Dorman Products
DORM · Automotive Parts & Equipment
$125.24
1.8%Gentherm
THRM · Automotive Parts & Equipment
$28.60
9.4%The short version
- Dorman Products is the larger business, with $2.1B of revenue in fiscal 2025 against $1.5B for Gentherm.
- Dorman Products grew revenue faster (6.0%, against 2.9%).
- Dorman Products kept more of each dollar of sales as operating profit (14.1% operating margin, against 5.5% operating margin).
- Gentherm turned more of its sales into free cash flow (4.1% FCF margin, against 3.6% FCF margin).
- Dorman Products earned a higher return on the capital invested in it (12.4%, against 5.8%).
- Investors pay more for each dollar of Gentherm’s earnings: a P/E of 98.6x against 17.4x for Dorman Products.
| Latest fiscal year | DORM · FY25 | THRM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.8B | $878M |
| Revenue | $2.1B | $1.5B |
| Free cash flow | $75.7M | $61.1M |
| Net income | $204M | $18.3M |
| Growth | ||
| Revenue growth | 6.0% | 2.9% |
| 5-year growth | 14.3% | 10.4% |
| Share count change | −0.7% | −1.7% |
| Profitability | ||
| Gross margin | 42.1% | 24.2% |
| Operating margin | 14.1% | 5.5% |
| Net margin | 9.6% | 1.2% |
| FCF margin | 3.6% | 4.1% |
| Return on capital | 12.4% | 5.8% |
| Return on equity | 14.7% | 2.7% |
| Balance sheet | ||
| Net debt | $391M | $28.3M |
| Net debt / EBITDA | 1.2x | 0.2x |
| Dividends and buybacks | $0.0M | $10.0M |
| Valuation & quality | ||
| P/E | 17.4x | 98.6x |
| Piotroski F-score | 8 | 6 |
FY16
DORM $860M
THRM $918M
FY17
DORM $903M
THRM $994M
FY18
DORM $974M
THRM $1.0B
FY19
DORM $991M
THRM $972M
FY20
DORM $1.1B
THRM $913M
FY21
DORM $1.3B
THRM $1.0B
FY22
DORM $1.7B
THRM $1.2B
FY23
DORM $1.9B
THRM $1.5B
FY24
DORM $2.0B
THRM $1.5B
FY25
DORM $2.1B
THRM $1.5B
DORM
THRM
FY16
DORM 19.6%
THRM 11.6%
FY17
DORM 19.5%
THRM 9.8%
FY18
DORM 17.6%
THRM 6.9%
FY19
DORM 10.7%
THRM 8.7%
FY20
DORM 12.2%
THRM 9.8%
FY21
DORM 12.8%
THRM 11.0%
FY22
DORM 9.9%
THRM 4.0%
FY23
DORM 11.1%
THRM 5.3%
FY24
DORM 14.6%
THRM 7.4%
FY25
DORM 14.1%
THRM 5.5%
DORM
THRM
FY16
DORM $101M
THRM $42.1M
FY17
DORM $69.8M
THRM −$0.9M
FY18
DORM $52.0M
THRM $76.9M
FY19
DORM $65.8M
THRM $95.1M
FY20
DORM $137M
THRM $93.5M
FY21
DORM $80.5M
THRM $105M
FY22
DORM $3.8M
THRM −$24.8M
FY23
DORM $165M
THRM $81.7M
FY24
DORM $192M
THRM $36.3M
FY25
DORM $75.7M
THRM $61.1M
DORM
THRM
FY16
DORM —
THRM 18.6%
FY17
DORM —
THRM 9.4%
FY18
DORM —
THRM 8.9%
FY19
DORM —
THRM 12.7%
FY20
DORM —
THRM 12.7%
FY21
DORM —
THRM 18.7%
FY22
DORM 11.3%
THRM 4.9%
FY23
DORM 10.6%
THRM 7.7%
FY24
DORM 13.1%
THRM 9.6%
FY25
DORM 12.4%
THRM 5.8%
DORM
THRM
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