Tearsheet

BorgWarner (BWA)

Market Price (12/28/2025): $45.575 | Market Cap: $9.7 Bil
Sector: Consumer Discretionary | Industry: Automotive Parts & Equipment

BorgWarner (BWA)

Market Price (12/28/2025): $45.575
Market Cap: $9.7 Bil
Sector: Consumer Discretionary
Industry: Automotive Parts & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%	Trading close to highs Dist 52W High is -0.6%, Dist 3Y High is -0.6%	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 73x
1	Attractive yield FCF Yield is 13%	Weak multi-year price returns 2Y Excs Rtn is -15%, 3Y Excs Rtn is -48%	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2%
2	Low stock price volatility Vol 12M is 30%		Key risks BWA key risks include [1] its significant dependence on a small number of major OEM customers and [2] challenges related to the automotive industry's accelerating transition to eMobility.
3	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, Hydrogen Economy, and Battery Technology & Metals. Themes include EV Manufacturing, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
1	Attractive yield FCF Yield is 13%
2	Low stock price volatility Vol 12M is 30%
3	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, Hydrogen Economy, and Battery Technology & Metals. Themes include EV Manufacturing, Show more.
4	Trading close to highs Dist 52W High is -0.6%, Dist 3Y High is -0.6%
5	Weak multi-year price returns 2Y Excs Rtn is -15%, 3Y Excs Rtn is -48%
6	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 73x
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2%
8	Key risks BWA key risks include [1] its significant dependence on a small number of major OEM customers and [2] challenges related to the automotive industry's accelerating transition to eMobility.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$45.58	$31.32	$34.86	$34.00	$37.44
Market Cap CYE ($ Bil)	9.7	6.8	8.1	7.9	8.9
Total Debt ($ Bil)	4.1	4.3	3.9	4.3	4.5
Total Cash ($ Bil)	2.2	2.1	1.5	1.1	1.8
Enterprise Value ($ Bil)	11.6	11.1	12.0	12.2	13.4
Valuation Ratios
P/S TTM	0.7	0.5	0.6	0.7	0.8
P/EBIT TTM	17.7	11.4	7.8	8.5	16.0
P/E TTM	72.7	21.0	13.4	8.8	17.6
P/FCF TTM	7.7	9.7	14.8	15.0	13.6
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.8	8.3	7.8	6.5	8.4
P/E TTM (Sector)	10.5	11.1	10.4	8.4	10.7
P/FCF TTM (Sector)	11.2	12.4	9.6	7.3	10.5

	12/28/25	2024	2023
Share Price CYE	$45.58	$31.32	$34.86
Market Cap CYE ($ Bil)	9.7	6.8	8.1
Total Debt ($ Bil)	4.1	4.3	3.9
Total Cash ($ Bil)	2.2	2.1	1.5
Enterprise Value ($ Bil)	11.6	11.1	12.0
Valuation Ratios
P/S TTM	0.7	0.5	0.6
P/EBIT TTM	17.7	11.4	7.8
P/E TTM	72.7	21.0	13.4
P/FCF TTM	7.7	9.7	14.8
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.8	8.3	7.8
P/E TTM (Sector)	10.5	11.1	10.4
P/FCF TTM (Sector)	11.2	12.4	9.6

	BWA	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	14.2
Rev Chg Q	4.1%	7.3%
Rev Chg LTM	0.1%	6.1%
Rev Chg 3Y Avg	7.8%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	1.3
CFO LTM ($ Bil)	1.7
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	9.3%	18.8%
CFO/Rev LTM	12.1%	20.4%
Net Inc Mgn	0.9%	13.1%
VALUATION	MODERATE
P/S	0.7	3.3
P/CFO	5.7	15.8
P/FCF	7.7	20.7
P/E	72.7	23.7
STABILITY	GOOD
Debt/Equity	0.42	0.21
Cash/Assets	0.15	0.07

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Metric	Value	Date	Source
Light Vehicle eProduct Sales Growth (YoY)	47%	5072025	Link
Estimated Outgrowth Above Market Production	200 to 400 basis points	5072025	Link
Total Patents Globally	19765	11062025	Link
Active Patents	11372	11062025	Link
eProduct Sales	$2.3 billion	12312024	Link

Upcoming
2/05/2026	Earnings Release	Rev: - EPS: -

BWA Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. BorgWarner reported strong third-quarter 2025 financial results, surpassing analysts' earnings per share (EPS) estimates of $1.16 with an actual EPS of $1.24. The company also raised its full-year 2025 guidance for net sales, adjusted operating margin, adjusted EPS, and free cash flow. This positive earnings report led to a significant positive market reaction, with the stock gaining 3.06% on the day of the announcement.

2. The company demonstrated a commitment to enhanced shareholder returns through a significant dividend increase and a robust share repurchase program. On July 31, 2025, BorgWarner's Board of Directors approved a 55% increase to its quarterly cash dividend, raising it to $0.17 per share. Additionally, the Board authorized an increase to its share repurchase program to $1 billion, and the company repurchased approximately $108 million of its outstanding shares during the second quarter of 2025.

3. BorgWarner strategically announced its exit from the charging business, a move anticipated to improve adjusted operating income. This decision was first reported in May 2025 and reiterated in investor slides in October 2025, citing unfavorable market conditions and the business being "unlikely to create shareholder value." The company expects this divestiture to improve adjusted operating income by approximately $15 million in 2025 and $30 million in 2026.

4. The company secured multiple new business awards across its electrification and hybrid technology portfolios. Notably, BorgWarner won contracts for dual inverters for a leading Chinese automaker's hybrid lineup, expanded turbocharger supply for Stellantis' Jeep lineup, and secured awards for high-voltage coolant heater technology for plug-in hybrid electric vehicle platforms. These wins underscore the company's successful transition and growth in the evolving eMobility market.

