olivLaw · US equity research
PHINIA Inc. PHIN
Motor Vehicle Parts & Accessories · SIC 3714 · Vertical: Motor Vehicle Parts & Accessories (SIC 3714)
PHINIA is a global supplier of fuel injection, electrical and aftermarket solutions, with net sales of 3483 million USD in fiscal 2025. The company enters 2026 with guidance for modest growth, against a softening original equipment market and uncertain tariffs.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, PHINIA Inc. (PHIN) stock was 71.73 USD (+4.08% on the day), with market capitalisation 2.6 bn USD, P/E 14.5 on diluted EPS of 4.96 USD over the last 12 months, dividend yield 2.01%, beta 1.07, 52-week range 51.54–85.16 USD. Latest reported quarter (Q3 2026): revenue of 912.0 m USD (+0.4% YoY), net income of 67.0 m USD (+415.4% YoY), diluted EPS 1.80 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)
- 74.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 50.21 – 69.32
- above the upper band · %B 1.13 · band width 32.0%
- SMA 50 / 200
- 62.03 / 71.39
- mixed trend
- MACD (12, 26, 9)
- 1.70 / -0.21
- MACD above 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 | +19.2% | −1.1% | +20.3 pp | — |
| 3 months | −6.2% | −0.5% | −5.8 pp | — |
| 6 months | −8.5% | +4.4% | −12.9 pp | — |
| Year to date | +14.4% | +12.3% | +2.1 pp | — |
| 1 year | +37.3% | +13.5% | +23.7 pp | −12.2% |
| 3 years | +168.1% | +76.4% | +91.7 pp | −3.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 833.0 m | 796.0 m | 890.0 m | 908.0 m | 889.0 m | 878.0 m | 940.0 m | 912.0 m |
| Cost of revenue | 644.0 m | 624.0 m | 693.0 m | 708.0 m | 696.0 m | 690.0 m | 724.0 m | 708.0 m |
| Gross profit | 189.0 m | 172.0 m | 197.0 m | 200.0 m | 193.0 m | 188.0 m | 216.0 m | 204.0 m |
| Research & development | 29.0 m | 28.0 m | 30.0 m | 20.0 m | 27.0 m | 29.0 m | 33.0 m | 25.0 m |
| SG&A | 118.0 m | 107.0 m | 112.0 m | 105.0 m | 121.0 m | 115.0 m | 128.0 m | 111.0 m |
| Operating income | 51.0 m | 62.0 m | 89.0 m | 34.0 m | 69.0 m | 69.0 m | 80.0 m | 84.0 m |
| Depreciation & amortisation | 39.0 m | 37.0 m | 39.0 m | 40.0 m | 41.0 m | 40.0 m | 41.0 m | 41.0 m |
| Interest expense | 18.0 m | 19.0 m | 21.0 m | 20.0 m | 21.0 m | 20.0 m | 21.0 m | 21.0 m |
| Pre-tax income | 41.0 m | 50.0 m | 75.0 m | 19.0 m | 54.0 m | 57.0 m | 67.0 m | 70.0 m |
| Income tax | 36.0 m | 24.0 m | 29.0 m | 6.0 m | 9.0 m | 20.0 m | 27.0 m | 3.0 m |
| Net income | 5.0 m | 26.0 m | 46.0 m | 13.0 m | 45.0 m | 37.0 m | 40.0 m | 67.0 m |
| Diluted EPS | 0.12 ≈ | 0.63 | 1.14 | 0.33 | 1.15 ≈ | 0.96 | 1.05 | 1.80 |
| Operating cash flow | 73.0 m | 40.0 m | 57.0 m ≈ | 119.0 m ≈ | 96.0 m | 53.0 m | 91.0 m ≈ | 87.0 m ≈ |
| Capex | 20.0 m | 35.0 m | 34.0 m ≈ | 26.0 m ≈ | 29.0 m | 32.0 m | 22.0 m ≈ | 17.0 m ≈ |
| Dividends paid | 11.0 m | 11.0 m | 10.0 m ≈ | 11.0 m ≈ | 10.0 m | 11.0 m | 11.0 m ≈ | 11.0 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 29 percentile of its own 14-quarter history (min 6.3, median 19.2, max 27.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 3.2 bn | 3.3 bn | 3.5 bn | 3.4 bn | 3.5 bn |
| Revenue YoY | unavailable | +3.7% | +4.5% | −2.8% | +2.4% |
| Net income | 152.0 m | 262.0 m | 102.0 m | 79.0 m | 130.0 m |
| Net income YoY | unavailable | +72.4% | −61.1% | −22.5% | +64.6% |
| Diluted EPS | 3.23 | 5.57 | 2.17 | 1.76 | 3.24 |
| Diluted EPS YoY | unavailable | +72.4% | −61.0% | −18.9% | +84.1% |
| net % | 4.7% | 7.8% | 2.9% | 2.3% | 3.7% |
| Free cash flow | 1.0 m | 196.0 m | 100.0 m | 203.0 m | 188.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 359.0 m USD
- Financial debt
- 969.0 m USD
- Net debt
- 610.0 m USD
- Equity
- 1.6 bn USD
- Total assets
- 3.8 bn USD
- Debt / equity
- 0.61x
- Current ratio
- 1.86x
- ROE
- 8.2%
- ROA
- 3.4%
- FCF margin
- 5.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 3.2 bn | 3.3 bn | 3.5 bn | 3.4 bn | 3.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 2.6 bn | 2.6 bn | 2.8 bn | 2.6 bn | 2.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 676.0 m | 721.0 m | 724.0 m | 756.0 m | 762.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 132.0 m | 104.0 m | 108.0 m | 112.0 m | 105.0 m | SEC (XBRL)· 12 Feb 2026verified |
