Here are 1-3 brief analogies for Dana (DAN):

• They're like the 'Intel Inside' for the components that make vehicles move and manage their temperature, supplying critical axles, driveshafts, and thermal systems for everything from passenger cars to heavy construction equipment.
• Think of them as the Foxconn of mechanical components, supplying the essential axles, driveshafts, and thermal systems that make a vast array of vehicles—from cars to massive off-highway machinery—actually work.

• Drive Systems (Axles, Driveshafts, Transmissions): Mechanical and electrodynamic components essential for power transmission in light, commercial, and off-highway vehicles and machinery.
• E-Drive Systems (E-Axles, E-Drives, E-Transmissions): Integrated electric power and motion solutions specifically for electric and hybrid vehicles and machinery.
• Gearboxes and Planetary Hub Drives: Specialized gear systems, including helical, bevel-helical, and planetary hub drives, used for power transmission in off-highway and industrial applications.
• Power Technologies (Gaskets, Sealing, Thermal Management): Components for sealing, heat protection, temperature control, and bipolar fuel cell plates for various markets.
• Hydraulic Components: Parts utilizing fluid power for motion and control in off-highway machinery.
• Electric Vehicle Integration Services: Expertise provided for integrating electric vehicle components and systems into commercial vehicles.
• Software as a Service (SaaS): Digital software solutions offered for enhancing commercial vehicle operations.

Dana Incorporated (DAN) sells primarily to other companies, specifically original equipment manufacturers (OEMs) in the automotive, commercial vehicle, and off-highway equipment industries. Its major customers are leading global manufacturers in these sectors.

Examples of Dana's major customers include:

• Ford Motor Company (F)
• General Motors Company (GM)
• Caterpillar Inc. (CAT)
• PACCAR Inc (PCAR)
• Deere & Company (DE)

R. Bruce McDonald, Chairman and Chief Executive Officer

Mr. McDonald was appointed Chairman and Chief Executive Officer of Dana Incorporated in November 2024. He has been a member of Dana's Board of Directors since 2014. Prior to joining Dana, he served as the retired chairman and chief executive officer of Adient plc, a global automotive supplier. He also held executive roles at Johnson Controls, Inc., including executive vice president and vice chairman (2014-2016), and executive vice president and chief financial officer (2005-2014). Earlier in his career, he was vice president for finance at TRW Automotive and began his career with Ernst & Young. Mr. McDonald is a Chartered Accountant and Certified Public Accountant and holds a Bachelor of Commerce degree from McMaster University.

Byron Foster, Senior Vice President and President, Light Vehicle Systems (Incoming Chief Executive Officer, effective July 1, 2026)

Mr. Foster is set to become Dana's Chief Executive Officer, effective July 1, 2026. He currently serves as Senior Vice President and President of Light Vehicle Systems, Dana's largest business unit, a role he assumed in July 2021. He joined Dana in February 2021 as senior vice president and chief commercial, marketing, and communications officer. Mr. Foster has over two decades of senior leadership experience, including executive roles at Johnson Controls and Adient plc. He also served as CEO of Shield T3 from September 2020 to February 2021. He holds a Bachelor of Business Administration from the University of Michigan and an MBA from Northwestern University. He serves on the board of directors of Wabtec Corporation.

Timothy R. Kraus, Senior Vice President and Chief Financial Officer

Mr. Kraus was appointed Senior Vice President and Chief Financial Officer of Dana Incorporated in December 2021. He joined Dana in 2010 and previously served as Senior Vice President of Finance and Treasurer since 2017. In his role, he has been responsible for Dana's global treasury operations, including corporate liquidity, cash and risk management, and its tax and business development activities. He has also led more than a dozen strategic acquisitions since 2016. Before joining Dana, Mr. Kraus held leadership positions with Intelsat S.A., Lear Corporation, and Ernst & Young LLP. He is a certified public accountant and earned a Bachelor of General Studies in accounting and economics from the University of Michigan and a Master of Business Administration from Michigan State University.

