Gentex Corporation (GNTX)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	504,981	369,723	416,352	411,813	500,415
Revenue	US$ in thousands	2,299,220	1,918,960	1,731,170	1,688,190	1,858,900
Pretax margin		21.96%	19.27%	24.05%	24.39%	26.92%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $504,981K ÷ $2,299,220K
= 21.96%

Gentex Corp.'s pretax margin has exhibited some fluctuations over the past five years. The pretax margin was relatively stable in the range of 24-27% from 2019 to 2020. However, there was a notable decrease to 19.27% in 2022, indicating a potential decline in the company's profitability before taxes. The pretax margin slightly recovered in 2023 to 21.96%, but it still remained below the levels seen in 2019 and 2020. Overall, the downward trend in pretax margin from 2020 onwards suggests that Gentex Corp. may have faced challenges in maintaining its profitability during those years.