← All companies ← VALU Manual VCEL → ← THRM Auto Components WRD →

VC, Visteon Corporation

Visteon Corporation is a global automotive technology company serving the mobility industry, dedicated to creating more enjoyable, connected, and safe driving experiences.

Visteon products and services align with key industry trends and include digital instrument clusters, information displays, infotainment, cockpit domain controllers, CognitoAITM , battery management systems, high voltage power electronics, and engineering services.

Visteon is headquartered in Van Buren Township, Michigan, and has an international network of manufacturing operations, technical centers, and joint venture operations dedicated to the design, development, manufacture, and support of its product offerings and its global customers.

Latest annual: FY2025 10-K

VC · Visteon Corporation

The business

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

Revenue · FY2025

$3.8B

−2.5% YoY · 8% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.8B 5-yr avg $3.6B

Gross margin 13% 5-yr avg 12%

Operating margin 7.2% 5-yr avg 6.2%

ROIC 12% 5-yr avg 23%

Next report Est. 10/20–10/26 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~24 days after · the wire records it on arrival

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 led by Instrument cluster (46%) and Infotainment (13%), with 4 more lines behind.
What moves the needle: Gross margin has run about 13% and operating margin about 5.7% 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. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −0.5% to 9.0% over the years, so the cost line is where the needle moves. Read this kind of business on volume, mix and the cost of the platform. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 28%, above 15% in 8 of 10 years). Owner earnings agree: roughly 3% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

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 →

Revenue spreads across 6 lines, the largest Instrument cluster at 46%.

Revenue by product line, FY2025

Instrument cluster46%$1.7B
Infotainment13%$508M
Climate controls13%$500M
Information displays11%$428M
Body and security11%$420M
Other4%$165M

