PHINIA Inc. (PHIN) Balance Sheet

NYSE: PHINAssets, liabilities, debt and equity over 5 years.

PHIN balance sheet, 2025

December 31, 2025 · U.S. dollars

$3.82B assets = $2.23B liabilities + $1.59B equity

Both columns are drawn to the same scale: what PHIN owns equals what it owes plus shareholders’ equity. Hover a block for its value.

PHIN financial health

Current ratio1.86

Comfortable · current assets cover current liabilities 1.86×

Debt / equity0.64

Moderate leverage · $0.64 of debt for each $1 of equity

Equity / assets41.6%

Equity-funded · of assets funded by shareholders

Cash / debt35.2%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles23.8%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

PHIN balance sheet trends, 2021–2025

PHINIA Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$4.18B2021	$3.82B2025	−2.3%/yr
Total liabilities	$2.47B2021	$2.23B2025	−2.5%/yr
Shareholders’ equity	$1.71B2021	$1.59B2025	−1.8%/yr
Cash & short-term investments	$259.0M2021	$359.0M2025	+8.5%/yr
Total debt	$1.14B2021	$1.02B2025	−2.8%/yr
Net cash (debt)	−$882.0M2021	−$661.0M2025	+$221.0M
Working capital	$450.0M2021	$815.0M2025	+$365.0M
Book value per share	$36.352021	$39.582025	+2.1%/yr
Current ratio	1.382021	1.862025	+0.48
Debt / equity	0.672021	0.642025	−0.02
Shares outstanding	47.0M2021	40.1M2025	−3.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

PHIN assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

PHIN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

PHIN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

PHIN balance sheet

PHINIA Inc. annual balance sheet
	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	$359.0M	$484.0M	$365.0M	$251.0M	$259.0M
Cash & equivalents	$359.0M	$484.0M	$365.0M	$251.0M	$259.0M
Receivables	$804.0M	$817.0M	$1.02B	$893.0M	$902.0M
Inventory	$473.0M	$444.0M	$487.0M	$459.0M	$417.0M
Other current assets	$126.0M	$96.0M	$57.0M	$38.0M	$46.0M
Total current assets	$1.76B	$1.84B	$1.93B	$1.64B	$1.62B
Property, plant & equipment (net)	$876.0M	$897.0M	$984.0M	$1.00B	$1.06B
Goodwill & intangible assets	$907.0M	$845.0M	$916.0M	$922.0M	$966.0M
Long-term investments	$65.0M	$56.0M	$52.0M	$46.0M	$42.0M
Other non-current assets	$207.0M	$129.0M	$162.0M	$461.0M	$493.0M
Total assets	$3.82B	$3.77B	$4.04B	$4.07B	$4.18B
Liabilities
Accounts payable	$510.0M	$522.0M	$639.0M	$500.0M	$455.0M
Short-term debt	$22.0M	$42.0M	$106.0M	$112.0M	$139.0M
Deferred revenue	$7.0M	$3.0M	$6.0M	$17.0M	$26.0M
Total current liabilities	$947.0M	$969.0M	$1.15B	$1.17B	$1.17B
Long-term debt	$967.0M	$963.0M	$709.0M	$28.0M	$27.0M
Lease obligations	$50.0M	$56.0M	$66.0M	$85.0M	$73.0M
Other long-term liabilities	$316.0M	$255.0M	$291.0M	$1.23B	$1.27B
Total liabilities	$2.23B	$2.19B	$2.15B	$2.43B	$2.47B
Shareholders' equity
Common stock & paid-in capital	$1.0M	$1.0M	$1.0M	$1.73B	$1.65B
Retained earnings (deficit)	$132.0M	$44.0M	$9.0M	$0	—
Accumulated other comprehensive income	−$98.0M	−$217.0M	−$131.0M	−$88.0M	$62.0M
Minority interest	—	$0	$0	$0	—
Total shareholders' equity	$1.59B	$1.57B	$1.89B	$1.64B	$1.71B
Key figures
Total debt	$1.02B	$1.04B	$864.0M	$1.13B	$1.14B
Net cash (debt)	−$661.0M	−$560.0M	−$499.0M	−$877.0M	−$882.0M
Working capital	$815.0M	$872.0M	$779.0M	$471.0M	$450.0M
Tangible book value	$680.0M	$729.0M	$971.0M	$721.0M	$743.0M
Book value per share	$39.58	$35.13	$40.15	$34.95	$36.35
Shares outstanding	40.1M	44.8M	47.0M	47.0M	47.0M
Current ratio	1.86	1.90	1.68	1.40	1.38
Quick ratio	1.23	1.34	1.20	0.98	0.99
Debt / equity	0.64	0.66	0.46	0.69	0.67
Equity / assets	41.6%	41.8%	46.7%	40.3%	40.9%

