Dana Inc

dana.com

What Do They Do?

Sells drive systems, electrification products, and sealing and thermal products to light- and commercial-vehicle manufacturers.

How Do They Make Money?

Vehicle manufacturers buy production parts, and manufacturers and aftermarket customers buy service parts; sales are tied to parts shipments, while payment follows terms set by industry and regional practices.

revenue

Segment	Share	Revenue	How money arrives
Light Vehicle Segment Sold outright	70% FY2022: 40%		Sold outright
Commercial Vehicle Segment Sold outright	30% FY2022: 19%		Sold outright

Who Are Their Customers?

Dana sells production parts to vehicle manufacturers and service parts to vehicle makers and aftermarket customers. It serves makers of light-, medium- and heavy-duty vehicles.

Customers above 10% of revenue, FY2025

of revenue from two customers (32%, 13%)

FY2023: 40% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

2% of revenue

▲ Now profitable vs FY2024 (−$176M, −2%)

Net income, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$57M, −1%)

Free cash flow, FY2025

4% of revenue

▲ +116% vs FY2024 ($138M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +4%; vs $1.9B in Q2 FY2025
Net income: ▼ Now a loss; vs $27M in Q2 FY2025

Light Vehicle Segment share of revenue vs 69.0% in Q2 FY2025

Aug 6, 2026 Dana raises its full-year sales and adjusted EBITDA outlook The revised sales target is $7.65 to $7.85 billion, and the adjusted EBITDA target is $800 to $850 million.
Jun 11, 2026 Dana agrees to combine with Eaton's Mobility business Eaton shareholders are set to own at least 50.1% of the combined company.
Jun 11, 2026 Dana announces Byron Foster as CEO and R. Bruce McDonald as Executive Chairman Both were scheduled to assume their roles on July 1, 2026.

Shrinking. Revenue fell 16% in 4 years, from $8.9B in FY2021 to $7.5B in FY2025, about 4% a year.

Off-Highway divestiture Dana has sold its Off-Highway business, which served off-highway equipment markets; it describes its focus as core on-highway markets.

Segment realignment Power Technologies was a standalone segment in the older report; its vehicle-maker business has since been folded into Light Vehicle and its aftermarket business into Commercial Vehicle.

Revenue over time

Light Vehicle Segment Commercial Vehicle Segment Off-Highway Segment Power Technologies Segment

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Borg Warner, Magna International, Dauch, Mahle, Denso, Schaeffler, ElringKlinger, Tenneco, Hanon Systems, Valeo, Hofer Powertrain, YinLun, Jing-Jin Electric Technologies, ZF Friedrichshafen, Linamar, Allison Transmission Holdings, Freudenberg Group, Hendrickson Holdings, Cummins, and Danfoss

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