Aptiv PLCAPTV · NYSE

Results over the years

Fiscal years from SEC filings (10-K).

Why the market may be pricing it low

• Sales track automaker output directly. If output drops, profit takes the hit. The market sees current profit as a peak and discounts it.

  Our business is directly related to automotive sales and automotive vehicle production by our customers. Automotive sales and production are highly cyclicalRisk factors

• Fast-changing tariffs cloud the whole industry. With plants in low-cost countries, policy shifts could hit earnings.

  as a result of the rapidly evolving trade policies and tariff actions, the uncertainty in the automotive industry has increased, which could adversely affect our business and financial results.Risk factors

• Customer production volatility and cancellations left inventories well above normal, tying up cash and raising doubts that profit turns into cash.

  as a result of our customers’ recent production volatility and cancellations, among other things, our balance of productive, raw and component material inventories has increased substantially from customary levelsRisk factors

What could close the gap

• If its electrification technology wins business beyond cars, such as data centers and energy storage, the view of it as a pure auto-cycle name could change.

  Electrification applies well beyond the automotive industry to other increasingly electrified devices and systems, as well as the infrastructure that supports them, such as data centers and energy storage systems.MD&A

• If content per vehicle keeps rising through driver assistance and software, sales could grow even without higher vehicle output, which could change the valuation.

  participants in the automotive technology and components industry also have the opportunity to grow through increasing product content per vehicle by further penetrating business with existing customersMD&A

How a buyer could still lose (value trap)

• Operating cash flow is well below operating profit, and debt far exceeds cash. If inventory stays high and car output falls, profit may not turn into cash and the debt load would show.

  Based on the figures below

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✗ROA up on last year
• ✓Cash flow exceeds net profit
• ✓Leverage down on last year
• ✓Current ratio up on last year
• ✓No new shares issued
• –Gross margin up on last yearno data
• ✓Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

$20.6bn

Operating profit

$1.8bn

Net profit

$769m

Operating cash flow

$1.1bn

Cash

$670m

Debt

$5.4bn

Equity

$8.8bn

Latest twelve months to 2026-09-30; F-score for the fiscal year to 2025-12-31