What is Gates Industrial's operating income?

Gates Industrial's total operating income in 2025 was $465.30 million, based on the following breakdown: Total Gross Profit: $1.37 billion Total Operating Expenses: $906.40 million

Gates Industrial (GTES) Financials

$28.25 0.00 (-0.01%)

As of 12:47 PM Eastern

Compare

Annual Income Statements for Gates Industrial

This table shows Gates Industrial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	58	151	245	690	79	297	221	233	195	251
Consolidated Net Income / (Loss)	84	183	271	694	90	331	243	256	220	276
Net Income / (Loss) Continuing Operations	72	182	272	695	90	331	243	257	221	277
Total Pre-Tax Income	93	110	304	199	71	350	258	285	328	340
Total Operating Income	305	403	497	347	211	484	384	460	472	465
Total Gross Profit	1,061	1,218	1,331	1,143	1,035	1,339	1,251	1,359	1,359	1,372
Total Revenue	2,747	3,042	3,348	3,087	2,793	3,474	3,554	3,570	3,408	3,443
Operating Revenue	2,747	3,042	3,348	3,087	2,793	3,474	3,554	3,570	3,408	3,443
Total Cost of Revenue	1,686	1,824	2,017	1,945	1,758	2,135	2,304	2,211	2,050	2,072
Operating Cost of Revenue	1,686	1,824	2,017	1,945	1,758	2,135	2,304	2,211	2,050	2,072
Total Operating Expenses	756	815	834	796	824	855	867	899	886	906
Selling, General & Admin Expense	738	777	806	777	777	853	854	885	877	876
Other Operating Expenses / (Income)	2.80	-0.30	14	9.10	-1.00	-9.30	0.20	0.20	0.00	0.00
Impairment Charge	3.20	2.80	0.60	0.70	5.20	0.60	1.10	0.10	0.00	3.50
Restructuring Charge	12	36	13	8.60	43	11	12	14	9.80	27
Total Other Income / (Expense), net	-212	-293	-193	-148	-140	-134	-126	-175	-144	-125
Interest Expense	216	235	176	158	154	134	139	163	156	126
Interest & Investment Income	-	-	-	-	-	-	0.00	0.00	-13	0.00
Other Income / (Expense), net	4.00	-59	-17	9.80	14	-0.90	13	-12	24	0.80
Income Tax Expense	21	-73	32	-496	-19	18	15	28	108	63
Net Income / (Loss) Discontinued Operations	12	0.70	-0.60	-0.60	-0.30	0.00	-0.40	-0.60	-0.60	-0.80
Net Income / (Loss) Attributable to Noncontrolling Interest	27	31	26	4.00	11	34	22	24	25	25
Basic Earnings per Share	$0.23	$0.62	$0.86	$2.38	$0.27	$1.02	$0.78	$0.86	$0.75	$0.98
Weighted Average Basic Shares Outstanding	-	245.52M	285.91M	290.47M	290.85M	291.35M	282.60M	264.27M	255.41M	253.86M
Diluted Earnings per Share	$0.23	$0.60	$0.84	$2.37	$0.27	$1.00	$0.77	$0.84	$0.74	$0.96
Weighted Average Diluted Shares Outstanding	-	245.52M	285.91M	290.47M	290.85M	291.35M	282.60M	264.27M	255.41M	253.86M
Weighted Average Basic & Diluted Shares Outstanding	-	245.52M	285.91M	290.47M	290.85M	291.35M	282.60M	264.27M	255.41M	253.86M

This table shows Gates Industrial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026	6/27/2026
Net Income / (Loss) Attributable to Common Shareholders	63	40	71	48	37	62	57	82	51	60	171
Consolidated Net Income / (Loss)	69	46	78	55	41	68	63	89	56	66	178
Net Income / (Loss) Continuing Operations	69	46	78	55	41	69	63	89	56	66	178
Total Pre-Tax Income	72	81	90	69	88	94	80	95	71	78	100
Total Operating Income	120	117	133	116	113	126	116	115	109	110	132
Total Gross Profit	338	330	357	336	335	345	360	342	325	338	386
Total Revenue	863	863	886	831	829	848	884	856	856	851	942
Operating Revenue	863	863	886	831	829	848	884	856	856	851	942
Total Cost of Revenue	526	533	528	495	494	503	524	514	531	513	556
Operating Cost of Revenue	526	533	528	495	494	503	524	514	531	513	556
Total Operating Expenses	217	213	224	220	223	219	244	226	216	228	255
Selling, General & Admin Expense	216	212	221	217	220	216	231	219	208	227	251
Impairment Charge	-	0.00	0.00	0.00	-	0.60	0.20	0.40	2.30	0.00	0.00
Restructuring Charge	1.40	1.60	2.80	2.70	2.70	2.00	13	6.60	5.20	1.20	3.80
Total Other Income / (Expense), net	-49	-36	-43	-47	-25	-32	-36	-21	-38	-32	-31
Interest Expense	38	38	49	35	34	30	29	35	33	30	30
Other Income / (Expense), net	-10	1.50	6.00	1.20	9.30	-2.40	-6.80	14	-5.40	-2.10	-1.40
Income Tax Expense	2.40	35	12	14	47	25	17	6.10	15	12	-78
Net Income / (Loss) Discontinued Operations	-0.10	-0.10	-0.30	-0.10	-0.10	-0.30	-0.30	-0.10	-0.10	-0.20	-0.20
Net Income / (Loss) Attributable to Noncontrolling Interest	6.20	6.10	6.90	7.50	4.50	6.30	6.60	7.00	5.00	6.50	7.10
Basic Earnings per Share	$0.23	$0.15	$0.27	$0.18	$0.15	$0.24	$0.22	$0.32	$0.20	$0.24	$0.67
Weighted Average Basic Shares Outstanding	264.27M	261.38M	261.61M	254.72M	255.41M	257.77M	257.58M	258.28M	253.86M	253.88M	253.15M
Diluted Earnings per Share	$0.23	$0.15	$0.26	$0.18	$0.15	$0.24	$0.22	$0.31	$0.19	$0.23	$0.67
Weighted Average Diluted Shares Outstanding	264.27M	261.38M	261.61M	254.72M	255.41M	257.77M	257.58M	258.28M	253.86M	253.88M	253.15M
Weighted Average Basic & Diluted Shares Outstanding	264.27M	261.38M	261.61M	254.72M	255.41M	257.77M	257.58M	258.28M	253.86M	253.88M	253.15M

