Here are a few analogies for Gentex (GNTX):

• They're like the Intel of smart rearview mirrors, providing advanced, integrated electronic systems and auto-dimming technology to most major car manufacturers.

• For their specialized dimmable glass, you could think of them as the Corning for smart car and aircraft windows, focusing on electrochromic technology that automatically adjusts to light.

• Automatic-Dimming Mirrors: Electrochromic rearview and exterior mirrors that automatically darken to reduce glare from headlights.
• Advanced Electronic Features for Automotive: Integration of various technologies into automotive mirrors, such as HomeLink, displays, and camera-based monitoring systems.
• Dimmable Aircraft Windows: Electrochromic windows for aircraft cabins and cockpits that allow passengers to control the amount of light entering.
• Commercial Fire Protection Products: Photoelectric smoke detectors, CO detectors, and other signaling products for commercial fire protection systems.

Gentex (GNTX) primarily sells its products to other companies, specifically original equipment manufacturers (OEMs) in the automotive and aerospace industries. For its fire protection products, it sells through a network of independent sales representatives and distributors to electrical wholesalers and fire protection product distributors, which then supply commercial builders and contractors.

Its major customers include, but are not limited to, the following:

• General Motors Company (GM)
• Toyota Motor Corporation (TM)
• Ford Motor Company (F)
• Volkswagen AG (VWAGY)
• Stellantis N.V. (STLA)
• Hyundai Motor Company (HYMLF)
• Mercedes-Benz Group AG (MBGAF)
• BMW AG (BMWYY)
• Honda Motor Co., Ltd. (HMC)
• Nissan Motor Co., Ltd. (NSANY)
• Tesla, Inc. (TSLA)
• Rivian Automotive, Inc. (RIVN)
• Lucid Group, Inc. (LCID)
• The Boeing Company (BA)

Steve Downing, President and Chief Executive Officer

Steve Downing joined Gentex in 2002 as a financial analyst and progressed through various roles in commercial management before becoming Vice President of Commercial Management in 2012. He served as Chief Financial Officer and Vice President of Finance from May 2013 to June 2015, and then as Senior Vice President with added responsibility for business development and sales. In August 2017, he was promoted to President, Chief Operating Officer, Interim Chief Financial Officer, and Treasurer, eventually becoming Chief Executive Officer on January 1, 2018. Prior to joining Gentex, Mr. Downing worked for a private company, where he was involved in activity-based costing, price modeling and control, and financial statement consolidation. He holds a Bachelor of Science degree in Finance from Liberty University.

Kevin Nash, Chief Financial Officer, CAO, Vice President of Finance, and Treasurer

Kevin Nash started at Gentex in 1999 as a Senior Accountant and held positions such as Accounting Manager, Corporate Controller, and Director of Accounting. He was promoted to Chief Financial Officer, Vice President of Finance, and Treasurer in 2018. His responsibilities include overseeing all aspects of Gentex's accounting functions, SEC reporting, and financial planning. Before his tenure at Gentex, Mr. Nash worked as a Senior Accountant for ODL Incorporated. He earned a Bachelor's degree in Accounting from Hope College and became a Certified Management Accountant in 2006. In 2023, Mr. Nash agreed to pay $75,000 to settle SEC charges related to financial reporting and internal accounting controls violations concerning executive and employee bonus compensation programs.

Neil Boehm, Chief Operations Officer and Chief Technology Officer

Neil Boehm joined Gentex in 2001 as a program manager and held increasing responsibilities in product development and engineering, including Vice President of Engineering. He was promoted to Chief Technology Officer in 2018 and has been instrumental in developing the company's product and technology portfolio. In January 2025, he was promoted to Chief Operations Officer while retaining his CTO responsibilities. Before joining Gentex, Mr. Boehm worked as an engineering manager for Johnson Controls, Inc., where he gained extensive international customer experience, including an expatriate assignment in Japan. He holds a Bachelor of Science degree in Electrical Engineering from Michigan Technological University.

Matt Chiodo, Chief Sales Officer and Senior Vice President of Sales

Matt Chiodo serves as the Chief Sales Officer and Senior Vice President of Sales for Gentex. Prior to joining Gentex, he was a Platform Director at Prince Corporation, an automotive interior parts manufacturer that was acquired by Johnson Controls in 1996. He holds an undergraduate degree from Hillsdale College.

Scott Ryan, Vice President, General Counsel, Corporate Secretary, and Sustainability Officer

Scott Ryan began working with Gentex as an outside consultant in 2006 and joined the company in 2010. He was promoted to Corporate Secretary in June 2015 and to Vice President and General Counsel in 2018. In August 2018, he assumed his current role, overseeing a global legal team and managing compliance functions, including intellectual property, contracts, and M&A. Before Gentex, Mr. Ryan worked as a law clerk for a State of Michigan circuit judge and with the Prosecuting Attorney's Association of Michigan. He also served as a patent attorney in private practice for over six years. Mr. Ryan has a background in electrical engineering from Michigan State University and a Juris Doctor from Michigan State University College of Law.

