Generac Holdings Inc. (GNRC) 10-Year Financial Performance & Capital Metrics

GNRC • • Industrial / General

IndustrialsIndustrial MachineryPower Generation & Energy EquipmentPower Generation Systems

AboutGenerac Holdings Inc. designs, manufactures, and sells power generation equipment, energy storage systems, and other power products for the residential, and light commercial and industrial markets worldwide. The company offers engines, alternators, batteries, electronic controls, steel enclosures, and other components. It also provides residential automatic standby generators ranging in output from 7.5kW to 150kW; air-cooled engine residential standby generators ranging from 7.5kW to 26kW; liquid-cooled engine generators with outputs ranging from 22kW to 150kW; and Mobile Link, a remote monitoring system for home standby generators. In addition, the company offers various portable generators ranging in size from 800W to 17.5kW; outdoor power equipment, such as trimmers, field and brush mowers, log splitters, stump grinders, chipper shredders, lawn and leaf vacuums, pressure washers, and water pumps; and clean energy solution under the PWRcell and PWRview brands. Further, it provides light towers, mobile generators, and mobile energy storage systems; commercial mobile pumps and dust-suppression equipment; various gaseous-engine control systems and accessories; light-commercial standby generators ranging from 22kW to 150kW and related transfer switches providing three-phase power for small and mid-sized businesses; and industrial generators ranging in output from 10kW to 3,250kW used as emergency backup for healthcare, telecom, datacom, commercial office, retail, municipal, and manufacturing markets. Additionally, the company sells aftermarket service parts and product accessories to dealers. It distributes its products through independent residential dealers, industrial distributors and dealers, national and regional retailers, e-commerce partners, electrical, HVAC and solar wholesalers, catalogs, equipment rental companies and distributors, and solar installers; and directly to end users. The company was founded in 1959 and is headquartered in Waukesha, Wisconsin.Show more

Revenue $4.3B +6.8%
EBITDA $709M +28.2%
Net Income $325M +60.2%
EPS (Diluted) 5.39 +64.8%
Gross Margin 38.77% +14.2%
EBITDA Margin 16.49% +20.0%
Operating Margin 12.49% +30.1%
Net Margin 7.57% +50.0%
ROE 13.42% +55.9%
ROIC 10.63% +41.6%
Debt/Equity 0.59 -19.9%
Interest Coverage 5.98 +51.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.3%
✓Share count reduced 2.8% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.39%

5Y14.28%

3Y4.75%

TTM5.52%

Profit (Net Income) CAGR

10Y6.42%

5Y5.13%

3Y-15.2%

TTM7.01%

EPS CAGR

10Y8.03%

5Y5.99%

3Y-13.4%

TTM8.92%

ROCE

10Y Avg15.86%

5Y Avg15.89%

3Y Avg12.17%

Latest12.95%

Peer Comparison

Power Generation Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BWENBroadwind, Inc.	80.04M	3.45	65.84	-29.65%	3.37%	7.76%	12.73%	0.60
RRXRegal Rexnord Corporation	10.5B	158.16	53.80	-3.47%	4.38%	3.8%	4.76%	0.89
ETNEaton Corporation plc	129.52B	333.46	35.10	7.25%	14.74%	20.75%	2.72%	0.53
GNRCGenerac Holdings Inc.	9.47B	161.43	29.95	6.79%	7.19%	11.83%	6.38%	0.59
THRThermon Group Holdings, Inc.	1.36B	41.35	26.34	0.72%	11.6%	11.46%	3.89%	0.31
PSIXPower Solutions International, Inc.	1.74B	75.47	25.07	3.7%	17.94%	74.6%	3.33%	2.24
CMICummins Inc.	79.35B	574.84	20.26	0.11%	7.95%	20.37%	0.35%	0.67
CYDChina Yuchai International Limited	1.62B	43.11	5.25	6.02%	1.69%	2.63%	14.48%	0.21

