Gentex Corp
GNTX
Motor Vehicle Parts & Accessories
Mkt Cap
$7.848BPE
17.87Debt
-Cash
$249MEV
-FCF
$373.5MP/E Ratio
17.87Debt
-Cash
$249MEV
-FCF
$373.5MCharts data: {"Earnings":[{"time":"2014-12-30","value":288604579},{"time":"2015-12-30","value":318469859},{"time":"2016-12-30","value":347591276},{"time":"2017-12-30","value":406791922},{"time":"2018-12-30","value":437883097},{"time":"2019-12-30","value":424683939},{"time":"2020-12-30","value":347563621},{"time":"2021-12-30","value":360797232},{"time":"2022-12-30","value":318757352},{"time":"2023-12-30","value":428403272}],"Sales":[{"time":"2014-12-30","value":1375501159},{"time":"2015-12-30","value":1543617706},{"time":"2016-12-30","value":1678924756},{"time":"2017-12-30","value":1794872578},{"time":"2018-12-30","value":1834063697},{"time":"2019-12-30","value":1858897406},{"time":"2020-12-30","value":1688189405},{"time":"2021-12-30","value":1731169929},{"time":"2022-12-30","value":1918958043},{"time":"2023-12-30","value":2299215044}],"Net Margins":[{"time":"2014-12-30","value":0.20981776504631794},{"time":"2015-12-30","value":0.20631394532604563},{"time":"2016-12-30","value":0.20703207499788634},{"time":"2017-12-30","value":0.22664111479895818},{"time":"2018-12-30","value":0.23875021228338505},{"time":"2019-12-30","value":0.2284601278312828},{"time":"2020-12-30","value":0.20587951800349086},{"time":"2021-12-30","value":0.20841237244018695},{"time":"2022-12-30","value":0.16610959951040472},{"time":"2023-12-30","value":0.1863258824432083}],"Assets":[{"time":"2014-12-30","value":2022540029},{"time":"2015-12-30","value":2148672928},{"time":"2016-12-30","value":2309619833},{"time":"2017-12-30","value":2352053912},{"time":"2018-12-30","value":2085434068},{"time":"2019-12-30","value":2168803193},{"time":"2020-12-30","value":2197941170},{"time":"2021-12-30","value":2131391166},{"time":"2022-12-30","value":2327229924},{"time":"2023-12-30","value":2611437552}],"Stockholders Equity":[{"time":"2014-12-30","value":1571412445},{"time":"2015-12-30","value":1722516761},{"time":"2016-12-30","value":1910424234},{"time":"2017-12-30","value":2049518261},{"time":"2018-12-30","value":1861751660},{"time":"2019-12-30","value":1938087820},{"time":"2020-12-30","value":1963943128},{"time":"2021-12-30","value":1937988467},{"time":"2022-12-30","value":2065792821},{"time":"2023-12-30","value":2312517069}],"ROE":[{"time":"2014-12-30","value":0.1836593441259147},{"time":"2015-12-30","value":0.18488636291417776},{"time":"2016-12-30","value":0.18194454918121605},{"time":"2017-12-30","value":0.19848172604303524},{"time":"2018-12-30","value":0.23519952011215073},{"time":"2019-12-30","value":0.21912522983607627},{"time":"2020-12-30","value":0.17697234509735763},{"time":"2021-12-30","value":0.18617099025285375},{"time":"2022-12-30","value":0.15430267196189468},{"time":"2023-12-30","value":0.18525410157740116}],"ROA":[{"time":"2014-12-30","value":0.19719469987310695},{"time":"2015-12-30","value":0.21351152752086053},{"time":"2016-12-30","value":0.22157020289148166},{"time":"2017-12-30","value":0.22737433919839503},{"time":"2018-12-30","value":0.25071372671178593},{"time":"2019-12-30","value":0.2307333996994904},{"time":"2020-12-30","value":0.18736303528997547},{"time":"2021-12-30","value":0.1953427144869756},{"time":"2022-12-30","value":0.158989931413412},{"time":"2023-12-30","value":0.19337286990196426}]}
Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers. It also provides variable dimmable windows to aircraft manufacturers and airline operators. In addition, the company offers photoelectric smoke detectors and alarms, electrochemical carbon monoxide alarms and detectors, audible and visual signaling alarms, and bells and speakers used in fire detection systems in office buildings, hotels, and other commercial and residential buildings, as well as researches and develops nanofiber chemical sensing products. It sells its fire protection products directly, as well as through sales managers and manufacturer representative organizations to fire protection and security product distributors, electrical wholesale houses, and original equipment manufacturers of fire protection systems. The company was incorporated in 1974 and is headquartered in Zeeland, Michigan.
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DCF
Discounted Cash Flow Valuation of Gentex Corp
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $373.5M | $362.7M | $352.2M | $342M | $332.1M | $322.5M | $313.2M | $304.1M | $295.3M | $286.8M | $278.5M | $2.785B |
| DCF | $315.4M | $266.3M | $224.9M | $189.9M | $160.3M | $135.4M | $114.3M | $96.54M | $81.52M | $68.83M | $688.3M | |
| Value | $2.342B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 1%
Earnings Stability 3.6%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 21% | 21% | 23% | 24% | 23% | 21% | 21% | 17% | 19% | 19% |
| ROA | 21% | 22% | 23% | 25% | 23% | 19% | 20% | 16% | 19% | 19% |
| ROE | 18% | 18% | 20% | 24% | 22% | 18% | 19% | 15% | 19% | 18% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +20.57%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is -1.28%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +20.28%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is -1.41%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +19.28%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is -1.24%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 0.92 | 0.53 | 0.20 | 0.00 | 0.00 | 0.00 | - | - | - | - |
| Debt Equity | 0.14 | 0.10 | 0.04 | 0.00 | 0.00 | 0.00 | - | - | - | - |
| MIN | ||||||||||
| Graham Stability | - | - | 100% | 100% | 100% | 82% | 89% | 84% | 100% | 82% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is -.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is 0.00.
What is the Graham’s Stability?
Graham’s Stability measure stands at 0.82.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 4.6% | 4.6% | 11% | 20% | 0.28% |
| Net Income | 3% | -0.44% | 7.2% | 34% | -0.31% |
| Stockholders Equity | 2.8% | 4.4% | 5.6% | 12% | -0.17% |
| FCF | 0.12% | -5.4% | -5% | 84% | 0.28% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +4.62%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +0.28%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is -0.44%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -0.31%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +4.43%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is -0.17%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is -5.39%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is +0.28%.