Investment Research report

Generac Holdings, Inc.

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Generac Holdings, Inc.
Powering Down and Generating Losses
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Research Overview

S&P 500
Jun 22, 2022

After conducting a forensic financial and accounting review, Spruce Point believes Generac Holdings, Inc. (NYSE: GNRC), a highly promoted S&P 500 company in the power generation sector, has shares that are materially overvalued as the Company struggles to suppress core business challenges while pivoting towards a highly speculative and unproven acquisition spree in clean energy products and services. Based on our investigation, we estimate 40% to 50% downside risk, or $110 - $132 per share.

The report highlights several key concerns with the company, including:

  • Evidence points to core product challenges in home standby generators and portable generators, including product recalls, lawsuits, and potential government investigations
  • The Company’s financial statements are showing extreme financial stress
  • Signs of slowing growth and challenges with regards to Generac’s goals to pivot to clean energy products through acquisitions and partnerships 
  • We believe that Generac’s Chairman and CEO lacks relevant skills to continue leading the company
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