olivLaw · US equity research
Dana Incorporated DAN
Motor Vehicle Parts & Accessories · SIC 3714 · Vertical: Motor Vehicle Parts & Accessories (SIC 3714)
Dana Incorporated, headquartered in Maumee, Ohio, supplies power-conveyance and energy-management systems for on-highway vehicles, from axles and transmissions to electric motors and inverters. The company is reshaping its portfolio: it sold its Off-Highway business and is pursuing the acquisition of Eaton's Mobility business, with sales of $2.01 billion in the second quarter of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Dana Incorporated (DAN) stock was 23.72 USD (+0.64% on the day), with market capitalisation 2.6 bn USD, P/E 2.4 on diluted EPS of 10.05 USD over the last 12 months, dividend yield 1.85%, beta 1.55, 52-week range 19.47–38.93 USD. Latest reported quarter (Q2 2026): revenue of 2.0 bn USD (+3.9% YoY), net income of -5.0 m USD (−118.5% YoY), diluted EPS -0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.8
- weak (30–45)
- Bollinger (20, 2)
- 22.65 – 31.36
- in the lower half of the band · %B 0.12 · band width 32.2%
- SMA 50 / 200
- 28.49 / 31.11
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.39 / -0.93
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.6% | −1.1% | −14.5 pp | — |
| 3 months | −15.3% | −0.5% | −14.9 pp | — |
| 6 months | −33.4% | +4.4% | −37.8 pp | — |
| Year to date | −0.2% | +12.3% | −12.5 pp | — |
| 1 year | +15.5% | +13.5% | +1.9 pp | −12.2% |
| 3 years | +92.4% | +76.4% | +16.0 pp | −3.9% |
| 5 years | +0.6% | +63.7% | −63.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 1.8 bn | 1.8 bn | 1.9 bn | 1.9 bn | 1.9 bn | 1.9 bn | 2.0 bn |
| Cost of revenue | 1.8 bn | 1.7 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.7 bn | 1.7 bn | 1.8 bn |
| SG&A | 106.0 m | 101.0 m | 105.0 m | 99.0 m | 87.0 m | 96.0 m | 102.0 m | 104.0 m |
| Operating income | -8.0 m | -117.0 m | 8.0 m | 16.0 m | 53.0 m | 62.0 m | 19.0 m | 76.0 m |
| Interest expense | 38.0 m | 41.0 m | 39.0 m | 44.0 m | 47.0 m | 51.0 m | 22.0 m | 21.0 m |
| Pre-tax income | -41.0 m | -154.0 m | -29.0 m | -25.0 m | 9.0 m | 13.0 m | -4.0 m | 59.0 m |
| Income tax | -18.0 m | 44.0 m | -10.0 m | 10.0 m | -2.0 m | 55.0 m | 14.0 m | 54.0 m |
| Net income | 4.0 m | -80.0 m | 25.0 m | 27.0 m | 83.0 m | -50.0 m | 1.1 bn | -5.0 m |
| Diluted EPS | 0.03 | -0.55 | 0.17 | 0.19 | 0.64 | -0.43 | 9.89 | -0.05 |
| Operating cash flow | 35.0 m ≈ | 302.0 m | -37.0 m | 32.0 m ≈ | 111.0 m ≈ | 406.0 m | -195.0 m | 109.0 m ≈ |
| Capex | 37.0 m ≈ | 114.0 m | 67.0 m | 37.0 m ≈ | 49.0 m ≈ | 61.0 m | 62.0 m | 142.0 m ≈ |
| Dividends paid | 14.0 m ≈ | 15.0 m | 15.0 m | 14.0 m ≈ | 13.0 m ≈ | 12.0 m | 13.0 m | 13.0 m ≈ |
| Share repurchases | — | — | — | — | 182.0 m ≈ | 211.0 m | 125.0 m | 44.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 27-quarter history (min 2.7, median 15.4, max 142.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.1 bn | 8.6 bn | 7.1 bn | 8.9 bn | 10.2 bn | 7.6 bn | 7.7 bn | 7.5 bn |
| Revenue YoY | +13.0% | +5.9% | −17.6% | +25.9% | +13.5% | −25.0% | +1.6% | −3.0% |
| Net income | 427.0 m | 226.0 m | -31.0 m | 197.0 m | -242.0 m | 38.0 m | -57.0 m | 85.0 m |
| Net income YoY | +284.7% | −47.1% | −113.7% | unavailable | −222.8% | unavailable | −250.0% | unavailable |
| Diluted EPS | 2.91 | 1.56 | -0.21 | 1.35 | -1.69 | 0.26 | -0.39 | 0.64 |
| Diluted EPS YoY | +309.9% | −46.4% | −113.5% | unavailable | −225.2% | unavailable | −250.0% | unavailable |
| net % | 5.2% | 2.6% | -0.4% | 2.2% | -2.4% | 0.5% | -0.7% | 1.1% |
| Free cash flow | 243.0 m | 211.0 m | 60.0 m | -211.0 m | 209.0 m | 49.0 m | 138.0 m | 298.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 469.0 m USD
- Financial debt
- 615.0 m USD
- Net debt
- 146.0 m USD
- Equity
- 899.0 m USD
- Total assets
- 7.8 bn USD
- Debt / equity
- 0.68x
- Current ratio
- 1.17x
- ROE
- 7.4%
- ROA
- 1.1%
- FCF margin
