GNTX · CIK 355811
What Gentex Corporation told the SEC could break it.
Gentex's risks bracket its concentrated footprint and its exposure to trade policy. Nearly all of its proprietary electro-optic products are made at two plants about three miles apart in Zeeland and Holland, Michigan, so a single regional disaster could disrupt most of its output. Trade policy is already biting — tariff and counter-tariff actions cut demand for its exports into China, contributing to a roughly 2% core-sales decline, a 29% drop in its China-business revenue and about 110 basis points of gross-margin pressure in 2025 — and it depends on a limited number of suppliers for the conflict-free minerals its products require, adding sourcing risk.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- single-region manufacturing (Zeeland/Holland, Michigan)medium
Nearly all proprietary electro-optic product manufacturing is concentrated in two facilities ~3 miles apart in Zeeland and Holland, Michigan, creating single-region catastrophe exposure.
“Manufacturing of our proprietary products employing electro-optic technology is performed primarily at our manufacturing facilities in Zeeland and Holland, Michigan.”
SEC filing →As of 2026
Regulatory & policy
- U.S.-China tariffs and counter-tariffs (export demand)medium
Tariff and counter-tariff actions cut demand for Gentex exports into China — driving a ~2% core sales decline, a 29% drop in China-business revenue, and ~110 bps of gross-margin pressure in 2025.
“Core Gentex sales were $2.27 billion for calendar year 2025, a 2% decline versus calendar year 2024, primarily driven by tariff and counter-tariff actions and resulting reduction in demand for exports of the Company's products into the China market.”
Supplier concentration
- conflict-free minerals (limited suppliers)low
Only a limited number of suppliers offer the 'conflict free' minerals Gentex's products require, creating risk to obtaining sufficient quantities at competitive prices.
“As there are only a limited number of suppliers offering "conflict free" minerals necessary for our products, the Company cannot always be absolutely certain that we will be able to obtain necessary conflict minerals from such suppliers in sufficient quantities or at competitive prices.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Volkswagen AG
“In 2025, the Company had three automotive customers (including direct sales to original equipment manufacturer ("OEM") customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of consolidated net sales as follows: Toyota Motor Company Volkswagen Group General Motors 2025 18 % 11 % 10 %”
Cited →“In 2025, the Company had three automotive customers (including direct sales to original equipment manufacturer ("OEM") customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of consolidated net sales as follows: Toyota Motor Company Volkswagen Group General Motors 2025 18 % 11 % 10 %”
Cited →“In 2025, the Company had three automotive customers (including direct sales to original equipment manufacturer ("OEM") customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of consolidated net sales as follows: Toyota Motor Company Volkswagen Group General Motors 2025 18 % 11 % 10 %”
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