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.32B	1.44B	1.67B	2.02B	2.2B	2.49B	3.74B	4.56B	4.02B	4.3B
Revenue Growth %	-0.1%	0.1%	0.16%	0.21%	0.09%	0.13%	0.5%	0.22%	-0.12%	0.07%
Cost of Goods Sold+	857.35M	930.35M	1.09B	1.3B	1.41B	1.53B	2.38B	3.04B	2.66B	2.63B
COGS % of Revenue	0.65%	0.64%	0.65%	0.64%	0.64%	0.61%	0.64%	0.67%	0.66%	0.61%
Gross Profit+	459.95M	514.11M	582.12M	725.04M	797.75M	957.65M	1.36B	1.52B	1.37B	1.67B
Gross Margin %	0.35%	0.36%	0.35%	0.36%	0.36%	0.39%	0.36%	0.33%	0.34%	0.39%
Gross Profit Growth %	-0.11%	0.12%	0.13%	0.25%	0.1%	0.2%	0.42%	0.12%	-0.1%	0.22%
Operating Expenses+	280.39M	309.67M	334.15M	367.86M	425.59M	478.55M	638.95M	955.67M	979.23M	1.13B
OpEx % of Revenue	0.21%	0.21%	0.2%	0.18%	0.19%	0.19%	0.17%	0.21%	0.24%	0.26%
Selling, General & Admin	183.19M	239.55M	262.42M	295.73M	326.7M	364.61M	463.29M	692.58M	701.6M	811.54M
SG&A % of Revenue	0.14%	0.17%	0.16%	0.15%	0.15%	0.15%	0.12%	0.15%	0.17%	0.19%
Research & Development	32.92M	37.23M	42.92M	50.02M	68.39M	80.25M	104.3M	159.77M	173.44M	219.6M
R&D % of Revenue	0.02%	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.04%	0.04%	0.05%
Other Operating Expenses	64.28M	32.95M	28.86M	22.11M	30.5M	33.69M	71.35M	103.32M	104.19M	97.74M
Operating Income+	179.56M	204.62M	251.06M	357.18M	372.16M	479.11M	721.14M	566.33M	386.2M	536.74M
Operating Margin %	0.14%	0.14%	0.15%	0.18%	0.17%	0.19%	0.19%	0.12%	0.1%	0.12%
Operating Income Growth %	-0.39%	0.14%	0.23%	0.42%	0.04%	0.29%	0.51%	-0.21%	-0.32%	0.39%
EBITDA+	219.89M	259.04M	303.05M	404.59M	433.07M	547.88M	813.18M	722.47M	552.8M	708.51M
EBITDA Margin %	0.17%	0.18%	0.18%	0.2%	0.2%	0.22%	0.22%	0.16%	0.14%	0.16%
EBITDA Growth %	-0.33%	0.18%	0.17%	0.34%	0.07%	0.27%	0.48%	-0.11%	-0.23%	0.28%
D&A (Non-Cash Add-back)	40.33M	54.42M	51.99M	47.41M	60.91M	68.77M	92.04M	156.14M	166.6M	171.77M
EBIT	165.83M	198.26M	246.37M	352.03M	361.15M	479.18M	724.48M	563.29M	387.93M	499.15M
Net Interest Income+	-42.72M	-44.52M	-42.67M	-40.96M	-41.54M	-32.99M	-32.95M	-54.83M	-97.63M	-89.71M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	42.72M	44.52M	42.67M	40.96M	41.54M	32.99M	32.95M	54.83M	97.63M	89.71M
Other Income/Expense	-56.58M	-48.23M	-46.94M	-46.1M	-52.56M	-32.91M	-29.61M	-57.86M	-95.9M	-127.3M
Pretax Income+	122.98M	156.38M	204.69M	311.08M	319.61M	446.19M	691.53M	508.47M	290.3M	409.44M
Pretax Margin %	0.09%	0.11%	0.12%	0.15%	0.14%	0.18%	0.19%	0.11%	0.07%	0.1%
Income Tax+	45.24M	57.57M	43.55M	69.86M	67.3M	98.97M	134.96M	99.6M	73.18M	92.46M
Effective Tax Rate %	0.63%	0.63%	0.78%	0.77%	0.79%	0.78%	0.77%	0.69%	0.7%	0.79%
Net Income+	77.75M	98.79M	159.39M	238.26M	253.26M	349.33M	533.39M	350.27M	203.09M	325.26M
Net Margin %	0.06%	0.07%	0.1%	0.12%	0.11%	0.14%	0.14%	0.08%	0.05%	0.08%
Net Income Growth %	-0.55%	0.27%	0.61%	0.49%	0.06%	0.38%	0.53%	-0.34%	-0.42%	0.6%
