Gentherm Incorporated, formerly Amerigon, is an American thermal management technologies company. Gentherm created the first thermoelectrically heated and cooled seat system for the automotive industry. Called the "Climate Control Seat" system, it was first adopted by the Ford Motor Company and introduced as an option on the model year 2000 Lincoln Navigator in 1999.3 Its shares trade on Nasdaq under the symbol THRM.1Wikipedia text CC BY-SA 4.0
Gentherm Incorporated, formerly Amerigon, is an American thermal management technologies company. Gentherm created the first thermoelectrically heated and cooled seat system for the automotive industry. Called the "Climate Control Seat" system, it was first adopted by the Ford Motor Company and introduced as an option on the model year 2000 Lincoln Navigator in 1999. Today it is available on more than 50 vehicles sold by Ford, General Motors, Toyota (Lexus), Kia, Hyundai, Nissan (Infiniti), Range Rover and Jaguar Land Rover.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$1.5B in 2025+54% since 2019Gross profit1112131410$362.2M in 2025+26% since 2019Operating income1112131410$82.7M in 2025−2% since 2019Net income1112131410$18.3M in 2025−63% since 2019
Revenue1516$416.2M in Q2 FY2026+6% since Q1 FY2026Gross profit1516$96.4M in Q2 FY2026−1% since Q1 FY2026Operating income1516$10.7M in Q2 FY2026−5% since Q1 FY2026Net income1516$4.4M in Q2 FY2026+5% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Product revenues
$1.5B
$1.5B
$1.5B
Cost of sales
$1.1B
$1.1B
$1.1B
Gross margin
$362.2M
$366.4M
$351.6M
Net research and development expenses
$94.8M
$88.7M
$94.4M
Selling, general and administrative expenses
$170.0M
$155.1M
$155.6M
Restructuring expenses, net
$12.5M
$13.1M
$4.7M
Loss on sale of land and building, net
$2.2M
Impairment of intangible assets and property and equipment
$2.5M
Impairment of goodwill
$19.5M
Total operating expenses
$279.5M
$259.4M
$274.2M
Operating income
$82.7M
$107.0M
$77.4M
Interest expense, net
-$13.8M
-$15.3M
-$14.6M
Foreign currency (loss) gain
-$28.4M
$9.6M
-$5.9M
Other (loss) income
-$4.6M
$951.0K
-$1.9M
Earnings before income tax
$35.8M
$102.3M
$55.0M
Income tax expense
$17.6M
$37.3M
$14.6M
Net income
$18.3M
$64.9M
$40.3M
Basic earnings per share
$0.60
$2.08
$1.23
Diluted earnings per share
$0.59
$2.06
$1.22
Weighted average number of shares basic
30.6M shares
31.3M shares
32.8M shares
Weighted average number of shares diluted
30.9M shares
31.5M shares
33.1M shares
No quarter-by-quarter statement was filed.
Total assets171112131410$1.4B in 2025+89% since 2019Total liabilities171112131410$676.1M in 2025+165% since 2019Shareholders’ equity12131410$720.3M in 2025+49% since 2019Cash171112131410$160.8M in 2025+219% since 2019Long-term debt171112131410$189.0M in 2025+142% since 2019
Total assets1516$1.5B in Q2 FY2026+7% since Q1 FY2025Total liabilities1516$770.1M in Q2 FY2026+14% since Q1 FY2025Shareholders’ equity1516$723.1M in Q2 FY2026+0% since Q1 FY2025Cash1516$213.2M in Q2 FY2026+33% since Q1 FY2025Long-term debt1516$272.4M in Q2 FY2026+44% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$160.8M
$134.1M
Accounts receivable, net
$281.1M
$258.1M
Inventory, net
$252.7M
$227.4M
Other current assets
$82.3M
$64.4M
Total current assets
$777.0M
$684.0M
Property and equipment, net
$270.6M
$253.0M
Goodwill
$108.9M
$99.6M
Other intangible assets, net
$52.8M
$57.3M
Operating lease right-of-use assets
$56.5M
$44.0M
Deferred income tax assets
$93.6M
$75.0M
Other non-current assets
$37.1M
$34.7M
Total assets
$1.4B
$1.2B
Accounts payable
$260.5M
$226.8M
Current lease liabilities
$9.6M
$7.5M
Current maturities of long-term debt
$73.0K
$137.0K
Other current liabilities
$134.1M
$105.8M
Total current liabilities
$404.3M
$340.3M
Long-term debt, less current maturities
$189.0M
$220.1M
Non-current lease liabilities
$48.1M
$37.1M
Pension benefit obligation
$3.7M
$4.0M
Other non-current liabilities
$30.9M
$29.2M
Total liabilities
$676.1M
$630.6M
No par value, 55,000,000 shares authorized 30,526,231 and 30,788,639 issued and outstanding at December 31, 2025 and December 31, 2024, respectively
$5.6M
$2.0M
Paid-in capital
$1.6M
$4.3M
Accumulated other comprehensive loss
-$964.0K
-$85.2M
Accumulated earnings
$714.1M
$695.8M
Total shareholders equity
$720.3M
$616.9M
$644.7M
$672.3M
Total liabilities and shareholders equity
$1.4B
$1.2B
Common Stock, shares authorized
55.0M shares
55.0M shares
Common Stock, shares issued
30.5M shares
30.8M shares
