olivLaw · US equity research
Gentex Corporation GNTX
Motor Vehicle Parts & Accessories · SIC 3714 · Vertical: Motor Vehicle Parts & Accessories (SIC 3714)
Gentex is the world's largest supplier of automatic-dimming rearview mirrors, with additional divisions in premium audio, dimmable glass, fire protection and biometrics. For 2026 the company lowered its revenue guidance to about 2.65 billion USD, and its dominant global mirror share of 79% in 2025 shows both its strength and its exposure to auto production and trade tariffs.
At the close of 04 Nov 2026, Gentex Corporation (GNTX) stock was 20.82 USD (+3.63% on the day), with market capitalisation 4.4 bn USD, P/E 11.0 on diluted EPS of 1.90 USD over the last 12 months, dividend yield 2.31%, beta 0.65, 52-week range 19.87–26.04 USD. Latest reported quarter (Q2 2026): revenue of 651.3 m USD (−1.0% YoY), net income of 114.7 m USD (+19.4% YoY), diluted EPS 0.54 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.0
- neutral
- Bollinger (20, 2)
- 19.84 – 21.63
- in the upper half of the band · %B 0.55 · band width 8.7%
- SMA 50 / 200
- 21.73 / 23.04
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.42 / -0.45
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.0% | −1.1% | −3.9 pp | — |
| 3 months | −13.7% | −0.5% | −13.2 pp | — |
| 6 months | −11.6% | +4.4% | −16.0 pp | — |
| Year to date | −10.5% | +12.3% | −22.8 pp | — |
| 1 year | −9.9% | +13.5% | −23.5 pp | −12.2% |
| 3 years | −30.8% | +76.4% | −107.2 pp | +9.8% |
| 5 years | −43.5% | +63.7% | −107.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 608.5 m | 541.6 m | 576.8 m | 657.9 m | 655.2 m | 644.4 m | 675.4 m | 651.3 m |
| Cost of revenue | 404.5 m | 365.4 m | 385.0 m | 432.6 m | 430.1 m | 419.9 m | 446.8 m | 410.3 m |
| Gross profit | 204.1 m | 176.2 m | 191.7 m | 225.3 m | 225.2 m | 224.5 m | 228.6 m | 241.0 m |
| Research & development | 48.2 m | 47.1 m | 45.9 m | 51.5 m | 52.6 m | 53.2 m | 51.7 m | 49.3 m |
| SG&A | 30.1 m | 30.5 m | 29.9 m | 48.5 m | 49.7 m | 49.7 m | 49.8 m | 50.0 m |
| Operating income | 125.7 m | 89.8 m | 113.0 m | 118.5 m | 122.3 m | 120.1 m | 123.7 m | 141.3 m |
| Depreciation & amortisation | 22.9 m | 23.8 m | 25.5 m | 27.4 m | 25.9 m | 25.2 m | 25.7 m | 25.8 m |
| Pre-tax income | 145.5 m | 97.8 m | 113.6 m | 115.5 m | 120.6 m | 111.4 m | 118.0 m | 136.8 m |
| Income tax | 22.9 m | 10.1 m | 18.8 m | 19.8 m | 19.7 m | 18.1 m | 19.6 m | 22.6 m |
| Net income | 122.5 m | 87.7 m | 94.9 m | 96.0 m | 101.0 m | 93.0 m | 98.5 m | 114.7 m |
| Diluted EPS | 0.53 | 0.39 | 0.42 | 0.43 | 0.46 | 0.44 ≈ | 0.46 | 0.54 |
| Operating cash flow | 84.7 m ≈ | 154.4 m | 148.5 m | 166.1 m ≈ | 147.0 m ≈ | 125.5 m | 137.1 m | 184.6 m ≈ |
| Capex | 39.3 m ≈ | 41.7 m | 36.7 m | 31.1 m ≈ | 35.6 m ≈ | 25.7 m | 17.0 m | 19.2 m ≈ |
| Dividends paid | 27.6 m ≈ | 27.3 m | 27.3 m | 27.0 m ≈ | 26.3 m ≈ | 26.3 m | 25.9 m | 25.6 m ≈ |
| Share repurchases | 96.6 m ≈ | 21.5 m | 67.8 m | 131.0 m ≈ | 30.2 m ≈ | 86.5 m | 68.6 m | 69.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 39-quarter history (min 12.2, median 16.6, max 23.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 1.9 bn | 1.7 bn | 1.7 bn | 1.9 bn | 2.3 bn | 2.3 bn | 2.5 bn |
| Revenue YoY | +2.2% | +1.4% | −9.2% | +2.5% | +10.8% | +19.8% | +0.6% | +9.6% |
| Net income | 437.9 m | 424.7 m | 347.6 m | 360.8 m | 318.8 m | 428.4 m | 404.5 m | 384.8 m |
| Net income YoY | +7.6% | −3.0% | −18.2% | +3.8% | −11.7% | +34.4% | −5.6% | −4.9% |
| Diluted EPS | 1.62 | 1.66 | 1.41 | 1.50 | 1.36 | 1.84 | 1.76 | 1.74 |
| Diluted EPS YoY | +14.9% | +2.5% | −15.1% | +6.4% | −9.3% | +35.3% | −4.3% | −1.1% |
| net % | 23.9% | 22.8% | 20.6% | 20.8% | 16.6% | 18.6% | 17.5% | 15.2% |
| Free cash flow | 466.4 m | 421.4 m | 412.8 m | 293.3 m | 191.8 m | 353.6 m | 353.5 m | 458.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 145.6 m USD
