Aptiv vs BorgWarner
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The short version
- 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 40.3x against 27.1x for BorgWarner.
| Latest fiscal year | APTV · FY25 | BWA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.1B | $11.3B |
| 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 | 40.3x | 27.1x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
APTV $12.3B
BWA $9.1B
FY17
APTV $12.9B
BWA $9.8B
FY18
APTV $14.4B
BWA $10.5B
FY19
APTV $14.4B
BWA $10.2B
FY20
APTV $13.1B
BWA $10.2B
FY21
APTV $15.6B
BWA $11.8B
FY22
APTV $17.5B
BWA $12.6B
FY23
APTV $20.1B
BWA $14.2B
FY24
APTV $19.7B
BWA $14.1B
FY25
APTV $20.4B
BWA $14.3B
APTV
BWA
Operating margin
FY16
APTV 12.5%
BWA 10.7%
FY17
APTV 11.0%
BWA 10.9%
FY18
APTV 10.2%
BWA 11.3%
FY19
APTV 8.9%
BWA 12.8%
FY20
APTV 16.2%
BWA 6.1%
FY21
APTV 7.6%
BWA 7.7%
FY22
APTV 7.2%
BWA 8.0%
FY23
APTV 7.8%
BWA 8.2%
FY24
APTV 9.3%
BWA 3.9%
FY25
APTV 5.8%
BWA 3.7%
APTV
BWA
Free cash flow
FY16
APTV $1.3B
BWA $535M
FY17
APTV $770M
BWA $620M
FY18
APTV $782M
BWA $580M
FY19
APTV $843M
BWA $527M
FY20
APTV $829M
BWA $743M
FY21
APTV $611M
BWA $792M
FY22
APTV $419M
BWA $947M
FY23
APTV $990M
BWA $565M
FY24
APTV $1.6B
BWA $711M
FY25
APTV $1.5B
BWA $1.2B
APTV
BWA
Return on capital
FY16
APTV 20.7%
BWA 12.8%
FY17
APTV 19.3%
BWA 10.4%
FY18
APTV 17.3%
BWA 17.7%
FY19
APTV 14.0%
BWA 14.1%
FY20
APTV 23.2%
BWA 4.9%
FY21
APTV 11.2%
BWA 8.6%
FY22
APTV 9.4%
BWA 7.9%
FY23
APTV 10.2%
BWA 8.9%
FY24
APTV 10.1%
BWA 5.4%
FY25
APTV 3.7%
BWA 4.6%
APTV
BWA
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.