Revenue growth has turned sharply negative with a 20.6% year-over-year decline in 2026Q1, while operating margins remain constrained at a thin 3.2%.
| 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 |
|---|
| Sales/Revenue | -484M | 7.5B | 10.28B | 10.55B | 10.16B | 8.95B | 7.11B | 8.62B | 8.14B | 7.21B | 5.83B | 6.06B | 6.62B | 6.77B | 7.22B | 7.59B | 6.11B | 5.23B | 8.1B | 8.72B | 8.5B | 8.61B | 9.06B | 7.92B | 9.5B | 10.27B | 12.32B | 13.27B | 12.46B | 8.29B | 7.69B |
| Revenue Growth % | -105.26% | -27.07% | -2.57% | 3.93% | 13.54% | 25.88% | -17.56% | 5.86% | 12.96% | 23.74% | -3.86% | -8.42% | -2.25% | -6.3% | -4.85% | 24.28% | 16.85% | -35.42% | -7.18% | 2.55% | -1.24% | -4.91% | 14.37% | -16.69% | -7.47% | -16.61% | -7.18% | 6.47% | 50.33% | 7.86% | -1.39% |
| Cost of Goods Sold | -419M | 6.9B | 9.41B | 9.65B | 9.39B | 8.11B | 6.49B | 7.49B | 6.99B | 6.15B | 4.98B | 5.21B | 5.67B | 5.85B | 6.25B | 6.7B | 5.45B | 4.99B | 7.83B | 8.23B | 8.17B | 8.21B | 8.33B | 7.25B | 8.43B | 9.27B | 10.6B | 10.96B | 10.45B | 7.18B | 6.53B |
| COGS % of Revenue | - | 91.97% | 91.48% | 91.47% | 92.49% | 90.64% | 91.26% | 86.88% | 85.79% | 85.27% | 85.51% | 85.99% | 85.72% | 86.41% | 86.52% | 88.21% | 89.21% | 95.35% | 96.71% | 94.38% | 96.03% | 95.29% | 92.02% | 91.5% | 88.66% | 90.23% | 86.05% | 82.62% | 83.84% | 86.61% | 84.89% |
| Gross Profit | -65M | 602M | 876M | 900M | 763M | 837M | 621M | 1.13B | 1.16B | 1.06B | 844M | 849M | 945M | 920M | 974M | 895M | 659M | 243M | 266M | 490M | 338M | 406M | 723M | 673M | 1.08B | 1B | 1.72B | 2.31B | 2.01B | 1.11B | 1.16B |
| Gross Margin % | 13.43% | 8.03% | 8.52% | 8.53% | 7.51% | 9.36% | 8.74% | 13.12% | 14.21% | 14.73% | 14.49% | 14.01% | 14.28% | 13.59% | 13.48% | 11.79% | 10.79% | 4.65% | 3.29% | 5.62% | 3.97% | 4.71% | 7.98% | 8.5% | 11.34% | 9.77% | 13.95% | 17.38% | 16.16% | 13.39% | 15.11% |
| Gross Profit Growth % | - | -31.28% | -2.67% | 17.96% | -8.84% | 34.78% | -45.09% | -2.25% | 8.95% | 25.83% | -0.59% | -10.16% | 2.72% | -5.54% | 8.83% | 35.81% | 171.19% | -8.65% | -45.71% | 44.97% | -16.75% | -43.85% | 7.43% | -37.57% | 7.48% | -41.62% | -25.5% | 14.47% | 81.42% | -4.37% | -13.66% |
| Operating Expenses | -30M | 387M | 902M | 931M | 823M | 767M | 677M | 802M | 766M | 735M | 593M | 574M | 587M | 575M | 548M | 544M | 464M | 384M | 403M | 365M | 419M | 553M | 504M | 520M | 823M | 985M | 1.13B | 1.19B | 1.12B | 739.7M | 714.8M |
| OpEx % of Revenue | - | 5.16% | 8.77% | 8.82% | 8.1% | 8.57% | 9.53% | 9.3% | 9.41% | 10.2% | 10.18% | 9.47% | 8.87% | 8.49% | 7.59% | 7.17% | 7.6% | 7.35% | 4.98% | 4.19% | 4.93% | 6.42% | 5.57% | 6.57% | 8.66% | 9.59% | 9.19% | 8.98% | 9.01% | 8.92% | 9.3% |
