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PHIN, PHINIA Inc.

PHINIA Inc. is a leader in the development, design and manufacture of integrated components and systems that are designed to optimize performance, increase efficiency and reduce emissions in combustion and hybrid propulsion for commercial vehicles and industrial applications, light commercial vehicles and light passenger vehicles.

We are a global supplier to most major original equipment manufacturers (OEMs) seeking to meet and exceed increasingly stringent global regulatory requirements and satisfy consumer demands for an enhanced user experience.

As a result of these transactions, all of the assets, liabilities, and legal entities comprising BorgWarner's Fuel Systems and Aftermarket businesses are now owned directly, or indirectly through its subsidiaries, by PHINIA.

Latest annual: FY2025 10-K

PHIN · PHINIA Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$3.5B

+2.4% YoY · 2% 4-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.6B 5-yr avg $3.4B

Gross margin 22% 5-yr avg 21%

Operating margin 7.3% 5-yr avg 7.3%

ROIC 8% 5-yr avg 9%

Owner-earnings margin 6% 5-yr avg 4%

Free cash flow margin 6% 5-yr avg 4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Fuel Systems (63%) and Aftermarket (37%).
What moves the needle: Gross margin has run about 22% and operating margin about 7.3% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. Inventory runs near 14% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on volume, mix and the cost of the platform. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 8%). By owner earnings: roughly 5% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Fuel Systems is 63% of revenue, with Aftermarket the other meaningful segment at 37%.

Revenue by reportable segment, FY2025

Fuel Systems63%$2.2B
Aftermarket37%$1.3B

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2021–2025

realized figures from each filing · older years to the left

2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
						Income statement
$3.2B	$3.3B	$3.5B	$3.4B	$3.5B	$3.6B	RevenueRevenue
21%	22%	21%	22%	22%	22%	Gross marginGross mgn
14%	12%	12%	13%	13%	13%	SG&A / revenueSG&A/rev
4%	3%	3%	3%	3%	3%	R&D / revenueR&D/rev
$174M	$318M	$241M	$259M	$254M	$261M	Operating incomeOp. inc.
5.4%	9.5%	6.9%	7.6%	7.3%	7.3%	Operating marginOp. mgn
$152M	$262M	$102M	$79M	$130M	$141M	Net incomeNet inc.
18%	24%	50%	58%	34%	31%	Effective tax rateTax rate
						Cash flow & returns
$147M	$303M	$250M	$308M	$312M	$325M	Operating cash flowOp. cash
$204M	$170M	$170M	$160M	$157M	$160M	DepreciationDeprec.
($220M)	($140M)	($32M)	$55M	$7M	$5M	Working capital & otherWC & other
$146M	$107M	$150M	$105M	$124M	$121M	CapexCapex
4.5%	3.2%	4.3%	3.1%	3.6%	3.4%	Capex / revenueCapex/rev
$1M	$196M	$100M	$203M	$188M	$204M	Owner earningsOwner earn.
0.0%	5.9%	2.9%	6.0%	5.4%	5.7%	Owner earnings marginOE mgn
$1M	$196M	$100M	$203M	$188M	$204M	Free cash flowFCF
0.0%	5.9%	2.9%	6.0%	5.4%	5.7%	Free cash flow marginFCF mgn
—	—	$0	$0	$9M	$9M	AcquisitionsAcquis.
—	—	$23M	$44M	$42M	$42M	Dividends paidDiv. paid
10%	17%	5%	6%	8%	8%	ROICROIC
9%	16%	5%	5%	8%	9%	Return on equityROE
—	—	4%	2%	6%	6%	Retained to equityRetained/eq
						Balance sheet
$259M	$251M	$365M	$484M	$359M	$328M	Cash & investmentsCash+inv
—	$891M	$1.0B	$817M	$804M	$818M	ReceivablesReceiv.
—	$459M	$487M	$444M	$473M	$489M	InventoryInvent.
—	$686M	$639M	$522M	$510M	$525M	Accounts payablePayables
—	$664M	$865M	$739M	$767M	$782M	Operating working capitalOper. WC
—	$1.6B	$1.9B	$1.8B	$1.8B	$1.8B	Current assetsCur. assets
—	$1.2B	$1.1B	$969M	$947M	$970M	Current liabilitiesCur. liab.
—	1.4×	1.7×	1.9×	1.9×	1.8×	Current ratioCurr. ratio
—	$490M	$499M	$471M	$509M	$510M	GoodwillGoodwill
$4.2B	$4.1B	$4.0B	$3.8B	$3.8B	$3.8B	Total assetsAssets
—	$26M	$723M	$988M	$968M	$969M	Total debtDebt
—	($225M)	$358M	$504M	$609M	$641M	Net debt / (cash)Net debt
5.0×	15.9×	4.3×	2.6×	3.1×	3.2×	Interest coverageInt. cov.
$1.7B	$1.6B	$1.9B	$1.6B	$1.6B	$1.5B	Shareholders’ equityEquity
0.3%	0.3%	0.3%	0.4%	0.5%	0.5%	Stock comp / revenueSBC/rev
						Per share
47.0M	47.0M	47.0M	44.8M	40.1M	38.7M	Shares out (diluted)Shares
$68.66	$71.23	$74.47	$75.96	$86.86	$92.12	Revenue / shareRev/sh
$3.23	$5.57	$2.17	$1.76	$3.24	$3.64	EPS (diluted)EPS
$0.02	$4.17	$2.13	$4.53	$4.69	$5.27	Owner earnings / shareOE/sh
$0.02	$4.17	$2.13	$4.53	$4.69	$5.27	Free cash flow / shareFCF/sh
—	—	$0.49	$0.98	$1.05	$1.09	Dividends / shareDiv/sh
$3.11	$2.28	$3.19	$2.34	$3.09	$3.13	Cap. spending / shareCapex/sh
$36.43	$34.96	$40.15	$35.13	$39.58	$40.03	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	4-yr	5-yr
Revenue / share	+6.1%/yr	+6.1%/yr (4-yr)
Owner earnings / share	+285.3%/yr	+285.3%/yr (4-yr)
EPS	+0.1%/yr	+0.1%/yr (4-yr)
Dividends / share	+46.3%/yr (2-yr)	+46.3%/yr (2-yr)
Capital spending / share	−0.1%/yr	−0.1%/yr (4-yr)
Book value / share	+2.1%/yr	+2.1%/yr (4-yr)