- Financial debt
- 3.8 m USD
- Net debt
- -141.8 m USD
- Equity
- 2.5 bn USD
- Total assets
- 2.9 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 2.91x
- ROE
- 15.5%
- ROA
- 13.5%
- FCF margin
- 18.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.7 bn | 1.9 bn | 2.3 bn | 2.3 bn | 2.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 1.1 bn | 1.1 bn | 1.3 bn | 1.5 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 605.4 m | 619.7 m | 609.8 m | 762.6 m | 771.1 m | 866.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 115.9 m | 117.8 m | 133.3 m | 154.4 m | 181.5 m | 203.3 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 90.0 m | 92.2 m | 106.5 m | 112.5 m | 121.0 m | 177.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 399.6 m | 409.8 m | 370.0 m | 495.7 m | 459.7 m | 473.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 104.7 m | 99.1 m | 96.6 m | 93.3 m | 94.7 m | 104.0 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 504.3 m ≈ | 508.9 m ≈ | 466.6 m ≈ | 589.1 m ≈ | 554.4 m ≈ | 578.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Pre-tax income | 411.8 m | 416.4 m | 369.7 m | 505.0 m | 472.2 m | 461.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 64.2 m | 55.6 m | 51.0 m | 76.6 m | 67.7 m | 76.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 347.6 m | 360.8 m | 318.8 m | 428.4 m | 404.5 m | 384.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 1.41 | 1.50 | 1.36 | 1.84 | 1.76 | 1.74 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 243.7 m | 236.6 m | 231.2 m | 229.7 m | 226.0 m | 217.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 423.4 m | 262.3 m | 214.8 m | 226.4 m | 233.3 m | 145.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 284.9 m | 249.8 m | 276.5 m | 321.8 m | 295.3 m | 368.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 226.3 m | 316.3 m | 404.4 m | 402.5 m | 436.5 m | 516.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 979.3 m | 873.0 m | 948.7 m | 997.7 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 468.1 m | 464.1 m | 550.0 m | 652.9 m | 728.5 m | 790.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 311.9 m | 314.0 m | 313.8 m | 340.1 m | 340.7 m | 357.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 249.7 m | 239.2 m | 219.4 m | 214.0 m | 195.2 m | 189.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 2.2 bn | 2.1 bn | 2.3 bn | 2.6 bn | 2.8 bn | 2.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 84.8 m | 98.3 m | 151.7 m | 184.4 m | 168.3 m | 249.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 0 | — | — | — | 0 | 3.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 177.7 m | 181.7 m | 250.6 m | 271.6 m | 252.7 m | 387.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 234.0 m | 193.4 m | 261.4 m | 298.9 m | 288.7 m | 437.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 2.0 bn † | 1.9 bn | 2.1 bn | 2.3 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 464.5 m | 362.2 m | 338.2 m | 537.2 m | 498.2 m | 587.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 51.7 m | 68.8 m | 146.4 m | 183.7 m | 144.7 m | 129.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 412.8 m ≈ | 293.3 m ≈ | 191.8 m ≈ | 353.6 m ≈ | 353.5 m ≈ | 458.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | 26.4 m | -113.1 m | -172.7 m | -299.4 m | -202.1 m | -266.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -363.9 m | -410.1 m | -209.0 m | -230.2 m | -289.3 m | -407.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 117.2 m | 115.3 m | 113.1 m | 112.2 m | 110.4 m | 106.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 288.5 m | 324.6 m | 112.5 m | 147.4 m | 206.1 m | 315.5 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 86 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation84
- Balance sheet86
- Quality96
- Growth69
