A Business at a Glance
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GENERAC HOLDINGS INC.
GNRC
$12.0B
Mkt Cap
$202.01
-4.03%
GENERAC HOLDINGS INC. (GNRC) has a current P/E ratio of 75.1, compared to its historical median P/E of 28.2. The stock is currently considered Expensive based on its historical valuation range.
GENERAC HOLDINGS INC. (GNRC) has a 5-year average return on invested capital (ROIC) of 12.9%. This indicates solid capital allocation.
GENERAC HOLDINGS INC. (GNRC) has a market capitalization of $15.0B. It is classified as a large-cap stock.
Yes, GENERAC HOLDINGS INC. (GNRC) pays a dividend with a trailing twelve-month yield of 0.00%. The company also returns capital through share buybacks, with a buyback yield of 0.34%.
Based on historical P/E analysis, GENERAC HOLDINGS INC. (GNRC) appears expensive. The current P/E of 75.1 is 167% above its historical median of 28.2. The estimated fair value CAGR (P/E method) is -2.5%.
GENERAC HOLDINGS INC. (GNRC) operates in the Motors & Generators industry, within the Industrials sector.
GENERAC HOLDINGS INC. (GNRC) reported annual revenue of $4.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Generac is a leading global designer, manufacturer, and provider of energy technology solutions serving residential, commercial, data center, telecom, rental, and industrial markets. The company generates revenue through a diversified portfolio spanning power generation equipment (residential and commercial standby generators, portable generators, and large-megawatt diesel generators for data centers), energy storage systems, energy management devices and solutions, and aftermarket services. The business model combines direct sales to end customers through an omni-channel distribution network (including over 9,500 residential dealers and industrial distributors) with project-based sales to large commercial and data center customers requiring customized engineering and ongoing support. Unit economics vary by segment: residential products benefit from recurring awareness-driven demand tied to power outages and grid reliability concerns, while C&I products operate on longer sales cycles with significant backlog visibility and higher capital requirements. Generac's competitive moat derives from its long-standing brand recognition in backup power, extensive global manufacturing footprint, engineering expertise in customized solutions, and established service networks across North America and internationally. The company serves homeowners and businesses seeking energy resilience amid deteriorating grid reliability, as well as hyperscale data center operators and telecommunications providers requiring mission-critical backup power infrastructure. Geographic presence spans North America (primary market with approximately 6.75% home standby penetration) and expanding international operations in Europe and Asia-Pacific.
【Data center inflection point ahead】 Management expects 2026 to represent a significant inflection year for the data center market, with the company positioned to capture growing share of the generational opportunity driven by massive capital investments in hyperscale and edge data center infrastructure to support artificial intelligence adoption. The company's backlog for large-megawatt generators has grown to over $700 million as of the first quarter 2026, providing visibility through 2027 and reflecting increased order activity from both new and existing data center customers. Residential segment growth is anticipated to accelerate in the second half of 2026 as power outage activity returns to more normal baseline levels following an exceptionally soft outage environment in late 2025, supported by higher price realization and continued expansion of the dealer network. The company is investing significantly in manufacturing capacity expansion, including a new facility in Sussex, Wisconsin expected to begin production in the second half of 2026, with domestic large-megawatt generator manufacturing capacity projected to exceed $1 billion by the fourth quarter of 2026. Operating leverage is expected to improve across both segments through disciplined cost management, favorable sales mix from higher-margin products, and the integration of recent acquisitions including Enercon and Allmand, which strengthen capabilities in data center applications and mobile power equipment respectively.
