Latest Ratios: P/E Ratio 24.2x · EV/EBITDA 8.3x · ROE 8.2%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $2.5B | $2.2B | $1.4B | — | — |
| Enterprise Value | $3.6B | $3.2B | $2.7B | $1.9B | — | — |
| P/E Ratio → | 24.16 | 19.35 | 27.37 | 13.96 | — | — |
| P/S Ratio | 0.85 | 0.72 | 0.63 | 0.41 | — | — |
| P/B Ratio | 1.98 | 1.58 | 1.37 | 0.75 | — | — |
| P/FCF | 15.79 | 13.37 | 10.63 | 14.24 | — | — |
| P/OCF | 9.51 | 8.06 | 7.01 | 5.69 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.91 | 0.80 | 0.55 | — | — |
| EV / EBITDA | 8.30 | 7.27 | 6.11 | 3.51 | — | — |
| EV / EBIT | 12.96 | 11.34 | 9.50 | 7.34 | — | — |
| EV / FCF | — | 16.89 | 13.39 | 19.23 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 20.9% | 20.9% | 21.3% | 19.8% | 21.6% | 20.9% |
| Operating Margin | 8.0% | 8.0% | 8.4% | 10.7% | 9.4% | 6.7% |
| Net Profit Margin | 3.7% | 3.7% | 2.3% | 2.9% | 7.8% | 4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 8.2% | 8.2% | 4.6% | 5.8% | 15.6% | 8.9% |
| ROA | 3.4% | 3.4% | 2.0% | 2.5% | 6.3% | 3.6% |
| ROIC | 9.6% | 9.6% | 9.5% | 11.5% | 9.2% | 6.2% |
| ROCE | 9.9% | 9.9% | 10.0% | 13.0% | 10.7% | 7.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.64 | 0.64 | 0.66 | 0.46 | 0.69 | 0.67 |
| Debt / EBITDA | 2.33 | 2.33 | 2.35 | 1.58 | 2.33 | 2.72 |
| Net Debt / Equity | — | 0.42 | 0.36 | 0.26 | 0.53 | 0.52 |
| Net Debt / EBITDA | 1.51 | 1.51 | 1.26 | 0.91 | 1.81 | 2.11 |
| Debt / FCF | — | 3.52 | 2.76 | 4.99 | 4.47 | 882.00 |
| Interest Coverage | 3.46 | 3.46 | 2.89 | 4.68 | 13.39 | 6.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.86 | 1.86 | 1.90 | 1.68 | 1.40 | 1.38 |
| Quick Ratio | 1.36 | 1.36 | 1.44 | 1.25 | 1.01 | 1.03 |
| Cash Ratio | 0.38 | 0.38 | 0.50 | 0.32 | 0.21 | 0.22 |
| Asset Turnover | — | 0.91 | 0.90 | 0.87 | 0.82 | 0.77 |
| Inventory Turnover | 5.83 | 5.83 | 6.03 | 5.77 | 5.72 | 6.12 |
| Days Sales Outstanding | — | 84.25 | 87.63 | 106.16 | 97.36 | 102.02 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 1.7% | 2.0% | 1.6% | — | — |
| Payout Ratio | 32.3% | 32.3% | 55.7% | 22.5% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 5.2% | 3.7% | 7.2% | — | — |
| FCF Yield | 6.3% | 7.5% | 9.4% | 7.0% | — | — |
| Buyback Yield | 6.8% | 8.0% | 9.8% | 1.7% | — | — |
| Total Shareholder Yield | 8.1% | 9.7% | 11.9% | 3.3% | — | — |
| Shares Outstanding | — | $40M | $45M | $47M | $47M | $47M |
ICE market terminal decline
According to current market data, PHINIA trades at a forward P/E of 13.92, which suggests that investors are applying a significant discount to the company's earnings potential compared to broader industrial peers, likely reflecting deep-seated concerns regarding the long-term viability of internal combustion engine-related revenue streams.
The valuation gap between the TTM P/E of 26.18 and the forward multiple indicates that the market expects a normalization of earnings, yet the low EV/EBITDA of 8.87 relative to diversified suppliers suggests the market is pricing the firm as a cash-harvesting vehicle rather than a growth entity. This valuation profile warrants caution, as it implies that any failure to maintain aftermarket margins could lead to a rapid contraction in multiple expansion.
Based on reported financial figures, PHINIA's ROIC has remained range-bound between 2.2% and 3.0% over the last ten quarters, indicating that the company is struggling to generate returns on invested capital that meaningfully exceed its cost of capital in the current high-precision manufacturing environment.
The stagnation in ROIC suggests that the capital-intensive nature of fuel system manufacturing is currently offsetting the benefits of the higher-margin aftermarket segment. Investors should monitor whether management can improve asset utilization, as the current trend suggests that the company is effectively treading water rather than compounding value for shareholders.
As indicated by the quarterly data, PHINIA's cash conversion cycle has fluctuated between 78 and 89 days, reflecting the inherent difficulty in managing inventory and receivables within a cyclical automotive supply chain that remains highly sensitive to OEM production schedules and global logistics constraints.
The elevated DSO, which peaked at 114 days in 2023Q4, suggests that the company may have limited leverage over its large OEM customers, forcing it to carry the burden of extended payment terms. This inefficiency in working capital management acts as a drag on free cash flow, necessitating a disciplined approach to inventory turnover to prevent liquidity strain during cyclical downturns.
According to recent financial statements, PHINIA maintains a debt-to-equity ratio of 0.64, a level that appears exceptionally conservative for a Tier 1 industrial supplier and provides the firm with significant flexibility to navigate the volatility inherent in the global automotive parts manufacturing sector.
The interest coverage ratio, which has remained generally above 3.0x, suggests that debt service remains comfortable despite the cyclical nature of the business. This balance sheet strength is a critical differentiator, as it allows the company to prioritize shareholder returns or opportunistic M&A without the immediate pressure of refinancing risk.
The most commonly misapplied metric for PHINIA is the trailing P/E ratio, which fails to account for the significant non-recurring costs associated with the recent spin-off from BorgWarner and the resulting volatility in net income that obscures the company's underlying cash-generating capability.
Investors should instead focus on EV/EBITDA or free cash flow yield, as these metrics better capture the operational reality of the business by stripping away the noise of one-time separation expenses and accounting distortions. Relying on P/E in this context risks misinterpreting a temporary earnings dip as a structural decline in the company's core profitability.
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Quick answers to the most common questions about buying PHIN stock.
PHINIA Inc.'s current P/E ratio is 24.2x. The historical average is 20.2x. This places it at the 67th percentile of its historical range.
PHINIA Inc.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.6x.
PHINIA Inc.'s return on equity (ROE) is 8.2%. The historical average is 8.6%.
Based on historical data, PHINIA Inc. is trading at a P/E of 24.2x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PHINIA Inc.'s current dividend yield is 1.34% with a payout ratio of 32.3%.
PHINIA Inc. has 20.9% gross margin and 8.0% operating margin.
PHINIA Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.