Gentherm Incorporated (THRM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1.9%

$30.77

vs $31.38 price

Levered DCF

$23.06

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.31

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	60.62×	19.19×	42.57×	88.23×	30.82×	35.64×	29.99×	34.17×
P/B	1.54×	2.02×	2.66×	3.22×	4.4×	3.63×	3.04×	2.99×
P/S	0.74×	0.86×	1.17×	1.8×	2.75×	2.33×	1.51×	1.38×
EV / EBITDA	12.1×	8.09×	15.04×	26.09×	17.44×	15.31×	10.67×	11.12×
Gross margin	24.2%	25.2%	23.9%	22.7%	29.0%	29.4%	29.7%	28.4%
Operating margin	5.5%	7.3%	5.3%	4.0%	11.0%	9.8%	8.7%	7.0%
Net margin	1.2%	4.5%	2.7%	2.0%	8.9%	6.5%	3.9%	4.0%
Current ratio	1.92×	2.01×	2.12×	2.39×	2.66×	3.12×	2.39×	2.53×
Debt / equity	0.41×	0.43×	0.38×	0.39×	0.1×	0.38×	0.19×	0.29×
Interest coverage	5.99×	6.99×	5.29×	11.25×	41.7×	19.57×	17.69×	14.73×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	10.5%	6.3%	3.6%	14.3%	10.2%	7.7%	8.7%
Return on invested capital	4.2%	7.4%	6.2%	3.2%	12.9%	7.9%	9.1%	8.3%
Return on assets	1.3%	5.2%	3.3%	2.0%	10.0%	5.8%	5.1%	5.2%
Free cash flow yield	5.5%	2.9%	4.7%	-1.2%	3.4%	4.2%	6.5%	5.4%
Earnings yield	1.6%	5.2%	2.4%	1.1%	3.2%	2.8%	2.6%	2.9%
Enterprise value	$1.2B	$1.4B	$1.8B	$2.3B	$2.7B	$2.1B	$1.5B	$1.5B
Net debt / EBITDA	1.3×	0.77×	0.81×	1.25×	-0.8×	-0.34×	0.28×	0.73×
Cash conversion cycle (days)	75	73	69	99	90	100	89	70