5. BorgWarner received positive sentiment and upgraded ratings from various Wall Street analysts during the period. Analysts maintained or upgraded their ratings, with a consensus rating of "Moderate Buy" and an average price target of $46.46 by December 2025, indicating a forecasted upside. Several analysts also raised their price targets for BWA stock, reflecting growing confidence in the company's market position and future performance.

Stock Movement Drivers

Fundamental Drivers

The 3.9% change in BWA stock from 9/27/2025 to 12/27/2025 was primarily driven by a 60.8% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	43.87	45.57	3.88%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14041.00	14183.00	1.01%
Net Income Margin (%)	1.50%	0.94%	-36.83%
P/E Multiple	45.18	72.67	60.85%
Shares Outstanding (Mil)	216.30	213.70	1.20%
Cumulative Contribution			3.87%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
BWA	3.9%
Market (SPY)	4.3%	31.0%
Sector (XLY)	1.8%	32.2%

Fundamental Drivers

The 36.7% change in BWA stock from 6/28/2025 to 12/27/2025 was primarily driven by a 190.0% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	33.34	45.57	36.67%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14006.00	14183.00	1.26%
Net Income Margin (%)	2.06%	0.94%	-54.21%
P/E Multiple	25.06	72.67	190.00%
Shares Outstanding (Mil)	217.20	213.70	1.61%
Cumulative Contribution			36.63%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
BWA	36.7%
Market (SPY)	12.6%	30.6%
Sector (XLY)	11.9%	33.3%

Fundamental Drivers

The 43.7% change in BWA stock from 12/27/2024 to 12/27/2025 was primarily driven by a 821.4% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	31.71	45.57	43.70%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14169.00	14183.00	0.10%
Net Income Margin (%)	6.33%	0.94%	-85.08%
P/E Multiple	7.89	72.67	821.41%
Shares Outstanding (Mil)	223.10	213.70	4.21%
Cumulative Contribution			43.45%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
BWA	43.7%
Market (SPY)	17.0%	56.9%
Sector (XLY)	7.0%	57.4%

Fundamental Drivers

The 36.6% change in BWA stock from 12/28/2022 to 12/27/2025 was primarily driven by a 660.7% change in the company's P/E Multiple.

	12282022	12272025	Change
Stock Price ($)	33.35	45.57	36.62%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	11479.00	14183.00	23.56%
Net Income Margin (%)	7.13%	0.94%	-86.74%
P/E Multiple	9.55	72.67	660.69%
Shares Outstanding (Mil)	234.30	213.70	8.79%
Cumulative Contribution			35.57%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
BWA	30.2%
Market (SPY)	48.0%	51.4%
Sector (XLY)	37.7%	51.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BWA Return	-9%	18%	-9%	3%	-10%	45%	30%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
BWA Win Rate	50%	75%	33%	42%	42%	67%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BWA Max Drawdown	-54%	-2%	-29%	-9%	-16%	-22%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See BWA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	BWA	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-42.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	73.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-55.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	122.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	314 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-46.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	87.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-72.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	264.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	601 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

BorgWarner's stock fell -42.3% during the 2022 Inflation Shock from a high on 6/4/2021. A -42.3% loss requires a 73.4% gain to breakeven.

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About BorgWarner (BWA)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

BorgWarner Inc. provides solutions for combustion, hybrid, and electric vehicles worldwide. The company operates through four segments: Air Management, E-Propulsion & Drivetrain, Fuel Injection, and Aftermarket. The Air Management segment offers turbochargers, eBoosters, eTurbos, timing systems, emissions systems, thermal systems, gasoline ignition technology, smart remote actuators, powertrain sensors, canisters, cabin heaters, battery modules and systems, battery packs, battery heaters, and battery charging. The E-Propulsion & Drivetrain segment provides rotating electrical components, power electronics, control modules, software, friction, and mechanical products for automatic transmissions and torque-management products. The Fuel Injection segment develops and manufactures gasoline and diesel fuel injection components and systems. The Aftermarket segment sells products and services to independent aftermarket customers and original equipment service customers. This segment provides a range of solutions, including fuel injection, electronics and engine management, maintenance, and test equipment and vehicle diagnostics. The company sells its products to original equipment manufacturers of light vehicles, which comprise passenger cars, sport-utility vehicles, vans, and light trucks; commercial vehicles, including medium-duty and heavy-duty trucks, and buses; and off-highway vehicles, such as agricultural and construction machinery, and marine applications, as well as to tier one vehicle systems suppliers and the aftermarket for light, commercial, and off-highway vehicles. The company was formerly known as Borg-Warner Automotive, Inc. BorgWarner Inc. was incorporated in 1987 and is headquartered in Auburn Hills, Michigan.

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Here are 1-3 brief analogies to describe BorgWarner (BWA):

