Revenue reached a record $416.2M in 2026Q2 (up 11.0% YoY), but gross margin compressed to 23.2% and operating margin fell to 2.6%, with net income of only $4.4M (1.1% net margin).
Gentherm Incorporated (THRM) annual income statement — 30-year revenue, gross profit & net income 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'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 |
|---|
| Sales/Revenue | 1.58B | 1.49B | 1.46B | 1.47B | 1.2B | 1.05B | 913.1M | 971.68M | 1.04B | 985.68M | 917.6M | 856.45M | 811.3M | 662.08M | 554.98M | 369.59M | 112.4M | 60.92M | 63.61M | 63.63M | 50.61M | 35.74M | 32.71M | 29.04M | 15.27M | 6.45M | 6.89M | 784K | 770K | 1.31M | 7.4M |
| Revenue Growth % | 8.41% | 2.64% | -0.88% | 21.95% | 15.15% | 14.57% | -6.03% | -6.41% | 5.33% | 7.42% | 7.14% | 5.56% | 22.54% | 19.3% | 50.16% | 228.81% | 84.49% | -4.23% | -0.03% | 25.73% | 41.62% | 9.25% | 12.63% | 90.18% | 136.87% | -6.38% | 778.32% | 1.82% | -41.13% | -82.32% | -5.13% |
| Cost of Goods Sold | 1.21B | 1.14B | 1.09B | 1.12B | 931.01M | 742.52M | 644.99M | 683.35M | 743.65M | 674.57M | 622.56M | 580.07M | 569.62M | 487.32M | 413.05M | 274.84M | 79.66M | 45.17M | 45.09M | 42.3M | 34.11M | 25.07M | 24.21M | 23M | 11.98M | 5.45M | 6.27M | 2.47M | 1.41M | 2.61M | 11.3M |
| COGS % of Revenue | - | 76.47% | 74.84% | 76.06% | 77.28% | 70.98% | 70.64% | 70.33% | 71.62% | 68.44% | 67.85% | 67.73% | 70.21% | 73.6% | 74.43% | 74.36% | 70.87% | 74.13% | 70.88% | 66.48% | 67.4% | 70.16% | 74.01% | 79.2% | 78.47% | 84.54% | 91.11% | 314.92% | 183.38% | 199.62% | 152.7% |
| Gross Profit | 369.1M | 351.67M | 366.43M | 351.62M | 273.65M | 303.63M | 268.1M | 288.33M | 294.61M | 311.11M | 295.04M | 276.38M | 241.68M | 174.76M | 141.93M | 94.75M | 32.74M | 15.76M | 18.53M | 21.33M | 16.5M | 10.66M | 8.5M | 6.04M | 3.29M | 997K | 612K | -1.69M | -642K | -1.3M | -3.9M |
| Gross Margin % | 23.43% | 23.53% | 25.16% | 23.94% | 22.72% | 29.02% | 29.36% | 29.67% | 28.38% | 31.56% | 32.15% | 32.27% | 29.79% | 26.4% | 25.57% | 25.64% | 29.13% | 25.87% | 29.12% | 33.52% | 32.6% | 29.84% | 25.99% | 20.8% | 21.53% | 15.46% | 8.89% | -214.92% | -83.38% | -99.62% | -52.7% |
| Gross Profit Growth % | - | -4.03% | 4.21% | 28.49% | -9.87% | 13.25% | -7.02% | -2.13% | -5.3% | 5.45% | 6.75% | 14.36% | 38.29% | 23.14% | 49.8% | 189.4% | 107.75% | -14.94% | -13.13% | 29.26% | 54.71% | 25.46% | 40.74% | 83.7% | 229.79% | 62.91% | 136.32% | -162.46% | 50.73% | 66.59% | -262.5% |
| Operating Expenses | 310.14M | 273.62M | 259.42M | 274.19M | 225.34M | 188.63M | 178.89M | 204.07M | 232.07M | 222.1M | 192.92M | 155.06M | 143.25M | 124.38M | 105.12M | 70.55M | 20.61M | 14.85M | 13.97M | 13.62M | 10.99M | 8.1M | 7.71M | 7.59M | 9.46M | 8.38M | 10.19M | 5.96M | 7.3M | 6.54M | 5.9M |
