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Bayerische Motoren Werke AG

BMW.WA
44
Auto - Manufacturers · Consumer Cyclical
Price
252.60 PLN
+0.00 (+0.00%)
Market Cap
151.28B PLN
Exchange
Warsaw Stock Exchange
Winston Score
44
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
Exceptional
Valuation
Strong
Dividends
Exceptional

Share count rising — dilution

+2.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 602.0M (2021) → 613.8M (2025)

Winston Score History

The full picture

Bayerische Motoren Werke AG, known as BMW, makes cars, SUVs, and motorcycles sold 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 by selling vehicles and spare parts, offering financial services like auto loans and leases, and providing software and connected-car subscriptions. It operates globally, with major markets in Europe, China, and the United States, and runs factories across multiple continents. BMW's brand strength and engineering reputation give it pricing power in the premium segment, but its heavy reliance on China — which accounts for roughly a third of sales — is a significant risk, as slowing demand there and rising competition from local electric vehicle makers could pressure future revenue.

Score breakdown

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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
5.7%
Weak — 5.7% 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
-6.0%
Shrinking sales (-6.0% YoY)
Profit growth
EPS YoY
+12.1%
Earnings growing (+12.1% 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
0.45
Conservative — low debt load (0.45)
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)
5.7x
Attractive valuation — P/E 5.7

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

Cheaper or dearer next year
P/E vs Forward
+0.5
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
7.50%
Healthy income — 7.50% yield

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

Dividend record
Dividend Growth
+62.5%
Dividend growing fast (62.5% YoY)

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