Garrett Motion

GTX · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

GTX · Last close · November 6, 2026

$20.13

Garrett Motion's revenue rose 3.1% to $3.6 billion in fiscal 2025. Its net margin was 8.7%, up from 8.1% a year earlier. Free cash flow was $341 million, up 7.6%. It paid out $260 million in dividends and buybacks, 76% of free cash flow. The diluted share count fell 9.2%.

Garrett Motion Inc. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001735707-26-000009 Updated November 9, 2026

Revenue

$3.6B

3.1%

Net margin

8.7%

0.5 pts

Net income

$310M

9.9%

Free cash flow

$341M

7.6%

Return on capital

69.3%

15.9 pts

Market cap

$3.8B

Nov 6 close

P/E

10.3x

On $1.95 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Garrett Motion does

Garrett Motion designs, makes and sells turbochargers, air and fluid compressors, and high-speed electric motors. Turbochargers force more air into an engine so it uses less fuel for the power it makes. Its customers are vehicle and equipment makers, called OEMs, and independent aftermarket distributors that sell replacement parts. They use its products in cars, commercial vehicles, ships and industrial equipment.

Most of its sales still come from turbochargers for gasoline, diesel and natural gas engines. It also sells electric boosting and hydrogen fuel cell air compressors. It is developing electric products for traction (E-Powertrain) and cooling (E-Cooling compressor), and says it put about 50% of its 2025 research and development spending into electric compression and E-Powertrain work. A new line of larger turbochargers is aimed at marine and industrial uses, including backup power for data centers.

It supplies more than 60 OEMs worldwide. Its top ten customers made up about 62% of net sales in 2025 and its largest customer about 12%.

Its biggest risks, as it describes them

Falling behind if it does not deliver new products as the auto industry shifts away from combustion engines.
Depending on a few large customers, and losing any of them.
Strong competition, and pressure from customers on pricing and terms.
Rising costs and shortages of raw materials and components from suppliers.
Risks in its international operations and the unique risks of its aftermarket business.

From Garrett Motion's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 6.1% a year and net income grew 5.0% a year, as new shares raised the share count by 175% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	423	246	259	125	177
Debt incl. finance leases	1,188	1,155	1,650	1,471	1,418
Net debt (negative means net cash)	765	909	1,391	1,346	1,241
Net debt to EBITDA	1.1x	1.6x	2.3x	2.6x	2.1x
Debt to equity	—	—	—	—	—
Interest coverage	7.5x	63.0x	3.2x	4.9x	5.1x
Current ratio	1.0x	1.0x	1.0x	0.9x	1.0x
Quick ratio	0.8x	0.8x	0.8x	0.7x	0.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Garrett Motion's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Garrett Motion's projections

Insider trades

No officer, director or 10% owner of Garrett Motion reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	6 of 9	9 of 9
Rule of 40	17.7%	−1.4%	12.7%
Altman Z''	−1.29	−1.58	−0.91
Accruals ratio	−7.9%	−5.2%	−4.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	5 of 9	6 of 9	9 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Garrett Motion side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Garrett Motion	FY25	3.1%	—	9.5%	69.3%	2.1x	9
Visteon	FY25	−2.5%	—	—	19.3%	−1.0x	7	Compare
Patrick Industries	FY25	6.3%	7.0%	6.2%	8.6%	2.9x	6	Compare
LCI Industries	FY25	10.2%	6.8%	6.8%	10.2%	1.8x	8	Compare
Cooper-Standard	FY25	0.4%	3.2%	0.6%	9.2%	4.5x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,997	3,096	3,375	3,248	3,034	3,633	3,603	3,886	3,475	3,584
Revenue growth	—	3.3%	9.0%	−3.8%	−6.6%	19.7%	−0.8%	7.8%	−10.6%	3.1%
Gross profit	632	735	776	693	539	707	683	756	705	731
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	199	−983	1,206	313	80	495	390	261	282	310
Diluted EPS (US$)	2.69	−13.27	16.21	4.12	1.05	1.56	0.75	−0.31	1.26	1.52
Diluted shares (millions)	74	74	74	76	76	318	65	167	224	204
Cash flow
Cash from operations	305	71	373	242	25	−310	375	465	408	413
Capital expenditure	84	103	95	102	80	72	91	83	91	72
Free cash flow	221	−32	278	140	−55	−382	284	382	317	341
Dividends paid	0	0	0	0	0	0	83	42	0	52
Share buybacks	0	0	0	0	0	4	0	213	296	208
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	12	15	21	18	10	7	11	14	23	27
Balance sheet at fiscal year end
Cash and short-term investments	119	300	196	187	592	423	246	259	125	177
Debt incl. finance leases	—	—	1,628	1,440	2,081	1,188	1,155	1,650	1,471	1,418
Total assets	—	2,997	2,124	2,275	3,017	2,706	2,637	2,527	2,276	2,367
Total liabilities	—	5,192	4,641	4,408	5,325	3,174	2,753	3,262	2,949	3,169
Shareholders' equity	−1,221	−2,195	−2,517	−2,133	−2,308	−468	−116	−735	−673	−802
Margins and ratios
Gross margin	21.1%	23.7%	23.0%	21.3%	17.8%	19.5%	19.0%	19.4%	20.3%	20.4%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	6.6%	−31.8%	35.7%	9.6%	2.6%	13.6%	10.8%	6.7%	8.1%	8.7%
Free cash flow margin	7.4%	−1.0%	8.2%	4.3%	−1.8%	−10.5%	7.9%	9.8%	9.1%	9.5%
Rule of 40 (growth + FCF margin)	—	2.3%	17.2%	0.6%	−8.4%	9.2%	7.1%	17.7%	−1.4%	12.7%
Return on capital	—	—	—	—	—	—	72.7%	52.5%	53.3%	69.3%
Return on equity	—	—	—	—	—	—	—	—	—	—
Return on assets	—	—	47.1%	14.2%	3.0%	17.3%	14.6%	10.1%	11.7%	13.3%
Net debt to EBITDA	—	—	2.9x	2.6x	5.2x	1.1x	1.6x	2.3x	2.6x	2.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Garrett Motion's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Garrett Motion.