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Stocks · Industrials · General Industrial Machinery & Equipment

Gates Industrial Corp Ltd.

GTES Clue Score41
United States Fiscal year ends December CIK 0001718512
$26.67 -0.26% Close, 9 Oct 2026
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Price $26.67 +1.33% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 20 Jul 2026. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue3,347.6Operating income496.8Net income245.3EPS, diluted0.84Fiscal year 2019Revenue3,087.1 −7.8%Operating income346.8Net income690.1 +181.3%EPS, diluted2.37 +182.1%Fiscal year 2021Revenue2,793.0 −9.5%Operating income211.1Net income79.4 −88.5%EPS, diluted0.27 −88.6%Fiscal year 2022Revenue3,474.4 +24.4%Operating income484.1Net income297.1 +274.2%EPS, diluted1.00 +270.4%Fiscal year 2022Revenue3,554.2 +2.3%Operating income384.0Net income220.8 −25.7%EPS, diluted0.77 −23.0%Fiscal year 2023Revenue3,570.2 +0.5%Operating income460.1Net income232.9 +5.5%EPS, diluted0.84 +9.1%Fiscal year 2024Revenue3,408.2 −4.5%Operating income472.2Net income194.9 −16.3%EPS, diluted0.74 −11.9%Fiscal year 2025Revenue3,443.2 +1.0%Operating income465.3Net income251.4 +29.0%EPS, diluted0.96 +29.7%
FY2018FY2019FY2021FY2022FY2022FY2023FY2024FY2025
Revenue 3,347.6 3,087.1 2,793.0 3,474.4 3,554.2 3,570.2 3,408.2 3,443.2
Growth −7.8% −9.5% +24.4% +2.3% +0.5% −4.5% +1.0%
Operating income 496.8 346.8 211.1 484.1 384.0 460.1 472.2 465.3
Net income 245.3 690.1 79.4 297.1 220.8 232.9 194.9 251.4
Growth +181.3% −88.5% +274.2% −25.7% +5.5% −16.3% +29.0%
EPS, diluted 0.84 2.37 0.27 1.00 0.77 0.84 0.74 0.96
Growth +182.1% −88.6% +270.4% −23.0% +9.1% −11.9% +29.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Gross margin39.7%Operating margin14.8%Net margin7.3%Free cash flow margin4.4%Fiscal year 2019Gross margin37.0%Operating margin11.2%Net margin22.4%Free cash flow margin9.0%Fiscal year 2021Gross margin37.0%Operating margin7.6%Net margin2.8%Free cash flow margin9.0%Fiscal year 2022Gross margin38.5%Operating margin13.9%Net margin8.6%Free cash flow margin8.8%Fiscal year 2022Gross margin35.2%Operating margin10.8%Net margin6.2%Free cash flow margin5.3%Fiscal year 2023Gross margin38.1%Operating margin12.9%Net margin6.5%Free cash flow margin11.8%Fiscal year 2024Gross margin39.9%Operating margin13.9%Net margin5.7%Free cash flow margin8.7%Fiscal year 2025Gross margin39.8%Operating margin13.5%Net margin7.3%Free cash flow margin11.8%
FY2018FY2019FY2021FY2022FY2022FY2023FY2024FY2025
Gross margin 39.7% 37.0% 37.0% 38.5% 35.2% 38.1% 39.9% 39.8%
Operating margin 14.8% 11.2% 7.6% 13.9% 10.8% 12.9% 13.9% 13.5%
Net margin 7.3% 22.4% 2.8% 8.6% 6.2% 6.5% 5.7% 7.3%
Free cash flow margin 4.4% 9.0% 9.0% 8.8% 5.3% 11.8% 8.7% 11.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow313.5Capital expenditure−166.1Free cash flow147.4Fiscal year 2019Operating cash flow348.9Capital expenditure−72.1Free cash flow276.8 +87.8%Buybacks0.0Fiscal year 2021Operating cash flow309.0Capital expenditure−58.2Free cash flow250.8 −9.4%Buybacks0.0Fiscal year 2022Operating cash flow382.4Capital expenditure−77.7Free cash flow304.7 +21.5%Buybacks−10.6Fiscal year 2022Operating cash flow265.8Capital expenditure−77.6Free cash flow188.2 −38.2%Buybacks−175.9Fiscal year 2023Operating cash flow481.0Capital expenditure−61.2Free cash flow419.8 +123.1%Buybacks−251.7Fiscal year 2024Operating cash flow379.6Capital expenditure−83.1Free cash flow296.5 −29.4%Buybacks−176.1Fiscal year 2025Operating cash flow478.1Capital expenditure−73.2Free cash flow404.9 +36.6%Buybacks−119.3
FY2018FY2019FY2021FY2022FY2022FY2023FY2024FY2025
Operating cash flow 313.5 348.9 309.0 382.4 265.8 481.0 379.6 478.1
Capital expenditure −166.1 −72.1 −58.2 −77.7 −77.6 −61.2 −83.1 −73.2
Free cash flow 147.4 276.8 250.8 304.7 188.2 419.8 296.5 404.9
Growth +87.8% −9.4% +21.5% −38.2% +123.1% −29.4% +36.6%
Buybacks n/a 0.0 0.0 −10.6 −175.9 −251.7 −176.1 −119.3

