The company has achieved a significant shift in its capital structure, reducing total debt from $2.5 billion in 2025Q4 to $166.4 million 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'13 | Dec'12 |
|---|
| Total Current Assets | 2.49B | 2.48B | 2.31B | 2.4B | 2.28B | 2.28B | 1.91B | 1.96B | 1.81B | 1.83B | 1.62B | 1.45B | 1.69B | 1.58B |
| Cash & Short-Term Investments | 785.3M | 812.1M | 682M | 720.6M | 581.4M | 660.9M | 524.1M | 635.3M | 423.4M | 564.4M | 529.8M | 339.2M | 340.9M | 447.6M |
| Cash Only | 785.3M | 812.1M | 682M | 720.6M | 581.4M | 660.9M | 524.1M | 635.3M | 423.4M | 564.4M | 527.2M | 335.7M | 338.1M | 431.3M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.6M | 3.5M | 2.8M | 16.3M |
| Accounts Receivable | 799.6M | 744.2M | 751.3M | 798.6M | 821.6M | 727.2M | 723.6M | 716.8M | 749.5M | 713.8M | 659.4M | 625.9M | 647.7M | 544.2M |
| Days Sales Outstanding | 87.08 | 78.89 | 80.46 | 81.64 | 84.37 | 76.4 | 94.56 | 84.75 | 81.72 | 85.66 | 87.62 | 83.22 | 80.21 | 67.96 |
| Inventory | 685.7M | 700M | 676M | 647.2M | 656.2M | 682.6M | 508.2M | 475.1M | 537.6M | 457.1M | 366.9M | 415.7M | 489M | 476.8M |
| Days Inventory Outstanding | 125.26 | 124.69 | 120.38 | 106.83 | 103.97 | 116.69 | 105.5 | 89.18 | 97.29 | 91.49 | 79.42 | 88.78 | 97.38 | 93.02 |
| Other Current Assets | 218.8M | 225.2M | 196.7M | 234.9M | 218.2M | 208M | 150.7M | 131.4M | 0 | 17.8M | 0 | 4.5M | 178.9M | 111.2M |
| Total Non-Current Assets | 4.63B | 4.67B | 4.48B | 4.85B | 4.91B | 5.25B | 5.52B | 5.45B | 4.91B | 5.03B | 4.76B | 5.12B | 3.26B | 3.48B |
| Property, Plant & Equipment | 751.5M | 746.1M | 718.9M | 750.1M | 769.7M | 794.5M | 825.9M | 850.9M | 756.3M | 686.2M | 599.6M | 660.6M | 623.3M | 693.2M |
| Fixed Asset Turnover | 4.59x | 4.61x | 4.74x | 4.76x | 4.62x | 4.37x | 3.38x | 3.63x | 4.43x | 4.43x | 4.58x | 4.16x | 4.73x | 4.22x |
| Goodwill | 2.02B | 2.04B | 1.91B | 2.04B | 1.98B | 2.06B | 2.12B | 2.06B | 2.05B | 2.09B | 1.91B | 2.01B | 1.31B | 1.33B |
| Intangible Assets | 1.16B | 1.19B | 1.25B | 1.39B | 1.49B | 1.64B | 1.79B | 1.88B | 1.99B | 2.13B | 2.14B | 2.33B | 1.29B | 1.45B |
| Long-Term Investments | 70.1M | 21M | 0 | 54.1M | 32.7M | 7.7M | 0 | 0 | -439.5M | 600K | 3.9M | 4.1M | 6.4M | 6.1M |
| Other Non-Current Assets | 58.5M | 56.2M | 50.4M | 1.8M | 40M | 107.6M | 112.4M | 78.2M | 115.2M | -388.7M | 96.3M | 110.1M | 37M | -3.48B |
| Total Assets | 7.12B | 7.15B | 6.79B | 7.25B | 7.19B | 7.53B | 7.43B | 7.41B | 6.72B | 6.85B | 6.38B | 6.57B | 4.95B | 5.08B |
| Asset Turnover | 0.48x | 0.48x | 0.50x | 0.49x | 0.49x | 0.46x | 0.38x | 0.42x | 0.50x | 0.44x | 0.43x | 0.42x | 0.60x | 0.57x |
| Asset Growth % | 11.71% | 5.38% | -6.45% | 0.87% | -4.53% | 1.44% | 0.2% | 10.24% | -1.91% | 7.37% | -2.78% | 32.76% | -2.71% | - |
| Total Current Liabilities | 678.5M | 735.4M | 721.5M | 779.3M | 752.3M | 855.9M | 726.3M | 658.1M | 679M | 697.8M | 579.5M | 565.2M | 598.9M | 589.9M |
| Accounts Payable | 396.9M | 433.7M | 408.2M | 457.7M | 469.6M | 506.6M | 417.4M | 374.7M | 424M | 392M | 313.1M | 274M | 271.6M | 278.2M |
| Days Payables Outstanding | 71.95 | 77.26 | 72.69 | 75.55 | 74.41 | 86.6 | 86.65 | 70.33 | 76.73 | 78.46 | 67.77 | 58.52 | 54.09 | 54.27 |
