Gatx
GATX on NYSE. Gatx leases railcars and aircraft engines to businesses. Market value $6.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Recent profit includes a one-time gain, so we price the company excluding that gain.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 28.5 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 50 of 100. Price score: 40 of 100. Our list needs 70 on quality and 60 on price.
$170.88 a share, 14% above its 1-year low
Over the past year the price has ranged from $150.42 to $205.56.
Dividend: 1.5% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.3bn | $1.3bn | $1.4bn | $1.6bn | $1.7bn |
| Operating margin | |||||
| Operating margin | 31.7% | 30.7% | 36.1% | 38.0% | 38.5% |
| Debt to equity | |||||
| Debt to equity | 2.92 | 3.18 | 3.26 | 3.37 | 4.56 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt4.56× equity
- Revenue growth, five yearsSlow, 7.6% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $580 million last quarter, up 35% on a year ago.
- Profit: $103 million, up 37% on a year ago.
- About the same number of shares as a year ago.
- Debt is $11.6 billion more than cash, up from $8.1 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $405m |
| December 2024 | $414m |
| March 2025 | $422m |
| June 2025 | $431m |
| September 2025 | $439m |
| December 2025 | $449m |
| March 2026 | $584m |
| June 2026 | $580m |
| Quarter to | Amount |
|---|---|
| September 2024 | $89m |
| December 2024 | $77m |
| March 2025 | $79m |
| June 2025 | $76m |
| September 2025 | $82m |
| December 2025 | $97m |
| March 2026 | $86m |
| June 2026 | $103m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 409 funds in all.
- Gotham Asset ManagementJoel Greenblatt
- Value
- $406,828
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $187m | 1.7% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $406,828 | <0.1% |
Largest holders overall
- State Farm Mutual Automobile Insurance$962m
- BlackRock$823mAdded
- Earnest Partners$453mCut
- Vanguard Portfolio Management$363m
- Vanguard Capital Management$283m
- Dimensional Fund Advisors LP$270mAdded
- American Century Companies$247mAdded
- State Street$246mAdded
- GAMCO Investors$187mCut
- Bank of America$178m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor11.5%Since 30 June 2025
- EARNEST PARTNERS LLCPassive investor7.3%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.7%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- GAMCO Asset Management Inc.Passive investorat least 3.1%−0.6 pts(filed with 7 related holders)Since 31 March 2026
What they said
The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the…
Read the filing - Dimensional Fund Advisors LPPassive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 11.5% | 30 June 2025 | |
EARNEST PARTNERS LLC Passive investor | 7.3% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.7% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
GAMCO Asset Management Inc. Passive investor | at least 3.1%−0.6 pts (filed with 7 related holders) | 31 March 2026 | What they saidThe Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the… Read the filing |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $7m.
- Phillips GeoffreySr. VP, OperationsSold
- Date
- 11 September 2026
- Shares
- 2,500
- Price
- $177.60
- Value
- $443,992
- Doygun ErenSVP Chief Plan. & Invest. Off.Sold
- Date
- 26 August 2026
- Shares
- 1,000
- Price
- $179.52
- Value
- $179,519
- Sbragia JohnSVP, Engineering and QualitySold
- Date
- 14 August 2026
- Shares
- 1,900
- Price
- $180.40
- Value
- $342,759
- Ellman Thomas A.EVP & CFOSold
- Date
- 5 August 2026
- Shares
- 18,200
- Price
- $180.08
- Value
- $3m
- Van Aken JenniferSr VP Treasurer & CROSold
- Date
- 3 August 2026
- Shares
- 1,700
- Price
- $180.71
- Value
- $307,201
- Glassberg Brian LEVP, General Counsel & Secy.Sold
- Date
- 20 February 2026
- Shares
- 2,000
- Price
- $198.29
- Value
- $396,578
- Zmudka RobertSr. VP & Chief Comm. Off.Sold
- Date
- 20 February 2026
- Shares
- 5,200
- Price
- $192.61
- Value
- $1m
- Young Jeffery R.SVP, Chief Tax OfficerSold
- Date
- 20 February 2026
- Shares
- 2,595
- Price
- $196.29
- Value
- $509,373
- Van Aken JenniferSr VP Treasurer & CROSold
- Date
- 10 December 2025
- Shares
- 1,800
- Price
- $164.15
- Value
- $295,466
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 September 2026 | Phillips Geoffrey Sr. VP, Operations | Sold | 2,500 | $177.60 | $443,992 |
| 26 August 2026 | Doygun Eren SVP Chief Plan. & Invest. Off. | Sold | 1,000 | $179.52 | $179,519 |
| 14 August 2026 | Sbragia John SVP, Engineering and Quality | Sold | 1,900 | $180.40 | $342,759 |
| 5 August 2026 | Ellman Thomas A. EVP & CFO | Sold | 18,200 | $180.08 | $3m |
| 3 August 2026 | Van Aken Jennifer Sr VP Treasurer & CRO | Sold | 1,700 | $180.71 | $307,201 |
| 20 February 2026 | Glassberg Brian L EVP, General Counsel & Secy. | Sold | 2,000 | $198.29 | $396,578 |
| 20 February 2026 | Zmudka Robert Sr. VP & Chief Comm. Off. | Sold | 5,200 | $192.61 | $1m |
| 20 February 2026 | Young Jeffery R. SVP, Chief Tax Officer | Sold | 2,595 | $196.29 | $509,373 |
| 10 December 2025 | Van Aken Jennifer Sr VP Treasurer & CRO | Sold | 1,800 | $164.15 | $295,466 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 4.6× its equity.
- It isn't cheap on profits: 28.5× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.