Gates Industrial Corporation plc (GTES) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.42	$0.44	+4.8%	—	$941.6M	—
Q3 25	$0.37	$0.39	+5.4%	—	$855.7M	—
Q2 25	$0.38	$0.39	+2.6%	—	$883.7M	—
Q1 25	$0.33	$0.36	+9.1%	—	$847.6M	—
Q4 24	$0.33	$0.36	+9.1%	—	$829.4M	—
Q3 24	$0.31	$0.33	+6.5%	—	$830.7M	—
Q2 24	$0.36	$0.36	0.0%	—	$885.5M	—
Q1 24	$0.32	$0.31	-3.1%	—	$862.6M	—
Q4 23	$0.28	$0.39	+39.3%	—	$863.3M	—
Q3 23	$0.31	$0.35	+12.9%	—	$872.9M	—
Q2 23	$0.33	$0.36	+9.1%	—	$936.3M	—
Q1 23	$0.26	$0.25	-3.8%	—	$897.7M	—
Q4 22	$0.23	$0.25	+8.7%	—	$893.3M	—
Q3 22	$0.31	$0.31	0.0%	—	$860.7M	—
Q2 22	$0.27	$0.32	+18.5%	—	$906.8M	—
Q1 22	$0.22	$0.26	+18.2%	—	$893.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.98	—	—	$3.4B	—
FY24	—	$0.75	—	—	$3.4B	—
FY23	—	$0.86	—	—	$3.6B	—
FY22	—	$0.78	—	—	$3.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.7B	$3B	$3.3B	$3.1B	$2.8B	$3.5B	$3.6B	$3.6B	$3.4B	$3.4B
YoY change	+0.07%	+10.7%	+10.1%	-7.78%	-9.53%	+24.4%	+2.3%	+0.45%	-4.54%	+1.03%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.7B	3B	3.3B	3.1B	2.8B	3.5B	3.6B	3.6B	3.4B	3.4B
Cost of revenue	1.7B	1.8B	2B	1.9B	1.8B	2.1B	2.3B	2.2B	2B	2.1B
Gross profit	1.1B	1.2B	1.3B	1.1B	1B	1.3B	1.3B	1.4B	1.4B	1.4B
Gross margin	38.6%	40%	39.7%	37%	37%	38.5%	35.2%	38.1%	39.9%	39.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	737.7M	777.1M	805.8M	777.3M	776.9M	852.7M	847.2M	879.2M	870M	876.1M
Operating expenses	740.5M	776.8M	820.1M	786.4M	775.9M	843.4M	847.4M	879.4M	870M	876.1M
Operating income	320.3M	441.2M	510.5M	356.1M	258.8M	495.8M	403.2M	479.5M	488.5M	495.6M
Operating margin	11.7%	14.5%	15.2%	11.5%	9.27%	14.3%	11.3%	13.4%	14.3%	14.4%
Non-operating income, net	-11M	-97.1M	-31.1M	500K	-33.5M	-12.6M	-9.6M	-48.5M	-18.4M	-31.8M
Pretax income	93M	109.5M	303.5M	198.8M	71M	349.7M	257.8M	285.3M	328M	340.2M
Income tax	21.1M	-72.5M	31.8M	-495.9M	-19.3M	18.4M	14.9M	28.3M	107.5M	63.1M
Net income	84.3M	182.7M	271.1M	694.1M	90M	331.3M	242.5M	256.4M	219.9M	276.3M
Net margin	3.07%	6.01%	8.1%	22.5%	3.22%	9.54%	6.82%	7.18%	6.45%	8.02%
EBITDA	565.1M	594.6M	711.6M	588.1M	491.6M	717.5M	609.3M	697.6M	693.1M	704.2M
EPS	0.2	0.53	0.86	2.38	0.27	1.02	0.78	0.86	0.75	0.98
Diluted EPS	0.2	0.53	0.84	2.37	0.27	1	0.77	0.84	0.74	0.96

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	872.9M	863.3M	862.6M	885.5M	830.7M	829.4M	847.6M	883.7M	855.7M	856.2M	851.1M	941.6M
Cost of revenue	529.5M	525.6M	532.6M	528.1M	494.9M	494.1M	503M	523.5M	514.1M	530.9M	513.1M	555.5M
Gross profit	343.4M	337.7M	330M	357.4M	335.8M	335.3M	344.6M	360.2M	341.6M	325.3M	338M	386.1M
Gross margin	39.3%	39.1%	38.3%	40.4%	40.4%	40.4%	40.7%	40.8%	39.9%	38%	39.7%	41%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	212.7M	215.2M	211M	217.7M	219.3M	220.1M	217.3M	231.2M	219.2M	209.5M	226.9M	250.7M
