BWABorgWarner Inc.
Is the business good?
The checks split: nothing decisive, though margins compressing.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 5% = margin × turnover × leverage.
All from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BWA?
BorgWarner Inc. earns 6.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 3.0 points below what the capital costs: growth destroys value
- Operating margin
- 5.0%
Operating margin · Auto Parts median 5.8% · 12 months to Q2 2026
- Share count, year on year
- −5.5%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 4.9%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 6.1% |
| FY2021 | 7.7% |
| FY2022 | 8.0% |
| FY2023 | 8.2% |
| FY2024 | 3.9% |
| FY2025 | 3.7% |
Details›
- Gross margin12 months to Q2 2026
- 19%
- Operating margin12 months to Q2 2026
- 5.0%
- Net margin12 months to Q2 2026
- 2.9%
- R&D as % of revenue
- 4.9%
- Revenue, trailing twelve months
- $14.3B
- Net income, trailing twelve months
- $415M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from BWA and who it buys from, as the companies report it.
- Volkswagen13%
Share of revenue · FY2025 10-K
- FFord Motor Company12%
Share of revenue · FY2025 10-K
- Top ten customers71%
Combined share of revenue · FY2025 10-K
- GMGeneral Motors
Named in BWA’s FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; BWA’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported. A link without a share is named in one of the two companies’ annual reports, without a figure.