At a glance
Gentex Corporation is worth $4.23B, about 12 times its fiscal 2025 earnings. Revenue grew 9.6% to $2.53B in fiscal 2025, with 15.2% kept as profit; over 5 years it has grown 8.5% a year. It pays a 2.39% dividend yield, and returned $1.66B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −13.4% over the past year with dividends reinvested and −9.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 35.4% in the 2020 crash (S&P 500: 33.7%) and 33.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 16 months after the lows.
The business in plain English
Gentex, incorporated in Michigan in 1974, is known mainly for rearview mirrors that dim on their own. They use electrochromic technology, a layer that darkens when voltage is applied, to cut glare from headlights behind the car. Gentex sells these mirrors, and electronics built into them, to automakers and their suppliers around the world. Features include HomeLink, which opens garage doors and gates from the car, and the Full Display Mirror, which shows live video of the road behind.
Cars are the core of the business. In the year ended December 31, 2025, sales were about $2.53 billion. The Automotive Products segment brought in 89%, with mirrors and related electronics alone at 84.3% and HomeLink modules at 4.7%. Toyota, Volkswagen Group and General Motors each accounted for at least 10% of sales.
The rest of the business is smaller. On April 1, 2025, Gentex bought the part of VOXX International it did not already own, for $148.3 million in cash. That added the audio brands Klipsch, Onkyo and Integra. The Premium Audio Products segment made up 6% of sales. The Other segment, at 5%, covers aftermarket car electronics, consumer electronics, smoke alarms and fire signaling devices, dimmable aircraft windows, biometric security such as iris scanning, and eSightGo smart glasses for people with low vision.
Price history
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GNTX -13.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Automotive Mirrors & Electronics | $2.14B | 84.3% |
| HomeLink Modules | $119.8M | 4.7% |
| Premium Speaker Products | $107.0M | 4.2% |
| Aftermarket Electronic Products | $53.8M | 2.1% |
| Premium Receiver Products | $44.3M | 1.7% |
| Fire Protection Products | $24.6M | 1% |
| Consumer Electronic Products | $22.2M | 0.9% |
| Windows Products | $18.9M | 0.7% |
| Biometrics | $6.2M | 0.2% |
| Medical Products | $1.3M | 0.1% |
By business segment
| Automotive Products | $2.26B | 89% |
| Premium Audio Products | $151.3M | 6% |
| Other | $127.1M | 5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $651.3M, down 1% from a year earlier, and net income was $114.7M (+19.4%).
- For fiscal 2025, revenue was $2.53B (+9.6% year over year; +8.5% a year from FY2020 to FY2025) with a 15.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.5% good |
|---|---|
| Operating margin | 18.7% good |
| Free cash flow margin | 18.1% good |
| Return on equity (FY2025) | 15.5% good |
| Return on assets (FY2025) | 13.1% good |
| Net cash (cash minus debt) | $477.6M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.69B | $347.6M | $412.8M |
| FY2021 | $1.73B | $360.8M | $293.3M |
| FY2022 | $1.92B | $318.8M | $191.8M |
| FY2023 | $2.30B | $428.4M | $353.6M |
| FY2024 | $2.31B | $404.5M | $353.5M |
| FY2025 | $2.53B | $384.8M | $458.0M |
Valuation snapshot
| Market value | $4.23B |
|---|---|
| P/E ratio | 11.5 |
| Dividend yield | 2.39% |
Rank among 1514 US companies
Market value at each year end
Gentex’s market value went from $5.64B at the end of 2016 to $4.23B on Oct 28, 2026, down 25%; since the end of 2025 it is down 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.23B | -17.0% |
| 2025 | $5.09B | -22.0% |
| 2024 | $6.53B | -14.2% |
| 2023 | $7.62B | +19.1% |
| 2022 | $6.40B | -22.4% |
| 2021 | $8.24B | -0.9% |
| 2020 | $8.31B | +13.4% |
| 2019 | $7.33B | +38.4% |
| 2018 | $5.30B | -10.9% |
| 2017 | $5.95B | +5.4% |
| 2016 | $5.64B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GNTX price data to Oct 28, 2026 | -11.9% | -13.4% | -9.0% | -9.0% | +3.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.9% |
| 2025 | -17.4% |
| 2024 | -10.7% |
| 2023 | +21.8% |
| 2022 | -20.4% |
| 2021 | +4.1% |
| 2020 | +19.3% |
| 2019 | +46.4% |
| 2018 | -1.7% |
| 2017 | +8.4% |
| 2016 | +25.8% |
| 2015 | -9.6% |
| 2014 | +11.8% |
| 2013 | +79.5% |
| 2012 | -34.8% |
| 2011 | +1.7% |
| 2010 | +69.5% |
| 2009 | +110.3% |
| 2008 | -48.8% |
| 2007 | +16.8% |
| 2006 | -19.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 66% over that stretch · deepest drop along the way 69.3%, back to its old high 16.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.2% over that stretch · deepest drop along the way 35.4%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31% over that stretch · deepest drop along the way 33.3%, back to its old high 16.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (17 read): 0 open-market purchases and 13 sales ($2.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 17, 2026 | Steven R Downing President and CEO | sell | $866K |
| Feb 17, 2026 | Matthew Chiodo Vice President of Sales | sell | $393K |
| May 5, 2026 | Leslie L Brown Director | sell | $246K |
| Feb 17, 2026 | Neil Boehm Chief Technology Officer | sell | $221K |
| Feb 17, 2026 | Scott P Ryan General Counsel | sell | $177K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5% | Sep 30, 2026 |
| Wellington Management Group LLP | 1.1% | Dec 31, 2025 |
ETFs with the most weight in GNTX
| FDRV Fidelity Electric Vehicles and Future Transportation ETF | 3.8% |
| TMFM Motley Fool Mid-Cap Growth ETF | 2.14% |
| KONG Formidable Fortress ETF | 2.05% |
| ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF | 1.83% |
| SIMS SPDR S&P Kensho Intelligent Structures ETF | 1.62% |
| FXD First Trust Consumer Discretionary AlphaDEX Fund | 1.34% |
| FSCS First Trust SMID Capital Strength ETF | 0.85% |
| SURE AdvisorShares Insider Advantage ETF | 0.82% |
What could go wrong
- Heavy dependence on car production. Auto industry customers made up about 89% of net sales in 2025. Car making is cyclical, so plant shutdowns, strikes, part shortages and swings in production schedules can cut Gentex's shipments.