The Qualcomm of car components
Intel for car propulsion systems

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eMotors & Power Electronics: Critical components like electric motors, inverters, and on-board chargers for electric and hybrid vehicles.
Drivetrain & Transmission Solutions: Systems including automatic transmission components and all-wheel drive systems for efficient power delivery.
Turbochargers: Devices that enhance engine power and fuel efficiency by compressing intake air using exhaust gas energy.
Thermal Management Products: Components such as electric pumps, fans, and cabin heaters designed to regulate temperatures within vehicle systems.
Battery Management Systems & Battery Packs: Integrated solutions for monitoring, controlling, and housing batteries in electric vehicles.

```

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BorgWarner (BWA) primarily sells its products to other companies, specifically global automotive Original Equipment Manufacturers (OEMs).

Its major customers include:

Volkswagen AG (VWAGY): BorgWarner's largest customer, accounting for approximately 18% of its net sales as of its latest annual filing (2023 10-K).
Other major global automotive OEMs: While BorgWarner's public filings indicate that its top five customers collectively accounted for approximately 43% of net sales (with Volkswagen being the largest), the names of the other individual customers are not disclosed. No other single customer accounted for 10% or more of net sales. These customers typically include other large automakers across Europe, North America, and Asia. Examples of such companies that are generally major customers for automotive suppliers like BorgWarner include:
- Ford Motor Company (F)
- General Motors Company (GM)
- Stellantis N.V. (STLA)
- Hyundai Motor Company (HYMTF, or 005380.KS on the Korea Exchange)
- Toyota Motor Corporation (TM)

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ElringKlinger AG (ZIL2.DE)
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Continental AG (CON.DE)

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Joseph F. Fadool President and Chief Executive Officer

Joseph F. Fadool was appointed President and Chief Executive Officer of BorgWarner Inc. in February 2025. Prior to this role, he served as the Executive Vice President and Chief Operating Officer from July 2024 to February 2025. Mr. Fadool's experience at BorgWarner also includes leadership positions as President and General Manager of Emissions, Thermal and Turbo Systems, Morse Systems, and TorqTransfer Systems. Before joining BorgWarner, he was the Vice President for North American Electronic Operations at Continental.

Craig D. Aaron Executive Vice President and Chief Financial Officer

Craig D. Aaron became BorgWarner's Executive Vice President and Chief Financial Officer in March 2024. He joined BorgWarner in 2007 and has held various financial roles within the company, including Vice President and Controller from 2022 to 2024, Vice President and Treasurer from 2019 to 2022, and Vice President of Finance for BorgWarner Morse Systems from 2016 to 2019. Before his tenure at BorgWarner, Mr. Aaron worked at Federal-Mogul Corporation as a corporate account manager and as an in-charge auditor at Deloitte & Touche LLP.

Tonit M. Calaway Executive Vice President, Chief Administrative Officer, General Counsel and Secretary

Tonit M. Calaway serves as BorgWarner's Executive Vice President, Chief Administrative Officer, General Counsel and Secretary.

Paul Farrell Executive Vice President and Chief Strategy Officer

Paul Farrell holds the position of Executive Vice President and Chief Strategy Officer at BorgWarner.

Tania Wingfield Executive Vice President and Chief Human Resources Officer

Tania Wingfield is the Executive Vice President and Chief Human Resources Officer for BorgWarner.

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The key risks to BorgWarner's business include:

Dependence on Automotive and Truck Production: BorgWarner's financial performance is heavily reliant on global automotive and truck production volumes, which are highly cyclical and susceptible to significant disruptions. Factors such as economic downturns, supply chain issues, and geopolitical events can directly impact production levels and, consequently, BorgWarner's sales and profitability.
Reliance on Major OEM Customers: The company's business is significantly dependent on a relatively small number of major Original Equipment Manufacturer (OEM) customers. Changes in these customer relationships, their production schedules, or their financial health can have a material adverse effect on BorgWarner.
Transition to eMobility and Associated Industry Shifts: BorgWarner faces risks related to the automotive industry's accelerating transition towards electric vehicles (eMobility). This includes challenges such as intense competition from existing and new players, rapid technological changes, the difficulty in accurately forecasting demand for electric vehicles, and evolving governmental regulations and tariffs in various countries of operation.

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1. The accelerated global adoption of battery electric vehicles (BEVs) leading to a significantly faster decline in demand for internal combustion engine (ICE) components than currently anticipated by BorgWarner. While BorgWarner is actively investing in its ePropulsion segment, an unexpectedly rapid market transition could diminish the value and demand for its legacy ICE-related products and manufacturing assets faster than its new EV-focused businesses can scale to compensate, putting significant pressure on revenue and profitability.

