Gentherm Inc Segments Disclosure
Note 19 — Segment Reporting
The Company is organized under two reportable segments: Automotive and Medical.
The Automotive reporting segment is comprised of our global automotive businesses, including the design, development, manufacturing and sales of Automotive Climate and Comfort Solutions (including Climate Control Seats, Climate Control Interiors, Lumbar and Massage Comfort Solutions and Climate and Comfort Electronics), Valve Systems and other automotive products.
The Medical reporting segment is comprised of our patient temperature management business in the medical industry. Patient temperature management includes temperature management systems across multiple product categories addressing the needs of hyper-hypothermia therapy in intensive care, normothermia in surgical procedures and additional warming/cooling therapies utilized in acute and chronic care departments and non-hospital facilities.
The Corporate and other unallocated expenses category includes certain enterprise and governance activities resulting in unallocated corporate costs and other activity and net costs that the Company may choose not to allocate directly to its business segments.
Segment information is used by management, specifically our chief operating decision maker ("CODM"), the President and , for making operating decisions for the Company. Our CODM uses operating income or loss to evaluate the performance and allocate resources for each of the Company’s segments. Operating income or loss is used to monitor budget versus actual results and year-over-year actual results to inform the decisions of how to allocate capital and resources within the Company. The measure of assets has not been disclosed for each segment as it is not regularly reviewed by the CODM.
The table below presents segment information about the reported product revenues, operating income (loss), and significant segment expenses of the Company for the years ended December 31, 2025, 2024 and 2023:
|
|
Year Ended December 31, |
|
|||||||||
Product Revenues |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Automotive |
|
$ |
1,448,826 |
|
|
$ |
1,406,278 |
|
|
$ |
1,422,952 |
|
Medical |
|
|
49,776 |
|
|
|
49,846 |
|
|
|
46,124 |
|
Total |
|
|
1,498,602 |
|
|
|
1,456,124 |
|
|
|
1,469,076 |
|
|
|
|
|
|
|
|
|
|
|
|||
Significant Segment Expenses and Operating Performance |
|
|
|
|
|
|
|
|
|
|||
Automotive |
|
|
|
|
|
|
|
|
|
|||
Cost of sales |
|
|
1,110,222 |
|
|
|
1,058,989 |
|
|
|
1,090,941 |
|
Net research and development expenses |
|
|
73,694 |
|
|
|
68,787 |
|
|
|
70,778 |
|
Selling, general and administrative expenses |
|
|
67,040 |
|
|
|
65,924 |
|
|
|
72,090 |
|
Restructuring expenses, net |
|
|
12,279 |
|
|
|
12,238 |
|
|
|
3,187 |
|
Loss on sale of land and building, net |
|
|
2,196 |
|
|
|
— |
|
|
|
— |
|
Automotive operating income |
|
|
183,395 |
|
|
|
200,340 |
|
|
|
185,956 |
|
|
|
|
|
|
|
|
|
|
|
|||
Medical |
|
|
|
|
|
|
|
|
|
|||
Cost of sales |
|
|
26,204 |
|
|
|
25,868 |
|
|
|
24,619 |
|
Other operating expenses |
|
|
23,114 |
|
|
|
21,836 |
|
|
|
24,230 |
|
Impairment of intangible assets and property and equipment |
|
|
— |
|
|
|
2,501 |
|
|
|
19,509 |
|
Medical operating income (loss) |
|
|
458 |
|
|
|
(359 |
) |
|
|
