2023 2022
Net Sales $3,570.2 $3,554.2
Adjusted EBITDA* $747.0 $680.6
Adjusted EBITDA Margin* 20.9% 19.1%
Free Cash Flow* $409.6 $178.8
Adjusted EPS* $1.36 $1.14
ROIC 23.0% 20.0%
Net Debt to Adjusted EBITDA* 2.3x 2.8x

Figures are in millions of US dollars except per share data

* indicates non-GAAP financial measures, which management believes are useful to investors. Non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. For additional information, please see the supplemental reconciliations provided here.

2023 Sales by Segment

Fluid Power

Power Transmission

2023 Sales by Channel

First-Fit (OEM)

Replacement (Distributor)

2023 Sales by Market

Energy & Resources

Auto Replacement

Personal Mobility

Auto First-Fit



Diversified Industrial

2023 Sales by Geography

// north-america // north-america // latin-america Created with Raphaël 2.1.0

49% North America

5% South America

27% Europe, Middle East, Africa

10% East Asia and India

9% China

Why Invest in Gates?

Gates Corporation is a leading global manufacturer of application-specific power transmission and fluid power solutions serving a diverse set of end markets and geographies. We are focused on being the best-in-class provider of highly engineered components that perform mission-critical functions in demanding applications with natural replacement cycles. Nearly two-thirds of our sales are to replacement markets, with the balance to original equipment manufacturers (OEMs), also known as first-fit customers. Our high replacement mix mitigates economic cyclicality.

Gates delivers investment value by:

  • Driving core revenue growth above the markets where we participate
  • Delivering consistent margin improvement and free cash flow (FCF) generation
  • Exercising prudent balance sheet management and opportunistic return of capital to shareholders
Learn more

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