GNTX changes

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View the full Oct 31, 2026 version

Price: $21.11 → $19.87(−5.9%)
Next earnings: Oct 23, 2026 → Jan 23, 2027
Next earnings is estimate: No → Yes
About: Gentex makes auto-dimming rearview mirrors and electronics for cars, and it is the largest supplier of these mirrors. Its newer car products include the Full Display Mirror, which shows a camera view in the mirror, driver and cabin monitoring systems, dimmable glass for visors and sunroofs, and HomeLink, which lets a driver open a garage door from the car. It sells these products to car makers around the world. Gentex also makes dimmable aircraft windows, fire protection devices, medical products and biometric products. On April 1, 2025, it bought VOXX International, which owns premium audio brands such as Klipsch, Onkyo and Integra. In removed: Q2 added: Q3 2026, automotive sales were removed: $560 added: $553 million of removed: $651 added: $648 million of net sales, and non-automotive products gave about removed: 14% added: 15% of revenue. Gentex has no debt and returns cash with dividends and share buybacks.
Thesis: The market prices Gentex as an auto supplier whose main product no longer grows. Its base auto-dimming mirror shipments fall, removed: global light vehicle production is weak, and tariffs and counter-tariffs cut its China revenue by removed: about 20% added: 44% from a year earlier in removed: Q2 added: Q3 2026. removed: Q2 added: Q3 2026 net sales fell 1% to removed: $651 added: $648 million and removed: missed added: were about $35 million below the company's own forecast from the start of the quarter. Gentex added: cut its 2026 revenue guidance to about $2.65 billion and its gross margin guidance to 34.0% to 34.5%, because precious metals and other costs rose. Gentex expects production in its main markets of North America, Europe and Japan and Korea to removed: stay weak added: fall about 1% in 2027. Investors doubt that newer products can replace the lost mirror volume soon enough. For the gap to close, three things must be true. Revenue must reach the removed: 2026 guidance of $2.65 billion to $2.75 billion and then the 2027 guidance of $2.80 billion to $2.90 billion, which removed: the company expects with flat global vehicle production. added: Gentex kept in October 2026. Newer products, such as the Full Display Mirror, driver and cabin monitoring and dimmable visors and sunroofs, must add enough content per vehicle to grow revenue faster than production. added: In Q3 2026, North American automotive revenue grew about 3% while regional production fell 5%. Gross margin must removed: stay in the 34.5% added: come back near 35% as Gentex gets customers to removed: 35.5% guidance range without the one-time IEEPA tariff refunds of Q2 2026. added: pay for higher material costs. The removed: Q3 2026 report on October 23, 2026 is the first test, and the full-year report and the removed: first 2028 added: 2027 outlook in about added: late January 2027 are the removed: second. added: next test. Because the new products ramp with car model launches, the gap can close only slowly, over the next two to three years, and a further fall in vehicle production added: or higher material costs can delay it.
Risks: Automotive sales are most of Gentex's revenue, and they depend on light vehicle production. Gentex expects added: global production to fall about removed: 3% added: 2% in removed: 2026 added: 2026, and removed: to stay weak added: production in North America, Europe and Japan and Korea added: to fall about 1% in 2027. Shipments of base auto-dimming mirrors also fall, so growth must come from newer and higher-priced products. Tariffs and counter-tariffs hurt the business in China, where revenue fell removed: about 20% added: 44% in removed: Q2 added: Q3 2026 from a year earlier. Non-IEEPA tariffs still raise costs, and new tariffs can raise them again. Gross margin added: fell to 33.4% in added: Q3 2026, from 37.0% in Q2 removed: 2026 included added: 2026, when about $18 million of one-time IEEPA tariff removed: refunds. added: refunds helped it. Precious metals added: and electronic component costs are much higher than a year earlier, and car makers push for lower prices. removed: Margins can fall when added: Gentex expects $10 million to $15 million of extra costs in Q4 2026, and customers may pay them back only in the removed: refunds stop. added: first half of 2027. The VOXX purchase moved Gentex into consumer audio, where sales depend on consumer spending and competition is strong. Gentex also recorded credit loss reserves and impairment charges on some loans and technology investments in Q2 added: and Q3 2026.
