BorgWarner
BWANYSEUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $51.44 Prior regular-session close from the quote source.
- $50.28–$51.67 Regular-session low and high so far today.
- 2.3M Regular-session shares traded · Nov 10, 4:00 PM ET.
- Feb 10 projected Projected for 2027-02-10 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $40.73–$78.82 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own BWA if that vehicle-content durability converts back into materially better margins and per-share earnings.
BWA price history
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INVESTMENT THESIS
What must happen next
OEM outsourcing and BorgWarner’s engineering-qualified vehicle content remain durable enough to keep the sales base intact across the propulsion transition.HoldingMateriality: High
Annual GAAP revenue was $14.316 billion in FY2025, slightly above $14.086 billion in FY2024. If this holds, BorgWarner has a large revenue platform to improve margins from; if it breaks, margin recovery cannot offset lost platform content.
Watch: Major automakers insource propulsion, drivetrain, or electrified-component systems that BorgWarner currently supplies.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP revenue was $14.316 billion in FY2025, slightly above $14.086 billion in FY2024.
Open source ↗BorgWarner’s pricing, purchasing, and manufacturing capabilities are still offsetting enough OEM price pressure and input-cost volatility to protect gross-profit dollars.StrengtheningMateriality: High
Annual GAAP gross profit increased to $2.674 billion in FY2025 from $2.648 billion in FY2024. Gross-profit resilience is the first proof that revenue is not being bought at uneconomic prices.
Watch: OEMs impose larger annual price-downs without matching cost relief.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP gross profit increased to $2.674 billion in FY2025 from $2.648 billion in FY2024.
Open source ↗The transition portfolio must stop absorbing fixed costs, restructuring expense, and launch inefficiency so stable demand can convert back into operating income.WeakeningMateriality: Medium
Annual GAAP operating income remained positive at $536 million in FY2025. This is the difference between a resilient supplier franchise and a low-return revenue base.
Watch: EV or hybrid program delays leave BorgWarner with underutilized plants and engineering expense ahead of volume.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating income remained positive at $536 million in FY2025.
Open source ↗BorgWarner’s liquidity and liability discipline give it time to fund product-transition investment and auto-cycle volatility without being forced into value-destructive financing.StrengtheningMateriality: Medium
Cash was $2.313 billion at FY2025 year-end, up from $2.094 billion at FY2024 year-end. A strong liquidity position lets management invest through the cycle and protects owners from forced dilution or distressed balance-sheet actions.
Watch: A vehicle-production downturn causes working-capital absorption and cash burn before cost actions take effect.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $2.313 billion at FY2025 year-end, up from $2.094 billion at FY2024 year-end.
Open source ↗Per-share value creation depends on converting engineering content into earnings after OEM price-downs and transition costs, and the current earnings trajectory has not yet proven that conversion.WeakeningMateriality: Medium
Annual GAAP diluted EPS was positive at $1.28 in FY2025. Owners do not benefit from stable sales if those sales fail to rebuild EPS and cash returns per share.
Watch: Program mix shifts toward lower-margin components faster than management can reduce legacy fixed costs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP diluted EPS was positive at $1.28 in FY2025.
Open source ↗
Full investment case & evidence
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Original research
OEM outsourcing and BorgWarner’s engineering-qualified vehicle content remain durable enough to keep the sales base intact across the propulsion transition. If this holds, BorgWarner has a large revenue platform to improve margins from; if it breaks, margin recovery cannot offset lost platform content.
BorgWarner’s pricing, purchasing, and manufacturing capabilities are still offsetting enough OEM price pressure and input-cost volatility to protect gross-profit dollars. Gross-profit resilience is the first proof that revenue is not being bought at uneconomic prices.
The transition portfolio must stop absorbing fixed costs, restructuring expense, and launch inefficiency so stable demand can convert back into operating income. This is the difference between a resilient supplier franchise and a low-return revenue base.
BorgWarner’s liquidity and liability discipline give it time to fund product-transition investment and auto-cycle volatility without being forced into value-destructive financing. A strong liquidity position lets management invest through the cycle and protects owners from forced dilution or distressed balance-sheet actions.
Per-share value creation depends on converting engineering content into earnings after OEM price-downs and transition costs, and the current earnings trajectory has not yet proven that conversion. Owners do not benefit from stable sales if those sales fail to rebuild EPS and cash returns per share.
All standing thesis claims
Original report summary
that vehicle-content durability converts back into materially better margins and per-share earnings.
BULL CASE / BEAR CASE
Bull case and bear case for Borgwarner
Where the evidence on Borgwarner disagrees: Mixed on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 2 strengthening, 1 holding and 2 weakening.
Bull case: what the evidence supports
OEM outsourcing and BorgWarner’s engineering-qualified vehicle content remain durable enough to keep the sales base intact across the propulsion transition.
BorgWarner’s pricing, purchasing, and manufacturing capabilities are still offsetting enough OEM price pressure and input-cost volatility to protect gross-profit dollars.
BorgWarner’s liquidity and liability discipline give it time to fund product-transition investment and auto-cycle volatility without being forced into value-destructive financing.
Bear case: what the evidence questions
The transition portfolio must stop absorbing fixed costs, restructuring expense, and launch inefficiency so stable demand can convert back into operating income.
Per-share value creation depends on converting engineering content into earnings after OEM price-downs and transition costs, and the current earnings trajectory has not yet proven that conversion.
Thesis-Break Engine
Thesis-break watch · Borgwarner
No break has crossed Borgwarner’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDRegulation FD disclosure.
Borgwarner filed an SEC 8-K on 2026-09-04: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MIXEDRegulation FD disclosure.
Borgwarner filed an SEC 8-K on 2026-08-10: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MIXEDReported results of operations (earnings release).
Borgwarner filed an SEC 8-K on 2026-08-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Major automakers insource propulsion, drivetrain, or electrified-component systems that BorgWarner currently supplies.
- OEMs impose larger annual price-downs without matching cost relief.
- EV or hybrid program delays leave BorgWarner with underutilized plants and engineering expense ahead of volume.
- A vehicle-production downturn causes working-capital absorption and cash burn before cost actions take effect.
- Program mix shifts toward lower-margin components faster than management can reduce legacy fixed costs.
BWA news
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FINANCIAL STATEMENTS
BWA income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
BWA: quick answers
- When does Borgwarner (BWA) report earnings next?
- Borgwarner's next results are projected for February 10, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 29, 2026. Earnings calendar
- What is BWA's short interest?
- As of October 30, 2026, 6.0M BWA shares were sold short, down 11.2% from the count before. At the stock's average daily volume that is 1.8 days to cover. FINRA publishes the count twice a month. BWA short interest history
- Have members of Congress traded BWA?
- 24 trades in BWA have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed BWA trade
- Which well-known investors own BWA?
- 2 of the 37 well-known funds tracked here reported BWA shares in their latest 13F filings. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.2%; Soros Fund Management (George Soros), 0.0%. Fund portfolios
BWA in well-known investors’ portfolios
2 of 37 funds reported BWA shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.17% | $41.4M | −4.0% | Q2 2026 |
| George SorosSoros Fund Management | 0.02% | $1.3M | New | Q2 2026 |