Revenue performance remains highly erratic with quarterly fluctuations between $18.8 million and $40.7 million, while operating margins have demonstrated significant volatility, ranging from a low of -1.2% to a peak of 21.2%.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 103.19M | 115.44M | 113.17M | 105.08M | 103.48M | 85.28M | 77.42M | 81.33M | 98.61M | 80.61M | 69.99M | 39.23M | 40.02M | 48.94M | 63.18M | 59.69M | 55.59M | 56.79M | 88.34M | 75.29M | 67.11M | 48.14M | 54.07M | 55.9M | 67.48M | 71.13M | 96.81M | 101.4M | 249.2M | 195.31M | 60.21M |
| Revenue Growth % | -11.11% | 2.01% | 7.7% | 1.54% | 21.34% | 10.15% | -4.81% | -17.53% | 22.34% | 15.17% | 78.41% | -1.97% | -18.24% | -22.54% | 5.85% | 7.38% | -2.12% | -35.72% | 17.34% | 12.19% | 39.4% | -10.97% | -3.27% | -17.17% | -5.13% | -26.52% | -4.53% | -59.31% | 27.59% | 224.4% | 2.14% |
| Cost of Goods Sold | 74.04M | 83.72M | 81.84M | 76.04M | 82.94M | 67.1M | 58.47M | 58.92M | 71.99M | 59.45M | 52.47M | 31.72M | 32.19M | 37.94M | 51.15M | 50.28M | 46.44M | 47.54M | 67.19M | 55.44M | 50.35M | 37.22M | 38.19M | 42.45M | 50.93M | 53.27M | 69.51M | 85.92M | 167.92M | 142.88M | 44.53M |
| COGS % of Revenue | - | 72.53% | 72.32% | 72.37% | 80.15% | 78.68% | 75.52% | 72.44% | 73% | 73.75% | 74.96% | 80.87% | 80.45% | 77.52% | 80.96% | 84.23% | 83.54% | 83.72% | 76.05% | 73.63% | 75.03% | 77.31% | 70.63% | 75.95% | 75.47% | 74.89% | 71.8% | 84.73% | 67.38% | 73.15% | 73.97% |
| Gross Profit | 29.16M | 31.71M | 31.33M | 29.04M | 20.54M | 18.18M | 18.95M | 22.41M | 26.62M | 21.16M | 17.52M | 7.51M | 7.82M | 11M | 12.03M | 9.41M | 9.15M | 9.25M | 21.16M | 19.85M | 16.76M | 10.92M | 15.88M | 13.45M | 16.55M | 17.86M | 27.3M | 15.48M | 81.28M | 52.44M | 15.67M |
| Gross Margin % | 28.25% | 27.47% | 27.68% | 27.63% | 19.85% | 21.32% | 24.48% | 27.56% | 27% | 26.25% | 25.04% | 19.13% | 19.55% | 22.48% | 19.04% | 15.77% | 16.46% | 16.28% | 23.95% | 26.37% | 24.97% | 22.69% | 29.37% | 24.05% | 24.53% | 25.11% | 28.2% | 15.27% | 32.62% | 26.85% | 26.03% |
| Gross Profit Growth % | - | 1.23% | 7.89% | 41.34% | 13.02% | -4.09% | -15.43% | -15.81% | 25.81% | 20.74% | 133.48% | -4.05% | -28.9% | -8.54% | 27.79% | 2.87% | -1.05% | -56.29% | 6.58% | 18.44% | 53.44% | -31.22% | 18.09% | -18.77% | -7.34% | -34.56% | 76.3% | -80.95% | 55.02% | 234.54% | -3.13% |
| Operating Expenses | 15.98M | 17.7M | 17.64M | 15.61M | 16.38M | 17.48M | 13.42M | 12.94M | 12.91M | 10.92M | 9.71M | 8.3M | 7.85M | 8.43M | 11.64M | 11.16M | 12.2M | 14.02M | 14.31M | 13.52M | 15.4M | 12.18M | 11.71M | 14.62M | 14.19M | 16.66M | 23.45M | 30.6M | 48.21M | 34.23M | 10.43M |
| OpEx % of Revenue | - | 15.33% | 15.59% | 14.86% | 15.83% | 20.49% | 17.33% | 15.91% | 13.09% | 13.55% | 13.87% | 21.16% | 19.61% | 17.21% | 18.42% | 18.69% | 21.95% | 24.68% | 16.2% | 17.95% | 22.95% | 25.3% | 21.65% | 26.15% | 21.03% | 23.42% | 24.22% | 30.17% | 19.34% | 17.53% | 17.33% |