2. Increasing vertical integration by automotive OEMs into electric vehicle (EV) component manufacturing. Major automotive manufacturers are increasingly designing and producing key EV components, such as electric motors, inverters, and battery management systems, in-house or through joint ventures, which could limit the market opportunity and addressable market for traditional Tier 1 suppliers like BorgWarner in the rapidly growing ePropulsion space.

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BorgWarner (BWA) operates in several key automotive markets, with a strategic focus on clean and efficient technology solutions for combustion, hybrid, and electric vehicles. The addressable market sizes for its main products and services vary by product category and geographic region. Here are the estimated market sizes for BorgWarner's main products and services: * **Automotive Turbochargers** * **Global:** The global automotive turbochargers market was valued at approximately USD 14.31 billion in 2024 and is projected to reach USD 29.77 billion by 2034. Another estimate places the global market at USD 15.2 billion in 2024, growing to USD 22.9 billion by 2030. * **Europe:** This market was valued at USD 7.8 billion in 2024 and is projected to grow to USD 12.1 billion by 2034. * **North America:** The North American turbocharger market size was approximately USD 4.3 billion in 2024, with projections to reach USD 6.3 billion by 2034. * **Asia Pacific:** This region's turbocharger market size was USD 15.21 billion in 2024 and is anticipated to reach around USD 30.34 billion by 2034. Asia-Pacific held the largest share of the global turbocharger market at 48.89% in 2024. * **Electric Vehicle (EV) Thermal Management Systems** * **Global:** The global EV thermal management systems market was estimated at USD 5.6 billion in 2024 and is projected to reach approximately USD 14.4 billion by 2030. Specifically for EV battery thermal management systems, the global market size was estimated at USD 5.41 billion in 2024 and is projected to reach USD 29.09 billion by 2030. * **North America:** The North American EV thermal management system market was valued at USD 1.01 billion in 2023 and is projected to reach USD 9.45 billion by 2032. This region held approximately 40% of the global market share. * **Asia Pacific:** This region captured 48.15% of the electric vehicle thermal management system market in 2024. * **Automotive Battery Management Systems (BMS)** * **Global:** The global automotive battery management systems market was valued at USD 10.53 billion in 2024 and is projected to grow to USD 38.13 billion by 2032. * **North America:** This region held a 29.90% share of the global market in 2024. * **Europe:** The European automotive battery management system market had a value share of 28.77% in 2024 and is expected to reach approximately USD 30.75 billion by 2034. * **Asia Pacific:** This region dominated the global market with a share of 47.25% in 2023. * **Electric Propulsion Systems** * **Global:** The global electric propulsion systems market was valued at USD 10.17 billion in 2024 and is expected to reach USD 20.61 billion by 2034. * **North America:** This region commanded a 38.68% share in 2024. * **Europe:** Europe dominated the electric propulsion systems market. * **Asia-Pacific:** The market in Asia-Pacific is advancing at an 11.55% CAGR through 2030. * **Automotive Power Electronics** * **Global:** The global automotive power electronics market is valued at USD 11.5 billion in 2025 and is slated to reach USD 21.0 billion by 2035. * **Europe:** The automotive power electronics market in Europe is projected to grow from USD 3.5 billion in 2025 to USD 6.3 billion by 2035. * **Asia Pacific:** This region is projected to hold the largest share by 2025 and holds a dominant position in the global market. For other product categories such as general automotive emissions systems (beyond turbochargers and EGRs) and traditional drivetrain systems (e.g., control modules, friction and mechanical clutch products, torque-management products, coupling systems, chain systems, and variable camshaft phasing products, separate from EV propulsion systems), specific addressable market sizes that are clearly defined and differentiated from broader automotive component markets are not readily available in the provided search results. Similarly, for dedicated commercial vehicle battery systems and DC fast chargers as distinct addressable markets, specific sizing beyond the broader automotive battery or EV thermal management system markets was not found. Therefore, for these categories, the information is null.

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BorgWarner (BWA) is poised for future revenue growth over the next 2-3 years, primarily driven by its accelerated electrification strategy, expansion in hybrid vehicle technologies, strategic portfolio adjustments, and targeted growth in key global markets.

Accelerated Electrification Strategy and e-Product Portfolio Expansion: BorgWarner's "Charging Forward" strategy is a significant driver, aiming to rapidly increase its electric vehicle (EV) related revenue. The company expects its EV revenue to reach approximately 25% of total revenue by 2025 and 45% by 2030. This growth is fueled by expanding its portfolio of e-products for both electric light vehicles (eLVs) and electric commercial vehicles (eCVs). Specific product areas include integrated drive modules (iDM), power electronics, eMotors, inverters, DCDC converters, battery packs (such as LFP battery packs), advanced charging solutions (including integrated 60 kW chargers), battery management systems, and thermal management components for EVs. The company anticipates its eProduct sales for 2024 to grow by approximately 25% to 40%, and light vehicle e-product sales surged 31% year-over-year in Q2 2025.
