Dauch Corp DCH
The Company, a Delaware corporation, is a successor to American Axle & Manufacturing of Michigan, Inc., a Michigan corporation, pursuant to a migratory merger between these entities in 1999. In 2017, we acquired Metaldyne Performance Group, Inc. (MPG), with MPG becoming a wholly-owned subsidiary of the Company.
On February 3, 2026, we completed our previously announced acquisition of Dowlais Group plc (Dowlais) whereby we acquired the entire issued share capital of Dowlais (the Business Combination). Pursuant to the Business Combination, Dowlais shareholders received for each Dowlais ordinary share: 0.0881 shares of new Company common stock and 43 pence per share in cash (approximately $0.59 per share as of the closing date), resulting in the issuance of approximately 117 million shares (and an increase in authorized shares from 150 million to 375 million shares) and a total purchase price of approximately $1.7 billion. Following the close of the transaction, the combined company is headquartered in Detroit, Michigan and led by the Company's Chairman and CEO.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.84B | $6.12B | $6.08B | $5.80B | $5.16B | $4.71B | $6.53B | $7.27B | $6.27B | $3.95B |
| Cost of revenue | $5.13B | $5.38B | $5.46B | $5.10B | $4.43B | $4.13B | $5.63B | $6.13B | $5.15B | $3.22B |
| Gross profit | $704.5M | $741.4M | $624.3M | $704.9M | $722.7M | $582.7M | $902.6M | $1.14B | $1.12B | $726.1M |
| R&D | $147.0M | $159.0M | $155.4M | $144.0M | $116.8M | $117.4M | $144.7M | $146.2M | $161.5M | $139.8M |
| SG&A | $389.0M | $387.1M | $366.9M | $345.1M | $344.2M | $313.9M | $364.7M | $385.7M | $390.1M | $314.2M |
| Operating income | $112.3M | $241.4M | $146.6M | $243.9M | $240.6M | -$396.0M | -$301.6M | $106.4M | $543.0M | $380.7M |
| Interest expense | $201.1M | $186.0M | $201.7M | $174.5M | $195.2M | $212.3M | $217.3M | $216.3M | $195.6M | $93.4M |
| Pre-tax income | $1.5M | $62.8M | -$24.5M | $66.3M | $1.2M | -$610.3M | -$533.0M | -$113.9M | $340.0M | $299.0M |
| Income tax | $21.2M | $27.8M | $9.1M | $2.0M | $4.7M | $49.2M | $48.9M | $57.1M | $2.5M | $58.3M |
| Net income | -$19.7M | $35.0M | -$33.6M | $64.3M | $5.9M | -$561.3M | -$484.5M | -$57.5M | $337.1M | $240.7M |
| EPS, basic | -0.17 | 0.29 | -0.29 | 0.54 | 0.05 | -4.96 | -4.31 | -0.51 | 3.22 | 3.08 |
| EPS, diluted | -0.17 | 0.29 | -0.29 | 0.53 | 0.05 | -4.96 | -4.31 | -0.51 | 3.21 | 3.06 |
| Shares, diluted (wtd. avg.) | $118.4M | $117.7M | $116.6M | $115.5M | $114.1M | $113.1M | $112.3M | $111.6M | $102.8M | $76.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $708.9M | $552.9M | $519.9M | $511.5M | $530.2M | $557.0M | $532.0M | $478.9M | $376.8M | $481.2M |
| Receivables | $733.0M | $709.1M | $818.5M | $820.2M | $762.8M | $793.2M | $815.4M | $966.5M | $1.04B | $560.0M |
| Inventory | $466.4M | $442.5M | $482.9M | $463.9M | $410.4M | $323.2M | $373.6M | $459.7M | $392.0M | $182.3M |
| Total current assets | $3.63B | $1.91B | $2.01B | $1.99B | $1.86B | $1.88B | $1.86B | $2.03B | $1.95B | $1.30B |
| Property, plant and equipment | $1.59B | $1.62B | $1.76B | $1.90B | $2.00B | $2.16B | $2.36B | $2.51B | $2.40B | $1.09B |
| Goodwill | $174.4M | $172.0M | $182.1M | $181.6M | $183.8M | $185.7M | $699.1M | $1.14B | $1.65B | $154.0M |
| Other intangibles | $375.2M | $456.7M | $532.8M | $616.2M | $697.2M | $780.7M | $864.5M | $1.11B | $1.21B | $28.5M |
| Total assets | $6.67B | $5.06B | $5.36B | $5.47B | $5.64B | $5.92B | $6.64B | $7.51B | $7.88B | $3.42B |
| Accounts payable | $718.3M | $700.5M | $773.9M | $734.0M | $612.8M | $578.9M | $623.5M | $840.2M | $799.0M | $382.3M |
| Short-term debt | $10.4M | $47.9M | $17.0M | $75.9M | $18.8M | $13.7M | $28.7M | $121.6M | $5.9M | $3.3M |
| Total current liabilities | $1.23B | $1.18B | $1.20B | $1.20B | $1.04B | $979.3M | $1.03B | $1.36B | $1.22B | $651.5M |
| Long-term debt | $4.08B | $2.61B | $2.79B | $2.90B | $3.12B | $3.49B | — | — | — | — |
| Total liabilities | $6.03B | $4.50B | $4.75B | $4.84B | $5.18B | $5.54B | $5.66B | $6.02B | $6.34B | $2.92B |
| Retained earnings | -$267.9M | -$248.2M | -$283.2M | -$249.6M | -$313.9M | -$319.8M | $248.6M | $703.5M | $761.0M | $423.9M |
| Total equity | $640.0M | $562.8M | $604.9M | $627.3M | $457.8M | $370.5M | $977.6M | $1.48B | $1.54B | $504.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $411.6M | $455.4M | $396.1M | $448.9M | $538.4M | $454.7M | $559.6M | $771.5M | $647.0M | $407.6M |
| Depreciation and amortisation | $459.5M | $469.7M | $487.2M | $492.1M | $544.3M | $521.9M | $536.9M | $528.8M | $428.5M | $201.8M |
| Stock-based compensation | $13.6M | $15.0M | $13.4M | $17.7M | $18.2M | $19.4M | $22.4M | $27.9M | $43.4M | $21.0M |
| Capital expenditure | $256.5M | $248.0M | $194.6M | $171.4M | $181.2M | $215.6M | $433.3M | $524.7M | $477.7M | $223.0M |
| Investing cash flow | -$169.6M | -$254.8M | -$184.5M | -$243.0M | -$161.1M | -$218.4M | -$306.6M | -$478.2M | -$1.38B | -$227.7M |
| Financing cash flow | $1.40B | -$156.2M | -$205.5M | -$217.2M | -$401.4M | -$214.5M | -$200.0M | -$184.5M | $615.6M | $18.4M |
| Buybacks | $2.8M | $2.8M | $14.7M | $1.9M | $4.3M | $2.7M | $7.5M | $3.7M | $7.0M | $5.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001062231-26-000020.
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