At a glance
Gentherm Inc is worth $1.74B, about 56 times its fiscal 2025 earnings. Revenue grew 2.9% to $1.50B in fiscal 2025, with 1.2% kept as profit; over 5 years it has grown 10.4% a year. It pays no dividend; it spent $172.7M buying back its shares over FY2021–FY2025. The stock returned +1.4% over the past year with dividends reinvested and −13.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.2% in the 2020 crash (S&P 500: 33.7%) and 49.6% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Gentherm, a Michigan company once called Amerigon, makes heating, cooling and comfort technology, mostly for cars. Its Automotive segment sells Climate Control Seats (heated, ventilated and cooled seats), heated steering wheels, door panels and armrests, and lumbar and massage systems that inflate small air bladders inside the seat. It also makes seat-position and hands-on-wheel electronics, and valves for engines, brakes and fuel systems. The Medical segment sells patient warming and cooling systems to hospitals under brands such as Blanketrol and Astotherm.
Gentherm earns its money selling these parts to the auto industry, its primary market. Much of it flows through seat makers: Lear and Adient accounted for 16% and 11% of product revenue in 2025, and products supplied to General Motors and Volkswagen made up 12% each. Revenue for 2025 was $1.50 billion. By country, the US provided 34.3%, China 16% and Germany 7.6%, with the Czech Republic and South Korea about 6% each.
On January 29, 2026, Gentherm agreed to combine with Modine's Performance Technologies business through a Reverse Morris Trust: Modine spins the unit off to its own shareholders, who then swap those shares for Gentherm stock as the unit becomes a Gentherm subsidiary. Gentherm shareholders voted on September 11, 2026, and an October 1, 2026 filing reported a completed transaction and new debt.
Price history
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THRM +1.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| US | $513.3M | 34.3% |
| CN | $239.6M | 16% |
| Other Countries | $195.3M | 13% |
| DE | $113.9M | 7.6% |
| CZ | $89.6M | 6% |
| KR | $89.1M | 5.9% |
| MX | $67.0M | 4.5% |
| SK | $55.5M | 3.7% |
| RO | $54.3M | 3.6% |
| JP | $47.6M | 3.2% |
| GB | $33.4M | 2.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $405.1M, up 4.7% from a year earlier, and net income was $-2.6M (-117.3%).
- For fiscal 2025, revenue was $1.50B (+2.9% year over year; +10.4% a year from FY2020 to FY2025) with a 1.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.4% good |
|---|---|
| Operating margin | 5.5% watch |
| Free cash flow margin | 4.1% watch |
| Return on equity (FY2025) | 2.5% weak |
| Return on assets (FY2025) | 1.3% weak |
| Net cash (cash minus debt) | $-68.3M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $913.1M | $59.7M | $93.5M |
| FY2021 | $1.05B | $93.4M | $104.6M |
| FY2022 | $1.20B | $24.4M | $-24.8M |
| FY2023 | $1.47B | $40.3M | $81.7M |
| FY2024 | $1.46B | $64.9M | $36.3M |
| FY2025 | $1.50B | $18.3M | $61.1M |
Valuation snapshot
| Market value | $1.74B |
|---|---|
| P/E ratio | 56.2 |
| Dividend yield | 11.97% |
Rank among 1514 US companies
Market value at each year end
Gentherm’s market value went from $1.24B at the end of 2016 to $1.74B on Oct 28, 2026, up 41%; since the end of 2025 it is up 57%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.74B | +56.8% |
| 2025 | $1.11B | -10.2% |
| 2024 | $1.24B | -28.0% |
| 2023 | $1.72B | -20.8% |
| 2022 | $2.17B | -24.9% |
| 2021 | $2.89B | +35.4% |
| 2020 | $2.13B | +47.1% |
| 2019 | $1.45B | +3.9% |
| 2018 | $1.39B | +19.8% |
| 2017 | $1.16B | -5.8% |
| 2016 | $1.24B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| THRM price data to Oct 28, 2026 | +2.7% | +1.4% | -2.8% | -13.3% | +2.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.7% |
| 2025 | -8.9% |
| 2024 | -23.8% |
| 2023 | -19.8% |
| 2022 | -24.9% |
| 2021 | +33.2% |
| 2020 | +46.9% |
| 2019 | +11.0% |
| 2018 | +25.9% |
| 2017 | -6.2% |
| 2016 | -28.6% |
| 2015 | +29.4% |
| 2014 | +36.6% |
| 2013 | +101.6% |
| 2012 | -6.7% |
| 2011 | +31.1% |
| 2010 | +37.0% |
| 2009 | +143.6% |
| 2008 | -84.6% |
| 2007 | +118.8% |
| 2006 | +65.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 88.3% over that stretch · deepest drop along the way 89.5%, back to its old high 55.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.7% over that stretch · deepest drop along the way 42.2%, back to its old high 7.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38% over that stretch · deepest drop along the way 49.6%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($663K) and 2 sales ($243K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 23, 2026 | Paul Anthony Mascarenas Director | buy | $533K |
| Jul 29, 2026 | Wayne S III Kauffman SVP and General Counsel | sell | $203K |
| Oct 23, 2026 | William T. Presley President & CEO, Director | buy | $130K |
| Aug 17, 2026 | Breisacher Nicholas Chief Accounting Officer | sell | $40K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.99% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.1% | Jun 30, 2026 |
| Trigran Investments, Inc. | 4.8% | Dec 31, 2025 |
ETFs with the most weight in THRM
| MOTO SmartETFs Smart Transportation & Technology ETF | 1.58% |
| DRIV Global X Autonomous & Electric Vehicles ETF | 0.84% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.53% |
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 0.51% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.49% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.32% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.26% |
| OASC OneAscent Small Cap Core ETF | 0.21% |
What could go wrong
- Modine deal dilutes owners and adds integration risk. The Modine deal is paid in Gentherm shares, so existing owners' slice of the company shrinks substantially. Combining with Performance Technologies could prove costly and hard, and the expected growth may not arrive.