Growth in Hybrid Vehicle Technologies: Analysts have identified BorgWarner's "favorable leverage to hybrids" as a significant potential growth catalyst. The company is actively supporting OEMs in their journey to electrification, which includes providing solutions for hybrid vehicles alongside full battery electric vehicles. This focus on hybrid technologies allows BorgWarner to cater to diverse market demands during the ongoing transition in the automotive industry. New business awards for variable cam timing (VCT) systems for next-generation hybrid and gasoline engines with a major East Asian OEM are expected to launch in Q1 2026.
Strategic Portfolio Optimization through Acquisitions and Dispositions: BorgWarner has been strategically reshaping its business through targeted acquisitions and the planned disposition of certain combustion-focused assets. Acquisitions, such as Delphi Technologies and AKASOL, have been instrumental in enhancing BorgWarner's scale and technological leadership in electronics, software, and commercial vehicle electrification. While the disposition of combustion portfolio businesses, expected to represent $3 billion to $4 billion in annual revenues, streamlines the company's focus, it also frees up capital for reinvestment in high-growth electrification areas. The acquisition of Eldor, for instance, is anticipated to contribute approximately $40 million to 2024 revenue.
Expansion in Key Global Markets: BorgWarner is strategically focusing on specific regional markets, particularly in Asia, to drive revenue growth for its electrification products. China and India are highlighted as critical markets that are leading the charge in electrification. BorgWarner's China R&D team is actively designing products, such as two types of transfer cases for SAIC Maxus export vehicles, with mass production expected to launch in 2026. The company also secured four eMotors awards with three leading Chinese OEMs for plug-in hybrids and range-extended hybrids. This targeted geographic expansion and localized product development are expected to contribute to future revenue growth.

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Share Repurchases

BorgWarner's Board of Directors authorized an increase to its share repurchase program to $1 billion through 2028, with an additional $233 million added to the existing authorization as of July 31, 2025.
The company repurchased approximately $108 million of its outstanding shares during the second quarter of 2025 and approximately $100 million during the third quarter of 2025.
BorgWarner has returned more than $3.5 billion of capital to shareholders through share repurchases and dividends since 2020.

Outbound Investments

The acquisition of Delphi Technologies in 2020 significantly enhanced BorgWarner's capabilities, particularly in power electronics and electric vehicle (EV) components, representing a strategic pivot for the company.
BorgWarner has acquired several businesses, including Santroll's light vehicle eMotor business, Rhombus Energy Solutions (charging), and Hubei Surpass Sun Electric (charging), to expand its electric vehicle portfolio.
Since 2020, just over 50% of BorgWarner's capital has been deployed to support technology-focused acquisitions.

Capital Expenditures

Capital expenditures were reported as $739 million in 2024, $713 million in 2023, and $541 million in 2022.
The company's full-year 2025 free cash flow guidance, which is influenced by capital expenditures, is expected to be in the range of $850 million to $950 million, reflecting an increase of $150 million from prior guidance.
Capital expenditures are primarily focused on supporting the company's "Charging Forward" strategy, which includes significant investments in eMobility and securing new business awards in electric vehicle products.

Better Bets than BorgWarner (BWA)

INDUSTRY: Automotive Parts & Equipment

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CAAS (10.6% | 2.6x)

China Automotive Systems

Higher Rev Chg LTM (Value for BWA: 0.1%)

MOD (8.1%)

Modine Manufacturing

MBLY (7.6%)

Mobileye Global

ATMU (3.7%)

Atmus Filtration Technologies

GNTX (3.0%)

Gentex

ALV (0.8%)

Autoliv

Higher Rev Chg 3Y Avg (Value for BWA: 7.8%)

MVST (29.4%)

Microvast

XPEL (13.5%)

XPEL

THRM (10.6%)

Gentherm

GNTX (9.9%)

Gentex

DORM (9.5%)

Dorman Products

Higher Op Mgn LTM (Value for BWA: 9.3%)

ALSN (30.8%)

Allison Transmission

GNTX (19.0%)

Gentex

MOD (11.7%)

Modine Manufacturing

ALV (10.6%)

Autoliv

APTV (10.6%)

Aptiv

Higher CFO/Rev LTM (Value for BWA: 12.1%)

MBLY (35.8%)

Mobileye Global

ALSN (26.2%)

Allison Transmission

GNTX (25.3%)

Gentex

VC (13.2%)

Visteon

GTX (12.6%)

Garrett Motion

Higher FCF/Rev LTM (Value for BWA: 8.9%)

MBLY (32.4%)

Mobileye Global

ALSN (20.5%)

Allison Transmission

GNTX (19.4%)

Gentex

GTX (10.5%)

Garrett Motion

VC (9.7%)

Visteon

Higher Total Yield (Value for BWA: 2.0%)

ALV (10.7%)

Autoliv

MGA (10.4%)

Magna International

ALSN (8.5%)

Allison Transmission

APTV (6.0%)

Aptiv

MOD (2.6%)

Modine Manufacturing

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for BWA: 7.8% | 0.7x)

GM (8.6% | 0.4x)

General Motors

F (7.8% | 0.3x)

Ford Motor

MGM (11.5% | 0.6x)

MGM Resorts International

ARMK (10.7% | 0.5x)

Aramark

LAD (11.0% | 0.2x)

Lithia Motors

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BWA: 7.8% | 7.4x)

NCLH (43.8% | 6.5x)

Norwegian Cruise Line

LAD (11.0% | 5.6x)

Lithia Motors

GPI (13.0% | 5.3x)

Group 1 Automotive

CROX (14.5% | 5.1x)

Crocs

HGV (10.9% | 7.2x)

Hilton Grand Vacations