| Metric | Target | Period |
|---|---|---|
| Net sales growth | mid to high teens percent | FY2026 |
| Domestic large-megawatt generator manufacturing capacity | more than $1 billion | Q4 2026 |
| Home standby generator sales growth | mid-teens rate | FY2026 |
Net sales growth (FY2026): “we now expect consolidated net sales for the full year to increase at a mid to high teens rate as compared to the prior year”
Domestic large-megawatt generator manufacturing capacity (Q4 2026): “our new facility in Sussex, Wisconsin remains on track to begin production in the second half of this year, supporting the expected increase in our domestic generator manufacturing and assembly capacity for these products to more than $1 billion by the fourth quarter”
Home standby generator sales growth (FY2026): “we expect full year 2026 home standby generator sales to increase at a mid-teens rate over 2025”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
External Net Sales | $3.74B | $4.56B | $4.02B | $4.30B | $4.21B | 35% |
Operating Segments | $3.16B | $3.87B | $3.28B | $3.60B | $3.47B | 29% |
Residential Power Products | $2.46B | $2.91B | $2.06B | $2.43B | $2.27B | 19% |
Commercial and Industrial Power Products | $999M | $1.26B | $1.49B | $1.39B | $1.46B | 12% |
Other Products and Services | $281M | $392M | $465M | $473M | $485M | 4% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.3B | 4.2B | 4.3B | 4.0B | 4.6B | 3.7B |
| Net Income | 189M | 160M | 316M | 215M | 400M | 550M |
| EPS | $2.55 | $2.69 | $5.39 | $3.27 | $5.42 | $8.30 |
| Free Cash Flow | 331M | 268M | 605M | 393M | -28M | 301M |
| ROIC | 7.1% | 6.6% | 11.4% | 7.9% | 13.8% | 25.1% |
| Gross Margin | 38.1% | 38.3% | 38.8% | 33.9% | 33.3% | 36.4% |
| Debt/Equity | 0.47 | 0.50 | 0.56 | 0.70 | 0.63 | 0.43 |
| Dividends/Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Operating Income | 323M | 289M | 537M | 386M | 566M | 721M |
| Operating Margin | 7.5% | 6.9% | 12.5% | 9.6% | 12.4% | 19.3% |
| ROE | 7.1% | 6.2% | 13.1% | 9.3% | 17.9% | 30.5% |
| Shares Outstanding | 74M | 59M | 59M | 66M | 74M | 66M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.5B | 1.3B | 1.4B | 1.7B | 2.0B | 2.2B | 2.5B | 3.7B | 4.6B | 4.0B | 4.3B | 4.2B | 4.3B |
| Gross Margin | 35.3% | 34.9% | 35.5% | 35.0% | 35.8% | 36.2% | 38.5% | 36.4% | 33.3% | 33.9% | 38.8% | 38.3% | 38.1% |
| R&D | 31M | 33M | 37M | 43M | 50M | 68M | 80M | 104M | 160M | 173M | 220M | 243M | 244M |
| SG&A | 55M | 53M | 75M | 88M | 104M | 109M | 118M | 144M | 196M | 253M | 285M | 422M | 424M |
| EBIT | 293M | 180M | 203M | 251M | 357M | 372M | 479M | 721M | 566M | 386M | 537M | 289M | 323M |
| Op. Margin | 20.1% | 13.6% | 14.0% | 15.0% | 17.7% | 16.9% | 19.3% | 19.3% | 12.4% | 9.6% | 12.5% | 6.9% | 7.5% |
| Net Income | 175M | 78M | 97M | 158M | 238M | 252M | 351M | 550M | 400M | 215M | 316M | 160M | 189M |
| Net Margin | 12.0% | 5.9% | 6.7% | 9.4% | 11.8% | 11.4% | 14.1% | 14.7% | 8.8% | 5.3% | 7.4% | 3.8% | 4.4% |
| Non-Recurring | -576K | 4.6M | 0 | 0 | 0 | 0 | 0 | 4.4M | 592K | 285K | -138K | -3.9M | -3.9M |
| Returns on Capital | |||||||||||||
| ROIC | 14.2% | 8.0% | 9.3% | 14.5% | 19.4% | 19.0% | 23.2% | 25.1% | 13.8% | 7.9% | 11.4% | 6.6% | 7.1% |
| ROE | 43.3% | 16.3% | 22.4% | 33.0% | 36.2% | 28.1% | 28.9% | 30.5% | 17.9% | 9.3% | 13.1% | 6.2% | 7.1% |
| ROA | 9.5% | 4.3% | 5.3% | 8.1% | 10.7% | 9.9% | 11.9% | 13.6% | 8.0% | 4.2% | 6.2% | 3.0% | 3.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 253M | 189M | 241M | 257M | 247M | 309M | 487M | 411M | 59M | 522M | 741M | 438M | 499M |
| Free Cash Flow | 218M | 158M | 211M | 224M | 200M | 248M | 424M | 301M | -28M | 393M | 605M | 268M | 331M |
