PHINIA INC. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data PHINIA INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	3,227	3,348	3,500	3,403	3,483
Cost of revenue	2,551	2,627	2,776	2,647	2,721
Gross profit	676	721	724	756	762
Research and development	132	104	108	112	105
Selling, general and administrative	460	407	413	442	445
Operating income	174	318	241	259	254
Interest expense	35	20	56	99	81
Interest income	1	6	13	16	14
Pre-tax income	186	347	206	187	198
Income tax	33	85	104	108	68
Net income to minority interests	1	0	0
Net income	152	262	102	79	130
EBITDA	378	488	411	419	411
EPS, basic	3.23	5.57	2.17	1.80	3.31
EPS, diluted	3.23	5.57	2.17	1.76	3.24
Shares, basic (weighted)	47	47	46.9	44	39.3
Shares, diluted (weighted)	47	47	47	44.8	40.1
Dividend per share			0.50	1.00	1.08

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	259	251	365	484	359
Receivables		891	1,017	817	804
Inventory		459	487	444	473
Other current assets		14	10	9	16
Total current assets		1,641	1,927	1,841	1,762
Property, plant and equipment		924	921	843	876
Lease right-of-use assets		82	63	54	48
Goodwill		490	499	471	509
Intangible assets		432	417	374	398
Other non-current assets		264	162	128	127
Total assets	4,182	4,074	4,041	3,768	3,817
Accounts payable		686	639	522	510
Accrued liabilities		16	1	17	4
Deferred revenue		3	6	3	7
Short-term debt		0	14	25	1
Total current liabilities		1,170	1,148	969	947
Long-term debt			709	963	967
Lease liabilities		69	49	39	31
Other non-current liabilities		1,156	165	150	175
Total liabilities		2,431	2,154	2,194	2,230
Total debt		26	723	988	968
Paid-in capital		0	2,031	1,976	1,978
Retained earnings		0	9	44	132
Treasury stock		0	-23	-230	-426
Other comprehensive income		-88	-131	-217	-98
Shareholders' equity	1,712	1,643	1,887	1,574	1,587
Total equity	1,712	1,643	1,887	1,574	1,587
Total liabilities and equity		4,074	4,041	3,768	3,817
Shares outstanding			46.2	41.6	37.9

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	153	262	102	79	130
Depreciation and amortization	204	170	170	160	157
Stock-based compensation	11	11	10	14	18
Deferred income tax	-56	25	32	12	-19
Change in receivables	16	-103	79	149	69
Change in inventory	-84	-60	-4	23	6
Change in payables	-96	16	-95	-114	-26
Cash from operations	147	303	250	308	312
Capital expenditures	-146	-107	-150	-105	-124
Acquisitions			0	0	-9
Purchases of investments	0	0	-2	-1	0
Cash from investing	-140	-105	-150	-101	-132
Debt issued			708	975
Debt repaid		-1	-4	-722	-24
Share buybacks		0	-24
Dividends paid			-23	-44	-42
Cash from financing	-44	-185	20	-96	-310
Exchange rate effect	4	-21	-6	8	5
Net change in cash	-33	-8	114	119	-125
Free cash flow	1	196	100	203	188
Interest paid	14	13	26
Income taxes paid	38	51	88	94	61

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $62.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	22.0%	Gross profit / revenue.
Operating margin	7.0%	Operating income / revenue.
EBITDA margin	11.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.4%	Pre-tax income / revenue.
Net margin	3.7%	Net income / revenue.
FCF margin	6.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.9%	Cash from operations / revenue.
Effective tax rate	31.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Return on invested capital (ROIC)	8.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.0%	Research and development expense / revenue.
SG&A / revenue	13.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.0%	Capital expenditures / revenue.
D&A / revenue	4.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	0.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-1.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	64.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-20.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	84.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-16.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-1.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	0.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	1.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-10.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.81x	Current assets / current liabilities.
Quick ratio	1.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.36x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.63x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.2%	Total debt / total assets.
Liabilities / assets	59.9%	Total liabilities / total assets.
Net debt	$599.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.45x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.07x	Operating income / interest expense.
Working capital	$820.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	23.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$656.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.94x	Revenue / average total assets.
Fixed asset turnover	4.30x	Revenue / average property, plant and equipment.
Inventory turnover	5.93x	Cost of revenue / average inventory.
Days inventory	62 days	365 x average inventory / cost of revenue.
Receivables turnover	4.24x	Revenue / average receivables.
Days sales outstanding	86 days	365 x average receivables / revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	79 days	Days inventory + days sales outstanding - days payables.
FCF conversion	185.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$95.13	Revenue / diluted weighted shares.
FCF per share	$6.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.45	Cash from operations / diluted weighted shares.
Book value per share	$40.55	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.26	Tangible book value / shares outstanding.
Cash per share	$9.74	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	17.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.27B	Share price x shares outstanding.
Enterprise value	$2.87B	Market cap + total debt - cash - short-term investments.
P/E	16.8x	Market cap / net income. Only when net income is positive.
P/S	0.63x	Market cap / revenue.
P/B	1.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.46x	Market cap / tangible book value, when positive.
P/FCF	9.09x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.33x	Market cap / cash from operations, when positive.
EV/Sales	0.79x	Enterprise value / revenue.
EV/EBIT	11.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.94x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.0%	Free cash flow / market cap.
Earnings yield	5.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.

What was PHINIA INC.'s revenue in fiscal 2025?

PHINIA INC. reported revenue of $3.48B for fiscal 2025, 2.4% higher than the year before.

Was PHINIA INC. profitable in fiscal 2025?

Yes. Net income was $130.0M, a net margin of 3.7%.

How much free cash flow did PHINIA INC. generate in fiscal 2025?

Cash from operations of $312.0M minus capital expenditures of $124.0M left free cash flow of $188.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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