Auto Components

5101 Yokohama Rubber

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2018–2025 ¥37.5B¥25.9B¥47.5B¥32.4B(¥15.1B)¥101.5B¥17.5B¥62.0B

Retained capital Retained ¥359.5B of earnings over 2018–2025; annual owner earnings grew ¥23.4B, ¥0.07 per ¥1 retained.

Balance sheet Meaningful net debt, ¥428.4B · dividend paid 8 of 8 yrs, never cut

5108 Bridgestone

Revenue is led by The Americas (48%) and Japan (29%), with 2 more segments behind.

Owner earnings 2016–2025 ¥257.7B¥219.8B¥160.5B¥234.5B¥326.3B¥120.5B¥47.2B¥379.0B¥249.6B¥409.4B

Retained capital Retained ¥956.0B of earnings over 2016–2025; annual owner earnings grew ¥133.3B, ¥0.14 per ¥1 retained.

Balance sheet Modest net debt, ¥113.2B · dividend paid 8 of 10 yrs, never cut

6473 JTEKT

Revenue is Mobilities (71%), Industrial Machine and Bearing (19%) and Machine Tools (12%).

Owner earnings 2017–2026 ¥32.7B¥27.0B¥33.0B(¥17.6B)¥36.5B¥24.4B¥22.5B¥95.7B(¥8.1B)¥37.3B

Retained capital Retained ¥88.6B of earnings over 2017–2026; annual owner earnings grew ¥10.8B, ¥0.12 per ¥1 retained.

Balance sheet Meaningful net debt, ¥71.6B · dividend paid 10 of 10 yrs, cut at least once

6902 Denso

Denso is one of the world's largest makers of automotive components and systems — the parts that go inside a car rather than the car itself. It sells mainly to vehicle manufacturers, who design those parts into their models, and it has long been closely tied to the Toyota group. Its money comes from supplying these components in volume across the global auto industry.

Owner earnings 2018–2026 ¥210.0B¥123.2B¥170.8B¥41.7B¥59.2B¥242.1B¥570.2B¥378.7B¥140.9B

Retained capital Retained ¥447.9B of earnings over 2018–2026; annual owner earnings grew ¥195.2B, ¥0.44 per ¥1 retained.

Balance sheet Net cash, +¥377.8B · dividend paid 9 of 9 yrs, never cut

ADNT Adient plc Ordinary Shares

Adient plc is a global leader in the automotive seating supply industry with leading market positions in the Americas, Europe and Asia and maintains longstanding relationships with the largest global automotive original equipment manufacturers.

Owner earnings 2016–2025 ($1.5B)$169M$143M($160M)($80M)$0$47M$415M$277M$204M

Retained capital Paid out $3.1B more than it earned over 2016–2025; annual owner earnings grew $685M.

Balance sheet Net debt against an operating loss, $1.4B · buybacks at an average near $28.26 · dividend paid 3 of 10 yrs, cut at least once

AEVA Aeva Technologies Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2019–2025 ($17M)($22M)($83M)($113M)($123M)($112M)($120M)

Retained capital not read

Balance sheet Net cash, +$25M

ALSN Allison Transmission Holdings Inc.

Allison Transmission Holdings, Inc. is a global leader in high-performance mobility and work solutions built for the needs of the modern industrial world.

Owner earnings 2016–2025 $520M$567M$760M$766M$446M$531M$548M$659M$690M$719M

Retained capital Retained $415M of earnings over 2016–2025; annual owner earnings grew $74M.

Balance sheet Modest net debt, $1.4B · dividend paid 10 of 10 yrs, never cut

ALV Autoliv Inc.

Autoliv Inc. is a leading developer, manufacturer, and supplier of passive safety systems to the automotive industry with a broad range of product offerings.

Owner earnings 2016–2025 $485M$510M$194M$290M$505M$296M$350M$604M$672M$716M

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $268M, $0.11 per $1 retained.

Balance sheet Modest net debt, $1.3B · dividend paid 10 of 10 yrs, cut at least once

APTV Aptiv PLC

Aptiv is a global industrial technology company focused on enabling a more automated, electrified and digitalized future.

