TacticScaleWhat Gentherm Does & How It Makes Money (THRM)
Updated October 2026 · reflects Gentherm's latest reported financials
Automotive seat comfort and thermal management parts maker, plus medical warming. It earns most of its revenue by selling thermal and comfort components and electronics to light vehicle automakers and their tier-1 suppliers, which build them into new cars.
How Gentherm makes money
It earns most of its revenue by selling thermal and comfort components and electronics to light vehicle automakers and their tier-1 suppliers, which build them into new cars. It also sells patient temperature management systems to the medical industry.
What Gentherm does
Gentherm, headquartered in Northville, Michigan, is an auto parts supplier focused on in-cabin thermal and comfort technology. Its Automotive segment sells seat heaters, blowers, thermoelectric devices for heated and cooled seats, heated steering wheels, pneumatic lumbar and massage systems, and the control electronics for these features. It also sells automotive cables, battery cell connectors and cabling, and valve systems. Customers are light vehicle automakers and tier-1 suppliers across the US, China, Europe, Mexico and Asia. The smaller Medical segment sells patient temperature management systems under the Blanketrol and Astotherm brands. Hospitals use them for intensive care, for keeping patients at normal temperature during surgery, and for other warming and cooling therapies. The company was founded in 1991 as Amerigon and changed its name to Gentherm in 2012.
Products & services
- Climate control seats (heated/ventilated)
- Seat heaters and steering wheel heaters
- Pneumatic lumbar and massage seat systems
- Electronic control units
- Automotive cables and battery cell connectors
- Blanketrol and Astotherm patient warming systems
What is Gentherm worth?
On an owner-earnings DCF, Gentherm's most-likely value is about $23 versus a recent price near $30 (24% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$14) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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