Gentex demonstrates high-quality earnings with an OCF/NI ratio frequently exceeding 1.30, while capital expenditure as a percentage of revenue has trended downward to 2.5% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 575.7M | 587.13M | 498.21M | 537.25M | 338.2M | 362.17M | 464.49M | 505.97M | 552.42M | 501M | 471.46M | 351.58M | 327.22M | 317.34M | 257.85M | 141.67M | 128.13M | 110.65M | 120.63M | 148.72M | 131.44M | 126.24M | 131.37M | 116.58M | 119.11M | 81.42M | 78.74M | 74M | 52.1M | 35M | 24M |
| Operating CF Margin % | - | 23.17% | 21.54% | 23.37% | 17.62% | 20.92% | 27.51% | 27.22% | 30.12% | 27.91% | 28.08% | 22.78% | 23.79% | 27.08% | 23.45% | 13.84% | 15.7% | 20.32% | 19.34% | 22.74% | 22.97% | 23.53% | 25.98% | 24.86% | 30.14% | 26.24% | 26.47% | 28.22% | 23.44% | 18.79% | 16.14% |
| Operating CF Growth % | 75.69% | 17.85% | -7.27% | 58.86% | -6.62% | -22.03% | -8.2% | -8.41% | 10.26% | 6.27% | 34.1% | 7.44% | 3.11% | 23.07% | 82.01% | 10.56% | 15.8% | -8.27% | -18.89% | 13.15% | 4.12% | -3.9% | 12.68% | -2.12% | 46.29% | 3.41% | 6.4% | 42.03% | 48.86% | 45.83% | 3.45% |
| Net Income | 388.42M | 379.13M | 404.49M | 428.4M | 318.76M | 360.8M | 347.56M | 424.68M | 437.88M | 406.79M | 347.59M | 318.47M | 288.6M | 222.93M | 168.59M | 164.67M | 137.73M | 64.64M | 62.09M | 122.13M | 108.76M | 109.53M | 112.66M | 106.76M | 85.77M | 65.22M | 70.54M | 64.9M | 50.3M | 35.2M | 24M |
| Depreciation & Amortization | 25.38M | 104.04M | 94.71M | 93.32M | 96.57M | 99.11M | 104.74M | 104.7M | 102.19M | 99.57M | 88.59M | 80.6M | 77.38M | 62.85M | 50.18M | 42.63M | 38.62M | 38.36M | 35.89M | 32.44M | 27.76M | 25.45M | 23.31M | 21.54M | 19.71M | 16.13M | 12.14M | 10.4M | 8.1M | 7M | 4.5M |
| Stock-Based Compensation | -8.67M | 0 | 39.54M | 39.2M | 30.23M | 27.42M | 30.8M | 21.67M | 18.31M | 18.38M | 19.19M | 21.43M | 21.28M | 17.43M | 16.43M | 14.2M | 10.65M | 9.08M | 10.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -15.59M | -18.41M | -12.42M | -17.74M | -17.78M | -41.69M | -15.42M | -3.36M | -4.41M | -15M | 22.5M | 13.06M | 14.82M | -7.73M | 843.48K | 13.94M | 10.39M | -688.62K | -842.96K | -2.93M | -1.75M | -2.17M | 2.4M | 1.95M | 3.7M | 1.04M | 497.16K | 700K | 500K | -300K | 1.1M |
| Other Non-Cash Items | 448.28M | 67.91M | 12.29M | 6.07M | 1.67M | -1.33M | -2.25M | -50.49K | -2.47M | -822.75K | -4.97M | -9.35M | -20.5M | -20.47M | -8.65M | -11.02M | -9.32M | 3.18M | 31.82M | 8.95M | 8.25M | 401.13K | 295.89K | 6.63M | 7.5M | -183.5K | 629.48K | -1.6M | -100K | 100K | -100K |
| Working Capital Changes | 32.77M | 54.46M | -40.39M | -12.01M | -91.25M | -82.14M | -941.74K | -41.68M | 932K | -7.92M | -1.44M | -72.63M | -54.35M | 42.32M | 30.45M | -82.75M | -59.95M | -3.93M | -18.54M | 524.58K | -5.33M | -6.96M | -7.3M | -20.31M | 2.42M | -778.43K | -5.08M | -400K | -5.9M | -7M | -5.6M |
| Change in Receivables | -30.29M | -14.62M | 27.11M | -45.25M | -26.7M | 35.14M | -49.29M | -21.87M | 17.58M | -19.53M | -15.62M | -27.96M | -24.96M | -22.35M | 810.02K | -14.74M | -24.49M | -26.63M | 19.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -16.68M | 18.14M | -32.62M | 2.13M | -88.09M | -89.98M | 22.73M | -23.66M | -8.52M | -27.45M | -14.62M | -32.94M | -21.68M | 39.86M | 28.82M | -88.02M | -47.12M | 1.38M | -6.94M | 755.84K | -8.97M | -9.24M | -9.66M | -3.2M | -3.34M | -2.32M | -2.11M | -1.2M | 100K | -2.6M | -400K |
| Change in Payables | 77.28M | 52.4M | -26.02M | 40.95M | 37.42M | 7.27M | -12.85M | 4.74M | 2.91M | 9.93M | 13.61M | -5.1M | 14.95M | 13.31M | -22.27M | 25.18M | 12.84M | 7.75M | -10.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -287.37M | -266.9M | -202.08M | -299.42M | -172.74M | -113.11M | 26.42M | -56.71M | -185.82M | -77.71M | -251.45M | -89.74M | -79.71M | -633.26M | -132.07M | -103.53M | -124.59M | -15.77M | 15.8M | -53.68M | -63.25M | -24.6M | -27.14M | 37.54M | -102.54M | -63.64M | -49.02M | -68.9M | -41.3M | -33.3M | -29.6M |
