# Bayerische Motoren Werke Aktiengesellschaft (BMW.XETRA)

Canonical: https://gigainvestors.com/s/BMW.XETRA

Analysis as of: 2026-10-16T07:34:08.262Z. Financial observations: FY2000–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 55.12 per share; close as of 2026-10-15.

Estimated value: low EUR 189.38 per share, central EUR 211.39 per share, high EUR 240.69 per share. Buy at or below the central value EUR 211.39 per share. Valuation as of 2026-10-16T07:34:08.262Z; scenarios are not confidence intervals.

Expected annual return: 57.8% at the stated quote. About 57.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.10×

- FY2018: 0.09×

- FY2019: 0.07×

- FY2020: 0.05×

- FY2021: 0.12×

- FY2022: 0.10×

- FY2023: 0.12×

- FY2024: 0.08×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.5%

- ROIC, second-lowest year: 3.5%

- Typical minus recent gross margin: 2.9 pp

- Typical gross margin (annual median): 23.5%

- Recent gross margin (lower of latest and 3-year median): 20.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.8%

- ROIC including acquisitions, ten-year median: 4.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.8%

- FY2017: 6.7%

- FY2018: 5.0%

- FY2019: 3.5%

- FY2020: 2.4%

- FY2021: 6.8%

- FY2022: 7.7%

- FY2023: 8.0%

- FY2024: 5.3%

- FY2025: 4.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 48B

- Net income, five-year total: EUR 56B

- Return on incremental invested capital: 3.3%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -10.7 pp

- Working capital / revenue, final three-year average: 35.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.97×

- FY2023: 0.96×

- FY2024: 0.44×

- FY2025: 0.62×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.8% vs 5.3%

- Per-share earnings: 10.45 to 12.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: EUR -1.7B

- Cumulative retained earnings: EUR 51B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.7%

- Per-share value change: EUR 1.55

- Per-share value, starting three-year median: EUR 10.45

- Per-share value, ending three-year median: EUR 12.00

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 2.2%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 15B

- Cumulative net income, 10 years: EUR 87B

- ROIC, first three-year median: 5.8%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 10.45

- FY2017: EUR 13.07

- FY2018: EUR 10.61

- FY2019: EUR 7.46

- FY2020: EUR 5.73

- FY2021: EUR 18.72

- FY2022: EUR 27.76

- FY2023: EUR 17.81

- FY2024: EUR 11.71

- FY2025: EUR 12.00

### accounting: pass

- Sloan accruals: -0.2%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.0%

- FY2017: 1.4%

- FY2018: 0.9%

- FY2019: 0.5%

- FY2020: -4.4%

- FY2021: -1.5%

- FY2022: -2.3%

- FY2023: -2.4%

- FY2024: -0.1%

- FY2025: -0.2%

## Holders

## Price story

Down 51% since Jun 2023 · "BMW cuts 2026 profit forecast on China, Iran war impact" (finance.yahoo.com, Jun 2026) · sales -6.3%

Story as of 2026-10-16T09:59:59.311Z; price observation 2026-10-15.

Price needs cash profits to shrink 25.5% a year for ten years

- 2025-07-31: BMW profits slump on China woes, US tariffs ([finance.yahoo.com](https://finance.yahoo.com/news/bmw-profits-slump-china-woes-071859836.html))

- 2025-10-08: BMW shares drop after profit forecast cut on tariffs, China weakness ([finance.yahoo.com](https://finance.yahoo.com/video/bmw-shares-drop-profit-forecast-100728308.html))

- 2025-11-05: BMW boosts profit margin, Toyota raises outlook ([finance.yahoo.com](https://finance.yahoo.com/video/bmw-boosts-profit-margin-toyota-155027533.html))

- 2026-03-12: BMW Expects Tariffs, Costs to Drag Earnings Lower ([finance.yahoo.com](https://finance.yahoo.com/m/674595be-a25e-35fb-843b-ada105a567ab/bmw-expects-tariffs%2C-costs-to.html))

- 2026-06-17: BMW cuts 2026 profit forecast on China, Iran war impact ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bmw-cuts-2026-profit-forecast-130950828.html))

- 2026-09-22: BMW facing £600m hit from car mis-selling scandal ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/bmw-facing-600m-hit-car-185149320.html))

