Bayerische Motoren Werke Aktiengesellschaft (BAMXF)
被低估基本面
54
价格
$54.82
市值
$33.80B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
品牌 · 狭窄The 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.
需求驱动因素
周期性Premium 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.
主要风险
- 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.
看多理由
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.
看空理由
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
资产负债表与流动性
营收
$127.11B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$6.18B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$1.71B
股东权益合计
$95.30B
负债合计
$116.79B
流动比率
1.15
利息覆盖率
-
债务/EBITDA
8.47
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$86.77
当前价格
$54.82
安全边际
+36.8%
公允价值区间
$68.91 - $104.64
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
5.36
ROE
6.6%
市净率（P/B）
0.35
P/FCF
19.76
毛利率
14.3%
ROIC
2.5%
盈利能力雷达图
价值创造（经济护城河）
ROIC
2.5%
WACC
2.2%
ROIC − WACC
+0.2 pp
ROIC 与资本成本大致持平：公司仅仅覆盖了资本成本。
基本面分析标准
通过（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%
未通过（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
不可用（6）
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
盈利质量
中等：利润与现金之间存在一定差距
股权稀释
正在回购股份，对股东友好
机构持股
该公司暂无机构申报数据。
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 |
审计风险
9
董事会风险
6
薪酬风险
1
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for BAMXF, sourced from Markets Gazette.