| Owner Earnings | 206M | 140M | 177M | 195M | 185M | 231M | 397M | 295M | -127M | 320M | 520M | 193M | -199M |
| CapEx | 35M | 31M | 30M | 33M | 48M | 61M | 62M | 110M | 86M | 129M | 137M | 170M | 168M |
| Maint. CapEx | 35M | 40M | 54M | 52M | 47M | 61M | 69M | 92M | 156M | 167M | 172M | 195M | 646M |
| Growth CapEx | 0 | 0 | 0 | 0 | 193K | 35K | 0 | 18M | 0 | 0 | 0 | 0 | 0 |
| D&A | 35M | 40M | 54M | 52M | 47M | 61M | 69M | 92M | 156M | 167M | 172M | 195M | 646M |
| CapEx/OCF | 13.7% | 16.3% | 12.0% | 12.9% | 19.3% | 19.7% | 12.8% | 26.8% | 147.3% | 24.7% | 18.4% | 38.8% | 33.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 902K | 1.4M | 76K | 0 | 314K | 285K | 0 | 0 | 309K | 0 | 273K | 293K | 0 |
| Dividend Yield | 0.0% | 0.1% | 0.0% | N/A | 0.0% | 0.0% | N/A | N/A | 0.0% | N/A | 0.0% | 0.0% | N/A |
| Share Buybacks | 0 | 100M | 150M | 30M | 26M | 0 | 0 | 126M | 346M | 252M | 153M | 148M | 50M |
| Buyback Yield | N/A | 4.7% | 5.5% | 1.0% | 0.8% | N/A | N/A | 0.5% | 4.9% | 2.9% | 1.7% | 1.8% | 0.3% |
| Stock-Based Comp | 13M | 8.2M | 9.5M | 10M | 15M | 17M | 21M | 24M | 29M | 35M | 49M | 50M | 52M |
| Debt Repayment | 94M | 151M | 38M | 117M | 102M | 53M | 278M | 109M | 542M | 289M | 795M | 169M | 169M |
| Balance Sheet | |||||||||||||
| Net Debt | 923M | 961M | 939M | 818M | 723M | 569M | 220M | 808M | 1.3B | 1.4B | 1.1B | 968M | 987M |
| Cash & Equiv. | 190M | 116M | 67M | 138M | 224M | 323M | 655M | 147M | 133M | 201M | 281M | 341M | 266M |
| Long-Term Debt | 1.1B | 1.1B | 1.0M | 935M | 901M | 832M | 834M | 882M | 1.4B | 1.4B | 1.2B | 1.2B | 1.2B |
| Debt/Equity | 2.27 | 2.31 | 2.51 | 1.73 | 1.25 | 0.86 | 0.63 | 0.43 | 0.63 | 0.70 | 0.56 | 0.50 | 0.47 |
| Interest Coverage | 6.2 | 4.2 | 4.5 | 5.9 | 8.7 | 9.0 | 14.5 | 21.9 | 10.3 | 4.0 | 6.0 | 4.1 | 4.7 |
| Equity | 490M | 466M | 401M | 554M | 761M | 1.0B | 1.4B | 2.2B | 2.3B | 2.3B | 2.5B | 2.6B | 2.7B |
| Total Assets | 1.9B | 1.8B | 1.9B | 2.0B | 2.4B | 2.7B | 3.2B | 4.9B | 5.2B | 5.1B | 5.1B | 5.6B | 5.6B |
| Total Liabilities | 1.4B | 1.3B | 1.4B | 1.4B | 1.6B | 1.6B | 1.8B | 2.6B | 2.8B | 2.7B | 2.6B | 2.9B | 2.9B |
| Intangibles | 285M | 257M | 255M | 236M | 246M | 298M | 292M | 1.0B | 931M | 846M | 759M | 675M | 7.8M |
| Retained Earnings | 280M | 358M | 456M | 611M | 831M | 1.1B | 1.4B | 2.0B | 2.3B | 2.5B | 2.8B | 3.0B | 3.1B |
| Working Capital | 490M | 419M | 342M | 428M | 560M | 699M | 1.0B | 693M | 1.2B | 1.1B | 999M | 1.2B | 1.2B |
| Current Assets | 730M | 632M | 684M | 825M | 1.1B | 1.2B | 1.7B | 1.8B | 2.2B | 2.0B | 2.0B | 2.5B | 2.4B |
| Current Liabilities | 241M | 213M | 342M | 396M | 561M | 497M | 642M | 1.2B | 992M | 881M | 1.0B | 1.2B | 1.2B |
| Per Share Data | |||||||||||||
| EPS | 2.49 | 1.12 | 1.47 | 2.53 | 3.54 | 4.03 | 5.48 | 8.30 | 5.42 | 3.27 | 5.39 | 2.69 | 2.55 |
| Owner EPS | 2.93 | 2.02 | 2.68 | 3.13 | 2.75 | 3.70 | 6.20 | 4.45 | -1.72 | 4.87 | 8.87 | 3.26 | -2.67 |
| Book Value | 6.98 | 6.71 | 6.07 | 8.88 | 11.30 | 16.51 | 21.73 | 33.38 | 30.63 | 35.66 | 42.50 | 44.38 | 36.04 |
| Cash Flow/Share | 3.61 | 2.72 | 3.65 | 4.13 | 3.67 | 4.94 | 7.61 | 6.20 | 0.79 | 7.95 | 12.63 | 7.38 | 11.25 |
| Dividends/Share | 0.01 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares Out. | 70.1M | 69.4M | 66.1M | 62.4M | 67.3M | 62.5M | 64.0M | 66.3M | 73.7M | 65.6M | 58.7M | 59.3M | 74.2M |
| Valuation | |||||||||||||
| P/E Ratio | 19.1 | 27.1 | 27.5 | 19.7 | 13.9 | 25.2 | 42.5 | 41.9 | 17.8 | 40.0 | 28.9 | 52.3 | 79.2 |
| P/FCF | 15.3 | 13.4 | 12.9 | 13.9 | 16.6 | 25.6 | 35.1 | 76.7 | N/A | 21.9 | 15.1 | 31.1 | 45.3 |
| EV/EBIT | 13.8 | 16.3 | 17.8 | 15.0 | 10.6 | 17.8 | 30.2 | 33.0 | 14.6 | 25.3 | 18.5 | 31.1 | 49.5 |
