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Generac

GNRC NYSE Heavy Electrical Equipment Financials FY2016–FY2025

Generac's revenue fell 2.0% to $4.2 billion in fiscal 2025. Its operating margin was 6.9%, down from 12.5% a year earlier. Free cash flow was $268 million, down 55.6%. It paid out $148 million in dividends and buybacks, 55% of free cash flow. The diluted share count fell 1.8%.

Last close · Oct 23, 2026

$186.92

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$4.2B
2.0% vs prior year
Operating margin Operating income as a share of revenue.
6.9%
5.6 pts
Net income Profit after all expenses, interest and tax.
$160M
49.5%
Free cash flow Cash from operations minus capital spending.
$268M
55.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.5%
4.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
43.0x
On $4.35 EPS (TTM)

What Generac does

No business description yet.

Legal name
GENERAC HOLDINGS INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001437749-26-004568
0001474735

Revenue and margins

Generac had $4.2B of revenue in fiscal 2025, down 2.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $268M in fiscal 2025, 6.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Generac returned $148M to shareholders in fiscal 2025, 55% of free cash flow. The diluted share count fell 1.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Generac yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.0B and divides by 59.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 43.0x · peers 19.6x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Generac can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $147M$133M$201M$281M$341M
Debt incl. finance leases $995M$1.5B$1.6B$1.4B$1.3B
Net debt / EBITDA 1.0x1.8x2.6x1.6x2.1x
Debt / equity 0.5x0.7x0.7x0.6x0.5x
Interest coverage 21.9x10.3x4.0x6.0x4.1x
Current ratio 1.6x2.2x2.3x2.0x2.0x
Quick ratio 0.7x0.8x0.9x1.0x1.0x
Total assets $4.9B$5.2B$5.1B$5.1B$5.6B
Total liabilities $2.6B$2.8B$2.7B$2.6B$2.9B
Shareholders' equity $2.2B$2.3B$2.3B$2.5B$2.6B
Net debt (− = net cash) $848M$1.3B$1.4B$1.1B$1.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$3.8M

3 insiders

Of sales under plans

100%

$3.8M

DateInsiderTradeSharesPriceValueFiling
Oct 6, 2026 Norman P TaffePresident Generac Home Sold plan 150 $220.00 $0.0M Form 4
Oct 5, 2026 Norman P TaffePresident Generac Home Sold plan 400 $215.46 $0.1M Form 4
Oct 2, 2026 Kyle Andrew RaabePresident, Home Power Gen. Sold plan 603 $212.57 $0.1M Form 4
Oct 1, 2026 Aaron JagdfeldChief Executive Officer, Director Sold plan 5,000 $206.00 $1.0M Form 4
Sep 17, 2026 Kyle Andrew RaabePresident, Home Power Gen. Sold plan 603 $229.50 $0.1M Form 4
Sep 17, 2026 Norman P TaffePresident Generac Home Sold plan 150 $229.50 $0.0M Form 4
Sep 8, 2026 Norman P TaffePresident Generac Home Sold plan 400 $188.70 $0.1M Form 4
Sep 1, 2026 Aaron JagdfeldChief Executive Officer, Director Sold plan 5,000 $182.21 $0.9M Form 4
Aug 7, 2026 Kyle Andrew RaabePresident, Home Power Gen. Sold plan 586 $213.35 $0.1M Form 4
Aug 5, 2026 Norman P TaffePresident Generac Home Sold plan 550 $218.83 $0.1M Form 4
Aug 3, 2026 Aaron JagdfeldChief Executive Officer, Director Sold plan 5,000 $194.89 $1.0M Form 4
Jul 6, 2026 Norman P TaffePresident Generac Home Sold plan 550 $256.00 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 98 / 96 / 9
Accruals ratio −6.0%−8.3%−5.2%
Altman Z'' 4.464.814.52