Net Income (Continuing)	77.75M	97.18M	159.56M	241.22M	252.31M	347.22M	556.57M	408.87M	217.12M	316.98M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	33.13M	44.21M	61.72M	61.7M	66.12M	58.36M	112.34M	9.37M	3.17M
EPS (Diluted)+	1.12	1.50	2.56	3.83	4.03	5.48	8.30	5.42	3.27	5.39
EPS Growth %	-0.55%	0.34%	0.71%	0.5%	0.05%	0.36%	0.51%	-0.35%	-0.4%	0.65%
EPS (Basic)	1.14	1.51	2.58	3.86	4.09	5.61	8.51	5.55	3.31	5.46
Diluted Shares Outstanding	69.2M	65.38M	62.64M	62.23M	62.87M	63.74M	64.25M	64.68M	62.06M	60.35M
Basic Shares Outstanding	68.1M	64.91M	62.04M	61.66M	61.93M	62.28M	62.69M	63.12M	61.27M	59.56M
Dividend Payout Ratio	0.02%	0%	-	0%	0%	-	-	0%	-	0%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	661.37M	683.51M	818.56M	1.12B	1.2B	1.67B	1.85B	2.18B	2B	2.03B
Cash & Short-Term Investments	115.86M	67.27M	138.47M	224.48M	322.88M	655.13M	147.34M	132.72M	200.99M	281.28M
Cash Only	115.86M	67.27M	138.47M	224.48M	322.88M	655.13M	147.34M	132.72M	200.99M	281.28M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	182.19M	241.86M	279.3M	326.13M	319.54M	374.91M	546.47M	522.46M	537.32M	612.11M
Days Sales Outstanding	50.48	61.12	60.95	58.83	52.91	55.06	53.37	41.78	48.75	52.01
Inventory	325.38M	349.73M	380.34M	544.75M	522.02M	603.32M	1.09B	1.41B	1.17B	1.03B
Days Inventory Outstanding	138.52	137.21	127.32	153.13	135.46	144.16	167.32	168.59	160.37	143.16
Other Current Assets	0	0	0	0	0	0	0	121.78M	91.9M	107.14M
Total Non-Current Assets+	1.13B	1.18B	1.2B	1.31B	1.47B	1.57B	3.03B	2.99B	3.1B	3.08B
Property, Plant & Equipment	184.21M	212.79M	230.38M	278.93M	363.89M	416.94M	562.74M	642.77M	801.63M	858.25M
Fixed Asset Turnover	7.15x	6.79x	7.26x	7.25x	6.06x	5.96x	6.64x	7.10x	5.02x	5.01x
Goodwill	669.72M	704.64M	721.52M	764.65M	805.28M	855.23M	1.41B	1.4B	1.43B	1.44B
Intangible Assets	256.91M	255.17M	235.76M	246.49M	297.73M	292.02M	1.04B	930.71M	846.08M	758.52M
Long-Term Investments	0	0	0	0	0	0	0	0	0	28.37M
Other Non-Current Assets	964K	2.23M	10.5M	15.31M	0	0	0	0	0	-28.37M
Total Assets+	1.79B	1.86B	2.02B	2.43B	2.67B	3.24B	4.88B	5.17B	5.09B	5.11B
Asset Turnover	0.73x	0.78x	0.83x	0.83x	0.83x	0.77x	0.77x	0.88x	0.79x	0.84x
Asset Growth %	-0.05%	0.04%	0.09%	0.2%	0.1%	0.21%	0.51%	0.06%	-0.01%	0%
Total Current Liabilities+	213.22M	341.94M	388.87M	560.71M	497.06M	641.52M	1.16B	992.04M	880.77M	1.03B
Accounts Payable	108.33M	181.52M	233.64M	328.09M	261.98M	330.25M	674.21M	446.05M	340.72M	458.69M
Days Payables Outstanding	46.12	71.21	78.21	92.23	67.98	78.91	103.52	53.51	46.8	63.65
Short-Term Debt	9.25M	46.16M	22.17M	46.66M	59.27M	41.12M	73.76M	59.07M	123.88M	116.6M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	3.10x	2.00x	2.10x	2.00x	2.41x	2.60x	1.60x	2.20x	2.27x	1.97x
Quick Ratio	1.58x	0.98x	1.13x	1.03x	1.36x	1.66x	0.66x	0.78x	0.94x	0.97x
Cash Conversion Cycle	142.88	127.11	110.06	119.73	120.39	120.31	117.17	156.86	162.32	131.52
Total Non-Current Liabilities+	647.85M	1.09B	1.03B	1.04B	1.07B	1.14B	1.45B	1.81B	1.86B	1.58B