This table details how cash moves in and out of Gates Industrial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024	12/31/2025
Net Change in Cash & Equivalents	189	37	-141	212	-113	137	-80	143	-39	130
Net Cash From Operating Activities	377	320	314	349	309	382	266	481	380	478
Net Cash From Continuing Operating Activities	377	320	314	349	309	382	266	481	380	478
Net Income / (Loss) Continuing Operations	84	183	271	694	90	331	243	256	220	276
Consolidated Net Income / (Loss)	84	183	271	694	90	331	243	256	220	276
Depreciation Expense	241	212	219	222	219	223	217	218	217	214
Non-Cash Adjustments To Reconcile Net Income	8.30	103	51	18	33	45	37	-7.20	-19	-12
Changes in Operating Assets and Liabilities, net	43	-178	-227	-586	-33	-217	-231	14	-38	-0.40
Net Cash From Investing Activities	-68	-227	-244	-78	-78	-86	-91	-82	-104	-119
Net Cash From Continuing Investing Activities	-68	-227	-244	-78	-78	-86	-91	-82	-104	-119
Purchase of Property, Plant & Equipment	-59	-101	-166	-72	-58	-78	-78	-61	-83	-73
Acquisitions	-9.10	-121	-68	-11	-9.20	-9.30	-9.40	-10	-24	-41
Purchase of Investments	-	-	-	-	-	-	0.00	0.00	-11	0.00
Sale of Property, Plant & Equipment	5.20	-	-	-	-	0.00	0.00	1.20	12	2.30
Divestitures	-	-	-	-	-	-	0.00	0.00	-13	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	0.00	5.00	0.00
Other Investing Activities, net	-5.00	-5.20	-10	5.10	-10	1.00	-3.70	-12	9.10	-7.40
Net Cash From Financing Activities	-111	-75	-199	-59	-354	-149	-253	-258	-287	-251
Net Cash From Continuing Financing Activities	-111	-75	-199	-59	-354	-149	-253	-258	-287	-251
Repayment of Debt	-71	-696	-961	-601	-332	-103	-709	-104	-1,970	-123
Repurchase of Common Equity	-2.00	-3.90	-8.60	0.00	0.00	-11	-176	-252	-176	-119
Payment of Dividends	-39	-25	-35	-29	-19	-27	-29	-18	-13	-6.50
Issuance of Debt	0.10	648	5.70	569	-6.40	-13	645	100	1,862	8.70
Issuance of Common Equity	1.10	0.60	800	1.80	3.10	4.60	16	19	15	10
Other Financing Activities, net	-	-	-	-	-	-	-	-3.30	-4.70	-21
Other Net Changes in Cash	-9.40	20	-	0.40	9.80	-11	-	-	-28	22
Cash Interest Paid	199	198	158	151	136	121	119	155	133	121
Cash Income Taxes Paid	42	85	114	109	60	83	118	111	122	112

This table details how cash moves in and out of Gates Industrial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026	6/27/2026
Net Change in Cash & Equivalents	164	-198	57	-5.40	107	-42	80	-31	123	-27	38
Net Cash From Operating Activities	189	-21	94	116	191	7.30	103	98	270	30	79
Net Cash From Continuing Operating Activities	189	-21	94	116	191	7.30	103	98	270	30	79
Net Income / (Loss) Continuing Operations	69	46	78	55	41	68	63	89	56	66	178
Consolidated Net Income / (Loss)	69	46	78	55	41	68	63	89	56	66	178
Depreciation Expense	55	55	55	54	54	52	53	54	55	56	57
Non-Cash Adjustments To Reconcile Net Income	-54	-4.70	-4.80	2.50	-12	-4.50	4.00	-9.10	-2.00	-2.80	3.80
Changes in Operating Assets and Liabilities, net	119	-117	-34	4.60	108	-109	-17	-35	161	-89	-160
Net Cash From Investing Activities	-24	-20	-21	-40	-24	-31	-31	-25	-32	-27	-15
Net Cash From Continuing Investing Activities	-24	-20	-21	-40	-24	-31	-31	-25	-32	-27	-15
Purchase of Property, Plant & Equipment	-22	-16	-22	-22	-23	-18	-19	-18	-19	-17	-18
Acquisitions	-2.60	-2.10	-5.30	-6.10	-10	-8.70	-10	-7.30	-15	-4.80	-0.40
Sale of Property, Plant & Equipment	0.40	0.00	11	0.50	1.00	2.00	0.10	0.10	0.10	1.30	0.20
Other Investing Activities, net	-	-1.40	7.30	-0.10	3.30	-6.80	-1.70	-0.20	1.30	-7.00	3.90
Net Cash From Financing Activities	-17	-149	-8.70	-96	-33	-25	-8.80	-102	-116	-25	-26
Net Cash From Continuing Financing Activities	-17	-149	-8.70	-96	-33	-25	-8.80	-102	-116	-25	-26
Repayment of Debt	-0.10	-105	-1,820	-1.00	-27	-4.70	-	-100	-18	0.00	-4.70
Repurchase of Common Equity	-	-50	-	-126	-	-13	-	-	-106	-17	-22
Issuance of Debt	-	6.20	1,807	30	-	5.10	-5.10	-	8.70	-0.40	-0.80
Issuance of Common Equity	1.20	2.50	4.60	2.90	4.90	1.80	2.90	5.10	0.60	0.50	2.00
Other Financing Activities, net	-	-2.40	-	-	-	-12	-5.40	-3.20	-0.90	-8.60	-0.10
Cash Interest Paid	29	46	41	19	28	37	20	39	25	32	20
Cash Income Taxes Paid	40	37	25	27	34	20	35	30	27	14	26

This table presents Gates Industrial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024	12/31/2025
Total Assets	6,854	6,723	7,411	7,426	7,533	7,192	7,255	6,786	7,151
Total Current Assets	1,826	1,815	1,959	1,907	2,279	2,277	2,401	2,306	2,482
Cash & Equivalents	564	423	635	521	658	578	721	682	812
Accounts Receivable	714	742	695	695	708	809	768	723	744
Inventories, net	457	538	475	508	683	656	647	676	700
Prepaid Expenses	77	104	131	153	211	221	235	197	182
Current Deferred & Refundable Income Taxes	14	7.20	22	29	19	13	30	29	43
Plant, Property, & Equipment, net	686	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	4,341	4,908	5,453	5,520	5,254	4,914	4,853	4,480	4,670
Goodwill	2,086	2,046	2,061	2,120	2,063	1,981	2,039	1,909	2,035
Intangible Assets	2,127	1,991	1,876	1,789	1,642	1,490	1,386	1,249	1,192
Noncurrent Deferred & Refundable Income Taxes	33	33	610	699	655	615	641	574	645
Employee Benefit Assets	58	53	38	69	76	10	8.60	5.70	7.60
Other Noncurrent Operating Assets	39	786	868	843	819	817	779	743	789
Total Liabilities & Shareholders' Equity	6,854	6,723	7,411	7,426	7,533	7,192	7,255	6,786	7,151
Total Liabilities	5,425	4,389	4,401	4,241	4,052	3,748	3,711	3,446	3,462
Total Current Liabilities	698	679	658	726	856	752	779	722	735
Short-Term Debt	66	52	46	43	38	37	37	39	36
Accounts Payable	392	424	375	417	507	470	458	408	434
Accrued Expenses	210	184	189	252	277	223	249	251	239
Current Deferred & Payable Income Tax Liabilities	29	19	49	14	34	24	37	23	27
Total Noncurrent Liabilities	4,728	3,710	3,743	3,515	3,196	2,996	2,931	2,725	2,727
Long-Term Debt	3,889	2,953	2,912	2,666	2,527	2,426	2,415	2,312	2,196
Noncurrent Deferred & Payable Income Tax Liabilities	517	521	478	472	387	272	199	139	111
Noncurrent Employee Benefit Liabilities	157	156	151	143	106	76	84	78	69
Other Noncurrent Operating Liabilities	63	79	201	235	176	222	234	196	350
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,428	2,334	3,011	3,185	3,481	3,444	3,544	3,340	3,689
Total Preferred & Common Equity	1,015	1,947	2,651	2,806	3,100	3,110	3,220	3,024	3,334
Total Common Equity	1,015	1,947	2,651	2,806	3,100	3,110	3,220	3,024	3,334
Common Stock	1,625	2,420	2,437	2,460	2,487	2,545	2,586	2,621	2,636
Retained Earnings	137	382	1,072	1,151	1,438	1,483	1,462	1,480	1,653
Treasury Stock	-	-	-	-	-	-	-	0.00	-38
Accumulated Other Comprehensive Income / (Loss)	-747	-854	-858	-805	-825	-918	-829	-1,077	-917
Noncontrolling Interest	414	386	360	379	382	334	324	317	355