Owner earnings 2016–2025 $1.5B$922M$952M$843M$829M$611M$419M$990M$1.6B$1.5B

Retained capital Retained $4.5B of earnings over 2016–2025; annual owner earnings grew $270M, $0.06 per $1 retained.

Balance sheet Heavy net debt, $5.7B · buybacks at an average near $85.17 · dividend paid 5 of 10 yrs, cut at least once

ATMU Atmus Filtration Technologies Inc.

Atmus is one of the global leaders of filtration products for on-highway commercial vehicles and off-highway agriculture, construction, mining and power generation vehicles and equipment.

Owner earnings 2021–2025 $177M$128M$143M$57M$149M

Retained capital Retained $799M of earnings over 2021–2025; annual owner earnings fell $33M, $-0.04 per $1 retained.

Balance sheet Modest net debt, $334M · buybacks at an average near $40.47 · dividend paid 2 of 5 yrs, never cut

AUR Aurora Innovation Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2019–2025 ($99M)($199M)($612M)($523M)($613M)($645M)($612M)

Retained capital not read

Balance sheet Net cash, debt-free, +$221M

AUROW Aurora Innovation Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2019–2025 ($99M)($199M)($612M)($523M)($613M)($645M)($612M)

Retained capital not read

Balance sheet Net cash, debt-free, +$221M

BWA BorgWarner Inc.

BorgWarner Inc. is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles.

Owner earnings 2016–2025 $644M$772M$695M$527M$743M$792M$947M$815M$711M$1.2B

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $198M, $0.08 per $1 retained.

Balance sheet Meaningful net debt, $1.6B · dividend paid 10 of 10 yrs, cut at least once

CAAS China Automotive Systems, Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2023–2025 $2M($10M)$97M

Retained capital not read

Balance sheet Net cash, +$177M

CPS Cooper-Standard Holdings Inc.

Cooper-Standard Holdings Inc. is a leading manufacturer of sealing systems and fluid handling systems.

Owner earnings 2016–2025 $201M$126M($69M)($67M)($108M)($212M)($107M)$37M$26M$16M

Retained capital Paid out $818M more than it earned over 2016–2025; annual owner earnings fell $60M.

Balance sheet Heavy net debt, $922M · buybacks at an average near $107

DAN Dana Incorporated Common Stock

Revenue is Light Vehicle (70%) and Commercial Vehicle (30%).

Owner earnings 2016–2025 $62M$161M$243M$211M$60M($211M)$209M$49M$138M$298M

Retained capital Retained $78M of earnings over 2016–2025; annual owner earnings grew $6M.

Balance sheet Heavy net debt, $2.1B · dividend paid 10 of 10 yrs, cut at least once

DCH Dauch Corporation

Dauch Corporation is a premier Driveline and Metal Forming supplier serving the global automotive industry with a powertrain-agnostic product portfolio that supports electric, hybrid, and internal combustion vehicles.

Owner earnings 2016–2025 $185M$169M$247M$126M$239M$357M$278M$202M$207M$155M

Retained capital Paid out $526M more than it earned over 2016–2025; annual owner earnings fell $12M.

Balance sheet Heavy net debt, $3.4B · buybacks at an average near $10.52

DORM Dorman Products Inc.

We are one of the leading suppliers of replacement and upgrade parts in the motor vehicle aftermarket industry, serving passenger cars, light-, medium-, and heavy-duty trucks, as well as specialty vehicles, including utility terrain vehicles and all-terrain vehicles.

Owner earnings 2016–2025 $101M$70M$52M$66M$137M$80M$4M$165M$192M$76M

Retained capital Retained $1.3B of earnings over 2016–2025; annual owner earnings grew $70M, $0.05 per $1 retained.

Balance sheet Modest net debt, $390M

ECX ECARX Holdings Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2020–2024 (CN¥437M)(CN¥972M)(CN¥536M)(CN¥1.3B)(CN¥545M)

Retained capital not read

Balance sheet net position not read (debt under-captured)

FOXF Fox Factory

Our company, Fox Factory Holding Corp., is a global leader in the design, engineering, manufacturing and marketing of premium products and systems that deliver championship-level performance for customers worldwide.

