At a glance
Dana Inc is worth $2.74B, about 40 times its fiscal 2025 earnings. Revenue fell 3.0% to $7.50B in fiscal 2025, with 1.1% kept as profit. It pays a 1.81% dividend yield, and returned $984.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +29.2% over the past year with dividends reinvested and +5.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 75.5% in the 2020 crash (S&P 500: 33.7%) and 54.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 38 months after the lows.
The business in plain English
Dana, based in Maumee, Ohio, with roots back to 1904, makes parts that carry power from an engine or electric motor to a vehicle's wheels, such as axles, driveshafts and transmissions. It also makes sealing and heat-management parts and electric-vehicle components such as motors and inverters. Its customers are mainly vehicle makers building gasoline, diesel, hybrid and electric models. They award much of Dana's new business well before a model launches, typically for the model's whole life, so Dana's sales track their production schedules.
Light Vehicle is the larger of Dana's two segments. It brought in $5.2 billion, about 70% of 2025 sales of $7.5 billion, serving makers of pickups, SUVs, crossovers and vans. Commercial Vehicle, about 30%, serves makers of trucks, buses and specialty vehicles and includes replacement-parts sales. Ford accounted for about 32% of 2025 sales and Stellantis about 13%, followed by Toyota, Volkswagen and PACCAR. The 10 largest customers made up about 76%.
About 57% of 2025 sales came from the United States. Excluding its Off-Highway business, Dana had about 26,900 employees in 24 countries at the end of 2025. Dana sold that business, which served makers of construction, mining and farm vehicles, to Allison Transmission on January 1, 2026. It received initial cash of about $2.66 billion, set aside for paying down debt and returning cash to shareholders.
Price history
The interactive chart needs JavaScript.
DAN +29.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Light Vehicle Segment | $5.22B | 69.6% |
| Commercial Vehicle Segment | $2.28B | 30.4% |
By geography
| UNITED STATES | $4.29B | 57.2% |
| Other Europe | $1.05B | 14.1% |
| Asia Pacific | $824.0M | 11% |
| GERMANY | $434.0M | 5.8% |
| BRAZIL | $428.0M | 5.7% |
| Other South America | $244.0M | 3.3% |
| Other North America | $226.0M | 3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.01B, up 3.9% from a year earlier, and net income was $-5.0M (-118.5%).
- For fiscal 2025, revenue was $7.50B (-3.0% year over year) with a 1.1% net margin.
Financial health check
| Operating margin | 1.9% weak |
|---|---|
| Free cash flow margin | 4% watch |
| Return on equity (FY2025) | 10.1% watch |
| Return on assets (FY2025) | 1.1% weak |
| Net cash (cash minus debt) | $-1.01B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.11B | $-31.0M | $60.0M |
| FY2021 | $8.95B | $197.0M | $-211.0M |
| FY2022 | $10.16B | $-242.0M | $209.0M |
| FY2023 | $7.61B | $38.0M | $49.0M |
| FY2024 | $7.73B | $-57.0M | $138.0M |
| FY2025 | $7.50B | $85.0M | $298.0M |
Valuation snapshot
| Market value | $2.74B |
|---|---|
| P/E ratio | 39.8 |
| Dividend yield | 1.81% |
Rank among 1514 US companies
Market value at each year end
Dana’s market value went from $2.73B at the end of 2016 to $2.74B on Oct 28, 2026, up 0%; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.74B | -1.3% |
| 2025 | $2.78B | +65.6% |
| 2024 | $1.68B | -20.5% |
| 2023 | $2.11B | -2.8% |
| 2022 | $2.17B | -34.1% |
| 2021 | $3.29B | +16.7% |
| 2020 | $2.82B | +7.7% |
| 2019 | $2.62B | +32.8% |
| 2018 | $1.97B | -57.5% |
| 2017 | $4.64B | +69.9% |
| 2016 | $2.73B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DAN price data to Oct 28, 2026 | +8.4% | +29.2% | +29.8% | +5.1% | +7.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.4% |
| 2025 | +110.4% |
| 2024 | -17.9% |
| 2023 | -0.7% |
| 2022 | -32.1% |
| 2021 | +18.9% |
| 2020 | +8.0% |
| 2019 | +36.9% |
| 2018 | -56.6% |
| 2017 | +70.4% |
| 2016 | +40.0% |
| 2015 | -35.8% |
| 2014 | +11.8% |
| 2013 | +27.0% |
| 2012 | +30.3% |
| 2011 | -29.4% |
| 2010 | +58.8% |
| 2009 | +1364.9% |
| 2008 | -94.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 64.3% over that stretch · deepest drop along the way 75.5%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 46.3% over that stretch · deepest drop along the way 54.1%, back to its old high 38.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.5% | Dec 31, 2025 |
| Dimensional Fund Advisors LP | 7.6% | Mar 31, 2026 |
| Vanguard Portfolio Management | 7.26% | Mar 31, 2026 |
| Vanguard Capital Management | 5.53% | Mar 31, 2026 |
| American Century Investment Management, Inc. | 5% | Dec 31, 2025 |
ETFs with the most weight in DAN
| MOTO SmartETFs Smart Transportation & Technology ETF | 2.15% |
| HAIL SPDR S&P Kensho Smart Mobility ETF | 1.85% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 1.39% |
| FDLS Inspire Fidelis Multi Factor ETF | 0.89% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.7% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.65% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.53% |
| OASC OneAscent Small Cap Core ETF | 0.4% |
What could go wrong
- Heavy reliance on Ford and Stellantis. Ford made up about 32% of 2025 sales and Stellantis about 13%. The top 10 customers made up about 76%. Losing much of that business would hurt results, and replacing it isn't assured.
