Free cash flow generation has become increasingly erratic, evidenced by a substantial $257 million outflow in 2026Q1 and a volatile OCF/NI ratio of 1.88.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 354M | 512M | 450M | 476M | 649M | 158M | 386M | 637M | 568M | 554M | 384M | 406M | 510M | 577M | 339M | 370M | 287M | 208M | -1.02B | -52M | 52M | -216M | 55M | 335M | 521M | 639M | 984M | 608M | 795.6M | 697.7M | 696.2M |
| Operating CF Margin % | - | 6.83% | 4.38% | 4.51% | 6.39% | 1.77% | 5.43% | 7.39% | 6.98% | 7.68% | 6.59% | 6.7% | 7.71% | 8.52% | 4.69% | 4.87% | 4.7% | 3.98% | -12.59% | -0.6% | 0.61% | -2.51% | 0.61% | 4.23% | 5.48% | 6.22% | 7.99% | 4.58% | 6.38% | 8.42% | 9.06% |
| Operating CF Growth % | -260.56% | 13.78% | -5.46% | -26.66% | 310.76% | -59.07% | -39.4% | 12.15% | 2.53% | 44.27% | -5.42% | -20.39% | -11.61% | 70.21% | -8.38% | 28.92% | 37.98% | 120.41% | -1859.62% | -200% | 124.07% | -492.73% | -83.58% | -35.7% | -18.47% | -35.06% | 61.84% | -23.58% | 14.03% | 0.22% | 84.28% |
| Net Income | -162M | -33M | -49M | 48M | -311M | 200M | -51M | 233M | 440M | 116M | 653M | 180M | 328M | 260M | 315M | 232M | 14M | -436M | 18M | -551M | -618M | -1.6B | 119M | 243M | -68M | -92M | 334M | 513M | 534.1M | 369.1M | 306M |
| Depreciation & Amortization | 341M | 345M | 422M | 416M | 388M | 389M | 365M | 339M | 270M | 233M | 182M | 174M | 213M | 262M | 277M | 307M | 314M | 397M | 388M | 279M | 127M | 310M | 361M | 394M | 478M | 548M | 523M | 519M | 487.7M | 334.5M | 278.4M |
| Stock-Based Compensation | 27M | 40M | 30M | 26M | 19M | 17M | 14M | 19M | 16M | 23M | 17M | 14M | 16M | 16M | 19M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -29M | -60M | -29M | -104M | 152M | -1M | -35M | -137M | -64M | 179M | -480M | -10M | -199M | -10M | -80M | -14M | -10M | -20M | 213M | -29M | 56M | 751M | -125M | -35M | -135M | -116M | 118M | 66M | 64.6M | 57.4M | 63.9M |
| Other Non-Cash Items | 282M | 190M | 24M | 9M | 193M | 11M | 66M | 218M | 31M | 20M | 64M | 96M | 207M | -52M | -213M | -46M | -70M | -35M | -782M | 221M | -183M | 405M | -213M | -152M | 119M | -82M | -305M | -75M | -69.4M | -158M | 60.6M |
| Working Capital Changes | -66M | 30M | 52M | 81M | 208M | -458M | 27M | -35M | -125M | -17M | -52M | -48M | -55M | 101M | 21M | -121M | 39M | 102M | 13M | 18M | 670M | -77M | -87M | -115M | 127M | 381M | 314M | -415M | -221.4M | 94.7M | -12.7M |
| Change in Receivables | 0 | -47M | 94M | 12M | -81M | -189M | -66M | 134M | -113M | -141M | -86M | 50M | -32M | 12M | 146M | -264M | -96M | 107M | 434M | 0 | 0 | 0 | -261M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 78M | 55M | -42M | -99M | -471M | 69M | 35M | -110M | -146M | -13M | -28M | -56M | 50M | 38M | -99M | -108M | 299M | 14M | -5M | 0 | 81M | -173M | 5M | 3M | 166M | 128M | -183M | -71.5M | 25.4M | -16.4M |
| Change in Payables | 0 | -13M | -154M | -88M | 343M | 254M | 82M | -96M | 97M | 234M | 70M | -22M | 66M | 60M | -173M | 204M | 178M | -184M | -210M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 2.15B | -222M | -352M | -528M | -426M | -293M | -327M | -1.12B | -462M | -581M | -365M | -258M | -246M | -222M | -161M | -344M | 2M | -98M | -144M | 348M | -71M | -54M | 940M | 209M | 525M | 79M | -794M | -1.1B | -734.2M | -733.7M | -641.5M |
| Capital Expenditures | -201M | -214M | -312M | -501M | -440M | -369M | -326M | -426M | -325M | -393M | -322M | -260M | -234M | -209M | -164M | -196M | -120M | -99M | -250M | -254M | -314M | -297M | -330M | -305M | -377M | -475M | -853M | -1.29B | -1.21B | -878.3M | -782.8M |
