THRMGentherm Inc

Motor Vehicle Parts & Accessories

Revenue: $1.5B; 2.9% YoY
Operating margin: 5.5%; 25% YoY
EBITDA: $136M; 15% YoY
Market cap: $951M
Employees: 3,507; $427K revenue each
Net debt / EBITDA: 0.5×; $67M net debt
AI in 10-K: 2.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
122% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$427K · 57th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.7 per 10K words · 65th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$951M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$420K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.0B	$1.2B	$1.5B	$1.5B	$1.5B	2.9%
Operating income	$115M	$48M	$77M	$107M	$83M	23%
Operating cash flow	$143M	$15M	$119M	$110M	$117M	6.5%
Capex	$38M	$40M	$38M	$73M	$56M	24%
Stock-based comp	$15M	$7M	$12M	$10M	$12M	18%
Buybacks	$20M	—	$91M	$52M	$10M	81%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $663K · 2
Open-market sells, 12 mo: $243K · 2
Net: $420K

Pay vs performance

No pay-versus-performance disclosure yet.