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Gates Industrial Corporation PLC

GTES Industrials Specialty Industrial Machinery

Gates Industrial Corporation PLC’s revenue for fiscal 2025 (year ended December 2025) was $3.4 billion, up 1.03% from fiscal 2024.

Revenue
+5.60%
EPS
+9.68%
Free cash flow
−47.5%
Total debt
−0.07%

Quarter to September 2026, against a year earlier

23.69 0.77 −3.15%
Market cap
$5.9B
P/E
16.3×
Fwd P/E
16.2×
Dividend yield
—
F-score
8/9
Altman Z
2.27
Beneish M
−2.54
Dividend safety
69/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Power Transmission
  • Fluid Power

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 0.50
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — 2 — — —
Insider Ownership 2.62%

Capital & Financial Ratios $m

Size
Market Cap 5,920.00
Revenue ttm 3,552.50
Net income ttm 391.90
Free cash flow ttm 345.00
Net debt Q 1,462.30
Valuation
P/E 16.34
Forward P/E 16.20
Price / sales 1.69
Forward P/S Powerpack
Price / FCF 17.36
Price / book 1.52
Financial health
Current ratio Q 3.41 (at or above 1.5: strong)
Debt / equity Q 0.58
Interest coverage Q 4.30
Growth
Revenue growth Q +5.60% (above 0%: growing)
Operating income growth Q +13.78% (above 0%: growing)
EPS, this year +11.57%
EPS, next year A +14.34%
Revenue, next year A +4.93%
EPS, past 5 yrs +28.88% (at or above 15%: strong)
EPS, next 5 yrs A +12.04%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.1×, against a ten-year median of 2.0×; over the ten years it ranged from 1.3× in 2023 to 2.7× in 2018.
P/E against its own 10 years 31.57%
10-year low 10-year high
P/S against its own 10 years 82.43%
10-year low 10-year high
P/B against its own 10 years 61.55%
10-year low 10-year high
EV/Sales against its own 10 years 57.84%
10-year low 10-year high
EV/FCF against its own 10 years 30.03%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 721 682 812 831
Receivables 799 751 788 926
Inventory 647 676 700 813
Other — — — —
2,401 2,306 2,482 2,760
2023 2024 2025 Q'26
Payables 458 408 434 442
ST’ Debt 37 39 36 30
Other — — — —
779 722 735 810

Compound Annual Growth %

10y 5y 3y
Sales 2.29% 4.27% (1.05%)
Cash Flow 5.65% 9.12% 21.62%
Earnings 26.01% 25.92% 4.42%
Book Value 11.96% 2.98% 2.32%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.45 Actual 0.47

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.37 0.38 Beat by 0.01
Q1 FY26 0.32 0.35 Beat by 0.03
Q2 FY26 0.40 0.44 Beat by 0.04
Q3 FY26 0.45 0.47 Beat by 0.02
Q4 FY26 0.44 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.23 0.67 0.34 — —
’25 0.24 0.22 0.31 0.20 0.96
’24 0.15 0.26 0.18 0.14 0.74
’23 0.09 0.23 0.29 0.24 0.84
’22 0.10 0.19 0.18 0.30 0.77
’21 0.23 0.33 0.23 0.21 1.00
’20 0.12 (0.08) 0.14 0.08 0.27
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 851 942 904 — —
’25 848 884 856 856 3,443
’24 863 886 831 829 3,408
’23 898 936 873 863 3,570
’22 893 907 861 893 3,554
’21 881 915 862 816 3,474
’20 710 577 712 794 2,793
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 30 79 61 — —
’25 7 103 98 270 478
’24 (21) 94 116 191 380
’23 53 131 108 189 481
’22 (105) 24 101 247 266
’21 (24) 136 102 169 382
’20 31 41 56 182 309
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 10 60 39 — —
’25 (17) 74 73 236 367
’24 (39) 77 88 159 285
’23 38 116 91 166 411
’22 (123) 4 73 226 179
’21 (44) 112 82 146 295
’20 16 28 38 160 242
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 8.0% a year for ten years. It grew 2.0% a year over the last ten.

