# Dana (DAN.US)

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

Analysis as of: 2026-10-16T07:27:54.800Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $28.49 per share; close as of 2026-10-15.

Estimated value: low $5.66 per share, central $6.22 per share, high $6.95 per share. Buy at or below the central value $6.22 per share. Valuation as of 2026-10-16T07:27:54.800Z; scenarios are not confidence intervals.

Expected annual return: 4.2% at the stated quote. About 4.2% 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: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 1.16×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: -0.01×

- FY2021: 0.01×

- FY2022: -0.01×

- FY2023: -0.00×

- FY2024: -0.00×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.8%

- ROIC, second-lowest year: -1.1%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 9.0%

- Recent gross margin (lower of latest and 3-year median): 8.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 4.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.1%

- FY2017: 11.0%

- FY2018: 14.2%

- FY2019: 10.0%

- FY2020: -1.1%

- FY2021: 1.3%

- FY2022: -1.3%

- FY2023: -0.5%

- FY2024: -0.5%

- FY2025: 4.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 14.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $294M

- Net income, five-year total: $21M

- Return on incremental invested capital: -2.9%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.2 pp

- Working capital / revenue, final three-year average: 14.7%

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

- FY2021: 1.10×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: -0.93×

- FY2025: 2.68×

### management: fail

- 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: 12.1% vs -0.5%

- Per-share earnings: 0.99 to 0.26 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.8%

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: -$64M

- Cumulative retained earnings: $61M

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -15.3%

- Per-share value change: -$0.73

- Per-share value, starting three-year median: $0.99

- Per-share value, ending three-year median: $0.26

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 4.5%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $551M

- Cumulative net income, 10 years: $1.4B

- ROIC, first three-year median: 12.1%

- ROIC, last three-year median: -0.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.36

- FY2017: $0.76

- FY2018: $2.91

- FY2019: $1.56

- FY2020: -$0.21

- FY2021: $1.35

- FY2022: -$1.69

- FY2023: $0.26

- FY2024: -$0.39

- FY2025: $0.64

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 7.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.3%

- FY2017: -7.8%

- FY2018: -2.4%

- FY2019: -5.7%

- FY2020: -5.7%

- FY2021: 0.5%

- FY2022: -12.0%

- FY2023: -5.5%

- FY2024: -6.8%

- FY2025: -5.5%

## Holders

## Price story

Down 22% since Apr 2026 · "Dana Incorporated DAN is refining its strategy as electrification demand turns choppier." (finance.yahoo.com, Mar 2026) · sales -27.1%

Story as of 2026-10-16T09:58:36.693Z; price observation 2026-10-15.

Price needs cash profits to grow 23.7% a year for ten years

- 2025-05-03: Dana Incorporated Surprised Analysts With A Profit, And Analysts Boosted Their EPS Forecasts ([finance.yahoo.com](https://finance.yahoo.com/news/dana-incorporated-surprised-analysts-profit-133216317.html))

- 2025-06-11: Dana stock surges amid $2.7 billion Off-Highway business sale to Allison ([finance.yahoo.com](https://finance.yahoo.com/news/dana-stock-surges-amid-2-211553723.html))

- 2025-08-05: Dana Incorporated Reports 2025 Strong Second-quarter Financial Results; Raises 2025 Full-year Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/dana-incorporated-reports-2025-strong-105900901.html))

- 2025-10-29: Dana Incorporated Reports Solid 2025 Third-quarter Financial Results; Raises 2025 Full-year Profit Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/dana-incorporated-reports-solid-2025-105900022.html))

- 2026-04-13: Dana (DAN) Is Up 9.2% After Unveiling Ambitious 2030 Buyback-Focused Capital Plan ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/dana-dan-9-2-unveiling-070958347.html))

- 2026-08-06: Dana Incorporated Reports Strong Second-Quarter Results; Increases Full-Year Guidance; Restarts Share Repurchase Program ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/dana-incorporated-reports-strong-second-105900184.html))

### Sales · FY2024–2025

sales -27.1%; source https://www.sec.gov/Archives/edgar/data/26780/000143774926006076/dan20251231_10k.htm; observed 2026-02-27.

- FY2016: $5.8B 

- FY2017: $7.2B 

- FY2018: $8.1B 

- FY2019: $8.6B 

- FY2020: $7.1B 

- FY2021: $8.9B 

- FY2022: $10B 

- FY2023: $11B 

- FY2024: $10B 

- FY2025: $7.5B 

### Gross margin · FY2025

gross margin 8%; source https://www.sec.gov/Archives/edgar/data/26780/000143774926006076/dan20251231_10k.htm; observed 2026-02-27.

- FY2016: 14.5% 

- FY2017: 14.7% 

- FY2018: 14.2% 

- FY2019: 13.1% 

- FY2020: 8.7% 

- FY2021: 9.4% 

- FY2022: 7.5% 

- FY2023: 8.5% 

- FY2024: 8.5% 

- FY2025: 8.0% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are USD 7.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/26780/000143774926006076/dan20251231_10k.htm (filed 2026-02-27); FY2025: revenue 7500000000; grossProfit 602000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DAN.US: Dana Incorporated, together with its subsidiaries, provides power-conveyance and energy-management solutions for on-highway vehicles in North America, Europe, South America, and the Asia Pacific. The Light Vehicle segment provides axles, driveshafts, internal combustion engine (ICE), hybrid and electric transmissions, e-axle and e-transmission systems, inverters, electric motors, controllers, sealing and thermal products, e-sealing, e-thermal cooling systems, battery and electronics cooling, hydrogen fuel cell cooling, and new power industrial cooling. The Commercial Vehicle segment offers axles, driveshafts, hybrid and electric transmissions, e-axle and e-transmission systems, inverters, electric motors, controllers. The company offers electrodynamic technologies comprising motors, inverters, software and control systems, battery-management systems, and fuel cell plates. The company also provides sealing solutions, such as gaskets, seals, cam covers, and oil pan modules; thermal-management technologies, including transmission and engine oil cooling, battery and electronics cooling, charge air cooling, and thermal-acoustical protective shielding; and digital solutions that include active and passive system controls, as well as descriptive and predictive analytics. It serves vehicle manufacturers in the global light vehicle, medium/heavy vehicle. The company was formerly known as Dana Holding Corporation and changed its name to Dana Incorporated in August 2016. Dana Incorporated was founded in 1904 and is headquartered in Maumee, Ohio.

### Why customers stay

Margins ranged from 8% to 8.5% during 2023–25; it earns 2.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 8.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 8.5%.

- Source: https://www.sec.gov/Archives/edgar/data/26780/000143774926006076/dan20251231_10k.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.1213640922768305],[2017,0.10981880509304603],[2018,0.14235900219612177],[2019,0.10044052863436123],[2020,-0.010865671641791044],[2021,0.013459881860694068],[2022,-0.013210702341137123],[2023,-0.005353347502656748],[2024,-0.0048258138206739],[2025,0.043346213292117464]]; median 0.028403047576405764. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 8% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/26780/000143774926006076/dan20251231_10k.htm (filed 2026-02-27); Gross margin observations: [[2021,0.09357182783678032],[2022,0.07512800315084679],[2023,0.08526764566556135]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 650 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 322000000; owner earnings 500000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 160000000; upkeep 233000000; owner earnings 111000000. Growth capex / owner earnings = 1.4414414414414414.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 55000000; upkeep 270000000; owner earnings 427000000. Growth capex / owner earnings = 0.1288056206088993.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 87000000; upkeep 339000000; owner earnings 226000000. Growth capex / owner earnings = 0.38495575221238937.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 326000000; owner earnings 8000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 369000000; owner earnings 217000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 85000000; upkeep 416000000; owner earnings 38000000. Growth capex / owner earnings = 2.236842105263158.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 312000000; owner earnings 53000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/26780/000143774926006076/dan20251231_10k.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 214000000; owner earnings 228000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,35000000],[2017,35000000],[2018,58000000],[2019,58000000],[2020,15000000],[2021,58000000],[2022,58000000],[2023,58000000],[2024,58000000],[2025,54000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/26780/000143774926006076/dan20251231_10k.htm (filed 2026-02-27); FY2025: cash repurchases 650000000 USD.

### Are managers owners

Insiders own 1.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DAN.US SharesStats.PercentInsiders = 1.555 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 23.7% yearly over ten years; actual growth was 14.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.3323115117909049. Price 28.49; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.45625 → FY2025 1.705310396409873. Closing-price date 2026-10-15.

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

- 2016-10: $15.48 per share

- 2016-11: $16.89 per share

- 2016-12: $18.98 per share

- 2017-01: $20.14 per share

- 2017-02: $18.89 per share

- 2017-03: $19.31 per share

- 2017-04: $19.42 per share

- 2017-05: $21.12 per share

- 2017-06: $22.33 per share

- 2017-07: $23.72 per share

- 2017-08: $24.07 per share

- 2017-09: $27.96 per share

- 2017-10: $30.49 per share

- 2017-11: $33.04 per share

- 2017-12: $32.01 per share

- 2018-01: $32.99 per share

- 2018-02: $26.57 per share

- 2018-03: $25.76 per share

- 2018-04: $23.73 per share

- 2018-05: $22.30 per share

- 2018-06: $20.19 per share

- 2018-07: $21.35 per share

- 2018-08: $19.57 per share

- 2018-09: $18.67 per share

- 2018-10: $15.57 per share

- 2018-11: $14.51 per share

- 2018-12: $13.63 per share

- 2019-01: $17.62 per share

- 2019-02: $19.75 per share

- 2019-03: $17.74 per share

- 2019-04: $19.50 per share

- 2019-05: $14.59 per share

- 2019-06: $19.94 per share

- 2019-07: $16.71 per share

- 2019-08: $12.73 per share

- 2019-09: $14.44 per share

- 2019-10: $16.23 per share

- 2019-11: $16.95 per share

- 2019-12: $18.20 per share

- 2020-01: $15.41 per share

- 2020-02: $14.38 per share

- 2020-03: $7.81 per share

- 2020-04: $11.50 per share

- 2020-05: $12.64 per share

- 2020-06: $12.19 per share

- 2020-07: $11.43 per share

- 2020-08: $13.95 per share

- 2020-09: $12.32 per share

- 2020-10: $13.99 per share

- 2020-11: $16.84 per share

- 2020-12: $19.52 per share

- 2021-01: $19.36 per share

- 2021-02: $23.81 per share

- 2021-03: $24.33 per share

- 2021-04: $25.30 per share

- 2021-05: $27.13 per share

- 2021-06: $23.76 per share

- 2021-07: $24.16 per share

- 2021-08: $23.26 per share

- 2021-09: $22.24 per share

- 2021-10: $22.19 per share

- 2021-11: $21.50 per share

- 2021-12: $22.82 per share

- 2022-01: $21.66 per share

- 2022-02: $18.62 per share

- 2022-03: $17.57 per share

- 2022-04: $14.81 per share

- 2022-05: $16.56 per share

- 2022-06: $14.07 per share

- 2022-07: $16.76 per share

- 2022-08: $15.47 per share

- 2022-09: $11.43 per share

- 2022-10: $15.96 per share

- 2022-11: $17.61 per share

- 2022-12: $15.13 per share

- 2023-01: $18.14 per share

- 2023-02: $15.84 per share

- 2023-03: $15.05 per share

- 2023-04: $14.79 per share

- 2023-05: $12.87 per share

- 2023-06: $17.00 per share

- 2023-07: $18.98 per share

- 2023-08: $16.11 per share

- 2023-09: $14.67 per share

- 2023-10: $11.48 per share

- 2023-11: $13.21 per share

- 2023-12: $14.61 per share

- 2024-01: $13.56 per share

- 2024-02: $12.50 per share

- 2024-03: $12.70 per share

- 2024-04: $12.43 per share

- 2024-05: $14.06 per share

- 2024-06: $12.12 per share

- 2024-07: $12.71 per share

- 2024-08: $11.29 per share

- 2024-09: $10.56 per share

- 2024-10: $7.67 per share

- 2024-11: $10.00 per share

- 2024-12: $11.56 per share

- 2025-01: $15.94 per share

- 2025-02: $14.87 per share

- 2025-03: $13.33 per share

- 2025-04: $13.74 per share

- 2025-05: $16.63 per share

- 2025-06: $17.15 per share

- 2025-07: $15.92 per share

- 2025-08: $20.16 per share

- 2025-09: $20.04 per share

- 2025-10: $20.30 per share

- 2025-11: $22.41 per share

- 2025-12: $23.76 per share

- 2026-01: $28.90 per share

- 2026-02: $34.24 per share

- 2026-03: $33.65 per share

- 2026-04: $36.45 per share

- 2026-05: $35.41 per share

- 2026-06: $27.21 per share

- 2026-07: $26.93 per share

- 2026-08: $29.98 per share

- 2026-09: $27.31 per share

- 2026-10: $28.49 per share

## Annual estimated value (USD per share)

- FY2016: low $23.76 per share, central $26.46 per share, high $30.04 per share

- FY2017: low $26.93 per share, central $30.18 per share, high $34.50 per share

- FY2018: low $29.87 per share, central $33.65 per share, high $38.67 per share

- FY2019: low $20.35 per share, central $23.93 per share, high $27.46 per share

- FY2020: low $17.12 per share, central $19.07 per share, high $21.65 per share

- FY2021: low $16.95 per share, central $19.19 per share, high $22.16 per share

- FY2022: low $20.30 per share, central $22.88 per share, high $26.33 per share

- FY2023: low $4.62 per share, central $5.02 per share, high $5.54 per share

- FY2024: low $4.46 per share, central $4.84 per share, high $5.35 per share

- FY2025: low $5.60 per share, central $6.03 per share, high $6.61 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

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/26780/000143774926006076/dan20251231_10k.htm); period 2025-12-31, filed 2026-02-27.

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.

## Reported holder observations



# DAN — Dana Inc.

Held by 1 investor · USD 201,981 total · 2025 Q3 · reported price USD 20.01 (split-adjusted).
Page: https://gigainvestors.com/s/DAN

## Holders (2025 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Richard Pzena (https://gigainvestors.com/PIM) | USD 201,981 | 0.0% | reduce -93.59% |

## Total held by quarter

- 2013 Q2: USD 7,704,000 · 1 holder · USD 10.41
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 0 · 0 holders
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 0 · 0 holders
- 2014 Q3: USD 0 · 0 holders
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 0 · 0 holders
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 0 · 0 holders
- 2018 Q2: USD 0 · 0 holders
- 2018 Q3: USD 0 · 0 holders
- 2018 Q4: USD 0 · 0 holders
- 2019 Q1: USD 0 · 0 holders
- 2019 Q2: USD 0 · 0 holders
- 2019 Q3: USD 809,200 · 1 holder · USD 7.81
- 2019 Q4: USD 0 · 0 holders
- 2020 Q1: USD 624,800 · 1 holder · USD 7.81
- 2020 Q2: USD 0 · 0 holders
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 77,803,206 · 1 holder · USD 19.52
- 2021 Q1: USD 292,848,167 · 1 holder · USD 24.33
- 2021 Q2: USD 285,987,359 · 1 holder · USD 23.76
- 2021 Q3: USD 317,731,871 · 1 holder · USD 22.24
- 2021 Q4: USD 326,018,044 · 1 holder · USD 22.82
- 2022 Q1: USD 251,013,893 · 1 holder · USD 17.57
- 2022 Q2: USD 201,011,125 · 1 holder · USD 14.07
- 2022 Q3: USD 163,294,752 · 1 holder · USD 11.43
- 2022 Q4: USD 216,154,821 · 1 holder · USD 15.13
- 2023 Q1: USD 215,011,900 · 1 holder · USD 15.05
- 2023 Q2: USD 242,870,585 · 1 holder · USD 17.00
- 2023 Q3: USD 209,583,028 · 1 holder · USD 14.67
- 2023 Q4: USD 208,725,838 · 1 holder · USD 14.61
- 2024 Q1: USD 225,083,307 · 2 holders · USD 12.70
- 2024 Q2: USD 212,245,659 · 2 holders · USD 12.12
- 2024 Q3: USD 187,295,497 · 2 holders · USD 10.56
- 2024 Q4: USD 200,971,086 · 2 holders · USD 11.56
- 2025 Q1: USD 210,481,114 · 2 holders · USD 13.33
- 2025 Q2: USD 2,699,736 · 1 holder · USD 17.15
- 2025 Q3: USD 201,981 · 1 holder · USD 20.01
- 2025 Q4: USD 0 · 0 holders