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.31 – 37.21 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA18.74 – 31.17 (Mid 22.81)15 companies used · median multiple 7.5x · quartiles 6.1x – 10.4xALV, APTV, ATMU, BWA, CAAS, CPS, DCH, DORM, LCII, LEA, MOD, PATK, PHIN, SMP, THRM
- Peers: P/E22.69 – 37.21 (Mid 28.57)18 companies used · median multiple 15.1x · quartiles 12.0x – 19.6xADNT, ALSN, ALV, APTV, ATMU, BWA, CAAS, DAN, DORM, GTX, LCII, LEA, MGA, PATK, PHIN, SMP, STRT, VC
- Dividend discount (DDM)6.31 – 8.48 (Mid 7.24)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 86/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.3% | 90 (vs peers) | 11% |
| Net margin · Quality | 15.5% | 100 (vs peers) | 7% |
| FCF conversion · Quality | 122.0% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 9.7% | 81 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 8.6% | 57 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.4x | 80 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 11.0x | 81 (vs peers) | 11% |
| EV/EBITDA · Valuation | 6.8x | 73 (vs peers) | 11% |
| FCF yield · Valuation | 11.3% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 8.2% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 20.9% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet86/100 · 2/3 factors with a value
- Growth69/100 · 2/2 factors with a value
- Quality96/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation84/100 · 3/3 factors with a value
Memo
GENTEX CORPORATION (GNTX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.5 bn USD in 2025; YoY growth 9.6%; net margin 15.5%; ROE 16.4%; net debt/EBITDA -0.4x.
The estimated value range is 18.74–31.17 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 22.81 USD, the price of 20.82 USD leaves a potential of 9.6% (value / price − 1) and a margin of safety of 8.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 86/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 18.3%
- Net margin: 15.5%
- FCF conversion: 122.0%
- Revenue CAGR 3Y: 9.7%
- Net debt / EBITDA: -0.4x
- Current ratio: 3.0x
- P/E (TTM): 11.0x
- EV/EBITDA: 6.8x
- FCF yield: 11.3%
- Shareholder yield (distributions): 8.2%
- Payout ratio (FCF): 20.9%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Motor Vehicle Parts & Accessories (SIC 3714) · same industry (4-digit SIC) · compared with 34 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MGAMagna International Inc. | 18.4 bn | 22.4 | 6.9% | 2.0% | −1.9% | +34% / +22% |
| BWABorgwarner Inc. | 10.1 bn | 21.5 | 8.2% | 3.4% | +1.6% | +17% / +50% |
| ALSNAllison Transmission Holdings, Inc. | 9.9 bn | 17.4 | 29.7% | 11.1% | −6.7% | +36% / +125% |
| ALVAutoliv, Inc. | 9.0 bn | 15.1 | 24.8% | 5.6% | +4.1% | +7% / +21% |
| APTVAptiv PLC | 8.8 bn | 11.9 | 8.5% | 4.6% | +3.5% | −44% / −48% |
| LEALear Corp | 5.7 bn | 10.4 | 11.6% | 2.5% | −0.2% | +11% / −11% |
| MODModine Manufacturing Co | 5.2 bn | 41.3 | 11.4% | 3.6% | +23.1% | −39% / +100% |
| GNTXGentex Corporation | 4.4 bn | 11.0 | 16.4% | 15.5% | +9.6% | −10% / −31% |
| DORMDorman Products, Inc. | 4.2 bn | 21.2 | 13.3% | 9.3% | +6.0% | +8% / +98% |
| ATMUAtmus Filtration Technologies Inc. | 3.9 bn | 18.3 | 55.8% | 11.3% | +5.7% | −5% / +119% |
| GTXGarrett Motion Inc. | 3.6 bn | 10.1 | — | 10.0% | +3.1% | +20% / +167% |
| PATKPatrick Industries Inc | 2.7 bn | 20.1 | 13.0% | 3.7% | +6.3% | −22% / +55% |
| PHINPhinia Inc. | 2.6 bn | 14.5 | 12.2% | 5.2% | +2.4% | +33% / +181% |
| DANDana Incorporated | 2.6 bn | 2.4 | 71.4% | 14.6% | −3.0% | +6% / +80% |
| LCIILci Industries | 2.5 bn | 12.1 | 15.0% | 5.2% | +10.2% | −8% / −4% |
| VCVisteon Corp | 2.0 bn | 13.8 | 10.8% | 4.1% | −2.5% | −22% / −32% |
| THRMGentherm Incorporated | 1.6 bn | 105.3 | 1.3% | 0.6% | +2.9% | −13% / −32% |
| ADNTAdient plc | 1.3 bn | 28.5 | 2.7% | 0.3% | −1.0% | −12% / −47% |
