GENTEX CORP

Listed Company

GNTXCIK 0000355811NasdaqLarge AcceleratedMotor Vehicle Parts & AccessoriesMichiganFY ends Dec 31

Period

FY 2025

Revenue

$2.53B

Net Income

$384.84M

Total Assets

$2.93B

Equity

$2.49B

Shares Out

215.40M

Op. Cash Flow

$587.13M

Business

GENTEX CORP designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection technologies. Its principal products include interior and exterior electrochromic automatic-dimming and non-dimming rearview mirrors and associated automotive electronics, dimmable aircraft windows, commercial smoke and signaling devices, HomeLink and connected-vehicle systems, biometrics and sensor technologies, nanofiber chemical sensing, medical lighting, and smart-home PLACE safety products. The company operates key business segments in automotive rearview mirrors and electronics, dimmable aircraft windows, fire protection, and emerging nanofiber, medical, and biometric technologies. It sells globally to automotive OEMs, suppliers, aftermarket customers, airlines, distributors, retailers, and direct customers across North America, Europe, and Asia, supported by worldwide sales, engineering, and distribution locations.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
NET SALES	2,534	2,313	2,299	1,919	1,731
COST OF GOODS SOLD	1,668	1,542	1,537	1,309	1,111
Gross profit	867	771	763	610	620
Engineering, research and development	203	181	154	133	118
Selling, general and administrative	178	121	113	106	92
Severance expense	12	0	0	—	—
Impairment Charges	0	9	0	0	—
Total operating expenses	393	311	267	240	210
Income from operations	474	460	496	370	410
Investment (loss) income, net	−1	13	13	—	—
Other, net	−12	−915,731	−4	−5	3
Total other (loss) income	−13	12	9	−283,050	7
Income before provision for income taxes	461	472	505	370	416
PROVISION FOR INCOME TAXES	76	68	77	51	56
NET INCOME	385	404	428	319	—
Less: Net loss attributable to non-controlling interests	−159,290	0	0	—	—
NET INCOME ATTRIBUTABLE TO GENTEX CORPORATION	385	404	428	319	361
Basic (in dollars per share)	1.74	1.77	1.84	1.36	1.51
Diluted (in dollars per share)	1.74	1.76	1.84	1.36	1.5
Cash Dividends Declared per Share (in dollars per share)	0.48	0.48	0.48	0.48	0.48

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-05-31
Cash and cash equivalents	146	233	226	215	—
Short-term investments	5	22	14	23	—
Accounts receivable, net	369	295	322	276	—
Inventories, net	516	436	402	404	—
Prepaid expenses and other	93	50	33	26	—
Total current assets	1,128	1,037	998	949	—
Land, buildings and improvements	591	531	472	377	—
Machinery and equipment	1,240	1,065	1,012	936	—
Construction-in-process	83	178	158	166	—
Total Plant and Equipment	1,915	1,774	1,642	1,478	—
Less- Accumulated depreciation	−1,124	−1,046	−989	−928	—
Net Plant and Equipment	791	728	653	550	—
Goodwill	357	341	340	314	—
Long-term investments	273	340	299	202	—
Intangible assets, net	189	195	214	219	—
Deferred tax asset	108	53	41	26	—
Patents and other assets, net	81	66	67	68	—
Total Other Assets	1,009	995	961	829	—
TOTAL ASSETS	2,929	2,761	2,611	2,327	—
Accounts payable	249	168	184	152	—
Salaries, wages and vacation	23	20	23	18	—
Income taxes	846,965	439,545	693,391	19	—
Royalties	29	21	21	19	—
Dividends payable	26	27	28	28	—
Short-term debt	4	0	—	—	—
Other	56	16	15	15	—
Total current liabilities	388	253	272	251	—
OTHER NON-CURRENT LIABILITIES	49	36	27	11	—
DEFERRED INCOME TAXES	908,922	0	—	—	—
TOTAL LIABILITIES	438	289	299	261	—
REDEEMABLE NON-CONTROLLING INTEREST	3	0	—	—	—
Common stock, par value 0.06 per share; 400,000,000 shares authorized; 215,445,024 and 227,207,472 shares issued and outstanding in 2025 and 2024, respectively.	13	14	14	14	5
Additional paid-in capital	1,009	1,010	968	917	—
Retained earnings	1,466	1,450	1,337	1,148	—
Unrealized income (loss) on investments, net	1	−591,605	−2	−10	—
Unrealized loss on derivatives	−768,985	0	—	—	—
Cumulative translation adjustment	−310,305	−6	−5	−4	—
TOTAL GENTEX CORPORATION SHAREHOLDERS' INVESTMENT	2,488	2,468	2,313	2,066	—
Non-controlling Interest	0	4	0	—	—
TOTAL SHAREHOLDERS' INVESTMENT	2,488	2,472	2,313	2,066	—
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND SHAREHOLDERS' INVESTMENT	2,929	2,761	2,611	2,327	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	104	95	93	97	99
Gain on disposal of assets	−3	−1	−355,544	−70,736	−488,750
Loss on disposal of assets	25,763	90,145	443,373	28,424	230,933
Gain on sale of investments and equity method investment income	−3	−5	−5	−392,040	−1
Loss on sale of investments and equity method investment losses	8	10	11	2	307,490
Provision for credit losses	7	0	0	—	—
Remeasurement of earnout provision	3	0	0	—	—
Deferred income taxes	−18	−12	−18	−18	−42
Stock based compensation expense related to employee stock options, employee stock purchases and restricted stock	37	40	39	30	27
Impairment charges - investments	14	0	0	—	—
Impairment charges - goodwill and intangible assets	0	9	0	—	—
Accounts receivable	−15	27	−45	−27	35
Inventories	18	−33	2	−88	−90
Prepaid expenses and other	214,617	−10	−4	−29	−20
Accounts payable	52	−26	41	37	7
Accrued liabilities	−2	1	−6	15	−14
Net cash flows provided by operating activities	587	498	537	338	362
Sales proceeds	74	43	59	37	56
Maturities and calls	3	16	17	4	28
Purchases	−26	−51	−81	−18	−100
VOXX share purchases	0	−31	−17	−383,843	—
Purchase of technology investments	−23	−28	−71	−46	—
Plant and equipment additions	−129	−145	−184	−146	−69
Proceeds from sale of plant and equipment	8	3	292,723	313,917	3
Acquisition of businesses, net of cash acquired	−156	−3	−19	0	−12
Loans to technology investment partners	−16	0	0	—	—
Increase in other assets	−2	−7	−4	−4	−6
Net cash used for investing activities	−267	−202	−299	−173	−113
Issuance of common stock from stock plan transactions	14	27	29	17	30
Cash dividends paid	−107	−110	−112	−113	−115
Repurchases of common stock	−315	−206	−147	−113	−325
Net cash used for financing activities	−408	−289	−230	−209	−410
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	−88	7	8	−44	−161
Change in Property and equipment in accounts payable and accrued expenses and other current liabilities	17	−10	7	15	—

Filings

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