Operating expenses	212.8M	215.2M	211M	217.8M	219.3M	220.1M	217.3M	231.2M	219.2M	209.5M	226.9M	250.7M
Operating income	130.6M	122.5M	119M	139.6M	116.5M	115.3M	127.3M	129M	122.4M	115.8M	111.1M	135.4M
Operating margin	15%	14.2%	13.8%	15.8%	14%	13.9%	15%	14.6%	14.3%	13.5%	13.1%	14.4%
Non-operating income, net	-8.5M	-20.8M	-6.5M	-3M	-15M	4.2M	-6.1M	-15.7M	5.2M	-7.2M	-5.5M	-6.7M
Pretax income	86.6M	71.6M	80.7M	90.2M	69.2M	87.9M	93.8M	80.2M	94.8M	71.4M	77.9M	100.2M
Income tax	1M	2.4M	34.5M	12.3M	14M	46.7M	25.2M	16.8M	6.1M	15M	11.5M	-78M
Net income	85.5M	69.1M	46.1M	77.6M	55.1M	41.1M	68.3M	63.1M	88.6M	56.3M	66.2M	178M
Net margin	9.79%	8%	5.34%	8.76%	6.63%	4.96%	8.06%	7.14%	10.4%	6.58%	7.78%	18.9%
EBITDA	184.1M	189.3M	173.8M	176.6M	171.3M	171.4M	179.8M	175.8M	177.1M	172.5M	166.2M	192.3M
EPS	0.3	0.24	0.15	0.27	0.18	0.14	0.24	0.22	0.32	0.2	0.24	0.67
Diluted EPS	0.29	0.24	0.15	0.26	0.18	0.14	0.24	0.22	0.31	0.2	0.23	0.67

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	3.8B	4B	3.8B	4.6B	3.2B	3.6B	5.3B	5.5B	6.8B
Enterprise value	—	—	6.4B	6.4B	6.1B	6.7B	5.2B	5.5B	7.1B	7.1B	8.7B
Shares outstanding	284M	284M	285.2M	290M	294.1M	291.3M	283.1M	271.9M	259.9M	256.5M	256.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	13.9	5.75	41.7	14	13.3	14.2	24.3	19.9	18.9
P/S	—	—	1.13	1.29	1.34	1.33	0.91	1.02	1.57	1.6	1.93
P/B	—	—	1.62	1.33	1.18	1.33	0.94	1.03	1.6	1.49	1.92
EV/EBITDA	—	—	8.93	10.9	12.3	9.28	8.59	7.87	10.3	10	11.8
EV/Sales	—	—	1.9	2.08	2.17	1.92	1.47	1.54	2.1	2.05	2.48
Earnings yield	—	—	7.18%	17.4%	2.4%	7.15%	7.51%	7.03%	4.11%	5.02%	5.29%
FCF yield	—	—	3.46%	6.66%	6.44%	6.37%	5.54%	11.2%	5.11%	6.61%	6.19%
PEG	—	—	—	—	—	—	—	—	—	—	0.09

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.6%	40%	39.7%	37%	37%	38.5%	35.2%	38.1%	39.9%	39.8%	41%
Operating margin	11.7%	14.5%	15.2%	11.5%	9.27%	14.3%	11.3%	13.4%	14.3%	14.4%	15.3%
Net margin	3.07%	6.01%	8.1%	22.5%	3.22%	9.54%	6.82%	7.18%	6.45%	8.02%	10.4%
ROE	7.89%	12.8%	11.6%	23.1%	2.83%	9.52%	7.04%	7.23%	6.58%	7.49%	10.4%
ROA	1.32%	2.67%	4.03%	9.37%	1.21%	4.4%	3.37%	3.53%	3.24%	3.86%	4.44%
ROIC	5.66%	9.15%	9.3%	6.53%	4.72%	8.53%	6.97%	8.02%	6.39%	7.71%	8.92%
Return on tangible assets	-4.87%	-11.6%	-20.1%	-150.3%	-23%	270.2%	97.5%	63.3%	46.7%	39.7%	35.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.8	2.62	2.67	2.98	2.63	2.66	3.03	3.08	3.2	3.37	3.24
Quick ratio	2.17	1.96	1.88	2.25	1.93	1.86	2.15	2.25	2.26	2.42	2.36
Debt / equity	3.59	2.77	1.29	1.02	0.89	0.77	0.75	0.72	0.74	0.64	0.61
Debt / assets	0.6	0.58	0.45	0.41	0.38	0.36	0.36	0.35	0.37	0.33	0.32
Net debt / EBITDA	5.85	5.7	3.63	4.15	4.68	2.82	3.29	2.64	2.59	2.19	2.17
Interest coverage	1.43	1.47	2.73	2.26	1.46	3.62	2.99	2.85	3.47	3.88	3.87
Effective tax rate	22.7%	0%	10.5%	0%	0%	5.26%	5.78%	9.92%	32.8%	18.5%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.67	10.7	11.7	10.6	9.5	11.9	12.6	13.1	13.1	13.4	13.7
