DANA Inc (NYSE: DAN)

Dana Incorporated, known on stock exchanges as DAN, operates in the power-conveyance and energy-management sector, providing solutions for various types of vehicles and machinery. With a rich history spanning over a century, the company has its roots in Maumee, Ohio, and has expanded to employ approximately 41,800 people across 31 countries. Dana's reach extends beyond the borders of the United States, making it a truly global entity.

Dana's primary business activities involve the production and sale of a diverse range of products geared towards enhancing the efficiency, performance, and sustainability of vehicles and machinery. These products encompass axles, driveshafts, transmissions, sealing and thermal solutions, and electrification products, including motors, inverters, controllers, and digital solutions. Dana's customer base is vast, encompassing nearly every major vehicle manufacturer across the globe, including those in the light vehicle, commercial vehicle, off-highway, and industrial markets.

The company's product offerings cater to a wide array of end-markets and customers. Dana operates through four distinct segments: Light Vehicle, Commercial Vehicle, Off-Highway, and Power Technologies. The Light Vehicle segment serves the light vehicle market, providing products such as axles, driveshafts, and transmissions. The Commercial Vehicle segment caters to the commercial vehicle market, offering similar products. The Off-Highway segment serves the off-highway market, providing products such as axles, driveshafts, and transmissions. The Power Technologies segment serves the industrial market, providing sealing and thermal products, and electrification solutions.

Dana occupies a significant position within the industry, vying for market share with various independent suppliers and distributors, as well as in-house operations of certain OEMs. The company's key competitors include American Axle & Manufacturing Holdings, Inc., Magna International Inc., BorgWarner Inc., Schaeffler AG, and ZF Friedrichshafen AG. Dana's competitive advantage lies in its commitment to innovation, research, and development, which has led to the creation of fuel cell products for new-energy hydrogen vehicles and industrial stationary markets.

Dana's customer base includes major vehicle manufacturers such as Ford Motor Company, Stellantis N.V., Volkswagen AG, PACCAR, Inc., and Toyota Motor Corporation. Ford Motor Company stands as Dana's largest customer, accounting for around 20% of the company's consolidated sales in 2023. Stellantis N.V. follows closely, contributing approximately 9% of Dana's consolidated sales in 2023.

Among Dana's product offerings are a variety of brand names and trade names. The company's portfolio includes innovative fuel cell products and advanced power technologies designed to optimize battery and power electronics temperatures. These products underscore Dana's commitment to efficiency and sustainability.