# Visteon (VC.US)

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

Analysis as of: 2026-10-16T07:32:49.762Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $88.67 per share; close as of 2026-10-15.

Estimated value: low $94.13 per share, central $104.15 per share, high $117.49 per share. Buy at or below the central value $104.15 per share. Valuation as of 2026-10-16T07:32:49.762Z; scenarios are not confidence intervals.

Expected annual return: 11.7% at the stated quote. About 11.7% 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

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 1

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.04×

- FY2020: 0.02×

- FY2021: 0.03×

- FY2022: 0.05×

- FY2023: 0.07×

- FY2024: 0.03×

- FY2025: 0.09×

- LTM to Jun 2026: 0.07×

### moat: pass

- ROIC, median of available years: 16.0%

- ROIC, second-lowest year: 11.3%

- Typical minus recent gross margin: 2.6 pp

- Typical gross margin (annual median): 15.4%

- Recent gross margin (lower of latest and 3-year median): 12.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 20.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 49.6%

- FY2018: 34.0%

- FY2019: 14.4%

- FY2020: 11.3%

- FY2021: 11.0%

- FY2022: 23.8%

- FY2023: 30.3%

- FY2024: 12.0%

- FY2025: 17.5%

- LTM to Jun 2026: 14.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $1.1B

- Return on incremental invested capital: 31.1%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.0 pp

- Working capital / revenue, final three-year average: 11.3%

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

- FY2022: 1.21×

- FY2023: 1.00×

- FY2024: 0.85×

- FY2025: 0.88×

- LTM to Jun 2026: 0.92×

### 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: 49.6% vs 17.5%

- Per-share earnings: 5.47 to 9.82 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.4%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: -$103M

- Cumulative retained earnings: $1.6B

- Diluted shares, 10-year annual growth: -4.4%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.6%

- Per-share value change: $4.35

- Per-share value, starting three-year median: $5.47

- Per-share value, ending three-year median: $9.82

- Buybacks concentrated in cheaper years (correlation): 0.33

- Average buyback yield: 5.8%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $183M

- Cumulative net income, 10 years: $1.6B

- ROIC, first three-year median: 49.6%

- ROIC, last three-year median: 17.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.12

- FY2017: $5.47

- FY2018: $5.52

- FY2019: $2.48

- FY2020: -$2.01

- FY2021: $1.44

- FY2022: $4.35

- FY2023: $17.05

- FY2024: $9.82

- FY2025: $7.28

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 11.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.04×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: -1.8%

- FY2018: -2.0%

- FY2019: -5.0%

- FY2020: -9.9%

- FY2021: -0.8%

- FY2022: -1.8%

- FY2023: 8.0%

- FY2024: -5.3%

- FY2025: -6.2%

## Holders

## Price story

Down 47% since Feb 2023 · "Visteon Q2 net income falls amid slowed EV production and decrease in China demand" (finance.yahoo.com, Jul 2025) · sales +0.3%

Story as of 2026-10-16T09:59:47.381Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.7% a year for ten years

- 2025-07-24: Visteon beat Q2 estimates, updates outlook ([seekingalpha.com](https://seekingalpha.com/news/4471300-visteon-beat-q2-estimates-updates-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-19: Visteon outlines $3.625B-$3.825B 2026 revenue target while advancing cockpit innovation ([seekingalpha.com](https://seekingalpha.com/news/4554364-visteon-outlines-3_625b-3_825b-2026-revenue-target-while-advancing-cockpit-innovation?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-04-24: VC Q1 Deep Dive: New Product Launches and AI Cockpit Wins Offset Margin Pressure ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/vc-q1-deep-dive-product-184523957.html))

### Sales · FY2025–2026

sales +0.3%; source https://www.sec.gov/Archives/edgar/data/1111335/000111133526000006/vc-20251231.htm; observed 2026-02-19.

- FY2017: $3.1B 

- FY2018: $3.0B 

- FY2019: $2.9B 

- FY2020: $2.5B 

- FY2021: $2.8B 

- FY2022: $3.8B 

- FY2023: $4.0B 

- FY2024: $3.9B 

- FY2025: $3.8B 

- FY2026: $3.8B 

### Gross margin · FY2026

gross margin 12.8%; source https://www.sec.gov/Archives/edgar/data/1111335/000111133526000006/vc-20251231.htm; observed 2026-02-19.

