Gencor Industries
GENC on NYSEAmerican. Market value $124m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 93 funds in all.
- Royce & AssociatesChuck Royce
- Value
- $14m
- Share of fund
- 0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $5m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $14m | 0.1% | |
| GAMCO InvestorsMario Gabelli | $5m | <0.1% |
Largest holders overall
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Marc G. ElliottInsider or founderat least 27.3%(filed with 2 related holders)Since 1 May 2026
What they said
The Reporting Persons acquired and hold the securities of the Issuer for investment purposes. Subject to market conditions, evaluation of the Issuer's business, financial condition and prospects, and other factors, the Reporting Persons may from time to time acquire additional…
Read the filing - SYSTEMATIC FINANCIAL MANAGEMENT LPPassive investor9.1%−0.5 ptsSince 31 December 2025
- Royce & AssociatesPassive investor7.4%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
Marc G. Elliott Insider or founder | at least 27.3% (filed with 2 related holders) | 1 May 2026 | What they saidThe Reporting Persons acquired and hold the securities of the Issuer for investment purposes. Subject to market conditions, evaluation of the Issuer's business, financial condition and prospects, and other factors, the Reporting Persons may from time to time acquire additional… Read the filing |
SYSTEMATIC FINANCIAL MANAGEMENT LP Passive investor | 9.1%−0.5 pts | 31 December 2025 | |
Royce & Associates Passive investor | 7.4% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
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.
1 serious warning sign in Gencor Industries’ filings.
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 9 Dec 2025, plus the 10-Q filed 10 Aug 2026 and 11 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based upon that evaluation, the President and the Chief Financial Officer concluded that, as of the end of the period covered by this Quarterly Report, the Company’s disclosure controls and procedures were not effective at the reasonable assurance level solely as a result of the material weaknesses management identified in our internal control over financial reporting, as described in our Annual Report on Form 10-K for the year ended September 30, 2025.”
Show the full paragraph
The Company’s President and Chairman of the Board (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer) evaluated the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rule 13a-15(e) under the Exchange Act) pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this Quarterly Report (June 30, 2026). Based upon that evaluation, the President and the Chief Financial Officer concluded that, as of the end of the period covered by this Quarterly Report, the Company’s disclosure controls and procedures were not effective at the reasonable assurance level solely as a result of the material weaknesses management identified in our internal control over financial reporting, as described in our Annual Report on Form 10-K for the year ended September 30, 2025.
From the 10-Q filed 10 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On February 13, 2025, the Board of Directors of the Company (the “Board”), upon recommendation by the Audit Committee of the Board of Gencor Industries, Inc. (the “Company”) dismissed Forvis Mazars, LLP (“Forvis Mazars”) as the independent registered public accounting firm of the Company, effective immediately.”
From an 8-K filed 20 February 2025: Change of auditor. Read it in the filing
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.
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.