Implied
8.0%
10 years, reported
2.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,747 3,042 3,348 3,087 2,793 3,474 3,554 3,570 3,408 3,443 3,553 +2.5% 3,613 3,794 3,953 +4.7%
Gross margin, % 38.62 40.04 39.75 37.01 37.05 38.54 35.19 38.06 39.86 39.84 40.33 +1.2 pt
EBT 93 110 304 199 71 350 258 285 328 340 358 +15.5%
EBT margin, % 3.39 3.60 9.07 6.44 2.54 10.07 7.25 7.99 9.62 9.88 10.07 +6.5 pt
Net income 84 183 271 694 90 331 243 256 220 276 392 +14.1%
Per share, $
Per share, $ Revenue 11.18 12.39 11.71 10.64 9.61 11.91 12.51 13.13 13.13 13.42 14.05 +2.0%
Earnings 0.23 0.62 0.86 2.38 0.27 1.02 0.77 0.86 0.75 0.98 1.45 +17.5%
Cash flow 1.53 1.30 1.10 1.20 1.06 1.31 0.94 1.77 1.46 1.86 1.74 +2.2%
Capex (0.26) (0.45) (0.64) (0.29) (0.23) (0.30) (0.31) (0.26) (0.36) (0.43) (0.37) +6.1%
Free cash flow 1.28 0.85 0.46 0.92 0.83 1.01 0.63 1.51 1.10 1.43 1.36 +1.2%
Book value 4.35 5.82 8.16 10.38 10.96 11.94 12.12 13.03 12.87 14.37 15.59 +14.2%
Shares, m 246 246 286 290 291 292 284 272 259 257 254 +0.5%
Valuation, ×
Valuation, × P/E 24.86 24.86 15.40 5.78 49.08 15.91 15.03 15.36 27.80 22.13 16.34 21.6
P/S 1.49 1.49 1.13 1.29 1.33 1.34 0.92 1.02 1.57 1.60 1.69 1.3
P/B 3.18 3.18 1.62 1.33 1.16 1.33 0.95 1.02 1.60 1.49 1.52 1.7
EV/Sales 2.64 2.64 1.93 2.08 2.15 1.91 1.48 1.52 2.08 2.03 2.10 2.0
EV/FCF 39.25 39.25 49.30 24.17 24.87 22.51 29.37 13.25 24.88 19.08 21.60 28.6
Cash, $m
Cash, $m Operating cash flow 377 320 314 349 309 382 266 481 380 478 440 +2.7%
Capex (63) (111) (183) (83) (67) (87) (87) (70) (95) (112) (95) +6.6%
Free cash flow 314 209 131 266 242 295 179 411 285 367 345 +1.7%
Balance, $m
Balance, $m Working capital 1,045 1,128 1,136 1,301 1,180 1,423 1,525 1,622 1,585 1,746 1,950 +5.9%
Net debt 3,405 3,492 2,664 2,432 2,299 2,010 1,964 1,810 1,751 1,483 1,462 (8.8%)
Shareholders’ equity 1,068 1,428 2,334 3,011 3,185 3,481 3,444 3,544 3,340 3,689 3,941 +14.8%
Returns, %
Returns, % ROA 0.89 2.29 3.61 9.77 1.07 3.97 3.00 3.22 2.78 3.61 5.05 +2.7 pt
ROIC 4.27 5.12 6.21 3.98 2.41 5.51 4.44 5.37 5.80 5.62 5.56 +1.3 pt
ROE 5.10 12.12 13.04 25.83 2.56 8.91 6.38 6.67 5.66 7.15 9.62 +2.1 pt
People
People Employees 13,500 14,200 14,200 14,700 14,300 15,050 15,000 14,700 14,100 13,000 — (0.4%)
Revenue/emp, $m 0.20 0.21 0.24 0.21 0.20 0.23 0.24 0.24 0.24 0.26 — +3.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Gates Industrial makes belts, hoses and related components that move power or fluids through machinery and vehicles. It sells replacement parts through aftermarket channels and supplies components specified for use in new equipment by original equipment manufacturers, or OEMs. Its products are used in factories, vehicles, construction and agricultural machinery, energy operations, data centers and personal mobility equipment.