- FY2017: 15.6% 

- FY2018: 13.8% 

- FY2019: 21.3% 

- FY2020: 17.5% 

- FY2021: 16.3% 

- FY2022: 15.2% 

- FY2023: 17.6% 

- FY2024: 13.7% 

- FY2025: 14.1% 

- FY2026: 12.8% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are USD 3.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1111335/000111133526000006/vc-20251231.htm (filed 2026-02-19); FY2025: revenue 3768000000; grossProfit 532000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); VC.US: Visteon Corporation, an automotive technology company, engages in the design, manufacture, and sale of automotive electronics and connected car solutions for vehicle manufacturers. It provides instrument clusters, including analog gauge clusters for 2-D and 3-D display-based devices; information displays that integrate a range of user interface technologies and graphics management capabilities, such as active privacy, TrueColor enhancement, local dimming, cameras, optics, haptic feedback, and light effects; and infotainment and connected car solutions, including scalable Android infotainment for seamless connectivity, as well as onboard artificial intelligence-based voice assistants with natural language understanding. It offers display audio and embedded infotainment platform that enables third-party developers to create apps through a software development kit and software simulation of the target hardware system; and wired and wireless battery management systems; and power electronics units. In addition, the company provides SmartCore, an automotive-grade, integrated domain controller; SmartCore Runtime, a middleware enabling communication between domains and apps to be shown on any display; and SmartCore Studio, a PC-based configuration tool to generate hypervisor configurations. Further, it offers CognitoAI, an in-house, automotive-grade A.I. software platform; Battery Management Systems, configurable battery management systems; High-Voltage Power Electronics, an integrated and scalable power electronics units; and engineering and software development services. It operates in the United States, Mexico, Portugal, Slovakia, Tunisia, rest of Europe, China, India, Japan, rest of the Asia Pacific, and South America. Visteon Corporation was incorporated in 2000 and is headquartered in Van Buren, Michigan.

### Why customers stay

Margins ranged from 13.7% to 17.6% during 2023–25; it earns 16% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 13.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1111335/000111133526000006/vc-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 14.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2017,0.4957828107040521],[2018,0.3404427154427155],[2019,0.1437635665386542],[2020,0.11254794520547945],[2021,0.11044921875],[2022,0.23791676807009007],[2023,0.30303030303030304],[2024,0.12014377047616018],[2025,0.17524509803921567],[2026,0.14284584980237156]]; median 0.15950433228893496. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 28.2% of cash earnings; earns 31.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 75000000; cash acquisitions 15000000; owner earnings 84000000. Growth capex plus acquisitions / owner earnings = 0.17857142857142858.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 99000000; cash acquisitions 47000000; owner earnings 164000000. Growth capex plus acquisitions / owner earnings = 0.2865853658536585.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 127000000; cash acquisitions 16000000; owner earnings 129872832.36994219. Growth capex plus acquisitions / owner earnings = 0.12319743635392559.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 142000000; cash acquisitions 0; owner earnings 28000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 70000000; owner earnings 72160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 81000000; cash acquisitions 0; owner earnings 149753846.15384614. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 21000000; upkeep 104000000; cash acquisitions 0; owner earnings 486000000. Growth capex plus acquisitions / owner earnings = 0.043209876543209874.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 137000000; cash acquisitions 55000000; owner earnings 233000000. Growth capex plus acquisitions / owner earnings = 0.23605150214592274.

- Source: https://www.sec.gov/Archives/edgar/data/1111335/000111133526000006/vc-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 133000000; cash acquisitions 50000000; owner earnings 177000000. Growth capex plus acquisitions / owner earnings = 0.2824858757062147.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Incremental return on capital 0.3110561056105611, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,1736000000],[2017,1000000],[2018,14000000],[2019,9000000],[2020,5000000],[2021,12000000],[2022,2000000],[2023,8000000],[2024,0],[2025,15000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1111335/000111133526000006/vc-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 57000000 USD.

### Are managers owners

Insiders own 1.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); VC.US SharesStats.PercentInsiders = 1.828 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 1.7% yearly over ten years; actual decline was 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate -0.03677589783197105. Price 88.67; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 52.21198156682028 → FY2025 6.413043478260869. Closing-price date 2026-10-15.