| CapEx % of Revenue | -41.53% | 2.85% | 3.03% | 4.75% | 4.33% | 4.13% | 4.59% | 4.94% | 3.99% | 5.45% | 5.53% | 4.29% | 3.54% | 3.09% | 2.27% | 2.58% | 1.96% | 1.89% | 3.09% | 2.91% | 3.69% | 3.45% | 3.64% | 3.85% | 3.97% | 4.62% | 6.93% | 9.7% | 9.69% | 10.59% | 10.18% |
| Acquisitions | -189M | 0 | 0 | 0 | -1M | -16M | 15M | -667M | -150M | -184M | -44M | 0 | 9M | -7M | -4M | -279M | 118M | 3M | 17M | 414M | -17M | 0 | -5M | 0 | -31M | -21M | -511M | -18M | -829M | -475.8M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.62B | -40M | -35M | -14M | 8M | 63M | -8M | -12M | -2M | 3M | 35M | -2M | 35M | 42M | 7M | -5M | 4M | -1M | 89M | 188M | 260M | 243M | 1.27B | 514M | 933M | 575M | 570M | 204M | 1.3B | 680M | 141.3M |
| Cash from Financing | -2.57B | -371M | -90M | 160M | -42M | -127M | -12M | 479M | -180M | -120M | -88M | -403M | -254M | -150M | -55M | -148M | -144M | 32M | 705M | 166M | -49M | 398M | -1.1B | -382M | -672M | -698M | -122M | 374M | -253.9M | 202.5M | 106.5M |
| Debt Issued (Net) | -1.68B | 384M | -50M | 219M | 11M | -23M | 37M | 542M | -34M | -63M | 68M | -46M | 72M | 746M | 23M | -115M | -79M | -223M | -154M | 166M | -49M | 447M | -1.03B | -385M | -738M | -542M | 441M | 679M | -97M | 282.2M | 198.8M |
| Equity Issued (Net) | -775M | -650M | 0 | 0 | -25M | -23M | 0 | -25M | -25M | 0 | -81M | -311M | -260M | -811M | -15M | 0 | 0 | 264M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -381M | 0 | 0 | 0 | 0 |
| Dividends Paid | -52M | -54M | -58M | -58M | -58M | -58M | -15M | -58M | -58M | -35M | -35M | -37M | -40M | -58M | -61M | -40M | -73M | -11M | -18M | 0 | 0 | -55M | -73M | -14M | -6M | -140M | -187M | -206M | -198.3M | -108.6M | -99.7M |
| Share Repurchases | -775M | -650M | 0 | 0 | -25M | -23M | 0 | -25M | -25M | 0 | -81M | -311M | -260M | -811M | -15M | 0 | -206M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -381M | 0 | 0 | 0 | 0 |
| Other Financing | -63M | -51M | 18M | -1M | 30M | -23M | -34M | 20M | -63M | -22M | -40M | -9M | -26M | -27M | -2M | -2M | 1M | -4M | -35M | 0 | 0 | 6M | 16M | 17M | 72M | -16M | 5M | -99M | 41M | 28.9M | 60.6M |
| Net Change in Cash | -30M | -27M | -51M | 121M | 155M | -280M | 49M | -2M | -90M | -104M | -84M | -330M | -135M | 197M | 128M | -159M | 187M | 170M | -494M | 566M | -68M | 128M | -97M | 160M | 372M | 20M | 68M | -119M | -192.5M | 166.5M | 161.2M |
| Free Cash Flow | 153M | 298M | 138M | -25M | 209M | -211M | 60M | 211M | 243M | 161M | 62M | 146M | 276M | 368M | 175M | 174M | 167M | 109M | -1.27B | -306M | -262M | -513M | -275M | 30M | 144M | 164M | 131M | -679M | -412.2M | -180.6M | -86.6M |
| FCF Margin % | -31.61% | 3.97% | 1.34% | -0.24% | 2.06% | -2.36% | 0.84% | 2.45% | 2.98% | 2.23% | 1.06% | 2.41% | 4.17% | 5.44% | 2.42% | 2.29% | 2.73% | 2.08% | -15.68% | -3.51% | -3.08% | -5.96% | -3.04% | 0.38% | 1.52% | 1.6% | 1.06% | -5.12% | -3.31% | -2.18% | -1.13% |
| FCF Growth % | -8.38% | 115.94% | 652% | -111.96% | 199.05% | -451.67% | -71.56% | -13.17% | 50.93% | 159.68% | -57.53% | -47.1% | -25% | 110.29% | 0.57% | 4.19% | 53.21% | 108.59% | -314.71% | -16.79% | 48.93% | -86.55% | -1016.67% | -79.17% | -12.2% | 25.19% | 119.29% | -64.73% | -128.24% | -108.55% | 79.96% |
| FCF per Share | 1.39 | 2.14 | 0.95 | -0.17 | 1.46 | -1.44 | 0.42 | 1.45 | 1.66 | 1.10 | 0.42 | 0.91 | 1.59 | 2.51 | 0.82 | 0.81 | 1.19 | 0.99 | -12.69 | -2.04 | -1.75 | -3.40 | -1.82 | 0.20 | 0.97 | 1.11 | 0.86 | -4.09 | -2.47 | -1.09 | -0.84 |
