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DAN · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Dana Incorporated (DAN) stock moving?
Dana's Q3 2026 report on Oct 28 was mixed. Sales of $2.04B beat the $1.97B estimate, and adjusted EBITDA rose $56M year over year to $218M, with the margin up 220 basis points to 10.7%. Adjusted EPS of $0.41 missed the $0.72 consensus, and GAAP results were a loss of $0.13 per share, held down by a $24M debt-extinguishment loss and a $29M foreign tax charge. Management kept FY2026 adjusted EPS guidance at $1.75-$2.25 and narrowed sales guidance to $7.75B-$7.85B. It also plans about $100M of Q4 buybacks, after $369M year to date, and says the Eaton Mobility transaction is on track to close around the end of Q1 2027 with only one regulatory approval pending. Analysts lowered targets after the report: UBS to $34 (Buy), RBC to $32 (Outperform), BNP Paribas to $34 (Outperform) and Barclays to $33 (Equal-Weight), so ratings held but targets fell. The shares dropped from $28.08 on Oct 22 to a low of $21.50 on Nov 6, about 23% below the Oct 22 close, with heavy volume of 3.4M shares on the Oct 28 earnings day. They have since bounced to $23.89 on Nov 10 on 2.5M shares, still below the pre-earnings level. The Nov 6 tender offers for the 2030 and 2032 notes point to active debt management alongside the buybacks.
News behind the analysis
- Dana Incorporated Announces Cash Tender Offers for Senior Notes Due 2030 and 2032Dana launched cash tender offers for any and all of its 4.250% notes due 2030 and 4.500% notes due 2032. The move is a debt-management step.
- Barclays Maintains Equal-Weight on Dana, Lowers Price Target to $33Barclays kept an Equal-Weight rating and cut its price target from $35 to $33.
- BNP Paribas Reiterates Outperform on Dana, Lowers Price Target to $34BNP Paribas reiterated its Outperform rating and lowered its price target to $34 after the quarter.
- RBC Capital Maintains Outperform on Dana, Lowers Price Target to $32RBC kept its Outperform rating and cut its price target from $37 to $32.
- UBS Maintains Buy on Dana, Lowers Price Target to $34UBS kept its Buy rating and lowered its price target from $36 to $34.
- Dana Incorporated Reports Strong Third-Quarter Results; Eaton Mobility Transaction on Track; Increases Share RepurchasesQ3 sales rose to $2.04B and adjusted EBITDA to $218M (10.7% margin). The company plans about $100M of Q4 buybacks, and the Eaton Mobility deal is on track to close around the end of Q1 2027.
- Dana Affirms FY2026 Adj EPS Guidance of $1.75-$2.25 vs $1.85 Est; Raises FY2026 Sales Guidance from $7.650B-$7.850B to $7.750B-$7.850B vs $7.789B EstDana kept its FY2026 adjusted EPS guidance at $1.75-$2.25 and narrowed sales guidance to $7.75B-$7.85B, raising the low end.
- UPDATE: Dana Q3 Adj. EPS $0.41 Misses $0.72 EstimateDana reported Q3 adjusted EPS of $0.41, well below the $0.72 consensus estimate.
- Dana Q3 EPS $(0.13) Misses $0.80 Estimate, Sales $2.038B Beat $1.966B EstimateDana posted a Q3 GAAP loss of $0.13 per share, versus an $0.80 estimate, while sales of $2.038B beat the $1.966B estimate.
About Dana Incorporated
Dana Incorporated, based in Maumee, Ohio, has been around for more than a century. It designs and makes axles, driveshafts, electric motors and drives, thermal-management parts and seals for car, truck and commercial-vehicle makers. It sold its off-highway (construction and farm equipment) business in January 2026 to focus on light and commercial vehicles. In June 2026 it agreed to combine with Eaton's Mobility business, a deal expected to create a powertrain supplier with roughly $11 billion in annual sales.
How it makes money
Dana sells drivetrain parts directly to vehicle manufacturers (OEMs) and also sells some aftermarket parts. Its biggest products are axles and driveshafts for pickups, SUVs and commercial trucks. It also supplies electric-drive systems, thermal parts and seals for hybrid and electric vehicles. After the off-highway sale, quarterly revenue is about $2 billion, most of it from the light-vehicle business, with commercial vehicles making up the rest. Large North American truck and SUV programs, especially Ford and Stellantis, are among its main sources of revenue.
What usually moves DAN
- North American pickup, SUV and heavy-truck production volumes
- Pace of EV and hybrid adoption
- Progress on closing and integrating the Eaton Mobility combination
- Steel and commodity costs, tariffs and cost-cutting results
- Share buybacks and debt reduction