Aptiv vs BorgWarner
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KIRA’s take AI analyst
I put Aptiv and BorgWarner side by side, using each one’s latest annual report. Here is what stands out:
- Aptiv is the larger business, with $20.4B of revenue in fiscal 2025 against $14.3B for BorgWarner.
- Aptiv grew revenue faster (3.5%, against 1.6%).
- Aptiv kept more of each dollar of sales as operating profit (5.8% operating margin, against 3.7%).
- BorgWarner turned more of its sales into free cash flow (8.2% FCF margin, against 7.5%).
- BorgWarner earned a higher return on the capital invested in it (4.6%, against 3.7%).
- Investors pay more for each dollar of Aptiv’s earnings: a P/E of 41.1x against 27.2x for BorgWarner.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Aptiv
APTV
6/11
Revenue growth5-year growthGross marginOperating marginPiotroski F-scoreShare count change
BorgWarner
BWA
5/11
Net marginFCF marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | APTV FY25 | BWA FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.2B | $11.4B |
| Revenue | $20.4B | $14.3B |
| Free cash flow | $1.5B | $1.2B |
| Net income | $165M | $277M |
| Growth | ||
| Revenue growth | 3.5% | 1.6% |
| 5-year growth | 9.3% | 7.1% |
| Share count change | −14.0% | −3.7% |
| Profitability | ||
| Gross margin | 19.1% | 18.7% |
| Operating margin | 5.8% | 3.7% |
| Net margin | 0.8% | 1.9% |
| FCF margin | 7.5% | 8.2% |
| Return on capital | 3.7% | 4.6% |
| Return on equity | 1.8% | 5.1% |
| Balance sheet | ||
| Net debt | $5.9B | $1.6B |
| Net debt / EBITDA | 2.7x | 1.3x |
| Dividends and buybacks | $397M | $627M |
| Valuation & quality | ||
| P/E | 41.1x | 27.2x |
| Piotroski F-score | 8 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.