Adient

Post‑2020 Yanfeng transactions reduced China JV complexity and helped delever, and management has prioritized terming out debt and measured repurchases ($275 million in FY2024, $125 million in FY2025, ~$25 million in 1H FY2026). Capex runs roughly $245 million in FY2025 (about 1.7% of sales), focused on launches, automation and innovation.

No dividend since FY2019 preserves balance sheet flexibility. Track record on restructuring is improving, but historical goodwill impairment in EMEA and cyclical returns temper the score.