(22,234 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Corporate and Other Unallocated Expenses |
|
|
|
|
|
|
|
|
|
|||
Corporate and other unallocated expenses |
|
|
(101,153 |
) |
|
|
(92,966 |
) |
|
|
(86,283 |
) |
Total consolidated operating income |
|
$ |
82,700 |
|
|
$ |
107,015 |
|
|
$ |
77,439 |
|
|
|
|
|
|
|
|
|
|
|
|||
Other Segment Disclosures |
|
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization |
|
|
|
|
|
|
|
|
|
|||
Automotive |
|
$ |
47,701 |
|
|
$ |
47,752 |
|
|
$ |
45,845 |
|
Medical |
|
|
3,403 |
|
|
|
3,542 |
|
|
|
3,654 |
|
Corporate |
|
|
2,275 |
|
|
|
1,681 |
|
|
|
1,449 |
|
Total |
|
$ |
53,379 |
|
|
$ |
52,975 |
|
|
$ |
50,948 |
|
Automotive and Medical segment product revenues by product category for each of the years ended December 31, 2025, 2024 and 2023 are as follows:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 (a) |
|
|
2023 (a) |
|
|||
Climate Control Seats |
|
$ |
793,314 |
|
|
$ |
771,310 |
|
|
$ |
797,588 |
|
Lumbar and Massage Comfort Solutions |
|
|
212,182 |
|
|
|
178,584 |
|
|
|
144,923 |
|
Climate Control Interiors |
|
|
197,901 |
|
|
|
186,972 |
|
|
|
177,976 |
|
Climate and Comfort Electronics |
|
|
29,664 |
|
|
|
17,363 |
|
|
|
12,860 |
|
Automotive Climate and Comfort Solutions |
|
|
1,233,061 |
|
|
|
1,154,229 |
|
|
|
1,133,347 |
|
Valve Systems |
|
|
96,877 |
|
|
|
105,056 |
|
|
|
106,262 |
|
Other Automotive |
|
|
118,888 |
|
|
|
146,993 |
|
|
|
183,343 |
|
Subtotal Automotive segment |
|
|
1,448,826 |
|
|
|
1,406,278 |
|
|
|
1,422,952 |
|
Medical segment |
|
|
49,776 |
|
|
|
49,846 |
|
|
|
46,124 |
|
Total Company |
|
$ |
1,498,602 |
|
|
$ |
1,456,124 |
|
|
$ |
1,469,076 |
|
Revenue (based on shipment destination) by geographic area for each of the years ended December 31, 2025, 2024 and 2023 is as follows:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
United States |
|
$ |
513,288 |
|
|
$ |
504,444 |
|
|
$ |
537,096 |
|
China |
|
|
239,563 |
|
|
|
224,221 |
|
|
|
221,512 |
|
Germany |
|
|
113,860 |
|
|
|
105,927 |
|
|
|
102,383 |
|
Czech Republic |
|
|
89,648 |
|
|
|
78,785 |
|
|
|
69,714 |
|
South Korea |
|
|
89,131 |
|
|
|
104,120 |
|
|
|
115,854 |
|
Mexico |
|
|
67,008 |
|
|
|
43,327 |
|
|
|
45,733 |
|
Slovakia |
|
|
55,493 |
|
|
|
55,085 |
|
|
|
44,946 |
|
Romania |
|
|
54,304 |
|
|
|
52,616 |
|
|
|
53,982 |
|
Japan |
|
|
47,601 |
|
|
|
53,730 |
|
|
|
60,879 |
|
United Kingdom |
|
|
33,437 |
|
|
|
41,098 |
|
|
|
34,765 |
|
Other |
|
|
195,269 |
|
|
|
192,771 |
|
|
|
182,212 |
|
Total Non-U.S. |
|
|
985,314 |
|
|
|
951,680 |
|
|
|
931,980 |
|
Total Company |
|
$ |
1,498,602 |
|
|
$ |
1,456,124 |
|
|
$ |
1,469,076 |
|
Property and equipment, net, for each of the geographic areas in which the Company operates as of December 31, 2025 and 2024 is as follows:
|
|
December 31, |
|
|||||
Property and equipment, net |
|
2025 |
|
|
2024 |
|
||
Germany |
|
$ |
50,761 |
|
|
$ |
42,457 |
|
Mexico |
|
|
50,506 |
|
|
|
47,814 |
|
China |
|
|
47,414 |
|
|
|
44,767 |
|
United States |
|
|
40,361 |
|
|
|
42,928 |
|
North Macedonia |
|
|
29,375 |
|
|
|
25,374 |
|
Vietnam |
|
|
19,110 |
|
|
|
20,920 |
|
Czech Republic |
|
|
10,513 |
|
|
|
9,440 |
|
Hungary |
|
|
8,617 |
|
|
|
7,994 |
|
Ukraine |
|
|
5,467 |
|
|
|
5,174 |
|
Other |
|
|
8,490 |
|
|
|
6,102 |
|
Total |
|
$ |
270,614 |
|
|
$ |
252,970 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.