Higher Rev Chg LTM (Value for BWA: 0.1%)

BKNG (13.0%)

Booking

AMZN (10.9%)

Amazon.com

HD (7.5%)

Home Depot

TJX (4.5%)

TJX Companies

MCD (1.2%)

McDonald's

Higher Rev Chg 3Y Avg (Value for BWA: 7.8%)

MELI (39.5%)

MercadoLibre

DASH (27.8%)

DoorDash

BKNG (17.8%)

Booking

AMZN (11.3%)

Amazon.com

TSLA (9.3%)

Tesla

Higher Op Mgn LTM (Value for BWA: 9.3%)

MCD (46.1%)

McDonald's

BKNG (34.5%)

Booking

HD (13.0%)

Home Depot

AMZN (11.4%)

Amazon.com

TJX (11.3%)

TJX Companies

Higher CFO/Rev LTM (Value for BWA: 12.1%)

MCD (39.9%)

McDonald's

MELI (37.5%)

MercadoLibre

BKNG (33.2%)

Booking

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

Higher FCF/Rev LTM (Value for BWA: 8.9%)

ABNB (38.4%)

Airbnb

MELI (32.9%)

MercadoLibre

BKNG (31.9%)

Booking

MCD (28.1%)

McDonald's

DASH (15.8%)

DoorDash

Higher Total Yield (Value for BWA: 2.0%)

HD (6.8%)

Home Depot

MCD (6.1%)

McDonald's

TJX (4.0%)

TJX Companies

BKNG (3.6%)

Booking

AMZN (2.9%)

Amazon.com

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BWA: 7.8% | 0.7x)

MCK (12.6% | 0.3x)

McKesson

ELV (8.4% | 0.4x)

Elevance Health

CI (13.6% | 0.3x)

Cigna

COR (10.4% | 0.2x)

Cencora

UAL (13.2% | 0.6x)

United Airlines

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BWA: 7.8% | 7.4x)

UAL (13.2% | 7.1x)

United Airlines

IBKR (48.1% | 3.5x)

Interactive Brokers

RCI (11.8% | 4.1x)

Rogers Communications

UHS (8.7% | 7.4x)

Universal Health Services

JEF (14.6% | 2.9x)

Jefferies Financial

Higher Rev Chg LTM (Value for BWA: 0.1%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for BWA: 7.8%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for BWA: 9.3%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for BWA: 12.1%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for BWA: 8.9%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for BWA: 2.0%)

META (3.8%)

Meta Platforms

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Consumer Discretionary Sector
	BWA	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	72.7	31.8	34.9	21.6	26.3	30.4	22.1	12.1	25.2	21.6	17.3
P/EBIT	17.7	30.9	21.0	78.7	18.1	13.4	14.7	8.9	22.2	18.8	10.2
What You Get
Rev Chg Q	4.1%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	0.1%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	7.8%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	5.8%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	BorgWarner Earnings Notes
2	BorgWarner Earnings Notes
3	BorgWarner Earnings Notes
4	How Low Can BorgWarner Stock Really Go?	Return
5	After BWA's 17% Climb in a Month, CHTR Looks Like the Stronger Long-Term Play	Counter-Intuitive Comparisons
6	Big Move for BWA, but Do TMHC's Margins and Growth Give It the Edge?	Counter-Intuitive Comparisons
7	How Does BorgWarner Stock Stack Up Against Its Peers?	Peer Comparison
8	Better Bet Than BWA Stock: Pay Less Than BorgWarner To Get More From UAL, IBKR
9	Better Bet Than BWA Stock: Pay Less Than BorgWarner To Get More From DFH, GRBK
10	BWA Dip Buy Analysis

	Title
0	ARTICLES

Trade Ideas

Select ideas related to BWA. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.7%	13.7%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.0%	6.0%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.8%	3.8%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.6%
BWA_6302022_Dip_Buyer_FCFYield	06302022	BWA	BorgWarner	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.3%	48.9%	-5.5%
BWA_7312019_Dip_Buyer_FCFYield	07312019	BWA	BorgWarner	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.8%	0.2%	-47.0%
BWA_12312018_Dip_Buyer_FCFYield	12312018	BWA	BorgWarner	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.8%	27.1%	-10.3%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for BorgWarner

Peers to compare with:

Financials

	BWA	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	BorgWarn.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	45.57	23.26	24.49	305.09	78.16	273.40	61.86
Mkt Cap	9.7	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	14,183	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	1,317	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	1,261	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	816	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	1,711	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	1,479	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	BWA	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	BorgWarn.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	0.1%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	7.8%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	4.1%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	1.0%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	9.3%	6.6%	4.8%	17.7%	22.5%	31.9%	13.5%
Op Mgn 3Y Avg	9.1%	7.4%	7.2%	16.4%	24.2%	30.8%	12.7%
QoQ Delta Op Mgn LTM	0.1%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.1%
CFO/Rev LTM	12.1%	6.7%	8.5%	20.6%	23.8%	26.6%	16.3%
CFO/Rev 3Y Avg	10.5%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	8.9%	5.1%	1.8%	18.1%	22.1%	23.5%	13.5%
FCF/Rev 3Y Avg	5.8%	5.5%	4.6%	18.6%	24.6%	25.6%	12.2%

Valuation

	BWA	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	BorgWarn.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	9.7	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.7	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	17.7	6.8	19.9	25.1	22.5	31.3	21.2
P/E	72.7	8.6	572.7	36.0	29.9	41.0	38.5
P/CFO	5.7	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	2.0%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	0.6%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	9.2%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.4	0.5	0.7	0.2	0.1	0.0	0.3
Net D/E	0.2	0.3	0.6	0.2	0.0	0.0	0.2

Returns

