Garrett Motion Inc.
Garrett Motion Inc. designs and manufactures turbocharging, air and fluid compression, and high-speed electric motor technologies for vehicle and industrial customers. Its products help improve fuel economy, thermal management, and emissions performance in internal combustion, hybrid, hydrogen, and zero-emission applications.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueMechanical and advanced turbochargers used in light vehicle, commercial vehicle, marine and industrial engines.
Replacement turbo and related parts sold through independent distributors and dealer networks.
Electric boosting, traction and proof-of-concept electrification technologies for hybrids and zero-emission vehicles.
Air compression and refrigerant compression solutions for fuel cell systems, HVAC and data center cooling.
Specialty compression and high-speed motor technologies for industrial and mobility applications.
Customers
Garrett sells primarily to OEMs in the mobility and industrial markets, with a meaningful aftermarket channel served through independent distributors and dealers. Its largest customers include Stellantis, BMW and Ford, and the company also wins programs with OEMs in Europe, Asia and the Americas for turbo and zero-emission applications.
Automakers buy turbochargers and boosting systems for gasoline, diesel and hybrid platforms to meet emissions and efficiency targets.
Truck, bus, off-highway and industrial OEMs buy turbo and compression products for durability, efficiency and packaging advantages.
Independent channels buy replacement turbo and related parts for repair and maintenance demand across the installed base.
OEMs and system integrators buy fuel cell compressors, E-Cooling and E-Powertrain solutions for electrified applications.
Strategy
Garrett is focused on extending its turbocharger leadership while expanding into electrification, thermal management and fuel cell compression. Management is also emphasizing cost initiatives, tariff recovery and selective capital spending to support zero-emission technologies and new program wins.
Turbochargers remain the core revenue base and a bridge to hybrid powertrains.
Electrification and fuel cell products diversify the business beyond ICE exposure.
Differentiated technology is harder to replicate and supports future awards.
Cost actions and tariff recovery help offset mix pressure and macro volatility.
Geography
Q3/2024Garrett's revenue is globally diversified, with Europe the largest region at 49% of 2025 revenue, followed by Asia at 29% and the United States at 19%. The company also has a smaller Other International bucket, and recent wins in Europe, India, Brazil, the U.S. and Asia show that program awards are spread across major automotive and industrial markets.
Share of the revenue the company reports by geography.
Risks
Garrett is exposed to cyclical vehicle production, customer concentration and the pace of technology transition from ICE to hybrid and electric platforms. It also faces competitive pressure, aftermarket demand variability and execution risk in scaling new electrification products while maintaining quality and supply reliability.
- Customer concentrationImpact: HighLikelihood: Medium
Top ten customers were about 62% of net sales and the largest customer about 12%.
Exposure: Loss or delay of a major OEM program could materially reduce revenue and utilization.
- Technology transition riskImpact: HighLikelihood: Medium
The market is shifting toward hybrids, BEVs and zero-emission solutions, requiring ongoing RD&E.
Exposure: Failure to deliver competitive new products could erode long-term relevance.
- Competitive pressureImpact: HighLikelihood: Medium
The company competes with large suppliers, OEM captive units and start-ups with flexible capital.
Exposure - Aftermarket demand volatilityImpact: MediumLikelihood: Medium
Aftermarket sales depend on vehicle age, mileage, weather, infrastructure and off-highway end markets.
Exposure: Demand can weaken if replacement cycles lengthen or dealer coverage deteriorates.
- Cybersecurity and product software riskImpact: MediumLikelihood: Medium
Incidents could disrupt systems, expose data or create third-party claims tied to embedded software.
Exposure
Accounting
Judgemental itemsPrice concessions and annual adjustments are estimated at contract inception and updated later.
Impact: Can shift revenue timing and create true-ups when estimates change.
Reported results are affected by currency movements and recovery of import tariffs.
Impact: Can materially affect gross margin and operating income by quarter.
Sales mix between turbo, aftermarket and zero-emission products changes by region and period.
Impact: Affects comparability of quarterly revenue and profitability.
RD&E, long-lived assets and acquired intangibles require judgment about future demand.
Impact: Could lead to impairment charges if market adoption or volumes weaken.
Similar listed companies
Publicly listed companies with a comparable business focus.
Ballard Power Systems Inc.
BLDP · Electrical Industrial Apparatus
BorgWarner Inc
BWA · Motor Vehicle Parts & Accessories
DANA Inc
DAN · Motor Vehicle Parts & Accessories
Dana Inc designs and manufactures power-conveyance and energy-management systems for vehicles, with a core focus on light vehicles and commercial vehicles.
Holley Inc.
HLLY · Motor Vehicle Parts & Accessories
Ford Motor Company
F · Motor Vehicles & Passenger Car Bodies
FuelCell Energy, Inc
FCEL · Electrical Industrial Apparatus
FuelCell Energy is a U.S.-based clean energy technology company that designs, manufactures, sells, and services stationary molten carbonate fuel cell systems.
Last updated: 24/09/2026