This table presents Gates Industrial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	4/1/2023	7/1/2023	9/30/2023	3/30/2024	6/29/2024	9/28/2024	3/29/2025	6/28/2025	9/27/2025	3/28/2026	6/27/2026
Total Assets	7,282	7,277	7,109	7,046	7,035	7,122	6,886	7,218	7,150	7,115	7,393
Total Current Assets	2,357	2,374	2,318	2,287	2,377	2,401	2,368	2,522	2,485	2,489	2,709
Cash & Equivalents	595	565	557	522	580	574	640	720	689	785	824
Accounts Receivable	840	875	822	798	808	812	786	826	833	800	900
Inventories, net	659	644	646	677	697	725	701	729	718	686	741
Prepaid Expenses	236	250	243	246	238	227	206	207	198	181	204
Current Deferred & Refundable Income Taxes	26	40	50	44	55	63	35	40	46	38	41
Plant, Property, & Equipment, net	640	0.00	0.00	619	0.00	0.00	584	0.00	0.00	600	0.00
Total Noncurrent Assets	4,286	4,903	4,791	4,140	4,658	4,721	3,934	4,696	4,665	4,026	4,684
Goodwill	2,015	2,018	1,984	2,013	1,967	1,997	1,934	2,022	2,020	2,021	2,022
Intangible Assets	1,470	1,439	1,400	1,347	1,309	1,295	1,233	1,233	1,207	1,159	1,123
Noncurrent Deferred & Refundable Income Taxes	622	634	623	626	626	662	591	649	644	637	732
Employee Benefit Assets	9.80	10	9.80	8.40	8.30	8.40	5.70	5.70	5.60	7.60	6.70
Other Noncurrent Operating Assets	168	802	775	146	748	759	171	787	789	202	800
Total Liabilities & Shareholders' Equity	7,282	7,277	7,109	7,046	7,035	7,122	6,886	7,218	7,150	7,115	7,393
Total Liabilities	3,729	3,886	3,697	3,551	3,541	3,664	3,458	3,606	3,435	3,387	3,499
Total Current Liabilities	738	798	780	748	763	796	710	729	705	679	835
Short-Term Debt	28	37	28	28	22	36	32	40	31	31	39
Accounts Payable	452	471	441	451	441	428	417	411	385	397	482
Accrued Expenses	229	238	243	224	239	265	223	251	263	232	282
Current Deferred & Payable Income Tax Liabilities	29	53	68	45	61	67	39	27	27	19	31
Total Noncurrent Liabilities	2,991	3,088	2,917	2,803	2,777	2,868	2,748	2,877	2,729	2,709	2,664
Long-Term Debt	2,423	2,521	2,418	2,313	2,310	2,342	2,308	2,305	2,204	2,198	2,194
Noncurrent Deferred & Payable Income Tax Liabilities	262	254	231	198	182	179	133	137	118	107	97
Noncurrent Employee Benefit Liabilities	75	74	72	82	79	78	76	77	68	63	61
Other Noncurrent Operating Liabilities	230	239	196	210	206	270	231	358	339	341	312
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,554	3,391	3,412	3,495	3,494	3,458	3,428	3,612	3,715	3,728	3,894
Total Preferred & Common Equity	3,215	3,070	3,091	3,179	3,177	3,110	3,102	3,269	3,370	3,367	3,522
Total Common Equity	3,215	3,070	3,091	3,179	3,177	3,110	3,102	3,269	3,370	3,367	3,522
Common Stock	2,563	2,576	2,578	2,593	2,604	2,609	2,619	2,624	2,631	2,634	2,644
Retained Earnings	1,509	1,321	1,399	1,452	1,523	1,570	1,542	1,585	1,667	1,675	1,807
Treasury Stock	-	-	-	-	-	-127	-	-	-	-17	0.00
Accumulated Other Comprehensive Income / (Loss)	-857	-826	-886	-866	-949	-942	-1,046	-940	-928	-925	-929
Noncontrolling Interest	339	321	321	317	317	348	326	343	345	361	372

