BORGWARNER INC (BWA): what the price assumes
boothcheck covers BORGWARNER INC (BWA) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-07-25.
Generated: 2026-09-07 · Exported: 2026-09-09 · Source: https://boothcheck.com/report/BWA
Headline
| Field | Value |
|---|---|
| Ticker | BWA |
| Company | BORGWARNER INC |
| Sector / Industry | Consumer Cyclical |
| Current price | $67.54/sh |
| Composition | Foundational products 82% / eProducts 18% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Operating margin (value-band context) | 4.3% |
| Operating margin (mid-cycle) | 10.7% |
| Margin compression (value-band) | -6.4pp |
| Trailing margin (depressed year) | 5.0% |
| Multiple paid | 10x mid-cycle operating income |
The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.
The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.
Solve inputs: computed at a 9% cost of capital with 4% terminal growth over a 5-year stage.
How unusual the bet is: within-range (limited comparison data)
| Reference | Value |
|---|---|
| vs own history | -0.41σ |
| cohort percentile (of 212 peers) | 17 |
Valuation X-Ray
The price is justified by relative-multiple; asset-based/earnings-power land below the price.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 3.45x | 5 | expensive |
| Earnings | 1.65x | 3 | expensive |
| Relative | 1.18x | 2 | expensive |
| Growth | 1.37x | 2 | expensive |
Families that justify the price: Relative Families that call it expensive: Asset, Earnings
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 7.3%); the inversion above states its own rate.
Per-Model Detail (n=12)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $1.91 | 35.36x | yes | FCF base $0.2B, growth 2% (input: historical growth), terminal g 2.2%, WACC 7.3%, 5yr projection (excluded from median) |
| DCF Exit Multiple | Growth | $51.54 | 1.31x | yes | Exit EV/EBITDA: 10.8x / 12.8x / 14.8x (bear / base = today's held flat / bull), 5yr |
| Relative Valuation | Relative | — | — | no | P/E 23.95x (blended: static sector reference 20x + trailing (TTM) 33x), scenarios: 20.3x / 23.9x / 27.6x (bear / base = reference held flat / bull), EV/EBITDA 13x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | — | — | no | — |
| Simple Excess Return | Asset | $22.03 | 3.07x | yes | BV/sh $27.60, ROE (TTM) 7.4%, ke 9.3% |
| Two-Stage Excess Return | Asset | $19.59 | 3.45x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $46.97 | 1.44x | yes | Rev $14.3B, growth 2% (input: historical growth; tapered), Terminal P/S: 0.8x / 1.0x / 1.1x (bear / base = today's held flat / bull, cap 8x) |
| Peter Lynch Fair Value | Relative | $47.70 | 1.42x | yes | EPS $2.03, growth 23% (input: historical EPS growth), PEG=1.41 (Fair) |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $41.00 | 1.65x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $1.15B × (1−22%) / WACC 7.3% → EPV (no growth) |
| Residual Income | Asset | $19.23 | 3.51x | yes | BV $27.60 + 5yr PV of (ROE (TTM) 7.4% − Kₑ 9.3%) × BV; BV grows 4.8%/yr |
| Graham Number | Asset | $35.50 | 1.90x | yes | √(22.5 × EPS $2.03 × BVPS $27.60) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | — | — | no | EBITDA $1.40B × sector EV/EBITDA 13.0x |
| FCF Yield | Earnings | $0.01 | 6754.00x | yes | FCF $226.0M / Kₑ 9.3% — zero-growth perpetuity (excluded from median) |
| SBC-Adj FCF Yield | Earnings | $0.01 | 6754.00x | yes | SBC-adj FCF $0.18B (FCF $0.23B − SBC $0.04B) capitalized at Kₑ (excluded from median) |
| Ben Graham Formula | Earnings | $65.50 | 1.03x | yes | EPS $2.03 × (8.5 + 2×15.0%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $11.38 | 5.93x | yes | BV $27.60 × (ROIC 3.0% / WACC 7.3%) |
| P/Sales Sector | Relative | — | — | no | Revenue $14.34B × sector P/S 1.5x |
| PEG Fair Value | Relative | $71.55 | 0.94x | yes | EPS $2.03 × (PEG 1.5 × growth 23.5% (input: historical EPS growth)) → PE 35.2x |
| Earnings Yield | Earnings | $21.95 | 3.08x | yes | EPS $2.03 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Economic-Unit Decomposition (Sum Of The Parts)
One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.