Common Stock, shares outstanding
30.5M shares
30.8M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$160.8M
$134.1M
Accounts receivable, net
$281.1M
$258.1M
Inventory, net
$252.7M
$227.4M
Other current assets
$82.3M
$64.4M
Total current assets
$777.0M
$684.0M
Property and equipment, net
$270.6M
$253.0M
Goodwill
$108.9M
$99.6M
Other intangible assets, net
$52.8M
$57.3M
Operating lease right-of-use assets
$56.5M
$44.0M
Deferred income tax assets
$93.6M
$75.0M
Other non-current assets
$37.1M
$34.7M
Total assets
$1.4B
$1.2B
Accounts payable
$260.5M
$226.8M
Current lease liabilities
$9.6M
$7.5M
Current maturities of long-term debt
$73.0K
$137.0K
Other current liabilities
$134.1M
$105.8M
Total current liabilities
$404.3M
$340.3M
Long-term debt, less current maturities
$189.0M
$220.1M
Non-current lease liabilities
$48.1M
$37.1M
Pension benefit obligation
$3.7M
$4.0M
Other non-current liabilities
$30.9M
$29.2M
Total liabilities
$676.1M
$630.6M
No par value, 55,000,000 shares authorized 30,526,231 and 30,788,639 issued and outstanding at December 31, 2025 and December 31, 2024, respectively
$5.6M
$2.0M
Paid-in capital
$1.6M
$4.3M
Accumulated other comprehensive loss
-$964.0K
-$85.2M
Accumulated earnings
$714.1M
$695.8M
Total shareholders equity
$720.3M
$616.9M
$644.7M
$672.3M
Total liabilities and shareholders equity
$1.4B
$1.2B
Common Stock, shares authorized
55.0M shares
55.0M shares
Common Stock, shares issued
30.5M shares
30.8M shares
Common Stock, shares outstanding
30.5M shares
30.8M shares
Cash from operations1112131410$116.8M in 2025−2% since 2019Capital spending1112131410$55.7M in 2025+135% since 2019Free cash flow1112131410$61.1M in 2025−36% since 2019Share buybacks11121310$10.0M in 2025−84% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$18.3M
$64.9M
$40.3M
Depreciation and amortization
$53.4M
$53.0M
$50.9M
Deferred income taxes
-$22.3M
$10.6M
-$13.1M
Stock based compensation
$12.3M
$10.4M
$11.6M
Provisions for inventory
$6.8M
$6.4M
$6.9M
Loss (gain) on disposition of property and equipment
$3.0M
-$1.6M
$721.0K
Impairment of intangible assets and property and equipment
$2.5M
Impairment of goodwill
$19.5M
Other non-cash items, including unrealized foreign currency loss (gain)
$34.7M
-$1.2M
$2.9M
Accounts receivable, net
-$9.3M
-$12.1M
-$4.2M
Inventory
-$21.6M
-$34.2M
$6.9M
Other assets
-$17.8M
-$44.7M
-$26.2M
Accounts payable
$27.6M
$16.2M
$31.0M
Other liabilities
$31.7M
$39.3M
-$8.2M
Net cash provided by operating activities
$116.8M
$109.6M
$119.3M
Purchases of property and equipment
-$55.7M
-$73.3M
-$37.6M
Proceeds from the sale of property and equipment
$3.8M
$7.9M
$391.0K
Proceeds from deferred purchase price of factored receivables
$745.0K
$12.9M
$13.9M
Cost of technology investments
-$1.2M
-$955.0K
-$815.0K
Net cash used in investing activities
-$52.4M
-$53.5M
-$24.1M
Borrowings on debt
$112.0M
$68.0M
$60.0M
Repayments of debt
-$143.1M
-$70.6M
-$72.3M
Proceeds from the exercise of Common Stock options
$5.8M
$263.0K
Taxes withheld and paid on employees' share-based payment awards
-$1.3M
-$3.3M
-$2.9M
Cash paid for the repurchase of Common Stock
-$10.0M
-$51.6M
-$91.1M
Net cash used in financing activities
-$42.5M
-$51.7M
-$106.1M
Foreign currency effect
$4.8M
-$19.9M
$6.7M
Net cash increase (decrease) in cash and cash equivalents
$26.7M
-$15.5M
-$4.2M
Cash paid for taxes
$37.2M
$20.8M
$23.3M
Cash paid for interest
$12.6M
$13.0M
$13.2M
Period-end balance of accounts payable for property and equipment
$6.1M
$5.2M
$7.8M
Deferred purchase price of receivables factored in the period
Gentherm Incorporated sits at the top of its group. 38 entities, 16 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Gentherm International Holdings (Hong Kong) Limited Subsidiary · China
Gentherm Investment (Shanghai) Co. Ltd. Subsidiary · China
Gentherm Japan Inc. Subsidiary · Japan
GENTHERM KOREA INC. (젠텀코리아) Subsidiary · Anyang, South Korea
Gentherm Medical, LLC Subsidiary · Ohio, United States
and 12 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Gentherm Incorporated reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