| Selling, General & Admin | 13.2M | 14.94M | 14.33M | 12.15M | 12.05M | 13.2M | 10.36M | 9.65M | 9.99M | 8.78M | 8.14M | 6.88M | 6.43M | 6.71M | 9.3M | 8.95M | 9.5M | 10.74M | 11.51M | 10.95M | 13.32M | 10.27M | 9.79M | 12.9M | 12.49M | 14.31M | 20.67M | 26.19M | 45.24M | 31.41M | 8.23M |
| SG&A % of Revenue | - | 12.94% | 12.66% | 11.57% | 11.65% | 15.48% | 13.38% | 11.86% | 10.13% | 10.89% | 11.63% | 17.53% | 16.06% | 13.71% | 14.72% | 14.99% | 17.09% | 18.91% | 13.03% | 14.54% | 19.86% | 21.33% | 18.1% | 23.09% | 18.51% | 20.12% | 21.35% | 25.83% | 18.15% | 16.08% | 13.66% |
| Research & Development | 2.79M | 2.76M | 3.31M | 3.46M | 4.33M | 4.28M | 3.06M | 3.29M | 2.92M | 2.15M | 1.57M | 1.42M | 1.42M | 1.71M | 2.34M | 2.21M | 2.7M | 2.72M | 2.79M | 2.57M | 2.08M | 1.91M | 1.92M | 1.71M | 1.7M | 2.35M | 2.78M | 4.4M | 2.97M | 2.82M | 2.21M |
| R&D % of Revenue | - | 2.39% | 2.93% | 3.29% | 4.18% | 5.02% | 3.95% | 4.05% | 2.96% | 2.66% | 2.24% | 3.62% | 3.55% | 3.5% | 3.7% | 3.7% | 4.86% | 4.79% | 3.16% | 3.41% | 3.09% | 3.97% | 3.56% | 3.07% | 2.52% | 3.31% | 2.87% | 4.34% | 1.19% | 1.45% | 3.67% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | -5K | 2K | 3K | 0 | 18K | 0 | 0 | 0 | 560K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 13.17M | 14.02M | 13.69M | 13.43M | 4.17M | 701K | 5.54M | 9.47M | 13.71M | 10.24M | 7.82M | -794K | -26K | 2.58M | 393K | -1.74M | -3.05M | -4.77M | 6.85M | 6.33M | 1.36M | -1.26M | 4.17M | -1.17M | 2.06M | -3.87M | 3.85M | -15.11M | 33.08M | 18.21M | 5.24M |
| Operating Margin % | 12.76% | 12.14% | 12.09% | 12.78% | 4.03% | 0.82% | 7.15% | 11.64% | 13.91% | 12.7% | 11.17% | -2.02% | -0.07% | 5.27% | 0.62% | -2.92% | -5.49% | -8.4% | 7.75% | 8.41% | 2.03% | -2.61% | 7.71% | -2.1% | 3.05% | -5.44% | 3.97% | -14.9% | 13.27% | 9.32% | 8.7% |
| Operating Income Growth % | - | 2.42% | 1.95% | 222.17% | 494.44% | -87.34% | -41.54% | -30.95% | 33.99% | 30.96% | 1084.38% | -2953.85% | -101.01% | 555.98% | 122.55% | 42.83% | 36.07% | -169.64% | 8.13% | 366% | 208.03% | -130.16% | 455.58% | -156.97% | 153.2% | -200.57% | 125.46% | -145.69% | 81.68% | 247.41% | 35.38% |
| EBITDA | 15.8M | 16.37M | 16.29M | 16.26M | 6.99M | 3.29M | 7.18M | 11.07M | 15.1M | 11.36M | 9.21M | 591K | 1.35M | 3.81M | 1.47M | -853K | -2.14M | -3.87M | 7.8M | 7.26M | 2.72M | -411K | 5M | 198K | 3.44M | 151K | 9.09M | -10.38M | 39.21M | 22.65M | 5.94M |
| EBITDA Margin % | 15.31% | 14.18% | 14.39% | 15.47% | 6.75% | 3.86% | 9.27% | 13.61% | 15.31% | 14.1% | 13.16% | 1.51% | 3.36% | 7.78% | 2.32% | -1.43% | -3.86% | -6.81% | 8.82% | 9.65% | 4.05% | -0.85% | 9.25% | 0.35% | 5.09% | 0.21% | 9.39% | -10.24% | 15.74% | 11.6% | 9.86% |
| EBITDA Growth % | -6.04% | 0.52% | 0.18% | 132.6% | 112.33% | -54.14% | -35.15% | -26.66% | 32.83% | 23.35% | 1458.88% | -56.09% | -64.67% | 159.54% | 272.1% | 60.21% | 44.6% | -149.64% | 7.31% | 167.39% | 761.07% | -108.22% | 2424.75% | -94.24% | 2176.16% | -98.34% | 187.54% | -126.48% | 73.12% | 281.63% | 28.23% |