| Unit | Role | Valuation basis | Revenue | Reported profit | Value evidence | Status |
|---|---|---|---|---|---|---|
| Turbos & Thermal Technologies | operating | enterprise | $5.8b | — | withheld | unresolved no unit value |
| Drivetrain & Morse Systems | operating | enterprise | $5.6b | — | withheld | unresolved no unit value |
| PowerDrive Systems | operating | enterprise | $2.3b | — | withheld | unresolved no unit value |
| Battery & Charging Systems | operating | enterprise | $590.0m | — | withheld | unresolved no unit value |
No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.
Solvency
| Field | Value |
|---|---|
| Net debt | $1.6b |
| Net debt / NOPAT (after-tax) | 1.30x |
| Net debt / operating income (pre-tax) | 1.02x |
| Interest coverage | 15.9x |
| Share count CAGR (buyback) | -3.5% |
| Burning cash | no |
Leverage and coverage are computed on normalized mid-cycle operating income (mid-cycle margin 10.7%); the trailing year was depressed.
Bullet Takeaways
- Roughly 82% of what BorgWarner sells is foundational combustion and drivetrain product, with eProducts the remaining 18%, and it is the eProducts side that has been shrinking: the company guides to a further decline of about $210 million in Battery Energy Systems sales during 2026.
- Concentration is the structural risk, and the 10-K quantifies it: sales to the company's top ten customers represented 71% of sales for the year ended December 31, 2025, with 84% of consolidated net sales produced outside the United States.
- Watch the gap between reported and underlying profitability close: the company guides U.S. GAAP operating income for 2026 to 9.7% to 9.9% of net sales, against a trailing margin held down by a fourth-quarter 2025 write-down of electric-vehicle assets.
Bull Case
The income statement and the business are currently describing two different years. In the fourth quarter of 2025 BorgWarner wrote down $167 million of property, plant and equipment tied to its Battery & Charging Systems operations, valuing the assets on what the 10-K calls an "estimated orderly liquidation value based on the Company's determination of the highest and best use of the relevant assets", and took a further $31 million of restructuring costs in PowerDrive Systems. Those charges sit inside the trailing twelve months. Any method that capitalizes trailing earnings or trailing return on equity is therefore capitalizing the cost of exiting an electric-vehicle build-out, and calling that the earnings power of a company that supplies turbochargers, transmissions and thermal systems to most of the world's automakers.
What the operating business actually did in the most recent quarter is a different picture. First-quarter 2026 net sales were $3,533 million, up about 1% as reported, with U.S. GAAP operating income of $336 million, a 9.5% margin, and GAAP net earnings of $1.16 per diluted share. For the full year the company guides U.S. GAAP operating income to a band of 9.7% to 9.9% of net sales. That is a business generating close to a tenth of every sales dollar as operating profit, in a year in which it expects its own light-vehicle markets to be down 3% to roughly flat.
The order book behind it is unglamorous and long-dated, which in this industry is the point. During the first quarter the company announced twelve new business awards, among them a seven-year contract extension covering eight families of engine, machine, power module and battery management controllers with a large off-highway engine manufacturer, three turbocharger program extensions plus a conquest award with a major European automaker phasing in from 2026 through 2029, and conquest variable-turbine-geometry turbocharger and exhaust-gas-recirculation cooler awards with a European commercial vehicle maker for 2028 production. Auto-supply awards are booked years before they earn anything, and they are the closest thing to visibility this sector offers.
Capital is coming back rather than going into more capacity. The 10-K records a repurchase authorization under which $400 million of common stock had been bought as of December 31, 2025, and the company returned roughly $185 million to shareholders in the first quarter of 2026, $150 million of it through repurchases and $35 million as a dividend. The share count has fallen about 3.4% a year over the past four years. Buying back stock at ten times operating profit retires considerably more earnings power per dollar than buying it at the multiples several of these peers carry, and unlike a capacity investment it cannot be impaired later.