| SG&A | 460.0 m | 407.0 m | 413.0 m | 442.0 m | 445.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 174.0 m | 318.0 m | 241.0 m | 259.0 m | 254.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 204.0 m | 170.0 m | 170.0 m | 160.0 m | 157.0 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 378.0 m ≈ | 488.0 m ≈ | 411.0 m ≈ | 419.0 m ≈ | 411.0 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 35.0 m | 20.0 m | 56.0 m | 99.0 m | 81.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 186.0 m | 347.0 m | 206.0 m | 187.0 m | 198.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 33.0 m | 85.0 m | 104.0 m | 108.0 m | 68.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 152.0 m | 262.0 m | 102.0 m | 79.0 m | 130.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 3.23 | 5.57 | 2.17 | 1.76 | 3.24 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 47.0 m | 47.0 m | 47.0 m | 44.8 m | 40.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | — | — | 0.50 | 1.00 | 1.08 | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 259.0 m | 251.0 m | 365.0 m | 484.0 m | 359.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | — | 459.0 m | 487.0 m | 444.0 m | 473.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | — | 1.6 bn | 1.9 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | — | 924.0 m | 921.0 m | 843.0 m | 876.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | — | 490.0 m | 499.0 m | 471.0 m | 509.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 432.0 m | 417.0 m | 374.0 m | 398.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 4.2 bn | 4.1 bn | 4.0 bn | 3.8 bn | 3.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | — | 686.0 m | 639.0 m | 522.0 m | 510.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | — | 0 | 75.0 m | 0 | 2.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | — | 26.0 m | 709.0 m | 963.0 m | 967.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | — | 1.2 bn | 1.1 bn | 969.0 m | 947.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | — | 2.4 bn | 2.2 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 1.7 bn | 1.6 bn | 1.9 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 147.0 m | 303.0 m | 250.0 m | 308.0 m | 312.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 146.0 m | 107.0 m | 150.0 m | 105.0 m | 124.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 1.0 m ≈ | 196.0 m ≈ | 100.0 m ≈ | 203.0 m ≈ | 188.0 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -140.0 m | -105.0 m | -150.0 m | -101.0 m | -132.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -44.0 m | -185.0 m | 20.0 m | -96.0 m | -310.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | — | — | 23.0 m | 44.0 m | 42.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | — | 0 | 24.0 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
≈ 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: 53 / 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
- Valuation72
- Returns54
- Quality71
- Balance sheet45
- Growth6
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: 14.19 – 184.79 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)100.54 – 184.79 (Mid 131.01)WACC 7.9% · starting FCFF 290.3 m USD · terminal value share of EV 77%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): -18.7%
- Peers: EV/EBITDA59.74 – 116.08 (Mid 78.76)15 companies used · median multiple 7.5x · quartiles 6.0x – 10.4xALV, APTV, ATMU, BWA, CAAS, CPS, DCH, DORM, GNTX, LCII, LEA, MOD, PATK, SMP, THRM
- Peers: P/E56.77 – 102.35 (Mid 74.80)19 companies used · median multiple 15.1x · quartiles 11.5x – 20.6xADNT, ALSN, ALV, APTV, ATMU, BWA, CAAS, DAN, DORM, GNTX, GTX, HLLY, LCII, LEA, MGA, PATK, SMP, STRT, VC
- Dividend discount (DDM)14.19 – 19.09 (Mid 16.28)
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 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.5% | 52 (vs peers) | 10% |
| Net margin · Quality | 5.2% | 74 (vs peers) | 6% |