| OpEx % of Revenue | - | 18.31% | 17.82% | 18.66% | 18.71% | 18.03% | 19.59% | 21% | 22.35% | 22.53% | 21.02% | 18.11% | 17.66% | 18.79% | 18.94% | 19.09% | 18.33% | 24.38% | 21.97% | 21.41% | 21.71% | 22.65% | 23.59% | 26.15% | 61.97% | 130.05% | 147.94% | 760.08% | 948.05% | 500.23% | 79.73% |
| Selling, General & Admin | 201.49M | 170.04M | 155.11M | 155.58M | 132.69M | 109.55M | 105.04M | 118.68M | 137.4M | 139.62M | 113.25M | 95.46M | 84.65M | 72.09M | 64.32M | 42.11M | 10.96M | 8.86M | 7.19M | 8.54M | 7.62M | 5.46M | 5.49M | 5.11M | 5.55M | 4.55M | 6.09M | 3.48M | 4.1M | 4.47M | 3.4M |
| SG&A % of Revenue | - | 11.38% | 10.65% | 10.59% | 11.02% | 10.47% | 11.5% | 12.21% | 13.23% | 14.16% | 12.34% | 11.15% | 10.43% | 10.89% | 11.59% | 11.39% | 9.75% | 14.54% | 11.3% | 13.42% | 15.06% | 15.28% | 16.78% | 17.6% | 36.36% | 70.54% | 88.41% | 444.01% | 532.21% | 341.82% | 45.95% |
| Research & Development | 96M | 107.09M | 117.83M | 125.69M | 85.72M | 75.21M | 68.04M | 91.03M | 98.66M | 94.52M | 79.58M | 69.21M | 66.41M | 52.2M | 43.19M | 28.44M | 9.65M | 5.99M | 6.78M | 5.08M | 3.37M | 2.63M | 2.23M | 2.49M | 3.91M | 3.84M | 4.1M | 2.48M | 3.2M | 2.07M | 2.1M |
| R&D % of Revenue | - | 7.17% | 8.09% | 8.56% | 7.12% | 7.19% | 7.45% | 9.37% | 9.5% | 9.59% | 8.67% | 8.08% | 8.19% | 7.88% | 7.78% | 7.7% | 8.59% | 9.84% | 10.66% | 7.99% | 6.65% | 7.37% | 6.81% | 8.56% | 25.6% | 59.5% | 59.53% | 316.07% | 415.84% | 158.41% | 28.38% |
| Other Operating Expenses | 2M | -3.52M | -13.52M | -7.09M | 6.93M | 3.86M | 5.8M | -5.64M | -3.99M | -12.04M | 83K | -9.61M | -7.81M | 90K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3K | 0 | 0 | 0 | 0 | 0 | 0 | 400K |
| Operating Income | 58.95M | 78.05M | 107.02M | 77.44M | 48.31M | 115.01M | 89.22M | 84.26M | 72.79M | 97.1M | 106.12M | 121.32M | 98.43M | 50.38M | 36.66M | 18.88M | 12.13M | 908K | 4.55M | 7.71M | 5.51M | 2.57M | 786K | -1.55M | -6.17M | -7.39M | -9.57M | -7.64M | -7.94M | -7.85M | -9.8M |
| Operating Margin % | 3.74% | 5.22% | 7.35% | 5.27% | 4.01% | 10.99% | 9.77% | 8.67% | 7.01% | 9.85% | 11.56% | 14.17% | 12.13% | 7.61% | 6.6% | 5.11% | 10.79% | 1.49% | 7.16% | 12.11% | 10.89% | 7.19% | 2.4% | -5.35% | -40.44% | -114.58% | -139.05% | -975% | -1031.43% | -599.85% | -132.43% |
| Operating Income Growth % | - | -27.07% | 38.19% | 60.31% | -58% | 28.91% | 5.88% | 15.76% | -25.04% | -8.5% | -12.53% | 23.25% | 95.37% | 37.45% | 94.14% | 55.64% | 1236.01% | -80.06% | -40.9% | 39.76% | 114.51% | 226.97% | 150.58% | 74.83% | 16.41% | 22.85% | -25.26% | 3.75% | -1.22% | 19.94% | -188.24% |
| EBITDA | 114.87M | 131.31M | 159.99M | 128.39M | 92.7M | 153.79M | 130.33M | 128.51M | 123.43M | 142.07M | 143.88M | 152.35M | 133.46M | 81.63M | 67.28M | 42.23M | 13.5M | 2.35M | 5.93M | 8.36M | 6M | 3.01M | 1.45M | -1.03M | -5.47M | -6.58M | -8.96M | -7.3M | -7.36M | -7.68M | -9.4M |
