DANA Inc
Dana Inc designs and manufactures power-conveyance and energy-management systems for vehicles, with a core focus on light vehicles and commercial vehicles. Its portfolio spans axles, driveshafts, transmissions, sealing, thermal-management, and electrification components that help OEMs improve efficiency, performance, and emissions outcomes across ICE, hybrid, and electric platforms.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDriveline, sealing, thermal and electrification products sold into passenger and light truck platforms.
Power-conveyance and thermal solutions for medium- and heavy-duty trucks and buses.
Motors, inverters, controllers, e-sealing and e-thermal products for electrified vehicles.
Cooling, sealing and thermal-acoustical products used across ICE and EV platforms.
Axles, driveshafts and transmissions for conventional and hybrid vehicle architectures.
Customers
Dana sells primarily to global OEMs in the light vehicle and commercial vehicle markets, including major truck, SUV, van, bus and heavy-duty platform manufacturers. Customers buy Dana's systems to outsource complex driveline and thermal content, improve vehicle efficiency, and support ICE-to-electrification transitions without redesigning core architectures.
Automakers building full-frame trucks, SUVs, crossovers, vans and sports cars that buy axles, driveshafts, transmissions, sealing and electrification content.
Manufacturers of medium- and heavy-duty trucks and buses that buy driveline and thermal systems for durability, efficiency and uptime.
OEM programs for hybrid and battery-electric vehicles that buy e-axles, motors, inverters, controllers and cooling systems.
Large customers such as Ford, Stellantis, Toyota, GM, Volkswagen, Mercedes-Benz and others that anchor volume and program awards.
Strategy
Dana is reshaping itself around core on-highway markets by exiting the off-highway business and concentrating capital on light and commercial vehicle systems. Management is also cutting costs, reducing SG&A and engineering spend, and using divestiture proceeds to strengthen the balance sheet and return capital to shareholders.
Narrows the portfolio to higher-priority on-highway end markets and simplifies execution.
Supports profitability while EV adoption has been slower than expected and demand remains cyclical.
Lower leverage and shareholder returns are intended to improve financial flexibility after the divestiture.
Geography
Q1/2026Dana operates globally, with manufacturing and customer support across 24 countries at year-end 2025 and 31 countries in March 2025 before the off-highway divestiture. Management says 55% of first-quarter 2025 sales came from outside the U.S., and the euro zone accounted for 46% of non-U.S. sales, making Europe a major exposure for both demand and currency translation.
Share of the revenue the company reports by geography.
Risks
Dana is exposed to cyclical vehicle production, OEM program timing, tariff uncertainty and supply-chain disruptions, all of which can swing volumes and margins. The company also faces execution risk around the off-highway divestiture, EV adoption delays, and technology/cybersecurity risks as it uses more digital and AI-enabled tools in operations.
- Cyclical downturn in light and commercial vehicle marketsImpact: HighLikelihood: Medium
Dana's sales depend on OEM production schedules and end-market demand, which move with the economy and credit conditions.
Exposure: Core on-highway revenue base
- Supply chain shortages and supplier capacity constraintsImpact: HighLikelihood: Medium
The company relies on timely raw materials and components; shortages can interrupt production and customer deliveries.
Exposure: Manufacturing and fulfillment
- Delayed EV adoptionImpact: MediumLikelihood: High
Dana has aligned engineering spend to slower EV adoption, indicating risk that electrification demand ramps later than planned.
Exposure: Electrification product mix
- Tariff and trade policy uncertaintyImpact: MediumLikelihood: Medium
Management explicitly noted increased uncertainty from the current tariff environment, which can affect costs and demand.
Exposure: Global sourcing and cross-border sales
- Cybersecurity and AI-related operational riskImpact: MediumLikelihood: Low
The company uses AI and digital tools in internal operations, creating data, privacy and system reliability exposure.
Exposure: IT and operations
Accounting
Judgemental itemsThe off-highway sale changes how revenue, expenses and cash flows are presented, affecting trend analysis.
Impact: Prior periods were recast to reflect the divestiture
SG&A and engineering reductions create charges that can obscure underlying operating performance.
Impact: Affects operating income and adjusted EBITDA reconciliation
EV program terminations and supplier capacity charges can create non-recurring volatility in earnings.
Impact: Impacts comparability across quarters and years
Management excludes items such as stock compensation, pension/OPEB components and strategic transaction costs.
Impact: Can materially differ from GAAP earnings
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Last updated: 24/09/2026