Employed (ROCE) | 8.20% | 8.20% | 8.40% | 7.60% | 6.20% | 7.50% |
| Earnings Yield | 5.98% | 4.53% | 3.70% | 6.57% | 6.85% | 6.40% |
| FCF Yield | 6.14% | 7.30% | 5.63% | 11.84% | 5.84% | 6.56% |
| Buyback Yield / Dilution | 1.68% | 1.56% | 3.98% | 4.15% | 3.26% | -1.77% |