Bear Case
Follow the capital and the bear case writes itself. BorgWarner spent years building capacity for an electrification transition that arrived on someone else's schedule. The 10-K describes the moment the arithmetic broke: in the fourth quarter of 2024 the company saw "deterioration in the forecast of its PowerDrive Systems and Battery & Charging Systems businesses due to further decreases in demand for eProducts as compared to the Company's expectations as a result of electric vehicle adoption volatility across different regions", having "made capital investments to support new eProducts business that has been delayed and/or launched" later than planned. What followed was a $167 million property write-down in the fourth quarter of 2025, $31 million of restructuring in PowerDrive Systems, and an exit from the charging business that took roughly $56 million of sales with it. Shareholder money went in as capacity and came out as an impairment line.
The returns confirm it. Trailing return on equity runs at 6.6% against a cost of equity around 9.3%, which means the business has recently been earning less on its book than the equity market requires for holding it. That is not an abstraction: it is precisely why the asset-based methods land so far below the current quote, several multiples below it. Book value works out to 26.30 dollars a share. A company that consistently earns below its cost of equity does not deserve a premium to book, and this one currently trades at roughly two and a half times it.
Concentration compounds the exposure. Sales to the top ten customers were 71% of the total for 2025, and 84% of consolidated net sales were produced outside the United States, with China, Mexico, Germany, Poland, South Korea and Hungary each exceeding 5%. That is a business whose revenue depends on the production schedules of a handful of automakers and whose cost base sits across six currencies and every active trade dispute. GNTX, discussing 2026, describes the same pressure from the other side of the industry, noting external headwinds in the form of tariff-related costs against annual customer price reductions. Price-down is the permanent condition of automotive supply; tariffs are the variable on top of it.
And the shrinking part of the business is the part that was supposed to be the future. eProducts is 18% of revenue, and the company's own 2026 guidance builds in a further decline of approximately $210 million in Battery Energy Systems sales, which it puts at roughly a 1.5% headwind to organic growth. Guidance also has organic sales down 3.5% to 1.5% for the year. The bull argument that the multiple is low enough to survive a decline is fair; it also concedes that a decline is what is being underwritten. Buying back stock while revenue contracts is a defensible allocation of cash and a poor substitute for a growth engine, and the market appears to be pricing the second observation rather than the first.
Valuation
Take today's quote of $64.46 and ask what it assumes, and the answer comes back as a floor rather than a forecast. At roughly ten times what the business earns in operating income, the price already sits beneath what even a steady annual decline in operating profit would warrant. There is no growth requirement embedded here to argue about. The market is not asking BorgWarner to expand; it is pricing a business it expects to shrink.
The methods split in an unusual direction as a result. Peer multiples are the family that defends the price, landing close to it. The asset-value approaches land far below, with the price sitting several times above their central estimate, and the earnings-power lenses also finish under it. That is the reverse of the pattern a stretched growth stock produces, and the mechanism behind it is specific rather than mysterious: the book-value methods work by comparing return on equity to the cost of equity, and on trailing figures BorgWarner earned 6.6% against a required 9.3%. Feed a below-cost return into those models and they subtract value from book rather than adding it. Book value per share is $26.30. The trailing period they are reading includes the fourth-quarter 2025 electric-vehicle write-down.
Against its own cohort the multiple sits in the lower half of the peer range, and the profitability spread across the cohort explains why the range is wide. ALSN earns a 22.6% operating margin on $3.65 billion of revenue and GNTX 18.4% on $2.63 billion, both well above BorgWarner's trailing 7.8%. Further down, PHIN runs 7.3% on $3.57 billion, ALV 9.7% on $10.99 billion, APTV 5.4% on $20.66 billion and LEA 3.6% on $23.52 billion. BorgWarner sits in the middle of a cohort whose valuations track profitability more closely than scale. Its own 2026 guidance would place it a step higher in that ordering than the trailing figure does, calling for 9.7% to 9.9% of net sales to reach operating income under U.S. accounting rules.