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Generac GNRC $11.1B −2.0% 6.9% 6.4% 6.5% 43.0x 6
GE Vernova GEV $220.1B 9.0% 3.7% 9.8% — 23.4x 7 Compare →
Lincoln Electric LECO $14.1B 5.6% 17.0% 12.6% 24.5% 25.5x 7 Compare →
Mueller Industries MLI $11.9B 10.9% 22.9% 16.4% 40.3% 15.8x 6 Compare →
Pentair PNR $9.1B 2.3% 20.5% 17.9% 14.0% 13.5x 9 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.4B $1.7B $2.0B $2.2B $2.5B $3.7B $4.6B $4.0B $4.3B $4.2B
Gross profit $512M $585M $725M $798M $958M $1.4B $1.5B $1.4B $1.7B $1.6B
Research and development $37.2M $42.9M $50.0M $68.4M $80.3M $104M $160M $173M $220M $244M
Operating income $203M $251M $357M $372M $479M $721M $566M $386M $537M $289M
Interest expense $44.6M $42.7M $41.0M $41.5M $33.0M $33.0M $54.8M $97.6M $89.7M $70.7M
Pretax income $154M $204M $311M $320M $446M $692M $509M $290M $409M $199M
Income tax $56.5M $44.1M $69.9M $67.3M $99.0M $135M $99.6M $73.2M $92.5M $37.7M
Net income $97.2M $158M $238M $252M $351M $551M $400M $215M $316M $160M
Diluted EPS $1.47 $2.53 $3.54 $4.03 $5.48 $8.30 $5.42 $3.27 $5.39 $2.69
Diluted shares 0.07B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $241M $257M $247M $309M $487M $411M $58.5M $522M $741M $438M
Capital expenditure $30.5M $33.3M $47.6M $60.8M $62.1M $110M $86.2M $129M $137M $170M
Free cash flow $211M $224M $200M $248M $424M $301M −$27.7M $393M $605M $268M
Depreciation and amortization $54.4M $52.0M $47.4M $60.8M $68.8M $92.0M $156M $167M $172M $195M
Stock-based compensation $9.5M $10.2M $14.6M $16.7M $20.9M $24.0M $29.5M $35.5M $49.2M $49.9M
Acquisitions $61.4M $1.3M $65.4M $112M $64.8M $714M $25.1M $16.0M $34.7M $0.8M
Share buybacks $150M $30.0M $25.7M $0.0M $0.0M $126M $346M $252M $153M $148M
Dividends paid $0.1M $0.0M $0.3M $0.3M $0.0M $0.0M $0.3M $0.0M $0.3M $0.3M
Dividends and buybacks $150M $30.0M $26.0M $0.3M $0.0M $126M $346M $252M $153M $148M
Balance sheet
Cash and short-term investments $67.3M $139M $225M $323M $655M $147M $133M $201M $281M $341M
Total debt $935M $957M $948M $892M $875M $956M $1.4B $1.6B $1.3B $1.3B
Finance lease liabilities $0.0M $0.0M $20.2M $26.0M $27.4M $39.2M $27.4M $71.3M $66.4M $90.9M
Current assets $684M $825M $1.1B $1.2B $1.7B $1.8B $2.2B $2.0B $2.0B $2.5B
Current liabilities $342M $396M $561M $497M $642M $1.2B $992M $881M $1.0B $1.2B
Inventory $350M $387M $545M $522M $603M $1.1B $1.4B $1.2B $1.0B $1.2B
Property and equipment, net $213M $230M $279M $317M $344M $441M $468M $599M $690M $814M
Total assets $1.9B $2.0B $2.4B $2.7B $3.2B $4.9B $5.2B $5.1B $5.1B $5.6B
Total liabilities $1.4B $1.4B $1.6B $1.6B $1.8B $2.6B $2.8B $2.7B $2.6B $2.9B
Shareholders' equity $401M $554M $761M $1.0B $1.4B $2.2B $2.3B $2.3B $2.5B $2.6B
Margins
Gross margin 35.4% 34.8% 35.8% 36.2% 38.5% 36.4% 33.3% 33.9% 38.8% 38.3%
Operating margin 14.0% 14.9% 17.7% 16.9% 19.3% 19.3% 12.4% 9.6% 12.5% 6.9%
EBITDA margin 17.8% 18.0% 20.0% 19.6% 22.1% 21.8% 15.8% 13.7% 16.5% 11.5%
Net margin 6.7% 9.4% 11.8% 11.4% 14.1% 14.7% 8.8% 5.3% 7.4% 3.8%
FCF margin 14.6% 13.3% 9.9% 11.3% 17.1% 8.1% −0.6% 9.8% 14.1% 6.4%
Returns
Return on capital 10.0% 14.9% 19.3% 18.8% 22.8% 24.7% 13.7% 7.9% 11.3% 6.5%
Return on capital employed 13.1% 15.9% 20.4% 18.5% 20.1% 22.8% 14.3% 9.2% 13.0% 6.9%
Return on equity 22.4% 33.0% 36.3% 28.1% 28.9% 30.6% 17.9% 9.3% 13.1% 6.2%
Return on assets 5.3% 8.1% 10.7% 9.9% 11.9% 13.6% 8.0% 4.2% 6.2% 3.0%
Growth
Revenue growth 9.9% 16.0% 20.5% 8.9% 12.7% 50.4% 22.1% −11.9% 6.8% −2.0%
Net income growth 25.0% 62.4% 51.0% 5.8% 39.1% 57.0% −27.4% −46.3% 47.4% −49.6%
EPS growth 31.3% 72.1% 39.9% 13.8% 36.0% 51.5% −34.7% −39.7% 64.8% −50.1%
FCF growth 33.4% 6.4% −10.9% 24.3% 71.1% −29.0% −109.2% — 54.0% −55.7%
Share count change −5.5% −4.2% −0.7% 1.0% 1.4% 0.8% 0.7% −4.1% −2.8% −1.8%
Financial health
Net debt / EBITDA 3.4x 2.7x 1.8x 1.4x 0.5x 1.0x 1.8x 2.6x 1.6x 2.1x
Debt / equity 2.3x 1.7x 1.3x 0.9x 0.7x 0.5x 0.7x 0.7x 0.6x 0.5x
Interest coverage 4.6x 5.9x 8.7x 9.0x 14.5x 21.9x 10.3x 4.0x 6.0x 4.1x
Current ratio 2.0x 2.1x 2.0x 2.4x 2.6x 1.6x 2.2x 2.3x 2.0x 2.0x
Quick ratio 1.0x 1.1x 1.0x 1.4x 1.7x 0.7x 0.8x 0.9x 1.0x 1.0x
Capital allocation
Capex / revenue 2.1% 2.0% 2.4% 2.8% 2.5% 2.9% 1.9% 3.2% 3.2% 4.0%
Stock comp / revenue 0.7% 0.6% 0.7% 0.8% 0.8% 0.6% 0.7% 0.9% 1.2% 1.2%
Payouts / FCF 71.2% 13.4% 13.0% 0.1% 0.0% 41.8% — 64.1% 25.3% 55.3%
Quality scores
Piotroski F-score 8.0 8.0 8.0 6.0 8.0 5.0 3.0 6.0 8.0 6.0
Altman Z'' 3.0 3.6 4.1 4.7 5.3 4.1 4.6 4.5 4.8 4.5
Accruals ratio −7.9% −5.1% −0.4% −2.2% −4.6% 3.4% 6.8% −6.0% −8.3% −5.2%

Source: SEC EDGAR XBRL filings (CIK 0001474735). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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