Douglas H. Liedberg, Senior Vice President, Chief Legal and Human Resources Officer, and Corporate Secretary

Mr. Liedberg is the senior vice president, chief legal and human resources officer, and corporate secretary of Dana Incorporated, overseeing worldwide legal affairs and human resource functions. He first joined Dana in 1999, left to serve as a partner in the Corporate Practice Group of the Dentons law firm from 2001 to 2004, and then rejoined Dana in 2004. He was appointed general counsel and secretary in 2017, and in 2025, assumed the additional role of chief human resources officer. Mr. Liedberg holds a Juris Doctor degree from the University of Notre Dame Law School, an MBA from the Duke University Fuqua School of Business, and a Bachelor of Arts degree from Rockford University.

Andrea Siudara, Senior Vice President and Chief Information Officer

Ms. Siudara serves as senior vice president and chief information officer for Dana, leading the company's digital strategy and all aspects of information technology. She has more than 20 years of diverse global industry experience across automotive, service, and software. Her background includes executive roles at Ford Motor Company, where she was the functional CIO of the global data and analytics team, and as CIO for the Aftermarket Division of Delphi Automotive. She also spent over a decade in consulting and global management roles at General Motors. Before joining Dana, Ms. Siudara served as vice president of Digital Enterprise Transformation for Johnson Controls and was the global CIO for Altair Engineering. She holds a bachelor's degree in psychology from the University of Michigan and a master's degree in business administration from Michigan State University, also having studied computer science at Carnegie Mellon University. Ms. Siudara serves on the Board of Bocar Group.

The key risks to Dana Incorporated (DAN) primarily revolve around its financial health, the cyclical nature of the industries it serves, and cost pressures.

1. High Debt Load and Negative Free Cash Flow: Dana Incorporated carries a significant debt load, with approximately US$2.62 billion in debt as of June 2024, and net debt around US$2.20 billion. The company's liabilities also substantially outweigh its cash and near-term receivables, creating a deficiency of about US$3.90 billion. Furthermore, Dana has recorded negative free cash flow over the last three years, which makes managing its debt more challenging and expensive.
2. Cyclical Nature of the Automotive and Commercial Vehicle Industries, and Pricing Pressure from OEMs: Dana operates within cyclical industries, including light vehicle, commercial vehicle, and off-highway markets. This exposes the company to risks associated with weaker macroeconomic environments, fluctuating fuel prices impacting product demand, and persistent pricing pressure from its original equipment manufacturer (OEM) customers, which can hinder profitability.
3. Inability to Offset Rising Commodity Prices: As a provider of power-conveyance and energy-management solutions, Dana is susceptible to increases in commodity prices. A significant challenge for the company is its potential inability to effectively offset these rising costs, which can negatively impact its profit margins and overall financial outlook.

Dana Incorporated (NYSE: DAN) operates in several key markets related to power-conveyance and energy-management solutions for vehicles and machinery. The addressable markets for its main products and services are significant globally, driven by ongoing innovations in automotive technology and the accelerating shift towards electrification.

Drive Systems (Light Vehicle, Commercial Vehicle, Off-Highway)

• The global driveline market, which encompasses components that transmit power from the engine to the wheels for efficient vehicle performance across passenger and commercial vehicle segments, was valued at approximately USD 307.66 billion in 2023 and is projected to reach USD 575.20 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 7.2% from 2024 to 2032.
• For off-highway vehicles, including construction, earth moving, agricultural, mining, and forestry machinery, the global market size was estimated at USD 544.07 billion in 2024 and is projected to reach USD 804.86 billion by 2030, with a CAGR of 6.9% from 2025 to 2030. The global off-highway vehicle engine market, a key component, was valued at USD 218.61 billion in 2023 and is projected to reach USD 1,077.43 billion by 2032, exhibiting a CAGR of 18.5%.
• The global automotive e-axle market, a crucial component in electric and hybrid vehicles, was valued at USD 11.93 billion in 2022 and is expected to grow to USD 37.42 billion by 2030, at a CAGR of 37.7% from 2023 to 2030. More specifically, the global electric vehicle e-axle market size is valued at USD 80.93 billion in 2026, projected to reach USD 288.08 billion by 2034, at a CAGR of 17.20%.

