MoatScopePHINIA Inc.PHIN
Spin-off from BorgWarner (BWA) · Jul 3, 2023 · NYSE
one share of PHINIA for every five shares of BorgWarner
Documents
Both companies today
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
PHINIA holds BorgWarner's former Fuel Systems and Aftermarket segments — fuel injection and delivery systems for commercial and light vehicles, plus a global aftermarket parts business — as a stand-alone company.
Stated rationaleBorgWarner said the split would create two focused companies: an electrification-oriented BorgWarner and a fuel-systems and aftermarket business built to generate cash through the transition.
The four questions
Indiscriminate selling
StrongManagement incentives
PartialThe hidden jewel
PartialLeverage
PartialThe write-up
BorgWarner distributed PHINIA on July 3, 2023, one PHINIA share for every five BorgWarner shares. PHINIA holds BorgWarner's former Fuel Systems and Aftermarket businesses — fuel injection systems for combustion and hybrid vehicles, and aftermarket parts sold into the installed base — and it raised about $800 million of debt at separation to repay historical indebtedness to its former parent. On MoatScope's framework PHINIA carries a Narrow moat and a quality score of 47 at a $2.7 billion market value, trading at $69.04 against a base-case fair value estimate of $119.71 — 0.57×. BorgWarner carries no moat rating and a quality score of 36 at $14.5 billion, 1.11× fair value.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.