- 4.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.1 bn | 8.9 bn | 10.2 bn | 7.6 bn | 7.7 bn | 7.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 6.5 bn | 8.1 bn | 9.4 bn | 7.2 bn | 7.4 bn | 6.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 621.0 m ≈ | 837.0 m ≈ | 763.0 m ≈ | 377.0 m ≈ | 378.0 m ≈ | 602.0 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Research & development | 146.0 m | 178.0 m | 201.0 m | 196.0 m | 184.0 m | 105.0 m | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 421.0 m | 460.0 m | 495.0 m | 440.0 m | 429.0 m | 387.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 124.0 m | 395.0 m | 86.0 m | -108.0 m | -176.0 m | 139.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Interest expense | 138.0 m | 131.0 m | 128.0 m | 152.0 m | 158.0 m | 181.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -13.0 m | 244.0 m | -31.0 m | -246.0 m | -321.0 m | -32.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 58.0 m | 72.0 m | 284.0 m | 7.0 m | 31.0 m | 53.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -31.0 m | 197.0 m | -242.0 m | 38.0 m | -57.0 m | 85.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -0.21 | 1.35 | -1.69 | 0.26 | -0.39 | 0.64 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 144.5 m | 146.2 m | 143.6 m | 144.4 m | 145.2 m | 133.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.10 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 559.0 m | 268.0 m | 425.0 m | 529.0 m | 494.0 m | 469.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 1.2 bn | 1.3 bn | 1.4 bn | 1.4 bn | 890.0 m | 987.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 1.1 bn | 1.6 bn | 1.6 bn | 1.7 bn | 1.0 bn | 1.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 3.3 bn | 3.6 bn | 3.8 bn | 4.1 bn | 3.7 bn | 3.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 479.0 m | 482.0 m | 259.0 m | 263.0 m | 250.0 m | — | SEC (XBRL)· 20 Feb 2025verified |
| Intangibles (excl. goodwill) | 236.0 m | 233.0 m | 201.0 m | 100.0 m | 80.0 m | 71.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 7.4 bn | 7.6 bn | 7.4 bn | 7.9 bn | 7.5 bn | 7.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 1.3 bn | 1.6 bn | 1.8 bn | 1.2 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 26.0 m | 23.0 m | 52.0 m | 22.0 m | 8.0 m | 615.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 1.9 bn | 2.2 bn | 2.5 bn | 2.6 bn | 2.6 bn | 3.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 5.4 bn | 5.5 bn | 5.7 bn | 6.1 bn | 5.9 bn | 6.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 1.8 bn | 2.0 bn | 1.6 bn | 1.6 bn | 1.4 bn | 899.0 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 386.0 m | 158.0 m | 649.0 m | 476.0 m | 450.0 m | 512.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 326.0 m | 369.0 m | 440.0 m | 427.0 m | 312.0 m | 214.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 60.0 m ≈ | -211.0 m ≈ | 209.0 m ≈ | 49.0 m ≈ | 138.0 m ≈ | 298.0 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -327.0 m | -293.0 m | -426.0 m | -528.0 m | -352.0 m | -222.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -12.0 m | -127.0 m | -42.0 m | 160.0 m | -90.0 m | -371.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 15.0 m | 58.0 m | 58.0 m | 58.0 m | 58.0 m | 54.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | — | 23.0 m | 25.0 m | — | — | 650.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 59 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet23
- Valuation81
- Quality59
- Growth0
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.15 – 197.26 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)26.15 – 37.87 (Mid 30.73)WACC 9.3% · starting FCFF 235.4 m USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -16.6%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E120.31 – 197.26 (Mid 151.49)18 companies used · median multiple 15.1x · quartiles 12.0x – 19.6xADNT, ALSN, ALV, APTV, ATMU, BWA, CAAS, DORM, GNTX, GTX, LCII, LEA, MGA, PATK, PHIN, SMP, STRT, VC
- Dividend discount (DDM)outside the aggregate5.26 – 7.07 (Mid 6.03)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 59/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.9% | 71 (vs peers) | 15% |
| Net margin · Quality | 14.6% | 97 (vs peers) | 9% |
| FCF conversion · Quality | 10.5% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -9.6% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.5x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.5x | 57 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 2.4x | 100 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.6% | 57 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 24.0% | 100 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 43.6% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality59/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation81/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Dana Incorporated (DAN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 7.5 bn USD in 2025; YoY growth -3.0%; net margin 14.6%; ROE 71.4%.