| FCF Conversion (FCF/Net Income) | -0.94x | 6.02x | -7.89x | 12.53x | -2.68x | 0.80x | -12.45x | 2.82x | 1.33x | 4.99x | 0.60x | 2.55x | 1.60x | 2.36x | 1.26x | 1.69x | 28.70x | -0.48x | -56.61x | 0.09x | -0.07x | 0.13x | 0.67x | 1.51x | -2.86x | -2.14x | 2.95x | 1.19x | 1.49x | 1.89x | 2.28x |
| Interest Paid | 0 | 0 | 159M | 128M | 117M | 109M | 129M | 117M | 90M | 104M | 111M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 172M | 148M | 132M | 99M | 98M | 125M | 145M | 87M | 89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage amid cyclicality
As reported in recent financial filings, Dana's operating cash flow frequently decouples from net income, evidenced by a volatile OCF/NI ratio that reached 1.88 in 2026Q1, suggesting that reported earnings are often poor proxies for the actual cash-generating capacity of the underlying manufacturing operations.
The persistent divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are masking the true operational performance. Investors should monitor this gap closely, as it suggests that the company's core business may be struggling to generate cash even when accounting adjustments are favorable.
According to quarterly data, Dana's free cash flow trajectory remains highly erratic, with a significant outflow of $257 million in 2026Q1, highlighting the company's inability to maintain consistent positive cash generation amidst a challenging environment for its core automotive and industrial driveline segments.
The frequent swings between positive and negative free cash flow suggest that the business model is highly sensitive to production volume fluctuations. This inconsistency complicates the company's ability to service its debt obligations without relying on external financing or further balance sheet strain.
Based on the provided cash flow statements, working capital changes have been a major source of volatility, including a $252 million cash drain in 2026Q1, which underscores the difficulty in managing inventory and receivables during periods of sharp revenue contraction across global vehicle platforms.
The erratic nature of working capital suggests that the company may be struggling to align its production schedules with actual customer demand. This lack of synchronization often leads to inventory build-ups that tie up critical liquidity, further pressuring the company's already thin cash reserves.
As indicated by recent SEC filings, Dana has continued to prioritize share repurchases and acquisitions, such as the $125 million spent on buybacks in 2026Q1, despite facing significant net losses and a highly leveraged balance sheet that warrants further investigation by conservative investors.
The decision to return capital to shareholders while simultaneously reporting negative free cash flow appears to be a high-risk strategy. This approach may limit the company's financial flexibility, leaving it with fewer resources to navigate potential downturns or invest in necessary technological transitions.
Quick answers to the most common questions about buying DAN stock.
Dana Incorporated (DAN) generated $512.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dana Incorporated (DAN) generated $298.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Dana Incorporated (DAN) spent $214.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Dana Incorporated (DAN) returned $54.0M to shareholders via cash dividends and spent $650.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.