# Aptiv (APTV.US)

Canonical: https://gigainvestors.com/s/APTV

Analysis as of: 2026-10-16T07:26:33.658Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $45.19 per share; close as of 2026-10-15.

Estimated value: low $48.39 per share, central $54.81 per share, high $63.36 per share. Buy at or below the central value $54.81 per share. Valuation as of 2026-10-16T07:26:33.658Z; scenarios are not confidence intervals.

Expected annual return: 11.6% at the stated quote. About 11.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.11×

- FY2019: 0.10×

- FY2020: 0.06×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.09×

- FY2025: 0.09×

- LTM to Jun 2026: 0.05×

### moat: pass

- ROIC, median of available years: 15.0%

- ROIC, second-lowest year: 11.3%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 17.3%

- Recent gross margin (lower of latest and 3-year median): 16.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.7%

- ROIC including acquisitions, ten-year median: 12.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 32.8%

- FY2018: 27.4%

- FY2019: 21.9%

- FY2020: 11.6%

- FY2021: 15.3%

- FY2022: 12.3%

- FY2023: 8.8%

- FY2024: 14.8%

- FY2025: 11.3%

- LTM to Jun 2026: 6.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.10×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.7B

- Net income, five-year total: $6.0B

- Return on incremental invested capital: -27.7%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.1 pp

- Working capital / revenue, final three-year average: 15.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.06×

- FY2025: 3.03×

- LTM to Jun 2026: 2.34×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 32.8% vs 11.3%

- Per-share earnings: 5.06 to 6.96 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.6%

- Ordinary dilution, 5-year annual growth: -4.0%

- Market cap gain: -$2.0B

- Cumulative retained earnings: $4.2B

- Diluted shares, 10-year annual growth: -2.6%

- Diluted shares, 5-year annual growth: -4.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.1%

- Per-share value change: $1.91

- Per-share value, starting three-year median: $5.06

- Per-share value, ending three-year median: $6.96

- Buybacks concentrated in cheaper years (correlation): 0.53

- Average buyback yield: 4.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $5.5B

- Cumulative net income, 10 years: $13B

- ROIC, first three-year median: 32.8%

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.59

- FY2017: $5.06

- FY2018: $4.02

- FY2019: $3.85

- FY2020: $6.66

- FY2021: $2.18

- FY2022: $2.19

- FY2023: $10.28

- FY2024: $6.96

- FY2025: $0.75

### accounting: pass

- Sloan accruals: -8.6%

- Receivables to sales index (DSRI): 1.14×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 6.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 13.24×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.72×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.6%

- FY2017: -0.9%

- FY2018: -4.5%

- FY2019: -4.7%

- FY2020: 2.2%

- FY2021: -3.5%

- FY2022: -3.1%

- FY2023: 4.1%

- FY2024: -2.8%

- FY2025: -8.6%

## Holders

- [Alex Roepers](https://gigainvestors.com/AIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 74% since Oct 2021 · "APTV Cuts 2026 Outlook After Q2 Beat as China and Launch Delays Weigh" (finance.yahoo.com, Aug 2026) · sales +3.5%

Story as of 2026-10-16T09:58:19.196Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.6% a year for ten years

- 2025-07-31: Aptiv forecasts better-than-expected 2025 profit despite auto tariffs hit ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/aptiv-forecasts-better-expected-2025-114126204.html))

- 2026-02-08: Aptiv Refocuses On Higher Margins As Versigent Spin Off Reshapes Thesis ([finance.yahoo.com](https://finance.yahoo.com/news/aptiv-refocuses-higher-margins-versigent-070632840.html))

- 2026-08-11: APTV Cuts 2026 Outlook After Q2 Beat as China and Launch Delays Weigh ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/aptv-cuts-2026-outlook-q2-144500180.html))

### Sales · FY2024–2025

sales +3.5%; source https://www.sec.gov/Archives/edgar/data/1521332/000152133226000009/aptv-20251231.htm; observed 2026-02-06.

- FY2016: $17B 

- FY2017: $13B 

- FY2018: $14B 

- FY2019: $14B 

- FY2020: $13B 

- FY2021: $16B 

- FY2022: $17B 

- FY2023: $20B 

- FY2024: $20B 

- FY2025: $20B 

### Gross margin · FY2025

gross margin 16.6%; source https://www.sec.gov/Archives/edgar/data/1521332/000152133226000009/aptv-20251231.htm; observed 2026-02-06.