The record, charted

FY2021–2025

Each measure over its full record; the current point and the worst year marked.

Share count

40Mpeak FY2021

ROIC

8%low FY2023

Gross margin

22%low FY2023

Net debt ÷ owner earnings

3.2×peak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$188Mowner earningsvs.$130Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2021FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $130M of profit into $188M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$130M

Owner earnings$188M · 5% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$130M	$79M	$102M	$262M	$152M
Depreciation & amortizationnon-cash charge added back	+$157M	+$160M	+$170M	+$170M	+$204M
Stock-based compensationreal costnon-cash, but a real cost	+$18M	+$14M	+$10M	+$11M	+$11M
Working capital & othertiming of cash in and out, other non-cash items	+$7M	+$55M	−$32M	−$140M	−$220M
Cash from operations	$312M	$308M	$250M	$303M	$147M
Capital expenditurecash put back in to keep running and to grow	−$124M	−$105M	−$150M	−$107M	−$146M
Owner earnings	$188M	$203M	$100M	$196M	$1M
Owner-earnings marginowner earnings ÷ revenue	5%	6%	3%	6%	0%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $18M), owner earnings is nearer $170M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.1×

Adequate

Operating income $254M ÷ interest expense $81M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $609M · 2.4× operating profit

Meaningful net debt

Cash $359M − debt $968M

What this means
Netting $359M of cash and short-term investments against $968M of debt leaves $609M owed, about 2.4× a year's operating profit (3.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 79d

Long (60+ days)

DSO 84 + DIO 63 − DPO 68 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 8%

Below average through the cycle

5-yr median, range 5%–17%; 8% latest = NOPAT $167M ÷ invested capital $2.2B

Industry peers: median 12%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 8% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 5%

Solid through the cycle

5-yr median margin, range 0%–6%; latest $188M = operating cash $312M − maintenance capex $124M

Industry peers: median 7%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 5% of revenue this year, a 5% median across 5 years. Treating stock comp as the real expense it is (less $18M of SBC) leaves $170M.
Are earnings backed by cash? 2.40×

Cash-backed

Cash from ops $312M ÷ net income $130M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 35%

Reinvests most of it

Dividends + buybacks $66M ÷ Owner Earnings $188M

What this means
Of $188M Owner Earnings, $66M (35%) went back to shareholders, $42M dividends, $24M buybacks. Net of $18M stock comp, the real buyback was about $6M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.79×

