Dana Incorporated

What Dana Incorporated does

Dana Incorporated, founded in 1904 and headquartered in Maumee, Ohio, is a publicly traded (NYSE: DAN) global Tier 1 supplier of fully integrated drivetrain and electrified propulsion systems to light and commercial vehicle original equipment manufacturers (OEMs) across 24 countries. The company operates 66 major manufacturing facilities and 11 global tech centers, employing approximately 27,000 people, and serves customers through two primary segments—Light Vehicle and Commercial Vehicle—plus an aftermarket distribution business. Dana's product portfolio is organized around four technology pillars: Drive (axles, driveshafts, e-gearboxes), Electrodynamic (e-drive systems, motors/inverters under the TM4 brand, e-axles including eS2000i/eS4500r/eS9000r/eS13.0Xr and Zero-8), Sealing (Victor Reinz brand), and Thermal (battery cooling plates, e-motor oil coolers, power electronics coolers for SiC/IGBT chips, composite bipolar plates for fuel cells). Sub-brands include Spicer (drivetrain), Brevini, Aron, Hydr-App, Samhydraulik (hydraulics), Long (thermal), and TM4 (electric propulsion).

Dana generates revenue primarily through direct B2B hardware sales to OEMs under contract-based, negotiated pricing; aftermarket parts provide a secondary revenue stream. Notable programs include the $250M annual RAM Dakota award with Stellantis launching early 2028, $950M in Q1 2026 net new business backlog, and $750M in three-year backlog entering 2026. The company has been undergoing a major strategic transformation in 2026: it sold its Off-Highway Drive & Motion Systems business to Allison Transmission in January 2026 for $2.7 billion (7.5x 2025E EBITDA), divested Pi Innovo to MiddleGround Capital in February 2026, and announced a Reverse Morris Trust merger with Eaton Corporation's Mobility business in June 2026 valued at approximately $5.1 billion—creating a combined entity with over $11 billion in pro forma revenue, a $14-15 billion revenue target by 2030, and expected run-rate cost synergies of $250 million+. Leadership succession was announced with Byron Foster becoming CEO effective July 1, 2026 while R. Bruce McDonald transitions to Chairman.

Name

Dana Incorporated

Legal name

Dana Limited

Website

https://dana.com

Company type

Public

Founded year

1904

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Dana Incorporated is a global Tier 1 automotive supplier of fully integrated drivetrain and electrified propulsion systems—spanning e-axles, driveshafts, thermal management, and sealing—to light and commercial vehicle OEMs across 24 countries.

Ownership category

akta.pro rank

Product category

Automotive Drivetrain and Propulsion Systems

NAICS

Motor Vehicle Transmission and Power Train Parts Manufacturing (33635), Motor Vehicle Electrical and Electronic Equipment Manufacturing (33632), Motor Vehicle Steering and Suspension Components (except Spring) Manufacturing (33633), Fluid Power Pump and Motor Manufacturing (333996)

SIC

Motors & Generators (3621), Electronic & Other Electrical Equipment (No Computer Equip) (3600), Pumps & Pumping Equipment (3561)

akta.pro primary industry

Electric Drive Unit / E-Axle Manufacturing (Motors/Inverters/Gearboxes) (IMACACAC)

akta.pro secondary industries

Axle, Differential & Final Drive Manufacturing (Front/Rear/E-axle housings) (IMACAHAG), Passenger Vehicle Transmission & Drivetrain Systems Manufacturing (ICE) (IMACAAAG), Hybrid Powertrain Integration Manufacturing (ICE-HEV/PHEV modules) (IMACAHAJ), Passenger Vehicle Electrical & Electronics Manufacturing (ICE) (IMACAAAK)

Keywords

• Drivetrain systems
• Electric propulsion
• Commercial vehicle axles
• Thermal management
• Automotive components

Headquarters

HQ city

Maumee

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Original Equipment (OEM) Sales: Dana generates the majority of revenue by selling drivetrain components, e-propulsion systems, and thermal management solutions directly to automotive and commercial vehicle OEMs for new vehicle production.
2. Aftermarket: Dana serves the vehicle aftermarket with replacement parts and components through its aftermarket distribution network and brands.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Dana Incorporated designs, engineers, and manufactures fully integrated drivetrain and electrified propulsion (e-Mobility) systems for light and commercial vehicle OEMs, including axles, driveshafts, e-axles, e-drive systems, motors, inverters, battery thermal management solutions, and sealing products. The company also provides a comprehensive Hydraulics portfolio (pumps, motors, valves, power units) and serves the vehicle aftermarket with replacement parts under multiple brands including Spicer, Victor Reinz, Long, and TM4.