Long-Term Debt	1.04B	1.01B	906.55M	857.13M	813.63M	816.7M	867.13M	1.34B	1.38B	1.15B
Capital Lease Obligations	0	0	0	19.27M	164.56M	205.01M	376.65M	196.61M	225.87M	201.03M
Deferred Tax Liabilities	6.17M	17.28M	43.79M	71.3M	96.33M	115.77M	205.96M	125.69M	90.01M	33.19M
Other Non-Current Liabilities	57.46M	61.46M	82.89M	95.65M	0	0	0	0	0	0
Total Liabilities	861.07M	1.43B	1.42B	1.6B	1.57B	1.78B	2.61B	2.8B	2.74B	2.61B
Total Debt+	1.05B	1.05B	928.72M	923.96M	1.04B	1.07B	1.32B	1.6B	1.73B	1.48B
Net Debt	930.53M	985.65M	790.25M	699.47M	716.41M	410.02M	1.17B	1.47B	1.53B	1.19B
Debt / Equity	2.25x	2.42x	1.54x	1.12x	0.95x	0.73x	0.58x	0.68x	0.74x	0.59x
Debt / EBITDA	4.76x	4.06x	3.06x	2.28x	2.40x	1.94x	1.63x	2.21x	3.14x	2.08x
Net Debt / EBITDA	4.23x	3.81x	2.61x	1.73x	1.65x	0.75x	1.44x	2.03x	2.77x	1.69x
Interest Coverage	4.20x	4.60x	5.88x	8.72x	8.96x	14.52x	21.88x	10.33x	3.96x	5.98x
Total Equity+	465.87M	434.25M	603.76M	822.26M	1.09B	1.46B	2.27B	2.37B	2.35B	2.5B
Equity Growth %	-0.05%	-0.07%	0.39%	0.36%	0.33%	0.33%	0.56%	0.04%	-0.01%	0.06%
Book Value per Share	6.73	6.64	9.64	13.21	17.40	22.85	35.36	36.64	37.86	41.38
Total Shareholders' Equity	465.87M	401.12M	559.55M	760.55M	1.03B	1.39B	2.21B	2.26B	2.34B	2.49B
Common Stock	696K	702K	708K	712K	717K	721K	725K	728K	733K	738K
Retained Earnings	358.17M	456.05M	616.35M	831.12M	1.08B	1.43B	1.97B	2.32B	2.52B	2.84B
Treasury Stock	-111.52M	-262.4M	-294M	-321.47M	-324.55M	-332.16M	-448.98M	-808.49M	-1.03B	-1.2B
Accumulated OCI	-22.48M	-40.16M	-21.2M	-23.81M	-24.92M	-34.25M	-54.76M	-65.1M	-15.14M	-85.4M
Minority Interest	0	33.13M	44.21M	61.72M	61.7M	66.12M	58.36M	112.34M	9.37M	3.17M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	188.62M	253.41M	261.12M	247.23M	308.89M	486.53M	411.16M	58.52M	521.67M	741.3M
Operating CF Margin %	0.14%	0.18%	0.16%	0.12%	0.14%	0.2%	0.11%	0.01%	0.13%	0.17%
Operating CF Growth %	-0.25%	0.34%	0.03%	-0.05%	0.25%	0.58%	-0.15%	-0.86%	7.91%	0.42%
Net Income	77.75M	98.81M	161.13M	241.22M	252.31M	347.22M	556.57M	408.87M	217.12M	316.98M
Depreciation & Amortization	40.33M	54.42M	51.99M	47.41M	60.91M	68.77M	92.04M	156.14M	166.6M	171.77M
Stock-Based Compensation	8.24M	9.49M	10.21M	14.56M	16.69M	20.88M	23.95M	31.37M	37.34M	51.24M
Deferred Taxes	26.95M	39.35M	21.44M	23.6M	18.73M	21.2M	-2.1M	-95.47M	-34.48M	-60.62M
Other Non-Cash Items	53.83M	7.6M	3.93M	8.55M	17.64M	9.74M	-767K	22.84M	7.68M	50.03M
Working Capital Changes	-18.49M	43.74M	12.42M	-88.12M	-57.4M	18.72M	-258.55M	-465.24M	127.41M	211.9M
Change in Receivables	9.61M	-9.08M	-29.77M	-43.24M	8.23M	-55.98M	-131.86M	6.55M	-18.27M	-82.82M
Change in Inventory	9.08M	15.51M	-16.28M	-152.59M	26.37M	-77.98M	-470.99M	-319.27M	262.67M	122.95M
Change in Payables	-27.77M	32.91M	42.79M	86.36M	-69.4M	66.04M	297.32M	-223.03M	-120.9M	123.57M
Cash from Investing+	-104.33M	-105.82M	-31.92M	-108.89M	-170.08M	-124.09M	-817.29M	-134.23M	-178.06M	-208.71M