EPS (basic)	0.2	0.53	0.86	2.38	0.27	1.02	0.78	0.86	0.75	0.98	0.98
EPS (diluted)	0.2	0.53	0.84	2.37	0.27	1	0.77	0.84	0.74	0.96	1.41
Book value per share	3.76	5.03	8.18	10.4	10.8	12	12.2	13	12.9	14.4	13.9
FCF per share	1.09	0.74	0.46	0.92	0.82	1.01	0.63	1.51	1.05	1.42	1.48
Cash per share	1.87	1.99	1.48	2.19	1.77	2.26	2.04	2.65	2.62	3.17	3.27
Capex per share	0.19	0.36	0.58	0.25	0.2	0.27	0.27	0.22	0.27	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.96%	3.32%	4.96%	2.34%	2.08%	2.24%	2.18%	1.68%	2.09%	—	—
Capex / operating cash flow	14.4%	40.2%	46.3%	27.9%	17.3%	21.3%	31.4%	11.8%	18.2%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$872.9M	$863.3M	$862.6M	$885.5M	$830.7M	$829.4M	$847.6M	$883.7M	$855.7M	$856.2M	$851.1M	$941.6M
YoY change	+1.42%	-3.36%	-3.91%	-5.43%	-4.83%	-3.93%	-1.74%	-0.2%	+3.01%	+3.23%	+0.41%	+6.55%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	529.8M	564.4M	423.4M	635.3M	521.4M	658.2M	578.4M	720.6M	682M	812.1M
Receivables	650.5M	713.8M	742.3M	694.7M	695M	708.1M	808.6M	768.2M	722.7M	744.2M
Inventory	366.9M	457.1M	537.6M	475.1M	508.2M	682.6M	656.2M	647.2M	676M	700M
Total current assets	1.6B	1.8B	1.8B	2B	1.9B	2.3B	2.3B	2.4B	2.3B	2.5B
Property, plant & equipment	599.6M	686.2M	756.3M	850.9M	825.9M	794.5M	769.7M	750.1M	718.9M	746.1M
Goodwill & intangibles	8.1B	8.4B	8.1B	7.9B	7.8B	7.4B	6.9B	6.8B	6.3B	6.5B
Total assets	6.4B	6.9B	6.7B	7.4B	7.4B	7.5B	7.2B	7.3B	6.8B	7.2B
Accounts payable	313.1M	392M	424M	374.7M	417.4M	506.6M	469.6M	457.7M	408.2M	433.7M
Short-term debt	46.9M	66.4M	51.6M	46.1M	42.7M	38.1M	36.6M	36.5M	39.1M	36.2M
Total current liabilities	579.5M	697.8M	679M	658.1M	726.3M	855.9M	752.3M	779.3M	721.5M	735.4M
Long-term debt	3.8B	3.9B	3B	3B	2.8B	2.6B	2.5B	2.5B	2.4B	2.3B
Total liabilities	5.3B	5.4B	4.4B	4.4B	4.2B	4.1B	3.7B	3.7B	3.4B	3.5B
Shareholders' equity	1.1B	1.4B	2.3B	3B	3.2B	3.5B	3.4B	3.5B	3.3B	3.7B
Total debt	3.8B	4B	3B	3.1B	2.8B	2.7B	2.6B	2.6B	2.5B	2.4B
Net debt	3.3B	3.4B	2.6B	2.4B	2.3B	2B	2B	1.8B	1.8B	1.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	556.8M	720.6M	522.2M	579.7M	574.4M	682M	640.2M	719.7M	689.4M	812.1M	785.3M	823.5M
Receivables	821.9M	768.2M	797.7M	807.5M	811.8M	722.7M	786.2M	826.3M	833.3M	744.2M	799.6M	900.3M
Inventory	646.1M	647.2M	677.2M	696.5M	724.6M	676M	700.7M	729M	718.1M	700M	685.7M	740.6M
Total current assets	2.3B	2.4B	2.3B	2.4B	2.4B	2.3B	2.4B	2.5B	2.5B	2.5B	2.5B	2.7B
Property, plant & equipment	737M	750.1M	740.1M	727.3M	741.5M	718.9M	723.9M	751.6M	751.3M	746.1M	751.5M	745.6M
Goodwill & intangibles	6.8B	6.8B	6.7B	6.6B	6.6B	6.3B	6.3B	6.5B	6.5B	6.5B	6.4B	6.3B
Total assets	7.1B	7.3B	7B	7B	7.1B	6.8B	6.9B	7.2B	7.1B	7.2B	7.1B	7.4B
Accounts payable	441.1M	457.7M	451.4M	441.3M	427.5M	408.2M	417M	411.3M	385.3M	433.7M	396.9M	482.4M
