Gentex Corporation (GNTX) Balance Sheet

The growth in assets has been funded largely by retained earnings, with retained earnings reported near $1.5B throughout the window and no sustained build in leverage. Total liabilities fluctuated between roughly $289M and $492M, which appears more tied to working capital timing than to any structural shift in obligations. This pattern may indicate a business that is self-funding its expansion, though the flat equity line in recent quarters warrants monitoring given ongoing shareholder distributions.

Outside the 2026Q2 entry, debt has been negligible, with D/E ratios at or near 0.00 across most quarters, consistent with a debt-free structure. The single outlier warrants further investigation through the underlying filing before any conclusion is drawn about refinancing or borrowing behavior. Until the figure is verified, investors should treat the leverage profile as effectively unlevered while monitoring for any confirmed change.

The current ratio compressed from over 4.0 in early 2025 to roughly 2.9 by late 2025 and into 2026, which may reflect growth in current liabilities rather than any erosion of current assets. Cash balances fluctuate meaningfully quarter to quarter, suggesting that capital returns and working capital timing drive the swings more than operating shortfalls. The liquidity cushion appears adequate for cyclical downturns, though the falling cash balance in recent quarters is worth tracking against the pace of distributions.

PP&E has trended upward from $679.5M in 2024Q2 to $775.7M in 2026Q3, consistent with a manufacturing footprint that has been maintained or expanded despite the capex pullback noted in the cash flow data. Goodwill has stepped up from $340.1M to $360.9M, a change that may reflect acquisition activity or currency effects, and warrants a check of the underlying filings. The mix points to an asset-heavy model where returns depend on sustained utilization of fixed capacity.