PHINIA is a manufacturer of fuel injection systems and aftermarket auto parts, spun off from BorgWarner in July 2023. The company makes components that manage fuel delivery and combustion in ICE and hybrid powertrains, selling to OEMs and aftermarket distributors globally. PHINIA operates through two segments: Fuel Systems (~67% of sales), which makes fuel injection hardware, ECMs, software, and calibration services for light passenger and commercial vehicles; and Aftermarket (~37% of sales), which sells replacement parts and diagnostic tools to independent distributors and repair shops. General Motors is PHINIA's largest customer at ~18% of sales. OE revenue is driven by vehicle production volumes and program wins, while the aftermarket business is more stable, driven by the age of the global vehicle fleet and non-discretionary repair demand. PHINIA estimates it holds mid-teens global market share in gasoline direct injection systems. PHINIA's strategy is to diversify away from light vehicle OE exposure toward commercial vehicle, off-highway, aerospace and defense, and alternative fuel applications. In aerospace, PHINIA received its quality certification in FY25 and launched its first program with Safran. The company is also expanding its aftermarket SKU coverage and pursuing bolt-on M&A. Since its spin-off, PHINIA has bought back roughly 21% of its original share count and returned over $500M to shareholders through dividends and repurchases.