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. In the quarter to June 2026, revenue grew 6.55%, EPS grew 204.6%, free cash flow fell 18.5% and total debt fell 5.75%, each against the same quarter a year earlier.
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Gates Industrial Corporation PLC (GTES) Altman Z-score
Gates Industrial Corporation PLC's Altman Z-score for fiscal 2025 is 2.27, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.27 | 0.02 |
| FY2024 | 2.25 | 0.40 |
| FY2023 | 1.84 | 0.11 |
| FY2022 | 1.73 | (0.12) |
| FY2021 | 1.85 | 0.45 |
| FY2020 | 1.40 | (0.13) |
| FY2019 | 1.53 | (0.01) |
| FY2018 | 1.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.24 | — | 0.29 | |
| Retained earnings / total assets | 0.23 | — | 0.32 | |
| EBIT / total assets | 0.07 | — | 0.21 | |
| Market value of equity / total liabilities | 1.59 | — | 0.95 | |
| Sales / total assets | 0.48 | — | 0.48 | |
| Altman Z-score | Grey zone | 2.27 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.91 | ||
Z and Z″ put Gates Industrial Corporation PLC in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AOS A. O. Smith Corporation compare | 8.3× |
| FELE Franklin Electric Co., Inc. compare | 6.9× |
| PNR Pentair plc compare | 5.1× |
| FLS Flowserve Corporation compare | 4.0× |
| NPO Enpro Inc. compare | 3.8× |
| CSW CSW Industrials, Inc. compare | 3.4× |
| MIDD The Middleby Corporation compare | 3.1× |
| GTES Gates Industrial Corporation PLC | 2.3× |
| JBTM JBT Marel Corporation compare | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets