Total debt remained at $1.0B with D/E rising to 0.66, while cash declined to $370M from $484M in Q4 2024, and goodwill increased to $509M, indicating a stable but increasingly leveraged balance sheet with potential impairment risks.
PHINIA Inc. (PHIN) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 1.84B | 1.76B | 1.84B | 1.93B | 1.64B | 1.62B |
| Cash & Short-Term Investments | 370M | 359M | 484M | 365M | 251M | 259M |
| Cash Only | 370M | 359M | 484M | 365M | 251M | 259M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 853M | 804M | 817M | 1.02B | 893M | 902M |
| Days Sales Outstanding | 85.14 | 84.25 | 87.63 | 106.16 | 97.36 | 102.02 |
| Inventory | 475M | 473M | 444M | 487M | 459M | 417M |
| Days Inventory Outstanding | 63.29 | 62.64 | 60.54 | 63.3 | 63.8 | 59.64 |
| Other Current Assets | 140M | 25M | 17M | 17M | 21M | 24M |
| Total Non-Current Assets | 2B | 2.06B | 1.93B | 2.11B | 2.43B | 2.56B |
| Property, Plant & Equipment | 841M | 876M | 897M | 984M | 1B | 1.06B |
| Fixed Asset Turnover | 4.21x | 3.98x | 3.79x | 3.56x | 3.33x | 3.05x |
| Goodwill | 509M | 509M | 471M | 499M | 490M | 496M |
| Intangible Assets | 376M | 398M | 374M | 417M | 432M | 470M |
| Long-Term Investments | 196M | 65M | 111M | 115M | 117M | 98M |
| Other Non-Current Assets | 278M | 146M | 31M | 38M | 233M | 257M |
| Total Assets | 3.84B | 3.82B | 3.77B | 4.04B | 4.07B | 4.18B |
| Asset Turnover | 0.94x | 0.91x | 0.90x | 0.87x | 0.82x | 0.77x |
| Asset Growth % | 0.46% | 1.3% | -6.76% | -0.81% | -2.58% | - |
| Total Current Liabilities | 1.02B | 947M | 969M | 1.15B | 1.17B | 1.17B |
| Accounts Payable | 529M | 510M | 522M | 639M | 500M | 455M |
| Days Payables Outstanding | 70.75 | 67.54 | 71.17 | 83.06 | 69.5 | 65.08 |
| Short-Term Debt | 51M | 3M | 42M | 106M | 112M | 139M |
| Deferred Revenue (Current) | 34M | 7M | 3M | 6M | 17M | 26M |
| Other Current Liabilities | 438M | 252M | 257M | 257M | 416M | 430M |
| Current Ratio | 1.81x | 1.86x | 1.90x | 1.68x | 1.40x | 1.38x |
| Quick Ratio | 1.34x | 1.36x | 1.44x | 1.25x | 1.01x | 1.03x |
| Cash Conversion Cycle | 77.68 | 79.35 | 77 | 86.41 | 91.66 | 96.59 |
| Total Non-Current Liabilities | 1.28B | 1.28B | 1.22B | 1B | 1.26B | 1.3B |
| Long-Term Debt | 968M | 967M | 962M | 709M | 947M | 948M |
| Capital Lease Obligations | 94M | 31M | 40M | 49M | 69M | 54M |
| Deferred Tax Liabilities | 175M | 53M | 55M | 56M | 46M | 54M |
| Other Non-Current Liabilities | 315M | 214M | 150M | 179M | 199M | 240M |
| Total Liabilities | 2.3B | 2.23B | 2.19B | 2.15B | 2.43B | 2.47B |
| Total Debt | 1.02B | 1.02B | 1.04B | 864M | 1.13B | 1.14B |
| Net Debt | 649M | 661M | 560M | 499M | 877M | 882M |
| Debt / Equity | 0.66x | 0.64x | 0.66x | 0.46x | 0.69x | 0.67x |
| Debt / EBITDA | 2.11x | 2.33x | 2.35x | 1.58x | 2.33x | 2.72x |
| Net Debt / EBITDA | 1.34x | 1.51x | 1.26x | 0.91x | 1.81x | 2.11x |
| Interest Coverage | 3.40x | 3.44x | 2.89x | 4.68x | 13.39x | 6.47x |
| Total Equity | 1.54B | 1.59B | 1.57B | 1.89B | 1.64B | 1.71B |
| Equity Growth % | -10.6% | 0.83% | -16.59% | 14.85% | -4.03% | - |
| Book Value per Share | 40.55 | 39.58 | 35.13 | 40.15 | 34.95 | 36.41 |
| Total Shareholders' Equity | 1.54B | 1.59B | 1.57B | 1.89B | 1.64B | 1.71B |
| Common Stock | 1M | 1M | 1M | 1M | 1.73B | 1.65B |
| Retained Earnings | 187M | 132M | 44M | 9M | 0 | 0 |
| Treasury Stock | 0 | -426M | -230M | -23M | 0 | 0 |
| Accumulated OCI | -104M | -98M | -217M | -131M | -88M | 62M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 3M |
Quick answers to the most common questions about buying PHIN stock.
As of 2025, PHINIA Inc. (PHIN) had total assets of $3.82B including $1.76B in current assets.
PHINIA Inc. (PHIN) carries total debt of $1.02B, offset by $359.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PHINIA Inc. (PHIN) has total shareholders' equity (book value) of $1.59B ($39.58 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PHINIA Inc. (PHIN) reported a current ratio of 1.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Goodwill impairment and leverage increase
Metrics are mathematically derived from official filings.
Balance Sheet Stability Amidst Modest Deleveraging
PHIN's total assets have remained around $3.8B over the past year, with equity fluctuating between $1.5B and $1.6B, as per recent financial statements, indicating a stable balance sheet trajectory.
The stability in total assets and equity suggests that the company is not aggressively expanding or contracting its balance sheet. However, the slight decline in equity from $1.6B in 2025Q4 to $1.5B in 2026Q2, despite positive retained earnings growth, may indicate that shareholder returns are offsetting earnings retention. This trend warrants monitoring as it could signal a shift towards a more leveraged or return-focused capital structure.
Leverage Creeps Higher as Debt Holds Steady
Total debt remained at $1.0B for the last five quarters, while D/E rose from 0.64 in 2025Q4 to 0.66 in 2026Q2, as reported in financial statements, suggesting a slight increase in leverage relative to equity.
The stable absolute debt level combined with a declining equity base has pushed the D/E ratio up modestly. This is not alarming given the current ratio remains above 1.8, but it does indicate that the company is not actively deleveraging. The debt level appears manageable, but investors should monitor whether this trend continues, especially if cash flows weaken, as it could increase refinancing risk.
Asset Mix Reflects Manufacturing Base with Rising Intangibles
PPE net declined from $947M in 2024Q1 to $841M in 2026Q2, while goodwill increased from $491M to $509M, as per balance sheet data, indicating a shift towards intangible-heavy assets.
The reduction in PPE suggests either lower capital expenditure or asset disposals, which aligns with the moderate capex intensity noted in cash flow analysis. The increase in goodwill, though modest, raises the risk of future impairment if the acquired businesses underperform. The asset mix indicates a manufacturing company that is becoming more reliant on intangibles, which could affect long-term asset quality.
Retained Earnings Rebuild but Equity Stagnates
Retained earnings grew from $26M in 2024Q1 to $187M in 2026Q2, yet total equity remained around $1.5B, as per financial statements, suggesting that shareholder returns are absorbing earnings.
The strong growth in retained earnings indicates improving profitability, but the flat equity base implies that the company is returning significant capital to shareholders via buybacks and dividends. This is consistent with the cash flow analysis showing $1.1B returned to shareholders. While this is shareholder-friendly, it limits equity growth and could increase leverage if debt is not reduced.
Liquidity Buffer Remains Adequate but Cash Dips
Cash declined from $484M in 2024Q4 to $370M in 2026Q2, while the current ratio stayed above 1.8, as per balance sheet data, indicating a still-adequate but shrinking liquidity cushion.
The reduction in cash is notable, but the current ratio remains healthy, suggesting that current assets are sufficient to cover short-term obligations. The cash decline may be due to shareholder returns and debt repayment, but the company still has a reasonable buffer. However, if cash continues to decline without a corresponding reduction in debt, liquidity could become a concern.
Goodwill and Leverage Pose Hidden Risks
Goodwill increased to $509M in 2026Q2, and D/E rose to 0.66, as per financial statements, suggesting that the balance sheet may be more vulnerable to impairment and interest rate shocks than headline metrics imply.
The rise in goodwill, though small, indicates that PHIN has made acquisitions that could be at risk of impairment if the auto parts market deteriorates. Additionally, the stable debt level combined with declining equity means leverage is creeping up, which could become problematic if cash flows weaken. Investors should monitor these trends, as they could undermine the apparent stability of the balance sheet.