Gentherm Incorporated

gentherm.com

What Do They Do?

Makes climate and comfort systems, valves and electronics for automakers and automotive suppliers, and patient temperature-management systems for hospitals and other healthcare settings.

How Do They Make Money?

Gentherm sells automotive production parts under long-term supply agreements, with sales tied to shipment or delivery. Its medical business sells patient-temperature products and equipment.

FY2025 revenue by reportable segment revenue

Segment	Share	Revenue	How money arrives
Automotive Segments Sold outright	97% FY2022: 96%		Sold outright
Medical Segments Sold outright	3.3% FY2022: 3.6%		Sold outright

Who Are Their Customers?

Automakers and Tier 1 suppliers are the main automotive customers. Automakers often direct Gentherm to work with Tier 1s to integrate products, and Tier 1s sell the parts to automakers; the medical business serves healthcare professionals and hospitals.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

6% of revenue

▼ −23% vs FY2024 ($107M, 7%)

Net income, FY2025

1% of revenue

▼ −72% vs FY2024 ($64.9M, 4%)

Free cash flow, FY2025

4% of revenue

▲ +68% vs FY2024 ($36.3M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +5%; vs $386.9M in Q3 FY2025
Net income: ▼ Now a loss; vs $14.9M in Q3 FY2025

Automotive Segments share of revenue vs 96.7% in Q3 FY2025

Sep 10, 2026 Shareholders approved the Modine business combination The transaction was expected to close on October 1, subject to remaining conditions.
Jul 23, 2026 Raised full-year guidance and announced a medical acquisition The medical acquisition broadens the product portfolio and expands channel access.

Growing. Revenue grew 43% in 4 years, from $1B in FY2021 to $1.5B in FY2025, about 9% a year.

New end markets The earlier report described new applications and markets as in development; the current report says Gentherm has secured business in home and office, power-sports, and commercial vehicles.

Revenue over time

Automotive Segments Medical Segments

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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