The estimated value range is 73.23–117.56 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 91.11 USD, the price of 23.72 USD leaves a potential of 284.1% (value / price − 1) and a margin of safety of 74.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 59/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.9%
- Net margin: 14.6%
- P/E (TTM): 2.4x
- Shareholder yield (distributions): 24.0%
- Payout ratio (FCF): 43.6%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 10.5%
- Revenue CAGR 3Y: -9.6%
- Interest coverage: 1.5x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Motor Vehicle Parts & Accessories (SIC 3714) · same industry (4-digit SIC) · compared with 34 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MGAMagna International Inc. | 18.4 bn | 22.4 | 6.9% | 2.0% | −1.9% | +34% / +22% |
| BWABorgwarner Inc. | 10.1 bn | 21.5 | 8.2% | 3.4% | +1.6% | +17% / +50% |
| ALSNAllison Transmission Holdings, Inc. | 9.9 bn | 17.4 | 29.7% | 11.1% | −6.7% | +36% / +125% |
| ALVAutoliv, Inc. | 9.0 bn | 15.1 | 24.8% | 5.6% | +4.1% | +7% / +21% |
| APTVAptiv PLC | 8.8 bn | 11.9 | 8.5% | 4.6% | +3.5% | −44% / −48% |
| LEALear Corp | 5.7 bn | 10.4 | 11.6% | 2.5% | −0.2% | +11% / −11% |
| MODModine Manufacturing Co | 5.2 bn | 41.3 | 11.4% | 3.6% | +23.1% | −39% / +100% |
| GNTXGentex Corporation | 4.4 bn | 11.0 | 16.4% | 15.5% | +9.6% | −9% / −32% |
| DORMDorman Products, Inc. | 4.2 bn | 21.2 | 13.3% | 9.3% | +6.0% | +8% / +98% |
| ATMUAtmus Filtration Technologies Inc. | 3.9 bn | 18.3 | 55.8% | 11.3% | +5.7% | −5% / +119% |
| GTXGarrett Motion Inc. | 3.6 bn | 10.1 | — | 10.0% | +3.1% | +20% / +167% |
| PATKPatrick Industries Inc | 2.7 bn | 20.1 | 13.0% | 3.7% | +6.3% | −22% / +55% |
| PHINPhinia Inc. | 2.6 bn | 14.5 | 12.2% | 5.2% | +2.4% | +33% / +181% |
| DANDana Incorporated | 2.6 bn | 2.4 | 71.4% | 14.6% | −3.0% | +15% / +92% |
| LCIILci Industries | 2.5 bn | 12.1 | 15.0% | 5.2% | +10.2% | −8% / −4% |
| VCVisteon Corp | 2.0 bn | 13.8 | 10.8% | 4.1% | −2.5% | −22% / −32% |
| THRMGentherm Incorporated | 1.6 bn | 105.3 | 1.3% | 0.6% | +2.9% | −13% / −32% |
| ADNTAdient plc | 1.3 bn | 28.5 | 2.7% | 0.3% | −1.0% | −12% / −47% |
| DCHDauch Corporation | 1.1 bn | — | -15.2% | -2.0% | −4.7% | −27% / −31% |
| SMPStandard Motor Products, Inc. | 1.0 bn | 15.1 | 9.9% | 3.8% | +22.4% | +22% / +28% |
| AEVAAeva Technologies, Inc. | 661.5 m | — | — | -150.1% | +99.4% | −15% / +240% |
| CPSCooper-Standard Holdings Inc. | 391.6 m | — | — | -2.0% | +0.4% | −29% / +24% |
| HLLYHolley Inc. | 351.6 m | 35.3 | 2.3% | 1.7% | +1.9% | −32% / −30% |
| KNDIKandi Technologies Group, Inc. | 287.8 m | — | -30.5% | -107.4% | −31.5% | −63% / −88% |
| STRTStrattec Security Corp | 258.5 m | 15.6 | 7.2% | 2.9% | +2.5% | −14% / +201% |
1- and 3-year price returns: for DAN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 13.08 Total return -43% · Per year -43% | 23.24 Total return -0% · Per year -0% | 35.17 Total return 50% · Per year 50% |
| 3 years | 10.39 Total return -53% · Per year -22% | 20.97 Total return -6% · Per year -2% | 35.17 Total return 55% · Per year 16% |
| 5 years | 8.25 Total return -60% · Per year -17% | 18.93 Total return -12% · Per year -3% | 35.17 Total return 59% · Per year 10% |
- Exit P/E± 5.24
- Net margin± 3.67
- Annual revenue growth± 3.31
- Annual dilution± 0.31