### Sales · FY2024–2025

sales -6.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 94B 

- FY2017: EUR 98B 

- FY2018: EUR 97B 

- FY2019: EUR 104B 

- FY2020: EUR 99B 

- FY2021: EUR 111B 

- FY2022: EUR 143B 

- FY2023: EUR 155B 

- FY2024: EUR 142B 

- FY2025: EUR 133B 

### Gross margin · FY2025

gross margin 20.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 24.4% 

- FY2017: 25.3% 

- FY2018: 24.5% 

- FY2019: 23.0% 

- FY2020: 19.5% 

- FY2021: 25.4% 

- FY2022: 21.9% 

- FY2023: 23.9% 

- FY2024: 21.4% 

- FY2025: 20.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto manufacturers; annual sales are EUR 133.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2025: revenue 133453000000; grossProfit 27443000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BMW.XETRA: Bayerische Motoren Werke Aktiengesellschaft develops, manufactures, and sells automobiles and motorcycles, spare parts, and accessories worldwide. It operates through Automotive, Motorcycles, and Financial Services segments. The company offers automobiles under the BMW, MINI, and Rolls-Royce brands. It also develops, manufactures, and sells scooters, and motorcycles for private use and special-purpose vehicles for operational use under the BMW Motorrad brand. In addition, the company provides car rentals; credit financing; leasing that include insurance and service products; financing for dealership and customer deposits; vehicle fleet financing services for corporate car fleets under the Alphabet brand; and financial services for the automotive sector. It sells its products through retail outlet, agent, and independent dealerships. Bayerische Motoren Werke Aktiengesellschaft was founded in 1916 and is headquartered in Munich, Germany.

### Why customers stay

Margins ranged from 20.6% to 23.9% during 2023–25; it earns 5.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2023: grossProfit / revenue = 23.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2024: grossProfit / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2025: grossProfit / revenue = 20.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); 10-year return on capital observations [[2016,0.05797632424534501],[2017,0.06721008165853956],[2018,0.049730835008801565],[2019,0.035043521500620935],[2020,0.02430453596421353],[2021,0.06751339426242711],[2022,0.07735015533612437],[2023,0.08039414968386538],[2024,0.05251624754559638],[2025,0.04007840090328948]]; median 0.0552462858954707. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 1.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2016: growth capex 0; upkeep 5823000000; owner earnings 9152000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2017: growth capex 2290000000; upkeep 4822000000; owner earnings 8589000000. Growth capex / owner earnings = 0.2666200954709512.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2018: growth capex 0; upkeep 7777000000; owner earnings 4310000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2019: growth capex 885000000; upkeep 6017000000; owner earnings 4336000000. Growth capex / owner earnings = 0.2041051660516605.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2020: growth capex 0; upkeep 6150000000; owner earnings 3261800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2021: growth capex 124000000; upkeep 6495000000; owner earnings 11898000000. Growth capex / owner earnings = 0.010421919650361405.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2022: growth capex 484000000; upkeep 8566000000; owner earnings 17388200000. Growth capex / owner earnings = 0.027834968541884726.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2023: growth capex 1907000000; upkeep 8974000000; owner earnings 10782200000. Growth capex / owner earnings = 0.17686557474355882.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2024: growth capex 0; upkeep 12205000000; owner earnings 3224400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2025: growth capex 0; upkeep 10963000000; owner earnings 4524600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); Dividend observations: [[2016,2121000000],[2017,2324000000],[2018,2630000000],[2019,2366000000],[2020,1671000000],[2021,1277000000],[2022,3827000000],[2023,5430000000],[2024,3781000000],[2025,2649000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); FY2025: cash repurchases 1254000000 EUR.

### Are managers owners

Insiders own 45.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BMW.XETRA SharesStats.PercentInsiders = 45.733000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 25.5% yearly over ten years; actual decline was 2.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:08.262Z); Ten-year compound average after fade. Initial solved rate -0.36006484235679037. Price 55.12; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 9.70152538931388 → FY2025 7.443824591865492. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 79.37 per share