| Selling, General & Admin | -30M | 282M | 542M | 562M | 502M | 470M | 431M | 531M | 514M | 515M | 397M | 391M | 411M | 410M | 424M | 409M | 402M | 313M | 337M | 365M | 419M | 500M | 504M | 520M | 823M | 985M | 1.13B | 1.19B | 1.12B | 739.7M | 714.8M |
| SG&A % of Revenue | - | 3.76% | 5.27% | 5.32% | 4.94% | 5.25% | 6.07% | 6.16% | 6.31% | 7.14% | 6.81% | 6.45% | 6.21% | 6.06% | 5.87% | 5.39% | 6.58% | 5.99% | 4.16% | 4.19% | 4.93% | 5.81% | 5.57% | 6.57% | 8.66% | 9.59% | 9.19% | 8.98% | 9.01% | 8.92% | 9.3% |
| Research & Development | 0 | 105M | 360M | 369M | 321M | 297M | 246M | 271M | 252M | 220M | 196M | 183M | 176M | 165M | 161M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.4% | 3.5% | 3.5% | 3.16% | 3.32% | 3.46% | 3.14% | 3.09% | 3.05% | 3.36% | 3.02% | 2.66% | 2.44% | 2.23% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 135M | 62M | 71M | 66M | 0 | 0 | 53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -35M | 213M | -26M | -31M | -60M | 70M | -56M | 342M | 391M | 345M | 242M | 275M | 358M | 345M | 476M | 351M | 195M | -141M | -137M | 125M | -81M | -147M | 219M | 153M | 255M | 18M | 586M | 1.11B | 892M | 370.7M | 446.3M |
| Operating Margin % | 7.23% | 2.84% | -0.25% | -0.29% | -0.59% | 0.78% | -0.79% | 3.97% | 4.8% | 4.79% | 4.15% | 4.54% | 5.41% | 5.1% | 6.59% | 4.62% | 3.19% | -2.7% | -1.69% | 1.43% | -0.95% | -1.71% | 2.42% | 1.93% | 2.68% | 0.18% | 4.76% | 8.39% | 7.16% | 4.47% | 5.81% |
| Operating Income Growth % | - | 919.23% | 16.13% | 48.33% | -185.71% | 225% | -116.37% | -12.53% | 13.33% | 42.56% | -12% | -23.18% | 3.77% | -27.52% | 35.61% | 80% | 238.3% | -2.92% | -209.6% | 254.32% | 44.9% | -167.12% | 43.14% | -40% | 1316.67% | -96.93% | -47.4% | 24.89% | 140.63% | -16.94% | -32.34% |
| EBITDA | 305M | 570M | 396M | 385M | 328M | 459M | 309M | 681M | 661M | 578M | 424M | 449M | 571M | 607M | 753M | 658M | 509M | 256M | 251M | 404M | 294M | 163M | 580M | 547M | 733M | 566M | 1.11B | 1.63B | 1.38B | 705.2M | 724.7M |
| EBITDA Margin % | -63.02% | 7.6% | 3.85% | 3.65% | 3.23% | 5.13% | 4.35% | 7.9% | 8.12% | 8.02% | 7.28% | 7.41% | 8.63% | 8.97% | 10.42% | 8.67% | 8.33% | 4.9% | 3.1% | 4.63% | 3.46% | 1.89% | 6.4% | 6.91% | 7.71% | 5.51% | 9% | 12.31% | 11.07% | 8.51% | 9.43% |
| EBITDA Growth % | 34.36% | 43.94% | 2.86% | 17.38% | -28.54% | 48.54% | -54.63% | 3.03% | 14.36% | 36.32% | -5.57% | -21.37% | -5.93% | -19.39% | 14.44% | 29.27% | 98.83% | 1.99% | -37.87% | 37.41% | 80.37% | -71.9% | 6.03% | -25.38% | 29.51% | -48.96% | -32.09% | 18.36% | 95.65% | -2.69% | -19.96% |
| D&A (Non-Cash Add-back) | 340M | 357M | 422M | 416M | 388M | 389M | 365M | 339M | 270M | 233M | 182M | 174M | 213M | 262M | 277M | 307M | 314M | 397M | 388M | 279M | 375M | 310M | 361M | 394M | 478M | 548M | 523M | 519M | 487.7M | 334.5M | 278.4M |
| EBIT | 85M | 181M | 321M | 325M | 247M | 353M | 177M | 601M | 635M | 554M | 430M | 444M | 492M | 436M | 476M | 385M | 144M | -315M | -407M | 125M | -456M | -293M | 170M | 6.71B | 6.28B | 573M | 1.16B | 1.4B | 1.07B | 864M | 708.7M |
| Net Interest Income | -135M | -171M | -146M | -137M | -117M | -122M | -129M | -112M | -85M | -91M | -100M | -100M | -103M | -74M | -60M | -52M | -59M | -139M | -142M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 29M | 10M | 15M | 17M | 11M | 9M | 9M | 10M | 11M | 11M | 13M | 13M | 15M | 25M | 24M | 27M | 30M | 0 | 52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 164M | 181M | 161M | 154M | 128M | 131M | 138M | 122M | 96M | 102M | 113M | 113M | 118M | 99M | 84M | 79M | 89M | 139M | 150M | 72M | 0 | 0 | 217M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -37M | -213M | 116M | 200M | 33M | 202M | 63M | -141M | 127M | 54M | -13M | -17M | -85M | 35M | -110M | -117M | -160M | -215M | -249M | -512M | -490M | -191M | -306M | -72M | -264M | -1.06B | -122M | -377M | -72M | -209.9M | -217M |
| Pretax Income | -72M | 0 | 90M | 169M | -27M | 272M | 7M | 201M | 518M | 399M | 229M | 258M | 273M | 380M | 366M | 296M | 35M | -454M | 351M | -387M | -571M | -285M | -136M | 81M | -9M | -483M | 464M | 737M | 820.2M | 654.1M | 491.7M |
| Pretax Margin % | 14.88% | - | 0.88% | 1.6% | -0.27% | 3.04% | 0.1% | 2.33% | 6.36% | 5.53% | 3.93% | 4.26% | 4.13% | 5.61% | 5.07% | 3.9% | 0.57% | -8.68% | 4.34% | -4.44% | -6.71% | -3.31% | -1.5% | 1.02% | -0.09% | -4.7% | 3.77% | 5.55% | 6.58% | 7.89% | 6.4% |
| Income Tax | 4M | 53M | 139M | 121M | 284M | 72M | 58M | -32M | 78M | 283M | -424M | 82M | -70M | 119M | 51M | 85M | 31M | -27M | 306M | 62M | 66M | 924M | -196M | -49M | -27M | -161M | 171M | 251M | 315.6M | 293.6M | 166.3M |
| Effective Tax Rate % | -5.56% | - | 154.44% | 71.6% | -1051.85% | 26.47% | 828.57% | -15.92% | 15.06% | 70.93% | -185.15% | 31.78% | -25.64% | 31.32% | 13.93% | 28.72% | 88.57% | 5.95% | 87.18% | -16.02% | -11.56% | -324.21% | 144.12% | -60.49% | 300% | 33.33% | 36.85% | 34.06% | 38.48% | 44.89% | 33.82% |
| Net Income | -162M | 85M | -57M | 38M | -242M | 197M | -31M | 226M | 427M | 111M | 640M | 159M | 319M | 244M | 269M | 219M | 10M | -431M | 18M | -551M | -739M | -1.6B | 82M | 222M | -182M | -298M | 334M | 513M | 534.1M | 369.1M | 306M |
| Net Margin % | 33.47% | 1.13% | -0.55% | 0.36% | -2.38% | 2.2% | -0.44% | 2.62% | 5.24% | 1.54% | 10.99% | 2.62% | 4.82% | 3.6% | 3.72% | 2.88% | 0.16% | -8.24% | 0.22% | -6.32% | -8.69% | -18.64% | 0.91% | 2.8% | -1.92% | -2.9% | 2.71% | 3.87% | 4.29% | 4.45% | 3.98% |
| Net Income Growth % | -362.86% | 249.12% | -250% | 115.7% | -222.84% | 735.48% | -113.72% | -47.07% | 284.68% | -82.66% | 302.52% | -50.16% | 30.74% | -9.29% | 22.83% | 2090% | 102.32% | -2494.44% | 103.27% | 25.44% | 53.96% | -2057.32% | -63.06% | 221.98% | 38.93% | -189.22% | -34.89% | -3.95% | 44.7% | 20.62% | 6.21% |
| Net Income (Continuing) | -76M | -53M | -49M | 48M | -311M | 200M | -51M | 203M | 440M | 116M | 639M | 176M | 343M | 261M | 315M | 219M | 4M | -427M | 45M | -433M | -618M | -1.18B | 72M | 155M | 18M | -125M | 280M | 337M | 542M | 320M | 450.9M |
| Discontinued Operations | 0 | 155M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | -15M | -1M | 0 | 0 | 0 | 0 | -581M | -134M | -140M | -464M | -42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 59M | 59M | 252M | 253M | 247M | 251M | 256M | 262M | 197M | 148M | 85M | 103M | 100M | 104M | 105M | 101M | 99M | 100M | 107M | 95M | 81M | 84M | 123M | 96M | 107M | 112M | 121M | 148M | 156.3M | 154.1M | 170.9M |
| EPS (Diluted) | -1.47 | 0.64 | -0.39 | 0.26 | -1.69 | 1.35 | -0.21 | 1.56 | 2.91 | 0.71 | 4.36 | 0.99 | 1.84 | -0.09 | 1.40 | 1.02 | -0.15 | -3.92 | -7.06 | -3.67 | -4.93 | -10.63 | 0.41 | 1.53 | -1.22 | -2.01 | 2.18 | 3.08 | 3.20 | 1.94 | 2.96 |
| EPS Growth % | -461.06% | 264.1% | -250% | 115.38% | -225.19% | 742.86% | -113.46% | -46.39% | 309.86% | -83.72% | 340.4% | -46.2% | 2144.44% | -106.43% | 37.25% | 780% | 96.17% | 44.48% | -92.37% | 25.56% | 53.62% | -2692.68% | -73.2% | 225.41% | 39.3% | -192.2% | -29.22% | -3.75% | 64.95% | -34.46% | 4.23% |
| EPS (Basic) | - | 0.64 | -0.39 | 0.26 | -1.69 | 1.36 | -0.21 | 1.57 | 2.94 | 0.72 | 4.38 | 1.00 | 1.97 | -0.09 | 1.82 | 1.28 | -0.15 | -3.92 | -7.06 | -3.67 | -4.93 | -10.70 | 0.41 | 1.54 | -1.23 | -2.01 | 2.20 | 3.10 | 3.24 | 1.97 | 2.97 |
| Diluted Shares Outstanding | 109.9M | 139.2M | 145.2M | 144.6M | 143.6M | 146.2M | 144.5M | 145.1M | 146.5M | 146.9M | 146.8M | 160M | 173.5M | 146.4M | 214.7M | 215.3M | 140.8M | 110M | 100M | 150M | 150M | 151M | 151M | 149M | 149M | 148M | 153M | 166M | 167M | 164.95M | 103.47M |
| Basic Shares Outstanding | 109.9M | 139.2M | 145.2M | 144.4M | 143.6M | 144.8M | 144.5M | 144M | 145M | 145.1M | 146M | 159M | 158M | 146.4M | 148M | 146.6M | 140.8M | 110M | 100M | 150M | 150M | 150M | 149M | 148M | 148M | 148M | 152M | 165M | 165M | 162.44M | 102.89M |
| Dividend Payout Ratio | - | 63.53% | - | 152.63% | - | 29.44% | - | 25.66% | 13.58% | 31.53% | 5.47% | 23.27% | 10.03% | 12.3% | 11.15% | - | - | - | - | - | - | - | 89.02% | 6.31% | - | - | 55.99% | 40.16% | 37.07% | 29.42% | 49.97% |
High leverage amid cyclicality
As indicated by recent quarterly filings, Dana's revenue has faced significant headwinds, with a notable 20.6% year-over-year decline in 2026Q1, reflecting a broader struggle to maintain volume across its core automotive and industrial platforms in a challenging macroeconomic environment for heavy-duty equipment manufacturers.