Power Technologies

• In the realm of gaskets and sealing, the global automotive seals and gaskets market was valued at USD 26.2 billion in 2024 and is projected to grow to USD 39.3 billion by 2034, with a CAGR of 4.7% between 2025 and 2034. Another estimate places the global automotive seals and gaskets market at USD 31.5 billion in 2025, projected to reach USD 49.8 billion by 2035, expanding at a CAGR of 4.7%.
• For thermal management solutions, the global automotive thermal management market is estimated to be valued at USD 102.66 billion in 2025 and is expected to reach USD 154.46 billion by 2032, exhibiting a CAGR of 6.0% from 2025 to 2032. The global automotive battery thermal management system market, a critical area for electric vehicles, was valued at USD 3.83 billion in 2025 and is projected to grow to USD 19.98 billion in 2034, at a CAGR of 19.90%.
• For bipolar fuel cell plates, a component in fuel cell technology, the global market size was approximately USD 1.34 billion in 2024 and is predicted to grow to around USD 7.34 billion by 2035, with a CAGR of 16.72% from 2025 to 2035. Another source indicates the fuel cell bipolar plates market is projected to reach USD 6517.1 million (USD 6.517 billion) by 2035, growing at a CAGR of 22.7% during the forecast period 2025-2035.

Dana itself projects its total addressable market for electric vehicles (EV) to grow from approximately USD 2.5 billion in 2020 to USD 18.8 billion in 2030.

Dana Incorporated (DAN) anticipates several key drivers for its revenue growth over the next two to three years, primarily stemming from its strategic "Dana 2030" plan and ongoing market developments.

1. New Business Backlog Across Diverse End Markets: Dana is poised for revenue growth due to its robust new business backlog, which encompasses new program awards and expanded vehicle platforms. This includes applications across traditional internal combustion engine (ICE), hybrid, and electric vehicle (EV) technologies within both light vehicle and commercial vehicle segments. The company projects an anticipated sales backlog of $650 million for 2025-2027, with $150 million specifically projected for 2025, and an expected $200 million in incremental new business growth in 2026 from next-generation platforms with global original equipment manufacturers (OEMs).
2. Expansion in Electrification and Thermal-Management Solutions: A significant driver for Dana's future revenue is its strategic emphasis on technological innovation, particularly in electrification and thermal-management solutions. The company is actively adapting its offerings to meet the automotive industry's shift towards sustainable mobility and cleaner technologies, with a strong focus on electric and hybrid programs.
3. Growth in Aftermarket Services: Dana is actively pursuing growth opportunities within its aftermarket services. A key initiative supporting this is the expansion of its Dana Certified Reman™ program, which is expected to reach 50 global locations by the end of 2025.
4. Strategic Focus and Portfolio Optimization on Core On-Highway Markets: Following the planned divestiture of its Off-Highway business, Dana is strategically realigning its portfolio to concentrate resources and efforts on its core on-highway vehicle markets, including light and commercial vehicles. This sharpened focus is intended to enhance operational efficiency and market presence, contributing to revenue growth in these key segments.

Share Repurchases

• Dana plans to execute up to $2 billion in cumulative share repurchases by 2030, building on $750 million already completed under its program.
• In full-year 2025, Dana completed a large share repurchase program, retiring 25.38% of its shares for US$653.3 million.
• The company executed share repurchases of $23.37 million in the third quarter of 2021 and $25.03 million in the first quarter of 2022.

Outbound Investments

• In March 2021, Dana acquired Pi Innovo, a company specializing in control systems and software solutions for vehicle electrification.
• Dana established a strategic supply relationship with Lion Electric Co., becoming a preferred supplier of electric drivetrain components for their electric bus and commercial vehicle offerings, including e-Axles, gearboxes, motors, inverters, software and controls, and electronics cooling.
• Hydro-Québec contributed cash to Dana TM4, with $14 million in 2021 and $51 million in 2022.

Capital Expenditures

• Dana made significant investments in 2023 to support business growth, including a record number of refreshed, conquest, and new program launches.
• The company has significantly increased its research and development activities over the past several years, with expenses of $178 million in 2021, $201 million in 2022, and $237 million in 2023, primarily focused on electrification initiatives.