Owner earnings 2016–2025 $30M$38M$51M$57M$49M$20M$143M$132M$88M$27M

Retained capital Retained $241M of earnings over 2016–2025; annual owner earnings grew $43M, $0.18 per $1 retained.

Balance sheet Net debt against an operating loss, $466M

GNTX Gentex

The Company's largest business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize proprietary electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps.

Owner earnings 2016–2025 $388M$397M$466M$421M$413M$293M$242M$444M$403M$458M

Retained capital Retained $32M of earnings over 2016–2025; annual owner earnings grew $18M.

Balance sheet Net cash, debt-free, +$151M · dividend paid 10 of 10 yrs, never cut

GT The Goodyear Tire & Rubber Company

Revenue is Americas (59%), Europe, Middle East and Africa (30%) and Asia Pacific (11%).

Owner earnings 2016–2025 $830M$277M$105M$437M$468M$81M($540M)($18M)($490M)($30M)

Retained capital Paid out $2.3B more than it earned over 2016–2025; annual owner earnings fell $583M.

Balance sheet Meaningful net debt, $5.5B · dividend paid 5 of 10 yrs, cut at least once

GTX Garrett Motion Inc.

Garrett is a cutting-edge technology leader delivering differentiated solutions for emission reduction and energy efficiency.

Owner earnings 2016–2025 $246M$7M$301M$169M($55M)($382M)$284M$382M$317M$341M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $162M, $0.10 per $1 retained.

Balance sheet Meaningful net debt, $1.2B · buybacks at an average near $8.26 · dividend paid 3 of 10 yrs, cut at least once

HLLY Holley Inc.

We design, manufacture, and distribute high-performance automotive aftermarket products to car and truck enthusiasts primarily in the United States, Canada and Europe.

Owner earnings 2019–2025 $2M$79M$10M$2M$82M$40M$37M

Retained capital Retained $95M of earnings over 2019–2025; annual owner earnings grew $23M, $0.24 per $1 retained.

Balance sheet Heavy net debt, $485M

INVZ Innoviz Technologies Ltd.

We are a leading Tier-1 direct supplier of high-performance, automotive-grade LiDAR sensor platforms and complementary software stacks.

Owner earnings 2018–2025 ($46M)($75M)($67M)($86M)($116M)($100M)($81M)($52M)

Retained capital not read

Balance sheet Net cash, +$18M

KDK Kodiak AI Inc. Common Stock

Kodiak is a leading provider of physical AI, with a focus on AI-powered autonomous vehicle technology, that is designed to help tackle some of the toughest driving jobs.

Owner earnings 2023–2025 ($47M)($54M)($98M)

Retained capital not read

Balance sheet Net cash, +$9M

KNDI Kandi Technologies Group Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2022–2025 $28M($114M)($19M)$96M

Retained capital Paid out $170M more than it earned over 2022–2025; annual owner earnings grew $23M.

Balance sheet Net cash, +$30M

LCII LCI Industries

Revenue is led by Travel Trailer and Fifth Wheels (41%) and OEMs Adjacent Industries (30%), with 2 more segments behind.

Owner earnings 2016–2025 $157M$98M$89M$211M$174M($210M)$472M$465M$328M$278M

Retained capital Retained $814M of earnings over 2016–2025; annual owner earnings grew $242M, $0.30 per $1 retained.

Balance sheet Meaningful net debt, $723M · buybacks at an average near $89.65 · dividend paid 10 of 10 yrs, never cut

LEA Lear Corporation

Lear Corporation is a global automotive technology leader in Seating and E-Systems, enabling superior in-vehicle experiences for consumers around the world.

Owner earnings 2016–2025 $1.2B$1.4B$1.3B$680M$211M$85M$383M$623M$561M$527M

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings fell $727M, $-0.46 per $1 retained.

Balance sheet Meaningful net debt, $1.7B · buybacks at an average near $130 · dividend paid 10 of 10 yrs, cut at least once

MGA Magna International Inc.

Magna is one of the world's largest suppliers and a trusted partner to automakers in the industry's most critical markets North America, Europe, and China.

