BORGWARNER INC BWA
BorgWarner Inc. (collectively with its consolidated subsidiaries, the "Company" or "BorgWarner") is a Delaware corporation incorporated in 1987. The Company is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. BorgWarner's products help improve vehicle performance, propulsion efficiency, stability and air quality. The Company manufactures and sells these products worldwide, primarily to original equipment manufacturers ("OEMs") of light vehicles (passenger cars, sport-utility vehicles, vans and light trucks). The Company's products are also sold to OEMs of commercial vehicles (medium-duty trucks, heavy-duty trucks and buses) and off-highway vehicles (agricultural and construction machinery and marine applications). The Company also manufactures and sells its products to certain tier one vehicle systems suppliers and into the aftermarket for light, commercial and off-highway vehicles. The Company operates manufacturing facilities serving customers in Europe, the Americas and Asia and is an original equipment supplier to nearly every major automotive OEM in the world.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.32B | $14.09B | $14.20B | $12.63B | $11.80B | $10.16B | $10.17B | $10.53B | $9.80B | $9.07B |
| Cost of revenue | $11.64B | $11.44B | $11.63B | $10.27B | $9.63B | $8.26B | $8.07B | $8.30B | $7.68B | $7.14B |
| Gross profit | $2.67B | $2.65B | $2.57B | $2.37B | $2.17B | $1.91B | $2.10B | $2.23B | $2.12B | $1.93B |
| R&D | $710.0M | $736.0M | $717.0M | $701.0M | $586.0M | $476.0M | $413.0M | $440.0M | $408.0M | $343.2M |
| SG&A | $1.30B | $1.35B | $1.32B | $1.29B | $1.08B | $951.0M | $873.0M | $946.0M | $899.0M | $818.0M |
| Operating income | $536.0M | $546.0M | $1.16B | $1.01B | $914.0M | $618.0M | $1.30B | $1.19B | $1.07B | $973.2M |
| Interest expense | $39.0M | $20.0M | $10.0M | $51.0M | $91.0M | $61.0M | $43.0M | — | — | — |
| Pre-tax income | $524.0M | $539.0M | $991.0M | $913.0M | $510.0M | $964.0M | $1.26B | $1.20B | $1.06B | $942.7M |
| Income tax | $189.0M | $111.0M | $289.0M | $195.0M | $65.0M | $397.0M | $468.0M | $211.0M | $580.0M | $306.0M |
| Net income | $277.0M | $338.0M | $625.0M | $944.0M | $537.0M | $500.0M | $746.0M | $931.0M | $440.0M | $595.0M |
| EPS, basic | 1.29 | 1.51 | 2.68 | 4.01 | 2.25 | 2.35 | 3.63 | 4.47 | 2.09 | 2.78 |
| EPS, diluted | 1.28 | 1.50 | 2.67 | 3.99 | 2.24 | 2.34 | 3.61 | 4.44 | 2.08 | 2.76 |
| Shares, diluted (wtd. avg.) | $216.4M | $224.8M | $234.4M | $236.8M | $239.5M | $214.0M | $206.8M | $209.5M | $211.5M | $215.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.31B | $2.09B | $1.53B | $1.34B | $1.84B | $1.65B | $832.0M | $739.0M | $545.0M | $444.0M |
| Receivables | $2.96B | $2.84B | $3.11B | $2.47B | $2.90B | $2.92B | $1.92B | $1.99B | $2.02B | $1.69B |
| Inventory | $1.21B | $1.25B | $1.31B | $1.22B | $1.53B | $1.29B | $807.0M | $781.0M | $766.3M | $641.2M |
| Total current assets | $6.79B | $6.52B | $6.22B | $6.62B | $6.60B | $6.17B | $3.84B | $3.81B | $3.54B | $2.91B |
| Property, plant and equipment | — | — | — | — | — | — | $2.92B | $2.90B | $2.86B | $2.50B |
| Goodwill | $2.06B | $2.36B | $3.01B | $2.98B | $2.85B | $2.63B | $1.84B | $1.85B | $1.88B | $1.70B |
| Other intangibles | $394.0M | $474.0M | $564.0M | $619.0M | $1.09B | $1.10B | $402.0M | $439.0M | $492.7M | $463.5M |
| Total assets | $13.77B | $13.99B | $14.45B | $16.99B | $16.57B | $16.03B | $9.70B | $10.10B | $9.79B | $8.83B |
| Accounts payable | — | — | — | $2.68B | $2.28B | — | $1.32B | $1.49B | $1.55B | $1.26B |
| Short-term debt | $2.0M | $337.0M | $3.0M | $2.0M | $4.0M | $4.0M | $252.0M | $140.0M | $15.8M | $19.4M |
| Total current liabilities | $3.28B | $3.65B | $3.77B | $4.24B | $3.80B | $3.81B | $2.33B | $2.40B | $2.43B | $2.09B |
| Long-term debt | $3.89B | $3.76B | $3.71B | $4.14B | $4.26B | $3.74B | $1.67B | $1.94B | $2.10B | $2.04B |
| Total liabilities | $8.15B | $8.29B | $8.39B | $9.49B | $9.31B | $9.30B | — | — | — | — |
| Retained earnings | $6.57B | $6.41B | $6.15B | $7.45B | $6.67B | $6.30B | $5.94B | $5.34B | $4.53B | $4.22B |
| Total equity | $5.44B | $5.53B | $5.83B | $7.22B | $6.95B | $6.43B | $4.71B | $4.23B | $3.72B | $3.22B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.65B | $1.38B | $1.40B | $1.18B | $1.21B | $1.18B | $1.01B | $1.13B | $1.18B | $1.04B |
| Depreciation and amortisation | $719.0M | $673.0M | $582.0M | $552.0M | $574.0M | $568.0M | $439.0M | $431.0M | $408.0M | $391.4M |
| Stock-based compensation | $66.0M | $62.0M | $58.0M | $64.0M | $50.0M | $41.0M | $42.0M | $53.0M | $52.0M | $43.6M |
| Capital expenditure | $469.0M | $671.0M | $832.0M | $622.0M | $514.0M | $441.0M | $481.0M | $546.0M | $560.0M | $500.6M |
| Investing cash flow | -$368.0M | -$603.0M | -$593.0M | -$1.32B | -$1.25B | -$866.0M | -$489.0M | -$514.0M | -$752.0M | -$404.2M |
| Financing cash flow | -$1.12B | -$167.0M | -$521.0M | -$564.0M | $294.0M | $437.0M | -$420.0M | -$383.0M | -$363.0M | -$733.8M |
| Dividends paid | $119.0M | $98.0M | $130.0M | $161.0M | $162.0M | $146.0M | $140.0M | $142.0M | $124.0M | $113.4M |
| Buybacks | $508.0M | $402.0M | $177.0M | $240.0M | $0 | $216.0M | $100.0M | $150.0M | $100.0M | $288.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000908255-26-000011.
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