GATX · Industrials(transportation services) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
Signed in, this page also says what this company is inside your own portfolio: its weight, its share of your risk, and what buying or selling some of it would change. Sign in ›
Gatx Corp reported revenue of $1.7 billion in fiscal 2025, after growing 2.3% a year over the previous 9 years. Its operating margin widened from 32.0% in 2016 to 38.5%, and it earned 3.4% on its invested capital in the latest year. Of the $5.3 billion its operations generated over 10 years, 145.9% went back into the business and 14.2% to dividends; the share count fell 12.2%. On the accounting screens, it passes 4 of 7 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 20251.7B+2.3% a year over 9 years
Operating margin38.5%gross margin —
Return on invested capital3.4%3.7% on average over 5 years
Free cash flow—
Net debt ÷ EBITDA10.5×net debt 11.8B
Piotroski F-score4/7tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0500.0M1.0B1.5B2.0B
2016Revenue 1.4BOperating income 453.5M
2017Revenue 1.4BOperating income 374.9M
2018Revenue 1.2BOperating income 333.6M
2019Revenue 1.2BOperating income 325.7M
2020Revenue 1.2BOperating income 315.6M
2021Revenue 1.3BOperating income 399.1M
2022Revenue 1.3BOperating income 391.1M
2023Revenue 1.4BOperating income 508.9M
2024Revenue 1.6BOperating income 602.4M
2025Revenue 1.7BOperating income 670.6M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+11.0%
+7.6%
+2.3%
Operating income
+19.7%
+16.3%
+4.4%
Net income
+28.8%
+17.1%
+2.9%
Earnings per share
+28.8%
+16.8%
+4.4%
Dividend per share
+5.4%
+4.5%
+4.7%
Shares
+0.0%
+0.3%
-1.4%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
-100.0%-50.0%0.0%50.0%
2016Operating 32.0%Net 18.1%Free cash flow 2.4%
2017Operating 27.2%Net 36.5%Free cash flow -5.1%
2018Operating 28.4%Net 18.0%Free cash flow -36.4%
2019Operating 27.1%Net 17.6%Free cash flow -24.7%
2020Operating 26.1%Net 12.5%Free cash flow -35.1%
2021Operating 31.7%Net 11.4%Free cash flow -49.5%
2022Operating 30.7%Net 12.2%Free cash flow -56.7%
2023Operating 36.1%Net 18.4%Free cash flow -81.1%
2024Operating 38.0%Net 17.9%
2025Operating 38.5%Net 19.2%
2016201720182019202020212022202320242025
Return on invested capital
Return on invested capital
-2.0%0.0%2.0%4.0%6.0%
2016Return on invested capital 5.5%
2017Return on invested capital -0.8%
2018Return on invested capital 4.4%
2019Return on invested capital 3.5%
2020Return on invested capital 3.0%
2021Return on invested capital 3.7%
2022Return on invested capital 3.2%
2023Return on invested capital 4.0%
2024Return on invested capital 4.3%
2025Return on invested capital 3.4%
2016201720182019202020212022202320242025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
12.1%
Return on assets
1.9%
Asset turnover
0.10×
Overheads (SG&A)
14.5% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-1.5B-1.0B-500.0M0500.0M1.0B
2016Net income 257.1MFree cash flow 33.7MAfter stock-based pay 17.9M
2017Net income 502.0MFree cash flow -70.0MAfter stock-based pay -79.9M
2018Net income 211.3MFree cash flow -428.3MAfter stock-based pay -444.7M
2019Net income 211.2MFree cash flow -297.0MAfter stock-based pay -309.3M
2020Net income 151.3MFree cash flow -424.0MAfter stock-based pay -439.6M
2021Net income 143.1MFree cash flow -622.9MAfter stock-based pay -640.3M
2022Net income 155.9MFree cash flow -722.3MAfter stock-based pay -735.0M
2023Net income 259.2MFree cash flow -1.1BAfter stock-based pay -1.2B
2024Net income 284.2M
2025Net income 333.3M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
5.3B generated by the business. Each band is its share of that total.
Reinvested in the business 146%7.7B
Acquisitions 4%204.6M
Dividends 14%751.3M
Share buybacks 12%635.4M
More than it generated: funded with cash or new debt -76%-4.0B
Over the same years it paid 166.4M in stock. The share count fell 12.2%. 469.0M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-40.00$-20.00$0.00$20.00
2016Earnings per share $6.29Free cash flow per share $0.82Dividend per share $1.65
2017Earnings per share $12.74Free cash flow per share $-1.78Dividend per share $1.73
2018Earnings per share $5.52Free cash flow per share $-11.18Dividend per share $1.81
2019Earnings per share $5.80Free cash flow per share $-8.16Dividend per share $1.90
2020Earnings per share $4.27Free cash flow per share $-11.98Dividend per share $2.01
2021Earnings per share $3.98Free cash flow per share $-17.30Dividend per share $2.06
2022Earnings per share $4.34Free cash flow per share $-20.12Dividend per share $2.13
2023Earnings per share $7.26Free cash flow per share $-32.06Dividend per share $2.26
2024Earnings per share $7.92Dividend per share $2.36
2025Earnings per share $9.28Dividend per share $2.50
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
34.0M36.0M38.0M40.0M42.0M
2016Diluted shares 40.9M
2017Diluted shares 39.4M
2018Diluted shares 38.3M
2019Diluted shares 36.4M
2020Diluted shares 35.4M
2021Diluted shares 36.0M
2022Diluted shares 35.9M
2023Diluted shares 35.7M
2024Diluted shares 35.9M
2025Diluted shares 35.9M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
05.0B10.0B15.0B
2016Net debt 4.0B
2017Net debt 4.1B
2018Net debt 4.4B
2019Net debt 4.7B
2020Net debt 5.1B
2021Net debt 5.6B
2022Net debt 6.2B
2023Net debt 7.0B
2024Net debt 7.9B
2025Net debt 11.8B
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
10.5×
Interest coverage
2× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
— collects in 43d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
–More liquidCurrent ratio higher than a year before — not reportedno data
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Net debt is 10.5 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$966,2695 sale(s) by 3 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