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash423.4Total debt3,005.0Net cash (debt)−2,581.6Shareholders’ equity1,947.4Debt to equity1.54Fiscal year 2019Cash635.3Total debt2,958.4Net cash (debt)−2,323.1Shareholders’ equity2,651.0Debt to equity1.12Fiscal year 2021Cash521.4Total debt2,708.7Net cash (debt)−2,187.3Shareholders’ equity2,805.7Debt to equity0.97Fiscal year 2022Cash658.2Total debt2,564.6Net cash (debt)−1,906.4Shareholders’ equity3,099.7Debt to equity0.83Fiscal year 2022Cash578.4Total debt2,463.0Net cash (debt)−1,884.6Shareholders’ equity3,110.0Debt to equity0.79Fiscal year 2023Cash720.6Total debt2,451.5Net cash (debt)−1,730.9Shareholders’ equity3,220.2Debt to equity0.76Fiscal year 2024Cash682.0Total debt2,350.6Net cash (debt)−1,668.6Shareholders’ equity3,023.6Debt to equity0.78Fiscal year 2025Cash812.1Total debt2,232.5Net cash (debt)−1,420.4Shareholders’ equity3,334.0Debt to equity0.67
FY2018FY2019FY2021FY2022FY2022FY2023FY2024FY2025
Cash 423.4 635.3 521.4 658.2 578.4 720.6 682.0 812.1
Total debt 3,005.0 2,958.4 2,708.7 2,564.6 2,463.0 2,451.5 2,350.6 2,232.5
Net cash (debt) −2,581.6 −2,323.1 −2,187.3 −1,906.4 −1,884.6 −1,730.9 −1,668.6 −1,420.4
Shareholders’ equity 1,947.4 2,651.0 2,805.7 3,099.7 3,110.0 3,220.2 3,023.6 3,334.0
Debt to equity 1.54 1.12 0.97 0.83 0.79 0.76 0.78 0.67

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 29 Dec 2018 FY2019 28 Dec 2019 FY2021 2 Jan 2021 FY2022 1 Jan 2022 FY2022 31 Dec 2022 FY2023 30 Dec 2023 FY2024 28 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
3,347.6 3,087.1 2,793.0 3,474.4 3,554.2 3,570.2 3,408.2 3,443.2
Growth −7.8% −9.5% +24.4% +2.3% +0.5% −4.5% +1.0%
2,017.0 1,944.6 1,758.3 2,135.2 2,303.6 2,211.3 2,049.7 2,071.5
1,330.6 1,142.5 1,034.7 1,339.2 1,250.6 1,358.9 1,358.5 1,371.7
Growth −14.1% −9.4% +29.4% −6.6% +8.7% −0.0% +1.0%
71.4 67.9 67.2 70.7 69.4 66.0 66.5 71.9
805.8 777.3 776.9 852.7 853.7 884.7 876.5 876.1
496.8 346.8 211.1 484.1 384.0 460.1 472.2 465.3
Growth −30.2% −39.1% +129.3% −20.7% +19.8% +2.6% −1.5%
303.5 198.8 71.0 349.7 257.8 285.3 328.0 340.2
31.8 −495.9 −19.3 18.4 14.9 28.3 107.5 63.1
245.3 690.1 79.4 297.1 220.8 232.9 194.9 251.4
Growth +181.3% −88.5% +274.2% −25.7% +5.5% −16.3% +29.0%
Per share
0.86 2.38 0.27 1.02 0.78 0.86 0.75 0.98
0.84 2.37 0.27 1.00 0.77 0.84 0.74 0.96
Growth +182.1% −88.6% +270.4% −23.0% +9.1% −11.9% +29.7%
291.7 291.6 292.1 297.3 287.6 275.6 264.7 260.5
Growth −0.0% +0.2% +1.8% −3.3% −4.2% −4.0% −1.6%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 4.3% a year over five years, and earnings per share grew 28.9% a year.
  • The diluted share count fell 10.8% in five years, so buybacks did some of the work per share.
  • Operating margin is up 6.0 points on five years ago, at 13.5%.
  • Profitable in every one of the 8 years on file.