Short-term debt	27.7M	36.5M	27.9M	21.8M	36.2M	39.1M	31.6M	39.8M	30.5M	36.2M	30.9M	39.2M
Total current liabilities	780.4M	779.3M	747.9M	763.4M	795.6M	721.5M	710.4M	729.3M	705.4M	735.4M	678.5M	835.1M
Long-term debt	2.5B	2.5B	2.4B	2.4B	2.5B	2.4B	2.4B	2.4B	2.3B	2.3B	2.3B	2.3B
Total liabilities	3.7B	3.7B	3.6B	3.5B	3.7B	3.4B	3.5B	3.6B	3.4B	3.5B	3.4B	3.5B
Shareholders' equity	3.4B	3.5B	3.5B	3.5B	3.5B	3.3B	3.4B	3.6B	3.7B	3.7B	3.7B	3.9B
Total debt	2.6B	2.6B	2.5B	2.4B	2.5B	2.5B	2.5B	2.5B	2.4B	2.4B	2.4B	2.4B
Net debt	2B	1.8B	1.9B	1.9B	1.9B	1.8B	1.8B	1.8B	1.7B	1.5B	1.6B	1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	84.3M	182.7M	271.1M	694.1M	90M	331.3M	242.5M	256.4M	219.9M	276.3M
Depreciation & amortization	240.8M	212.2M	218.5M	222.2M	218.6M	222.6M	217.2M	217.5M	216.9M	213.8M
Stock-based compensation	4.2M	5.4M	6M	15M	19.8M	24.6M	44.3M	27.4M	28.8M	27.2M
Change in working capital	82.9M	-38.9M	-139.8M	-28.3M	47.4M	-123.4M	-183.4M	66.9M	-62.4M	10.2M
Operating cash flow	372.4M	251.7M	358.6M	258.7M	337.2M	364.5M	247.5M	507.8M	391M	478.1M
Capital expenditure	-53.8M	-101.1M	-166.1M	-72.1M	-58.2M	-77.7M	-77.6M	-60M	-71.1M	—
Investing cash flow	-58.1M	-217M	-227M	-67M	-68.3M	-76.7M	-81.3M	-71.6M	-80.8M	-7.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-2M	-1.6M	0	0	0	-10.6M	-175.9M	-251.7M	-176.1M	-119.3M
Financing cash flow	-110.8M	-75.3M	-198.9M	-59.3M	-353.8M	-148.6M	-253.1M	-258.3M	-286.7M	-251.1M
Net change in cash	203.5M	-40.6M	-67.3M	132.4M	-84.9M	139.2M	-86.9M	177.9M	23.5M	219.6M
Free cash flow	308.6M	208.8M	130.8M	265.8M	241.6M	295.4M	178.8M	409.6M	272.9M	364.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	85.5M	69.1M	46.1M	77.6M	55.1M	41.1M	68.3M	63.1M	88.6M	56.3M	66.2M	178M
Depreciation & amortization	54M	55M	54.6M	54.5M	53.7M	54.1M	52.2M	53.3M	53.6M	54.7M	55.7M	57.1M
Stock-based compensation	3.3M	7.8M	8.6M	5.2M	6.4M	8.6M	6.1M	9.6M	6.7M	4.8M	6.3M	9.4M
Change in working capital	-30.3M	87.6M	-112.5M	-50.1M	13.4M	72.5M	-94.4M	-11.9M	-23.5M	140M	-95.9M	-73M
Operating cash flow	96M	194.3M	-9.1M	78.7M	116.4M	190.7M	31.7M	103M	98M	269.8M	30.2M	78.6M
Capital expenditure	-14.8M	-21.2M	-16M	-11.4M	-21.4M	-22.3M	-15.5M	—	—	—	—	—
Investing cash flow	-14.7M	-21.2M	-17.4M	-4.1M	-21.6M	-19M	-22.3M	-1.7M	-200K	1.3M	-7M	3.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-50.3M	0	-125.8M	0	-13M	0	0	-106.3M	-16.6M	-22.1M
Financing cash flow	-81.3M	-16.6M	-148.9M	-1.8B	-95.9M	-33.2M	-24.6M	-8.8M	-101.5M	-116.2M	-25.1M	-25.7M
Net change in cash	0	156.5M	-175.4M	-1.7B	-1.1M	138.5M	-15.2M	92.5M	-3.7M	154.9M	-1.9M	56.8M
Free cash flow	90.4M	165.1M	-39.1M	66.6M	87.9M	157.5M	-18.9M	73.6M	73.2M	236.3M	8.7M	59.9M

Gates Industrial Corporation plc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement