“The decrease of cash used in investing activities was primarily driven by decreased capital expenditures of $15.4 million, and a $5.3 million decrease in net cash paid under company-owned life insurance policies, partially offset by $0.6 million fewer proceed…”10-Q · Jul 31, 2026 ↗
Gates Industrial Corporation Ltd.
GTES
Market read
Gates Industrial Corporation Ltd.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 25 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
- Revenue increased 0.4% versus the comparable filing period.
- Operating margin fell 1.9 percentage points.
- Fluid Power Adjusted EBITDA declined 7.4% (driven primarily by lower volumes) for the three months ended March 28, 2026.
Invalidation: The isolated read changes if GTES's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 25 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
- Revenue increased 0.4% versus the comparable filing period.
- Operating margin fell 1.9 percentage points.
- Gross margin fell 0.9 percentage points.
- Fluid Power Adjusted EBITDA declined 7.4% (driven primarily by lower volumes) for the three months ended March 28, 2026.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Net margin changed +1.6 percentage points in the latest annual period.
- Foreign exchange has repeated adverse evidence across 5 filings.
- Demand and volume has repeated adverse evidence across 4 filings.
- P/E is 45% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 47% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
25.63Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“Interest expense increased by $1.2 million and $1.5 million during the three and six months ended June 27, 2026, respectively, when compared to the equivalent prior year period, primarily due to a less favorable impact from derivatives, partially offset by lo…”10-Q · Jul 31, 2026 ↗
“Our net sales for the six months ended June 27, 2026 were favorably impacted by movements in average currency exchange rates of $14.2 million.”10-Q · Jul 31, 2026 ↗
“36 Fluid Power Adjusted EBITDA for the six months ended June 27, 2026 decreased by 3.4%, or $5.0 million, compared to the prior year period, driven primarily by lower volumes and inflationary impacts, partially offset by benefits from pricing.”10-Q · Jul 31, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.9× · EV/sales 2.3×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for GTES. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-05-01 against the comparable filing from 2025-04-30.
What improved
- Revenue increased 0.4% versus the comparable filing period.
What weakened
- Operating margin fell 1.9 percentage points.
- Gross margin fell 0.9 percentage points.
Filing receipts
“Analysis by Operating Segment Power Transmission (62.6% of Gates’ net sales for the three months ended March 28, 2026) Three months ended (dollars in millions) March 28, 2026 March 29, 2025 Period over period change Net sales $ 533.2 $ 527.2 1.1 % Adjusted EBITDA $ 112.0 $ 116.7 (4.0 %) Adjusted EBITDA margin 21.0 % 22.1 % Net sales in Power Transmission for the three months ended March 28, 2026, increased by 1.1%, or $6.0 million, compared to the prior year period, driven primarily by benefits from pricing of $11.3 million, partially offset by lower volumes.”
“The decrease of cash used in investing activities was primarily driven by decreased capital expenditures of $4.7 million, partially offset by a $0.4 million increase in net cash paid under company-owned life insurance policies, and $0.7 million fewer proceeds from the sale of property, plant and equipment.”
“Fluid Power Adjusted EBITDA for the three months ended March 28, 2026 decreased by 7.4%, or $5.2 million, compared to the prior year period, driven primarily by lower volumes, partially offset by benefits from pricing.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind GTES
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AMGAffiliated Managers Group, Inc.partnerFeb 12, 2026 ▾
“Purchases of Equity Securities by the Issuer and Affiliated Purchasers None.”
Filing peers
No filing peers are available for this name yet.
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What is moving around it
Live connections
GTES is currently a Follower in the organic co-movement group Industrial Infrastructure. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.