The consistent negative growth trajectory suggests that the company is struggling to offset cyclical downturns in its primary North American markets. Investors should monitor whether this contraction is a result of deliberate platform pruning or a more concerning loss of market share to competitors in the driveline space.
Based on reported financial statements, Dana's gross margin has remained thin, hovering around 8.6% in 2026Q1, which highlights the company's limited ability to pass through volatile raw material costs to its OEM customers during periods of reduced production volume and pricing pressure.
The inability to expand margins beyond single digits suggests that the company's high-fixed-cost manufacturing base is highly sensitive to capacity utilization. This lack of pricing power relative to peers like Allison Transmission warrants further investigation into the efficacy of the company's contractual recovery mechanisms.
According to recent SEC filings, Dana's operating income has struggled to scale, with an operating margin of only 3.2% in 2026Q1, demonstrating that the company's overhead and SG&A expenses remain disproportionately high relative to its current, diminished revenue base and gross profit generation.
The company appears to lack the necessary operating leverage to drive meaningful bottom-line expansion when revenue fluctuates. This suggests that management's efforts to streamline operations have yet to yield the structural efficiency required to protect earnings during cyclical troughs.
As reported in financial statements, Dana's net income has exhibited extreme volatility, including a net loss of $104 million in 2026Q1, which appears to be exacerbated by non-operating items and the significant interest burden associated with the company's elevated debt-to-equity ratio of 3.82.
The frequent swings between profitability and losses suggest that core earnings are often obscured by restructuring charges and financial leverage. Investors should be cautious of the quality of these results, as the reliance on non-recurring items to manage the bottom line may mask underlying operational weaknesses.
Based on the provided data, the combination of a 3.82 debt-to-equity ratio and a net margin of 1.13% suggests that Dana's financial position is increasingly vulnerable to interest rate fluctuations and any further deterioration in global vehicle production volumes or industrial capital expenditure cycles.
Short-sellers would likely focus on the risk that the company's high debt load may become unsustainable if the anticipated transition to higher-margin electrification products fails to materialize quickly. The current financial profile leaves little room for error, making the company highly susceptible to credit rating downgrades.
Quick answers to the most common questions about buying DAN stock.
For fiscal year 2025, Dana Incorporated (DAN) reported total revenue of $7.50B. This represents a 2.4% decline compared to $7.69B in 1996.
Dana Incorporated (DAN) is profitable, generating $85.0M in net income for the fiscal year ending 2025 with a net profit margin of 1.1%.
Dana Incorporated (DAN) reported an operating income of $213.0M, resulting in an operating profit margin of 2.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Dana Incorporated (DAN) generated $602.0M in gross profit for the year, representing a gross profit margin of 8.0%. This demonstrates the company's core pricing power and production efficiency.