PHINIA vs Valvoline

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The short version

PHINIA is the larger business, with $3.5B of revenue in fiscal 2025 against $1.7B for Valvoline, about 2.0 times as much.
Valvoline grew revenue faster (5.6%, against 2.4%).
Valvoline kept more of each dollar of sales as operating profit (22.8% operating margin, against 7.3%).
PHINIA turned more of its sales into free cash flow (5.4% FCF margin, against 2.2%).
Investors pay more for each dollar of Valvoline’s earnings: a P/E of 39.5x against 16.5x for PHINIA.

Latest fiscal year	PHIN · FY25	VVV · FY25
Size
Market cap	$2.2B	$4.1B
Revenue	$3.5B	$1.7B
Free cash flow	$188M	$38.0M
Net income	$130M	$211M
Growth
Revenue growth	2.4%	5.6%
5-year growth	—	18.7%
Share count change	−10.5%	−1.8%
Profitability
Gross margin	21.9%	38.5%
Operating margin	7.3%	22.8%
Net margin	3.7%	12.3%
FCF margin	5.4%	2.2%
Return on capital	—	18.9%
Return on equity	8.2%	80.4%
Balance sheet
Net debt	$617M	$1.3B
Net debt / EBITDA	1.5x	2.5x
Dividends and buybacks	$42.0M	$76.8M
Valuation & quality
P/E	16.5x	39.5x
Piotroski F-score	—	7

Revenue

FY16

PHIN —

VVV $1.9B

FY17

PHIN —

VVV $2.1B

FY18

PHIN —

VVV $2.3B

FY19

PHIN —

VVV $2.4B

FY20

PHIN —

VVV $727M

FY21

PHIN $3.2B

VVV $1.0B

FY22

PHIN $3.3B

VVV $1.2B

FY23

PHIN $3.5B

VVV $1.4B

FY24

PHIN $3.4B

VVV $1.6B

FY25

PHIN $3.5B

VVV $1.7B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PHIN VVV

Operating margin

FY16

PHIN —

VVV 20.5%

FY17

PHIN —

VVV 18.9%

FY18

PHIN —

VVV 17.3%

FY19

PHIN —

VVV 16.7%

FY20

PHIN —

VVV 22.0%

FY21

PHIN 5.4%

VVV 23.2%

FY22

PHIN 9.5%

VVV 17.8%

FY23

PHIN 6.9%

VVV 17.1%

FY24

PHIN 7.6%

VVV 22.7%

FY25

PHIN 7.3%

VVV 22.8%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PHIN VVV

Free cash flow

FY16

PHIN —

VVV $245M

FY17

PHIN —

VVV −$198M

FY18

PHIN —

VVV $227M

FY19

PHIN —

VVV $217M

FY20

PHIN —

VVV $278M

FY21

PHIN $1.0M

VVV $301M

FY22

PHIN $196M

VVV $152M

FY23

PHIN $100M

VVV −$221M

FY24

PHIN $203M

VVV $40.7M

FY25

PHIN $188M

VVV $38.0M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PHIN VVV

Return on capital

FY16

PHIN —

VVV —

FY17

PHIN —

VVV 46.7%

FY18

PHIN —

VVV 23.6%

FY19

PHIN —

VVV 34.8%

FY20

PHIN —

VVV 8.1%

FY21

PHIN —

VVV 11.7%

FY22

PHIN —

VVV 8.3%

FY23

PHIN 6.5%

VVV 12.2%

FY24

PHIN —

VVV 20.8%

FY25

PHIN —

VVV 18.9%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

PHIN VVV

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.