Product overview

Dana Incorporated is a global leader in propulsion solutions for light- and commercial-vehicle markets, offering a comprehensive portfolio of drivetrain, electrified propulsion (e-Mobility), and fluid power (hydraulics) technologies. The company operates across three main product categories: (1) Light Vehicle systems including e-Drive Systems (eS2000i, eS4500r, eS9000r), e-Axles, differentials, driveshafts, and thermal management components like battery cooling plates and power electronics coolers; (2) Commercial Vehicle solutions encompassing steer axles, drive axles, e-Axles (eS13.0Xr, Zero-8), and EHPS steering systems; and (3) Dana Hydraulic Solutions providing a full range of fluid power technologies including variable/fixed displacement piston pumps, gear pumps, orbital motors, CETOP valves, cartridge valves, proportional valves, and power units. Dana's e-Mobility portfolio focuses on four key technology pillars—Drive, Electrodynamic, Sealing, and Thermal—enabling complete vehicle powertrain systems for internal combustion, hybrid, and electric platforms. The company serves original equipment manufacturers and the aftermarket globally, with manufacturing facilities across 24 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Spicer: Drivetrain components and systems brand
• Brevini
• Victor Reinz
• Long
• TM4
• Aron
• Hydr-App
• Samhydraulik

Products and services

• eS2000i e-Drive System Integrated electric drive system for light vehicle applications, part of Dana's e-Mobility portfolio, designed for passenger car electrification.
• eS4500r e-Axle Electric axle system for light truck applications featuring electrified powertrain technology for zero-emission mobility.
• eS9000r e-Axle Electric axle system designed for van applications, supporting zero-emission mobility and electrified powertrain delivery.
• Spicer SmartConnect Disconnecting All-Wheel-Drive System Intelligent AWD system that disconnects when not needed to improve fuel efficiency in light vehicle applications.
• Spicer AdvanTEK Ultra High-Efficiency Axles High-efficiency axle assemblies engineered for SUV and CUV applications, delivering improved fuel economy and performance.
• Spicer Life Series Driveshafts Durable driveshaft solutions for light vehicle applications, delivering power transmission between drivetrain components.
• Spicer D-Series Steer Axles Steer axle systems engineered for commercial vehicle defense applications, providing durability under heavy-duty conditions.
• Spicer E-Series Steer Axles Steer axle systems for commercial vehicle applications, delivering performance and reliability for medium- and heavy-duty trucks.
• eS13.0Xr e-Drive Axle Electric drive axle engineered for commercial vehicle defense applications, supporting military vehicle electrification.
• Spicer Zero-8 e-Axles Electrified axle solutions for zero-emission commercial vehicle operations, supporting fleet decarbonization.
• Electro Hydraulic Assisted Power Steer (EHPS) Gen-II System Electro-hydraulic power steering system combining IPM motor, gear pump, and inverter for energy-efficient commercial vehicle steering.
• e-Motor Oil Cooler Compact heat exchanger designed for electric motor oil cooling in electrified powertrains, managing thermal conditions of e-motors.
• Battery Cold Plate Lightweight aluminum liquid-cooled plate for battery thermal management in electric vehicles, featuring counterflow design.
• Composite Bipolar Plates Precision-molded graphite-polymer composite plates for fuel cell stack applications, with over 10 years of production experience.
• Power Electronics Cooler Self-enclosed cooler for DC/AC inverter and DC/DC converter cooling with fluxless brazed aluminum construction for SiC chip technology.
• TM4 LVI400 Low-Voltage Inverter Series AC motor controller inverter series for synchronous and asynchronous motors in battery electric vehicles, with IP66/IP67 protection and safety certifications.
• Dana Hydraulic Solutions Portfolio Comprehensive Hydraulics portfolio including variable and fixed displacement axial piston pumps (open and closed loop), gear pumps and flow dividers, axial piston motors, orbital motors, CETOP valves and subplates, cartridge valves, hydraulic proportional valves (HPV), power take-off (PTO) gearboxes, and micro/mini power packs for mobile machinery and industrial applications.
• TM4 SUMO LD Motor/Inverter System Electric motor and inverter system for light-duty vehicle applications, providing integrated electric propulsion technology.
• Dana Aftermarket Parts Aftermarket parts distribution under multiple brands (Spicer, Victor Reinz, Long, Brevini, Aron) providing genuine, all-makes, and value-line replacement parts for light vehicle, commercial vehicle, and off-highway applications, served via DanaAftermarket.com.