| EBITDA Margin % | 7.29% | 8.79% | 10.99% | 8.74% | 7.7% | 14.7% | 14.27% | 13.23% | 11.89% | 14.41% | 15.68% | 17.79% | 16.45% | 12.33% | 12.12% | 11.43% | 12.01% | 3.85% | 9.32% | 13.14% | 11.86% | 8.42% | 4.42% | -3.55% | -35.8% | -102.14% | -130.06% | -931.12% | -955.84% | -587.46% | -127.03% |
| EBITDA Growth % | -23.1% | -17.92% | 24.62% | 38.5% | -39.72% | 18% | 1.42% | 4.12% | -13.12% | -1.26% | -5.56% | 14.15% | 63.49% | 21.33% | 59.31% | 212.86% | 475.4% | -60.42% | -29.09% | 39.27% | 99.4% | 108.02% | 240.35% | 81.14% | 16.98% | 26.47% | -22.68% | 0.82% | 4.22% | 18.26% | -203.23% |
| D&A (Non-Cash Add-back) | 55.92M | 53.26M | 52.98M | 50.95M | 44.39M | 38.78M | 41.11M | 44.25M | 50.64M | 44.97M | 37.76M | 31.03M | 35.03M | 31.25M | 30.63M | 23.35M | 1.37M | 1.44M | 1.37M | 654K | 489K | 440K | 661K | 523K | 708K | 802K | 619K | 344K | 582K | 162K | 400K |
| EBIT | 58.6M | 49.65M | 122.63M | 101.69M | 55.23M | 118.86M | 95.02M | 97.18M | 87.56M | 97.1M | 112.86M | 121.32M | 99.51M | 52.8M | 36.66M | 21.53M | 12.28M | 908K | 4.55M | 7.71M | 5.51M | 2.57M | 786K | -1.55M | -6.17M | -7.54M | -9.57M | -7.64M | -7.94M | -7.9M | -9.8M |
| Net Interest Income | -5.87M | -13.81M | -15.3M | -14.64M | -4.29M | -2.76M | -4.56M | -4.76M | -4.94M | -4.88M | -3.26M | -2.61M | -3.26M | -3.54M | -4.14M | -3.51M | 25K | 10K | 837K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25K | 10K | 837K | 961K | 523K | 283K | 56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.87M | 13.81M | 15.3M | 14.64M | 4.29M | 2.76M | 4.56M | 4.76M | 4.94M | 4.88M | 3.26M | 2.61M | 3.26M | 3.54M | 4.14M | 3.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -12.8M | -42.22M | -4.75M | -22.48M | -9.93M | -1.15M | -7.66M | -25.11M | -14.67M | -27.84M | 4.44M | 7.62M | -4.21M | -4.15M | -3.98M | -1.94M | 232K | -299K | 948K | 1.14M | 694K | 484K | 273K | 139K | -138K | 0 | 0 | -36K | 0 | 2.42M | 0 |
| Pretax Income | 46.16M | 35.84M | 102.27M | 54.95M | 38.38M | 113.85M | 81.56M | 59.15M | 58.12M | 69.25M | 110.56M | 128.94M | 94.22M | 46.23M | 32.67M | 16.94M | 12.28M | 609K | 5.5M | 8.85M | 6.21M | 3.05M | 1.06M | -1.42M | -6.31M | 0 | 0 | -7.68M | 0 | -5.48M | 0 |
| Pretax Margin % | 2.93% | 2.4% | 7.02% | 3.74% | 3.19% | 10.88% | 8.93% | 6.09% | 5.6% | 7.03% | 12.05% | 15.05% | 11.61% | 6.98% | 5.89% | 4.58% | 10.92% | 1% | 8.65% | 13.9% | 12.26% | 8.55% | 3.24% | -4.87% | -41.29% | - | - | -979.59% | - | -419.19% | - |
| Income Tax | 19.58M | 17.55M | 37.32M | 14.61M | 13.94M | 20.42M | 21.87M | 21.64M | 16.22M | 34.03M | 33.97M | 33.55M | 24.1M | 11.1M | 8.35M | 5.05M | 2.92M | 325K | 1.94M | 1.47M | 2.69M | -13.49M | 0 | 0 | 0 | 304K | 1.7M | -69K | -238K | -2.43M | 200K |
| Effective Tax Rate % | 42.42% | 48.97% | 36.49% | 26.59% | 36.32% | 17.93% | 26.81% | 36.59% | 27.91% | 49.13% | 30.72% | 26.02% | 25.58% | 24% | 25.56% | 29.83% | 23.79% | 53.37% | 35.22% | 16.62% | 43.39% | -441.88% | 0% | 0% | 0% | - | - | 0.9% | - | 44.3% | - |
