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Gentex Corp GNTX Stock Quote

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Morningstar‘s Stock Analysis GNTX

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Economic Moat


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Gentex's Fortress of a Balance Sheet Gives It Downside Protection

Business Strategy and Outlook

| David Whiston, CFA, CPA, CFE |

Gentex manufactures auto-dimming rear- and side-view mirrors that use electrochromic technology. These mirrors automatically darken to eliminate headlight glare for drivers and have many other applications. With over 2,000 patents worldwide, some valid through 2044, and a dominant 91% market share, up from 77% in 2003, Gentex has a narrow economic moat it should be able to protect for a long time, in our opinion.

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Key Statistics GNTX

Company Profile GNTX

Business Description

Gentex was founded in 1974 to produce smoke-detection equipment. The company sold its first glare-control interior mirror in 1982 and its first model using electrochromic technology in 1987. Automotive revenue is about 98% of total revenue, and the company is constantly developing new applications for the technology to remain on top. Sales in 2021 totaled about $1.7 billion with 41.8 million mirrors shipped. The unit mix breaks out as 65% interior and 35% exterior, versus about 32% exterior in 2020. The company is based in Zeeland, Michigan.

600 North Centennial Street
Zeeland, MI, 49464
T +1 616 772-1800
Industry Auto Parts
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 4,998

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