Balance sheet: Cash: removed: $243M added: $146M Debt: $0.0M Net cash: removed: $243M added: $146M Undrawn credit line: $350M, to October 2028 Gentex has no debt. At removed: June added: September 30, 2026, it had removed: $233.4 added: $136.4 million of cash and removed: $9.4 added: $9.2 million of short-term investments, shown as cash, and also removed: $238.5 added: $233.6 million of long-term investments. removed: Its added: Cash was $233.4 million at June 30, 2026. At June 30, 2026, its unsecured $350 million revolving credit facility with PNC removed: runs added: ran to October 1, 2028, and nothing was drawn on removed: it at June 30, 2026. Gentex was in compliance with all covenants. added: it. Shareholders' investment was removed: $2.54 billion. added: $2.48 billion at September 30, 2026. Cash flow pays for capital spending of removed: $115 added: $100 million to removed: $125 added: $115 million in 2026, a quarterly dividend of $0.12 per share, and buybacks. In the first removed: half added: nine months of 2026, Gentex bought back removed: 5.9 added: 11.6 million shares for removed: $137.6 added: $270.2 million, and removed: 29.9 added: about 24.3 million shares were still authorized for buybacks at removed: June added: September 30, 2026. The main risk to the balance sheet is a loss on its investment portfolio when interest rates or securities prices change. As of removed: Jun added: Sep 30, 2026.
Checkpoints: Oct 23, 2026: Q3 2026 results: revenue against vehicle production. removed: Pending. added: Failed. Watch: Revenue that grows faster than vehicle production and a full-year outlook kept at $2.65 billion to $2.75 billion pass; a cut to the 2026 or 2027 revenue guidance fails. added: Outcome: Net sales fell 1% while global production fell about 2%, but Gentex cut its 2026 revenue guidance to about $2.65 billion and its gross margin guidance to 34.0% to 34.5%. Jan added: 23, 2027 (estimate): Full-year 2026 results and 2027 outlook. Pending. Watch: 2027 revenue guidance kept at $2.80 billion to $2.90 billion with gross margin near 35% without tariff refunds passes; lower revenue guidance or a gross margin below 34% fails. Q4 2027 (estimate): New product ramp in 2027. Pending. Watch: Growth from the Full Display Mirror, driver and cabin monitoring and dimmable devices that lifts 2027 revenue above 2026 passes; flat revenue with falling mirror shipments fails.
Recent events: Oct added: 23, 2026: Gentex reported Q3 2026 results. Net sales were $647.7 million, down 1% from a year earlier, and about $35 million below the company's forecast at the start of the quarter because of customer issues and delayed launches. China revenue fell 44% and the loss of a Volkswagen program cut revenue in Europe. Premium audio revenue grew 27% to $54.7 million. Gross margin fell to 33.4% from 34.4%, mostly because of higher precious metals costs. GAAP EPS was $0.43, and adjusted EPS was $0.47. Gentex won its first contract to make printed circuit board assemblies for another company, with production from 2029. Oct 23, 2026: Gentex cut its 2026 revenue guidance to about $2.65 billion, from $2.65 billion to $2.75 billion, and its gross margin guidance to 34.0% to 34.5%, from 34.5% to 35.5%. It kept its 2027 revenue guidance of $2.80 billion to $2.90 billion. It bought back 5.7 million shares for $132.6 million in the quarter. Oct 1, 2026: Gentex said that it will report Q3 2026 results on Friday, October 23, 2026, before the market opens, with a conference call at 9:30 a.m. ET. Aug 31, 2026: Gentex declared a quarterly dividend of $0.12 per share, payable on October 21, 2026, to shareholders of record on October 7, 2026. Jul 24, 2026: Gentex reported Q2 2026 results. Net sales were $651.3 million, down 1% from a year earlier, and about 5% below the company's forecast at the start of the quarter. Automotive revenue fell about 3%, with lower revenue in Europe, Japan and Korea, and China, where revenue fell about 20%. Premium audio revenue grew 16% to $51.7 million. Gross margin was 37.0%, helped by about $18 million of IEEPA tariff refunds. GAAP EPS was $0.54, up from $0.43. Jul 24, 2026: Gentex kept its 2026 revenue guidance of $2.65 billion to $2.75 billion and its 2027 revenue guidance of $2.80 billion to $2.90 billion. It raised its 2026 gross margin guidance to 34.5% to 35.5% and cut its capital spending guidance to $115 million to $125 million. It bought back 2.7 million shares for $66.0 million in the quarter. Jun 24, 2026: Gentex and Hörmann agreed to connect Hörmann garage door openers to HomeLink in Europe. Drivers can open compatible Hörmann garage doors from the HomeLink app or from a connected car through the HomeLink cloud. Apr 24, 2026: Gentex reported Q1 2026 results. Net sales were $675.4 million, up 17%, mostly because of VOXX. Core Gentex revenue grew 2% while global light vehicle production fell more than 3%. China revenue fell 29% to about $28 million. Gentex raised its 2026 revenue guidance to $2.65 billion to $2.75 billion.