- Heavy reliance on a few big customers. Seat makers Lear and Adient took 16% and 11% of product revenue in 2025, and products for GM and Volkswagen 12% each. Losing a big customer, or one making parts in-house, would hurt sales and profits.
- Chinese rivals are gaining ground. Chinese parts makers are winning work with fast-growing Chinese carmakers and expanding into Europe and North America. China supplied 16% of Gentherm's 2025 revenue, and rivals' push for share can force lower prices.
- Customer price cuts and tariffs squeeze margins. Customers impose price reductions, while tariffs, parts shortages and inflation raise costs. Unless Gentherm cuts its own costs to match, thin margins shrink: operating profit was 5.5% of 2025 sales.
- Strikes anywhere in the chain can halt output. About 36% of Gentherm's workforce belongs to unions or worker councils, and car parts move on tight just-in-time schedules. A strike at Gentherm, a supplier or a carmaker can halt production and sales.
- Car production swings hit sales hard. Auto production rises and falls with the economy, trade policy and world events. When carmakers cut output, Gentherm's sales drop. The stock fell 89.5% in the 2008 financial crisis.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement
- Shareholder vote results; Investor presentation or announcement; Other company announcement
- Acquisition or sale of assets completed; Investor presentation or announcement; Other company announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Gentherm does not pay a dividend and paid none from 2021 through 2025, so it offers no income stream. An investor needing cash would have to sell shares, which hurts more when the price is down. The company used buybacks (repurchasing its own shares) instead, spending about $172.7 million over those five years. Even so, the share count rose about 58%, from 33.2 million in October 2021 to 52.5 million by October 16, 2026.
The share price has fallen hard in downturns. It dropped 89.5% in the 2008 financial crisis and needed about 56 months from the low to regain its old high. It lost 42.2% in the 2020 COVID crash but recovered in about 7.5 months. It fell 49.6% in the 2022 bear market and had not regained that peak as of October 28, 2026, when it was down 51% over five years. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
Does Gentherm pay a dividend?
No. Gentherm paid no dividends from 2021 through 2025, so there is no record of dividend increases to track. It has returned cash through share buybacks instead, spending about $172.7 million over those five years. Investors who rely on their portfolio for regular income would get none from this stock and would need to sell shares to raise cash.
How does Gentherm make money?
Gentherm makes money selling heating, cooling and comfort parts, mainly to the auto industry. Products include heated, ventilated and cooled seats, heated steering wheels, lumbar and massage systems, seat electronics and engine and brake valves. Much of it goes through seat makers Lear and Adient, which accounted for 16% and 11% of product revenue in 2025. A Medical segment sells patient warming and cooling systems to hospitals. Total revenue was $1.50 billion in 2025.
What is the Gentherm Modine deal?
It is an agreement, signed January 29, 2026, to combine Gentherm with Modine's Performance Technologies business through a Reverse Morris Trust. Modine spins the business off to its own shareholders, who then receive Gentherm stock as it becomes a Gentherm subsidiary. Gentherm's annual report warned that existing shareholders would be substantially diluted, meaning they own a smaller slice, and that integration could be hard. Shareholders voted on September 11, 2026, and an October 1, 2026 filing reported a completed transaction.
How has Gentherm stock performed over the long term?
It has lost value over five years and gained modestly over ten. As of October 28, 2026, the share price was down 51% over five years, about 13.3% a year, after falling in every calendar year from 2022 through 2025. Over ten years it was up 34% in total, about 2.9% a year. Because Gentherm pays no dividend, the price change is essentially the whole return. Its worst fall was 89.5%, during the 2008 financial crisis.
What is Gentherm's P/E ratio?
It was 56.2 as of October 28, 2026, based on 2025 earnings of $0.59 per share. The P/E ratio is the share price divided by a year's profit per share. It is high partly because 2025 net income fell 71.8% to $18.3 million on $1.50 billion of revenue. Profit stayed weak: the quarter ended September 30, 2026 showed a $2.6 million net loss on $405.1 million of revenue.