| D&A (Non-Cash Add-back) | 1.69M | 2.36M | 2.6M | 2.83M | 2.82M | 2.59M | 1.64M | 1.6M | 1.38M | 1.13M | 1.4M | 1.39M | 1.37M | 1.23M | 1.07M | 890K | 905K | 899K | 948K | 932K | 1.36M | 847K | 828K | 1.37M | 1.38M | 4.02M | 5.24M | 4.73M | 6.14M | 4.45M | 694.82K |
| EBIT | 19.55M | 20.2M | 20.73M | 18.78M | -1.69M | 6.63M | 5.54M | 9.47M | 13.89M | 10.24M | 7.82M | -794K | -26K | 2.58M | 393K | -1.74M | -3.05M | -5.06M | 6.85M | 6.33M | 1.36M | -1.26M | 4.17M | -1.17M | 2.36M | 1.2M | 7.54M | -15.11M | 7.89M | 18.2M | 5.24M |
| Net Interest Income | 4.51M | 4.37M | 3.44M | 2.11M | 1.3M | 1.76M | 2.32M | 2.31M | 1.53M | 650K | 754K | 883K | 1.79M | 2.28M | 2.27M | 2.26M | 3.1M | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.51M | 4.37M | 3.44M | 2.11M | 1.3M | 1.76M | 2.32M | 2.31M | 1.53M | 650K | 754K | 883K | 1.79M | 2.28M | 2.27M | 2.26M | 3.1M | 2.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 6.38M | 6.18M | 7.04M | 5.35M | -5.86M | 5.93M | 1.15M | 3.35M | 1.17M | 1.94M | 1.58M | -2.75M | 4.44M | 3.75M | 6.46M | -791K | 5.41M | -344K | 17.36M | 24.25M | 17.02M | 46.34M | -40K | 12.12M | -269K | -378K | -2.73M | -4.01M | -3.14M | -7.21M | -1.29M |
| Pretax Income | 19.55M | 20.2M | 20.73M | 18.78M | -1.69M | 6.63M | 6.68M | 12.82M | 14.89M | 12.18M | 9.4M | -3.55M | 4.41M | 6.33M | 6.85M | -2.53M | 2.36M | -5.11M | 24.21M | 30.59M | 18.38M | 45.08M | 4.13M | 10.95M | 1.79M | -4.25M | 1.12M | -19.12M | 25.46M | 11.02M | 3.95M |
| Pretax Margin % | 18.95% | 17.5% | 18.32% | 17.87% | -1.64% | 7.78% | 8.63% | 15.77% | 15.1% | 15.11% | 13.43% | -9.04% | 11.03% | 12.94% | 10.84% | -4.25% | 4.24% | -9% | 27.4% | 40.63% | 27.39% | 93.65% | 7.64% | 19.58% | 2.65% | -5.97% | 1.16% | -18.86% | 10.22% | 5.64% | 6.56% |
| Income Tax | 4.37M | 4.54M | 6.17M | 4.11M | -1.32M | 829K | 1.15M | 2.63M | 2.33M | 3.76M | 2.36M | -1.73M | 940K | -392K | 2.38M | -2.76M | -610K | -2.56M | 8.96M | 12.09M | 6.79M | 13.78M | 1.53M | 3.69M | -39K | 0 | -148K | -6.58M | 10.38M | 4.13M | 1.2M |
| Effective Tax Rate % | 22.35% | 22.47% | 29.77% | 21.89% | 78.03% | 12.5% | 17.21% | 20.49% | 15.62% | 30.88% | 25.07% | 48.7% | 21.3% | -6.19% | 34.73% | 108.84% | -25.86% | 50.11% | 37.01% | 39.53% | 36.96% | 30.56% | 36.96% | 33.67% | -2.18% | 0% | -13.21% | 34.39% | 40.75% | 37.43% | 30.24% |
| Net Income | 15.18M | 15.66M | 14.56M | 14.67M | -372K | 5.8M | 5.53M | 10.2M | 12.56M | 8.42M | 7.04M | -1.82M | 3.47M | 6.72M | 4.47M | 224K | 2.97M | -2.55M | 15.25M | 18.5M | 11.59M | 31.31M | 2.6M | 7.26M | 2.07M | 8.92M | 792K | -23.87M | 15.08M | 6.9M | 2.76M |
| Net Margin % | 14.71% | 13.57% | 12.86% | 13.96% | -0.36% | 6.81% | 7.14% | 12.54% | 12.74% | 10.44% | 10.06% | -4.64% | 8.68% | 13.74% | 7.08% | 0.38% | 5.34% | -4.49% | 17.26% | 24.57% | 17.27% | 65.03% | 4.82% | 12.99% | 3.07% | 12.54% | 0.82% | -23.54% | 6.05% | 3.53% | 4.58% |
