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Side-by-side financial comparison of BORGWARNER INC (BWA) and LEAR CORP (LEA). Click either name above to swap in a different company.
LEAR CORP is the larger business by last-quarter revenue ($6.0B vs $3.6B, roughly 1.7× BORGWARNER INC). LEAR CORP runs the higher net margin — 1.4% vs -7.3%, a 8.7% gap on every dollar of revenue. On growth, LEAR CORP posted the faster year-over-year revenue change (4.8% vs 3.9%). BORGWARNER INC produced more free cash flow last quarter ($457.0M vs $281.1M). Over the past eight quarters, LEAR CORP's revenue compounded faster (-0.1% CAGR vs -0.3%).
BorgWarner Inc. is an American automotive and e-mobility supplier headquartered in Auburn Hills, Michigan. As of 2023, the company maintains production facilities and sites at 92 locations in 24 countries, and generates revenues of US$14.2 billion, while employing around 39,900 people. The company is one of the 25 largest automotive suppliers in the world. Since February 2025, Joseph F. Fadool has been CEO of BorgWarner Inc.
Lear Corporation is an American company that manufactures automotive seating and electrical systems. In 2019, it ranked #147 and in 2018, it ranked #148 on the Fortune 500 list.
BWA vs LEA — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.6B | $6.0B |
| Net Profit | $-262.0M | $82.7M |
| Gross Margin | 20.5% | 5.7% |
| Operating Margin | -6.7% | 2.6% |
| Net Margin | -7.3% | 1.4% |
| Revenue YoY | 3.9% | 4.8% |
| Net Profit YoY | 35.3% | -6.1% |
| EPS (diluted) | $-1.20 | $1.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.6B | $6.0B | ||
| Q3 25 | $3.6B | $5.7B | ||
| Q2 25 | $3.6B | $6.0B | ||
| Q1 25 | $3.5B | $5.6B | ||
| Q4 24 | $3.4B | $5.7B | ||
| Q3 24 | $3.4B | $5.6B | ||
| Q2 24 | $3.6B | $6.0B | ||
| Q1 24 | $3.6B | $6.0B |
| Q4 25 | $-262.0M | $82.7M | ||
| Q3 25 | $158.0M | $108.2M | ||
| Q2 25 | $224.0M | $165.2M | ||
| Q1 25 | $157.0M | $80.7M | ||
| Q4 24 | $-405.0M | $88.1M | ||
| Q3 24 | $234.0M | $135.8M | ||
| Q2 24 | $303.0M | $173.1M | ||
| Q1 24 | $206.0M | $109.6M |
| Q4 25 | 20.5% | 5.7% | ||
| Q3 25 | 18.5% | 6.4% | ||
| Q2 25 | 17.6% | 7.3% | ||
| Q1 25 | 18.2% | 6.5% | ||
| Q4 24 | 19.9% | 6.8% | ||
| Q3 24 | 18.4% | 7.3% | ||
| Q2 24 | 19.0% | 7.5% | ||
| Q1 24 | 17.9% | 6.6% |
| Q4 25 | -6.7% | 2.6% | ||
| Q3 25 | 6.9% | 3.4% | ||
| Q2 25 | 7.9% | 4.1% | ||
| Q1 25 | 6.7% | 3.3% | ||
| Q4 24 | -9.2% | 3.7% | ||
| Q3 24 | 7.8% | 3.9% | ||
| Q2 24 | 8.2% | 4.3% | ||
| Q1 24 | 8.2% | 3.3% |
| Q4 25 | -7.3% | 1.4% | ||
| Q3 25 | 4.4% | 1.9% | ||
| Q2 25 | 6.2% | 2.7% | ||
| Q1 25 | 4.5% | 1.5% | ||
| Q4 24 | -11.8% | 1.5% | ||
| Q3 24 | 6.8% | 2.4% | ||
| Q2 24 | 8.4% | 2.9% | ||
| Q1 24 | 5.7% | 1.8% |
| Q4 25 | $-1.20 | $1.58 | ||
| Q3 25 | $0.73 | $2.02 | ||
| Q2 25 | $1.03 | $3.06 | ||
| Q1 25 | $0.72 | $1.49 | ||
| Q4 24 | $-1.78 | $1.64 | ||
| Q3 24 | $1.04 | $2.41 | ||
| Q2 24 | $1.34 | $3.02 | ||
| Q1 24 | $0.90 | $1.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.0B |
| Total DebtLower is stronger | $3.9B | $2.7B |
| Stockholders' EquityBook value | $5.4B | $5.0B |