The balance sheet is not the constraint. Operating income covers the interest bill close to eleven times over. The 10-K reports no outstanding borrowings under the commercial paper program at either the end of 2025 or the end of 2024, with combined capacity under that program and the multi-currency revolving credit facility limited to 2.0 billion dollars, and states the company expects to remain in compliance with all covenants through at least the next twelve months. Alongside that sits about $251 million of equity stakes held outside the operating business, small against a market value near $13.4 billion but real, and recoverable independently of how the supply business performs.
What the price is really waiting on is whether reported profitability converges on operating profitability. The gap between the two is the write-down, and write-downs do not repeat on the same assets.
Catalysts
The first-quarter print on May 6, 2026 gave the clearest read available on the underlying business. Net sales were $3,533 million, up about 1% as reported and down 4.2% organically, with U.S. GAAP operating income of $336 million, equal to 9.5% of net sales, and GAAP net earnings of $1.16 per diluted share. Operating cash flow was $152 million and free cash flow $13 million, a seasonally light figure in a business whose working capital swings with production schedules.
Full-year guidance was set alongside it, and the shape matters more than any single figure. The company expects 2026 net sales of $14.0 billion to $14.3 billion, with organic sales down 3.5% to 1.5% against weighted light vehicle markets it expects to be down 3% to approximately flat. U.S. GAAP operating income is guided to 9.7% to 9.9% of net sales and U.S. GAAP net earnings to $4.70 to $4.87 per diluted share, with operating cash flow of $1,600 million to $1,700 million and free cash flow of $900 million to $1,100 million. Margin expansion guided into a flat-to-declining market is a cost story, not a demand story, and it is the assumption most exposed to the next quarter.
Two forward items are worth tracking beyond the quarterly rhythm. The company has been extending into data center and industrial applications, adding battery energy storage systems and bi-directional microgrid inverters, with a turbine generator system launch planned for 2027 and B-samples already delivered to the customer. Separately, the twelve new business awards announced during the quarter, spanning off-highway controllers, turbochargers for European passenger and commercial vehicles, dual-clutch and variable-cam-timing systems in Asia, and three eMotor programs with Asian automakers, begin production in phases from 2026 through 2029. None of them move this year's revenue. All of them determine whether the decline being priced in is temporary or terminal.
Peer Cohorts (Per Segment, With Filing Citations)
Turbos & Thermal Technologies (reported)
- PHIN (PHINIA INC.)
- FY2025 10-K: …Methodology Key Assumptions Customer relationships $ 18 12 years Multi-period excess earnings Discount rate, customer attrition rate Patented and unpatented technology 9 6 years Relief-from-royalty Royalty rate, discount rate, obsolescence factor The purchase price, net of cash acquired, was allocated based on the…
- FY2025 10-K: …of restructuring costs for individually-approved restructuring actions that primarily related to reductions in headcount in the Fuel Systems segment and aligning its legacy infrastructure with current business needs. Estimates of restructuring expense are based on information available at the time such charges are…
- GNTX (GENTEX CORPORATION)
- FY2025 10-K: …its standard sales channels, including direct sales to customers, as well as through authorized distributors. Trademarks and Patents As of December 31, 2025, the Company owned 198 U.S. Registered Trademarks, 980 U.S. Patents, 1,605 foreign Registered Trademarks, and 1,601 foreign patents. The vast majority of these…
- FY2025 10-K: …margin on an annual basis. Given the current revenue forecast and projected product mix for 2026, as well as external headwinds in the form of tariff-related costs, the Company hopes to offset certain annual customer price reductions with raw material cost decreases, a continued focus on driving greater operational…
- MOD (MODINE MANUFACTURING CO)
- FY2025 10-K: …Technologies segment designs and manufactures products and solutions using air-cooled and liquid-cooled technology for vehicular, stationary power, and industrial applications. Air-cooled products consist primarily of powertrain cooling products, such as radiators, condensers, engine cooling modules, charge air…
- FY2025 10-K: …management , including world-class capabilities and proprietary technologies, to deliver differentiated solutions to our customers and sustain market leadership. ● Leveraging our portfolio of highly engineered, mission-critical thermal solutions to accelerate growth. ● Focusing on opportunities fueled by multiple…
- DORM (Dorman Products, Inc.)
