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Arphra AIPlain-English read on BorgWarner Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $14.84B | $12.64B | $14.2B | $14.08B | $14.32B | $14.23B | $14.89B | $15.57B | $17.33B |
| Cost of revenue | $11.98B | $10.27B | $11.63B | $11.47B | $11.64B | $11.91B | $12.41B | $12.82B | $14.4B |
| Gross profit | $2.86B | $2.37B | $2.57B | $2.61B | $2.68B | $2.63B | $2.67B | $2.83B | $3.14B |
| Gross margin | +19.26% | +18.75% | +18.09% | +18.55% | +18.71% | +18.49% | +17.93% | +18.18% | +18.13% |
| Operating | |||||||||
| Research & development | $707M | $701M | $717M | $736M | $710M | $709.43M | $755.59M | $799.92M | $890.49M |
| Selling, general & administrative | $765M | $612M | $618M | $617M | $592M | $621.52M | $636.36M | $654.86M | $749.81M |
| Total operating expenses | $1.47B | $1.31B | $1.34B | $1.35B | $1.3B | $1.36B | $1.43B | $1.42B | $1.61B |
| Operating income | $1.39B | $1.06B | $1.23B | $1.26B | $1.38B | $1.29B | $1.39B | $1.39B | $1.62B |
| Operating margin | +9.34% | +8.36% | +8.68% | +8.94% | +9.62% | +9.05% | +9.34% | +8.93% | +9.33% |
| EBITDA | $1.69B | $1.56B | $1.67B | $1.32B | $2.1B | $1.7B | $1.8B | $1.86B | $2.08B |
| EBIT | $916M | $1.01B | $1.09B | $646M | $1.38B | $1.06B | $1.08B | $1.12B | $1.28B |
| Below the line | |||||||||
| Interest expense | $82M | $71M | $73M | $84M | $123M | $92.4M | $97.11M | $99.41M | $114.22M |
| Interest income | $11M | $20M | $35M | $54M | $60M | $49.29M | $51.68M | $53.73M | $60.78M |
| Other income / expense | -$597M | -$143M | -$242M | -$720M | -$853M | — | — | — | — |
| Pre-tax income | $789M | $913M | $991M | $539M | $524M | $698.7M | $731.24M | $763.57M | $852.22M |
| Income tax expense | $150M | $195M | $289M | $111M | $189M | $200.49M | $207.13M | $218.11M | $237M |
| Earnings | |||||||||
| Net income | $537M | $944M | $625M | $338M | $277M | $413.09M | $420.95M | $444.12M | $506.43M |
| Net income · continuing ops | $639M | $718M | $702M | $428M | $335M | $476.56M | $500.01M | $535.77M | $607.37M |
| Net margin | +3.62% | +7.47% | +4.40% | +2.40% | +1.93% | +2.90% | +2.83% | +2.85% | +2.92% |
| EPS · basic | $2.26 | $4.01 | $2.72 | $1.51 | $1.28 | $5.28 | $5.93 | $6.52 | $7.22 |
| EPS · diluted | $2.24 | $3.99 | $2.67 | $1.50 | $1.28 | $5.20 | $5.86 | $6.48 | $7.06 |
| EPS · low estimate | — | — | — | — | — | $5.17 | $5.78 | $5.35 | $6.93 |
| EPS · high estimate | — | — | — | — | — | $5.22 | $5.93 | $7.14 | $7.17 |
| Shares · basic | 238.1M | 235.5M | 229.78M | 223.5M | 216.4M | 215.47M | 215.55M | 217.27M | 216.23M |
| Shares · diluted | 239.5M | 236.8M | 234.4M | 224.8M | 216.4M | 217.4M | 214.24M | 214.39M | 214.31M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 9 | 4 |
| Analysts (EPS) | — | — | — | — | — | 8 | 8 | 4 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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