China Automotive Systems, Inc. (CAAS) 10-Year Financial Performance & Capital Metrics

CAAS • • Industrial / General

Consumer CyclicalAuto Parts & EquipmentPowertrain & Drivetrain SystemsAxle & Driveshaft Systems

AboutChina Automotive Systems, Inc., through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China. It produces rack and pinion power steering gears for cars and light-duty vehicles; integral power steering gears for heavy-duty vehicles; power steering parts for light duty vehicles; sensor modules; automobile steering systems and columns; and automobile electronic and hydraulic power steering systems and parts. The company also offers automotive motors and electromechanical integrated systems; polymer materials; and intelligent automotive technology research and development services. In addition, it provides after sales services, and research and development support services, as well as markets automotive parts in North America and Brazil. The company primarily sells its products to the original equipment manufacturing customers. China Automotive Systems, Inc. was incorporated in 1999 and is headquartered in Jingzhou, the People's Republic of China.Show more

Revenue $651M +12.9%
EBITDA $60M +4.4%
Net Income $30M -20.4%
EPS (Diluted) 0.99 -20.8%
Gross Margin 16.77% -6.8%
EBITDA Margin 9.29% -7.6%
Operating Margin 6.18% -9.2%
Net Margin 4.61% -29.5%
ROE 7.91% -26.9%
ROIC 6.73% -25.8%
Debt/Equity 0.43 +11.8%
Interest Coverage 22.20 -30.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 24.7%
✓Trading at only 0.4x book value

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.38%

5Y8.57%

3Y9.34%

TTM17.08%

Profit (Net Income) CAGR

10Y-1.12%

5Y24.65%

3Y39.47%

TTM-18.06%

EPS CAGR

10Y-1.49%

5Y35.1%

3Y91.94%

TTM-17.8%

ROCE

10Y Avg4.65%

5Y Avg4.51%

3Y Avg7.77%

Latest10.36%

Peer Comparison

Axle & Driveshaft Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AXLAmerican Axle & Manufacturing Holdings, Inc.	925.83M	7.80	26.90	0.75%	0.72%	5.83%	22.4%	4.86
CAASChina Automotive Systems, Inc.	140.9M	4.67	4.72	12.94%	4.21%	7.14%		0.43
SYPRSypris Solutions, Inc.	76.92M	3.34	-43.83	2.9%	-1.87%	-11.52%	1.2%	0.88
DANDana Incorporated	3.24B	27.71	-71.05	-2.57%	0.64%	4.11%	2.16%	1.84

