Gates Industrial Corporation plc

Gates Industrial Corp Ltd. makes belts, hoses and related parts that move power and fluid inside machines and vehicles. Its products range from V-belts and toothed timing belts to tensioners, pulleys, and high-pressure hydraulic hoses and fittings. These parts go into cars, farm equipment such as combine harvesters, factory machinery, trucks, mining gear, and motorcycles and bicycles. Gates traces its roots to 1911 and listed on the New York Stock Exchange in January 2018.

Gates sells to two kinds of buyers. Equipment makers, called OEMs (original equipment manufacturers), build its parts into new products. Most of its revenue, though, comes from the aftermarket: replacement parts sold through distributors to repair shops, installers and equipment owners. Belts and hoses wear out. A failed part can shut down costly equipment, so users often replace these parts early as routine maintenance. That creates repeat sales. A single combine harvester can carry more than 25 high-performance belts.

In fiscal 2025 (the year ended December 31, 2025), sales totaled $3.44 billion. Power Transmission, which covers the belts and drive parts, brought in 62% of that. Fluid Power, which covers the hoses, tubing and fittings, brought in 38%. About 37% of revenue came from U.S. customers and the rest from abroad. Gates sells in more than 130 countries.

• In Q3 FY2026 (ended Sep 26, 2026), revenue was $903.6M, up 5.6% from a year earlier, and net income was $86.5M (+6.0%).
• For fiscal 2025, revenue was $3.44B (+1.0% year over year; +4.3% a year from FY2020 to FY2025) with a 7.3% net margin.

• Over FY2021–FY2025: $733.6M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -14.0% from Nov 5, 2021 to Oct 28, 2026.

Rank among 1514 US companies

Market value at each year end

Gates Industrial Corporation’s market value went from $3.84B at the end of 2018 to $6.51B on Oct 28, 2026, up 70%; since the end of 2025 it is up 17%.

Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 3 sales ($498K).

Large shareholders (13G filings)

ETFs with the most weight in GTES

1. Longer-lasting parts could cut replacement demand. Most revenue comes from aftermarket sales, meaning replacement parts. If parts in vehicles and machines last longer, owners replace them less often, which could lower demand for some Gates products.
2. Tariffs could squeeze profit margins. Gates called U.S. tariff policy volatile and uncertain in its fiscal 2025 annual report. If it cannot recover higher costs through pricing, margins may shrink, and rivals facing lighter tariffs could gain an edge.
3. Heavy reliance on distributors. Much of the revenue flows through distributors and other channel partners. If they cut inventory, change purchasing patterns or face financial trouble, orders can fall. Losing a significant customer could also hurt results.
4. Sales rise and fall with industry. Gates says its sales track industrial activity and how heavily equipment is used. About 63% of fiscal 2025 sales came from outside the U.S., so economic downturns or political trouble abroad can hurt results.
5. Sizable debt, partly at variable rates. As of June 27, 2026, Gates had about $2.23 billion of debt and $824 million of cash and investments. Part of the debt has variable rates, so higher interest rates would raise borrowing costs.
6. Non-U.S. company with different shareholder rights. Gates is not a U.S. corporation, so shareholder rights may differ. Its company rules send shareholder disputes to courts in England and Wales, and tax authorities may stop treating it as solely U.K.-resident.

• Oct 30, 2026 Quarterly results released
• Jul 31, 2026 Quarterly results released
• Jul 16, 2026 Other company announcement
• Jun 25, 2026 Shareholder vote results; Investor presentation or announcement; Other company announcement
• Jun 10, 2026 Shareholder vote results
• May 1, 2026 Quarterly results released
• Feb 12, 2026 Quarterly results released

Gates Industrial pays no dividend, and its annual report for fiscal 2025 said it had no plans to pay one. So the stock produces no income. Shareholders earn a return only if the price rises, which means a retiree who needs cash would have to sell shares. Instead, Gates has returned cash through buybacks, spending about $734 million from fiscal 2021 through fiscal 2025. Buybacks shrink the share count, which gives each remaining share a bigger slice of profits. The count fell 13.3% between August 6, 2021 and July 29, 2026.

The share price has fallen hard in downturns. The shares did not trade during the 2008 financial crisis. They dropped 53% in the 2020 COVID crash and took about 8 months to get back to their old high. In the 2022 bear market they fell 41.9% and needed 17 months to regain their peak, in March 2024. Single stocks carry more risk than diversified funds, which spread money across many companies.