| Total Assets | $13.8B | $14.8B |
| Debt / EquityLower = less leverage | 0.72× | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $887.9M | ||
| Q1 25 | — | $779.9M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $763.9M | ||
| Q2 24 | — | $950.3M | ||
| Q1 24 | — | $930.4M |
| Q4 25 | $3.9B | $2.7B | ||
| Q3 25 | $3.9B | $2.8B | ||
| Q2 25 | $3.9B | $2.8B | ||
| Q1 25 | $3.8B | $2.7B | ||
| Q4 24 | $3.8B | $2.7B | ||
| Q3 24 | $4.2B | $2.8B | ||
| Q2 24 | $3.3B | $2.7B | ||
| Q1 24 | $3.3B | $2.7B |
| Q4 25 | $5.4B | $5.0B | ||
| Q3 25 | $6.0B | $5.1B | ||
| Q2 25 | $5.9B | $5.1B | ||
| Q1 25 | $5.7B | $4.7B | ||
| Q4 24 | $5.5B | $4.5B | ||
| Q3 24 | $6.2B | $4.8B | ||
| Q2 24 | $6.1B | $4.8B | ||
| Q1 24 | $5.8B | $4.9B |
| Q4 25 | $13.8B | $14.8B | ||
| Q3 25 | $14.5B | $15.2B | ||
| Q2 25 | $14.4B | $15.3B | ||
| Q1 25 | $13.8B | $14.6B | ||
| Q4 24 | $14.0B | $14.0B | ||
| Q3 24 | $15.1B | $14.8B | ||
| Q2 24 | $14.1B | $14.7B | ||
| Q1 24 | $14.1B | $14.9B |
| Q4 25 | 0.72× | 0.54× | ||
| Q3 25 | 0.65× | 0.54× | ||
| Q2 25 | 0.66× | 0.54× | ||
| Q1 25 | 0.66× | 0.59× | ||
| Q4 24 | 0.68× | 0.61× | ||
| Q3 24 | 0.68× | 0.58× | ||
| Q2 24 | 0.54× | 0.57× | ||
| Q1 24 | 0.56× | 0.56× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $619.0M | $475.9M |
| Free Cash FlowOCF − Capex | $457.0M | $281.1M |
| FCF MarginFCF / Revenue | 12.8% | 4.7% |
| Capex IntensityCapex / Revenue | 4.5% | 3.3% |
| Cash ConversionOCF / Net Profit | — | 5.75× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $527.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $619.0M | $475.9M | ||
| Q3 25 | $368.0M | $444.4M | ||
| Q2 25 | $579.0M | $296.2M | ||
| Q1 25 | $82.0M | $-127.7M | ||
| Q4 24 | $682.0M | $680.8M | ||
| Q3 24 | $356.0M | $182.7M | ||
| Q2 24 | $462.0M | $291.2M | ||
| Q1 24 | $-118.0M | $-34.6M |
| Q4 25 | $457.0M | $281.1M | ||
| Q3 25 | $257.0M | $307.0M | ||
| Q2 25 | $502.0M | $170.8M | ||
| Q1 25 | $-37.0M | $-231.7M | ||
| Q4 24 | $521.0M | $488.7M | ||
| Q3 24 | $201.0M | $50.5M | ||
| Q2 24 | $297.0M | $170.4M | ||
| Q1 24 | $-308.0M | $-148.2M |
| Q4 25 | 12.8% | 4.7% | ||
| Q3 25 | 7.2% | 5.4% | ||
| Q2 25 | 13.8% | 2.8% | ||
| Q1 25 | -1.1% | -4.2% | ||
| Q4 24 | 15.1% | 8.6% | ||
| Q3 24 | 5.8% | 0.9% | ||
| Q2 24 | 8.2% | 2.8% | ||
| Q1 24 | -8.6% | -2.5% |
| Q4 25 | 4.5% | 3.3% | ||
| Q3 25 | 3.1% | 2.4% | ||
| Q2 25 | 2.1% | 2.1% | ||
| Q1 25 | 3.4% | 1.9% | ||
| Q4 24 | 4.7% | 3.4% | ||
| Q3 24 | 4.5% | 2.4% | ||
| Q2 24 | 4.6% | 2.0% | ||
| Q1 24 | 5.3% | 1.9% |
| Q4 25 | — | 5.75× | ||
| Q3 25 | 2.33× | 4.11× | ||
| Q2 25 | 2.58× | 1.79× | ||
| Q1 25 | 0.52× | -1.58× | ||
| Q4 24 | — | 7.73× | ||
| Q3 24 | 1.52× | 1.35× | ||
| Q2 24 | 1.52× | 1.68× | ||
| Q1 24 | -0.57× | -0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BWA
| Foundational Products | $2.9B | 81% |
| Drivetrain Morse Systems | $506.0M | 14% |
| Power Drive Systems | $112.0M | 3% |
| Battery Charging Systems | $64.0M | 2% |
LEA
| Other | $3.5B | 59% |
| Seating Segment | $1.9B | 32% |
| E Systems Segment | $520.6M | 9% |