- FY2025 10-K: …powersports products built for the cool factor and designed with an edge. Gboost - Clutching products for specialty vehicles. GDP - Premium quality transmission, portals, differentials and more for UTVs and ATVs. We offer bumper-to-bumper aftermarket solutions covering everything from engine, undercar, steering and…
- FY2025 10-K: …Vehicle, effective May 2025. Ms. Pacheco previously held senior management positions with Tenneco Inc., a provider of products for motor vehicle original equipment and aftermarket customers from 2014 to 2024, most recently as Vice President, General Manager, Noise Vibration Harshness, Performance Materials. Prior to…
- GTX (Garrett Motion Inc.)
- FY2025 10-K: …in innovative technologies that address the needs of our customers in the ongoing auto industry transformation. This continued investment in differentiated technology, coupled with our relentless focus on customer relationships and our global capabilities, allows us to drive the following business strategies: •…
- FY2025 10-K: Garrett over time and require significant and sustained research, development and engineering ("RD&E") investments. They bring significant benefits in terms of energy efficiency (thereby reducing total cost of ownership), lower weight and compact packaging that are highly valued by our customers. Our Industry Overview…
- VC (VISTEON CORPORATION)
- FY2025 10-K: …the Company's core business: Electronics. The Electronics segment provides products and services to customers, including digital instrument clusters, information displays, infotainment, cockpit domain controllers, CognitoAI TM , battery management systems, high voltage power electronics, and engineering services. As…
- FY2025 10-K: …orders from its customers are not consistent with the projections used by the Company in calculating the amount of its new business wins, the Company could realize substantially less revenue over the life of these projects than the projected estimate. The Company must continue to develop, introduce, and achieve…
Drivetrain & Morse Systems (reported)
- ALSN (ALLISON TRANSMISSION HOLDINGS, INC.)
- FY2025 10-K: …that manage power conveyance to machines and power work functions, including axles, gearboxes, transmissions and related components, as well as motion systems tailored to customer performance and efficiency requirements across both conventional and electrified powertrains. Consequently, we now face competition in…
- FY2025 10-K: …Systems. Business unit leadership is located globally, reflecting the international nature of our operations and the importance of local market insights, sourcing, production and customer support. Allison Transmission offers more than 200 different models compatible with more than 500 combinations of engine brands,…
- PHIN (PHINIA INC.)
- FY2025 10-K: …vehicle manufacturers, and thus on their suppliers, by national and international standards, laws and regulations. The Company works collaboratively with a number of stakeholder groups, including government agencies such as the National Highway Traffic Safety Administration, our customers and our suppliers, to…
- FY2025 10-K: …annual reporting periods beginning after December 15, 2028. The Company is currently evaluating the impact of this ASU on its financial statements. In December 2025, the FASB issued ASU 2025-12, "Codification Improvements." This guidance updates a broad range of topics arising from technical corrections, unintended…
- GTX (Garrett Motion Inc.)
- FY2025 10-K: Garrett over time and require significant and sustained research, development and engineering ("RD&E") investments. They bring significant benefits in terms of energy efficiency (thereby reducing total cost of ownership), lower weight and compact packaging that are highly valued by our customers. Our Industry Overview…
- FY2025 10-K: …REEV and fuel-cell based vehicles in the medium-term as OEMs seek to reduce emissions from their existing product portfolios. However, demand may shift away from the types of vehicles where our turbochargers generate higher profit margins and towards the types of vehicles where our turbochargers generate smaller…
- VC (VISTEON CORPORATION)
- FY2025 10-K: …optics, haptic feedback, and light effects. The Company offers a new generation of large, curved, complex multi-display modules with optical performance designed to be competitive with mobile devices. The Company also developed the first bendable glass multi-display cockpit in the automotive industry and is the…
- FY2025 10-K: …the Company's core business: Electronics. The Electronics segment provides products and services to customers, including digital instrument clusters, information displays, infotainment, cockpit domain controllers, CognitoAI TM , battery management systems, high voltage power electronics, and engineering services. As…
- LEA (LEAR CORP)
- FY2025 10-K: …Further, the Company continuously evaluates this portfolio, aligning it with industry trends while balancing risk-adjusted returns, which allows the Company to offer value-added solutions to its customers. The Seating segment consists of the design, development, engineering and manufacture of complete seat systems…
- FY2025 10-K: …compete with the seat system suppliers identified above, as well as certain suppliers that specialize in particular components. For additional factors that may impact our Seating segment's business, financial condition, operating results and/or cash flows, see Item 1A, "Risk Factors." E-Systems Segment Our E-Systems…
- MGA (Magna International Inc.)