| DCHDauch Corporation | 1.1 bn | — | -15.2% | -2.0% | −4.7% | −27% / −31% |
| SMPStandard Motor Products, Inc. | 1.0 bn | 15.1 | 9.9% | 3.8% | +22.4% | +22% / +28% |
| AEVAAeva Technologies, Inc. | 661.5 m | — | — | -150.1% | +99.4% | −15% / +240% |
| CPSCooper-Standard Holdings Inc. | 391.6 m | — | — | -2.0% | +0.4% | −29% / +24% |
| HLLYHolley Inc. | 351.6 m | 35.3 | 2.3% | 1.7% | +1.9% | −32% / −30% |
| KNDIKandi Technologies Group, Inc. | 287.8 m | — | -30.5% | -107.4% | −31.5% | −63% / −88% |
| STRTStrattec Security Corp | 258.5 m | 15.6 | 7.2% | 2.9% | +2.5% | −14% / +201% |
1- and 3-year price returns: for GNTX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 13.20 Total return -35% · Per year -35% | 23.28 Total return 14% · Per year 14% | 34.99 Total return 71% · Per year 71% |
| 3 years | 14.19 Total return -26% · Per year -9% | 28.03 Total return 43% · Per year 13% | 46.05 Total return 132% · Per year 32% |
| 5 years | 15.25 Total return -16% · Per year -3% | 33.74 Total return 78% · Per year 12% | 60.60 Total return 212% · Per year 26% |
- Exit P/E± 7.01
- Net margin± 4.90
- Annual revenue growth± 3.83
- Annual dilution± 0.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Gentex is the world's largest supplier of automatic-dimming rearview mirrors, with additional divisions in premium audio, dimmable glass, fire protection and biometrics. For 2026 the company lowered its revenue guidance to about 2.65 billion USD, and its dominant global mirror share of 79% in 2025 shows both its strength and its exposure to auto production and trade tariffs.
SWOT
Strengths
- A leading global position in automatic-dimming mirrors with a dominant market share and long-standing relationships with automakers 1.
- A patent-backed portfolio in electrochromics, displays and biometrics, supported by sustained research and development spending 1.
- Growing non-automotive sales and a solid financial base that allows share repurchases 3.
Weaknesses
- Heavy dependence on the cyclical auto industry, which is exposed to production disruptions at customers 1.
- Concentration on a few large customers whose loss would have a material effect on results 1.
- Margins under pressure from material costs and customer pricing, which reduced profitability in some quarters 3.
Opportunities
Risks
- Reliance on the auto industryhigh
Most revenue comes from vehicle production, which is cyclical and can be disrupted at customers 1.
- Loss of a major customerhigh
Three automotive customers each account for at least 10% of sales, and losing one would have a significant effect on results 1.
- Tariffs and Chinamedium
Tariffs and retaliation have hurt exports and could continue to weigh on competitiveness in China 12.
- Material costsmedium
Rising costs for precious metals and other raw materials that are not recovered from customers could compress margins 3.
- Impairments of assets and investmentslow
Investments in third-party companies and goodwill can generate impairments, and a technology investment impairment was recorded in the second quarter of 2026 12.
Investment thesis
What would need to be true (bull case)
- The dominant position in automatic-dimming mirrors and rising electronic content per vehicle could support revenue and margins if adoption of advanced features continues.
- Diversification into premium audio, aerospace, biometrics and fire protection raises the share of non-automotive revenue, which reached 15% in the third quarter of 2026 3.
- If tariff refunds materialize and material costs stabilize, profitability could return toward earlier levels.
What would break the thesis
- Revenue guidance for 2026 was lowered, and sales fell short of forecast in the third quarter due to customer issues and delayed launches 3.
- Exports to China and sales in Europe declined, while global light vehicle production contracts in 2026 23.
