BorgWarner vs Samsung: Revenue, Profit and Business Model
BorgWarner reported $14.3B of revenue in FY2025 and $277M of net income. Samsung reported ~$236.9B of revenue in FY2025 and ~$31.4B of net income.
Latest financial snapshot
BorgWarner
- Latest revenue
- $14.3B (FY2025)
- Net income
- $277M
- Net margin
- 1.9%
- Revenue growth
- +0.4% a year, FY2023–FY2025
Samsung
- Latest revenue
- ~$236.9B (FY2025)
- Net income
- ~$31.4B
- Net margin
- 13.3%
- Revenue growth
- +4.5% a year, FY2021–FY2025
Financial summary
BorgWarner
BorgWarner's revenue has been flat for three years: $14.198 billion in 2023, $14.086 billion in 2024 and $14.316 billion in 2025, as weaker industry production offset eProduct growth. Profit has swung on non-cash charges. Net earnings attributable to the company fell from $625 million in 2023 to $338 million in 2024 and $277 million in 2025, driven by impairments of $646 million and $624 million. Underneath, the business improved: the adjusted operating margin rose 60 basis points to 10.7% in 2025, adjusted EPS grew about 14% to $4.91, operating cash flow reached $1.648 billion and free cash flow rose about 66% to $1.208 billion. BorgWarner returned about $630 million to shareholders in 2025, including more than $500 million of buybacks. In Q2 2026 net sales were $3.648 billion, the adjusted operating margin was 11.3%, and the board added $1 billion to the repurchase authorization, bringing it to about $1.35 billion through 2029.
Samsung
Samsung's earnings follow the memory cycle. Revenue fell from ~$215 billion (KRW 302.2 trillion) in 2022 to ~$184 billion (KRW 258.9 trillion) in 2023 during a chip downturn, then recovered to ~$214 billion (KRW 300.9 trillion) in 2024 and ~$237 billion (KRW 333.6 trillion) in 2025, when net income reached about $31.5 billion (KRW 44.3 trillion). In 2026, AI server demand created a memory shortage. Q1 operating profit of ~$40.6 billion (KRW 57.2 trillion) exceeded the full-year 2025 total, and Q2 reached ~$63.5 billion (KRW 89.5 trillion) on ~$122 billion (KRW 171.5 trillion) revenue. Higher memory costs also squeezed Samsung's own devices: the MX and Networks unit lost ~$497 million (KRW 0.7 trillion) in Q2 2026 on ~$23.6 billion (KRW 33.2 trillion) revenue.
Revenue and profit by year
BorgWarner
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $14.3B | $277M | 1.9% | +1.6% | Source |
| FY2024 | $14.1B | $338M | 2.4% | -0.8% | Source |
| FY2023 | $14.2B | $625M | 4.4% | — | Source |
Samsung
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$236.9B | ~$31.4B | 13.3% | +10.9% | Source |
| FY2024 | ~$213.6B | ~$23.9B | 11.2% | +16.2% | Source |
| FY2023 | ~$183.8B | ~$10.3B | 5.6% | -14.3% | Source |
| FY2022 | ~$214.6B | ~$38.9B | 18.1% | +8.1% | Source |
| FY2021 | ~$198.5B | ~$27.9B | 14.0% | — | Source |
Where the revenue comes from
BorgWarner
- Turbos & Thermal Technologies~40%
$5.772B of FY2025 sales and $879M of segment adjusted operating income. Turbochargers, eTurbos, high-voltage coolant heaters and other thermal and emissions products.
- Drivetrain & Morse Systems~39%
$5.654B of FY2025 sales and $1.041B of segment adjusted operating income, the most profitable segment. Timing chains, variable cam timing, transfer cases, clutches and drivetrain modules.
- PowerDrive Systems~16%
$2.347B of FY2025 sales, up from $1.937B in 2024, with an $83M segment adjusted operating loss. E-motors, inverters and integrated drive modules for hybrids and EVs.
- Battery & Charging Systems (Battery Energy Systems in 2026)~4%
$590M of FY2025 sales, down from $729M, with a $39M segment adjusted operating loss. Mainly commercial-vehicle battery packs and battery management systems after the 2025 charging exit.
Samsung
- Memory semiconductors
- Foundry and system LSI
- Galaxy smartphones and mobile devices
- Display panels
- TVs and appliances
- Network equipment
- Harman automotive and audio
Business model and strategy
BorgWarner
How it makes money
BorgWarner is a Tier 1 supplier. It engineers components to an automaker's specification, wins a production award for a vehicle program, and then earns revenue on every unit built over the program's life, often five years or more. Most sales go to makers of light vehicles, with the rest to commercial-vehicle and off-highway manufacturers and other Tier 1 suppliers.
Growth strategy
BorgWarner's strategy has narrowed since 2021. The original Charging Forward plan aimed to lift electric-vehicle revenue from under 3% of sales to about 45% by 2030, funded by acquisitions (Delphi Technologies in 2020, AKASOL in 2021, Santroll's e-motor business and Rhombus Energy Solutions in 2022) and by spinning off fuel systems and aftermarket as PHINIA in 2023.
Competitive advantage
BorgWarner's edge is engineering depth in parts that are hard to make at automotive volume and quality: turbochargers, variable cam timing, timing chains, transfer cases and wet clutches. These Foundational products earn steady margins and give it long relationships with nearly every major automaker.
Samsung
How it makes money
Samsung earns money from two groups of businesses. Device Solutions (DS) makes and sells memory (DRAM, HBM, NAND), System LSI chips such as Exynos processors and ISOCELL image sensors, and contract foundry manufacturing.
Growth strategy
Samsung's growth plan centers on AI memory: ramping HBM4 for Nvidia and AMD accelerators, developing HBM4E, and adding DRAM capacity at Pyeongtaek. In foundry it is pursuing 2nm gate-all-around production and building its Taylor, Texas fab to win customers from TSMC. On the device side it relies on Galaxy AI features, foldables and premium TVs to defend share against Apple and Chinese brands.
Competitive advantage
Samsung's edge is manufacturing scale and breadth. It is the largest memory producer and one of only three major DRAM makers, alongside SK hynix and Micron. That lets it capture pricing upswings like the 2026 AI-driven shortage.
Questions about BorgWarner vs Samsung
Which company has higher revenue — BorgWarner Inc. or Samsung Electronics Co., Ltd.?
BorgWarner Inc. reported $14.3B (FY2025), while Samsung Electronics Co., Ltd. reported ~$236.9B (FY2025). By last reported revenue, Samsung Electronics Co., Ltd. is the larger business, with BorgWarner Inc. reporting a smaller revenue base.
What is the market cap of BorgWarner Inc. vs Samsung Electronics Co., Ltd.?
BorgWarner Inc.'s market capitalisation stands at $12.4B, while Samsung Electronics Co., Ltd.'s is $1.33T. Samsung Electronics Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to BorgWarner Inc..
Which is more financially efficient — BorgWarner Inc. or Samsung Electronics Co., Ltd.?
BorgWarner Inc. generates $382k / employee in revenue per employee, while Samsung Electronics Co., Ltd. generates $914k / employee. Samsung Electronics Co., Ltd. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do BorgWarner Inc. and Samsung Electronics Co., Ltd. make money?
BorgWarner Inc. and Samsung Electronics Co., Ltd. generate revenue in fundamentally different ways. BorgWarner Inc.: BorgWarner is a Tier 1 supplier. Samsung Electronics Co., Ltd.: Samsung earns money from two groups of businesses.
Which company is valued higher relative to revenue — BorgWarner Inc. or Samsung Electronics Co., Ltd.?
On a price-to-sales (P/S) basis, BorgWarner Inc. trades at 0.9x P/S and Samsung Electronics Co., Ltd. at 5.6x P/S. Samsung Electronics Co., Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BorgWarner Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BorgWarner Inc. bigger than Samsung Electronics Co., Ltd.?
By last reported revenue, Samsung Electronics Co., Ltd. (~$236.9B (FY2025)) is the larger company compared to BorgWarner Inc. ($14.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BorgWarner vs Samsung overview