| FCF conversion · Quality | 120.1% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 1.3% | 11 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -16.5% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.4x | 40 (vs peers) | 10% |
| Interest coverage · Balance sheet | 3.6x | 33 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.7x | 75 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 14.5x | 62 (vs peers) | 10% |
| EV/EBITDA · Valuation | 7.0x | 60 (vs peers) | 10% |
| FCF yield · Valuation | 8.8% | 100 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 18.9% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet45/100 · 3/3 factors with a value
- Growth6/100 · 2/2 factors with a value
- Quality71/100 · 3/3 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation72/100 · 3/3 factors with a value
Memo
PHINIA INC. (PHIN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.5 bn USD in 2025; YoY growth 2.4%; net margin 5.2%; ROE 12.2%; net debt/EBITDA 1.4x.
The estimated value range is 58.25–109.21 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 76.78 USD, the price of 71.73 USD leaves a potential of 7.0% (value / price − 1) and a margin of safety of 6.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5.2%
- FCF conversion: 120.1%
- Current ratio: 1.7x
- FCF yield: 8.8%
- Payout ratio (FCF): 18.9%
What contradicts it
- Revenue CAGR 3Y: 1.3%
- EPS CAGR 3Y: -16.5%
- Shareholder yield (distributions): 1.7%
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% | +37% / +168% |
| DANDana Incorporated | 2.6 bn | 2.4 | 71.4% | 14.6% | −3.0% | +6% / +80% |
| 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 PHIN 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 | 43.52 Total return -38% · Per year -38% | 77.05 Total return 10% · Per year 10% | 116.23 Total return 65% · Per year 65% |
| 3 years | 39.58 Total return -40% · Per year -16% | 79.11 Total return 17% · Per year 5% | 131.40 Total return 92% · Per year 24% |
| 5 years | 36.00 Total return -42% · Per year -10% | 81.22 Total return 24% · Per year 4% | 148.55 Total return 122% · Per year 17% |
- Exit P/E± 19.78
- Net margin± 13.84
- Annual revenue growth± 11.72
- Annual dilution± 1.16
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 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
PHINIA is a global supplier of fuel injection, electrical and aftermarket solutions, with net sales of 3483 million USD in fiscal 2025. The company enters 2026 with guidance for modest growth, against a softening original equipment market and uncertain tariffs.
SWOT
Strengths
- Broad portfolio of fuel and electrical systems, long relationships with major OEMs and a strong service network.
- Recognized brands in the independent aftermarket that support the Aftermarket segment and replacement parts sales.
- Cash generation and inventory reduction reported in the second quarter of 2026 results.
Weaknesses
- Dependence on a few large OEM customers, one of which accounts for a significant share of sales.
- Margins are under pressure from employee costs and a less favorable product mix.
- Debt remains significant, which limits financial flexibility in weaker periods.
Opportunities
- The SEM acquisition and the planned stoba Group acquisition could expand capabilities in alternative fuels and precision manufacturing.
- Growing interest in hybrid and plug-in hybrid vehicles could support demand for new products.
- Expansion into emerging aftermarket markets could widen distribution reach.
Threats
- Declining light and commercial vehicle volumes could reduce OE sales in coming years.
- Tariffs and trade restrictions can raise import costs and disrupt supply chains.
- Larger competitors with greater resources could accelerate the technology transition faster.
Risks
- Dependence on OEMshigh
A large share of sales comes from a few OEM customers, and losing one contract could significantly affect results.
- Energy transitionhigh
If the electric vehicle market grows faster than alternative fuel technologies, demand for some products could decline.
- Acquisition integrationmedium
Integrating SEM and the planned stoba Group acquisition could bring unforeseen costs and delay expected synergies.
