GTESNYSEGeneral Industrial Machinery & EquipmentFiscal year ends December 31
Gates Industrial Corp Ltd.
Financials through Q2 FY2026, quarter ended Jun 27, 2026Last filing: 10-Q on Jul 31, 2026
$25.93+0.10 (+0.39%)
Close on Oct 19, 2026
- Market cap
- $6.64B
- P/E (TTM)
- 18.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
39.8%+2.8 pts over 5 years
Operating margin
13.5%+6.0 pts over 5 years
Net margin
7.3%+4.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.0% | -1.1% | +4.3% | – | |
| Gross profit | +1.0% | +3.1% | +5.8% | – | |
| Operating income | -1.5% | +6.6% | +17.1% | – | |
| Net income | +29.0% | +4.4% | +25.9% | – | |
| EPS, diluted | +29.7% | +7.6% | +28.9% | – | |
| Free cash flow | +36.6% | +29.1% | +10.1% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 2.9% | 7.9% | |
| Return on assets | – | 1.1% | 3.6% | |
| Current ratio | 2.62 | 2.63 | 3.37 | |
| Debt to equity | 3.90 | 0.97 | 0.67 | |
| Net debt to EBITDA | 5.51× | 5.08× | 2.09× | |
| Interest coverage | 1.7× | 1.4× | 3.7× | |
| Inventory turnover | – | 3.6× | 3.0× | |
| Capex to revenue | 3.3% | 2.1% | 2.1% | |
| Diluted shares | 250M | 292M | 261M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Gates Industrial generated $1.99B from operations and spent $1.11B on capital expenditure, dividends and share buybacks. 34% of that went back into the business.
Generated
$1.99B
Used
$1.11B
Capital expenditure$372.80M34%Dividends$00%Share buybacks$733.60M66%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.3%
×Asset turnover0.49×
×Equity multiplier2.19×
=Return on equity, FY20257.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.3% | 0.49× | 2.19× | 7.9% |
| FY2024 | 5.7% | 0.49× | 2.25× | 6.2% |
| FY2023 | 6.5% | 0.49× | 2.28× | 7.4% |
| FY2022 | 6.2% | 0.48× | 2.37× | 7.1% |
| FY2021 | 8.6% | 0.46× | 2.53× | 10.1% |
| FY2020 | 2.8% | 0.38× | 2.72× | 2.9% |
| FY2019 | 22.4% | 0.44× | 3.07× | 30.0% |
| FY2018 | 7.3% | 0.49× | 4.58× | 16.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$251.40M
- Cash generatingOperating cash flow above zero$478.10M
- Return on assets improvedROA up on the prior year2.7% → 3.7%
- Earnings backed by cashOperating cash flow above net income$478.10M vs $251.40M
- Less leverageLong-term debt to assets fell34.1% → 30.7%
- Better liquidityCurrent ratio rose3.20 → 3.37
- No dilutionShare count did not rise265M → 261M
- Gross margin improvedGross margin up on the prior year39.86% → 39.84%
- More efficientAsset turnover rose0.47 → 0.51