Bayerische Motoren Werke Aktiengesellschaft (BAMXF)
NEUTRALファンダメンタル
52
株価
$58.00
時価総額
$34.99B
パート1 · 企業の価値
概要
BMW designs, manufactures and sells premium cars and motorcycles under the BMW, Mini and Rolls-Royce brands, competing on the higher-margin end of the auto market rather than on volume. Alongside the vehicles themselves, it runs a financial-services arm that leases and finances the cars it sells, which is large enough to be reported as its own division even though its purpose is to support vehicle sales rather than operate independently.
収益の仕組み
Automotive revenue is booked when a car or motorcycle is delivered to a dealer or customer, at prices that vary widely by model and market and that carry higher margins on premium models than on entry-level ones. Financial Services earns interest and fee income on the loans and leases it writes for BMW buyers, a revenue stream that grows with vehicle sales but is reported and accounted for separately, with meaningful revenue eliminated on consolidation because it overlaps with cars already counted in the automotive figures.
セグメント別売上高
Design, production and sale of BMW, Mini and Rolls-Royce vehicles; the core of the group's revenue and earnings.
Loans, leases and insurance products sold alongside vehicle purchases, mainly to support automotive sales.
BMW-branded motorcycles, a small and stable niche next to the much larger car business.
競争優位性（moat）
ブランド · 狭いThe BMW badge, and Rolls-Royce even more so, allows the company to charge prices well above the cost of an equivalent mass-market car, and brand loyalty keeps many owners buying the same marque repeatedly. It is a narrow rather than wide moat because Mercedes-Benz and Audi offer comparably strong premium brands in the same segments, so BMW is competing among equals rather than standing alone.
需要を左右する要因
景気循環型Premium vehicles are a large discretionary purchase, so sales rise and fall with consumer confidence and credit conditions more than essential goods do. The company has flagged China specifically as a source of swings in recent periods, where intense local competition and weaker demand pulled deliveries down sharply even while other regions held up better.
主なリスク
- Weakening demand and competition in China — Chinese deliveries fell sharply in 2025 amid intense local competition, and the company has pointed to growing geopolitical tension and volatility in that market as a factor that complicates long-range planning.
- Tariffs and trade policy — Tariff changes and currency developments were cited as factors that shaped results in 2025 and require flexibility from the organization, given BMW's global manufacturing and export footprint.
- Financial Services credit exposure — The financial-services division carries credit risk on the loans and leases it writes for vehicle buyers, which rises if economic conditions weaken and customers struggle to make payments.
強気材料
Buyers argue that the BMW and Rolls-Royce brands preserve pricing power that mass-market carmakers lack, that weakness in China is cyclical rather than permanent, and that the financial-services arm adds a steadier, fee-like income stream on top of vehicle sales.
弱気材料
Sellers worry that a 12.5% drop in Chinese deliveries in 2025 reflects a structural loss of ground to local premium and electric-vehicle brands rather than a temporary dip, and that tariffs and currency swings add cost pressure the company cannot fully offset through pricing on a highly discretionary product.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$127.11B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$6.18B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$1.71B
自己資本合計
$95.30B
負債合計
$116.79B
流動比率
1.15
利払い倍率
-
負債/EBITDA
8.47
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$130.83
現在株価
$58.00
安全マージン
+55.7%
適正価値レンジ
$85.04 - $176.63
推定方法
バリュエーション指標
P/E レシオ
5.65
ROE
6.6%
P/B レシオ
0.37
P/FCF
20.46
粗利益率
14.3%
ROIC
2.5%
収益性レーダー
Value Creation (Economic Moat)
ROIC
2.5%
WACC
2.2%
ROIC − WACC
+0.2 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
ファンダメンタル分析基準
合格（11）
- P/FCF 20.46
- P/B Ratio 0.37
- Debt/Equity ratio
- Operating Margin 6.3%
- Positive Free Cash Flow
- Current Ratio
- Price below Graham Number
- Revenue Growth 5Y 6.2%
- Earnings Surprise avg 2.9%
- PEG Ratio 0.36
- Net Margin Trend 5.5% vs 5.1%
不合格（10）
- Price CAGR -3.51%
- ROIC 2.5%
- Gross Margin 14.3%
- CapEx intensity
- Debt/EBITDA
- DCF valuation (Overvalued)
- ROE 6.6%
- Analyst Consensus 43% Buy
- Earnings Quality (OCF/NI) 0.55
- Piotroski F-Score 1/9
データなし（6）
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
中程度：利益とキャッシュの間にギャップがある
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Dr. Milan Nedeljkovic | CEO & Chairman of the Management Board | 56 |
| Mr. Walter Mertl | Member of Management Board of Finance | 51 |
| Jochen Goller | Member of the Board of Management of Customer, Brands & Sales | 59 |
| Ms. Ilka Horstmeier | People, Real Estate & Labour Relations Director and Member of the Board of Management | 56 |
| Dr. Joachim Post | Head of Development & Member of the Board of Management | 54 |
| Dr. Nicolai Martin | Member of the Board of Management and Purchasing & Supplier Network | 47 |
| Dr. Raymond Wittmann | Member of the Board of Management | 47 |
| Mr. Adam Sykes | Head of Investor Relations | - |
| Dr. Andreas Liepe | General Counsel | - |
| Mr. Alexander Bilgeri | Head of Communication Human Resources, Production, Purchasing & Sustainability | 50 |
監査リスク
9
取締役会リスク
6
報酬リスク
1
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for BAMXF, sourced from Markets Gazette.