| Capital Expenditures | -109.41M | -129.09M | -144.67M | -183.68M | -146.43M | -68.84M | -51.71M | -84.58M | -85.99M | -104.04M | -120.96M | -97.94M | -72.52M | -55.38M | -117.47M | -120.18M | -46.9M | -21.13M | -45.52M | -54.52M | -48.19M | -53.53M | -30.54M | -22.25M | -32.56M | -45.3M | -21.62M | -22M | -24.6M | -16.4M | -16.4M |
| CapEx % of Revenue | 4.16% | 5.09% | 6.25% | 7.99% | 7.63% | 3.98% | 3.06% | 4.55% | 4.69% | 5.8% | 7.2% | 6.34% | 5.27% | 4.73% | 10.68% | 11.74% | 5.75% | 3.88% | 7.3% | 8.34% | 8.42% | 9.98% | 6.04% | 4.74% | 8.24% | 14.6% | 7.27% | 8.39% | 11.07% | 8.8% | 11.03% |
| Acquisitions | -178.94M | -179.01M | -30.53M | -18.94M | -33.83M | -12.07M | -11.22M | 2M | 738.09K | 249.76K | 665.19K | 43.54K | 223.83K | -698.15M | 1.06M | 179.21K | 504.98K | 26.06K | 11K | 368K | 500.67K | 1.14M | 56.5K | 72K | 189.93K | 1.25M | 51.2K | 500K | 100K | 300K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.81M | -9.69M | -3.25M | -4.16M | -3.3M | -2.92M | -3.94M | -3.03M | -5.6M | 2.65M | -7.28M | -2.84M | -2.14M | -187.16K | -17.6M | 698.36K | -5.77M | 233.69K | -3.18M | -86.91K | 308.86K | -2.05M | -1M | -167.17K | -953.28K | -953.49K | -742.9K | -900K | -300K | -300K | -300K |
| Cash from Financing | -410.13M | -407.9M | -289.25M | -230.15M | -209.02M | -410.12M | -363.86M | -369.96M | -719.31M | -400.03M | -225.1M | -207.71M | -59.67M | 235.83M | -94.08M | -28.5M | 8.69M | -53.08M | -159.84M | -22.82M | -262.37M | -57.5M | -31.36M | -292.77K | 12.47M | 11.8M | 11.25M | 14.1M | 12.4M | 8.3M | 8.3M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -78M | -107.63M | -47.5M | -32.5M | -7.5M | 273.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -306.03M | -301.04M | -206.11M | -147.4M | -112.53M | -324.64M | -288.48M | -331.47M | -591.58M | -231.36M | -163.36M | -111.23M | -30.01M | 0 | -21.51M | 0 | 0 | 7.49M | -99.44M | 32.76M | -207.9M | -3.72M | 16.61M | 11.21M | 12.47M | 11.8M | 11.25M | 14.1M | 12.4M | 8.3M | 8.3M |
| Dividends Paid | -105.45M | -106.86M | -110.44M | -112.15M | -113.09M | -115.29M | -117.18M | -116.31M | -116.57M | -108.82M | -101.13M | -96.99M | -87.63M | -79.16M | -73.39M | -67.17M | -61.39M | -60.6M | -60.46M | -55.92M | -54.7M | -53.78M | 0 | -11.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -316.31M | -315.5M | -206.11M | -147.4M | -112.53M | -324.64M | -288.48M | -331.47M | -591.58M | -231.36M | -163.36M | -111.23M | -30.01M | 0 | -33.72M | 0 | 0 | 0 | -111.26M | -7.33M | -226.85M | -25.21M | 0 | -10.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.35M | 0 | 27.3M | 29.4M | 16.6M | 29.81M | 41.8M | 77.82M | 66.84M | 47.77M | 86.89M | 33.01M | 65.47M | 41.87M | 815.65K | 38.67M | 70.09M | 31.95K | 62.65K | 338.65K | 235.41K | 0 | -47.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -121.8M | -87.67M | 6.88M | 7.68M | -43.56M | -161.06M | 127.05M | 79.3M | -352.71M | 23.26M | -5.08M | 54.13M | 187.84M | -80.09M | 31.69M | 9.64M | 12.24M | 41.8M | -23.41M | 72.22M | -194.18M | 44.14M | 72.88M | 153.83M | 29.05M | 29.59M | 40.97M | 19.2M | 23.2M | 10M | 2.7M |
| Free Cash Flow | 466.3M | 458.04M | 353.54M | 353.57M | 191.77M | 293.33M | 412.79M | 421.39M | 466.43M | 396.96M | 350.51M | 253.64M | 254.7M | 261.96M | 140.37M | 21.49M | 81.24M | 89.52M | 75.11M | 94.2M | 83.25M | 72.71M | 100.83M | 94.33M | 86.55M | 36.13M | 57.12M | 52M | 27.5M | 18.6M | 7.6M |
| FCF Margin % | 17.71% | 18.07% | 15.28% | 15.38% | 9.99% | 16.94% | 24.45% | 22.67% | 25.43% | 22.12% | 20.88% | 16.43% | 18.52% | 22.35% | 12.77% | 2.1% | 9.95% | 16.44% | 12.04% | 14.4% | 14.55% | 13.55% | 19.94% | 20.11% | 21.9% | 11.64% | 19.21% | 19.83% | 12.37% | 9.98% | 5.11% |
| FCF Growth % | 26.94% | 29.56% | -0.01% | 84.38% | -34.62% | -28.94% | -2.04% | -9.66% | 17.5% | 13.25% | 38.19% | -0.42% | -2.77% | 86.62% | 553.17% | -73.55% | -9.26% | 19.19% | -20.26% | 13.15% | 14.49% | -27.89% | 6.89% | 8.99% | 139.58% | -36.76% | 9.85% | 89.09% | 47.85% | 144.74% | -58.47% |