| Net Income Growth % | 9.04% | 7.58% | -0.74% | 4042.47% | -106.41% | 4.95% | -45.75% | -18.85% | 49.25% | 19.52% | 487.19% | -152.38% | -48.36% | 50.38% | 1896.43% | -92.46% | 216.39% | -116.73% | -17.56% | 59.62% | -62.99% | 1102.27% | -64.13% | 250.72% | -76.8% | 1026.64% | 103.32% | -258.24% | 118.71% | 150.17% | 8.68% |
| Net Income (Continuing) | 15.18M | 15.66M | 14.56M | 14.67M | -372K | 5.8M | 5.53M | 10.2M | 12.69M | 8.42M | 7.04M | -1.82M | 3.47M | 6.72M | 4.47M | 224K | 2.97M | -2.55M | 15.25M | 18.5M | 11.59M | 31.31M | 2.6M | 7.26M | 1.83M | -4.25M | 1.27M | -12.54M | -1.24M | 6.9M | 2.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.04 | 1.07 | 0.99 | 1.00 | -0.03 | 0.39 | 0.38 | 0.69 | 0.85 | 0.57 | 0.48 | -0.13 | 0.24 | 0.47 | 0.31 | 0.01 | 0.21 | -0.18 | 1.06 | 1.27 | 0.78 | 2.19 | 0.18 | 0.55 | 0.15 | 0.69 | 0.06 | -1.83 | 0.13 | 0.49 | 0.26 |
| EPS Growth % | 8.52% | 8.08% | -1% | 4037.01% | -106.51% | 2.63% | -44.93% | -18.82% | 49.12% | 18.75% | 469.23% | -154.17% | -48.94% | 51.61% | 2230.83% | -93.67% | 216.67% | -116.98% | -16.54% | 62.82% | -64.38% | 1116.67% | -67.27% | 266.67% | -78.26% | 1050% | 103.28% | -1507.69% | -73.47% | 88.46% | 8.33% |
| EPS (Basic) | - | 1.07 | 0.99 | 1.00 | -0.03 | 0.40 | 0.38 | 0.70 | 0.87 | 0.58 | 0.49 | -0.13 | 0.24 | 0.47 | 0.31 | 0.01 | 0.21 | -0.18 | 1.06 | 1.27 | 0.78 | 2.33 | 0.20 | 0.56 | 0.16 | 0.69 | 0.06 | -1.83 | 0.13 | 0.57 | 0.26 |
| Diluted Shares Outstanding | 14.61M | 14.66M | 14.66M | 14.66M | 14.66M | 14.73M | 14.72M | 14.71M | 14.72M | 14.68M | 14.52M | 13.99M | 14.38M | 14.28M | 14.28M | 14.28M | 14.28M | 14.42M | 14.38M | 14.52M | 14.86M | 14.27M | 14.47M | 13.28M | 13.5M | 12.99M | 13.2M | 13.02M | 12.41M | 13.99M | 10.68M |
| Basic Shares Outstanding | 14.61M | 14.66M | 14.66M | 14.66M | 14.66M | 14.61M | 14.6M | 14.55M | 14.49M | 14.4M | 14.33M | 13.99M | 14.28M | 14.28M | 14.28M | 14.28M | 14.28M | 14.42M | 14.38M | 14.52M | 14.86M | 13.42M | 13.02M | 12.96M | 12.94M | 12.99M | 13.2M | 13.02M | 12.41M | 12.18M | 10.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 0% | - | - | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.46% | 1.45% | 3.14% |
Cyclical infrastructure spending volatility
As reported in recent financial filings, Gencor's top-line performance remains highly erratic, with quarterly revenue fluctuating between $18.8 million and $40.7 million over the last ten periods, underscoring the inherent unpredictability of project-based capital equipment sales within the US highway construction market.
The significant quarter-over-quarter revenue swings suggest that Gencor's growth trajectory is less a function of sustained organic expansion and more a reflection of the timing of large-scale asphalt plant deliveries. Investors should monitor whether the company can smooth these cycles through its aftermarket parts business, as current revenue trends appear heavily dependent on the lumpy nature of new equipment orders.
