Gencor (GENC) AI Stock Analysis

• Market Cap: $200.22M
• Dividend Yield: N/A
• Average Volume (3M): 24.93K
• Price to Earnings (P/E): 13.0
• Beta (1Y): 1.05
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 314
• Sector: Industrials
• Sector Strength: 72
• Industry: Agricultural - Machinery
• EPS (TTM): 0.13
• Shares Outstanding: 12,338,845
• 10 Day Avg. Volume: 35,107
• 30 Day Avg. Volume: 24,928
• PEG Ratio: 1.69
• Price to Book (P/B): 1.01
• Price to Sales (P/S): 1.86
• P/FCF Ratio: 194.07
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 1.63
• Enterprise Value/Gross Profit: 5.93
• Enterprise Value/Ebitda: 10.38
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: $14.50 ▲(7.41% Upside)

The score is driven primarily by strong financial quality—solid profitability and an ultra-low-debt balance sheet—tempered by weak cash flow consistency and limited growth. Technical signals are mixed-to-soft with the stock below key longer-term moving averages, while valuation appears reasonably attractive at ~12.4x earnings.

Gencor Business Overview & Revenue Model

Company Description

Gencor Industries, Inc., together with its subsidiaries, designs, manufactures, and sells heavy machinery used in the production of highway construction materials and environmental control equipment. The company offers hot-mix asphalt plants to produce asphalt paving materials; related asphalt plant equipment, including hot-mix storage silos, fabric filtration systems, cold feed bins, and other plant components; and a range of mobile batch plants. It also provides combustion systems that transform solid, liquid, or gaseous fuels into usable energy, or burn multiple fuels in asphalt and aggregate drying industries; and combustion systems for rotary dryers, kilns, fume and liquid incinerators, and fuel heaters, as well as industrial incinerators. In addition, the company offers thermal fluid heat transfer systems that transfer heat for storage, heating, and pumping viscous materials, such as asphalt, chemicals, heavy oils, etc. in various industrial and petrochemical applications; specialty storage tanks for various industrial uses; and asphalt pavers under the Blaw-Knox brand. Gencor Industries, Inc. sells its products primarily to the highway construction industry through its sales representatives, and independent dealers and agents worldwide. The company was formerly known as Mechtron International Corporation and changed its name to Gencor Industries, Inc. in 1987. Gencor Industries, Inc. was founded in 1894 and is based in Orlando, Florida.

How the Company Makes Money

Gencor Financial Statement Overview

Summary

Strong profitability recovery and healthy margins, plus an exceptionally conservative balance sheet with near-zero leverage. The main offsets are flat-to-slightly-down revenue and notably inconsistent cash generation, with a sharp drop in operating and free cash flow in 2025 versus prior years.

Income Statement

Profitability is solid and improved meaningfully versus the 2022 loss: net margin rebounded to ~13.6% in 2025 (annual) and gross margin remains healthy around ~27%. Operating profitability is also consistent, with EBIT margin holding near ~12% in 2024–2025. The main weakness is growth: revenue was essentially flat over the last few years and slightly down in 2025 (annual), which limits the upside despite strong margins.

Balance Sheet

The balance sheet is exceptionally conservative with very low debt (debt-to-equity near zero across the period), providing strong financial flexibility and low solvency risk. Equity has steadily grown (from ~$161M in 2020 to ~$212M in 2025), supporting asset growth as well. Returns on equity are respectable in the ~7–8% range recently, though not standout, and the 2022 dip highlights earnings cyclicality rather than leverage risk.

Cash Flow

Cash generation is the key weak spot due to volatility. Operating cash flow and free cash flow were strong in 2023–2024, but 2025 (annual) dropped sharply (operating cash flow ~$3.1M and free cash flow ~$1.1M), with cash conversion well below earnings (operating cash flow covers only ~35% of net income, and free cash flow is ~36% of net income). The business can generate meaningful cash in good years, but consistency is lacking, and 2022 also showed negative operating and free cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	115.44M	115.44M	113.17M	105.08M	103.48M	85.28M
Gross Profit	31.71M	31.71M	31.33M	29.04M	20.54M	18.18M
EBITDA	18.13M	16.37M	16.29M	16.26M	6.99M	3.29M
Net Income	15.66M	15.66M	14.56M	14.67M	-372.00K	5.80M
Balance Sheet
Total Assets	222.60M	222.60M	208.12M	195.75M	179.31M	179.46M
Cash, Cash Equivalents and Short-Term Investments	136.30M	136.30M	115.41M	101.28M	98.88M	118.21M
Total Debt	339.00K	339.00K	330.00K	328.00K	396.00K	785.00K
Total Liabilities	10.79M	10.79M	11.98M	14.16M	12.40M	12.17M
Stockholders Equity	211.80M	211.80M	196.14M	181.58M	166.92M	167.29M
Cash Flow
Free Cash Flow	2.81M	1.10M	8.45M	7.45M	-13.65M	1.16M
Operating Cash Flow	4.77M	3.07M	9.29M	10.20M	-9.13M	3.82M
Investing Cash Flow	-1.96M	-1.96M	-840.00K	-2.75M	-4.52M	-16.44M
Financing Cash Flow	0.00	0.00	0.00	0.00	―	264.00K

Gencor Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CMCO	72 Outperform	$553.88M	144.57	0.44%	1.59%	-2.36%	-73.77%
MTW	70 Outperform	$474.25M	8.38	8.82%	―	-0.83%	―
GENC	69 Neutral	$200.22M	12.95	7.68%	―	―	―
ARTW	66 Neutral	$11.85M	6.46	15.99%	―	-4.37%	―
ASTE	66 Neutral	$1.09B	22.79	7.37%	1.14%	6.66%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
WNC	62 Neutral	$409.22M	1.70	84.07%	3.59%	-22.95%	―

Gencor Corporate Events

Gencor Announces Executive Chairman EJ Elliott’s Retirement Transition

On December 23, 2025, Gencor Industries, Inc. announced that its founder and long-time leader EJ Elliott will retire as Executive Chairman of the Board effective December 31, 2025, marking the end of a tenure that began with the company’s founding in 1968 and included service as Chief Executive Officer from 1968 to 2016. In a planned leadership transition that maintains family and management continuity, the Board has appointed current President and director Marc Elliott, who has served on the Board since 2007, to become Chairman effective January 1, 2026, a move that signals stability for stakeholders as the company navigates its position in the heavy machinery and highway construction equipment market.