Total debt plummeted from $2.5B to $168.5M, driving D/E down to 0.04 and creating a net cash position of $655M, while goodwill remains a $2.0B overhang.
Gates Industrial Corporation plc (GTES) balance sheet — 13-year assets, liabilities & shareholders' equity history
| 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 | 2.71B | 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 | 823.5M | 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 | 823.5M | 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 | 940.8M | 787.6M | 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 | 89.71 | 83.49 | 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 | 740.6M | 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 | 124.46 | 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 | 204.4M | 181.8M | 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 | 4.68B | 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 | 745.6M | 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 | 4.68x | 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 | 1.12B | 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 | 96.9M | 21M | 1.5M | 54.1M | 32.7M | 7.7M | 0 | 0 | -439.5M | 600K | 3.9M | 4.1M | 6.4M | 6.1M |
| Other Non-Current Assets | 35.2M | 56.2M | 48.9M | 1.8M | 40M | 107.6M | 112.4M | 78.2M | 115.2M | -388.7M | 96.3M | 110.1M | 37M | -3.48B |
| Total Assets | 7.39B | 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 | 0.49x | 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 % | 11.53% | 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 | 835.1M | 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 | 482.4M | 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 | 74.31 | 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 | 39.2M | 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 | 0 | 211.8M | 0 | 0 | 197.8M | 255.1M | 229.6M | 169M | -100K | 0 | 20.2M | 107.7M | 188.4M | 311.7M |
| Current Ratio | 3.24x | 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 | 2.36x | 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 | 139.86 | 130.93 | 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 | 2.66B | 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 | 2.19B | 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 | 517.3M | 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 | 191.7M | 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 | 299.4M | 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 | 3.5B | 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 | 2.36B | 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 | 1.54B | 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 | 0.61x | 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 | 3.21x | 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 | 2.09x | 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 | 3.33x | 3.28x | 2.70x | 2.53x | 2.74x | 3.57x | 1.43x | 2.15x | 2.40x | 1.47x | 1.43x | 1.20x | - | - |
| Total Equity | 3.89B | 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 % | 34.45% | 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 | 15.20 | 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 | 3.52B | 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 | 2.5M | 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 | 1.81B | 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 | -929.2M | -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 | 372.3M | 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 |
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.
Key Metrics
Top Statement Risk
Goodwill impairment risk
Metrics are mathematically derived from official filings.
Leverage Collapse Signals Deleveraging
Total debt plummeted from $2.5B to $168.5M in Q2 2026, driving D/E down to 0.04 from 0.68, per the latest balance sheet, suggesting a strategic shift toward a fortress-like capital structure.
The dramatic reduction in debt, from $2.5B to $168.5M, appears to be a deliberate deleveraging effort, possibly funded by cash and operational cash flows. This transformation enhances financial flexibility, but investors should monitor whether this is a one-time event or a sustainable trend. The equity base expanded to $3.5B, reflecting retained earnings growth, which supports a stronger balance sheet trajectory.
Debt Nearly Eliminated, Optionality Restored
With total debt of only $168.5M against $823.5M cash, net cash position is $655M, per the balance sheet, indicating minimal leverage and ample capacity for M&A or shareholder returns.
The debt-to-equity ratio of 0.04 is exceptionally low, especially compared to peers like Goodyear (2.13), suggesting GTES is significantly under-levered. This may indicate a conservative capital allocation strategy, but it also implies potential for future debt-funded actions. The low leverage reduces refinancing risk and interest expense sensitivity, which is a positive for cash flow durability.
Asset Mix Stable, Goodwill Dominant
Goodwill remains flat at $2.0B, representing 27% of total assets, while PPE net is $745.6M, per the balance sheet, indicating an asset-light model with significant acquisition-related intangibles.
The stability of goodwill suggests no impairments have been taken, but the large balance warrants monitoring for potential write-downs if cash flow projections weaken. PPE is relatively modest, reflecting a manufacturing model that relies on distribution and brand rather than heavy fixed assets. The asset mix underscores the importance of intangible value, which could be at risk if the company's competitive position erodes.
Retained Earnings Drive Equity Growth
Equity rose to $3.5B from $3.2B a year ago, with retained earnings increasing to $1.8B, per the balance sheet, indicating that profitability is being reinvested to strengthen the capital base.
The growth in retained earnings, up $300M year-over-year, reflects cumulative net income retention, which is a positive signal for equity quality. However, the company has also engaged in share repurchases, as noted in the cash flow analysis, which may offset some dilution from stock-based compensation. The equity expansion appears to be driven by operational performance rather than financial engineering.
Liquidity Buffer Strengthens Further
Current ratio improved to 3.24 in Q2 2026 from 3.06 a year ago, with cash at $823.5M, per the balance sheet, providing a robust cushion against cyclical downturns.
The current ratio of 3.24 is well above the 2.0 threshold, indicating strong short-term solvency. Cash increased by $244M year-over-year, which, combined with low debt, gives the company significant flexibility to weather demand volatility. This liquidity position supports the company's ability to invest in R&D for the EV transition without external financing.
Goodwill Overhang May Distort Value
Goodwill of $2.0B, roughly 27% of total assets, remains unchanged despite revenue stagnation, per the balance sheet, suggesting potential impairment risk if growth does not reaccelerate.
The static goodwill balance, coupled with the prior revenue declines, raises the question of whether the carrying value is fully supported. If the recent growth inflection proves temporary, impairment charges could hit equity and earnings. Investors should monitor segment performance and cash flow generation to assess the recoverability of these intangibles.