GTESGates Industrial Corp Ltd.
General Industrial Machinery & Equipment
- Revenue
- $3.4B
- 1.0% YoY
- Operating margin
- 13.5%
- 2.5% YoY
- EBITDA
- $679M
- 1.5% YoY
- Market cap
- $6.0B
- Employees
- 13,000
- $265K revenue each
- Net debt / EBITDA
- 2.0×
- $1.4B net debt
- AI in 10-K
- 1.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes4 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$10M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo190% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo25% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo27% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$265K · 11th pctBottom quartile of its SIC industry
- Quiet on AINo1.1 per 10K words · 36th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$6.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.8B | $3.6B | $3.6B | $3.4B | $3.4B | 1.0% |
| Operating income | $211M | $384M | $460M | $472M | $465M | 1.5% |
| Net income | $79M | $221M | $233M | $195M | $251M | 29% |
| Operating cash flow | $309M | $266M | $481M | $380M | $478M | 26% |
| Capex | $58M | $78M | $61M | $83M | $73M | 12% |
| Stock-based comp | $20M | $44M | $27M | $29M | $27M | 5.6% |
| Buybacks | $0 | $176M | $252M | $176M | $119M | 32% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 6
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $13M | 168 | 220 |
| FY2024 | $10M | $23M | 162 | 184 |
| FY2023 | $10M | $13M | 105 | 158 |
| FY2022 | $9M | $12M | 125 | 128 |