As of December 31, 2025, we operate in more than 30 locations across 13 countries, which are primarily for manufacturing, assembly, distribution, warehousing, engineering and testing. The majority of our Automotive facilities located outside of the U.S. are principally used in manufacturing and distribution and are located in China, Hungary, Mexico, Morocco, North Macedonia, South Korea, Ukraine, Czech Republic, Germany, and Vietnam. Our global headquarters is located in Novi, Michigan, our European headquarters is located in Odelzhausen, Germany and our Asia-Pacific headquarters is located in Shanghai, China. Our Medical business is principally comprised of our headquarters and manufacturing site located in Cincinnati, Ohio and our manufacturing sites in Germany and China. We also have sales offices, warehouses and engineering centers, strategically located throughout the world. Our global manufacturing and distribution facilities are located close to our key customers and strategically in low cost regions. Nearly all of our sites in North America and Asia are leased, while most of our European sites are owned.
Since 2005, Gentherm has been partnering with BMW and Ford on a project that is backed by the U.S. Department of Energy focused on the development of an automotive thermoelectric generator (ATEG) that converts waste exhaust heat into electrical power based on the Seebeck Effect. A prototype of the ATEG was named one of the most promising innovations for 2012 by Car and Driver magazine.
Amerigon, the precursor company to Gentherm, had been formed in 1991 by Lon E. Bell in Monrovia, California, focusing on automotive technologies and electric vehicles. In 1999, the company introduced the first thermoelectric Climate Control Seat (CCS) for the MY 2000 Lincoln Navigator, and in 2005, the company relocated from California to Northville, Michigan. In 2008, Amerigon acquired Comair Rotron Shanghai; in 2011, they acquired a majority stake in W.E.T. Automotive Systems, a manufacturer of thermal comfort products. Amerigon Incorporated officially changed its name to Gentherm Incorporated on June 13, 2012. The company's NASDAQ trading symbol changed from "ARGN" to "THRM" simultaneously. The rebranding reflected the company's focus on its thermal management technologies.
Gentherm has 30+ locations and 14,000+ employees in the following countries: China, Czech Republic, Germany, Hungary, Japan, Mexico, Morocco, North Macedonia, South Korea, Ukraine, United Kingdom, United States, and Vietnam.
Oct 22, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.73 a share, on Oct 23, 2025.89
When it reported results
Apr 23, 2026Reported quarterly or annual results83
Feb 19, 2026Reported quarterly or annual results88
Oct 23, 2025Reported quarterly or annual results90
Jul 24, 2025Reported quarterly or annual results91
Apr 24, 2025Reported quarterly or annual results92
Feb 19, 2025Reported quarterly or annual results93
Oct 30, 2024Reported quarterly or annual results94
Jul 31, 2024Reported quarterly or annual results95
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
438 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 55 major events, 261 insider forms, 15 large holders, 87 other. The latest 20:
46 open-market trades by officers, directors and large owners since October 2021: 4 buys and 42 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Gentherm Incorporated is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Gentherm Incorporated names in Item 1A of its 10-K filed Feb 19, 2026: 38 risks under these headings, as written.18
Industry and Operational Risks
We operate in a highly competitive industry and efforts by our competitors, as well as new entrants to the industry, could adversely affect our business, results of operations and financial condition.
The material reduction in sales from any of our principal customers, due to their acquisition activity, insourcing, product quality and delivery or otherwise, could materially and adversely affect our business, results of operations, cash flows and financial condition.
Our ability to attract and retain talented, diverse and highly skilled employees is critical to our success and competitiveness, and attracting and retaining such employees has caused and could continue to cause an increase in labor costs and may be adversely impacted by current macroeconomic factors in the automotive industry.
Labor shortages, work stoppages and additional workforce disruptions impacting us, our suppliers or customers periodically have disrupted our operations and our growth strategies, and resulting increases in labor and related operating costs may adversely impact our financial performance.
Our inability to effectively manage the development, timing, quality and costs of new product launches could adversely affect our financial performance.