Capital Expenditures	-30.65M	-30.47M	-33.26M	-47.6M	-60.8M	-62.13M	-109.99M	-86.19M	-129.06M	-136.73M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.03%	0.02%	0.03%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	105K	1.36M	82K	214K	95K	179K	-3.4M	2.08M	2.9M	211K
Cash from Financing+	-154.48M	-195.71M	-160.14M	-52.03M	-41.92M	-30.43M	-102.97M	64.04M	-277.14M	-448.83M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.44M	-76K	0	-314K	-285K	0	0	-309K	0	-273K
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-5.51M	-10.64M	-9.79M	-7.36M	-13.46M	-18.91M	-91M	-67.76M	-120.72M	-44.92M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	157.97M	222.94M	227.85M	199.63M	248.09M	424.4M	301.16M	-27.67M	392.61M	604.57M
FCF Margin %	0.12%	0.15%	0.14%	0.1%	0.11%	0.17%	0.08%	-0.01%	0.1%	0.14%
FCF Growth %	-0.28%	0.41%	0.02%	-0.12%	0.24%	0.71%	-0.29%	-1.09%	15.19%	0.54%
FCF per Share	2.28	3.41	3.64	3.21	3.95	6.66	4.69	-0.43	6.33	10.02
FCF Conversion (FCF/Net Income)	2.43x	2.57x	1.64x	1.04x	1.22x	1.39x	0.77x	0.17x	2.57x	2.28x
Interest Paid	39.52M	42.46M	41.1M	41.01M	35.47M	28.77M	27.84M	48.91M	84.03M	89.42M
Taxes Paid	6.09M	8.89M	23.84M	41.04M	61.77M	61.86M	156.73M	150.89M	100.08M	148.83M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	16.27%	21.95%	30.71%	33.42%	26.43%	27.39%	28.61%	15.09%	8.61%	13.42%
Return on Invested Capital (ROIC)	9.67%	10.9%	13.38%	18.38%	16.75%	19.55%	20.36%	11.66%	7.5%	10.63%
Gross Margin	34.92%	35.59%	34.81%	35.83%	36.19%	38.53%	36.39%	33.34%	33.94%	38.77%
Net Margin	5.9%	6.84%	9.53%	11.77%	11.49%	14.06%	14.27%	7.67%	5.05%	7.57%
Debt / Equity	2.25x	2.42x	1.54x	1.12x	0.95x	0.73x	0.58x	0.68x	0.74x	0.59x
Interest Coverage	4.20x	4.60x	5.88x	8.72x	8.96x	14.52x	21.88x	10.33x	3.96x	5.98x
FCF Conversion	2.43x	2.57x	1.64x	1.04x	1.22x	1.39x	0.77x	0.17x	2.57x	2.28x
Revenue Growth	-9.83%	9.65%	15.78%	20.99%	8.94%	12.74%	50.38%	22.14%	-11.88%	6.79%

Frequently Asked Questions

Valuation & Price

Generac Holdings Inc. (GNRC) has a price-to-earnings (P/E) ratio of 29.9x. This suggests investors expect higher future growth.

Growth & Financials

Generac Holdings Inc. (GNRC) reported $4.35B in revenue for fiscal year 2024. This represents a 450% increase from $792.0M in 2011.

Generac Holdings Inc. (GNRC) grew revenue by 6.8% over the past year. This is steady growth.

Yes, Generac Holdings Inc. (GNRC) is profitable, generating $312.9M in net income for fiscal year 2024 (7.6% net margin).

Dividend & Returns

Generac Holdings Inc. (GNRC) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Generac Holdings Inc. (GNRC) has a return on equity (ROE) of 13.4%. This is reasonable for most industries.

Generac Holdings Inc. (GNRC) generated $513.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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