Does Gentherm Inc have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Gentherm Inc (THRM) 54.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 41, returns on capital 47, balance-sheet safety 97, capital discipline 40.

Is THRM stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $19.54 per share versus a recent price of $35.94 — 84% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has THRM's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 54.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Gentherm Inc

THRM · Consumer Discretionary · $1.1B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power41

Median gross margin 29.0% over 10y, stable.

Returns on capital47

Median ROIC 10.2%, above the 9% hurdle in 70% of years.

Balance-sheet safety97

Net debt/EBITDA 0.2x, no material interest expense disclosed.

Capital discipline40

Owner earnings -14.7%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

84% above value

Owner earnings (normalized): $53.7M
Est. intrinsic value / share: $19.54
Recent price: $35.94
Discount to value: 84% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Gentherm Inc booked $1.5B of revenue in FY2025 in the Consumer Discretionary sector and kept 24.2% of it as gross profit — a moderate-margin business by that measure. After every other cost, 1.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $60.9M (FY2009) to $1.5B (FY2025) — about 22.2% a year compounded over 16 years.

It earned 7.2% on invested capital in FY2025, with a median of 12.8% across 17 filed years. The Returns on Capital filter above scores it 47/100.

The balance sheet carried $189.1M of total debt in FY2025 against $18.3M of owner earnings — roughly 10.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 97/100.

The share count rose 38.5% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 40/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (97/100) and Capital Discipline the weakest (40/100), which is how THRM lands at 54/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.5B FY2025

Gross marginRevenue kept after cost of goods24.2% FY2025

Return on invested capitalOperating profit on the capital employed7.2% FY2025

Owner earningsCash an owner could take out$18.3M FY2025

Gaps in a line mean that item isn’t in THRM’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale54.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — THRM has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#138 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#136SPWH SPORTSMAN’S WAREHOUSE HOLDINGS, INC.54.4 out of 100, Shallow moatShallow moat
#137TTSH TILE SHOP HOLDINGS, INC.54.3 out of 100, Shallow moatShallow moat
#139GCO Genesco Inc.53.3 out of 100, Shallow moatShallow moat
#140LCII LCI INDUSTRIES52.3 out of 100, Shallow moatShallow moat

Compare THRM with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about THRM

Does Gentherm Inc have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Gentherm Inc (THRM) 54.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 41, returns on capital 47, balance-sheet safety 97, capital discipline 40.
Is THRM stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $19.54 per share versus a recent price of $35.94 — 84% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has THRM's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 54.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell THRM. See the disclaimer.