Our ability to grow our product portfolio successfully depends on the sustained acceptance of new products and technologies that we invest in by existing and potential customers and consumers, as well as the success of our customers.
The automotive industry, our primary market, is cyclical and is significantly impacted by macroeconomic, geopolitical and similar global factors, and a decline in the production levels of our major customers and OEMs, could materially and adversely affect our business, results of operations and financial condition.
Our business in China may be subject to aggressive competition and is sensitive to economic, political, and market conditions.
Our operations within Ukraine subject us to risks that may harm our operations and financial results.
The global automotive supply chain has been adversely impacted by raw material and component shortages, manufacturing disruptions and delays, logistics challenges and tariffs, inflationary and other cost pressures, and we expect such conditions to continue to adversely affect our business, profitability and results of operations.
Our inability to achieve product cost reductions which offset customer-imposed price reductions could adversely affect our financial performance.
The other 27 risks
Security breaches and other disruptions to our information technology networks and systems, including a disruption related to cybersecurity, could interfere with our operations and could compromise the confidentiality of our proprietary information or personal information.
Our global operations subject us to risks that may harm our operations and financial results.
Our ongoing efforts to optimize our cost structure and our global manufacturing footprint could cause supply disruptions and be more costly, time-consuming and resource-intensive than expected.
We manage our business based on projected future sales volume, which is highly dependent on information received from customers and general market data, and any inaccuracies or changes in such information could adversely affect our business, results of operations and financial condition.
We use important intellectual property in our business. If we are unable to protect our intellectual property or if a third party makes assertions against us or our customers relating to intellectual property rights, our business could be adversely affected.
If we fail to manage our growth effectively or to integrate successfully any business ventures, acquisitions, investments or strategic alliance into our business, or realize the benefits from divestitures or business exits, our business and financial performance could be materially adversely harmed.
Gentherm’s adoption of new technology such as artificial intelligence could adversely impact its business, operations and reputation.
Legal, Regulatory and Compliance Risks
Economic and trade policy, including tariffs and customs regulations, could have a material and adverse effect on our business.
We may face particular privacy, data security and data protection risks.
Defects or quality issues associated with our automotive and medical products, as well as a significant product liability lawsuit, warranty claim or product recall involving us or one of our major customers, or an investigation regarding vehicle safety generally, could adversely affect the results of our operations.
Tax matters, including changes in the corporate tax rates, disagreement with taxing authorities and imposition of new taxes could impact our results of operations and financial condition.
The value of our deferred tax assets may not be realized, which could materially and adversely affect our operating results.
Our patient temperature management business is subject to extensive industry regulation and failure to comply with all applicable rules and regulation may adversely impact us.
Any failure to comply with anti-corruption laws and regulations could have a material and adverse effect on our reputation, business and financial results.
Our business may be negatively impacted by the effects of climate change and by regulatory and stakeholder-imposed requirements to address climate change and other sustainability issues.
We are involved from time to time in various legal and regulatory proceedings and claims, which could adversely affect our financial performance.
Financial Risks
We are subject to significant foreign currency risk and foreign exchange exposure related to our global operations.
Our existing indebtedness and the inability to access capital markets could restrict our business activities or our ability to execute our strategic objectives or adversely affect our financial performance.
We utilize various strategies to move funds between countries to manage global liquidity needs without material adverse tax consequences. Any repatriation of cash to the U.S. may result in various tax consequences and the movement of capital remains subject to evolving government regulation, which could have an adverse impact on our liquidity and cash flows.
Common Stock Investment Risks
The price of our Common Stock may fluctuate significantly.
Risks Related to the Modine Transaction
The Modine Transaction may not be completed on the terms or timeline currently contemplated, or at all, and the failure to complete the Modine Transaction could adversely impact the market price of our Common Stock.
If the Modine Transaction is completed, we may not realize the anticipated financial and other benefits, including growth opportunities, expected from the Modine Transaction.
The integration of Performance Technologies following the Modine Transaction may present significant challenges, and the failure to successfully integrate Performance Technologies could have a material adverse effect on the combined company’s business, financial condition or results of operations.
The pendency of the Modine Transaction could have an adverse effect on our stock price, business, financial condition, results of operations or business prospects.
We will incur significant costs related to the Modine Transaction that could have a material adverse effect on our liquidity, cash flows and operating results.
We are required to abide by restrictions which could limit our ability to undertake certain corporate actions that otherwise could be advantageous.
Current shareholders’ percentage ownership interest in us will be substantially diluted in the Merger.
Legal proceedings
We are subject to litigation from time to time in the ordinary course of our business, however, there is no current material pending litigation to which we are a party and no material legal proceedings were terminated, settled or otherwise resolved during the fourth quarter of the fiscal year ended December 31, 2025.