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, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$3.2B	$3.1B	$3.0B	$2.9B	$2.5B	$2.8B	$3.8B	$4.0B	$3.9B	$3.8B	$3.8B	RevenueRevenue
$456M	$491M	$411M	$324M	$245M	$254M	$368M	$487M	$531M	$532M	$484M	Gross profitGross prof.
14%	16%	14%	11%	10%	9%	10%	12%	14%	14%	13%	Gross marginGross mgn
7%	7%	6%	8%	8%	6%	5%	5%	5%	5%	5%	SG&A / revenueSG&A/rev
9%	8%	10%	10%	8%	7%	5%	5%	5%	6%	6%	R&D / revenueR&D/rev
$123M	$245M	$221M	$107M	($12M)	$82M	$183M	$255M	$303M	$339M	$273M	Operating incomeOp. inc.
3.9%	7.8%	7.4%	3.6%	−0.5%	3.0%	4.9%	6.4%	7.8%	9.0%	7.2%	Operating marginOp. mgn
$161M	$223M	$216M	$106M	($20M)	$81M	$175M	$257M	$298M	$338M	—	Pretax incomePretax
$75M	$176M	$164M	$70M	($56M)	$41M	$124M	$568M	$296M	$201M	$143M	Net incomeNet inc.
19%	22%	20%	23%	—	38%	26%	—	-3%	37%	45%	Effective tax rateTax rate
											Cash flow & returns
$116M	$215M	$204M	$183M	$168M	$58M	$167M	$267M	$427M	$410M	$288M	Operating cash flowOp. cash
$84M	$87M	$91M	$100M	$104M	$108M	$108M	$104M	$96M	$109M	$115M	Depreciation & amortizationD&A
($51M)	($60M)	($59M)	($4M)	$102M	($109M)	($91M)	($439M)	($6M)	$55M	($16M)	Working capital & otherWC & other
$75M	$99M	$127M	$142M	—	—	—	—	—	—	—	CapexCapex
2.4%	3.1%	4.3%	4.8%	—	—	—	—	—	—	—	Capex / revenueCapex/rev
$41M	$116M	$113M	$83M	—	—	—	—	—	—	—	Owner earningsOwner earn.
1.3%	3.7%	3.8%	2.8%	—	—	—	—	—	—	—	Owner earnings marginOE mgn
$41M	$116M	$77M	$41M	—	—	—	—	—	—	—	Free cash flowFCF
1.3%	3.7%	2.6%	1.4%	—	—	—	—	—	—	—	Free cash flow marginFCF mgn
$15M	$47M	$0	$0	$0	—	$0	$0	$55M	$50M	$20M	AcquisitionsAcquis.
—	—	—	—	—	—	—	$0	$0	$15M	$15M	Dividends paidDiv. paid
$500M	$200M	$300M	$20M	$16M	$0	$0	$107M	$63M	$57M	—	BuybacksBuybacks
$302M	($173M)	($98M)	($128M)	($98M)	($63M)	($68M)	($123M)	($189M)	($181M)	—	Investing cash flowInv. cash
($2.3B)	($234M)	($335M)	($49M)	($58M)	($29M)	($9M)	($156M)	($100M)	($116M)	—	Financing cash flowFin. cash
($11M)	$19M	($13M)	($4M)	$19M	($11M)	($22M)	$7M	($30M)	$34M	—	Exchange-rate effectFX
($1.9B)	($173M)	($242M)	$2M	$31M	($45M)	$68M	($5M)	$108M	$147M	—	Change in cashΔ cash
98%	59%	43%	20%	-4%	11%	27%	30%	29%	19%	12%	ROICROIC
13%	28%	35%	15%	-14%	8%	18%	55%	22%	13%	9%	Return on equityROE
—	—	—	—	—	—	—	55%	22%	12%	8%	Retained to equityRetained/eq
											Balance sheet
$878M	$706M	$463M	$466M	$496M	$452M	$520M	$515M	$623M	$771M	$648M	Cash & investmentsCash+inv
$505M	$530M	$486M	$514M	$484M	$549M	$672M	$666M	$578M	$613M	$666M	ReceivablesReceiv.
$151M	$189M	$184M	$169M	$177M	$262M	$348M	$298M	$283M	$269M	$328M	InventoryInvent.
$463M	$470M	$436M	$511M	$500M	$522M	$657M	$551M	$505M	$540M	$620M	Accounts payablePayables
$193M	$249M	$234M	$172M	$161M	$289M	$363M	$413M	$356M	$342M	$374M	Operating working capitalOper. WC
$1.7B	$1.6B	$1.3B	$1.3B	$1.3B	$1.4B	$1.7B	$1.6B	$1.6B	$1.8B	$1.8B	Current assetsCur. assets
$911M	$801M	$721M	$798M	$824M	$852M	$1.0B	$931M	$916M	$992M	$1.0B	Current liabilitiesCur. liab.
1.9×	2.0×	1.8×	1.7×	1.6×	1.7×	1.7×	1.7×	1.7×	1.8×	1.8×	Current ratioCurr. ratio
$345M	$377M	$397M	$436M	$436M	$388M	$364M	$418M	$452M	$524M	—	Net PP&ENet PP&E
$45M	$47M	$0	$0	—	—	—	—	—	—	—	GoodwillGoodwill
$2.4B	$2.3B	$2.0B	$2.3B	$2.3B	$2.2B	$2.5B	$2.7B	$3.0B	$3.4B	$3.5B	Total assetsAssets
$382M	$393M	$405M	$385M	$349M	$353M	$349M	$336M	$319M	$301M	$299M	Total debtDebt
($496M)	($313M)	($58M)	($81M)	($147M)	($99M)	($171M)	($179M)	($304M)	($470M)	($349M)	Net debt / (cash)Net debt
6.8×	11.7×	15.8×	8.2×	-0.8×	8.2×	13.1×	15.0×	20.2×	26.1×	24.8×	Interest coverageInt. cov.
$138M	$124M	$117M	$115M	$123M	$100M	$99M	$85M	$81M	$83M	—	Noncontrolling interestsNCI
$586M	$637M	$465M	$480M	$387M	$516M	$675M	$1.0B	$1.3B	$1.6B	$1.6B	Shareholders’ equityEquity
0.3%	0.4%	0.3%	0.6%	0.7%	0.6%	0.7%	0.9%	1.1%	1.2%	1.2%	Stock comp / revenueSBC/rev
											Per share
35.4M	32.2M	29.7M	28.2M	27.9M	28.4M	28.5M	28.5M	27.9M	27.6M	27.3M	Shares out (diluted)Shares
$89.29	$97.70	$100.47	$104.43	$91.33	$97.64	$131.79	$138.74	$138.57	$136.52	$138.42	Revenue / shareRev/sh
$2.12	$5.47	$5.52	$2.48	$-2.01	$1.44	$4.35	$19.93	$10.61	$7.28	$5.24	EPS (diluted)EPS
$1.16	$3.60	$3.80	$2.94	—	—	—	—	—	—	—	Owner earnings / shareOE/sh
$1.16	$3.60	$2.59	$1.45	—	—	—	—	—	—	—	Free cash flow / shareFCF/sh
—	—	—	—	—	—	—	$0.00	$0.00	$0.54	$0.55	Dividends / shareDiv/sh
$2.12	$3.07	$4.28	$5.04	—	—	—	—	—	—	—	Cap. spending / shareCapex/sh
$16.55	$19.78	$15.66	$17.02	$13.87	$18.17	$23.68	$36.42	$47.78	$56.81	$59.01	Book value / shareBVPS