This table displays calculated financial ratios and metrics derived from Gates Industrial's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	10.73%	10.06%	-7.78%	-9.53%	24.40%	2.30%	0.45%	-4.54%	1.03%
EBITDA Growth	0.00%	1.13%	25.45%	-17.07%	-23.31%	59.00%	-12.95%	8.40%	7.12%	-4.70%
EBIT Growth	0.00%	11.25%	39.32%	-25.62%	-36.82%	114.47%	-17.80%	12.92%	10.70%	-6.12%
NOPAT Growth	0.00%	183.71%	-33.59%	172.49%	-77.85%	70.82%	-21.11%	15.18%	-22.77%	19.39%
Net Income Growth	0.00%	116.73%	48.39%	156.03%	-87.03%	268.11%	-26.80%	5.73%	-14.24%	25.65%
EPS Growth	0.00%	160.87%	40.00%	182.14%	-88.61%	270.37%	-23.00%	9.09%	-11.90%	29.73%
Operating Cash Flow Growth	0.00%	-15.08%	-2.00%	11.29%	-11.44%	23.75%	-30.49%	80.96%	-21.08%	25.95%
Free Cash Flow Firm Growth	0.00%	0.00%	108.41%	127.23%	-71.01%	92.68%	-4.90%	11.56%	25.01%	-52.29%
Invested Capital Growth	0.00%	0.00%	1.98%	8.51%	0.72%	0.29%	-1.11%	-1.00%	-5.04%	2.01%
Revenue Q/Q Growth	0.00%	0.00%	0.31%	-2.11%	2.51%	0.62%	2.24%	-0.83%	-0.98%	0.78%
EBITDA Q/Q Growth	0.00%	0.00%	6.29%	-7.91%	4.64%	-2.14%	8.38%	-1.80%	1.57%	-2.48%
EBIT Q/Q Growth	0.00%	0.00%	9.13%	-12.15%	9.26%	-3.05%	14.27%	-3.05%	2.46%	-3.70%
NOPAT Q/Q Growth	0.00%	0.00%	-27.46%	3.26%	-10.70%	11.97%	-3.26%	0.96%	-17.01%	10.13%
Net Income Q/Q Growth	0.00%	0.00%	-14.96%	-7.60%	8.56%	13.19%	8.50%	-7.57%	-11.29%	5.82%
EPS Q/Q Growth	0.00%	0.00%	-20.00%	-6.32%	-3.57%	13.64%	13.24%	-7.69%	-9.76%	4.35%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.38%	10.27%	-6.70%	-3.19%	41.61%	-10.71%	0.42%	19.76%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	2.67%	-50.74%	86.26%	-9.02%	3.24%	37.48%	-19.30%
Invested Capital Q/Q Growth	0.00%	0.00%	-2.21%	-1.72%	2.12%	-0.83%	-0.29%	-0.49%	-4.80%	-2.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.62%	40.04%	39.75%	37.01%	37.05%	38.54%	35.19%	38.06%	39.86%	39.84%
EBITDA Margin	20.03%	18.29%	20.85%	18.75%	15.89%	20.31%	17.29%	18.65%	20.93%	19.75%
Operating Margin	11.11%	13.25%	14.84%	11.23%	7.56%	13.93%	10.80%	12.96%	14.05%	13.51%
EBIT Margin	11.26%	11.31%	14.32%	11.55%	8.07%	13.91%	11.18%	12.56%	14.57%	13.54%
Profit (Net Income) Margin	3.07%	6.01%	8.10%	22.48%	3.22%	9.54%	6.82%	7.18%	6.45%	8.02%
Tax Burden Percent	90.65%	166.85%	89.32%	349.14%	126.76%	94.74%	94.07%	89.87%	67.04%	81.22%
Interest Burden Percent	30.07%	31.82%	63.31%	55.75%	31.51%	72.37%	64.90%	63.61%	66.06%	72.99%
Effective Tax Rate	22.69%	-66.21%	10.48%	-249.45%	-27.18%	5.26%	5.78%	9.92%	32.77%	18.55%
Return on Invested Capital (ROIC)	0.00%	27.79%	9.14%	23.65%	5.02%	8.52%	6.75%	7.86%	6.26%	7.49%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-0.93%	3.32%	2.53%	-2.90%	2.30%	0.46%	-1.01%	0.26%	0.84%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-2.21%	5.28%	2.33%	-2.11%	1.41%	0.25%	-0.52%	0.13%	0.37%
Return on Equity (ROE)	0.00%	25.58%	14.41%	25.97%	2.91%	9.94%	7.00%	7.34%	6.39%	7.86%
Cash Return on Invested Capital (CROIC)	0.00%	-172.21%	7.17%	15.48%	4.30%	8.24%	7.87%	8.87%	11.43%	5.50%
Operating Return on Assets (OROA)	0.00%	5.02%	7.06%	5.05%	3.04%	6.46%	5.40%	6.21%	7.07%	6.69%
Return on Assets (ROA)	0.00%	2.67%	3.99%	9.82%	1.21%	4.43%	3.29%	3.55%	3.13%	3.96%
Return on Common Equity (ROCE)	0.00%	18.17%	11.35%	22.35%	2.56%	8.80%	6.28%	6.65%	5.79%	7.11%
Return on Equity Simple (ROE_SIMPLE)	0.00%	18.01%	13.92%	26.18%	3.21%	10.69%	7.80%	7.96%	7.27%	0.00%
Net Operating Profit after Tax (NOPAT)	236	670	445	1,212	268	459	362	417	322	379
NOPAT Margin	8.59%	22.02%	13.29%	39.26%	9.61%	13.20%	10.18%	11.67%	9.44%	11.01%
Net Nonoperating Expense Percent (NNEP)	0.00%	28.72%	5.81%	21.11%	7.91%	6.22%	6.29%	8.87%	6.00%	6.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	6.13%	6.95%	5.65%	6.40%
Cost of Revenue to Revenue	61.38%	59.96%	60.25%	62.99%	62.95%	61.46%	64.81%	61.94%	60.14%	60.16%
SG&A Expenses to Revenue	26.85%	25.55%	24.07%	25.18%	27.82%	24.54%	24.02%	24.71%	25.53%	25.44%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.50%	26.80%	24.91%	25.78%	29.49%	24.61%	24.38%	25.11%	25.81%	26.32%
Earnings before Interest and Taxes (EBIT)	309	344	479	357	225	483	397	449	497	466
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	550	556	698	579	444	706	614	666	713	680
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.72	1.96	1.50	1.32	1.50	1.04	1.10	1.74	1.66
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	52.12
Price to Revenue (P/Rev)	0.27	0.24	1.14	1.29	1.33	1.34	0.91	0.99	1.54	1.61
Price to Earnings (P/E)	12.68	4.83	15.57	5.76	46.73	15.63	14.60	15.22	27.01	22.06
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.89%	20.68%	6.42%	17.35%	2.14%	6.40%	6.85%	6.57%	3.70%	4.53%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.94	1.38	1.25	1.17	1.29	1.02	1.06	1.45	1.43
Enterprise Value to Revenue (EV/Rev)	0.00	1.49	2.03	2.16	2.25	2.00	1.53	1.57	2.13	2.13
Enterprise Value to EBITDA (EV/EBITDA)	0.00	8.16	9.73	11.51	14.14	9.82	8.86	8.41	10.16	10.77
Enterprise Value to EBIT (EV/EBIT)	0.00	13.18	14.16	18.68	27.86	14.35	13.70	12.48	14.60	15.71
Enterprise Value to NOPAT (EV/NOPAT)	0.00	6.77	15.26	5.50	23.38	15.12	15.04	13.44	22.53	19.32
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	14.18	21.65	19.09	20.31	18.13	20.47	11.64	19.10	15.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	19.44	8.39	27.29	15.65	12.91	11.91	12.34	26.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	2.77	1.29	0.98	0.85	0.74	0.72	0.69	0.70	0.61
Long-Term Debt to Equity	0.00	2.72	1.27	0.97	0.84	0.73	0.70	0.68	0.69	0.60
Financial Leverage	0.00	2.37	1.59	0.92	0.73	0.61	0.55	0.52	0.49	0.44
Leverage Ratio	0.00	4.80	3.61	2.64	2.39	2.24	2.13	2.07	2.04	1.98
Compound Leverage Factor	0.00	1.53	2.28	1.47	0.75	1.62	1.38	1.32	1.35	1.45