PHINIA Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$370.0M	$328.0M	$359.0M	$349.0M	$347.0M	$373.0M	$484.0M	$477.0M	$339.0M	$325.0M	$365.0M	$367.0M
Cash & equivalents	$370.0M	$328.0M	$359.0M	$349.0M	$347.0M	$373.0M	$484.0M	$477.0M	$339.0M	$325.0M	$365.0M	$367.0M
Short-term investments	—	—	—	—	—	—	—	$73.0M	—	—	—	—
Receivables	$853.0M	$818.0M	$804.0M	$898.0M	$905.0M	$836.0M	$817.0M	$921.0M	$965.0M	$1.02B	$1.02B	$1.18B
Inventory	$475.0M	$489.0M	$473.0M	$523.0M	$501.0M	$479.0M	$444.0M	$486.0M	$471.0M	$489.0M	$487.0M	$529.0M
Other current assets	$140.0M	$135.0M	$126.0M	$148.0M	$119.0M	$104.0M	$96.0M	$92.0M	$83.0M	$78.0M	$57.0M	$51.0M
Total current assets	$1.84B	$1.77B	$1.76B	$1.92B	$1.87B	$1.79B	$1.84B	$1.98B	$1.86B	$1.92B	$1.93B	$2.12B
Property, plant & equipment (net)	$841.0M	$854.0M	$876.0M	$864.0M	$921.0M	$896.0M	$897.0M	$937.0M	$927.0M	$947.0M	$984.0M	$953.0M
Goodwill & intangible assets	$885.0M	$897.0M	$907.0M	$915.0M	$892.0M	$860.0M	$845.0M	$893.0M	$876.0M	$894.0M	$916.0M	$897.0M
Long-term investments	$74.0M	$70.0M	$65.0M	$61.0M	$64.0M	$59.0M	$56.0M	$52.0M	$56.0M	$53.0M	$52.0M	$50.0M
Other non-current assets	$204.0M	$210.0M	$207.0M	$229.0M	$145.0M	$141.0M	$129.0M	$166.0M	$156.0M	$167.0M	$162.0M	$167.0M
Total assets	$3.84B	$3.80B	$3.82B	$3.99B	$3.89B	$3.75B	$3.77B	$4.02B	$3.87B	$3.98B	$4.04B	$4.19B
Liabilities
Accounts payable	$529.0M	$525.0M	$510.0M	$627.0M	$571.0M	$546.0M	$522.0M	$588.0M	$572.0M	$612.0M	$639.0M	$817.0M
Short-term debt	$70.0M	$43.0M	$22.0M	$45.0M	$43.0M	$42.0M	$42.0M	$17.0M	$30.0M	$107.0M	$106.0M	$104.0M
Deferred revenue	$15.0M	$10.0M	$7.0M	$17.0M	$6.0M	$2.0M	$3.0M	$3.0M	$1.0M	$61.0M	$6.0M	$5.0M
Total current liabilities	$1.02B	$970.0M	$947.0M	$1.12B	$1.00B	$968.0M	$969.0M	$1.02B	$1.00B	$1.12B	$1.15B	$1.32B
Long-term debt	$968.0M	$968.0M	$967.0M	$966.0M	$965.0M	$964.0M	$963.0M	$985.0M	$821.0M	$706.0M	$709.0M	$713.0M
Lease obligations	$43.0M	$47.0M	$50.0M	$54.0M	$53.0M	$54.0M	$56.0M	$60.0M	$60.0M	$63.0M	$66.0M	$68.0M
Other long-term liabilities	$315.0M	$314.0M	$316.0M	$317.0M	$297.0M	$279.0M	$255.0M	$313.0M	$300.0M	$300.0M	$291.0M	$265.0M
Total liabilities	$2.30B	$2.25B	$2.23B	$2.40B	$2.27B	$2.21B	$2.19B	$2.32B	$2.13B	$2.13B	$2.15B	$2.30B
Shareholders' equity
Common stock & paid-in capital	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Retained earnings (deficit)	$187.0M	$158.0M	$132.0M	$97.0M	$95.0M	$59.0M	$44.0M	$50.0M	$29.0M	$26.0M	$9.0M	−$1.0M
Accumulated other comprehensive income	−$104.0M	−$104.0M	−$98.0M	−$90.0M	−$76.0M	−$166.0M	−$217.0M	−$115.0M	−$172.0M	−$153.0M	−$131.0M	−$122.0M
Total shareholders' equity	$1.54B	$1.55B	$1.59B	$1.59B	$1.63B	$1.54B	$1.57B	$1.70B	$1.75B	$1.85B	$1.89B	$1.89B
Key figures
Total debt	$1.06B	$1.04B	$1.02B	$1.05B	$1.04B	$1.04B	$1.04B	$1.04B	$894.0M	$859.0M	$864.0M	$868.0M
Net cash (debt)	−$692.0M	−$711.0M	−$661.0M	−$697.0M	−$696.0M	−$670.0M	−$560.0M	−$568.0M	−$555.0M	−$534.0M	−$499.0M	−$501.0M
Working capital	$820.0M	$800.0M	$815.0M	$800.0M	$867.0M	$824.0M	$872.0M	$954.0M	$853.0M	$795.0M	$779.0M	$803.0M
Tangible book value	$656.0M	$652.0M	$680.0M	$671.0M	$735.0M	$677.0M	$729.0M	$811.0M	$871.0M	$956.0M	$971.0M	$995.0M
Book value per share	$40.55	$40.03	$40.59	$40.05	$40.47	$37.04	$36.60	$38.64	$38.23	$39.78	$40.15	$40.17
Shares outstanding	38.0M	38.7M	39.1M	39.6M	40.2M	41.5M	43.0M	44.1M	45.7M	46.5M	47.0M	47.1M
Current ratio	1.81	1.82	1.86	1.72	1.86	1.85	1.90	1.93	1.85	1.71	1.68	1.61
Quick ratio	1.20	1.18	1.23	1.12	1.25	1.25	1.34	1.37	1.30	1.20	1.20	1.17
Debt / equity	0.69	0.67	0.64	0.66	0.64	0.68	0.66	0.61	0.51	0.46	0.46	0.46
Equity / assets	40.1%	40.8%	41.6%	39.8%	41.8%	41.0%	41.8%	42.3%	45.1%	46.5%	46.7%	45.1%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.