- Thin margins leave little room for error. Dana kept 1.9 cents of operating profit from each dollar of 2025 sales. If it cannot pass higher costs for steel, labor, transportation or energy on to customers, profits could shrink or turn into losses.
- Uncertain timing of the electric vehicle shift. Dana has trimmed engineering spending because electric vehicle adoption keeps slipping. A drawn-out shift away from gasoline and diesel vehicles could hurt results, and falling behind on technology customers want would weaken its position.
- Tariffs, trade policy and a strong dollar. Dana operates in 24 countries, and non-U.S. subsidiaries produced 43% of 2025 sales. New U.S. tariffs, retaliatory tariffs abroad or a stronger dollar could raise costs or reduce the dollar value of overseas sales.
- Parts shortages and labor strikes. Dana relies on steel, castings, semiconductors and rare earth magnets, and some of these come from a single supplier. Shortages, or strikes at Dana, its suppliers or its customers, could disrupt production and delay deliveries.
- Vehicle demand rises and falls with economy. Vehicle demand depends on jobs, consumer confidence, fuel costs and credit. Higher interest rates can weaken demand, and recessions can strain customers and suppliers, sometimes to the point of bankruptcy.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Major agreement signed
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Dana's dividend has been flat rather than rising: $0.40 per share in each fiscal year from 2021 through 2025, after $0.10 in 2020. The yield was 1.81% as of October 28, 2026. In 2025, dividends used about 64% of earnings but only about 18% of free cash flow (cash left after capital spending). Buybacks have taken far more cash. Dana spent $650 million on them in 2025, the share count fell about 25% between October 2021 and July 2026, and the board expanded its buyback program to $2 billion through 2030.
The stock has fallen hard in downturns, losing about 95% in calendar 2008. In the 2020 COVID crash it dropped about 75% in under a month, then regained its prior high by November 2020. In the 2022 bear market it fell about 54% and needed about 38 months, until December 2025, to recover. Like any single stock, Dana carries more risk than a diversified fund.
Questions investors ask
How does Dana make money?
Dana makes money by selling parts that move power to a vehicle's wheels, such as axles, driveshafts and transmissions, to vehicle makers. It also sells sealing, heat-management and electric-vehicle components. In 2025, the Light Vehicle segment, which serves makers of pickups, SUVs, crossovers and vans, brought in about 70% of $7.5 billion in sales. The Commercial Vehicle segment, which serves truck, bus and specialty-vehicle makers and sells replacement parts, brought in about 30%. Supply awards typically run for the life of a vehicle model.
Does Dana raise its dividend every year?
No. Dana paid $0.40 per share in each fiscal year from 2021 through 2025, after $0.10 in 2020, so the dividend has held steady since 2021 rather than grown. The yield was 1.81% as of October 28, 2026. In 2025, dividends took about 64% of earnings but only about 18% of free cash flow. Dana has leaned more on buybacks, spending $650 million on them in 2025, and its board expanded the buyback program to $2 billion through 2030.
Who are Dana's biggest customers?
Ford was Dana's biggest customer in 2025, at about 32% of sales, followed by Stellantis at about 13%. Toyota, Volkswagen (including Traton) and PACCAR ranked third, fourth and fifth. The 10 largest customers together accounted for about 76% of 2025 sales. Dana warns that losing all or much of its business with Ford, Stellantis or another large customer would significantly hurt results, and there is no assurance the lost volume could be replaced.
Why did Dana sell its Off-Highway business?
Dana sold it to focus on its core on-highway markets: pickups, SUVs and other light vehicles, plus trucks and buses. The Off-Highway unit made parts for construction, mining and farm vehicles. The sale to Allison Transmission closed on January 1, 2026, bringing initial cash proceeds of about $2.66 billion, subject to adjustment. In early January 2026, Dana used proceeds to repurchase or redeem several series of bonds and repay a $225 million term loan. The money is also set aside for shareholder returns.
Is Dana profitable?
Yes, but only thinly. In fiscal 2025, Dana earned $85 million, or $0.64 per diluted share, on $7.5 billion of sales, keeping about 1.1 cents of profit per sales dollar. It lost money in 2022 and 2024. Free cash flow, the cash left after capital spending, was $298 million in 2025. In the quarter ended June 30, 2026, sales rose 3.9% from a year earlier to $2.01 billion, but Dana posted a net loss of $5 million.