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BorgWarner

BWA NYSE Automotive Parts & Equipment Financials FY2016–FY2025

BorgWarner's revenue rose 1.6% to $14.3 billion in fiscal 2025. Its operating margin was 3.7%, down from 3.9% a year earlier. Free cash flow was $1.2 billion, up 65.8%. It paid out $627 million in dividends and buybacks, 53% of free cash flow. The diluted share count fell 3.7%.

Last close · Oct 23, 2026

$54.96

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$14.3B
1.6% vs prior year
Operating margin Operating income as a share of revenue.
3.7%
0.1 pts
Net income Profit after all expenses, interest and tax.
$277M
18.0%
Free cash flow Cash from operations minus capital spending.
$1.2B
65.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.6%
0.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
27.1x
On $2.03 EPS (TTM)

What BorgWarner does

No business description yet.

Legal name
BORGWARNER INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000908255-26-000011
0000908255

Revenue and margins

BorgWarner had $14.3B of revenue in fiscal 2025, up 1.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −8.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.2B in fiscal 2025, 8.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

BorgWarner returned $627M to shareholders in fiscal 2025, 53% of free cash flow. The diluted share count fell 3.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value BorgWarner yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.6B and divides by 216.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 27.1x · peers 22.0x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably BorgWarner can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.8B$1.3B$1.5B$2.1B$2.3B
Debt incl. finance leases $4.3B$4.1B$3.7B$4.1B$3.9B
Net debt / EBITDA 1.6x1.8x1.3x1.7x1.3x
Debt / equity 0.6x0.6x0.6x0.7x0.7x
Interest coverage 11.2x14.2x15.9x6.5x5.4x
Current ratio 1.7x1.6x1.7x1.8x2.1x
Quick ratio 1.3x1.3x1.3x1.5x1.7x
Total assets $16.6B$17.0B$14.5B$14.0B$13.8B
Total liabilities $9.3B$9.5B$8.4B$8.3B$8.2B
Shareholders' equity $6.9B$7.2B$5.8B$5.5B$5.4B
Net debt (− = net cash) $2.4B$2.8B$2.2B$2.0B$1.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.5M

1 insider

Sold, 12 months

$8.9M

9 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 28, 2026 Michael S HanleyDirector Sold 5,000 $65.51 $0.3M Form 4
Aug 24, 2026 Tonit M CalawayEVP, CAO, Gen Counsel & Sec Sold 22,000 $66.26 $1.5M Form 4
Aug 19, 2026 Rajesh KalathurDirector Bought 7,407 $67.59 $0.5M Form 4
Aug 18, 2026 Amy B. KulikowskiVP & Chief Accounting Officer Sold 2,900 $68.60 $0.2M Form 4
Aug 17, 2026 Isabelle McKenzieVice President Sold 4,500 $70.39 $0.3M Form 4
Aug 17, 2026 Shaun McAlmontDirector Sold 7,000 $69.36 $0.5M Form 4
Aug 17, 2026 Stefan DemmerleVice President Sold 1,000 $70.00 $0.1M Form 4
Aug 17, 2026 Tonit M CalawayEVP, CAO, Gen Counsel & Sec Sold 44,000 $69.65 $3.1M Form 4
Jun 5, 2026 Sailaja ShankarDirector Sold 5,000 $73.08 $0.4M Form 4
May 28, 2026 Volker WengVice President Sold 5,000 $72.35 $0.4M Form 4
May 14, 2026 Volker WengVice President Sold 5,000 $67.71 $0.3M Form 4
May 13, 2026 Joseph F. FadoolPresident and CEO, Director Sold 29,000 $67.31 $2.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 97 / 97 / 9
Accruals ratio −4.9%−7.3%−9.9%
Altman Z'' 3.803.834.21