PHIN financial position

At the end of fiscal 2025 (December 31, 2025), PHINIA had total assets of $3.8 billion (up 1.3% from a year earlier), total liabilities of $2.2 billion and shareholders' equity of $1.6 billion. It held $359.0 million in cash and short-term investments against $1.0 billion of debt, net debt of $661.0 million. Its current ratio was 1.86. In the latest quarter (ended June 30, 2026) total assets were $3.8 billion and equity $1.5 billion.

Related: PHIN income statement, PHIN cash flow statement, PHIN key metrics. See the PHIN stock overview for the latest quote and news.

PHIN balance sheet FAQ

What are PHINIA's total assets?

PHINIA reported total assets of $3.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.8 billion a year earlier.

How much debt does PHINIA have?

PHINIA had $1.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.64.

How much cash does PHINIA have?

PHINIA held $359.0 million in cash and short-term investments at the end of fiscal 2025; with $1.0 billion of debt that is net debt of $661.0 million.

What is PHINIA's book value?

PHINIA's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $39.58 per share.

What is PHINIA's current ratio?

PHINIA had current assets of $1.8 billion and current liabilities of $947.0 million, a current ratio of 1.86 (it can cover its short-term obligations).

How much goodwill does PHINIA have?

PHINIA carried $907.0 million of goodwill and intangible assets, 23.8% of total assets, at the end of fiscal 2025.