| Net Income | 26.57M | 18.29M | 64.95M | 40.34M | 24.44M | 93.43M | 59.69M | 37.51M | 41.9M | 35.23M | 76.6M | 95.39M | 70.12M | 33.82M | 17.87M | 10.34M | 9.95M | 723K | 3.56M | 7.38M | 3.51M | 16.55M | 1.06M | -1.42M | -6.31M | -7.69M | -11.27M | -7.58M | -7.7M | -5.42M | -10M |
| Net Margin % | 1.69% | 1.22% | 4.46% | 2.75% | 2.03% | 8.93% | 6.54% | 3.86% | 4.04% | 3.57% | 8.35% | 11.14% | 8.64% | 5.11% | 3.22% | 2.8% | 8.85% | 1.19% | 5.6% | 11.59% | 6.94% | 46.31% | 3.24% | -4.87% | -41.29% | -119.3% | -163.72% | -966.2% | -1000.52% | -414.14% | -135.14% |
| Net Income Growth % | -16% | -71.85% | 60.99% | 65.06% | -73.84% | 56.53% | 59.15% | -10.48% | 18.94% | -54.01% | -19.7% | 36.04% | 107.33% | 89.23% | 72.78% | 3.96% | 1276.21% | -79.71% | -51.67% | 109.87% | -78.77% | 1462.7% | 174.84% | 77.56% | 18.01% | 31.78% | -48.83% | 1.67% | -42.22% | 45.83% | -212.5% |
| Net Income (Continuing) | 26.57M | 18.29M | 64.95M | 40.34M | 24.44M | 93.43M | 59.69M | 48.87M | 41.9M | 35.23M | 76.6M | 95.39M | 70.12M | 35.13M | 24.32M | 11.89M | 9.36M | 284K | 3.56M | 7.38M | 3.51M | 16.55M | 1.06M | -1.42M | -6.31M | -7.69M | -11.98M | -7.58M | -7.7M | -5.1M | -10M |
| 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 | 53.35M | 44.19M | 0 | -439K | 0 | 0 | 0 | 0 | 0 | 19K | 2K | 44K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.86 | 0.60 | 2.06 | 1.22 | 0.73 | 2.79 | 1.81 | 1.47 | 1.16 | 0.96 | 2.09 | 2.62 | 1.95 | 0.94 | 0.39 | 0.09 | 0.44 | 0.03 | 0.16 | 0.33 | 0.16 | 0.76 | 0.05 | -0.12 | -0.64 | -1.66 | -3.43 | -3.97 | -20.17 | -16.18 | -12.29 |
| EPS Growth % | -14.33% | -70.87% | 68.85% | 67.12% | -73.84% | 54.14% | 23.13% | 26.72% | 20.83% | -54.07% | -20.23% | 34.36% | 107.45% | 141.03% | 333.33% | -79.55% | 1366.67% | -81.25% | -51.52% | 106.25% | -78.95% | 1420% | 141.67% | 81.25% | 61.45% | 51.6% | 13.6% | 80.32% | -24.66% | -31.65% | -211.14% |
| EPS (Basic) | - | 0.60 | 2.08 | 1.23 | 0.74 | 2.82 | 1.83 | 1.48 | 1.17 | 0.96 | 2.10 | 2.65 | 1.98 | 0.96 | 0.39 | 0.09 | 0.46 | 0.03 | 0.16 | 0.34 | 0.17 | 0.79 | 0.06 | -0.12 | -0.64 | -1.66 | -3.43 | -3.97 | -20.17 | -16.18 | -12.29 |
| Diluted Shares Outstanding | 31.05M | 30.94M | 31.48M | 33.07M | 33.5M | 33.51M | 33.03M | 33.3M | 36.18M | 36.81M | 36.6M | 36.48M | 36.05M | 34.12M | 28.86M | 23.45M | 22.5M | 21.77M | 22.37M | 22.63M | 20.7M | 16.12M | 14.74M | 11.47M | 9.86M | 4.63M | 3.28M | 1.91M | 382K | 334.88K | 814K |
| Basic Shares Outstanding | 30.65M | 30.48M | 31.29M | 32.78M | 33.13M | 33.09M | 32.67M | 33.12M | 35.92M | 36.72M | 36.45M | 36.03M | 35.41M | 33.65M | 28.35M | 22.61M | 21.72M | 21.4M | 21.98M | 21.64M | 19.88M | 15.5M | 13.51M | 11.47M | 9.86M | 4.63M | 3.28M | 1.91M | 382K | 334.88K | 814K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 0.99% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying THRM stock.