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

	9-yr	5-yr
Revenue / share	+4.8%/yr	+8.4%/yr
Owner earnings / share	+36.5%/yr (3-yr)	+36.5%/yr (3-yr)
EPS	+14.7%/yr	—
Capital spending / share	+33.5%/yr (3-yr)	+33.5%/yr (3-yr)
Book value / share	+14.7%/yr	+32.6%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Revenue-2.5%
“Sales were $3,768 million, down 3% year over year, reflecting lower customer commodity price recoveries, continued market weakness in China and lower demand for its battery management system.”
✓ figure matches the filed record

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2016–FY2019cash-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 2019 the business earned $83M of owner earnings, the operating cash left after the $100M it takes just to hold its position. It put $42M more into growth; free cash flow, after that spending, was $41M.

Reported net income$70M

Owner earnings$83M · 3% of revenue

	FY2019	FY2018	FY2017	FY2016
Reported net income	$70M	$164M	$176M	$75M
Depreciation & amortizationnon-cash charge added back	+$100M	+$91M	+$87M	+$84M
Stock-based compensationreal costnon-cash, but a real cost	+$17M	+$8M	+$12M	+$8M
Working capital & othertiming of cash in and out, other non-cash items	−$4M	−$59M	−$60M	−$51M
Cash from operations	$183M	$204M	$215M	$116M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$100M	−$91M	−$99M	−$75M
Owner earnings	$83M	$113M	$116M	$41M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$42M	−$36M	—	—
Free cash flow	$41M	$77M	$116M	$41M
Owner-earnings marginowner earnings ÷ revenue	3%	4%	4%	1%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $100M, roughly its depreciation, the rate its assets wear out). The other $42M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. 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 $17M), owner earnings is nearer $66M.

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? 26.1×

Comfortable

Operating income $339M ÷ interest expense $13M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $97M · 0.3× operating profit

Modest net debt

Cash $771M − debt $868M

What this means
Netting $771M of cash and short-term investments against $868M of debt leaves $97M owed, about 0.3× a year's operating profit (2.6× 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? 29d

Tight

DSO 59 + DIO 30 − DPO 61 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 28%

Very high (≥25%) through the cycle

10-yr median, range -4%–98%; 13% latest = NOPAT $209M ÷ invested capital $1.7B

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 10 years (it ran 13% 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 —

Not enough data

Industry peers: median 7%

What this means
The filing data didn't include the inputs for this check.
Are earnings backed by cash? 2.04×

Cash-backed

Cash from ops $410M ÷ net income $201M

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? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

The promise and the pay packet

Is the buyback buying ownership, or mopping up? 1.2%

The count is edging down

Stock compensation $45M (fiscal 2025), 1.2% of revenue · repurchases $57M · diluted shares -3.2% since 2022

What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.