- FY2016: 20.8% 

- FY2017: 19.4% 

- FY2018: 17.8% 

- FY2019: 17.5% 

- FY2020: 13.9% 

- FY2021: 15.0% 

- FY2022: 14.3% 

- FY2023: 17.2% 

- FY2024: 18.9% 

- FY2025: 16.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto parts; annual sales are USD 20.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1521332/000152133226000009/aptv-20251231.htm (filed 2026-02-06); FY2025: revenue 20398000000; grossProfit 3380000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APTV.US: Aptiv PLC, an industrial technology company, provides hardware and software solutions to support automotive and other industries in North America, Europe, the Middle East, Africa, the Asia Pacific, and South America. It operates through three segments: Advanced Safety and User Experience, Engineered Components, and Electrical Distribution Systems. The company offers active safety, user experience and smart vehicle compute, and software products for vehicle safety and security, including intelligent sensors, compute platforms, and software tools and services. It also provides connection systems, interconnects, and cable management and protection solutions for the distribution of power, signal, and data. Aptiv PLC was incorporated in 2011 and is based in Schaffhausen, Switzerland.

### Why customers stay

Margins ranged from 16.6% to 18.9% during 2023–25; it earns 15% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2023: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2024: grossProfit / revenue = 18.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1521332/000152133226000009/aptv-20251231.htm (filed 2026-02-06); FY2025: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); 10-year return on capital observations [[2016,0.3607600772178523],[2017,0.32826868679472343],[2018,0.2738854559080564],[2019,0.21851843269851262],[2020,0.11635683605396008],[2021,0.15262137068219372],[2022,0.12329594707866852],[2023,0.08778153153153154],[2024,0.1479165519625201],[2025,0.11330385111479639]]; median 0.1502689613223569. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back USD 397 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2016: growth capex 302094543.1232725; upkeep 525905456.8767275; owner earnings 1220094543.1232724. Growth capex / owner earnings = 0.2475992904205214.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2017: growth capex 0; upkeep 698000000; owner earnings 1203000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2018: growth capex 170000000; upkeep 676000000; owner earnings 1067000000. Growth capex / owner earnings = 0.15932521087160262.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2019: growth capex 0; upkeep 781000000; owner earnings 926000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2020: growth capex 0; upkeep 584000000; owner earnings 1984000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2021: growth capex 0; upkeep 611000000; owner earnings 752000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2022: growth capex 82000000; upkeep 762000000; owner earnings 594000000. Growth capex / owner earnings = 0.13804713804713806.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2023: growth capex 0; upkeep 906000000; owner earnings 2915000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2024: growth capex 0; upkeep 830000000; owner earnings 1899000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1521332/000152133226000009/aptv-20251231.htm (filed 2026-02-06); FY2025: growth capex 0; upkeep 656000000; owner earnings 500000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Dividend observations: [[2016,317000000],[2017,310000000],[2018,233000000],[2019,226000000],[2020,88000000],[2021,63000000],[2022,63000000],[2023,32000000],[2024,0],[2025,6000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1521332/000152133226000009/aptv-20251231.htm (filed 2026-02-06); FY2025: cash repurchases 397000000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APTV.US SharesStats.PercentInsiders = 0.8410000000000001 percentage points; cache date 2026-10-16.

### What could break it

"We may suffer future asset impairment and other restructuring charges" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1521332/000152133226000009/aptv-20251231.htm (filed 2026-02-06); We may suffer future asset impairment and other restructuring charges

### What the price says

The price assumes cash profits shrink 1.6% yearly over ten years; actual decline was 6.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Ten-year compound average after fade. Initial solved rate -0.035571063717588294. Price 45.19; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.4864638571029865 → FY2025 2.2650056625141564. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $65.02 per share

