Garrett Motion Inc. (GTX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.8B

Revenue growth

8.5%

Net income, last twelve months

$357.0M

Earnings per share

$1.82

Gross margin

20.8%

Net margin

9.5%

Free cash flow

$365.0M

Market value

$4.2B

Price to earnings

12.3x

Dividend yield

1.3%

Cash

$158.0M

Debt

$1.4B

Shares outstanding

186.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 29 October 2026.

• Net sales up 3% at constant currency. Net sales were $930 million, up 3% reported and at constant currency. Foreign currency translation was an unfavorable $3 million, or 0.3%.
• Net income and margin higher. Net income was $97 million, a 10.4% net income margin, compared with $77 million and 8.5% a year earlier.
• Adjusted EBIT margin reached 16.3%. Adjusted EBIT was $152 million, a 16.3% margin, against $133 million and 14.7% a year earlier.
• Operating and free cash flow rose. Net cash from operating activities was $135 million against $100 million; adjusted free cash flow was $136 million against $107 million.
• Nine-month sales and EBIT higher. For the nine months, net sales were $2,891 million and adjusted EBIT was $455 million, against $2,693 million and $388 million.
• Commercial vehicle and industrial up 23%. Commercial vehicle and industrial sales rose 23% reported and at constant currency, driven by North America and China industrial and off-highway demand, plus on-highway demand in Japan, Korea and India.
• Gasoline sales fell 5%. Gasoline sales fell 5%, with demand softness in China the main driver, partly offset by program ramp-ups in Europe, Japan, Korea and India.
• Diesel sales rose 5%. Diesel sales rose 5% reported and 6% at constant currency, led by light commercial vehicles and pickup trucks in the named regions.
• Aftermarket sales rose on replacement parts. Aftermarket sales rose 5%, on higher replacement parts demand in North America off-highway and industrial and passenger vehicle parts in Europe.
• Other sales fell 38%. Other sales fell 38% reported and 37% at constant currency in the quarter.
• Gross margin rose to 22.2%. Gross profit was $206 million, a 22.2% gross profit percentage, against $186 million and 20.6% a year earlier.
• Product mix and productivity lifted gross profit. Favorable product mix added $21 million and productivity net of labor inflation and repositioning costs added $20 million to gross profit; pricing net of pass-through added $18 million.
• Cost of goods rose on mix and inflation. Cost of goods sold rose to $724 million, mainly on product mix, with commodity, transportation and energy inflation and RD&E also increasing costs.
• Adjusted EBIT offsets from inflation and volume. Pricing net of pass-through added $19 million and productivity net of SG&A added $18 million to adjusted EBIT; inflation, lower volume, currency and RD&E reduced it.

Company events

The newest 8-K filings of 124 held.

Every filing

The newest filings with the SEC of 227 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

514 funds held it at 30 Jun 2026: 219 added and 140 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Borgwarner Inc. (BWA): revenue $14.3B, market value $11.4B
• Aptiv plc (APTV): revenue $18.7B, market value $9.2B
• Allison Transmission Holdings Inc. (ALSN): revenue $4.4B, market value $9.0B
• Autoliv Inc. (ALV): revenue $11.1B, market value $8.3B
• Modine Manufacturing Co. (MOD): revenue $3.4B, market value $7.6B
• Lear Corp. (LEA): revenue $23.7B, market value $5.8B
• Gentex Corp. (GNTX): revenue $2.6B, market value $4.2B
• Dorman Products, Inc. (DORM): revenue $2.2B, market value $3.8B
• Atmus Filtration Technologies Inc. (ATMU): revenue $1.9B, market value $3.7B
• Versigent plc (VGNT): revenue –, market value $2.9B

What the company does

Garrett Motion designs, manufactures and sells turbocharging, air and fluid compression, and high-speed electric motor technologies. Its customers are vehicle and equipment makers (OEMs) and independent aftermarket distributors, in both mobility and industrial fields. The company traces its roots to the 1950s, when it helped develop a turbocharged commercial vehicle for Caterpillar.

What it makes

Most of its sales come from turbochargers for gasoline, diesel and natural gas engines.

For light vehicles, it sells turbochargers for gasoline and diesel engines and offers turbocharger and electric-boosting products (E-Turbo and E-Compressor) for hybrid powertrains. It describes variable geometry turbo (VNT) as a premium gasoline technology where it holds technological advantages.

For commercial vehicles and industrial uses, its turbochargers serve trucks, buses, agriculture, construction and mining equipment, with engine sizes from 1.8L to more than 100L. It sold its first Garrett MEG turbochargers, its largest, in 2025. They are aimed at marine and industrial uses, including backup power generation for data centers.

For electric vehicles, it makes fuel cell air compressors covering stack power from 30kW to 250+kW. It is also in pre-development programs with OEMs for E-Powertrain (traction) and E-Cooling compressor (thermal management) products. About 50% of its research, development and engineering spend in 2025 went to these zero-emission technologies.

Who buys from it

OEM sales were approximately 86% of revenue, and aftermarket and other products were approximately 14%. The top ten customers made up approximately 62% of net sales. The largest three were Stellantis N.V. at 12%, Bayerische Motoren Werke AG (BMW) at 11% and Ford Motor Company at 11%. Its ten largest applications were with six different OEMs.

OEM business usually runs on open purchase orders, which typically do not require customers to buy a minimum amount. Prices are negotiated for each business award, and the relationships usually last for the life of the engine platform. Many OEMs can end certain programs for convenience. Garrett ships against customer release schedules, normally issued weekly. The terms typically include a warranty, and Garrett may share recall costs if a vehicle recall is attributable to its products.

Where it makes things and sells them

The company places research, engineering and manufacturing close to its customers. In 2025 it made more than 89% of its products in low-cost countries. Its seven manufacturing facilities are in China, India, Mexico, Brazil, Romania and Slovakia. It sources more than two-thirds of its materials from low-cost countries. The main raw materials are grey iron, aluminum, stainless steel and a nickel-, iron- and chromium-based alloy. Production is moderately seasonal, with customers reducing output around July, August, December and Chinese New Year.

The aftermarket business

Garrett sells replacement and performance parts under the Garrett brand through more than 370 distributors covering 165 countries. It estimates its installed base at nearly 150 million vehicles. In Europe, the Middle East and Africa and in North America it also sells remanufactured (REMAN) products, which added over 400 applications. Its Installer Connect program is a web-based platform with self-service tools for garage technicians.

Research and patents

The company employed approximately 1,330 engineers across six R&D centers and ten close-to-customer engineering centers. It says no single patent or group of patents is material to the business on its own. It says it introduces about ten new technologies per year and upgrades its key product lines approximately every three years.

Its people

Of approximately 6,700 employees, 6,300 are permanent and 400 are temporary. About 2,000 more workers are contracted through third-party agencies. Approximately 40% of permanent employees are represented by unions and works councils under collective bargaining agreements. The workforce represents approximately 60 nationalities. The company also runs internship, graduate and student engineering programs.

*From Garrett Motion's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1735707/000173570726000009/gtx-20251231.htm)*

From the company's 10-K.