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.SW

Auto - Manufacturers · Consumer Cyclical

Price

CHF 54.60

-0.94 (-1.69%)

Market Cap

CHF 34.39B

Exchange

Swiss Exchange

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

Good

Valuation

Good

Dividends

Exceptional

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Share count falling — buybacks

−7.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 659.7M (2021) → 613.8M (2025)

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 who want premium or luxury vehicles. BMW is one of the largest premium automaker groups in the world, headquartered in Munich, Germany.

BMW earns money by selling vehicles and parts, and also through its financial services arm, which offers car loans and leases to customers. The company sells in over 140 countries, with Europe, China, and the United States as its biggest markets. Its brand reputation and engineering heritage give it pricing power that mass-market automakers lack. The main risk BMW faces is the costly and uncertain shift to electric vehicles — the company is investing heavily in EV development while managing declining demand in China, its single largest market, where local competitors are gaining ground fast.

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

8.3%

Below par — 8.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-6.3%

Shrinking sales (-6.3% YoY)

Profit growth

EPS YoY

+11.6%

Earnings growing (+11.6% 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

N/A

Data not available

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)

5.3x

Attractive valuation — P/E 5.3

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

Cheaper or dearer next year

P/E vs Forward

-0.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

7.42%

Healthy income — 7.42% yield

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

Dividend record

Dividend Growth

+53.7%

Dividend growing fast (53.7% YoY)

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