For fiscal year 2025, Gentherm Incorporated (THRM) reported total revenue of $1.49B. This represents a 20097.5% increase compared to $7.4M in 1996.
Gentherm Incorporated (THRM) is profitable, generating $18.3M in net income for the fiscal year ending 2025 with a net profit margin of 1.2%.
Gentherm Incorporated (THRM) reported an operating income of $78.1M, resulting in an operating profit margin of 5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Gentherm Incorporated (THRM) generated $351.7M in gross profit for the year, representing a gross profit margin of 23.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin net margins persist
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates
Gentherm's revenue grew 11.0% year-over-year in 2026Q2, reaching $416.2M, the highest in the reported period, according to the latest quarterly data, suggesting accelerating commercial momentum.
The sequential acceleration from 8.5% growth in 2025Q4 to 11.0% in 2026Q2 indicates strengthening demand, likely driven by increased adoption of climate-controlled seats and EV thermal management solutions. However, the growth appears volume-driven rather than price-driven, as gross margin has not expanded correspondingly, which may limit the durability of this trend if OEM pricing pressures intensify.
Gross Margin Compression Persists
Gross margin declined from 25.7% in 2024Q2 to 23.2% in 2026Q2, a 250 basis point contraction, as reported in financial statements, reflecting ongoing pricing and mix pressures.
The persistent decline in gross margin, despite revenue growth, suggests that Gentherm is facing structural headwinds, possibly from higher input costs or unfavorable product mix. The company's gross margin remains above peers like Lear (8.2%) and Adient (6.6%), indicating its technology premium, but the trend is concerning. Investors should monitor whether the company can stabilize margins through productivity gains or higher-margin product launches.
Operating Leverage Fails to Materialize
Operating income fell from $33.0M in 2024Q2 to $10.7M in 2026Q2, despite revenue rising 11%, as operating margin compressed to 2.6%, based on reported figures, indicating negative operating leverage.
The sharp decline in operating margin from 8.8% to 2.6% over two years suggests that SG&A and R&D expenses have grown faster than gross profit, eroding the benefits of revenue growth. R&D spending has remained elevated, possibly for EV battery thermal management, but the lack of operating leverage raises questions about cost discipline. If this trend continues, it could cap earnings growth despite top-line expansion.
Net Income Volatility Raises Concerns
Net income swung from $18.9M in 2024Q2 to $4.4M in 2026Q2, with EPS dropping from $0.60 to $0.14, as per the income statement data, highlighting significant earnings instability.
The extreme volatility in net income, including near-zero or negative quarters in 2025Q1 and 2025Q2, suggests that reported earnings are heavily influenced by non-operating items or one-time charges. The gap between operating margin (5.2% TTM) and net margin (1.2% TTM) indicates substantial drags from interest, taxes, or other items that warrant investigation. Investors should adjust for these anomalies when assessing underlying profitability.
R&D and SG&A Outpace Revenue
Combined R&D and SG&A expenses rose from $68.4M in 2024Q2 to $79.8M in 2026Q2, a 16.7% increase, while revenue grew only 11%, as per reported figures, indicating expense discipline issues.
The disproportionate growth in operating expenses relative to revenue suggests that Gentherm is investing heavily in future growth, particularly in R&D for EV thermal management, but this is pressuring current profitability. SG&A has also increased, possibly due to integration costs from acquisitions or expanded commercial efforts. Management's ability to control these costs while scaling will be critical to margin recovery.
Volume Growth Masks Profitability Erosion
Despite record revenue, Gentherm's net margin remains a thin 1.2% TTM, and gross margin has contracted 250 basis points since 2024Q2, as reported in financial statements, suggesting the earnings beat may be unsustainable.
Short-sellers would argue that Gentherm's revenue growth is not translating into shareholder value, as margins continue to deteriorate. The company's reliance on volume growth without pricing power, combined with elevated R&D and SG&A, could lead to further margin compression. Additionally, the slowdown in EV adoption and potential OEM de-contenting pose risks to the growth narrative. If the company cannot demonstrate structural margin improvement, the current valuation may be unjustified.