Debt to Total Capital	0.00%	73.47%	56.29%	49.56%	45.96%	42.42%	41.70%	40.89%	41.30%	37.70%
Short-Term Debt to Total Capital	0.00%	1.23%	0.97%	0.77%	0.72%	0.63%	0.62%	0.61%	0.69%	0.61%
Long-Term Debt to Total Capital	0.00%	72.24%	55.32%	48.79%	45.23%	41.79%	41.08%	40.28%	40.62%	37.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	7.69%	7.24%	6.03%	6.44%	6.31%	5.65%	5.40%	5.57%	6.00%
Common Equity to Total Capital	0.00%	18.84%	36.48%	44.41%	47.61%	51.27%	52.65%	53.71%	53.13%	56.30%
Debt to EBITDA	0.00	7.11	4.31	5.11	6.10	3.63	4.01	3.68	3.29	3.28
Net Debt to EBITDA	0.00	6.10	3.70	4.01	4.93	2.70	3.07	2.60	2.34	2.09
Long-Term Debt to EBITDA	0.00	6.99	4.23	5.03	6.01	3.58	3.95	3.63	3.24	3.23
Debt to NOPAT	0.00	5.91	6.76	2.44	10.09	5.59	6.81	5.88	7.30	5.89
Net Debt to NOPAT	0.00	5.06	5.80	1.92	8.15	4.16	5.21	4.15	5.19	3.75
Long-Term Debt to NOPAT	0.00	5.81	6.64	2.40	9.93	5.51	6.71	5.80	7.18	5.80
Altman Z-Score	0.00	0.92	1.54	1.53	1.41	1.85	1.74	1.82	2.25	2.27
Noncontrolling Interest Sharing Ratio	0.00%	28.97%	21.27%	13.96%	11.93%	11.42%	10.33%	9.41%	9.30%	9.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	2.62	2.67	2.98	2.63	2.66	3.03	3.08	3.20	3.37
Quick Ratio	0.00	1.83	1.72	2.02	1.67	1.60	1.84	1.91	1.95	2.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-4,150	349	793	230	443	421	470	588	278
Operating Cash Flow to CapEx	700.19%	316.42%	188.74%	483.91%	530.93%	492.15%	342.53%	801.67%	533.90%	674.33%
Free Cash Flow to Firm to Interest Expense	0.00	-17.69	1.98	5.03	1.49	3.32	3.02	2.88	3.77	2.21
Operating Cash Flow to Interest Expense	1.74	1.36	1.78	2.21	2.00	2.86	1.91	2.95	2.44	3.80
Operating Cash Flow Less CapEx to Interest Expense	1.49	0.93	0.84	1.75	1.63	2.28	1.35	2.58	1.98	3.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.44	0.49	0.44	0.38	0.46	0.48	0.49	0.49	0.49
Accounts Receivable Turnover	0.00	4.26	4.60	4.30	4.02	4.95	4.69	4.53	4.57	4.69
Inventory Turnover	0.00	3.99	4.06	3.84	3.58	3.59	3.44	3.39	3.10	3.01
Fixed Asset Turnover	0.00	4.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	4.65	4.94	4.87	4.44	4.62	4.72	4.77	4.73	4.92
Days Sales Outstanding (DSO)	0.00	85.66	79.38	84.95	90.81	73.70	77.88	80.60	79.83	77.75
Days Inventory Outstanding (DIO)	0.00	91.49	90.00	95.04	102.06	101.78	106.06	107.57	117.81	121.23
Days Payable Outstanding (DPO)	0.00	78.46	73.83	74.96	82.21	78.98	77.34	76.53	77.10	74.17
Cash Conversion Cycle (CCC)	0.00	98.68	95.55	105.03	110.65	96.50	106.61	111.64	120.55	124.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	4,820	4,915	5,334	5,372	5,388	5,328	5,275	5,009	5,110
Invested Capital Turnover	0.00	1.26	0.69	0.60	0.52	0.65	0.66	0.67	0.66	0.68
Increase / (Decrease) in Invested Capital	0.00	4,820	96	419	39	16	-60	-53	-266	101
Enterprise Value (EV)	0.00	4,537	6,788	6,660	6,277	6,933	5,441	5,599	7,250	7,321
Market Capitalization	732	732	3,820	3,978	3,710	4,645	3,223	3,544	5,265	5,545
Book Value per Share	$0.00	$4.13	$6.72	$9.14	$9.65	$10.62	$11.01	$12.19	$11.87	$12.91
Tangible Book Value per Share	$0.00	($13.02)	($7.21)	($4.43)	($3.79)	($2.07)	($1.28)	($0.77)	($0.53)	$0.41
Total Capital	0.00	5,384	5,339	5,969	5,894	6,046	5,907	5,995	5,691	5,922
Total Debt	0.00	3,956	3,005	2,958	2,709	2,565	2,463	2,452	2,351	2,233
Total Long-Term Debt	0.00	3,889	2,953	2,912	2,666	2,527	2,426	2,415	2,312	2,196
Net Debt	0.00	3,391	2,582	2,323	2,187	1,906	1,885	1,731	1,669	1,420
Capital Expenditures (CapEx)	54	101	166	72	58	78	78	60	71	71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	630	764	711	702	803	983	938	942	970
Debt-free Net Working Capital (DFNWC)	0.00	1,195	1,187	1,347	1,223	1,461	1,562	1,659	1,624	1,782
Net Working Capital (NWC)	0.00	1,128	1,136	1,301	1,180	1,423	1,525	1,622	1,585	1,746
Net Nonoperating Expense (NNE)	152	487	174	518	178	127	119	160	102	103
Net Nonoperating Obligations (NNO)	0.00	3,391	2,582	2,323	2,187	1,906	1,885	1,731	1,669	1,420
Total Depreciation and Amortization (D&A)	241	212	219	222	219	223	217	218	217	214
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	20.73%	22.82%	23.04%	25.12%	23.10%	27.67%	26.27%	27.63%	28.18%
Debt-free Net Working Capital to Revenue	0.00%	39.28%	35.46%	43.62%	43.79%	42.05%	43.94%	46.45%	47.64%	51.76%
Net Working Capital to Revenue	0.00%	37.10%	33.92%	42.13%	42.26%	40.95%	42.91%	45.43%	46.49%	50.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$0.62	$0.86	$2.38	$0.27	$1.02	$0.78	$0.86	$0.75	$0.98
Adjusted Weighted Average Basic Shares Outstanding	0.00	245.52M	289.89M	290.47M	290.85M	291.35M	282.60M	264.27M	255.41M	253.86M
Adjusted Diluted Earnings per Share	$0.23	$0.60	$0.84	$2.37	$0.27	$1.00	$0.77	$0.84	$0.74	$0.96
Adjusted Weighted Average Diluted Shares Outstanding	0.00	245.52M	289.89M	290.47M	290.85M	291.35M	282.60M	264.27M	255.41M	253.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	245.52M	289.89M	290.47M	290.85M	291.35M	282.60M	264.27M	255.41M	253.86M
Normalized Net Operating Profit after Tax (NOPAT)	248	309	457	249	181	470	374	429	328	404
Normalized NOPAT Margin	9.01%	10.15%	13.65%	8.07%	6.49%	13.52%	10.52%	12.02%	9.64%	11.72%
Pre Tax Income Margin	3.39%	3.60%	9.07%	6.44%	2.54%	10.07%	7.25%	7.99%	9.62%	9.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.43	1.47	2.73	2.26	1.46	3.62	2.85	2.75	3.19	3.70
NOPAT to Interest Expense	1.09	2.85	2.53	7.68	1.74	3.44	2.60	2.55	2.07	3.01
EBIT Less CapEx to Interest Expense	1.18	1.04	1.78	1.80	1.08	3.04	2.29	2.38	2.73	3.14
NOPAT Less CapEx to Interest Expense	0.84	2.42	1.58	7.22	1.36	2.85	2.04	2.19	1.61	2.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.14%	13.46%	12.98%	4.15%	21.11%	8.03%	11.84%	7.10%	5.91%	2.35%
Augmented Payout Ratio	48.52%	15.60%	16.16%	4.15%	21.11%	11.23%	84.37%	105.27%	85.99%	45.53%

