BWABORGWARNER INC

Motor Vehicle Parts & Accessories

Revenue: $14.3B; 1.6% YoY
Operating margin: 3.7%; 3.4% YoY
EBITDA: $1.3B; 3.0% YoY
Market cap: $10.7B
Employees: 200; $72M revenue each
Net debt / EBITDA: 0.3×; $400M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
595% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
38% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$72M · 100th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 33rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.8B	$12.6B	$14.2B	$14.1B	$14.3B	1.6%
Operating income	$914M	$1.0B	$1.2B	$546M	$536M	1.8%
Net income	$537M	$944M	$625M	$338M	$277M	18%
Operating cash flow	$1.3B	$1.6B	$1.4B	$1.4B	$1.6B	19%
Capex	$514M	$622M	$832M	$671M	$469M	30%
Stock-based comp	$50M	$64M	$58M	$62M	$66M	6.5%
Buybacks	$0	$240M	$177M	$402M	$508M	26%
Dividends	$162M	$161M	$130M	$98M	$119M	21%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $501K · 1
Open-market sells, 12 mo: $18M · 30
Net: −$17M

Pay vs performance

No pay-versus-performance disclosure yet.