- Cybersecuritymedium
Attacks on IT and operational technology systems could interrupt production and raise costs.
- Inflation and input costslow
Rising raw material and labor costs could compress margins if customer recoveries are delayed.
Investment thesis
What would need to be true (bull case)
- If tariff recoveries are collected and operating efficiency continues, results could exceed 2026 guidance.
- Expansion into aerospace, defense and alternative fuels could open new sources of revenue.
- Inventory reduction and capital discipline could support cash generation and share repurchases.
What would break the thesis
- If OE volumes fall more than expected, sales could remain below guidance.
- Rising employee costs and margin pressure could limit the benefits of acquisitions.
- Debt and uncertain tariffs could reduce financial flexibility and profitability.
What to watch
- Closing of the stoba Group acquisition and regulatory approvalsQ4 2026
- Pace of collection of IEEPA tariff recoveriesQ3 2026
- Light and commercial vehicle volumes in key markets versus guidanceQ3 2026
- Adjusted EBITDA margin and the effect of employee costsnext 10-Q
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 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
PHINIA Inc. is a Delaware company spun off from BorgWarner in July 2023 that designs and manufactures integrated components and systems for combustion and hybrid propulsion. Its customers are mainly OEMs of commercial, light commercial and light passenger vehicles, and it also offers OES service parts, remanufactured products and independent aftermarket parts. The company trades on the New York Stock Exchange under PHIN. Headquarters are in Auburn Hills, Michigan, and it had about 12500 employees at the end of 2025.
Segments
Fuel Systems
The Fuel Systems segment supplies advanced fuel injection systems, fuel delivery modules, sensors, electronic control modules and OES solutions. It generated net sales of 2320 million USD in fiscal 2025, and in 2026 it added the SEM acquisition, active in natural gas and hydrogen ignition systems.
Aftermarket
The Aftermarket segment sells to independent aftermarket customers, including maintenance products, test equipment and diagnostics solutions, as well as remanufactured parts. Its sales were 1306 million USD in fiscal 2025, providing a steady contribution to the group.
Market context
The commercial and automotive component market is cyclical and sensitive to vehicle production and input costs. Guidance for 2026 anticipates declining light vehicle volumes in key markets, which could limit growth if economic and geopolitical uncertainty persists. The company's position is supported by aftermarket demand and expansion into alternative fuel segments.
Trends
- Shift toward electrificationmixed
Growth in electric vehicles and regulations phasing out combustion vehicles could reduce demand for some products. The company could offset this through alternative fuels and hybrid systems if those segments grow enough.
- Tariffs and international tradeheadwind
Tariffs, export controls and changes in trade agreements can raise input costs and reduce demand. The company has reported tariff recoveries, but the timing of collection remains uncertain.
- Growth in aerospace and defensetailwind
Expansion into aerospace and defense offers a diversification path for existing technologies. Results will depend on program timing and the ability to integrate them.
- Costs and inflationmixed
Inflation and semiconductor shortages can raise costs, although the company has in the past offset them through productivity and customer recoveries.
Competitive position
The company competes globally with larger manufacturers that have more diverse portfolios and greater financial resources. Price, quality, delivery speed and technological innovation are the main competitive factors. Suppliers in lower-cost regions add further pressure.
- Cummins Inc.CMI
Competitor named in the 10-K competition section, especially in commercial engine systems.
- Dorman Products, Inc.DORM
Competitor named in the parts area for the independent aftermarket, relevant to the Aftermarket segment.
- Robert Bosch GmbH
Large European automotive component supplier, named as a major competitor.
- Denso Corporation
Japanese automotive component supplier, named as a major competitor in fuel systems.
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
- Consiliul Concurenței analizează preluarea Bahag Beteiligungs și Competo Beteiligungs de către Phinia Inc.Juridice.ro · 10 Jul 2026 · RO
- Consiliul Concurenței analizează preluarea companiilor germane Bahag Beteiligungs şi Competo Beteiligungs de către americanii de la Phinia, care au filiala Phinia Delphi în RomâniaEconomedia · 10 Jul 2026 · RO
The latest news item in our archive is from 10 Jul 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report12 Aug 2026Departure or appointment of officers
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report28 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement09 Apr 2026
- Current report (amendment)12 Feb 2026Item 4.01
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / PHINIA Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / PHINIA Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / PHINIA Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.