This table displays calculated financial ratios and metrics derived from Gates Industrial's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026	6/27/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	253,855,699.00	253,875,680.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	253,855,699.00	253,875,680.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.24	0.67
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.36%	-3.91%	-5.43%	-4.83%	-3.93%	-1.74%	-0.20%	3.01%	3.23%	0.41%	6.55%
EBITDA Growth	-6.88%	22.12%	8.03%	-5.16%	6.67%	1.62%	-16.25%	7.32%	-9.83%	-6.89%	15.40%
EBIT Growth	-11.36%	35.86%	11.08%	-7.14%	10.82%	4.40%	-21.75%	10.76%	-14.68%	-12.64%	19.45%
NOPAT Growth	8.74%	14.42%	3.38%	-27.44%	-54.61%	36.51%	-20.48%	16.79%	73.44%	1.82%	155.67%
Net Income Growth	-23.31%	50.65%	8.99%	-35.56%	-40.52%	48.16%	-18.69%	60.80%	36.98%	-3.07%	182.09%
EPS Growth	-23.33%	66.67%	13.04%	-37.93%	-34.78%	60.00%	-15.38%	72.22%	26.67%	-4.17%	204.55%
Operating Cash Flow Growth	-23.36%	-140.00%	-28.61%	7.51%	0.85%	134.76%	9.81%	-15.44%	41.33%	313.70%	-23.69%
Free Cash Flow Firm Growth	1.89%	-26.45%	19.76%	-22.18%	87.82%	71.28%	-59.66%	-17.77%	-104.52%	-82.04%	64.01%
Invested Capital Growth	-1.00%	-1.77%	-2.54%	-0.75%	-5.04%	-3.52%	-0.19%	-0.01%	2.01%	0.85%	1.29%
Revenue Q/Q Growth	-1.10%	-0.08%	2.65%	-6.19%	-0.16%	2.19%	4.26%	-3.17%	0.06%	-0.60%	10.63%
EBITDA Q/Q Growth	-8.38%	4.73%	12.15%	-11.87%	3.04%	-0.23%	-7.57%	12.94%	-13.42%	3.02%	14.56%
EBIT Q/Q Growth	-12.77%	7.45%	17.85%	-15.94%	4.10%	1.23%	-11.67%	18.99%	-19.82%	3.65%	20.78%
NOPAT Q/Q Growth	-6.57%	-42.54%	76.06%	-23.23%	-41.55%	72.80%	0.38%	17.95%	-19.97%	8.40%	149.84%
Net Income Q/Q Growth	-19.18%	-33.29%	68.33%	-28.99%	-25.41%	66.18%	-7.61%	40.41%	-36.46%	17.58%	168.88%
EPS Q/Q Growth	-20.69%	-34.78%	73.33%	-30.77%	-16.67%	60.00%	-8.33%	40.91%	-38.71%	21.05%	191.30%
Operating Cash Flow Q/Q Growth	75.60%	-111.09%	546.67%	23.56%	64.71%	-96.18%	1,310.96%	-4.85%	175.31%	-88.81%	160.26%
Free Cash Flow Firm Q/Q Growth	1.57%	-4.34%	56.63%	-48.87%	145.14%	-12.76%	-63.47%	7.02%	-113.14%	450.59%	232.58%
Invested Capital Q/Q Growth	-0.49%	0.75%	-1.27%	0.28%	-4.80%	2.37%	2.13%	0.45%	-2.87%	1.20%	2.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.12%	38.26%	40.36%	40.42%	40.43%	40.66%	40.76%	39.92%	37.99%	39.71%	41.00%
EBITDA Margin	19.11%	20.03%	21.89%	20.56%	21.22%	20.72%	18.37%	21.42%	18.54%	19.21%	19.89%
Operating Margin	13.93%	13.53%	15.38%	13.63%	13.58%	14.71%	13.10%	13.49%	12.78%	12.91%	13.98%
EBIT Margin	12.74%	13.70%	15.73%	14.10%	14.70%	14.56%	12.33%	15.16%	12.15%	12.67%	13.83%
Profit (Net Income) Margin	8.00%	5.34%	8.76%	6.63%	4.96%	8.06%	7.14%	10.35%	6.58%	7.78%	18.90%
Tax Burden Percent	96.51%	57.13%	86.03%	79.62%	46.76%	72.81%	78.68%	93.46%	78.85%	84.98%	177.64%
Interest Burden Percent	65.09%	68.27%	64.75%	59.09%	72.11%	76.01%	73.58%	73.09%	68.65%	72.26%	76.96%
Effective Tax Rate	3.35%	42.75%	13.64%	20.23%	53.13%	26.87%	20.95%	6.43%	21.01%	14.76%	-77.84%
Return on Invested Capital (ROIC)	9.07%	5.11%	8.71%	7.09%	4.22%	6.99%	6.70%	8.19%	6.87%	7.37%	16.53%
ROIC Less NNEP Spread (ROIC-NNEP)	6.46%	3.98%	6.57%	5.18%	3.53%	5.69%	5.02%	7.04%	4.92%	5.62%	12.83%
Return on Net Nonoperating Assets (RNNOA)	3.34%	2.07%	3.57%	2.78%	1.74%	2.89%	2.39%	3.29%	2.16%	2.47%	5.19%
Return on Equity (ROE)	12.41%	7.18%	12.28%	9.87%	5.96%	9.89%	9.09%	11.48%	9.03%	9.84%	21.72%
Cash Return on Invested Capital (CROIC)	8.87%	9.59%	10.53%	8.09%	11.43%	10.22%	6.37%	6.55%	5.50%	6.55%	8.71%
Operating Return on Assets (OROA)	6.30%	6.76%	7.66%	6.82%	7.14%	7.09%	5.87%	7.26%	6.00%	6.24%	6.63%
Return on Assets (ROA)	3.96%	2.64%	4.27%	3.21%	2.41%	3.93%	3.40%	4.96%	3.25%	3.83%	9.07%
Return on Common Equity (ROCE)	11.24%	6.51%	11.14%	8.91%	5.41%	8.97%	8.24%	10.37%	8.17%	8.89%	19.65%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.55%	8.76%	7.97%	0.00%	7.80%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	116	67	118	90	53	91	92	108	86	94	234
NOPAT Margin	13.47%	7.75%	13.28%	10.87%	6.36%	10.76%	10.36%	12.62%	10.09%	11.01%	24.86%
Net Nonoperating Expense Percent (NNEP)	2.61%	1.13%	2.14%	1.91%	0.69%	1.30%	1.68%	1.16%	1.95%	1.75%	3.69%
Return On Investment Capital (ROIC_SIMPLE)	1.94%	-	-	-	0.93%	1.58%	1.54%	1.81%	1.46%	1.57%	3.82%
Cost of Revenue to Revenue	60.88%	61.74%	59.64%	59.58%	59.57%	59.34%	59.24%	60.08%	62.01%	60.29%	59.00%
SG&A Expenses to Revenue	25.02%	24.54%	24.65%	26.47%	26.54%	25.64%	26.16%	25.62%	24.34%	26.66%	26.62%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.18%	24.73%	24.98%	26.80%	26.85%	25.94%	27.66%	26.43%	25.22%	26.80%	27.03%
Earnings before Interest and Taxes (EBIT)	110	118	139	117	122	123	109	130	104	108	130
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	165	173	194	171	176	176	162	183	159	164	187
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.10	1.47	1.30	1.50	1.74	1.52	1.82	1.90	1.66	1.67	2.08
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	425.87	44.79	52.12	29.92	19.41
Price to Revenue (P/Rev)	0.99	1.32	1.19	1.36	1.54	1.39	1.76	1.88	1.61	1.63	2.09
Price to Earnings (P/E)	15.22	18.98	16.38	21.10	27.01	21.69	29.41	27.10	22.06	22.53	20.11
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.57%	5.27%	6.11%	4.74%	3.70%	4.61%	3.40%	3.69%	4.53%	4.44%	4.97%
Enterprise Value to Invested Capital (EV/IC)	1.06	1.28	1.18	1.30	1.45	1.31	1.51	1.58	1.43	1.43	1.71
Enterprise Value to Revenue (EV/Rev)	1.57	1.93	1.78	1.98	2.13	1.98	2.34	2.43	2.13	2.15	2.59
Enterprise Value to EBITDA (EV/EBITDA)	8.41	9.77	8.71	9.71	10.16	9.40	11.58	11.91	10.77	11.11	13.12
Enterprise Value to EBIT (EV/EBIT)	12.48	14.20	12.57	14.07	14.60	13.41	16.82	17.16	15.71	16.46	19.27
Enterprise Value to NOPAT (EV/NOPAT)	13.44	16.26	14.66	17.58	22.53	19.42	24.50	24.13	19.32	19.47	17.27
Enterprise Value to Operating Cash Flow (EV/OCF)	11.64	16.72	16.77	18.04	19.10	16.50	19.01	20.80	15.31	14.80	19.08
Enterprise Value to Free Cash Flow (EV/FCFF)	11.91	13.24	11.08	15.95	12.34	12.62	23.77	24.08	26.31	21.99	19.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.67	0.67	0.69	0.70	0.68	0.65	0.60	0.61	0.60	0.57
Long-Term Debt to Equity	0.68	0.66	0.66	0.68	0.69	0.67	0.64	0.59	0.60	0.59	0.56
Financial Leverage	0.52	0.52	0.54	0.54	0.49	0.51	0.48	0.47	0.44	0.44	0.40
