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Gates Industrial Corporation plc manufactures and sells engineered power transmission and fluid power solutions in the United States, rest of North America, South America, the United Kingdom, Luxembourg, rest of Europe, the Middle East, Africa, India, East Asia, and Greater China. It operates through two segments, Power Transmission and Fluid Power. The company offers solutions for stationary and mobile drives, engine systems, and personal mobility application platforms; elastomer drive belts; asynchronous and synchronous belts, including V-belts, continuously-variable transmission belts, and Micro-V belts; metal drive components, such as tensioners, idlers, pulleys, sprockets, mechanical water pumps, and other accessories used in belt drive systems; and kits for the automotive replacement channel. It also provides fluid power solutions for stationary and mobile hydraulics, vehicle systems, and other industrial application platforms; hydraulics comprising hoses, tubing, couplings, and fittings, as well as assemblies; thermal and emissions management and related products; and industrial hoses, including data center pumps. The company's products are used in applications across various markets, including diversified industrial applications comprising automated manufacturing, logistics systems, and data centers; everyday consumer applications consisting of printers, power washers, automatic doors, and vacuum cleaners; industrial off-highway, such as construction and agriculture; industrial on-highway commercial vehicles including heavy-duty trucks and buses; energy and resources markets, such as oil, gas, and mining; and personal mobility, including scooters, motorcycles, bicycles, all-terrain vehicles, and snowmobiles. It sells its products under the Gates brand. The company offers its products to aftermarket channel customers and original equipment manufacturers. Gates Industrial Corporation plc was founded in 1911 and is headquartered in Denver, Colorado.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.4B | $672M | $251M | $364M | 7.5% | 1.0% | 29.0% |
| 2024 | $3.4B | $678M | $195M | $273M | 6.4% | -4.5% | -16.3% |
| 2023 | $3.6B | $666M | $233M | $410M | 7.2% | 0.5% | 5.5% |
| 2022 | $3.6B | $614M | $221M | $179M | 7.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,554.20 | 3,570.20 | 3,408.20 | 3,443.20 |
| Operating Revenue | - | 3,554.20 | 3,570.20 | 3,408.20 | 3,443.20 |
| Cost Of Revenue | - | 2,303.60 | 2,211.30 | 2,049.70 | 2,071.50 |
| Gross Profit | - | 1,250.60 | 1,358.90 | 1,358.50 | 1,371.70 |
| Operating Expense | - | 853.90 | 884.90 | 876.50 | 876.10 |
| Selling General And Administration | - | 853.70 | 884.70 | 876.50 | 876.10 |
| Total Expenses | - | 3,157.50 | 3,096.20 | 2,926.20 | 2,947.60 |
| Operating Income | - | 396.70 | 474 | 482 | 495.60 |
| Total Operating Income As Reported | - | 384 | 460.10 | 472.20 | 465.30 |
| EBITDA | - | 614.40 | 666 | 677.60 | 672.20 |
| Normalized EBITDA | - | 627.10 | 679.90 | 700.30 | 704.20 |
| EBIT | - | 397.20 | 448.50 | 460.70 | 458.40 |
| Interest Income | - | 3.60 | 17.50 | 16.30 | 9.60 |
| Interest Expense | - | 139.40 | 163.20 | 132.70 | 118.20 |
| Net Interest Income | - | -139.40 | -163.20 | -125.80 | -123.60 |