Owner earnings 2016–2025 $2.2B$2.2B$2.4B$2.5B$2.1B$1.6B$414M$1.7B$2.1B$2.3B

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings fell $230M, $-0.09 per $1 retained.

Balance sheet Modest net debt, $3.1B · dividend paid 10 of 10 yrs, never cut

MOD Modine Manufacturing Company

We sell customer-centric thermal management solutions in a wide array of commercial, industrial, and building heating, ventilating, air conditioning, and refrigeration markets.

Owner earnings 2017–2026 ($23M)$53M$29M($13M)$117M($29M)$57M$159M$129M$169M

Retained capital Retained $546M of earnings over 2017–2026; annual owner earnings grew $132M, $0.24 per $1 retained.

Balance sheet Modest net debt, $357M

PATK Patrick Industries Inc.

Patrick is a leading component solutions provider for the recreational vehicle, marine, powersports, manufactured housing and various industrial markets including single and multi-family housing, hospitality, institutional and commercial markets.

Owner earnings 2016–2025 $82M$77M$166M$165M$128M$187M$332M$350M$251M$246M

Retained capital Retained $859M of earnings over 2016–2025; annual owner earnings grew $174M, $0.20 per $1 retained.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $57.42 · dividend paid 7 of 10 yrs, never cut

PHIN PHINIA Inc.

PHINIA Inc. is a leader in the development, design and manufacture of integrated components and systems that are designed to optimize performance, increase efficiency and reduce emissions in combustion and hybrid propulsion for commercial vehicles and industrial applications, light commercial vehicles and light passenger vehicles.

Owner earnings 2021–2025 $1M$196M$100M$203M$188M

Retained capital Retained $592M of earnings over 2021–2025; annual owner earnings grew $65M, $0.11 per $1 retained.

Balance sheet Meaningful net debt, $609M · dividend paid 3 of 5 yrs, never cut

PONY Pony AI Inc.

Revenue is Virtual Driver Operation and Other Related Services (45%), Products (37%) and Engineering Solution Services (18%).

Owner earnings 2022–2025 ($167M)($121M)($122M)($172M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1.2B

SMP Standard Motor Products Inc.

We are a leading manufacturer and distributor of premium replacement parts in the automotive aftermarket and a custom-engineered solutions provider to vehicle and equipment manufacturers in diverse non-aftermarket end markets.

Owner earnings 2016–2025 $77M$40M$50M$61M$80M$60M($53M)$116M$45M$19M

Retained capital Retained $168M of earnings over 2016–2025; annual owner earnings grew $4M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $619M · dividend paid 10 of 10 yrs, cut at least once

STRT STRATTEC SECURITY CORPORATION

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2016–2025 ($2M)$12M($8M)$12M$13M$26M($4M)($3M)$2M$65M

Retained capital Retained $52M of earnings over 2016–2025; annual owner earnings grew $20M, $0.39 per $1 retained.

Balance sheet Net cash, +$77M · dividend paid 5 of 10 yrs, cut at least once

THRM Gentherm Inc

Gentherm Incorporated is a global market leader of innovative thermal management and pneumatic comfort technologies.

Owner earnings 2016–2025 $71M($905K)$77M$95M$93M$105M($25M)$82M$57M$61M

Retained capital Retained $105M of earnings over 2016–2025; annual owner earnings grew $18M, $0.17 per $1 retained.

Balance sheet Modest net debt, $28M

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.

Owner earnings 2016–2019 $41M$116M$113M$83M

Retained capital Paid out $535M more than it earned over 2016–2019; annual owner earnings grew $14M.

Balance sheet Modest net debt, $97M

WRD WeRide Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2022–2024 (CN¥751M)(CN¥512M)(CN¥678M)

Retained capital not read

Balance sheet Net cash, +CN¥3.7B

XPEL XPEL Inc.

We are a supplier of protective films, coatings and related services primarily to the automobile aftermarket, new car dealerships and automobile original equipment manufacturers, or OEMs.

Owner earnings 2018–2025 $6M$10M$17M$16M$9M$33M$41M$63M

Retained capital Retained $260M of earnings over 2018–2025; annual owner earnings grew $35M, $0.13 per $1 retained.

Balance sheet Net cash, +$50M