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Genuine Parts Co GPC

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Morningstar’s Analysis

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Strength in Both Segments Propels Genuine Parts to a Solid Third Quarter, but Its Shares Seem Rich

Zain Akbari, CFA Equity Analyst

Analyst Note

| Zain Akbari, CFA |

We plan a mid-single-digit percentage increase for our $113 per share valuation of narrow-moat Genuine Parts after it announced third-quarter results that suggest it is ahead of our full-year targets. We attribute the outperformance to the cadence of the ongoing recovery from the pandemic, so our long-term forecast still assumes low- to mid-single-digit percentage top-line growth and mid- to high-single-digit adjusted operating margins long term. We suggest investors seek a more attractive entry point.

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Company Profile

Business Description

Genuine Parts sells automotive parts (about two-thirds of net sales) and industrial components. The company sells vehicle parts to commercial and retail customers through roughly 9,800 stores worldwide, most of which are independently owned. Its industrial unit, primarily operating under the Motion Industries banner in the United States, supplies bearings, power transmission, industrial automation, hydraulic, and pneumatic components to maintenance, repair, and OEM clients.

2999 Wildwood Parkway
Atlanta, GA, 30339
T +1 678 934-5000
Sector Consumer Cyclical
Industry Specialty Retail
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 50,000