- FY2025 40-F: Statements as at and for the years ended December 31, 2025 and 2024. Exhibit 99.4 Consent of Deloitte LLP. Exhibit 99.5 Certificate of Principal Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (S. Kotagiri). Exhibit 99.6…
- FY2025 40-F: Province of Ontario , Canada (Province of other jurisdiction of incorporation or organization) 3714 (Primary Standard Industrial Classification Code number (if applicable)) Not Applicable (I.R.S. Employer Identification Number (if applicable)) 337 Magna Drive , Aurora , Ontario , Canada L4G 7K1 ( 905 ) 726-2462…
PowerDrive Systems (reported)
- APTV (APTIV PLC)
- FY2025 10-K: …optimized hardware. Intelligent, software-defined solutions, such as increasingly capable automated driving technologies, offer significant societal benefits and create long-term growth opportunities for our product offerings, including new customers such as mobility providers, telecommunications network operators…
- FY2025 10-K: …Electrification and Digitalization We expect the trends of automation, electrification and digitalization to create growth opportunities as they drive similar product requirements for mission-critical applications across multiple industries, namely increased demand for advanced software and optimized hardware.…
- VC (VISTEON CORPORATION)
- FY2025 10-K: …optics, haptic feedback, and light effects. The Company offers a new generation of large, curved, complex multi-display modules with optical performance designed to be competitive with mobile devices. The Company also developed the first bendable glass multi-display cockpit in the automotive industry and is the…
- FY2025 10-K: …power electronics solutions combine a bi-directional on-board charging module with a DC-to-DC converter to ensure a systems approach that maximizes power conversion efficiency. Visteon's solution is scalable to support between 400-volt to 800-volt systems with higher rate battery charging speeds. Visteon's design…
- GNTX (GENTEX CORPORATION)
- FY2025 10-K: …systems and solutions; turn signal switches; puddle lamps; box lights; and harnesses (see Note 1 1 , "Acquisitions" ). For the majority of automotive products, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. The Company generally…
- FY2025 10-K: …for the passenger compartment on the Boeing 787 Dreamliner Series of Aircraft and certain other aircraft. For dimmable aircraft windows, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. Fire Protection Technologies The Company…
- PHIN (PHINIA INC.)
- FY2025 10-K: …reported in its Aftermarket segment, to the Fuel Systems segment, as distribution will now be handled by the Fuel Systems locations that manufacture the products. This is expected to streamline the sales structure to external customers while also reducing administrative efforts. The reporting segment disclosures have…
- FY2025 10-K: Item 8 of this Form 10-K for additional financial information about geographic areas. Product Lines and Customers During the year ended December 31, 2025, approximately 35% of the Company's net sales were for Service (OES and IAM), approximately 25% were for light passenger vehicle applications, approximately 19% were…
- GT (GT)
- FY2025 10-K: …only to Goodyear Germany GmbH and (ii) a €620 million all-borrower tranche that is available to Goodyear Europe B.V. ("GEBV"), Goodyear Germany and Goodyear Operations S.A. Up to €175 million of swingline loans and €75 million in letters of credit are available for issuance under the all-borrower tranche. Subject to…
- FY2025 10-K: …utility segments; the Eagle Performance family of product lines for the high-performance segment; the Wrangler family of product lines for the sport utility vehicle and light truck segments; as well as the WinterCommand and Ultra Grip family of winter tires. Cooper brand radial passenger tire lines sold throughout…
Battery & Charging Systems (reported)
- PHIN (PHINIA INC.)
