Bayerische Motoren Werke Aktiengesellschaft (BAMXF)
Sous-évaluéFondamental
54
Prix
$54.82
Capitalisation boursière
$33.80B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
BMW designs, manufactures and sells premium cars and motorcycles under the BMW, Mini and Rolls-Royce brands, competing on the higher-margin end of the auto market rather than on volume. Alongside the vehicles themselves, it runs a financial-services arm that leases and finances the cars it sells, which is large enough to be reported as its own division even though its purpose is to support vehicle sales rather than operate independently.
Comment l'entreprise gagne de l'argent
Automotive revenue is booked when a car or motorcycle is delivered to a dealer or customer, at prices that vary widely by model and market and that carry higher margins on premium models than on entry-level ones. Financial Services earns interest and fee income on the loans and leases it writes for BMW buyers, a revenue stream that grows with vehicle sales but is reported and accounted for separately, with meaningful revenue eliminated on consolidation because it overlaps with cars already counted in the automotive figures.
Chiffre d'affaires par segment
Design, production and sale of BMW, Mini and Rolls-Royce vehicles; the core of the group's revenue and earnings.
Loans, leases and insurance products sold alongside vehicle purchases, mainly to support automotive sales.
BMW-branded motorcycles, a small and stable niche next to the much larger car business.
Avantage concurrentiel
Marque · ÉtroitThe BMW badge, and Rolls-Royce even more so, allows the company to charge prices well above the cost of an equivalent mass-market car, and brand loyalty keeps many owners buying the same marque repeatedly. It is a narrow rather than wide moat because Mercedes-Benz and Audi offer comparably strong premium brands in the same segments, so BMW is competing among equals rather than standing alone.
Ce qui stimule la demande
CycliquePremium vehicles are a large discretionary purchase, so sales rise and fall with consumer confidence and credit conditions more than essential goods do. The company has flagged China specifically as a source of swings in recent periods, where intense local competition and weaker demand pulled deliveries down sharply even while other regions held up better.
Principaux risques
- Weakening demand and competition in China — Chinese deliveries fell sharply in 2025 amid intense local competition, and the company has pointed to growing geopolitical tension and volatility in that market as a factor that complicates long-range planning.
- Tariffs and trade policy — Tariff changes and currency developments were cited as factors that shaped results in 2025 and require flexibility from the organization, given BMW's global manufacturing and export footprint.
- Financial Services credit exposure — The financial-services division carries credit risk on the loans and leases it writes for vehicle buyers, which rises if economic conditions weaken and customers struggle to make payments.
Les arguments en faveur
Buyers argue that the BMW and Rolls-Royce brands preserve pricing power that mass-market carmakers lack, that weakness in China is cyclical rather than permanent, and that the financial-services arm adds a steadier, fee-like income stream on top of vehicle sales.
Les arguments contre
Sellers worry that a 12.5% drop in Chinese deliveries in 2025 reflects a structural loss of ground to local premium and electric-vehicle brands rather than a temporary dip, and that tariffs and currency swings add cost pressure the company cannot fully offset through pricing on a highly discretionary product.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Through Audi and Porsche it covers the same premium and sports segments as BMW and the MINI brand, competing model by model in the German home market and in fleet sales across Europe.
It takes the same high-margin electric customers BMW is courting with its i-series, and outsells BMW in the US premium segment on the strength of its software and charging network.
Its closest rival by volume and price point, selling premium sedans and SUVs to the same buyers in Europe, the United States and China, with 1.98 million cars delivered in 2024 against BMW's 2.20 million.
Its Lexus division competes directly with BMW in premium sedans and SUVs, above all in the United States and Japan, where hybrid powertrains are its main argument against the German brands.
It is one of the Chinese premium electric brands eroding BMW's position in China — BMW's largest market, where deliveries fell 13% in 2024 — by offering richer technology at comparable prices.
Bilan & Liquidités
Chiffre d'affaires
$127.11B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$6.18B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
$1.71B
Capitaux propres totaux
$95.30B
Passif total
$116.79B
Ratio de liquidité général
1.15
Couverture des intérêts
-
Dette/EBITDA
8.47
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$86.77
Prix actuel
$54.82
Marge de sécurité
+36.8%
Fourchette de juste valeur
$68.91 - $104.64
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
5.36
ROE
6.6%
Ratio P/B
0.35
P/FCF
19.76
Marge brute
14.3%
ROIC
2.5%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
2.5%
WACC
2.2%
ROIC − WACC
+0.2 pp
Le ROIC est à peu près aligné sur le coût du capital — l'entreprise couvre à peine son coût du capital.
Critères d'analyse fondamentale
Réussi (11)
- P/FCF 19.76
- P/B Ratio 0.35
- Debt/Equity ratio
- Operating Margin 6.3%
- Positive Free Cash Flow
- Current Ratio
- Price below Graham Number
- Revenue Growth 5Y 6.2%
- Earnings Surprise avg 2.9%
- PEG Ratio 0.35
- Net Margin Trend 5.5% vs 5.1%
Échoué (10)
- Price CAGR -3.68%
- ROIC 2.5%
- Gross Margin 14.3%
- CapEx intensity
- Debt/EBITDA
- DCF valuation (Fairly valued)
- ROE 6.6%
- Analyst Consensus 43% Buy
- Earnings Quality (OCF/NI) 0.55
- Piotroski F-Score 1/9
Indisponible (6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Modérée : certain écart entre profits et trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Dr. Milan Nedeljkovic | CEO & Chairman of the Management Board | 56 |
| Mr. Walter Mertl | Member of Management Board of Finance | 51 |
| Jochen Goller | Member of the Board of Management of Customer, Brands & Sales | 59 |
| Dr. Joachim Post | Head of Development & Member of the Board of Management | 54 |
| Dr. Nicolai Martin | Member of the Board of Management and Purchasing & Supplier Network | 47 |
| Dr. Raymond Wittmann | Member of the Board of Management | 47 |
| Ms. Dorothea Von Boxberg | Labour Relations Director & Member of Board of Management | 51 |
| Mr. Adam Sykes | Head of Investor Relations | - |
| Dr. Andreas Liepe | General Counsel | - |
| Mr. Alexander Bilgeri | Head of Communication Human Resources, Production, Purchasing & Sustainability | 50 |
Risque d'audit
9
Risque du conseil
6
Risque de rémunération
1
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for BAMXF, sourced from Markets Gazette.