- Three customers carry a lot of weight. Toyota, Volkswagen Group and General Motors each made up 10% or more of 2025 net sales. Losing much of the business from any one of them, or a production cut there, would hurt results.
- Cameras could replace mirrors. Gentex's main product is the rearview mirror. The company names cameras replacing mirrors, and self-driving cars, as possible shifts in customer demand. Its future depends on new products winning places in new vehicles.
- Costly or scarce parts and tariffs. Gentex depends on raw materials and components, especially electronics, that have been in short supply at times. Higher material, energy and fuel costs, plus tariffs, can squeeze profit if customers will not pay more.
- Acquisitions may not pay off. Gentex bought VOXX and BioConnect in 2025, pushing into audio and biometrics. Integration could prove costly, and weak results could force write-downs of goodwill, the premium paid for acquired businesses.
- Patent disputes over its technology. Gentex relies on proprietary technology. Lawsuits claiming it infringes others' patents, or the cost of defending its own, could lead to damages, legal costs or limits on what it can sell.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
Gentex pays a dividend, but it has not grown. It paid $0.48 per share in every year from fiscal 2020 through fiscal 2025, so there is no streak of increases, and a flat payout loses buying power as prices rise. It is modest next to profits: in fiscal 2025 it took about 28% of earnings and 23% of free cash flow (cash left after running and investing in the business). The yield was 2.39% as of October 28, 2026.
Gentex leans more on buybacks. From fiscal 2021 to 2025 it spent about $1.11 billion repurchasing shares, against $558 million in dividends, and the share count fell 10.9% between October 2021 and July 2026. The stock dropped hard in downturns: 69% in the 2008 financial crisis, 35% in the 2020 COVID crash and 33% in the 2022 bear market, taking about 17, 8 and 16 months to recover from the low. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Gentex make money?
Gentex makes most of its money selling rearview mirrors that dim automatically, plus related electronics, to carmakers and their suppliers. In the year ended December 31, 2025, the Automotive Products segment brought in 89% of its roughly $2.53 billion in sales. Premium audio, from brands such as Klipsch, added 6%. The remaining 5% came from aftermarket and consumer electronics, fire protection, dimmable aircraft windows, biometrics and medical products.
Does Gentex raise its dividend every year?
No. Gentex paid $0.48 per share in each year from fiscal 2020 through fiscal 2025, with no increases over that span. The payout uses a modest share of profits: in fiscal 2025 dividends took about 28% of earnings and 23% of free cash flow. The yield was 2.39% as of October 28, 2026. The company returned more cash through buybacks, spending about $1.11 billion on them from fiscal 2021 to 2025.
Who are Gentex's biggest customers?
Gentex's biggest customers are carmakers. Toyota, Volkswagen Group and General Motors each made up 10% or more of net sales in 2025, counting both direct sales and sales through their parts suppliers. Overall, auto industry customers made up about 89% of net sales. That concentration means a production cut, strike or lost contract at one large automaker can hit Gentex's results.
Does Gentex have a lot of debt?
No. As of June 30, 2026, Gentex reported total debt of about $3.7 million against roughly $481 million in cash and investments, leaving net cash of about $478 million. Shareholders' equity was about $2.54 billion. Having little debt gives a company more room to keep paying dividends and buying back shares through a slump, though it does not protect the share price from falling.
How has Gentex stock performed?
Weakly. In the five years to October 28, 2026, the share price fell about 9% a year, a 38% total drop, and it lost 13.4% over the final year of that span. Over ten years it rose about 3.7% a year, or 43% in total. Over the three years to that date it fell as much as 43% from a peak. These are price-based returns. On that date the stock traded at about 11.5 times fiscal 2025 earnings.