	BWA	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	BorgWarn.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	6.5%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	3.9%	-11.9%	2.7%	7.9%	17.0%	7.1%	5.5%
6M Rtn	36.7%	-4.0%	34.5%	6.6%	15.2%	36.3%	24.9%
12M Rtn	43.7%	-27.0%	16.2%	40.5%	34.5%	7.5%	25.3%
3Y Rtn	36.6%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	2.5%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	-0.4%	-16.2%	-1.7%	3.6%	12.7%	2.8%	1.2%
6M Excs Rtn	24.4%	-16.3%	22.3%	-5.7%	3.0%	24.0%	12.6%
12M Excs Rtn	28.6%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	9.6%
3Y Excs Rtn	-48.0%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	How Does BorgWarner Stock Stack Up Against Its Peers?
1	APTV Looks Stronger Than BWA With 21% Return Potential
2	With 35% Gains On The Table, GNTX May Outshine BWA
3	LEA Could Deliver 13% Returns And Outperform BWA
4	With 13% Gains On The Table, BWA May Outshine ALSN
5	BorgWarner vs. Roper Technologies: With Return Forecast Of 26%, BorgWarner Is A Better Bet
6	BorgWarner vs. Edwards Lifesciences: With Return Forecast Of 21%-26%, Both Seem Like Good Bets
7	BorgWarner vs. Synopsys: With Return Forecast Of 26%, BorgWarner Is A Better Bet
8	BorgWarner vs. Teva Pharmaceutical Industries: With Return Forecast Of 23%, BorgWarner Is A Better Bet
9	BorgWarner vs. Newell Rubbermaid: With Return Forecast Of 38%, Newell Rubbermaid Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/6/2025	2/8/2024	2/9/2023	2/15/2022	2/22/2021	2/13/2020
Key Financials
Total Revenue	14,183	14,086	14,198	12,635	11,803	10,165	10,168
EBITDA	1,281	1,296	1,646	1,536	1,166	1,605	1,759
Operating Income	1,317	1,303	1,263	1,083	1,099	925	1,230
Net Income	134	338	625	944	537	500	746
EPS	0.65	1.51	2.68	4.01	2.25	2.35	3.63
Growth Rates
Total Revenue Growth	0.1%	-0.8%	12.4%	7.0%	16.1%	-0.0%	-3.4%
EBITDA Growth	-23.8%	-21.3%	7.2%	31.7%	-27.4%	-8.8%	4.3%
Operating Income Growth	3.1%	3.2%	16.6%	-1.5%	18.8%	-24.8%	-4.5%
Net Income Growth	-85.1%	-45.9%	-33.8%	75.8%	7.4%	-33.0%	-19.9%
Margins
EBITDA Margin	9.0%	9.2%	11.6%	12.2%	9.9%	15.8%	17.3%
Operating Income Margin	9.3%	9.3%	8.9%	8.6%	9.3%	9.1%	12.1%
Net Income Margin	0.9%	2.4%	4.4%	7.5%	4.5%	4.9%	7.3%
Cash & Debt
Total Cash	2,172	2,094	1,534	1,083	1,844	1,650	832
Total Debt	4,060	4,343	3,929	4,307	4,522	4,006	2,045
Net Debt / (Cash)	1,888	2,249	2,395	3,224	2,678	2,356	1,213
Cash Flows
Net Cash from Operations	1,711	1,382	1,397	1,180	1,210	1,184	1,008
Free Cash from Operations	1,261	729	565	558	694	723	527
Returns to Shareholders
Dividends	108	98	130	161	162	146	140
Share Repurchases	211	402	177	240	-0	216	100

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/31/2025	5/7/2025	2/6/2025	10/31/2024	7/31/2024	5/2/2024	2/8/2024	11/2/2023	8/2/2023	5/4/2023	2/9/2023
Key Financials Quarterly
Total Revenue	3,591	3,638	3,515	3,439	3,449	3,603	3,595	3,522	3,622	3,671	3,383	3,317
Ebitda	492	487	415	-113	479	475	455	273	465	437	407	384
Operating Income	323	320	326	348	296	348	316	317	322	342	285	304
Net Income	158	224	157	-405	234	303	206	154	50	204	217	255
EPS	0.74	1.04	0.72	-1.85	1.04	1.34	0.91	0.67	0.21	0.88	0.93	1.09
Key Financials TTM
Total Revenue TTM	14,183	14,041	14,006	14,086	14,169	14,342	14,410	14,198	13,993	13,597	13,685	14,176
Ebitda TTM	1,281	1,268	1,256	1,296	1,682	1,668	1,630	1,582	1,693	1,547	1,604	1,711
Operating Income TTM	1,317	1,290	1,318	1,308	1,277	1,303	1,297	1,266	1,253	1,213	1,184	1,265
Net Income TTM	134	210	289	338	897	713	614	625	726	949	961	944
Growth Rates Quarterly
Total Revenue Growth	4.1%	1.0%	-2.2%	-2.4%	-4.8%	-1.9%	6.3%	6.2%	12.3%	-2.3%	-12.7%	435.0%
EBITDA Growth	2.7%	2.5%	-8.8%	-141.4%	3.0%	8.7%	11.8%	-28.9%	45.8%	-11.5%	-20.8%	404.8%
Operating Income Growth	9.1%	-8.0%	3.2%	9.8%	-8.1%	1.8%	10.9%	4.3%	14.2%	9.3%	-22.1%	30300.0%
Net Income Growth	-32.5%	-26.1%	-23.8%	-363.0%	368.0%	48.5%	-5.1%	-39.6%	-81.7%	-5.6%	8.5%	97.7%
Margins Quarterly
EBITDA Margin	13.7%	13.4%	11.8%	-3.3%	13.9%	13.2%	12.7%	7.8%	12.8%	11.9%	12.0%	11.6%
Operating Income Margin	9.0%	8.8%	9.3%	10.1%	8.6%	9.7%	8.8%	9.0%	8.9%	9.3%	8.4%	9.2%
Net Income Margin	4.4%	6.2%	4.5%	-11.8%	6.8%	8.4%	5.7%	4.4%	1.4%	5.6%	6.4%	7.7%
Cash & Debt
Total Cash	2,172	2,041	1,707	2,094	2,000	1,288	1,037	1,534	949	848	950	1,083
Total Debt	4,060	4,077	4,040	4,343	4,739	3,874	3,883	3,929	3,860	4,451	4,442	4,307
Net Debt / (Cash)	1,888	2,036	2,333	2,249	2,739	2,586	2,846	2,395	2,911	3,603	3,492	3,224
Cash Flows Quarterly
FCF from Operations	368	579	82	682	356	462	-118	887	221	230	59	628
Cash Flows TTM
FCF from Operations TTM	1,711	1,699	1,582	1,382	1,587	1,452	1,220	1,397	1,138	1,137	1,123	1,180
Returns to Shareholders Quarterly
Dividends	36	24	24	24	24	25	25	25	26	40	39	40
Share Repurchases	102	108	-0	1	301	-0	100	177	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	47.7%	51.4%	41.2%	61.9%	41.1%	53.8%	34.9%	39.3%	19.5%	33.8%	23.8%	34.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	29.8%	37.2%	43.6%	46.2%	42.2%	39.7%	33.0%	37.4%	32.1%	27.5%	26.9%	30.7%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Drivetrain & Morse Systems	4,262	3,963
Turbos & Thermal Technologies	3,938
Other	3,185
Corporate	1,733	1,694	1,722	2,133	1,091
Battery & Charging Systems	1,335
Aftermarket		1,281	1,179	806
Air Management		5,376	6,229	5,714	4,536
Fuel Systems		2,227	2,282	1,964
PowerDrive Systems		2,453
E-Propulsion & Drivetrain			5,163	5,412	4,075
Total	14,453	16,994	16,575	16,029	9,702

Price Behavior

Price Behavior

Market Price	$45.57
Market Cap ($ Bil)	9.7
First Trading Date	08/13/1993
Distance from 52W High	-0.6%
	50 Days	200 Days
DMA Price	$43.80	$37.27
DMA Trend	up	indeterminate
Distance from DMA	4.0%	22.3%
	3M	1YR
Volatility	27.6%	30.2%
Downside Capture	85.69	74.57
Upside Capture	86.58	98.76
Correlation (SPY)	31.6%	56.9%