- 2016-11: EUR 80.41 per share

- 2016-12: EUR 88.75 per share

- 2017-01: EUR 84.17 per share

- 2017-02: EUR 84.37 per share

- 2017-03: EUR 85.51 per share

- 2017-04: EUR 87.65 per share

- 2017-05: EUR 83.29 per share

- 2017-06: EUR 81.28 per share

- 2017-07: EUR 77.71 per share

- 2017-08: EUR 78.00 per share

- 2017-09: EUR 85.83 per share

- 2017-10: EUR 87.50 per share

- 2017-11: EUR 84.68 per share

- 2017-12: EUR 86.83 per share

- 2018-01: EUR 91.97 per share

- 2018-02: EUR 86.82 per share

- 2018-03: EUR 88.15 per share

- 2018-04: EUR 92.47 per share

- 2018-05: EUR 85.38 per share

- 2018-06: EUR 77.63 per share

- 2018-07: EUR 82.69 per share

- 2018-08: EUR 83.41 per share

- 2018-09: EUR 77.71 per share

- 2018-10: EUR 76.23 per share

- 2018-11: EUR 72.21 per share

- 2018-12: EUR 70.70 per share

- 2019-01: EUR 73.46 per share

- 2019-02: EUR 74.31 per share

- 2019-03: EUR 68.75 per share

- 2019-04: EUR 75.90 per share

- 2019-05: EUR 62.02 per share

- 2019-06: EUR 65.09 per share

- 2019-07: EUR 66.83 per share

- 2019-08: EUR 60.81 per share

- 2019-09: EUR 64.59 per share

- 2019-10: EUR 68.71 per share

- 2019-11: EUR 73.30 per share

- 2019-12: EUR 73.14 per share

- 2020-01: EUR 64.34 per share

- 2020-02: EUR 58.93 per share

- 2020-03: EUR 47.12 per share

- 2020-04: EUR 54.05 per share

- 2020-05: EUR 52.60 per share

- 2020-06: EUR 56.82 per share

- 2020-07: EUR 54.70 per share

- 2020-08: EUR 60.15 per share

- 2020-09: EUR 61.99 per share

- 2020-10: EUR 58.68 per share

- 2020-11: EUR 73.04 per share

- 2020-12: EUR 72.23 per share

- 2021-01: EUR 70.01 per share

- 2021-02: EUR 71.50 per share

- 2021-03: EUR 88.47 per share

- 2021-04: EUR 83.40 per share

- 2021-05: EUR 86.70 per share

- 2021-06: EUR 89.31 per share

- 2021-07: EUR 83.88 per share

- 2021-08: EUR 80.37 per share

- 2021-09: EUR 82.76 per share

- 2021-10: EUR 87.24 per share

- 2021-11: EUR 84.98 per share

- 2021-12: EUR 88.49 per share

- 2022-01: EUR 92.95 per share

- 2022-02: EUR 86.56 per share

- 2022-03: EUR 78.60 per share

- 2022-04: EUR 78.51 per share

- 2022-05: EUR 80.63 per share

- 2022-06: EUR 73.46 per share

- 2022-07: EUR 79.48 per share

- 2022-08: EUR 73.47 per share

- 2022-09: EUR 69.99 per share

- 2022-10: EUR 79.52 per share

- 2022-11: EUR 86.31 per share

- 2022-12: EUR 83.38 per share

- 2023-01: EUR 93.23 per share

- 2023-02: EUR 97.75 per share

- 2023-03: EUR 100.94 per share

- 2023-04: EUR 101.44 per share

- 2023-05: EUR 101.92 per share

- 2023-06: EUR 112.52 per share

- 2023-07: EUR 110.86 per share

- 2023-08: EUR 97.17 per share

- 2023-09: EUR 96.38 per share

- 2023-10: EUR 87.63 per share

- 2023-11: EUR 95.59 per share

- 2023-12: EUR 100.78 per share

- 2024-01: EUR 96.78 per share

- 2024-02: EUR 109.22 per share

- 2024-03: EUR 106.96 per share

- 2024-04: EUR 102.45 per share

- 2024-05: EUR 93.18 per share

- 2024-06: EUR 88.38 per share

- 2024-07: EUR 85.82 per share

- 2024-08: EUR 83.82 per share

- 2024-09: EUR 79.18 per share

- 2024-10: EUR 72.32 per share

- 2024-11: EUR 70.02 per share

- 2024-12: EUR 78.98 per share

- 2025-01: EUR 78.60 per share

- 2025-02: EUR 83.90 per share

- 2025-03: EUR 73.68 per share

- 2025-04: EUR 74.30 per share

- 2025-05: EUR 78.10 per share

- 2025-06: EUR 75.46 per share

- 2025-07: EUR 83.88 per share

- 2025-08: EUR 89.46 per share

- 2025-09: EUR 85.44 per share

- 2025-10: EUR 80.72 per share

- 2025-11: EUR 88.04 per share

- 2025-12: EUR 93.14 per share

- 2026-01: EUR 87.42 per share

- 2026-02: EUR 89.46 per share

- 2026-03: EUR 78.00 per share

- 2026-04: EUR 77.92 per share

- 2026-05: EUR 74.76 per share

- 2026-06: EUR 57.26 per share

- 2026-07: EUR 59.30 per share

- 2026-08: EUR 61.98 per share

- 2026-09: EUR 55.32 per share

- 2026-10: EUR 54.42 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 187.61 per share, central EUR 247.56 per share, high EUR 286.69 per share

- FY2017: low EUR 187.51 per share, central EUR 240.20 per share, high EUR 277.21 per share

- FY2018: low EUR 188.51 per share, central EUR 244.67 per share, high EUR 282.47 per share

- FY2019: low EUR 168.80 per share, central EUR 225.02 per share, high EUR 259.80 per share

- FY2020: low EUR 98.34 per share, central EUR 108.42 per share, high EUR 121.83 per share

- FY2021: low EUR 111.41 per share, central EUR 122.69 per share, high EUR 137.71 per share

- FY2022: low EUR 155.01 per share, central EUR 197.39 per share, high EUR 226.08 per share

- FY2023: low EUR 246.33 per share, central EUR 331.74 per share, high EUR 385.21 per share

- FY2024: low EUR 203.87 per share, central EUR 227.77 per share, high EUR 259.59 per share

- FY2025: low EUR 197.08 per share, central EUR 220.02 per share, high EUR 250.56 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.