Credit and interest ratesmixed · 5 filings
“Interest expense decreased from $83 in the first six months of 2025 to $43 in the first six months of 2026, reflecting lower average outstanding borrowings.”10-Q · Aug 6, 2026 ↗
Dana Incorporated
DAN
Market read
Dana Incorporated's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 15 directly disclosed connections are confirming.
What changed
- Revenue increased 3.9% versus the comparable filing period.
- Operating cash flow remained negative at -86.0M.
Company+1.4% todayVolume comparison unavailable
Market group0 of 1 activeAuto Parts · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Commercial Vehicle sales excluding currency effects rose 2%, with stronger Asia Pacific demand and backlog conversion partly offset by a weakening North America market.
- Reported net customer pricing and cost and tariff recovery actions of $36 contributed to year-over-year performance-related earnings increase.
Invalidation: The isolated read changes if DAN's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 15 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 3.9% versus the comparable filing period.
Evidence that challenges
- Operating cash flow remained negative at -86.0M.
- Cash declined 155.0M versus the comparable period.
- Net margin fell 1.6 percentage points.
What would clarify the read
- Commercial Vehicle sales excluding currency effects rose 2%, with stronger Asia Pacific demand and backlog conversion partly offset by a weakening North America market.
- Reported net customer pricing and cost and tariff recovery actions of $36 contributed to year-over-year performance-related earnings increase.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements160
Verified relationships17
Evidence supporting the case
- Operating margin changed +4.1 percentage points in the latest annual period.
- Net margin changed +1.9 percentage points in the latest annual period.
- Operating cash flow covered net income at 6.02x in the latest annual period.
- Credit and interest rates has repeated favorable evidence across 5 filings.
Evidence challenging the case
- Latest annual revenue changed -3.0% year over year.
- Demand and volume has repeated adverse evidence across 5 filings.
- Input and raw-material costs has repeated adverse evidence across 5 filings.
- Macroeconomic conditions has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
- Tariffs and trade policy has repeated adverse evidence across 5 filings.
Questions before a position
- P/E is 149% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 62% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
31.096m-2.5%12m+49.6%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$8.9B+25.9%$1.35+1.2%
2022-12-31$10.2B+13.5%$-1.69-1.8%
2023-12-31$7.6B-25.0%$0.26+0.6%
2024-12-31$7.7B+1.6%$-0.39+0.6%
2025-12-31$7.5B-3.0%$0.64-7.9%
What management says matters
Persistent and emerging business drivers
Demand and volumenegative · 5 filings
“Commercial Vehicle sales in the first half of 2026, exclusive of currency effects, were 1% higher than 2025 reflecting a stronger Asia Pacific market, the conversion of sales backlog and net customer pricing and cost and tariff recovery actions, partially off…”10-Q · Aug 6, 2026 ↗
Input and raw-material costsnegative · 5 filings
“The year-over-year performance-related earnings increase in the first half of 2026 was driven by net customer pricing and cost and tariff recovery actions of $71, higher material cost savings of $30, lower premium freight costs of $13, cost reduction initiati…”10-Q · Aug 6, 2026 ↗
Macroeconomic conditionsnegative · 5 filings
“Incremental margins from cost reduction initiatives of $51, higher material cost savings of $47, operational efficiencies of $20, lower premium freight costs of $12, lower incentive compensation expense of $2 and favorable product mix were partially offset by…”10-Q · Aug 6, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.6× · EV/sales 0.5×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
31.09+1.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for DAN. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing shows material pressure
10-Q filed 2026-08-06 against the comparable filing from 2025-08-11.
OperationsmixedEvidence score +1
liquiditycautiousEvidence score -2
valuationmixed
Capital and cash conversion
Investment load increased
Capital spending consumed more revenue while free-cash-flow margin declined.
- Capital spending YoY
- +96.2%
- Capital spending / revenue
- +5.3%
- Free-cash-flow margin
- -7.5%
- FCF margin change
- -4.5 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 3.9% versus the comparable filing period.
What weakened
- Operating cash flow remained negative at -86.0M.
- Cash declined 155.0M versus the comparable period.
- Net margin fell 1.6 percentage points.
Filing receipts
“The elevated level of capital spending in 2026 is primarily due to the purchase of three U.S. manufacturing facilities that were previously leased.”
“Based on our current sales and exchange rate outlook for 2026, we expect international currencies to be a modest tailwind to sales primarily due to a stronger euro.”
“ernational currencies to be a modest tailwind to sales primarily due to a stronger euro.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind DAN
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
CVGIFiling-linked namecustomerFeb 27, 2026 ▾
“The following table summarizes the markets, products and largest customers of each of our operating segments as of December 31, 2025: Segment Markets Products Largest Customers Light Vehicle Light vehicle market: Axles Ford Motor Company Light trucks (full fr…”
FFord Motor CompanycustomerFeb 27, 2026 ▾
“The following table summarizes the markets, products and largest customers of each of our operating segments as of December 31, 2025: Segment Markets Products Largest Customers Light Vehicle Light vehicle market: Axles Ford Motor Company Light trucks (full fr…”
Depended on by
ALSNAllison Transmission Holdings, Inc.investeeMay 7, 2026 ▾
“On January 1, 2026 (the "Closing Date"), we completed the acquisition of Dana Incorporated's ("Dana") off-highway business (the "Acquired Off-Highway Business”) for a purchase price of approximately $2,628 million, subject to certain adjustments (the "Acquisi…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 14 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
DAN is currently a Leader in the organic co-movement group Auto Parts. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for DAN; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.