Graham’s defensive tests · 2 of 6 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 · $3.8B

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× · 1.80×

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 · $868M vs $793M 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 Near

A profit every year (10-yr record) · 1 loss year

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 · 1 of 10 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.
Earnings growth Pass

Earnings +33% over the record · +157%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
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 $13.30/share (latest year $7.53), the averaged base the calculator's gate runs on, and book value is $58.74/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, 2016–2025

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

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 8 of 10 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 6% → 8% (3-yr avg ends)

In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.

What this means
Through the cycle the operating margin widened — about 6% early to 8% lately, median 5% — pricing power intact or improving.
Reinvestment, incremental ROIC 14%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +8%/yr

What this means
Owner earnings grew about 8% a year over the record.
Worst year 2020 · −0.5% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Share count −2.7%/yr

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

What this means
Paid a dividend in 1 of the years on record.

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

Current Position

as of the latest quarter, Jun 30, 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$648M
Receivables$666M
Inventory$328M
Other current assets$160M

Current liabilities$1.0B

Debt due within a year$15M
Accounts payable$620M
Other current liabilities$380M

Current ratio1.78×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.45×stricter: inventory excluded

Cash ratio0.64×strictest: cash alone against what's due

Working capital$787Mthe cushion left after near-term bills

Debt due this year vs. cash$15M due · $648M cash covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago−0.9%the freshest read on whether the business is still growing

Current ratio, recent quarters1.8× → 1.8×

Deeper floors

Tangible book value$1.5Bequity stripped of goodwill & intangibles

Debt incl. operating leases$434M$135M of it operating leases

Deferred revenue$65Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2019

Over the record, the business generated $718M of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$443M · 62%
Buybacks$1.0B · 142%

Returned to owners$1.0B
289% of the owner earnings the business produced over the span, $0 as dividends and $1.0B as buybacks.
Source of funding−$745M
Reinvestment and shareholder returns ran $745M beyond the operating cash the business generated, so the gap was financed off the balance sheet: cash and short-term investments drew down $230M.
Average price paid for buybacks—
Buybacks ran $1.0B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−22.9%
The diluted count fell from 35M to 27M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

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.

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”	Net income
2021	Mr. Sachin S	$9.3M	$4.2M	$41M
2022	Mr. Sachin S	$10.5M	$18.2M	$124M
2023	Mr. Sachin S	$13.2M	$9.3M	$568M
2024	Mr. Sachin S	$14.4M	$5.3M	$296M
2025	Mr. Sachin S	$16.8M	$16.3M	$201M

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. Net income is the whole business's, as filed, for the same fiscal years.

Insider ownership2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio590:1
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$45M
The slice of the business handed to employees in shares in fiscal 2025, 1.2% of revenue, equal to 13.3% 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.

Peers, Auto Components

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
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%4y
GTXGarrett Motion Inc.	$3.6B	20%	12.9%	61%	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	11%	2.8%	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 Visteon Corporation has delivered.

Visteon Corporation’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Visteon Corporation earns about $123M on its 3.3% median owner-earnings margin. This year’s — margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($123M) Net of stock comp (−$46M TTM)

—

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

9.0% = the 4.65% 10-year Treasury (Aug 19, 2026) + 4.35 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 · ’16→’19−9%/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 (4.65%, as of Aug 19, 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 — on 27M shares outstanding, per the 10-Q cover, as of 2026-07-16; net cash $349M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. 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 VC against another business →

The owners of VC: the meeting and the votes →

Cite: Owner Scorecard, "Visteon Corporation (VC), the owner's record," https://ownerscorecard.com/c/VC, data as of 2026-08-17.

Manual order: ← VALU its page in the Manual VCEL →

Industry order: ← THRM the Auto Components chapter WRD →