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (28 Oct 2026 · results).
In brief
Dana Incorporated, headquartered in Maumee, Ohio, supplies power-conveyance and energy-management systems for on-highway vehicles, from axles and transmissions to electric motors and inverters. The company is reshaping its portfolio: it sold its Off-Highway business and is pursuing the acquisition of Eaton's Mobility business, with sales of $2.01 billion in the second quarter of 2026 3.
SWOT
Strengths
- The company has a broad technology base and established positions with many vehicle manufacturers, which helps it win new business 1.
- Cost reduction programs have improved margins, and in the second quarter of 2026 the company reported a clear rise in adjusted EBITDA 3.
- Geographic and segment diversification reduces exposure to a single market decline 1.
Weaknesses
- Reliance on a few large customers, especially Ford and Stellantis, means losing one contract could significantly affect results 1.
- Some raw materials are sourced from single suppliers, which can lead to production delays 1.
- Commercial segment sales have declined in recent years, a weakness that could persist if truck production remains under pressure 1.
Opportunities
- The Eaton Mobility transaction could extend the electrification portfolio and create a more diversified propulsion leader 23.
- The share repurchase program, restarted in 2026, could return capital to shareholders if cash flow improves 3.
- The aftermarket business could grow sales, particularly in markets with older vehicle fleets 1.
Threats
- Trade tariffs and changes in trade policy could raise costs and affect demand in the US and abroad 1.
- A slower adoption of electric vehicles could reduce demand for the electrification products Dana has developed 1.
- Emissions and fuel economy regulation could change customers' production plans and increase their costs 1.
Risks
- Dependence on large customershigh
Losing or reducing volumes at a major customer could sharply affect revenue and profitability, and the company acknowledges there is no assurance lost volume would be quickly replaced 1.
- Eaton Mobility transactionhigh
The Eaton deal is subject to shareholder and regulatory approvals and could prove more costly or delayed than expected 23.
- Tariffs and trade policymedium
Changes in tariffs could lead to added costs and pricing pressure, and the ultimate impact remains hard to anticipate 1.
- Currency exposuremedium
Currency movements can affect results reported in dollars, because a significant share of sales comes from outside the US 1.
- Argentina economylow
Inflation and currency devaluation in Argentina limit local operations and can affect asset values, although the exposure is relatively small 1.
Investment thesis
What would need to be true (bull case)
- If margins stay high and commercial vehicle demand improves, the company could exceed its revised 2026 guidance 3.
- The Mobility transaction could create a more diversified propulsion leader and accelerate the company's strategic goals 3.
- The share repurchase program and lower debt after the Off-Highway sale could support capital returns to shareholders 13.
What would break the thesis
- If truck production keeps declining, the commercial segment could continue to weaken and weigh on sales 1.