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
BorgWarner BWA $11.3B 1.6% 3.7% 8.2% 4.6% 27.1x 7
Adient ADNT $1.3B −1.0% — 1.4% 2.0% 30.2x 5 Compare →
Autoliv ALV $8.4B 4.1% 10.1% 6.6% 20.3% 13.8x 8 Compare →
Aptiv APTV $9.1B 3.5% 5.8% 7.5% 3.7% 40.3x 8 Compare →
Lear LEA $5.9B −0.2% 3.3% 2.3% 8.9% 10.9x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $9.1B $9.8B $10.5B $10.2B $10.2B $11.8B $12.6B $14.2B $14.1B $14.3B
Gross profit $1.9B $2.1B $2.2B $2.1B $1.9B $2.2B $2.4B $2.6B $2.6B $2.7B
Research and development $343M $408M $440M $413M $476M $586M $701M $717M $736M $710M
Operating income $973M $1.1B $1.2B $1.3B $618M $914M $1.0B $1.2B $546M $536M
Interest expense $84.6M $71.0M $59.0M $55.0M $73.0M $82.0M $71.0M $73.0M $84.0M $99.0M
Pretax income $943M $1.1B $1.2B $1.3B $964M $510M $913M $991M $539M $524M
Income tax $306M $580M $211M $468M $397M $65.0M $195M $289M $111M $189M
Net income $595M $440M $931M $746M $500M $537M $944M $625M $338M $277M
Diluted EPS $2.76 $2.08 $4.44 $3.61 $2.34 $2.24 $3.99 $2.67 $1.50 $1.28
Diluted shares 0.22B 0.21B 0.21B 0.21B 0.21B 0.24B 0.24B 0.23B 0.22B 0.22B
Cash flow
Cash from operations $1.0B $1.2B $1.1B $1.0B $1.2B $1.3B $1.6B $1.4B $1.4B $1.6B
Capital expenditure $501M $560M $546M $481M $441M $514M $622M $832M $671M $469M
Free cash flow $535M $620M $580M $527M $743M $792M $947M $565M $711M $1.2B
Depreciation and amortization $391M $408M $431M $439M $568M $574M $552M $582M $673M $719M
Stock-based compensation $43.6M $52.0M $53.0M $42.0M $41.0M $50.0M $64.0M $58.0M $62.0M $66.0M
Acquisitions $0.0M $186M $0.0M $10.0M $449M $759M $312M $109M $0.0M $0.0M
Share buybacks $288M $100M $150M $100M $216M $0.0M $240M $177M $402M $508M
Dividends paid $113M $124M $142M $140M $146M $162M $161M $130M $98.0M $119M
Dividends and buybacks $401M $224M $292M $240M $362M $162M $401M $307M $500M $627M
Balance sheet
Cash and short-term investments $444M $545M $739M $832M $1.7B $1.8B $1.3B $1.5B $2.1B $2.3B
Total debt $2.1B $2.1B $2.1B $1.9B $3.7B $4.3B $4.1B $3.7B $4.1B $3.9B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $14.0M $13.0M $12.0M $26.0M $23.0M $18.0M
Current assets $2.9B $3.5B $3.8B $3.8B $6.2B $6.6B $6.6B $6.2B $6.5B $6.8B
Current liabilities $2.1B $2.4B $2.4B $2.3B $3.8B $3.8B $4.2B $3.8B $3.6B $3.3B
Inventory $641M $766M $781M $807M $1.3B $1.5B $1.2B $1.3B $1.3B $1.2B
Property and equipment, net $2.5B $2.9B $2.9B $2.9B $4.6B $4.4B $3.4B $3.8B $3.6B $3.3B
Total assets $8.8B $9.8B $10.1B $9.7B $16.0B $16.6B $17.0B $14.5B $14.0B $13.8B
Total liabilities $5.5B $6.0B $5.8B $4.9B $9.3B $9.3B $9.5B $8.4B $8.3B $8.2B
Shareholders' equity $3.2B $3.7B $4.2B $4.7B $6.4B $6.9B $7.2B $5.8B $5.5B $5.4B
Margins
Gross margin 21.3% 21.6% 21.2% 20.7% 18.8% 18.4% 18.8% 18.1% 18.8% 18.7%
Operating margin 10.7% 10.9% 11.3% 12.8% 6.1% 7.7% 8.0% 8.2% 3.9% 3.7%
EBITDA margin 15.0% 15.1% 15.4% 17.1% 11.7% 12.6% 12.4% 12.3% 8.7% 8.8%
Net margin 6.6% 4.5% 8.8% 7.3% 4.9% 4.6% 7.5% 4.4% 2.4% 1.9%
FCF margin 5.9% 6.3% 5.5% 5.2% 7.3% 6.7% 7.5% 4.0% 5.1% 8.2%
Returns
Return on capital 12.8% 10.4% 17.7% 14.1% 4.9% 8.6% 7.9% 8.9% 5.4% 4.6%
Return on capital employed 14.3% 15.2% 15.8% 17.3% 6.3% 7.3% 7.9% 9.9% 5.2% 5.2%
Return on equity 17.6% 12.7% 23.4% 16.7% 9.0% 8.0% 13.3% 9.6% 6.0% 5.1%
Return on assets 6.6% 4.7% 9.4% 7.5% 3.9% 3.3% 5.6% 4.0% 2.4% 2.0%
Growth
Revenue growth 13.1% 8.0% 7.5% −3.4% −0.0% 16.1% 7.1% 12.4% −0.8% 1.6%
Net income growth 3.1% −26.1% 111.6% −19.9% −33.0% 7.4% 75.8% −33.8% −45.9% −18.1%
EPS growth 7.8% −24.6% 113.5% −18.7% −35.2% −4.3% 78.1% −33.1% −43.8% −14.7%
FCF growth 84.1% 15.9% −6.5% −9.1% 41.0% 6.6% 19.6% −40.3% 25.8% 65.8%
Share count change −4.6% −1.8% −1.0% −1.3% 3.5% 11.9% −1.1% −1.0% −4.1% −3.7%
Financial health
Net debt / EBITDA 1.2x 1.1x 0.8x 0.6x 1.8x 1.6x 1.8x 1.3x 1.7x 1.3x
Debt / equity 0.6x 0.6x 0.5x 0.4x 0.6x 0.6x 0.6x 0.6x 0.7x 0.7x
Interest coverage 11.5x 15.1x 20.2x 23.7x 8.5x 11.2x 14.2x 15.9x 6.5x 5.4x
Current ratio 1.4x 1.5x 1.6x 1.7x 1.6x 1.7x 1.6x 1.7x 1.8x 2.1x
Quick ratio 1.1x 1.2x 1.3x 1.3x 1.3x 1.3x 1.3x 1.3x 1.5x 1.7x
Capital allocation
Capex / revenue 5.5% 5.7% 5.2% 4.7% 4.3% 4.4% 4.9% 5.9% 4.8% 3.3%
Stock comp / revenue 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.5% 0.4% 0.4% 0.5%
Payouts / FCF 75.0% 36.1% 50.3% 45.5% 48.7% 20.5% 42.3% 54.3% 70.3% 53.2%
Quality scores
Piotroski F-score 7.0 8.0 7.0 6.0 4.0 5.0 8.0 7.0 7.0 7.0
Altman Z'' 3.5 3.7 4.2 5.0 3.3 3.6 3.6 3.8 3.8 4.2
Accruals ratio −4.9% −8.0% −2.0% −2.7% −5.3% −4.7% −3.7% −4.9% −7.3% −9.9%

Source: SEC EDGAR XBRL filings (CIK 0000908255). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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