Quantifiable outcome

• Q1 2026 adjusted EBITDA margin of 9.2% versus 5.2% in Q1 2025, a 400 basis point year-over-year improvement
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Partnerships

Two partnerships are on record, tiered major merger and major divestiture.

• Eaton Corporationmajor mergerStrategic or Co-development Partner · 11 June 2026Dana announced a definitive agreement to combine with Eaton's Mobility business in a Reverse Morris Trust transaction valued at approximately $5.1 billion. The combined entity will have approximately $11 billion in pro forma revenue, with Dana shareholders retaining approximately 49.9% ownership and Eaton shareholders receiving at least 50.1%. Expected to close Q1 2027, subject to regulatory and shareholder approvals. The merger integrates Dana's axles, driveshafts, thermal-management and e-axle capabilities with Eaton Mobility's transmissions, clutches and electrification technologies.
• Allison Transmission Holdingsmajor divestitureStrategic or Co-development Partner · 2 January 2026Dana completed the sale of its Off-Highway Drive & Motion Systems business to Allison Transmission for approximately $2.7 billion (valued at 7.5x expected 2025 EBITDA). The transaction enabled Dana to reduce debt by approximately $2 billion and return value to shareholders. Allison now operates the Off-Highway business as a separate unit with approximately 11,000 former Dana employees.

Scale indicators19 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BorgWarner: BorgWarner is a direct peer — a global Tier-1 supplier of drivetrain and e-propulsion systems for light and commercial vehicles, including electric drive modules, power electronics, and thermal management, with comparable revenue scale (~USD 14B 2024).
• American Axle & Manufacturing: AAM is a direct peer specializing in driveline and drivetrain systems, including axles, driveshafts, and differentials for light vehicles, commercial vehicles, and defense — overlapping core product categories with Dana's Spicer brand.
• Allison Transmission: Allison Transmission is a direct peer after acquiring Dana's Off-Highway Drive & Motion Systems business in January 2026; it manufactures commercial-duty fully automatic transmissions and electrified propulsion for commercial vehicles and off-highway.
• Eaton Corporation: Eaton is Dana's announced merger partner and a direct peer in powertrain systems, with overlapping transmission, clutch, and electrification portfolios that the Reverse Morris Trust transaction is designed to combine.
• GKN Automotive (Dowlais): GKN Automotive (now part of Dowlais) is a direct peer as a specialist in automotive driveline technologies, including all-wheel-drive systems, eDrive systems, and constant-velocity joints — directly overlapping Dana's drivetrain and e-propulsion portfolio.

Broad incumbents

• ZF Friedrichshafen: ZF is a global Tier-1 incumbent in drivetrain and chassis technology, including transmissions, axles, and electric drive systems for passenger and commercial vehicles — directly competitive with Dana's integrated propulsion offering at greater scale.
• Magna International: Magna is a broad automotive supplier incumbent offering powertrain systems including e-drive units, driveline components, and complete vehicle engineering — comparable to Dana on integrated propulsion solutions with greater vehicle-assembly exposure.
• Continental AG: Continental is a broad automotive incumbent offering powertrain components, electric drive systems, and power electronics — overlapping Dana's electrification portfolio within a much wider automotive technology portfolio.
• Robert Bosch: Bosch is a broad automotive incumbent that manufactures electric motors, power electronics, and e-axle systems for EVs — a peer in Dana's e-Mobility segment, though Bosch's automotive exposure is much broader.
• Valeo: Valeo is a global automotive supplier with powertrain and electrification product lines (electric motors, inverters, thermal management) comparable to Dana's e-Mobility offering, though Valeo also has a large visibility systems business.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/user/DanaHoldingCorp
• Facebookfacebook.com/DanaIncorporated
• LinkedInlinkedin.com/company/dana-incorporated
• Xx.com/DanaInc_

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dana Incorporated