- 2016-11: $63.95 per share

- 2016-12: $67.30 per share

- 2017-01: $70.01 per share

- 2017-02: $76.07 per share

- 2017-03: $80.43 per share

- 2017-04: $80.34 per share

- 2017-05: $87.90 per share

- 2017-06: $87.58 per share

- 2017-07: $90.35 per share

- 2017-08: $96.33 per share

- 2017-09: $98.33 per share

- 2017-10: $99.30 per share

- 2017-11: $104.59 per share

- 2017-12: $84.83 per share

- 2018-01: $94.88 per share

- 2018-02: $91.33 per share

- 2018-03: $84.97 per share

- 2018-04: $84.58 per share

- 2018-05: $97.50 per share

- 2018-06: $91.63 per share

- 2018-07: $98.07 per share

- 2018-08: $88.01 per share

- 2018-09: $83.90 per share

- 2018-10: $76.80 per share

- 2018-11: $71.90 per share

- 2018-12: $61.57 per share

- 2019-01: $79.13 per share

- 2019-02: $83.11 per share

- 2019-03: $79.49 per share

- 2019-04: $85.70 per share

- 2019-05: $64.04 per share

- 2019-06: $80.83 per share

- 2019-07: $87.65 per share

- 2019-08: $83.17 per share

- 2019-09: $87.42 per share

- 2019-10: $89.55 per share

- 2019-11: $93.88 per share

- 2019-12: $94.97 per share

- 2020-01: $84.79 per share

- 2020-02: $78.11 per share

- 2020-03: $49.24 per share

- 2020-04: $69.55 per share

- 2020-05: $75.35 per share

- 2020-06: $77.92 per share

- 2020-07: $77.75 per share

- 2020-08: $86.12 per share

- 2020-09: $91.68 per share

- 2020-10: $96.49 per share

- 2020-11: $118.70 per share

- 2020-12: $130.29 per share

- 2021-01: $133.60 per share

- 2021-02: $149.84 per share

- 2021-03: $137.90 per share

- 2021-04: $143.89 per share

- 2021-05: $150.42 per share

- 2021-06: $157.33 per share

- 2021-07: $166.85 per share

- 2021-08: $152.19 per share

- 2021-09: $148.97 per share

- 2021-10: $172.89 per share

- 2021-11: $160.35 per share

- 2021-12: $164.95 per share

- 2022-01: $136.58 per share

- 2022-02: $129.44 per share

- 2022-03: $119.71 per share

- 2022-04: $106.40 per share

- 2022-05: $106.24 per share

- 2022-06: $89.07 per share

- 2022-07: $104.89 per share

- 2022-08: $93.43 per share

- 2022-09: $78.21 per share

- 2022-10: $91.07 per share

- 2022-11: $106.67 per share

- 2022-12: $93.13 per share

- 2023-01: $113.09 per share

- 2023-02: $116.28 per share

- 2023-03: $112.19 per share

- 2023-04: $102.86 per share

- 2023-05: $88.08 per share

- 2023-06: $102.09 per share

- 2023-07: $109.49 per share

- 2023-08: $101.45 per share

- 2023-09: $98.59 per share

- 2023-10: $87.20 per share

- 2023-11: $82.84 per share

- 2023-12: $89.72 per share

- 2024-01: $81.33 per share

- 2024-02: $79.49 per share

- 2024-03: $79.65 per share

- 2024-04: $71.00 per share

- 2024-05: $83.26 per share

- 2024-06: $70.42 per share

- 2024-07: $69.39 per share

- 2024-08: $71.53 per share

- 2024-09: $72.01 per share

- 2024-10: $56.83 per share

- 2024-11: $55.53 per share

- 2024-12: $60.48 per share

- 2025-01: $62.42 per share

- 2025-02: $65.12 per share

- 2025-03: $59.50 per share

- 2025-04: $57.06 per share

- 2025-05: $66.81 per share

- 2025-06: $68.22 per share

- 2025-07: $68.64 per share

- 2025-08: $79.53 per share

- 2025-09: $86.22 per share

- 2025-10: $81.10 per share

- 2025-11: $77.55 per share

- 2025-12: $76.09 per share

- 2026-01: $75.75 per share

- 2026-02: $73.54 per share

- 2026-03: $69.44 per share

- 2026-04: $60.26 per share

- 2026-05: $67.94 per share

- 2026-06: $61.38 per share

- 2026-07: $56.47 per share

- 2026-08: $44.76 per share

- 2026-09: $43.02 per share

- 2026-10: $45.19 per share

## Annual estimated value (USD per share)

- FY2016: low $50.33 per share, central $57.05 per share, high $65.99 per share

- FY2017: low $43.67 per share, central $49.01 per share, high $56.11 per share

- FY2018: low $45.02 per share, central $51.09 per share, high $59.16 per share

- FY2019: low $45.55 per share, central $51.76 per share, high $60.04 per share

- FY2020: low $48.45 per share, central $53.83 per share, high $60.99 per share

- FY2021: low $56.95 per share, central $63.36 per share, high $71.90 per share

- FY2022: low $49.82 per share, central $56.09 per share, high $64.44 per share

- FY2023: low $54.35 per share, central $61.24 per share, high $70.41 per share

- FY2024: low $85.94 per share, central $97.73 per share, high $112.78 per share

- FY2025: low $55.17 per share, central $61.87 per share, high $70.80 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:10.235Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1521332/000152133226000009/aptv-20251231.htm); period 2025-12-31, filed 2026-02-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.