PHINIA

PHIN

Auto - Parts · Consumer Cyclical

Price

$80.14

-0.89 (-1.10%)

Market Cap

$2.97B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−14.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 47.0M (2021) → 40.1M (2025)

PHINIA Inc. makes parts that help engines run cleanly and efficiently. Its main products include fuel systems, fuel injectors, and electrical components used in cars, trucks, and commercial vehicles. The company was spun off from BorgWarner in 2023 and focuses on parts for internal combustion engines.

PHINIA sells its products to major automakers and also to the aftermarket, meaning repair shops and parts distributors that service older vehicles. It operates globally, with customers and facilities across North America, Europe, and Asia, and generates roughly $3 billion in annual revenue. The company's main competitive edge is its long-standing relationships with automakers and its specialized engineering know-how in fuel and electrical systems. The biggest risk PHINIA faces is the gradual shift toward electric vehicles, which do not use traditional fuel systems, meaning long-term demand for its core products could decline as EV adoption grows.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+50.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$105M/ year

↓ Declining (-6% vs prior year)

3.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

2.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$328M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

PHINIA is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

21.4%

Thin — 21.4% gross margin

Operating Margin

8.2%

Modest — 8.2% operating margin

ROCE

2.8%

Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6.9%

Slow sales growth (6.9% YoY)

EPS YoY

+103.4%

Earnings growing fast (103.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

230%

Turns 230% of profit into real cash

FCF Margin

5.7%

Thin free cash flow (5.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.65

Moderate — manageable debt (0.65)

Interest Cover

3.91x

Tight — interest eats into profit (3.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

22.0x

Growth-priced — P/E 22.0

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+10.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.0 → 11.1)

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Dividends

Dividend Yield

1.40%

Small dividend — 1.40% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+9.6%

Dividend growing modestly (9.6% YoY)

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