The public company Gentex (GNTX) faces several key risks to its business, primarily stemming from its heavy reliance on the automotive industry. These risks are:

1. Dependence on the Automotive Sector: Gentex generates approximately 98% of its total revenue from the automotive industry, making it highly susceptible to the cyclical nature of this sector. This includes vulnerabilities to economic downturns, shifts in consumer preferences, and regulatory changes affecting automotive production. Furthermore, exposure to slower-growth customers like Tesla and Volkswagen, and challenges within the Chinese market, could directly impact Gentex's sales volumes and revenue.
2. Industry Volatility, Economic Uncertainty, and Pricing Pressures: Gentex's business is significantly impacted by broader automotive industry volatility and economic uncertainties. This encompasses risks such as tariffs, inflation, supply chain disruptions, and increasing costs for raw materials, energy, and labor. The company also faces ongoing pricing pressures from its automotive customers and competitors, which can erode profit margins if not effectively managed through cost reductions and technological advancements.
3. Intellectual Property Risks: Gentex's competitive advantage is significantly dependent on its extensive patent portfolio. The company faces risks associated with intellectual property litigation, infringement claims, and the potential loss of significant patents or trade secrets. Additionally, a lack of adequate intellectual property protection in certain international markets, such as China, poses an ongoing risk to its market position.

Gentex (GNTX) operates in several markets, with its primary focus on automotive products. The addressable markets for its main products and services are as follows:

• Automotive Rearview Mirrors (including Automatic-Dimming Mirrors, Full Display Mirrors, and integrated electronics):
  • The global automotive rearview mirror market is projected to reach approximately US$ 8,100.6 million in 2024 and grow to US$ 9,069.1 million by 2030.
  • The global automotive interior mirror market is projected to reach an estimated US$ 7,500 million (US$ 7.5 billion) by 2025.
  • The global smart mirror market, which includes automotive smart mirrors, was estimated at US$ 2.7 billion in 2022 and is projected to reach US$ 5.9 billion by 2027. Gentex is a leading producer in this market, holding approximately an 86% global market share for automatic-dimming rearview mirrors in 2024.
• Dimmable Aircraft Windows (Aerospace):
  • The global electrochromic glass market, which includes applications in aviation, is expected to reach US$ 2,280 million (US$ 2.28 billion) in 2025 and is projected to surpass US$ 5,061 million (US$ 5.06 billion) by 2035.
• HomeLink Wireless Control System: null
• Fire Protection Products: null
• Nanofiber and Medical Products: null

1. Expansion and Adoption of Full Display Mirror (FDM) and Advanced Electronic Features: Gentex continues to highlight its Full Display Mirror technology as a primary growth driver, with ongoing investments in next-generation camera and display technologies, new feature content, and user experience enhancements. The FDM is now on over 124 nameplates globally, and increased take rates of FDM and other advanced features are contributing to content per vehicle growth. Management emphasizes the product launch cadence, with over 55% of product launches being advanced interior and exterior auto-dimming mirrors with electronic features, particularly HomeLink and FDM.
2. Growth in Driver Monitoring Systems (DMS): The company has launched its first driver monitoring system, which is now shipping on Rivian R1T and R1S vehicles. This new product offering is expected to provide additional revenue growth opportunities and is part of Gentex's strategy to de-risk the business by reducing dependence on light vehicle production.
3. Integration and Synergies from the VOXX International Acquisition: The acquisition of VOXX International is a significant driver of consolidated revenue. Gentex expects VOXX to contribute substantially to revenue, with guidance projecting between $240 million and $280 million in 2025, and annualised revenue between $325 million and $375 million. The company is also focused on achieving substantial cost synergies and operational streamlining from this integration, which is expected to positively impact net income.
4. Diversification and Launch of New Products in "Other" Markets: Gentex is actively expanding its "other" product lines beyond automotive, including dimmable aircraft windows, fire protection products, medical devices, and biometrics. Specifically, in-house, mass-scale production capability for dimmable sunroofs and visors is targeted for late Q1 to early Q2 2026. The CEO has also highlighted biometric expansion as a key strategy. These new market penetrations and product introductions are anticipated to contribute to promising revenue growth.

Share Repurchases

• Gentex repurchased 6.4 million shares of its common stock for $206.1 million in 2024.
• As of the third quarter of 2025, the company had repurchased 9.8 million shares year-to-date for a total of $230.5 million.
• In July 2025, the Board of Directors authorized an additional share repurchase of up to 40 million shares, bringing the total authorized for repurchase to approximately 40.6 million shares as of July 25, 2025.

Share Issuance

• As of September 30, 2024, the company issued 442,718 shares under its 2022 Employee Stock Purchase Plan.
• Issuance of common stock from stock plan transactions totaled $3,782,044.

Outbound Investments

• Gentex completed the acquisition of VOXX International Corporation on April 1, 2025. This acquisition is expected to expand Gentex's product line and increase annual revenue by $325 million to $375 million, providing new access to markets like biometric authentication and consumer electronics.
• The company made strategic "Technology Investments" in non-marketable debt or equity securities of other non-consolidated third parties, totaling approximately $149.9 million as of September 30, 2024, and $128.0 million as of December 31, 2023.

Capital Expenditures

• Capital expenditures were $183.7 million in 2023 and $144.7 million in 2024.
• For 2025, expected capital expenditures are projected to be between $115 million and $125 million.
• The primary focus of capital expenditures includes manufacturing investments, digital manufacturing, and high-impact initiatives.