Based on the provided income statement data, Gencor's gross margins have demonstrated notable variance, ranging from a low of 23.9% to a high of 31.7%, which suggests a structural vulnerability to commodity price fluctuations and the competitive pricing environment for heavy infrastructure machinery.
The inability to maintain consistent gross margins indicates that Gencor may struggle to fully pass through inflationary pressures in steel and electronic components to its customers. This margin volatility warrants further investigation into the company's contract pricing mechanisms and whether recent improvements in margin profile are sustainable or merely a temporary byproduct of favorable product mix shifts.
According to historical income statements, Gencor's operating margins have swung from a negative 1.2% in 2025Q4 to a peak of 21.2% in 2026Q2, indicating that the company's fixed cost structure does not yet provide the consistent operating leverage typically expected from a mature industrial manufacturer.
The sharp contraction in operating income during lower-revenue quarters suggests that Gencor's overhead remains relatively rigid, amplifying the impact of top-line declines on the bottom line. This lack of consistent operating efficiency implies that profitability is highly sensitive to volume, leaving the company exposed during periods of reduced infrastructure investment.
As evidenced by the absence of stock-based compensation in the provided financial data, Gencor's reported net income appears to be of high quality, free from the non-cash dilution that often obscures the true profitability of similarly sized industrial entities in the current market environment.
The absence of SBC suggests that management is not utilizing equity-based incentives to manage cash, which aligns with the company's historically conservative capital allocation strategy. However, investors should remain cautious, as the reliance on percentage-of-completion accounting means that reported earnings may be subject to significant management estimates and potential future adjustments.
Quick answers to the most common questions about buying GENC stock.
For fiscal year 2025, Gencor Industries, Inc. (GENC) reported total revenue of $115.4M. This represents a 91.7% increase compared to $60.2M in 1996.
Gencor Industries, Inc. (GENC) is profitable, generating $15.7M in net income for the fiscal year ending 2025 with a net profit margin of 13.6%.
Gencor Industries, Inc. (GENC) reported an operating income of $14.0M, resulting in an operating profit margin of 12.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Gencor Industries, Inc. (GENC) generated $31.7M in gross profit for the year, representing a gross profit margin of 27.5%. This demonstrates the company's core pricing power and production efficiency.