Gentex Corp

GNTX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$14.00	Mfjnhr	Frwxpyrnm

Gentex's Fortress Balance Sheet Limits Downside Risk in Uncertain Times

David Whiston

Feb 27, 2023

Business Strategy and Outlook

Gentex manufactures auto-dimming rear- and side-view mirrors that use electrochromic technology. These mirrors automatically darken to eliminate headlight glare for drivers and have many other applications. With about 2,000 patents worldwide, some valid through 2047, and a dominant nearly 90% market share, up from 77% in 2003, Gentex has a narrow economic moat it should be able to protect for a long time, in our opinion.

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