BorgWarner vs Lear
Add, change or remove companies; up to four.
The short version
- Lear is the larger business, with $23.3B of revenue in fiscal 2025 against $14.3B for BorgWarner, about 1.6 times as much.
- BorgWarner grew revenue faster (1.6%, against −0.2%).
- BorgWarner turned more of its sales into free cash flow (8.2% FCF margin, against 2.3%).
- Lear earned a higher return on the capital invested in it (8.9%, against 4.6%).
- Investors pay more for each dollar of BorgWarner’s earnings: a P/E of 27.1x against 10.9x for Lear.
| Latest fiscal year | BWA · FY25 | LEA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.3B | $5.9B |
| Revenue | $14.3B | $23.3B |
| Free cash flow | $1.2B | $527M |
| Net income | $277M | $437M |
| Growth | ||
| Revenue growth | 1.6% | −0.2% |
| 5-year growth | 7.1% | 6.4% |
| Share count change | −3.7% | −5.1% |
| Profitability | ||
| Gross margin | 18.7% | 6.5% |
| Operating margin | 3.7% | 3.3% |
| Net margin | 1.9% | 1.9% |
| FCF margin | 8.2% | 2.3% |
| Return on capital | 4.6% | 8.9% |
| Return on equity | 5.1% | 9.2% |
| Balance sheet | ||
| Net debt | $1.6B | $1.7B |
| Net debt / EBITDA | 1.3x | 1.2x |
| Dividends and buybacks | $627M | $490M |
| Valuation & quality | ||
| P/E | 27.1x | 10.9x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
BWA $9.1B
LEA $18.6B
FY17
BWA $9.8B
LEA $20.5B
FY18
BWA $10.5B
LEA $21.1B
FY19
BWA $10.2B
LEA $19.8B
FY20
BWA $10.2B
LEA $17.0B
FY21
BWA $11.8B
LEA $19.3B
FY22
BWA $12.6B
LEA $20.9B
FY23
BWA $14.2B
LEA $23.5B
FY24
BWA $14.1B
LEA $23.3B
FY25
BWA $14.3B
LEA $23.3B
BWA
LEA
Operating margin
FY16
BWA 10.7%
LEA 7.9%
FY17
BWA 10.9%
LEA 7.9%
FY18
BWA 11.3%
LEA 7.8%
FY19
BWA 12.8%
LEA 5.4%
FY20
BWA 6.1%
LEA 2.7%
FY21
BWA 7.7%
LEA 3.5%
FY22
BWA 8.0%
LEA 3.1%
FY23
BWA 8.2%
LEA 4.0%
FY24
BWA 3.9%
LEA 3.8%
FY25
BWA 3.7%
LEA 3.3%
BWA
LEA
Free cash flow
FY16
BWA $535M
LEA $1.1B
FY17
BWA $620M
LEA $1.2B
FY18
BWA $580M
LEA $1.1B
FY19
BWA $527M
LEA $680M
FY20
BWA $743M
LEA $211M
FY21
BWA $792M
LEA $85.0M
FY22
BWA $947M
LEA $383M
FY23
BWA $565M
LEA $623M
FY24
BWA $711M
LEA $561M
FY25
BWA $1.2B
LEA $527M
BWA
LEA
Return on capital
FY16
BWA 12.8%
LEA 27.6%
FY17
BWA 10.4%
LEA 32.4%
FY18
BWA 17.7%
LEA 27.5%
FY19
BWA 14.1%
LEA 17.8%
FY20
BWA 4.9%
LEA 5.7%
FY21
BWA 8.6%
LEA 8.8%
FY22
BWA 7.9%
LEA 7.8%
FY23
BWA 8.9%
LEA 11.1%
FY24
BWA 5.4%
LEA 10.1%
FY25
BWA 4.6%
LEA 8.9%
BWA
LEA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.