| FCF per Share | 2.18 | 2.09 | 1.56 | 1.54 | 0.83 | 1.24 | 1.69 | 1.66 | 1.73 | 1.38 | 1.20 | 0.86 | 0.87 | 0.91 | 0.49 | 0.07 | 0.29 | 0.33 | 0.27 | 0.33 | 0.28 | 0.23 | 0.32 | 0.30 | 0.28 | 0.12 | 0.19 | 0.17 | 0.09 | 0.06 | 0.03 |
| FCF Conversion (FCF/Net Income) | 1.20x | 1.53x | 1.23x | 1.25x | 1.06x | 1.00x | 1.34x | 1.19x | 1.26x | 1.23x | 1.36x | 1.10x | 1.13x | 1.42x | 1.53x | 0.86x | 0.93x | 1.71x | 1.94x | 1.22x | 1.21x | 1.15x | 1.17x | 1.09x | 1.39x | 1.25x | 1.12x | 1.14x | 1.04x | 0.99x | 1.00x |
| Interest Paid | 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 |
| Taxes Paid | 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 |
Automotive production volume sensitivity
As reported in financial statements, Gentex consistently demonstrates superior cash conversion, with an OCF/NI ratio that frequently exceeds 1.30, indicating that the company's reported net income is supported by high-quality cash inflows rather than aggressive accounting accruals or non-cash revenue recognition practices.
The consistent premium of operating cash flow over net income suggests that Gentex's earnings are of high quality, likely benefiting from depreciation add-backs and efficient management of non-cash working capital. Investors should monitor this spread, as it confirms that the company's profitability is not merely a product of accounting estimates but is backed by tangible liquidity generation.
Based on the provided quarterly data, Gentex maintains a robust free cash flow trajectory, with margins peaking at 20.8% in 2024Q4, demonstrating the company's ability to translate top-line revenue into significant discretionary cash despite the inherent cyclicality of the automotive parts manufacturing industry.
The volatility in FCF margins, such as the dip to 7.5% in 2024Q3, appears largely tied to temporary working capital swings rather than structural deterioration in the business model. This suggests that the company retains strong operational flexibility to fund its capital-intensive requirements while still generating substantial excess cash for shareholders.
According to recent SEC filings, Gentex's capital expenditure as a percentage of revenue has trended downward from 10.6% in 2023Q4 to 2.5% in 2026Q1, suggesting a potential shift toward a more capital-light phase as major investments in manufacturing capacity reach maturity.
The reduction in capital intensity implies that the company may be moving past a heavy investment cycle, which could further enhance free cash flow generation in the near term. Analysts should investigate whether this lower spending level is sustainable or if it reflects a temporary deferral of necessary maintenance and growth-oriented upgrades.
As evidenced by the company's financial records, Gentex utilizes its robust cash flow to aggressively return capital to shareholders, with buybacks totaling $131.0 million in 2025Q2 alone, underscoring a management philosophy that prioritizes shareholder yield over large-scale, potentially dilutive acquisitions.
The consistent use of share repurchases and dividends, supported by a debt-free balance sheet, suggests a conservative approach to capital allocation that protects the company during automotive downturns. This strategy appears to be a key driver of the company's valuation premium, as it provides a clear mechanism for returning excess cash to investors.
Quick answers to the most common questions about buying GNTX stock.
Gentex Corporation (GNTX) generated $587.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gentex Corporation (GNTX) generated $458.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Gentex Corporation (GNTX) spent $129.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Gentex Corporation (GNTX) returned $106.9M to shareholders via cash dividends and spent $315.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.