| Price/Book | 6.8 | 4.5 | 6.8 | 5.6 | 4.3 | 6.2 | 10.7 | 10.4 | 3.1 | 3.7 | 3.7 | 3.2 | 5.6 |
| Price/Sales | 2.3 | 2.0 | 1.6 | 1.5 | 1.7 | 2.0 | 3.8 | 6.5 | 3.6 | 1.9 | 2.0 | 2.1 | 3.5 |
| FCF Yield | 6.5% | 7.5% | 7.8% | 7.2% | 6.0% | 3.9% | 2.8% | 1.3% | -0.4% | 4.6% | 6.6% | 3.2% | 2.2% |
| Market Cap | 3.3B | 2.1B | 2.7B | 3.1B | 3.3B | 6.4B | 14.9B | 23.1B | 7.1B | 8.6B | 9.1B | 8.3B | 15.0B |
| Avg. Price | 48.95 | 38.31 | 36.15 | 41.03 | 51.14 | 69.50 | 146.23 | 367.32 | 224.67 | 115.52 | 144.35 | 151.04 | 202.01 |
| Year-End Price | 47.68 | 30.39 | 41.21 | 49.81 | 49.11 | 101.71 | 233.04 | 348.18 | 96.24 | 130.93 | 155.67 | 140.56 | 202.01 |
GENERAC HOLDINGS INC. passes 3 of 9 quality checks, indicating weak fundamentals.
GENERAC HOLDINGS INC. trades at 75.1x trailing earnings, compared to its 15-year median P/E of 28.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 44.2x vs a median of 21.9x. The company's 5-year average ROIC is 12.9% with a gross margin of 36.1%. Total shareholder yield (buybacks) is 0.3%. At current prices, the estimated annualized return to fair value is +5.2%.
GENERAC HOLDINGS INC. (GNRC) has a net profit margin of 3.8%. This is a modest margin.
GENERAC HOLDINGS INC. (GNRC) generated $268 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GENERAC HOLDINGS INC. (GNRC) has a debt-to-equity ratio of 0.50. This indicates a conservatively financed balance sheet.
GENERAC HOLDINGS INC. (GNRC) reported earnings per share (EPS) of $2.69 in its most recent fiscal year.
GENERAC HOLDINGS INC. (GNRC) has a return on equity (ROE) of 6.2%. This indicates moderate shareholder returns.
GENERAC HOLDINGS INC. (GNRC) has a 5-year average gross margin of 36.1%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for GENERAC HOLDINGS INC. (GNRC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GENERAC HOLDINGS INC. (GNRC) has a book value per share of $44.38, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to represent a significant inflection year for the data center market, with the company positioned to capture growing share of the generational opportunity driven by massive capital investments in hyperscale and edge data center infrastructure to support artificial intelligence adoption. The company's backlog for large-megawatt generators has grown to over $700 million as of the first quarter 2026, providing visibility through 2027 and reflecting increased order activity from both new and existing data center customers. Residential segment growth is anticipated to accelerate in the second half of 2026 as power outage activity returns to more normal baseline levels following an exceptionally soft outage environment in late 2025, supported by higher price realization and continued expansion of the dealer network. The company is investing significantly in manufacturing capacity expansion, including a new facility in Sussex, Wisconsin expected to begin production in the second half of 2026, with domestic large-megawatt generator manufacturing capacity projected to exceed $1 billion by the fourth quarter of 2026. Operating leverage is expected to improve across both segments through disciplined cost management, favorable sales mix from higher-margin products, and the integration of recent acquisitions including Enercon and Allmand, which strengthen capabilities in data center applications and mobile power equipment respectively.
Based on recent SEC filings and earnings calls, GENERAC HOLDINGS INC. (GNRC) has provided the following forward guidance: Net sales growth: mid to high teens percent (FY2026); Domestic large-megawatt generator manufacturing capacity: more than $1 billion (Q4 2026); Home standby generator sales growth: mid-teens rate (FY2026).