- Dependence on Ford and Stellantis exposes the company to major risks if those relationships change 1.
- Integrating the Mobility business could prove harder than expected, which could reduce the estimated benefits 2.
What to watch
- Closing of the Eaton Mobility transaction and shareholder approvalQ1 2027
- Development of adjusted EBITDA margin and delivery against revised guidance2026
- Pace of the share repurchase program and cost savings2026
- Impact of trade tariffs on costs and pricingnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (28 Oct 2026 · results).
The business
Dana is a global supplier of technology to virtually every major on-highway vehicle manufacturer, including axles, transmissions, sealing and thermal products, as well as electrification products such as motors, inverters and controllers 1. In 2025 the company reported consolidated sales of 7,500 million USD and had about 26,900 employees in 24 countries 1. According to the annual report, sales from outside the US represented 43% of the total 1.
The company is organized into two operating segments: Light Vehicle Drive Systems, serving cars, SUVs and light trucks, and Commercial Vehicle Drive and Motion Systems, serving medium and heavy trucks and buses 1. Dana sold its Off-Highway business, which served construction, mining and agricultural vehicles, with the transaction closing on January 1, 2026 1.
The customer base is concentrated: Ford accounted for about 32% of 2025 sales and Stellantis about 13%, while the ten largest customers together represented about 76% of sales 1. This dependence means that losing a major customer could have a significant effect on results 1.
Segments
Light Vehicle Drive Systems
The Light Vehicle segment serves manufacturers of passenger cars, SUVs, pickup trucks and sports cars and generated 5,217 million USD in 2025, or 70% of sales 1. Dana's content per vehicle is higher on four-wheel and all-wheel drive vehicles and on hybrid and electric vehicles 1.
Commercial Vehicle Drive and Motion Systems
The Commercial Vehicle segment recorded 2,283 million USD in 2025, or 30% of sales, and focuses on driveline systems for medium and heavy trucks and buses 1. North American Class-8 and Class 5-7 truck production both fell 23% in 2025, and the 2026 outlook points to further deterioration in Class-8 output 1.
Market context
The light vehicle market was relatively stable in 2025, with marginal improvement in most regions 1. The commercial vehicle market is more volatile, driven by fleet renewal cycles and end-customer financing conditions 1.
In the second quarter of 2026 demand improved across most end markets, and Dana raised its full-year guidance to sales of 7.65 to 7.85 billion USD and adjusted EBITDA of 800 to 850 million USD 3. The revision reflects stronger market conditions and favorable commercial vehicle demand 3.
Trends
- Slower adoption of electric vehiclesheadwind
The company has cut engineering expenses to match the delayed adoption of electric vehicles, which could mean a slower timeline for returns on electrification investments 1.
- Cost reduction and margin recoverytailwind
Annualized savings and pricing actions supported the rise in adjusted EBITDA margin in the second quarter of 2026 3. If these savings are sustained they could support profitability 1.
- Trade tariffs and policy uncertaintyheadwind
Tariffs on imports can raise production costs and pressure prices, and the tariff framework remains unclear after the Supreme Court ruling in February 2026 1. The company says it cannot always predict the impact 1.
- Recovery in end-market demandmixed
Higher demand in the second quarter of 2026 and favorable commercial vehicle conditions suggest a market recovery that could support sales 3.
Competitive position
Dana competes with independent suppliers and distributors as well as in-house operations of vehicle manufacturers 1. It differentiates itself through efficiency, performance, reliability and product innovation 1.
Competition varies by segment: in light vehicles large component and system suppliers are present, while in commercial vehicles specialized transmission and engine makers add to the field 1. The breadth of competitors can limit Dana's pricing power in some product categories 1.
- BorgWarnerBWA
Competitor in both segments, with transmission and propulsion systems 1.
- Magna InternationalMGA
Global auto parts supplier listed among principal competitors in the light vehicle segment 1.
- Allison TransmissionALSN
Competitor in the commercial segment and buyer of Dana's Off-Highway business 1.
