Gentherm vs XPEL
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The short version
- Gentherm is the larger business, with $1.5B of revenue in fiscal 2025 against $476M for XPEL, about 3.1 times as much.
- XPEL grew revenue faster (13.3%, against 2.9%).
- XPEL kept more of each dollar of sales as operating profit (13.2% operating margin, against 5.5%).
- XPEL turned more of its sales into free cash flow (13.2% FCF margin, against 4.1%).
- XPEL earned a higher return on the capital invested in it (23.0%, against 5.8%).
- Investors pay more for each dollar of Gentherm’s earnings: a P/E of 98.6x against 21.9x for XPEL.
| Latest fiscal year | THRM · FY25 | XPEL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $878M | $1.2B |
| Revenue | $1.5B | $476M |
| Free cash flow | $61.1M | $62.9M |
| Net income | $18.3M | $51.2M |
| Growth | ||
| Revenue growth | 2.9% | 13.3% |
| 5-year growth | 10.4% | 24.6% |
| Share count change | −1.7% | 0.1% |
| Profitability | ||
| Gross margin | 24.2% | 42.2% |
| Operating margin | 5.5% | 13.2% |
| Net margin | 1.2% | 10.8% |
| FCF margin | 4.1% | 13.2% |
| Return on capital | 5.8% | 23.0% |
| Return on equity | 2.7% | 20.3% |
| Balance sheet | ||
| Net debt | $28.3M | −$50.8M |
| Net debt / EBITDA | 0.2x | −0.7x |
| Dividends and buybacks | $10.0M | $3.0M |
| Valuation & quality | ||
| P/E | 98.6x | 21.9x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
THRM $918M
XPEL —
FY17
THRM $994M
XPEL —
FY18
THRM $1.0B
XPEL $110M
FY19
THRM $972M
XPEL $130M
FY20
THRM $913M
XPEL $159M
FY21
THRM $1.0B
XPEL $259M
FY22
THRM $1.2B
XPEL $324M
FY23
THRM $1.5B
XPEL $396M
FY24
THRM $1.5B
XPEL $420M
FY25
THRM $1.5B
XPEL $476M
THRM
XPEL
Operating margin
FY16
THRM 11.6%
XPEL —
FY17
THRM 9.8%
XPEL —
FY18
THRM 6.9%
XPEL 10.7%
FY19
THRM 8.7%
XPEL 13.2%
FY20
THRM 9.8%
XPEL 14.7%
FY21
THRM 11.0%
XPEL 15.5%
FY22
THRM 4.0%
XPEL 16.7%
FY23
THRM 5.3%
XPEL 16.9%
FY24
THRM 7.4%
XPEL 14.1%
FY25
THRM 5.5%
XPEL 13.2%
THRM
XPEL
Free cash flow
FY16
THRM $42.1M
XPEL —
FY17
THRM −$0.9M
XPEL —
FY18
THRM $76.9M
XPEL $4.8M
FY19
THRM $95.1M
XPEL $9.4M
FY20
THRM $93.5M
XPEL $16.7M
FY21
THRM $105M
XPEL $11.5M
FY22
THRM −$24.8M
XPEL $4.1M
FY23
THRM $81.7M
XPEL $31.0M
FY24
THRM $36.3M
XPEL $41.1M
FY25
THRM $61.1M
XPEL $62.9M
THRM
XPEL
Return on capital
FY16
THRM 18.6%
XPEL —
FY17
THRM 9.4%
XPEL —
FY18
THRM 8.9%
XPEL —
FY19
THRM 12.7%
XPEL 66.1%
FY20
THRM 12.7%
XPEL 68.1%
FY21
THRM 18.7%
XPEL 60.5%
FY22
THRM 4.9%
XPEL 44.7%
FY23
THRM 7.7%
XPEL 37.5%
FY24
THRM 9.6%
XPEL 25.5%
FY25
THRM 5.8%
XPEL 23.0%
THRM
XPEL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.