The company operates through two product segments. Power Transmission makes drive belts and components that transfer power from a motor or engine to another part of a machine. Fluid Power makes hoses, tubing and fittings that carry hydraulic fluid, as well as hoses for other fluid-transfer applications. The company also supplies electric water pumps for thermal management.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Power Transmission 2,147 62.36%
Fluid Power 1,296 37.64%
Gross margin 39.84%
Operating margin 13.51%
Pre-tax margin 9.88%

Revenue by segment since 2016

Gates Industrial Corporation PLC vs peers in Specialty Industrial Machinery (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AOS A. O. Smith Corporation $8.9B 18.5× 17.8× −0.21% (below 0%: shrinking) −0.74% (below 0%: shrinking) −32.29% (below 0%: shrinking) 38.78% 18.63% Compare
JBTM JBT Marel Corporation $6.5B 33.5× 24.9× −0.70% (below 0%: shrinking) +7.87% (above 0%: growing) +30.36% (above 0%: growing) 35.51% 10.06% Compare
GTES Gates Industrial Corporation PLC $5.9B 16.3× 16.2× +5.60% (above 0%: growing) +9.68% (above 0%: growing) −47.48% (below 0%: shrinking) 42.42% 14.53%
MIDD The Middleby Corporation $5.9B — (loss-making) 21.5× +9.88% (above 0%: growing) −39.80% (below 0%: shrinking) −544.63% (below 0%: shrinking) 38.27% 16.87% Compare
NPO Enpro Inc. $5.5B 87.4× 44.4× +22.40% (above 0%: growing) +84.55% (above 0%: growing) +30.13% (above 0%: growing) 43.67% 18.04% Compare
CSW CSW Industrials, Inc. $4.5B 35.2× 30.1× +30.51% (above 0%: growing) +21.47% (above 0%: growing) +56.64% (above 0%: growing) 42.03% 20.90% Compare
FELE Franklin Electric Co., Inc. $4.2B 21.3× 21.1× +8.92% (above 0%: growing) +273.30% (above 0%: growing) −28.37% (below 0%: shrinking) 35.36% 13.65% Compare
MIR Mirion Technologies, Inc. $4.2B 146× 113× +24.52% (above 0%: growing) +222.00% (above 0%: growing) +255.64% (above 0%: growing) 47.34% 6.19% Compare
XE X-Energy, Inc. $3.7B — — — n/m — 100.00% (201.52%) Compare
Median of peers $5.0B 34.4× 24.9× +9.88% +21.47% +30.13% 40.41% 15.26%

All 79 Specialty Industrial Machinery stocks →

From the latest earnings call

Updated

  • CEO Ivo Jurek said industrial demand accelerated in the third quarter, led by equipment manufacturers, while Gates also saw an uptick in industrial aftermarket growth.
  • CFO Brooks Mallard said fourth-quarter gross margin would face seasonal pressure and price-cost dilution, while higher variable compensation would weigh on adjusted EBITDA margin.

Pay and ownership Proxy statement filed 27 May 2026

Ownership

Directors and executive officers, together 2.80%
Blackrock, Inc. 11.20%
FMR LLC 6.40%
Vanguard Capital Management LLC 5.30%
Vanguard Portfolio Management LLC 5.20%
Allspring Global Investments Holdings, LLC 5.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Gates Industrial Corporation PLC (GTES) Latest News

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GTES metrics, ten years each

stockrow.com/GTES · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com