Leverage Ratio	2.07	2.03	2.08	2.07	2.04	2.01	2.01	1.99	1.98	1.96	1.95
Compound Leverage Factor	1.35	1.39	1.35	1.22	1.47	1.53	1.48	1.45	1.36	1.41	1.50
Debt to Total Capital	40.89%	40.11%	40.03%	40.74%	41.30%	40.57%	39.36%	37.56%	37.70%	37.41%	36.45%
Short-Term Debt to Total Capital	0.61%	0.48%	0.37%	0.62%	0.69%	0.55%	0.67%	0.51%	0.61%	0.52%	0.64%
Long-Term Debt to Total Capital	40.28%	39.63%	39.65%	40.12%	40.62%	40.02%	38.70%	37.05%	37.09%	36.90%	35.81%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.40%	5.43%	5.45%	5.96%	5.57%	5.65%	5.75%	5.80%	6.00%	6.06%	6.08%
Common Equity to Total Capital	53.71%	54.46%	54.53%	53.30%	53.13%	53.79%	54.88%	56.64%	56.30%	56.53%	57.48%
Debt to EBITDA	3.68	3.36	3.28	3.39	3.29	3.27	3.42	3.21	3.28	3.34	3.22
Net Debt to EBITDA	2.60	2.61	2.46	2.57	2.34	2.37	2.37	2.22	2.09	2.16	2.04
Long-Term Debt to EBITDA	3.63	3.32	3.25	3.33	3.24	3.22	3.37	3.16	3.23	3.29	3.17
Debt to NOPAT	5.88	5.59	5.51	6.13	7.30	6.75	7.24	6.49	5.89	5.85	4.24
Net Debt to NOPAT	4.15	4.34	4.14	4.65	5.19	4.90	5.02	4.49	3.75	3.79	2.68
Long-Term Debt to NOPAT	5.80	5.52	5.46	6.04	7.18	6.66	7.12	6.41	5.80	5.77	4.17
Altman Z-Score	1.67	1.90	1.84	1.88	2.06	1.97	2.12	2.28	2.11	2.16	2.43
Noncontrolling Interest Sharing Ratio	9.41%	9.30%	9.26%	9.73%	9.30%	9.28%	9.29%	9.66%	9.56%	9.59%	9.53%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.08	3.06	3.11	3.02	3.20	3.33	3.46	3.52	3.37	3.67	3.24
Quick Ratio	1.91	1.76	1.82	1.74	1.95	2.01	2.12	2.16	2.12	2.34	2.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	170	162	254	130	319	278	102	109	-14	50	167
Operating Cash Flow to CapEx	892.92%	-131.25%	822.81%	541.59%	856.05%	47.10%	533.68%	563.22%	1,442.78%	196.10%	434.25%
Free Cash Flow to Firm to Interest Expense	4.42	4.33	5.18	3.70	9.35	9.39	3.53	3.11	-0.44	1.67	5.55
Operating Cash Flow to Interest Expense	4.93	-0.56	1.91	3.30	5.60	0.25	3.58	2.81	8.28	1.01	2.62
Operating Cash Flow Less CapEx to Interest Expense	4.38	-0.99	1.68	2.69	4.94	-0.28	2.91	2.31	7.70	0.50	2.02
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.49	0.49	0.48	0.49	0.49	0.48	0.48	0.49	0.49	0.48
Accounts Receivable Turnover	4.53	4.32	4.14	4.21	4.57	4.28	4.15	4.15	4.69	4.35	4.06
Inventory Turnover	3.39	3.25	3.16	3.04	3.10	2.93	2.83	2.82	3.01	3.00	2.88
Fixed Asset Turnover	0.00	5.62	0.00	0.00	0.00	5.64	0.00	0.00	0.00	5.83	0.00
Accounts Payable Turnover	4.77	4.81	4.64	4.79	4.73	4.65	4.73	5.01	4.92	5.12	4.73
Days Sales Outstanding (DSO)	80.60	84.56	88.12	86.62	79.83	85.19	87.92	87.88	77.75	83.97	89.91
Days Inventory Outstanding (DIO)	107.57	112.32	115.66	120.20	117.81	124.48	129.08	129.40	121.23	121.55	126.89
Days Payable Outstanding (DPO)	76.53	75.94	78.67	76.17	77.10	78.45	77.20	72.90	74.17	71.36	77.17
Cash Conversion Cycle (CCC)	111.64	120.93	125.11	130.65	120.55	131.22	139.79	144.38	124.80	134.16	139.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,275	5,314	5,247	5,261	5,009	5,127	5,237	5,261	5,110	5,171	5,304
Invested Capital Turnover	0.67	0.66	0.66	0.65	0.66	0.65	0.65	0.65	0.68	0.67	0.67
Increase / (Decrease) in Invested Capital	-53	-96	-137	-40	-266	-187	-10	-0.70	101	44	68
Enterprise Value (EV)	5,599	6,813	6,202	6,818	7,250	6,730	7,930	8,304	7,321	7,417	9,091
Market Capitalization	3,544	4,677	4,132	4,667	5,265	4,705	5,962	6,414	5,545	5,613	7,309
Book Value per Share	$12.19	$12.16	$12.15	$11.89	$11.87	$12.15	$12.68	$13.08	$12.91	$13.26	$13.87
Tangible Book Value per Share	($0.77)	($0.69)	($0.38)	($0.69)	($0.53)	($0.25)	$0.05	$0.56	$0.41	$0.74	$1.48
Total Capital	5,995	5,836	5,826	5,836	5,691	5,768	5,956	5,950	5,922	5,956	6,128
Total Debt	2,452	2,341	2,332	2,378	2,351	2,340	2,345	2,235	2,233	2,229	2,234
Total Long-Term Debt	2,415	2,313	2,310	2,342	2,312	2,308	2,305	2,204	2,196	2,198	2,194
Net Debt	1,731	1,819	1,752	1,803	1,669	1,700	1,625	1,545	1,420	1,443	1,410
Capital Expenditures (CapEx)	21	16	11	21	22	16	19	17	19	15	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	938	1,045	1,055	1,067	942	1,049	1,112	1,121	970	1,057	1,090
Debt-free Net Working Capital (DFNWC)	1,659	1,567	1,635	1,641	1,624	1,689	1,832	1,810	1,782	1,842	1,913
Net Working Capital (NWC)	1,622	1,539	1,613	1,605	1,585	1,658	1,792	1,780	1,746	1,811	1,874
Net Nonoperating Expense (NNE)	47	21	40	35	12	23	28	19	30	27	56
Net Nonoperating Obligations (NNO)	1,731	1,819	1,752	1,803	1,669	1,700	1,625	1,545	1,420	1,443	1,410
Total Depreciation and Amortization (D&A)	55	55	55	54	54	52	53	54	55	56	57
Debt-free, Cash-free Net Working Capital to Revenue	26.27%	29.56%	30.28%	30.99%	27.63%	30.91%	32.80%	32.80%	28.18%	30.65%	31.10%
Debt-free Net Working Capital to Revenue	46.45%	44.33%	46.92%	47.68%	47.64%	49.78%	54.02%	52.98%	51.76%	53.44%	54.60%
Net Working Capital to Revenue	45.43%	43.54%	46.30%	46.63%	46.49%	48.85%	52.85%	52.09%	50.71%	52.54%	53.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$0.15	$0.27	$0.18	$0.15	$0.24	$0.22	$0.32	$0.20	$0.24	$0.67
Adjusted Weighted Average Basic Shares Outstanding	264.27M	261.38M	261.61M	254.72M	255.41M	257.77M	257.58M	258.28M	253.86M	253.88M	253.15M
Adjusted Diluted Earnings per Share	$0.23	$0.15	$0.26	$0.18	$0.15	$0.24	$0.22	$0.31	$0.19	$0.23	$0.67
Adjusted Weighted Average Diluted Shares Outstanding	264.27M	261.38M	261.61M	254.72M	255.41M	257.77M	257.58M	258.28M	253.86M	253.88M	253.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	264.27M	261.38M	261.61M	254.72M	255.41M	257.77M	257.58M	258.28M	253.86M	253.88M	253.15M
Normalized Net Operating Profit after Tax (NOPAT)	118	68	120	92	81	93	102	115	92	95	95
Normalized NOPAT Margin	13.62%	7.85%	13.56%	11.13%	9.73%	10.98%	11.54%	13.38%	10.79%	11.13%	10.07%
Pre Tax Income Margin	8.29%	9.36%	10.19%	8.33%	10.60%	11.07%	9.08%	11.08%	8.34%	9.15%	10.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.86	3.15	2.84	3.34	3.57	4.17	3.78	3.72	3.19	3.61	4.34
NOPAT to Interest Expense	3.03	1.78	2.40	2.57	1.55	3.08	3.18	3.09	2.65	3.13	7.80
EBIT Less CapEx to Interest Expense	2.31	2.73	2.60	2.73	2.92	3.65	3.11	3.22	2.62	3.09	3.74
NOPAT Less CapEx to Interest Expense	2.48	1.35	2.16	1.96	0.89	2.56	2.51	2.60	2.08	2.62	7.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.10%	0.00%	0.00%	7.83%	5.91%	6.32%	7.25%	6.82%	2.35%	1.53%	0.77%
Augmented Payout Ratio	105.27%	111.07%	18.07%	78.86%	85.99%	63.65%	68.23%	11.80%	45.53%	46.35%	38.04%