- If cameras replace mirrors or better-resourced competitors gain share, demand for core products could fall.
What to watch
- Trend in gross margin and precious metal costsQ4 2026
- Sales pace in China and Europe and customer issuesQ4 2026
- Update of revenue guidance for 20272027
- Launch of the dimmable visor product and the PCBA production contractnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Gentex Corporation, a Michigan company incorporated in 1974, designs and manufactures electrochromic automatic-dimming rearview mirrors, automotive electronics, premium audio, dimmable aircraft windows, smoke alarms and signaling devices, medical devices and consumer electronics 1. The automotive segment remains the largest, accounting for 89% of consolidated net sales in 2025 1. Through the VOXX acquisition completed on April 1, 2025, the company gained premium audio brands such as Klipsch, Onkyo and Integra, and through EyeLock and BioConnect it entered biometrics 1.
Products are sold mainly directly to automakers (OEMs) and Tier 1 suppliers under annual blanket purchase orders and long-term agreements, with Toyota, Volkswagen and General Motors as its three key automotive customers in 2025 1. The company ships to all major automotive regions and maintains sales and engineering offices in Germany, the UK, Sweden, France, Israel, Japan, South Korea and China 1.
The company invests in advanced features such as the Full Display Mirror, HomeLink, driver and cabin monitoring systems and iris-scanning biometrics, as well as the PLACE smart home line and the eSightGo smart glasses for people with visual impairments 1.
Segments
Automotive
Rearview mirrors and automotive electronics are the largest segment. In the second quarter of 2026 automotive net sales were 560.2 million USD, down from 578.1 million USD a year earlier 2.
Premium audio
This segment comes from the VOXX acquisition and includes the Klipsch, Onkyo and Integra brands. In the third quarter of 2026 sales rose about 27% year over year 3.
Other products
This category covers aerospace, biometrics, fire protection and automotive aftermarket. Its sales rose 5% in the third quarter of 2026, supported by aerospace and fire protection 3.
Market context
The automatic-dimming mirror market is dominated by Gentex, which had a worldwide share of about 79% in 2025 1. Global light vehicle production is forecast to fall about 2% in 2026 and rise about 1% in 2027 3.
In the company's primary markets of North America, Europe and Japan/Korea, production is expected to decline about 1% in 2027, with growth concentrated in China and other markets 3. Tariffs and pressure in China are factors that could further limit the company's exports 1.
Trends
- Electrification and rising electronic contenttailwind
More complex vehicles and advanced features such as DMS and ICMS raise electronic content per vehicle, which could support revenue per unit if adoption continues 3.
- Trade tariffsheadwind
Imposed tariffs and retaliation raised input costs and hurt exports to China, while the company keeps pursuing IEEPA refunds whose amount and timing remain uncertain 12.
- Precious metal pricesheadwind
Higher precious metal costs raised bill-of-material costs and reduced gross margin in the third quarter of 2026; the company says it can offset this through engineering 3.
- Cameras replacing mirrorsmixed
Regulations in Europe, Japan, Korea and China allow camera monitoring systems to replace mirrors, which could reduce demand for traditional mirrors if adoption grows 1.
Competitive position
The main mirror competitor is Magna Mirrors, a division of Magna with considerably more resources; the company also names Chinese suppliers selling auto-dimming mirrors in China and Panasonic, which sells competing FDM-type products in Japan 1.
In biometrics the company faces several established companies in facial recognition, fingerprint and iris authentication, and the entry of new competitors could intensify pricing pressure 1.
- Magna
Magna Mirrors, a division of Magna, competes for sales to domestic and foreign automakers and is named as the main competitor 1.
- Panasonic
Sells competing FDM-type products in Japan 1.
- Ficosa
Listed among competitors in mirrors and automotive electronics 1.
- Denso
Listed among competitors in mirrors and automotive electronics 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Gentex Eyes $7B Revenue Path With Auto Tech, VOXX and Contract ManufacturingYahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 28 Aug 2026; the newest SEC filing is from 23 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report23 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report24 Jul 2026Results of operations · Financial statements and exhibits
- Current report26 May 2026Shareholder vote
- Quarterly report06 May 2026
- Current report24 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement09 Apr 2026
- Annual report24 Feb 2026
- Current report30 Jan 2026Results of operations · Financial statements and exhibits
- Quarterly report07 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Gentex Corporation · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Gentex Corporation · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Gentex Corporation · 23 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.