Beyond the headline.
Inside the numbers.
Ticker Byline
Versigent designs and manufactures electrical wiring architectures that distribute power, data and signals through vehicles. It became independent of Aptiv in April 2026.
Versigent became independent on April 1, 2026, when Aptiv distributed its electrical-distribution business to shareholders. Its low- and high-voltage wiring systems move power, data and signals through vehicles.
The earlier comparative accounts were drawn from Aptiv's records, with allocated corporate costs and without Aptiv's general financing debt. The new standalone company's interest costs therefore change the comparison of bottom-line earnings.
| Measure | 2026 | 2025 |
|---|---|---|
| Net sales | $2,450 | $2,286 |
| Operating income | $185 | $164 |
| Net income attributable to Versigent | $102 | $109 |
| Adjusted EBITDA | $275 | $248 |
| Free cash flow | $170 | $179 |
Annual free-cash-flow guidance increased from $200 million–$300 million in August to $275 million–$325 million in November. The latest analysis compares that upgrade with the unchanged adjusted EBITDA midpoint.
Both cash forecasts include about $70 million of separation costs. The annual adjusted EBITDA range narrowed to $970 million–$1.010 billion from $950 million–$1.030 billion, leaving its $990 million midpoint unchanged.
September cash and cash equivalents totaled $638 million. Debt carrying value was $2.124 billion, including finance leases and other debt. The $850 million committed revolver was undrawn, and the company reported compliance with its credit covenants.
The financing includes two $800 million senior-note issues: 6.125% notes due in 2031 and 6.375% notes due in 2034. A $500 million term loan also matures in 2031. Net financing proceeds of $2.063 billion helped fund a $1.894 billion cash distribution to Aptiv at separation.
Nine-month operating cash of $419 million, less $172 million of capital spending, produced $247 million of free cash flow. The comparable prior-year figures were $413 million, $123 million and $290 million. Launch investment has increased the cash needed for equipment, while cash separation costs rose to $59 million from $14 million.
Versigent expected about $43 million of additional costs under approved restructuring programs over the next year. Those programs include workforce changes and a shift in manufacturing locations. The ten largest customers represented about 81% of quarterly sales, linking production schedules closely to a concentrated group of automakers.
The board declared another $0.13 quarterly dividend, payable December 17 to shareholders of record on December 4. A $250 million repurchase program was approved in April.
The newly independent vehicle-wiring supplier expects more free cash flow. Adjusted sales growth has slowed, while investment in new launches keeps quarterly free cash flow below a year ago.