Financials Breakdown Chart

Key Financial Trends

Gates Industrial (NYSE: GTES) showed a generally stable operating picture in Q1 2026, with revenue and profit improving modestly versus the prior quarter and a stronger cash balance, but the company still carries a heavy debt load and reported another period of negative working-capital cash flow.

In Q1 2026, revenue came in at $851.1 million, down slightly from $856.2 million in Q4 2025 and $855.7 million in Q3 2025. Gross profit was $338.0 million, and operating income was $109.9 million, both roughly in line with recent quarters. Net income attributable to common shareholders was $59.7 million, or $0.23 per diluted share, up from $51.3 million and $0.19 per diluted share in Q4 2025.

On the cash flow side, operating cash flow was only $30.2 million in Q1 2026, much weaker than the $269.8 million reported in Q4 2025 and the $98.0 million generated in Q3 2025. The drop was driven by a negative $88.9 million change in operating assets and liabilities. That is a key trend for investors to watch, since earnings remained profitable while cash conversion was weak.

The balance sheet showed $785.3 million in cash and equivalents, up from $689.4 million at the end of Q3 2025. Total debt remained high at about $2.23 billion in long-term debt plus $30.9 million in short-term debt, leaving the company levered even though it has a solid equity base. Total liabilities were $3.39 billion against total common equity of $3.37 billion.

Looking at the last several years, GTES has generally delivered:

Consistent profitability across the last several quarters, with quarterly net income typically in the $40 million to $90 million range.
Relatively steady revenue around the mid-$800 million range per quarter, suggesting a durable top line.
Improving cash position in recent quarters, as cash rose from about $640.2 million in Q1 2025 to $785.3 million in Q1 2026.
Solid gross margins over time, with gross profit generally holding near $310 million to $360 million per quarter.
Ongoing restructuring activity, which has been present in most quarters and may reflect continued portfolio or cost optimization.
Share count has drifted lower from roughly 261 million to about 254 million weighted diluted shares, which has helped EPS.
Balance sheet leverage remains substantial, but debt has not shown runaway growth over the period shown.
Operating cash flow has been volatile, swinging from strong positive results to very weak quarters depending on working-capital changes.
Interest expense is a persistent burden, running around $29 million to $49 million per quarter and reducing pre-tax income.
Working-capital demands remain heavy, with receivables, inventories, and other current assets consuming cash in several periods.

Bottom line: Gates Industrial appears to be a profitable industrial business with fairly steady sales and decent margins, but investors should pay close attention to cash generation and leverage. The latest quarter looks stable on an earnings basis, yet the sharp drop in operating cash flow is a reminder that the quality of earnings can vary. For long-term shareholders, the main question is whether GTES can sustain earnings while converting more of them into free cash flow.

08/10/26 11:59 AM ETAI Generated. May Contain Errors.

Gates Industrial Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Gates Industrial's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Over the last 9 years, Gates Industrial's net income changed from $84.30 million in 2016 to $276.30 million in 2025, a change of 227.8%. See where experts think Gates Industrial is headed by visiting Gates Industrial's forecast page.

Gates Industrial's total operating income in 2025 was $465.30 million, based on the following breakdown:

Total Gross Profit: $1.37 billion
Total Operating Expenses: $906.40 million

Over the last 9 years, Gates Industrial's total revenue changed from $2.75 billion in 2016 to $3.44 billion in 2025, a change of 25.3%.

Gates Industrial's total liabilities were at $3.46 billion at the end of 2025, a 0.5% increase from 2024, and a 36.2% decrease since 2017.

In the past 8 years, Gates Industrial's cash and equivalents has ranged from $423.40 million in 2018 to $812.10 million in 2025, and is currently $812.10 million as of their latest financial filing in 2025.

Over the last 9 years, Gates Industrial's book value per share changed from 0.00 in 2016 to 12.91 in 2025, a change of 1,290.9%.

Related Companies

Financial statements for NYSE:GTES last updated on 7/31/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Gates Industrial (GTES) Financials

Financials Breakdown Chart

Key Financial Trends

Gates Industrial Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Gates Industrial (GTES) Financials

Annual Income Statements for Gates Industrial

Quarterly Income Statements for Gates Industrial

Annual Cash Flow Statements for Gates Industrial

Quarterly Cash Flow Statements for Gates Industrial

Annual Balance Sheets for Gates Industrial

Quarterly Balance Sheets for Gates Industrial

Annual Metrics And Ratios for Gates Industrial

Quarterly Metrics And Ratios for Gates Industrial

Financials Breakdown Chart

Key Financial Trends

Gates Industrial Financials - Frequently Asked Questions

When does Gates Industrial's financial year end?

How has Gates Industrial's net income changed over the last 9 years?

What is Gates Industrial's operating income?

How has Gates Industrial's revenue changed over the last 9 years?

How much debt does Gates Industrial have?

How much cash does Gates Industrial have?

How has Gates Industrial's book value per share changed over the last 9 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools