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博格华纳（BWA）与德纳（DAN）财务数据对比。点击上方公司名可切换其他公司
博格华纳的季度营收约是德纳的2.8倍（$3.6B vs $1.3B），德纳净利率更高（-3.9% vs -7.3%，领先3.5%），博格华纳同比增速更快（3.9% vs -44.5%），博格华纳自由现金流更多（$457.0M vs $345.0M），过去两年博格华纳的营收复合增速更高（-0.3% vs -31.2%）
博格华纳是总部位于美国密歇根州奥本山的汽车及电动出行零部件供应商，位列全球前25大汽车供应商之列。截至2023年，公司在24个国家设有92处生产基地，年营收142亿美元，员工约3.99万人，2025年2月起由约瑟夫·法杜尔担任首席执行官。
德纳（Dana Inc.）是美国知名汽车零部件供应商，创立于1904年，总部位于俄亥俄州莫米。公司为传统燃油车、混合动力车及电动车提供车桥、传动轴，以及电驱动、热管理、密封、数字设备等产品，服务于轻型车、商用车市场，业务遍及33个国家，员工近2.8万人，2022年销售额达102亿美元，位列财富世界500强。
BWA vs DAN — 直观对比
营收规模更大
BWA
是对方的2.8倍
$1.3B
营收增速更快
BWA
高出48.4%
-44.5%
净利率更高
DAN
高出3.5%
-7.3%
自由现金流更多
BWA
多$112.0M
$345.0M
两年增速更快
BWA
近两年复合增速
-31.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $1.3B |
| 净利润 | $-262.0M | $-50.0M |
| 毛利率 | 20.5% | 6.0% |
| 营业利润率 | -6.7% | -0.2% |
| 净利率 | -7.3% | -3.9% |
| 营收同比 | 3.9% | -44.5% |
| 净利润同比 | 35.3% | 37.5% |
| 每股收益（稀释后） | $-1.20 | $-0.36 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BWADAN
| Q4 25 | $3.6B | $1.3B | ||
| Q3 25 | $3.6B | $1.9B | ||
| Q2 25 | $3.6B | $1.9B | ||
| Q1 25 | $3.5B | $2.4B | ||
| Q4 24 | $3.4B | $2.3B | ||
| Q3 24 | $3.4B | $2.5B | ||
| Q2 24 | $3.6B | $2.7B | ||
| Q1 24 | $3.6B | $2.7B |
净利润BWADAN
| Q4 25 | $-262.0M | $-50.0M | ||
| Q3 25 | $158.0M | $83.0M | ||
| Q2 25 | $224.0M | $27.0M | ||
| Q1 25 | $157.0M | $25.0M | ||
| Q4 24 | $-405.0M | $-80.0M | ||
| Q3 24 | $234.0M | $4.0M | ||
| Q2 24 | $303.0M | $16.0M | ||
| Q1 24 | $206.0M | $3.0M |
毛利率BWADAN
| Q4 25 | 20.5% | 6.0% | ||
| Q3 25 | 18.5% | 8.7% | ||
| Q2 25 | 17.6% | 7.1% | ||
| Q1 25 | 18.2% | 9.4% | ||
| Q4 24 | 19.9% | 5.7% | ||
| Q3 24 | 18.4% | 9.9% | ||
| Q2 24 | 19.0% | 9.3% | ||
| Q1 24 | 17.9% | 8.9% |
营业利润率BWADAN
| Q4 25 | -6.7% | -0.2% | ||
| Q3 25 | 6.9% | 2.8% | ||
| Q2 25 | 7.9% | 0.8% | ||
| Q1 25 | 6.7% | 3.1% | ||
| Q4 24 | -9.2% | -1.5% | ||
| Q3 24 | 7.8% | 3.6% | ||
| Q2 24 | 8.2% | 3.8% | ||
| Q1 24 | 8.2% | 2.6% |
净利率BWADAN
| Q4 25 | -7.3% | -3.9% | ||
| Q3 25 | 4.4% | 4.3% | ||
| Q2 25 | 6.2% | 1.4% | ||
| Q1 25 | 4.5% | 1.1% | ||
| Q4 24 | -11.8% | -3.4% | ||
| Q3 24 | 6.8% | 0.2% | ||
| Q2 24 | 8.4% | 0.6% | ||
| Q1 24 | 5.7% | 0.1% |
每股收益（稀释后）BWADAN
| Q4 25 | $-1.20 | $-0.36 | ||
| Q3 25 | $0.73 | $0.64 | ||
| Q2 25 | $1.03 | $0.19 | ||
| Q1 25 | $0.72 | $0.17 | ||
| Q4 24 | $-1.78 | $-0.55 | ||
| Q3 24 | $1.04 | $0.03 | ||
| Q2 24 | $1.34 | $0.11 | ||
| Q1 24 | $0.90 | $0.02 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $469.0M |
| 总债务越低越好 | $3.9B | $2.6B |
| 股东权益账面价值 | $5.4B | $840.0M |
| 总资产 | $13.8B | $7.8B |
| 负债/权益比越低杠杆越低 | 0.72× | 3.05× |
8季度趋势，按日历期对齐
现金及短期投资BWADAN
| Q4 25 | — | $469.0M | ||
| Q3 25 | — | $414.0M | ||
| Q2 25 | — | $486.0M | ||
| Q1 25 | — | $507.0M | ||
| Q4 24 | — | $494.0M | ||
| Q3 24 | — | $419.0M | ||
| Q2 24 | — | $419.0M | ||
| Q1 24 | — | $351.0M |
总债务BWADAN
| Q4 25 | $3.9B | $2.6B | ||
| Q3 25 | $3.9B | $2.6B | ||
| Q2 25 | $3.9B | $2.6B | ||
| Q1 25 | $3.8B | $2.4B | ||
| Q4 24 | $3.8B | $2.4B | ||
| Q3 24 | $4.2B | $2.4B | ||
| Q2 24 | $3.3B | $2.4B | ||
| Q1 24 | $3.3B | $2.6B |
股东权益BWADAN
| Q4 25 | $5.4B | $840.0M | ||
| Q3 25 | $6.0B | $1.1B | ||
| Q2 25 | $5.9B | $1.2B | ||
| Q1 25 | $5.7B | $1.4B | ||
| Q4 24 | $5.5B | $1.3B | ||
| Q3 24 | $6.2B | $1.5B | ||
| Q2 24 | $6.1B | $1.5B | ||
| Q1 24 | $5.8B | $1.5B |
总资产BWADAN
| Q4 25 | $13.8B | $7.8B | ||
| Q3 25 | $14.5B | $8.1B | ||
| Q2 25 | $14.4B | $8.1B | ||
| Q1 25 | $13.8B | $7.8B | ||
| Q4 24 | $14.0B | $7.5B | ||
| Q3 24 | $15.1B | $7.9B | ||
| Q2 24 | $14.1B | $7.8B | ||
| Q1 24 | $14.1B | $7.9B |
负债/权益比BWADAN
| Q4 25 | 0.72× | 3.05× | ||
| Q3 25 | 0.65× | 2.35× | ||
| Q2 25 | 0.66× | 2.13× | ||
| Q1 25 | 0.66× | 1.76× | ||
| Q4 24 | 0.68× | 1.79× | ||
| Q3 24 | 0.68× | 1.65× | ||
| Q2 24 | 0.54× | 1.62× | ||
| Q1 24 | 0.56× | 1.68× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $619.0M | $406.0M |
| 自由现金流经营现金流 - 资本支出 | $457.0M | $345.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 26.6% |
| 资本支出强度资本支出/营收 | 4.5% | 4.7% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.2B | $298.0M |
8季度趋势，按日历期对齐
经营现金流BWADAN
| Q4 25 | $619.0M | $406.0M | ||
| Q3 25 | $368.0M | $111.0M | ||
| Q2 25 | $579.0M | $32.0M | ||
| Q1 25 | $82.0M | $-37.0M | ||
| Q4 24 | $682.0M | $302.0M | ||
| Q3 24 | $356.0M | $35.0M | ||
| Q2 24 | $462.0M | $215.0M | ||
| Q1 24 | $-118.0M | $-102.0M |
自由现金流BWADAN
| Q4 25 | $457.0M | $345.0M | ||
| Q3 25 | $257.0M | $62.0M | ||
| Q2 25 | $502.0M | $3.0M | ||
| Q1 25 | $-37.0M | $-112.0M | ||
| Q4 24 | $521.0M | $149.0M | ||
| Q3 24 | $201.0M | $-11.0M | ||
| Q2 24 | $297.0M | $104.0M | ||
| Q1 24 | $-308.0M | $-172.0M |
自由现金流率BWADAN
| Q4 25 | 12.8% | 26.6% | ||
| Q3 25 | 7.2% | 3.2% | ||
| Q2 25 | 13.8% | 0.2% | ||
| Q1 25 | -1.1% | -4.8% | ||
| Q4 24 | 15.1% | 6.4% | ||
| Q3 24 | 5.8% | -0.4% | ||
| Q2 24 | 8.2% | 3.8% | ||
| Q1 24 | -8.6% | -6.3% |
资本支出强度BWADAN
| Q4 25 | 4.5% | 4.7% | ||
| Q3 25 | 3.1% | 2.6% | ||
| Q2 25 | 2.1% | 1.5% | ||
| Q1 25 | 3.4% | 3.2% | ||
| Q4 24 | 4.7% | 6.6% | ||
| Q3 24 | 4.5% | 1.9% | ||
| Q2 24 | 4.6% | 4.1% | ||
| Q1 24 | 5.3% | 2.6% |
现金转化率BWADAN
| Q4 25 | — | — | ||
| Q3 25 | 2.33× | 1.34× | ||
| Q2 25 | 2.58× | 1.19× | ||
| Q1 25 | 0.52× | -1.48× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.52× | 8.75× | ||
| Q2 24 | 1.52× | 13.44× | ||
| Q1 24 | -0.57× | -34.00× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BWA
| Foundational Products | $2.9B | 81% |
| Drivetrain Morse Systems | $506.0M | 14% |
| Power Drive Systems | $112.0M | 3% |
| Battery Charging Systems | $64.0M | 2% |
DAN
| Light Vehicle Segment | $912.0M | 70% |
| Commercial Vehicle Segment | $218.0M | 17% |
| Other | $166.0M | 13% |