| Short-Term Debt | 30.9M | 62.9M | 39.1M | 36.5M | 61.4M | 60.1M | 65.3M | 65.9M | 51.6M | 66.4M | 46.9M | 88.3M | 12.2M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 587M | 0 | 129.8M | 115.9M | 0 | 0 |
| Other Current Liabilities | 647.6M | 211.8M | 0 | 0 | 197.8M | 255.1M | 229.6M | 169M | -100K | 0 | 20.2M | 107.7M | 188.4M | 311.7M |
| Current Ratio | 3.67x | 3.37x | 3.20x | 3.08x | 3.03x | 2.66x | 2.63x | 2.98x | 2.67x | 2.62x | 2.80x | 2.56x | 2.82x | 2.68x |
| Quick Ratio | 2.66x | 2.42x | 2.26x | 2.25x | 2.15x | 1.86x | 1.93x | 2.25x | 1.88x | 1.96x | 2.17x | 1.83x | 2.00x | 1.87x |
| Cash Conversion Cycle | 140.39 | 126.33 | 128.15 | 112.92 | 113.94 | 106.48 | 113.41 | 103.6 | 102.28 | 98.68 | 99.26 | 113.49 | 123.51 | 106.7 |
| Total Non-Current Liabilities | 2.71B | 2.73B | 2.72B | 2.93B | 3B | 3.2B | 3.52B | 3.74B | 3.71B | 4.73B | 4.74B | 4.81B | 2.32B | 1.79B |
| Long-Term Debt | 135.5M | 2.32B | 2.31B | 2.42B | 2.43B | 2.53B | 2.67B | 2.91B | 2.95B | 3.89B | 3.79B | 3.82B | 1.68B | 1.79B |
| Capital Lease Obligations | 381M | 126.2M | 127.3M | 110.6M | 123.5M | 118.6M | 113.6M | 117.6M | 1.9M | 0 | 1.3M | 1.5M | 2.3M | 0 |
| Deferred Tax Liabilities | 203.3M | 49.3M | 56.8M | 119.4M | 192M | 283.7M | 360.4M | 369.3M | 439.5M | 517.1M | 652.3M | 714.7M | 0 | 0 |
| Other Non-Current Liabilities | 2.53B | 230.5M | 228.9M | 286.3M | 253.8M | 266.9M | 375M | 343.3M | 315.1M | 321.1M | 25.2M | 39.3M | 633.2M | -1.79B |
| Total Liabilities | 3.39B | 3.46B | 3.45B | 3.71B | 3.75B | 4.05B | 4.24B | 4.4B | 4.39B | 5.43B | 5.31B | 5.37B | 2.91B | 3.14B |
| Total Debt | 166.4M | 2.51B | 2.48B | 2.56B | 2.61B | 2.71B | 2.84B | 3.1B | 3B | 3.96B | 3.84B | 3.91B | 1.69B | 0 |
| Net Debt | -618.9M | 1.7B | 1.8B | 1.84B | 2.03B | 2.04B | 2.32B | 2.46B | 2.58B | 3.39B | 3.31B | 3.57B | 1.36B | -431.3M |
| Debt / Equity | 0.04x | 0.68x | 0.74x | 0.72x | 0.76x | 0.78x | 0.89x | 1.03x | 1.29x | 2.77x | 3.59x | 3.28x | 0.83x | - |
| Debt / EBITDA | 0.26x | 3.38x | 3.56x | 3.77x | 4.34x | 3.83x | 6.62x | 5.44x | 4.20x | 6.43x | 7.03x | 8.60x | 3.14x | - |
| Net Debt / EBITDA | -0.97x | 2.29x | 2.58x | 2.71x | 3.38x | 2.89x | 5.40x | 4.32x | 3.61x | 5.51x | 6.06x | 7.86x | 2.52x | -0.92x |
| Interest Coverage | 2.59x | 3.55x | 2.70x | 2.53x | 2.74x | 3.57x | 1.43x | 2.15x | 2.40x | 1.47x | 1.43x | 1.20x | - | - |
| Total Equity | 3.73B | 3.69B | 3.34B | 3.54B | 3.44B | 3.48B | 3.19B | 3.01B | 2.33B | 1.43B | 1.07B | 1.19B | 2.03B | 1.94B |
| Equity Growth % | 29.99% | 10.45% | -5.75% | 2.91% | -1.09% | 9.31% | 5.79% | 29.01% | 63.38% | 33.7% | -10.41% | -41.3% | 4.51% | - |
| Book Value per Share | - | 14.16 | 12.68 | 12.86 | 11.97 | 11.71 | 10.90 | 10.32 | 8.00 | 5.03 | 3.76 | 4.20 | 1868.47 | 1787.32 |
| Total Shareholders' Equity | 3.37B | 3.33B | 3.02B | 3.22B | 3.11B | 3.1B | 2.81B | 2.65B | 1.95B | 1.01B | 691.3M | 786.3M | 1.8B | 1.69B |
| Common Stock | 0 | 2.6M | 2.6M | 2.6M | 2.8M | 2.9M | 2.9M | 2.9M | 2.9M | 1.63B | 2.5M | 0 | 0 | 0 |
| Retained Earnings | 1.67B | 1.65B | 1.48B | 1.46B | 1.48B | 1.44B | 1.15B | 1.07B | 381.9M | 136.9M | -14.3M | -72M | 856.1M | 716.8M |
| Treasury Stock | 0 | -37.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5M | -10.4M | 0 |
| Accumulated OCI | -925.4M | -917.1M | -1.08B | -828.5M | -917.8M | -825.2M | -805.4M | -858.4M | -854.3M | -747.4M | -915.9M | -759.9M | -33.2M | 0 |