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

- 2016-10: $70.61 per share

- 2016-11: $78.67 per share

- 2016-12: $80.34 per share

- 2017-01: $89.57 per share

- 2017-02: $92.67 per share

- 2017-03: $97.95 per share

- 2017-04: $102.95 per share

- 2017-05: $100.29 per share

- 2017-06: $102.06 per share

- 2017-07: $111.54 per share

- 2017-08: $115.44 per share

- 2017-09: $123.77 per share

- 2017-10: $126.04 per share

- 2017-11: $131.69 per share

- 2017-12: $125.14 per share

- 2018-01: $130.08 per share

- 2018-02: $123.84 per share

- 2018-03: $110.24 per share

- 2018-04: $124.44 per share

- 2018-05: $124.96 per share

- 2018-06: $129.24 per share

- 2018-07: $117.08 per share

- 2018-08: $110.39 per share

- 2018-09: $92.90 per share

- 2018-10: $79.04 per share

- 2018-11: $73.82 per share

- 2018-12: $60.28 per share

- 2019-01: $76.89 per share

- 2019-02: $85.66 per share

- 2019-03: $67.35 per share

- 2019-04: $66.02 per share

- 2019-05: $44.51 per share

- 2019-06: $58.58 per share

- 2019-07: $65.88 per share

- 2019-08: $68.97 per share

- 2019-09: $82.54 per share

- 2019-10: $93.02 per share

- 2019-11: $93.53 per share

- 2019-12: $86.59 per share

- 2020-01: $79.81 per share

- 2020-02: $65.04 per share

- 2020-03: $47.98 per share

- 2020-04: $60.30 per share

- 2020-05: $72.00 per share

- 2020-06: $68.50 per share

- 2020-07: $72.61 per share

- 2020-08: $75.43 per share

- 2020-09: $69.22 per share

- 2020-10: $89.65 per share

- 2020-11: $120.85 per share

- 2020-12: $125.52 per share

- 2021-01: $127.48 per share

- 2021-02: $127.17 per share

- 2021-03: $121.95 per share

- 2021-04: $121.81 per share

- 2021-05: $122.46 per share

- 2021-06: $120.94 per share

- 2021-07: $114.05 per share

- 2021-08: $105.68 per share

- 2021-09: $94.39 per share

- 2021-10: $113.18 per share

- 2021-11: $105.92 per share

- 2021-12: $111.14 per share

- 2022-01: $101.51 per share

- 2022-02: $120.17 per share

- 2022-03: $109.13 per share

- 2022-04: $104.71 per share

- 2022-05: $112.21 per share

- 2022-06: $103.58 per share

- 2022-07: $127.58 per share

- 2022-08: $119.83 per share

- 2022-09: $106.06 per share

- 2022-10: $130.47 per share

- 2022-11: $146.80 per share

- 2022-12: $130.83 per share

- 2023-01: $156.34 per share

- 2023-02: $167.04 per share

- 2023-03: $156.83 per share

- 2023-04: $140.39 per share

- 2023-05: $133.58 per share

- 2023-06: $143.61 per share

- 2023-07: $154.09 per share

- 2023-08: $139.27 per share

- 2023-09: $138.07 per share

- 2023-10: $115.13 per share

- 2023-11: $118.67 per share

- 2023-12: $124.90 per share

- 2024-01: $115.29 per share

- 2024-02: $113.12 per share

- 2024-03: $117.61 per share

- 2024-04: $110.63 per share

- 2024-05: $111.37 per share

- 2024-06: $106.70 per share

- 2024-07: $115.54 per share

- 2024-08: $101.23 per share

- 2024-09: $95.24 per share

- 2024-10: $90.25 per share

- 2024-11: $93.37 per share

- 2024-12: $88.72 per share

- 2025-01: $84.06 per share

- 2025-02: $86.72 per share

- 2025-03: $77.62 per share

- 2025-04: $79.19 per share

- 2025-05: $84.43 per share

- 2025-06: $93.30 per share

- 2025-07: $111.15 per share

- 2025-08: $123.96 per share

- 2025-09: $119.86 per share

- 2025-10: $107.16 per share

- 2025-11: $103.25 per share

- 2025-12: $95.10 per share

- 2026-01: $90.86 per share

- 2026-02: $95.67 per share

- 2026-03: $91.11 per share

- 2026-04: $111.71 per share

- 2026-05: $118.29 per share

- 2026-06: $99.21 per share

- 2026-07: $104.54 per share

- 2026-08: $101.82 per share

- 2026-09: $86.68 per share

- 2026-10: $88.67 per share

## Annual estimated value (USD per share)

- FY2016: low $44.57 per share, central $48.14 per share, high $52.90 per share

- FY2017: low $72.39 per share, central $80.06 per share, high $90.28 per share

- FY2018: low $60.67 per share, central $67.26 per share, high $76.03 per share

- FY2019: low $61.40 per share, central $68.24 per share, high $77.36 per share

- FY2020: low $38.74 per share, central $42.40 per share, high $47.27 per share

- FY2021: low $39.22 per share, central $43.05 per share, high $48.15 per share

- FY2022: low $52.37 per share, central $57.54 per share, high $64.42 per share

- FY2023: low $54.76 per share, central $60.20 per share, high $67.44 per share

- FY2024: low $79.94 per share, central $88.27 per share, high $99.35 per share

- FY2025: low $95.30 per share, central $104.97 per share, high $117.83 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 2026-10-15T06:38:35.345Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1111335/000111133526000006/vc-20251231.htm); period 2025-12-31, filed 2026-02-19.

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.