Deep Value: cash covers more than 100% of the stock price

This company holds roughly $48.2B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Bayerische Motoren Werke AG

BMW.DE

Auto - Manufacturers · Consumer Cyclical

Exchange

Frankfurt Stock Exchange (XETRA)

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Mixed

Stability

Strong

Valuation

Strong

Dividends

Exceptional

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Winston Score History

The full picture

Bayerische Motoren Werke AG, known as BMW, makes cars, SUVs, and motorcycles under three brands: BMW, MINI, and Rolls-Royce. The company sells to individual buyers and fleet customers across the premium and luxury vehicle segments. BMW is one of the largest premium automaker groups in the world, headquartered in Munich, Germany.

BMW earns money primarily by selling vehicles, but it also runs a large financial services division that offers car loans and leases to customers — this division contributes a meaningful share of overall profit. The company sells in over 140 countries, with Europe, China, and the United States as its biggest markets. BMW's brand reputation and its integrated financial services arm give it some pricing power, but its heavy reliance on China for sales is a significant risk, as slowing demand there and rising competition from local electric vehicle makers could pressure future revenue and margins.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

13.5%

Thin — 13.5% gross margin

Profit after running costs

Operating Margin

5.2%

Thin — 5.2% operating margin

Return on the money invested

ROCE

3.7%

Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-6.2%

Shrinking sales (-6.2% YoY)

Profit growth

EPS YoY

+12.0%

Earnings growing (+12.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

60%

Modest — 60% of profit becomes cash

Spare cash per sale

FCF Margin

-4.3%

Burning cash (-4.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.22

Elevated debt (1.22)

Covers its interest

Interest Cover

16.56x

Comfortably covers interest (16.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

5.6x

no trend

Attractive valuation — P/E 5.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

7.47%

no trend

Healthy income — 7.47% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+69.3%

no trend

Dividend growing fast (69.3% YoY)

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