Harvesting

Capex $124M ÷ depreciation $157M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.86×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Near

Debt ≤ working capital · $968M vs $815M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (5-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 3 of 5 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $2.80/share (latest year $3.51), the averaged base the calculator's gate runs on, and book value is $42.87/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2021–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 5

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 1 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 7% → 7% (2-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin held roughly steady — about 7% early, 7% lately, median 7%.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +19%/yr

What this means
Owner earnings grew about 19% a year over the record.
Worst year 2021 · 5.4% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −3.9%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.8B

Cash & short-term investments$328M
Receivables$818M
Inventory$489M
Other current assets$135M

Current liabilities$970M

Debt due within a year$1M
Accounts payable$525M
Other current liabilities$444M

Current ratio1.82×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.32×stricter: inventory excluded

Cash ratio0.34×strictest: cash alone against what's due

Working capital$800Mthe cushion left after near-term bills

Debt due this year vs. cash$1M due · $328M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+10.3%the freshest read on whether the business is still growing

Current ratio, recent quarters1.8× → 1.8×

Deeper floors

Tangible book value$652Mequity stripped of goodwill & intangibles

Net current asset value($482M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.0B$47M of it operating leases

Deferred revenue$31Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$3M

'27$1M

'28$1M

'29$526M

'30$0

later$450M

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$3Mthe first rung: what must be repaid or rolled over within the year

Within two years$4Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$526Min 2029the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$981Mevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$328M

One year of owner earnings (FY2025)$188M

Together, against $3M due next year172.0×

Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $516M against the $3M due in the twelve months after the Dec 31, 2025 schedule: 172 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2021–2025

Over the record, the business generated $1.3B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$632M · 48%
Dividends$109M · 8%
Buybacks$24M · 2%
Retained (debt / cash)$555M · 42%

Returned to owners$133M
19% of the owner earnings the business produced over the span, $109M as dividends and $24M as buybacks.
Average price paid for buybacks—
Buybacks ran $24M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−17.7%
The diluted count fell from 47M to 39M, so the buybacks outran the stock issued to staff.
Dividend record$1.05/sh
Paid in 3 of the years on record, the per-share dividend growing about 46% a year. It was never cut over the span.
Return on what it retained11%
Of the earnings it kept rather than paid out ($592M over the span), annual owner earnings (first three years vs last three) grew $65M, so each retained $1 added about 0.11 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 5-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$907M24% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity32%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$9Mover 5 years buying other businesses, against $632M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 5-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2023	Mr. Ericson	$8.2M	$9.4M	$100M
2024	Mr. Ericson	$9.7M	$20.0M	$203M
2025	Mr. Ericson	$11.4M	$19.8M	$188M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio502:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$18M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 7% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why PHINIA Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2021–2025.

None of the 4 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Pension & retirement, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Auto Components

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
LCIILCI Industries	$4.1B	23%	8.2%	12%	8%
PATKPatrick Industries Inc.	$4.0B	19%	7.4%	12%	7%
VCVisteon Corporation	$3.8B	13%	5.7%	28%	3%
GTXGarrett Motion Inc.	$3.6B	20%	12.2%	58%	8%
PHINPHINIA Inc.	$3.5B	22%	7.3%	8%	5%
MODModine Manufacturing Company	$3.2B	17%	5.4%	12%	3%
ALSNAllison Transmission Holdings Inc.	$3.0B	48%	29.0%	21%	23%
CPSCooper-Standard Holdings Inc.	$2.7B	12%	3.2%	7%	1%
Group median	—	20%	7.4%	12%	6%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what PHINIA Inc. has delivered.

Today’s price $

Through the cycle, PHINIA Inc. earns about $188M on its 5.4% median owner-earnings margin. This year’s 5.4% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($188M) Net of stock comp (−$19M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+19%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $204M on 37M shares outstanding, per the 10-Q cover, as of 2026-04-23; net debt $641M. The if-converted diluted count is 39M, 5% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh PHIN against another business →

The owners of PHIN: the meeting and the votes →

Cite: Owner Scorecard, "PHINIA Inc. (PHIN), the owner's record," https://ownerscorecard.com/c/PHIN, data as of 2026-07-09.

Manual order: ← PHAT its page in the Manual PHM →

Industry order: ← PATK the Auto Components chapter SMP →