- CumminsCMI
Competitor in the commercial segment, supplying propulsion systems for trucks 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Američke berze zabeležile najveći rast u poslednjih godinu dana : Jedan Trampov potez promenio raspoloženje investitoraSurge — GDELT DOC · 05 Nov 2026 · RO
- Fundația Dana Voiculescu lansează campania „Fii și tu Moș Crăciun pentru o zi” - peste 400 de copii din patru județe vor primi daruriAntena 3 CNN · 02 Nov 2026 · RO
- INTERVIU Dana Rogoz: „Autoritatea unui părinte poate să includă atât explicații, cât și disponibilitatea de a recunoaște că a greșit”HotNews.ro · 01 Nov 2026 · RO
- Dana Nălbaru a împlinit 50 de ani. Ce cadou i-au făcut copiii în curtea casei de la țară: „Unii își doresc vacanțe în Dubai, eu mi-am dorit doar atât”Libertatea.ro · 24 Oct 2026 · RO
- Ce face Dana Nălbaru în fiecare săptămână de când locuiește la țară: „Atât de liniștită că adorm ca un prunc”Libertatea.ro · 23 Oct 2026 · RO
- Fenomenul DANA lovește din nou Spania: cinci morți și inundații devastatoare. De ce devin furtunile tot mai periculoaseDigi24 · 21 Oct 2026 · RO
- STAT+: Dana-Farber, Beth Israel to begin construction of new $1.68 billion cancer hospitalSTAT News · 20 Oct 2026 · EN
- CBRE o recrutează în echipa de management pe Dana Bordei, care a lucrat anterior în sectorul de dezvoltare de parcuri industrialeEconomedia · 20 Oct 2026 · RO
- Dana Bordei revine în consultanţă, la CBRE, după şapte ani petrecuţi la dezvoltatorii WDP şi VGP. Ea preia departamentul de industrial şi logistică din România şi un rol regional în Europa Centrală şi de EstZiarul Financiar · 20 Oct 2026 · RO
- Najkraći mandat u Beloj kući – kako je Trampova portparolka za pet dana ostala bez poslaSurge — GDELT DOC · 17 Oct 2026 · RO
- Furtuna Adam lovește Europa, cu ploi și vijelii: Fenomenul DANA e cauza. S-au emis alerte meteo cod roșu și portocaliu lângă MediteranăAntena 3 CNN · 16 Oct 2026 · RO
- Rezultate finale la promovarea la Înalta Curte: Amelia Onișor a fost admisă, deși nu îndeplinește condițiile legale, Dana Gârbovan a fost respinsăG4Media · 15 Oct 2026 · RO
- Haltere: Dana Berchi a cucerit trei medalii de argint la Europenele U23Agerpres · 14 Oct 2026 · RO
- Este martes , inestabilidad por la dana del noroeste y lluvias en la mayor parte de EspañaSurge — GDELT DOC · 06 Oct 2026 · RO
- Šest nevjerojatnih sposobnosti koje bebe imaju od prvih danaSurge — GDELT DOC · 02 Oct 2026 · RO
- Ce aduce nou ediţia 2026 a Catalogului ZF TOP 100 Companii antreprenoriale româneşti? Cum rezistă afacerile locale la toate crizele, atât interne, cât şi internaţionale? Urmăriţi ZF Live marţi, 29 septembrie, de la ora 12:00, cu Dana Ciriperu, redactor-şef adjunct Ziarul FinanciarZiarul Financiar · 28 Sept 2026 · RO
- Why Dana (DAN) Was a Q2 Detractor for Gabelli Small Cap Growth FundYahoo Finance — News · 22 Sept 2026 · EN
- Ce s-a întâmplat în livada de la țară pe care o au Dragoș Bucur și Dana Nălbaru: „Niște oameni de prin zonă”Libertatea.ro · 07 Sept 2026 · RO
- CEC Bank pentru afaceri româneşti. Andreea-Dana Popescu, PPC blue România: Acum avem circa 1.400 de puncte de încărcare şi vrem să ajungem până la finalul anului la 2.000. Pentru a dezvolta piaţa este nevoie să ne concentrăm pe programe care depăşesc momentul achiziţiei, cum este cazul RablaZiarul Financiar · 06 Sept 2026 · RO
- Dana Marijuana a fost condamnată pentru trafic de droguriJuridice.ro · 04 Sept 2026 · RO
SEC filings
- Current report28 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jul 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report (amendment)12 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report11 Jun 2026Material agreement · Financial statements and exhibits
- Current report11 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report15 May 2026
- Current report29 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Dana Incorporated · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Dana Incorporated · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Dana Incorporated · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.