- FY2025 10-K: …Methodology Key Assumptions Customer relationships $ 18 12 years Multi-period excess earnings Discount rate, customer attrition rate Patented and unpatented technology 9 6 years Relief-from-royalty Royalty rate, discount rate, obsolescence factor The purchase price, net of cash acquired, was allocated based on the…
- FY2025 10-K: …other strategic investments in connection with our growth strategy. The success of our growth strategy is dependent, in part, on our ability to identify suitable acquisition or partnership candidates, prevail against competing potential acquirers or partners and negotiate and consummate acquisitions or partnerships…
- ALV (AUTOLIV, INC.)
- FY2025 10-K: Pont-de-Buis Inflator and pyrotechnic development Germany Autoliv B.V. & Co. KG Dachau Customer applications and platform development, airbags with full-scale test laboratory India Autoliv India Private Ltd. Bangalore Airbags and seatbelts with sled testing Japan Autoliv Japan Ltd. Tsukuba Airbags and seatbelts…
- FY2025 10-K: …and strengthening its position with new automakers to capture the growth opportunities that come with these changes. This includes long-term development agreements with several new automakers in China in recent years, as well as increased investments in capacity and capabilities in India. The order intake from new…
- APTV (APTIV PLC)
- FY2025 10-K: …• Advanced Safety and User Experience -This segment, which includes our Active Safety, User Experience and Smart Vehicle Compute and Software product lines, provides critical technologies and services to enhance vehicle safety, security, comfort and convenience, including intelligent sensors, high-performance compute…
- FY2025 10-K: …Electrification and Digitalization We expect the trends of automation, electrification and digitalization to create growth opportunities as they drive similar product requirements for mission-critical applications across multiple industries, namely increased demand for advanced software and optimized hardware.…
- LEA (LEAR CORP)
- FY2025 10-K: …compete with the seat system suppliers identified above, as well as certain suppliers that specialize in particular components. For additional factors that may impact our Seating segment's business, financial condition, operating results and/or cash flows, see Item 1A, "Risk Factors." E-Systems Segment Our E-Systems…
- FY2025 10-K: …Further, the Company continuously evaluates this portfolio, aligning it with industry trends while balancing risk-adjusted returns, which allows the Company to offer value-added solutions to its customers. The Seating segment consists of the design, development, engineering and manufacture of complete seat systems…
- VC (VISTEON CORPORATION)
- FY2025 10-K: …optics, haptic feedback, and light effects. The Company offers a new generation of large, curved, complex multi-display modules with optical performance designed to be competitive with mobile devices. The Company also developed the first bendable glass multi-display cockpit in the automotive industry and is the…
- FY2025 10-K: …the Company's core business: Electronics. The Electronics segment provides products and services to customers, including digital instrument clusters, information displays, infotainment, cockpit domain controllers, CognitoAI TM , battery management systems, high voltage power electronics, and engineering services. As…
- GTX (Garrett Motion Inc.)
- FY2025 10-K: Garrett over time and require significant and sustained research, development and engineering ("RD&E") investments. They bring significant benefits in terms of energy efficiency (thereby reducing total cost of ownership), lower weight and compact packaging that are highly valued by our customers. Our Industry Overview…
- FY2025 10-K: …REEV and fuel-cell based vehicles in the medium-term as OEMs seek to reduce emissions from their existing product portfolios. However, demand may shift away from the types of vehicles where our turbochargers generate higher profit margins and towards the types of vehicles where our turbochargers generate smaller…
- GNTX (GENTEX CORPORATION)
- FY2025 10-K: …for the passenger compartment on the Boeing 787 Dreamliner Series of Aircraft and certain other aircraft. For dimmable aircraft windows, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. Fire Protection Technologies The Company…
- FY2025 10-K: …systems and solutions; turn signal switches; puddle lamps; box lights; and harnesses (see Note 1 1 , "Acquisitions" ). For the majority of automotive products, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. The Company generally…
- ADNT (Adient plc)
- FY2025 10-K: …and are selecting suppliers that have the capability to manufacture products on a worldwide basis and adapt to regional variations. As a supplier with global scale and strong design, engineering and lean manufacturing capabilities in both complete seat systems and components, Adient is well positioned to accommodate…
- FY2025 10-K: …0001670541 2025 FY FALSE P3Y http://fasb.org/us-gaap/2025#RestructuringCostsAndAssetImpairmentCharges http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.
Sources
BorgWarner first-quarter 2026 earnings release, May 6, 2026