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Maker of engineered power-transmission belts and fluid-power hoses for industrial and automotive applications.
Maker of engineered power-transmission belts and fluid-power hoses for industrial and automotive applications.
Sells belts and hoses first to makers of vehicles and machinery for fitting, but the larger earner is replacement: they wear out and are bought again through distributors and parts stores. That replacement demand is steadier than new-equipment orders. Its hoses are used in hydraulic machinery for construction and farming, so replacement demand follows the base of equipment in use.
Moat: narrow (brand, distribution, installed base). Established aftermarket distribution network and OEM design-in relationships.
Headquarters: Denver, Colorado, US · Founded: 1911 · Employees: 13,000
Size Gates Industrial (GTES) is a United States Industrials company (Electrical Products) with a market value of $6.05B, the 1058th largest of 3,117 United States companies the cockpit tracks. Shares closed at $24.10 on 6 Nov 2026.
Performance Over six months the shares fell 7.6%, against -32.4% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 4.0% over the last twelve months (peer median +25.9%); the operating margin is 15.5% (peer median 9.0%).
Valuation It trades at 12.8× forward earnings against a peer median of 22.0× (3rd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.4 points below its cost of capital (9.8% WACC).
Short interest Short interest is 4.6% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.55B | $3.44B | $3.41B | $3.57B | $3.55B |
| Revenue growth | — | +1% | -5% | 0% | — |
| Gross profit | $1.47B | $1.39B | $1.38B | $1.37B | $1.25B |
| EBITDA | $775M | $742M | $727M | $709M | $610M |
| Net income | $369M | $252M | $196M | $234M | $221M |
| Free cash flow | $367M | $405M | $296M | $420M | $188M |
| Capital expenditure | $95.9M | $114M | $107M | $71.4M | $87.0M |
| Total debt | $2.35B | $2.39B | $2.50B | $2.59B | $2.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Gates Industrial GTES | $6.05B | -8% | +4% | 16% | 12.8× | 9.7% |
| Regal Rexnord RRX | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% |
| Continental CON.DE | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% |
| Parker Hannifin PH | $116B | +4% | +8% | 22% | 24.4× | 19.0% |
| Mitsuboshi Belting 5192.T | $716M | +4% | +5% | 10% | 10.8× | -1.1% |
| Bando Chemical Industries 5195.T | $632M | +17% | +6% | 9% | 11.4× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GTES | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.9% | -15.6% | 10th highest of 21 |
| 6-month return | -7.6% | -32.4% | 6th highest of 21 |
| Distance from 52-week high | -20.6% | -49.4% | highest of 21 |
| Revenue growth (TTM) | +4.0% | +25.9% | 7th lowest of 21 |
| Operating margin | 15.5% | 9.0% | 4th highest of 21 |
| Forward P/E | 12.8× | 22.0× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 9.7% | 25.0% | 4th least demanding of 13 |
| Growth delivered (Del g) | +4.3% | +12.8% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +5.4 pp | -1.9 pp | 6th most demanding of 13 |
| ROIC minus cost of capital | -2.4 pp | +0.7 pp | 9th lowest of 21 |
| EV / EBITDA | 10.3× | 13.7× | 3rd cheapest of 7 |
| Net debt / EBITDA | 1.9× | 0.8× | 2nd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gates Industrial GTES | United States | $6.05B | -8% | +4% | 16% | 12.8× | 9.7% | +4.3% |
| Nexans NEX.PA | France | $6.06B | -26% | -13% | 6% | 17.2× | 5.6% | +5.5% |
| Jiangsu Yoke Technology 002409.SZ | China | $6.12B | +1% | +7% | 15% | 32.1× | 26.4% | +30.6% |
| Forgent Power Solutions FPS | United States | $5.93B | -52% | +89% | 14% | 14.4× | n/a | n/a |
| Yaskawa Electric 6506.T | Japan | $5.71B | -38% | +6% | 8% | 19.7× | 24.8% | +6.8% |
| Gotion High-tech 002074.SZ | China | $6.45B | -32% | +54% | 3% | 25.6× | n/a | n/a |
| Shandong Sinocera Functional Material 300285.SZ | China | $5.67B | +8% | +23% | 14% | 48.6× | 40.1% | +12.6% |
| Hunan Yuneng New Energy Battery Material 301358.SZ | China | $6.46B | -50% | +130% | 9% | 7.8× | n/a | n/a |
| Suzlon Energy SUZLON.NS | India | $5.65B | -30% | +34% | 15% | 21.2× | 34.0% | +37.9% |
| Hebei Sinopack Electronic Technology 003031.SZ | China | $5.62B | -33% | +43% | 19% | 36.1× | 34.9% | +28.6% |
| Ecopro BM 247540.KS | South Korea | $6.53B | -60% | -4% | 6% | 965.8× | n/a | n/a |
| Shenzhen Megmeet Electrical 002851.SZ | China | $6.55B | -38% | +29% | 1% | 60.9× | n/a | n/a |
| Nkt A/s NKT.CO | Denmark | $6.73B | -15% | +2% | 7% | 26.4× | n/a | n/a |
| Wolong Electric 600580.SS | China | $5.39B | -39% | -11% | 4% | 39.6× | 25.2% | +4.2% |
| Sunwoda Electronic 300207.SZ | China | $5.37B | -33% | +36% | -1% | 16.0× | n/a | n/a |
| Shanghai Putailai New Energy Technology 603659.SS | China | $6.87B | -41% | +44% | 14% | 14.2× | n/a | n/a |
| EnerSys ENS | United States | $5.30B | -36% | +4% | 15% | 11.3× | 0.5% | +4.7% |
| Anji Microelectronics Technology (Shanghai) 688019.SS | China | $7.05B | +7% | +35% | 32% | 31.6× | 28.1% | +42.8% |
| HANGZHOU FIRST APPLIED MATERIAL 603806.SS | China | $5.14B | -30% | -9% | 9% | 22.0× | 7.5% | +13.1% |
| Goldenmax International 002636.SZ | China | $7.20B | +47% | +79% | 30% | n/a | 24.4% | +4.4% |
| Qingdao TGOOD Electric 300001.SZ | China | $4.97B | +6% | +14% | 9% | 21.9× | 12.0% | +16.2% |