| Minority Interest | 360.9M | 355.2M | 316.7M | 323.7M | 333.6M | 381.7M | 379.3M | 359.7M | 386.3M | 413.8M | 377.1M | 406.3M | 235.1M | 249.3M |
Deleveraging and capital allocation
According to the most recent quarterly data, GTES has executed a dramatic reduction in total debt from $2.5 billion in 2025Q4 to just $166.4 million in 2026Q1, effectively shifting the company's leverage profile from a historically debt-heavy structure to a near-zero debt position.
This rapid deleveraging suggests a strategic pivot toward balance sheet preservation, likely intended to mitigate interest rate sensitivity and provide optionality for future capital deployment. Investors should monitor whether this reduction is a permanent shift in capital structure or a temporary tactical move to optimize the balance sheet ahead of potential M&A activity.
As reported in financial statements, the company maintains a robust liquidity position with a current ratio of 3.67 as of 2026Q1, supported by a cash balance of $785.3 million that provides a significant cushion against cyclical downturns in the industrial replacement market.
The consistent maintenance of a high current ratio suggests that management prioritizes liquidity to navigate the inherent volatility of the distributor-led sales model. This cash-rich position appears to offer a meaningful buffer against potential supply chain disruptions or sudden shifts in petrochemical input costs.
Based on the provided balance sheet figures, goodwill remains a substantial component of total assets at $2.0 billion, representing nearly 28% of the $7.1 billion asset base, which underscores the company's reliance on historical acquisitions to maintain its competitive moat in the replacement channel.
The stability of this goodwill figure suggests that management has not identified significant impairment risks, though it warrants ongoing scrutiny given the stagnant organic revenue growth. The relatively modest PPE base of $751.5 million relative to total assets implies an asset-light operational model that relies more on distribution networks than heavy manufacturing infrastructure.
Analysis of the equity section reveals that retained earnings have remained steady at $1.7 billion as of 2026Q1, indicating that the company has successfully preserved its capital base despite the ongoing challenges of stagnant organic growth and cyclical industrial demand.
The stability in equity suggests that the company is not currently eroding its book value through excessive dividends or aggressive share repurchases that outpace internal earnings generation. This conservative approach to equity management appears to support the company's long-term goal of maintaining a fortress-like balance sheet.
Quick answers to the most common questions about buying GTES stock.
As of 2025, Gates Industrial Corporation plc (GTES) had total assets of $7.15B including $2.48B in current assets.
Gates Industrial Corporation plc (GTES) carries total debt of $2.51B, offset by $812.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gates Industrial Corporation plc (GTES) has total shareholders' equity (book value) of $3.33B ($14.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gates Industrial Corporation plc (GTES) reported a current ratio of 3.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.