BWA Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.06	0.60	0.64	0.76	0.88	0.94
Up Beta	0.60	0.35	0.76	1.23	0.94	0.96
Down Beta	0.91	0.53	0.54	0.47	0.87	0.81
Up Capture	96%	53%	55%	95%	86%	79%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	24	37	71	139	407
Down Capture	132%	82%	73%	51%	84%	102%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	17	25	54	109	340

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of BWA With Other Asset Classes (Last 1Y)
	BWA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	45.1%	7.5%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	30.0%	24.3%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	1.25	0.24	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		57.2%	56.8%	-0.5%	15.1%	51.8%	23.9%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of BWA With Other Asset Classes (Last 5Y)
	BWA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.4%	9.6%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	32.6%	23.8%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.28	0.36	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		49.8%	52.7%	7.1%	18.7%	43.0%	19.1%

Based On 10-Year Data

		Comparison of BWA With Other Asset Classes (Last 10Y)
	BWA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.9%	13.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	34.2%	21.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.21	0.55	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		56.3%	58.2%	-0.4%	27.2%	42.6%	12.6%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	12,424,557
Short Interest: % Change Since 11302025	4.0%
Average Daily Volume	2,710,218
Days-to-Cover Short Interest	4.58
Basic Shares Quantity	213,700,000
Short % of Basic Shares	5.8%

Returns Analyses

	Title
0	How Low Can BorgWarner Stock Really Go?
1	BWA YTD Stock Return Of 0.7% Outperforms LEA by 10% and Underperforms ALSN by -29%
2	BorgWarner Stock Return Comparison
3	BorgWarner Total Shareholder Return (TSR): -9.2% in 2022 and -0.8% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	3.1%	4.8%	0.4%
7/31/2025	6.6%	10.2%	24.3%
5/7/2025	4.4%	14.2%	11.3%
2/6/2025	-3.0%	-7.3%	-4.0%
10/31/2024	0.2%	3.9%	2.3%
7/31/2024	8.8%	-1.8%	3.7%
5/2/2024	8.4%	14.1%	8.5%
2/8/2024	-6.9%	-8.0%	-5.0%
...
SUMMARY STATS
# Positive	14	9	15
# Negative	10	15	9
Median Positive	4.2%	6.5%	8.5%
Median Negative	-6.1%	-4.6%	-8.2%
Max Positive	8.8%	14.2%	30.4%
Max Negative	-13.1%	-12.8%	-21.2%

	Forward Returns
10/30/2025	3.1%	4.8%	0.4%
7/31/2025	6.6%	10.2%	24.3%
5/7/2025	4.4%	14.2%	11.3%
2/6/2025	-3.0%	-7.3%	-4.0%
10/31/2024	0.2%	3.9%	2.3%
7/31/2024	8.8%	-1.8%	3.7%
5/2/2024	8.4%	14.1%	8.5%
2/8/2024	-6.9%	-8.0%	-5.0%
11/2/2023	-13.1%	-12.8%	-8.2%
8/2/2023	-7.5%	-9.8%	-12.4%
5/4/2023	-7.9%	-4.6%	3.0%
2/9/2023	2.8%	5.9%	3.2%
10/27/2022	0.9%	-0.5%	15.6%
8/3/2022	2.5%	-1.3%	-1.8%
5/4/2022	2.2%	-4.8%	5.9%
2/15/2022	5.9%	-0.9%	-10.4%
11/3/2021	-0.1%	-1.2%	-5.6%
8/4/2021	-5.3%	-7.1%	-13.4%
5/5/2021	5.4%	6.5%	12.3%
2/11/2021	-1.9%	-1.4%	15.6%
10/29/2020	-3.3%	-2.2%	7.8%
8/5/2020	4.2%	12.3%	16.0%
5/6/2020	4.1%	4.7%	30.4%
1/28/2020	-7.6%	-10.4%	-21.2%
SUMMARY STATS
# Positive	14	9	15
# Negative	10	15	9
Median Positive	4.2%	6.5%	8.5%
Median Negative	-6.1%	-4.6%	-8.2%
Max Positive	8.8%	14.2%	30.4%
Max Negative	-13.1%	-12.8%	-21.2%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2062025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	7312024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2082024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8022023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2092023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5042022	10-Q 3/31/2022
12312021	2152022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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BorgWarner (BWA)

Market Price (12/28/2025): $45.575 | Market Cap: $9.7 BilSector: Consumer Discretionary | Industry: Automotive Parts & Equipment

BorgWarner (BWA)

Market Price (12/28/2025): $45.575Market Cap: $9.7 BilSector: Consumer DiscretionaryIndustry: Automotive Parts & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

BWA Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About BorgWarner (BWA)

Interactive Breakdown

Better Bets than BorgWarner (BWA)

INDUSTRY: Automotive Parts & Equipment

Higher Rev Chg 3Y Avg | Lower P/S (Values for BWA: 7.8% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BWA: 7.8% | 7.4x)

Higher Rev Chg LTM (Value for BWA: 0.1%)

Higher Rev Chg 3Y Avg (Value for BWA: 7.8%)

Higher Op Mgn LTM (Value for BWA: 9.3%)

Higher CFO/Rev LTM (Value for BWA: 12.1%)

Higher FCF/Rev LTM (Value for BWA: 8.9%)

Higher Total Yield (Value for BWA: 2.0%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for BWA: 7.8% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BWA: 7.8% | 7.4x)

Higher Rev Chg LTM (Value for BWA: 0.1%)

Higher Rev Chg 3Y Avg (Value for BWA: 7.8%)

Higher Op Mgn LTM (Value for BWA: 9.3%)

Higher CFO/Rev LTM (Value for BWA: 12.1%)

Higher FCF/Rev LTM (Value for BWA: 8.9%)

Higher Total Yield (Value for BWA: 2.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BWA: 7.8% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BWA: 7.8% | 7.4x)

Higher Rev Chg LTM (Value for BWA: 0.1%)

Higher Rev Chg 3Y Avg (Value for BWA: 7.8%)

Higher Op Mgn LTM (Value for BWA: 9.3%)

Higher CFO/Rev LTM (Value for BWA: 12.1%)

Higher FCF/Rev LTM (Value for BWA: 8.9%)

Higher Total Yield (Value for BWA: 2.0%)

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Financials

Market Price (12/28/2025): $45.575 | Market Cap: $9.7 Bil
Sector: Consumer Discretionary | Industry: Automotive Parts & Equipment

Market Price (12/28/2025): $45.575
Market Cap: $9.7 Bil
Sector: Consumer Discretionary
Industry: Automotive Parts & Equipment