Gates Industrial Corp. PLC (GTES) intrinsic value & 10-year financials
Gates Industrial Corp. PLC (GTES) has a Graham intrinsic value of $31.89 per share. At $25.83 on Oct 17, 2026, the stock trades 19% below that value. Over the last 9 fiscal years revenue grew 2.9% a year to $3.4B, with an average return on invested capital of 8.9%.
- Graham intrinsic value
- $31.89
- Share price (Oct 17, 2026)
- $25.83
- Price vs Graham value
- 19% below
- Market cap
- $6.7B
- Revenue (FY2025)
- $3.4B
- Revenue growth (9-yr CAGR)
- 2.9%
- ROIC (10-yr avg)
- 8.9%
- Free cash flow (FY2025)
- $404.9M
GTES 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.4B | $251.4M | $0.96 | $404.9M | 13.5% | 7.7% |
| FY2024 | $3.4B | $194.9M | $0.74 | $296.5M | 14.0% | 6.2% |
| FY2023 | $3.6B | $232.9M | $0.84 | $419.8M | 13.0% | 8.1% |
| FY2022 | $3.6B | $220.8M | $0.77 | $188.2M | 10.8% | 7.0% |
| FY2021 | $2.8B | $79.4M | $0.27 | $250.8M | 7.6% | 4.1% |
| FY2019 | $3.1B | $690.1M | $2.37 | $276.8M | 11.2% | 7.2% |
| FY2018 | $3.3B | $245.3M | $0.84 | $147.4M | 14.8% | 9.8% |
| FY2017 | $3.0B | $151.3M | $0.60 | $218.8M | 13.2% | 9.1% |
| FY2016 | $2.7B | $57.7M | $0.23 | $317.7M | 11.1% | 20.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Gates Industrial Corp plc has demonstrated mature, steady growth, with revenue compounding at 2.9% annually over the past decade.
Gates Industrial Corp plc has historically struggled to out-earn its cost of capital, averaging just 7.4% ROIC.
Gates Industrial Corp plc has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Gates Industrial Corp plc is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $31.89 per share.