| Other Non Operating Income Expenses | - | 13.20 | -11.60 | -5.50 | 0.20 |
| Other Income Expense | - | 0.50 | -25.50 | -28.20 | -31.80 |
| Interest Income Non Operating | - | 3.60 | 17.50 | 16.30 | 9.60 |
| Interest Expense Non Operating | - | 139.40 | 163.20 | 132.70 | 118.20 |
| Net Non Operating Interest Income Expense | - | -139.40 | -163.20 | -125.80 | -123.60 |
| Pretax Income | - | 257.80 | 285.30 | 328 | 340.20 |
| Tax Provision | - | 14.90 | 28.30 | 107.50 | 63.10 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.74 | -1.38 | -7.45 | -5.95 |
| Net Income Continuous Operations | - | 242.90 | 257 | 220.50 | 277.10 |
| Net Income From Continuing And Discontinued Operation | - | 220.80 | 232.90 | 194.90 | 251.40 |
| Net Income From Continuing Operation Net Minority Interest | - | 221.20 | 233.50 | 195.50 | 252.20 |
| Net Income | - | 220.80 | 232.90 | 194.90 | 251.40 |
| Net Income Common Stockholders | - | 220.80 | 232.90 | 194.90 | 251.40 |
| Net Income Including Noncontrolling Interests | - | 242.50 | 256.40 | 219.90 | 276.30 |
| Normalized Income | - | 233.16 | 246.02 | 210.75 | 278.25 |
| Diluted NI Availto Com Stockholders | - | 220.80 | 232.90 | 194.90 | 251.40 |
| Basic Average Shares | - | 283.08 | 270.81 | 259.87 | 256.66 |
| Diluted Average Shares | - | 287.59 | 275.65 | 264.68 | 260.53 |
| Reconciled Depreciation | - | 217.20 | 217.50 | 216.90 | 213.80 |
| Reconciled Cost Of Revenue | - | 2,303.60 | 2,211.30 | 2,049.70 | 2,071.50 |
| Total Unusual Items | - | -12.70 | -13.90 | -22.70 | -32 |
| Total Unusual Items Excluding Goodwill | - | -12.70 | -13.90 | -22.70 | -32 |
| Minority Interests | - | -21.70 | -23.50 | -25 | -24.90 |
| Net Income Discontinuous Operations | - | -0.40 | -0.60 | -0.60 | -0.80 |
| Special Income Charges | - | -12.70 | -13.90 | -29.20 | -26.80 |
| Gain On Sale Of Business | - | 0 | 0 | -12.70 | 0 |
| Other Special Charges | - | 2.40 | 22.60 | 6.70 | -3.50 |
| Write Off | - | 1.10 | 0.10 | 0 | 3.50 |
| Impairment Of Capital Assets | 0.60 | 1.10 | - | - | - |
| Restructuring And Mergern Acquisition | - | 11.60 | 13.80 | 9.80 | 26.80 |
| Gain On Sale Of Security | - | 10.20 | -4.20 | 6.50 | -5.20 |
| General And Administrative Expense | 852.70 | 853.70 | 882.20 | 870 | - |
| Other Gand A | 852.70 | 853.70 | 882.20 | 870 | - |
| Salaries And Wages | -4.60 | -6.50 | -3 | - | - |
| Total Other Finance Cost | - | 10 | 9.10 | 9.40 | 15 |
| Other Operating Expenses | -9.30 | 0.20 | 0.20 | - | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Gates Industrial Corporation plcthis co. | GTES | $6.6B | 26.38 | 1.99 | 7.5% | 12.16 |
| MYR Group Inc. | MYRG | $7.0B | 59.36 | 10.64 | 17.9% | 29.91 |
| Primoris Services Corporation | PRIM | $6.9B | 25.19 | 4.12 | 16.4% | 14.55 |
| Enpro Inc. | NPO | $6.7B | 165.58 | 4.34 | 2.6% | 37.34 |
| Pool Corporation | POOL | $6.7B |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 16.43 |
| 5.63 |
| 34.3% |
| 12.83 |
| Federal Signal Corporation | FSS | $6.6B | 26.69 | 4.76 | 17.8% | 16.97 |
| JBT Marel Corporation | JBTM | $6.5B | -129.10 | 1.46 | -1.1% | 25.87 |
| Armstrong World Industries, Inc. | AWI | $6.5B | 21.12 | 7.24 | 34.3% | 12.46 |
| Schneider National, Inc. | SNDR | $6.5B | 62.71 | 2.15 | 3.4% | 10.77 |
| Peer Median | - | 25.94 | 4.55 | 17.1% | 15.76 | |