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THRM

Gentherm Incorporated

THRM

Gentherm Incorporated • NASDAQ
$35.67 ▲ 0.00% (+0.00)
Market Cap $1.09 B
52w High $43.99
52w Low $22.75
Dividend Yield 0%
P/E 36.03
Volume 60.41K
Outstanding Shares 30.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $382.884M ▲ $67.304M ▲ $14.949M ▲ 3.904% ▲ $0.49 ▲ $37.471M ▼
Q2-2025 $375.09M ▲ $65.753M ▼ $477K ▲ 0.127% ▲ $0.016 ▲ $39.275M ▲
Q1-2025 $353.854M ▲ $69.404M ▲ $-128K ▼ -0.036% ▼ $-0.004 ▼ $36.702M ▼
Q4-2024 $352.914M ▼ $62.463M ▼ $15.321M ▼ 4.341% ▲ $0.5 ▼ $39.8M ▼
Q3-2024 $371.512M $62.536M $15.965M 4.297% $0.51 $48.351M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $154.25M ▲ $1.381B ▲ $663.387M ▲ $717.948M ▲
Q2-2025 $128.297M ▼ $1.361B ▲ $661.656M ▼ $699.745M ▲
Q1-2025 $163.142M ▲ $1.344B ▲ $697.718M ▲ $646.528M ▲
Q4-2024 $134.134M ▼ $1.248B ▼ $630.609M ▼ $616.947M ▼
Q3-2024 $150.581M $1.298B $637.47M $660.709M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $14.949M ▲ $56.119M ▲ $-9.95M ▼ $-20.104M ▲ $25.953M ▲ $46.469M ▲
Q2-2025 $477K ▲ $45.045M ▲ $-9.295M ▲ $-63.068M ▼ $-34.845M ▼ $36.188M ▲
Q1-2025 $-128K ▼ $-13.344M ▼ $-10.534M ▲ $40.739M ▲ $29.008M ▲ $-28.215M ▼
Q4-2024 $15.321M ▼ $36.557M ▼ $-20.39M ▼ $-11.1M ▲ $-16.447M ▼ $13.232M ▼
Q3-2024 $15.965M $46.265M $-8.461M $-18.828M $27.115M $26.29M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Automotive Segments
Automotive Segments
 $340.00M ▲$340.00M ▲$360.00M ▲$370.00M ▲
Medical Segments
Medical Segments
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Gentherm’s revenue has grown steadily over the past several years, though the most recent year was essentially flat with a slight dip versus the prior year. Profitability has improved from the lows seen a few years ago, with operating profit and cash-style earnings moving in the right direction. Net income and earnings per share have been somewhat bumpy, with a very strong year in 2021, a weaker 2022, and then a clear recovery since. Overall, the trend suggests a business that is growing at a measured pace and gradually rebuilding margins after past pressure, but still not operating at peak profitability every year.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and stable. Total assets have increased over time and equity has held up well, which indicates the company has maintained a reasonable capital base. Debt levels have risen from earlier years, which adds some financial risk compared with the past, but they still appear manageable in the context of the company’s size. Cash on hand is lower than it was several years ago but has been relatively stable recently, suggesting adequate liquidity but not a large cash cushion. Overall, the financial position appears sound but not overly conservative.

Cash Flow

Cash Flow Gentherm consistently generates positive cash from its operations, though there was one notably weak year where operating cash flow dipped sharply. Since then, cash generation has recovered to healthier levels. Free cash flow has been positive in most years, with only one year showing a modest shortfall driven by higher investment. Capital spending has ticked up, which likely reflects ongoing investment in technology and capacity, but it does not appear excessive. The cash flow profile points to a business that can fund its own growth while generally staying free-cash-flow positive, with the usual year-to-year volatility that comes from the auto cycle and program timing.

Competitive Edge

Competitive Edge Gentherm holds a strong niche in thermal management and comfort systems, particularly for automotive seating and interior climate features. It benefits from deep, long-term relationships with major global automakers, a broad manufacturing footprint, and an extensive patent portfolio. These factors create switching costs for customers and barriers to entry for new competitors. The company’s dominant share in seat climate systems and integrated comfort solutions gives it scale and technical credibility. Key risks include dependence on the cyclical auto industry, pricing pressure from large automaker customers, and the need to keep pace with rapid changes in electric-vehicle and interior technology.

Innovation and R&D

Innovation and R&D Innovation is clearly a core strength. Gentherm has built its business around thermoelectric technology and has expanded this into climate-controlled seats, battery thermal management, interior comfort features, and medical temperature management systems. Its focus on battery systems, microclimate “personal comfort zones,” and energy-efficient solutions aligns well with trends in electric and premium vehicles. The move into medical applications offers diversification beyond autos. The main challenge is sustaining this innovation lead as competitors and automakers themselves invest heavily in similar technologies, which makes ongoing R&D spending and strong execution critical.

Summary

Gentherm appears to be a steady grower with improving profitability, backed by a defensible niche in thermal management technologies for autos and healthcare. The financials show generally stable balance-sheet health and mostly reliable free cash flow, albeit with some cyclicality and a modest increase in leverage versus earlier years. Strategically, the company’s technology, customer relationships, and global scale support its current position, while its work in electric-vehicle batteries, personalized cabin comfort, and medical temperature systems offers meaningful growth avenues. At the same time, reliance on automakers, exposure to the economic cycle, and the need to keep innovating in a rapidly evolving market remain important risks to watch.

NEWS

November 4, 2025 · 4:30 PM UTC

Gentherm Announces Participation in Baird Global Industrial Conference

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October 23, 2025 · 6:00 AM UTC

Gentherm Reports 2025 Third Quarter Results

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October 8, 2025 · 4:30 PM UTC

Gentherm Announces Date for 2025 Third Quarter News Release and Conference Call

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