PHINIA Inc.

PHINIA designs and makes fuel injection systems, pumps, sensors, engine control modules and software that help combustion and hybrid engines run more efficiently with lower emissions. It supplies most major original equipment manufacturers (OEMs), the companies that build new trucks, buses, vans, cars and off-highway machines. It also offers replacement and remanufactured parts, test equipment and diagnostic tools to the independent aftermarket: repair shops and parts suppliers outside automakers' own networks. BorgWarner spun PHINIA off as a separate company on July 3, 2023.

PHINIA reports two segments. For the year ended December 31, 2025, Fuel Systems made up 62.5% of the $3.48 billion in net sales, after removing sales between segments, and Aftermarket made up 37.5%. By end market, about 35% of sales were service parts, 25% passenger cars and SUVs, 19% vans and light trucks, 15% medium and heavy trucks, and 6% off-highway, industrial and other uses.

About 37% of 2025 sales came from the United States, followed by the United Kingdom at 21% and China at 15%. One drawback is that it relies on a few large customers. General Motors alone accounted for 18% of 2025 net sales, and the top five customers for 37%. PHINIA also owns 52.5% of an Indian joint venture whose roughly $256 million in 2025 sales sit outside its reported revenue.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $912.0M, up 0.4% from a year earlier, and net income was $67.0M (+415.4%).
• For fiscal 2025, revenue was $3.48B (+2.4% year over year; +1.9% a year from FY2021 to FY2025) with a 3.7% net margin.

• Over FY2021–FY2025: $24.0M in buybacks and $109.0M in dividends.
• At least 2 consecutive annual increases: every fiscal year in the SEC data (FY2023–FY2025) shows an increase; the true streak may be longer.
• Dividends took 32.3% of earnings and 22.3% of free cash flow in the latest fiscal year.
• Shares outstanding changed -23.5% from Aug 2, 2023 to Oct 23, 2026.

Rank among 1514 US companies

Market value at each year end

PHINIA’s market value went from $1.41B at the end of 2023 to $2.07B on Oct 28, 2026, up 47%; since the end of 2025 it is down 14%.

Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 5 sales ($1.8M).

Large shareholders (13G filings)

ETFs with the most weight in PHIN

1. Electric vehicles could shrink demand for its products. Its products serve combustion and hybrid engines. The company says electric drivetrains, notably in passenger cars, have lowered demand for some products. Alternative fuels such as hydrogen may also be slow to catch on.
2. Dependence on a handful of big customers. General Motors made up 18% of 2025 net sales, and the top five customers made up 37%. Lost business, a production cut or financial trouble at any one of them could hurt results.
3. Fierce competition in China. China generated about 15% of 2025 sales. The company warns that competition there is aggressive and that the business is sensitive to China's economic, geopolitical, social and market conditions.
4. Tariffs and trade rules across many countries. About 63% of 2025 sales were generated outside the United States, including the UK, China, Romania and Turkey. New tariffs, export controls or changes to trade deals could raise costs and weaken vehicle demand.
5. Customers push hard for lower prices. Customers press suppliers to cut prices, and many rivals are larger with more resources. Operating profit was about 7 cents per dollar of sales in 2025, leaving little room to absorb price cuts.
6. Vehicle and truck demand rises and falls. Car, van and truck production is cyclical and tied to interest rates, credit and consumer spending. Past production slumps have hurt the business, and higher commodity and labor costs may not always be passed on.

• Oct 29, 2026 Quarterly results released
• Aug 12, 2026 Executive or board change
• Jul 30, 2026 Quarterly results released
• May 28, 2026 Shareholder vote results
• Apr 30, 2026 Quarterly results released
• Feb 12, 2026 Quarterly results released
• Nov 3, 2025 Change of auditor

PHINIA pays a dividend, though its record is short. Dividends per share rose from $1.00 in 2024 to $1.08 in 2025. The $0.50 for 2023 covers only the months after the July 2023 spin-off. In 2025, dividends took about 32% of earnings and 22% of free cash flow (cash left after running the business and investing in equipment). The yield was 2.03% as of October 28, 2026. Shares outstanding fell about 22% between August 2023 and July 2026 as the company bought back stock.

PHINIA has traded only since July 2023, so there is no record of how it held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Through October 28, 2026, its deepest drop from a peak was about 34%, and it fell 28% in the three months before that date. A single stock carries more risk than a diversified fund.