Dana
DAN on NYSE. Dana sells axles, driveshafts, and electrification parts to vehicle makers. Market value $3.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.83 of spare cash in the past 12 months. A savings account pays about $4.
You pay 19.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 2 cents a year. Above 10 is good.
Quality score: 24 of 100. Price score: 74 of 100. Our list needs 70 on quality and 60 on price.
$28.43 a share, 60% above its 1-year low
Over the past year the price has ranged from $17.74 to $39.56.
Dividend: 1.7% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $117 million in the past 12 months, $298 million in the year to December 2025.
| Revenue | |||||
| Revenue | $8.9bn | $10.2bn | $7.6bn | $7.7bn | $7.5bn |
| Operating margin | |||||
| Operating margin | 4.4% | 0.8% | -1.4% | -2.3% | 1.9% |
| Debt to equity | |||||
| Debt to equity | 1.26 | 1.55 | 1.69 | 1.96 | 3.82 |
| Shares outstanding | |||||
| Shares outstanding | 0.14bn | 0.14bn | 0.14bn | 0.12bn | 0.11bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt3.82× equity
- Revenue growth, five yearsSlow, 1.1% a year
- Buying back its own sharesYes, 25% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2 billion last quarter, up 4% on a year ago.
- A loss of $5 million, after a profit of $27 million a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, after losing 1 cents a year earlier.
- Spare cash over the past 12 months: $117 million, up from $77 million.
- 24% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $1 billion more than cash, down from $2.6 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.9bn |
| December 2024 | $1.8bn |
| March 2025 | $1.8bn |
| June 2025 | $1.9bn |
| September 2025 | $1.9bn |
| December 2025 | $1.9bn |
| March 2026 | $1.9bn |
| June 2026 | $2.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $4m |
| December 2024 | -$80m |
| March 2025 | $25m |
| June 2025 | $27m |
| September 2025 | $83m |
| December 2025 | -$50m |
| March 2026 | $1.1bn |
| June 2026 | -$5m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 339 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $31m | 0.3% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $5m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $84,000 | <0.1% | New |
| Barrow HanleyBarrow Hanley team | $4,925 | <0.1% | Added |
Largest holders overall
- BlackRock$497mAdded
- Dimensional Fund Advisors LP$225m
- Vanguard Portfolio Management$212m
- American Century Companies$172mAdded
- Vanguard Capital Management$133mCut
- State Street$132m
- Geode Capital Management$85m
- Nykredit A/S$85m
- Jacobs Levy Equity Management$52mCut
- JB Capital Partners LP$50m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor14.5%+1.1 ptsSince 31 December 2025
- Dimensional Fund Advisors LPPassive investor7.6%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor7.3%Since 31 March 2026
- American Century Investment Management, Inc.Passive investorat least 5.6%+0.6 pts(filed with 3 related holders)Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- NOMURA HOLDINGS INCPassive investorSold down below 5%Since 30 September 2025
- Sold down below 5%Since 17 June 2025
What they said
On June 17, 2025, the Reporting Persons entered into a Block Trade Purchase Agreement (the "Purchase Agreement") with the Issuer pursuant to which the Reporting Persons agreed to sell to the Issuer an aggregate of 14,286,505 Shares, at a price of $17.58 per share. In accordance…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.5%+1.1 pts | 31 December 2025 | |
Dimensional Fund Advisors LP Passive investor | 7.6% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 7.3% | 31 March 2026 | |
American Century Investment Management, Inc. Passive investor | at least 5.6%+0.6 pts (filed with 3 related holders) | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
NOMURA HOLDINGS INC Passive investor | Sold down below 5% | 30 September 2025 | |
Sold down below 5% | 17 June 2025 | What they saidOn June 17, 2025, the Reporting Persons entered into a Block Trade Purchase Agreement (the "Purchase Agreement") with the Issuer pursuant to which the Reporting Persons agreed to sell to the Issuer an aggregate of 14,286,505 Shares, at a price of $17.58 per share. In accordance… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $298,481.
- Price Craig CSVP & Pres Off-Highway DriveSold
- Date
- 25 November 2025
- Shares
- 13,300
- Price
- $22.44
- Value
- $298,481
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 November 2025 | Price Craig C SVP & Pres Off-Highway Drive | Sold | 13,300 | $22.44 | $298,481 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 8 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 32% last year. Losing that customer would hurt.
“Sales to Ford were $2,395 (32%) in 2025, $2,399 (31%) in 2024 and $2,127 (28%) in 2023.”
From the 10-K filed 27 February 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 3.8× its equity.
- Sales have barely grown: 1.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.