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	443.53M	462.05M	499.06M	496.16M	431.43M	417.64M	497.99M	529.55M	576.35M	650.93M
Revenue Growth %	-0.05%	0.04%	0.08%	-0.01%	-0.13%	-0.03%	0.19%	0.06%	0.09%	0.13%
Cost of Goods Sold+	363.99M	381.13M	414.43M	430.75M	369.41M	362.3M	425.91M	446.16M	472.6M	541.75M
COGS % of Revenue	0.82%	0.82%	0.83%	0.87%	0.86%	0.87%	0.86%	0.84%	0.82%	0.83%
Gross Profit+	79.55M	80.92M	84.63M	65.41M	62.02M	55.34M	72.08M	83.39M	103.75M	109.18M
Gross Margin %	0.18%	0.18%	0.17%	0.13%	0.14%	0.13%	0.14%	0.16%	0.18%	0.17%
Gross Profit Growth %	-0.09%	0.02%	0.05%	-0.23%	-0.05%	-0.11%	0.3%	0.16%	0.24%	0.05%
Operating Expenses+	49.9M	57.9M	65.36M	68.32M	55.83M	63.49M	66.56M	75.44M	64.51M	68.93M
OpEx % of Revenue	0.11%	0.13%	0.13%	0.14%	0.13%	0.15%	0.13%	0.14%	0.11%	0.11%
Selling, General & Admin	28.13M	29.75M	34.59M	38.71M	31.89M	31.14M	35.31M	34.35M	35.01M	40.61M
SG&A % of Revenue	0.06%	0.06%	0.07%	0.08%	0.07%	0.07%	0.07%	0.06%	0.06%	0.06%
Research & Development	22.34M	27.71M	33.54M	33.55M	27.99M	25.72M	28.23M	36.11M	29.18M	27.65M
R&D % of Revenue	0.05%	0.06%	0.07%	0.07%	0.06%	0.06%	0.06%	0.07%	0.05%	0.04%
Other Operating Expenses	844K	0	678K	1.17M	-4.05M	6.63M	3.02M	4.98M	313K	674K
Operating Income+	29.65M	23.02M	19.27M	-2.91M	6.19M	-8.15M	5.52M	7.95M	39.24M	40.26M
Operating Margin %	0.07%	0.05%	0.04%	-0.01%	0.01%	-0.02%	0.01%	0.02%	0.07%	0.06%
Operating Income Growth %	-0.33%	-0.22%	-0.16%	-1.15%	3.13%	-2.32%	1.68%	0.44%	3.94%	0.03%
EBITDA+	44.92M	36.92M	33.97M	13.89M	24.04M	13.91M	32.63M	33.12M	57.95M	60.48M
EBITDA Margin %	0.1%	0.08%	0.07%	0.03%	0.06%	0.03%	0.07%	0.06%	0.1%	0.09%
EBITDA Growth %	-0.25%	-0.18%	-0.08%	-0.59%	0.73%	-0.42%	1.35%	0.02%	0.75%	0.04%
D&A (Non-Cash Add-back)	15.27M	13.9M	14.7M	16.8M	17.85M	22.06M	27.11M	25.17M	18.71M	20.22M
EBIT	33.38M	26.17M	22.61M	427K	5.55M	-10.61M	9.84M	24.49M	49.26M	45.94M
Net Interest Income+	1.49M	815K	1.21M	-1.22M	-816K	409K	-195K	-203K	290K	550K
Interest Income	3.42M	2.08M	3.44M	2.27M	2.22M	2.28M	1.24M	1.25M	1.52M	2.36M
Interest Expense	1.93M	1.26M	2.23M	3.5M	3.42M	1.87M	1.44M	1.45M	1.23M	1.81M
Other Income/Expense	2.4M	1.89M	1.1M	407K	2.79M	41K	9.21M	17.47M	8.99M	3.54M
Pretax Income+	32.05M	24.9M	20.38M	-2.5M	8.97M	-8.11M	14.73M	25.43M	48.23M	43.79M
Pretax Margin %	0.07%	0.05%	0.04%	-0.01%	0.02%	-0.02%	0.03%	0.05%	0.08%	0.07%
Income Tax+	4.49M	2.48M	41.63M	-1.47M	586K	2.16M	4M	3.08M	5.14M	5.89M
Effective Tax Rate %	0.85%	0.9%	-0.95%	-0.95%	1.11%	0.61%	0.75%	0.83%	0.78%	0.68%
Net Income+	27.39M	22.51M	-19.35M	2.38M	9.96M	-4.98M	11.05M	21.18M	37.66M	29.98M
Net Margin %	0.06%	0.05%	-0.04%	0%	0.02%	-0.01%	0.02%	0.04%	0.07%	0.05%
Net Income Growth %	-0.18%	-0.18%	-1.86%	1.12%	3.19%	-1.5%	3.22%	0.92%	0.78%	-0.2%
Net Income (Continuing)	27.56M	22.42M	-21.26M	-1.04M	8.38M	-10.27M	10.73M	22.34M	43.1M	37.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	8.25M	5.41M	6.68M	18.95M	20.16M	16.69M	16.41M	15.76M	23.96M	40.22M
EPS (Diluted)+	0.85	0.70	-0.61	0.08	0.22	-0.46	0.14	0.69	1.25	0.99
EPS Growth %	-0.26%	-0.18%	-1.87%	1.12%	1.93%	-3.09%	1.3%	3.93%	0.81%	-0.21%
EPS (Basic)	0.85	0.70	-0.61	0.08	0.22	-0.46	0.14	0.69	1.25	0.99
Diluted Shares Outstanding	32.13M	31.96M	31.65M	31.65M	31.46M	31.08M	30.86M	30.64M	30.19M	30.18M
Basic Shares Outstanding	32.12M	31.95M	31.64M	31.64M	31.46M	31.08M	30.85M	30.64M	30.19M	30.18M
Dividend Payout Ratio	0.01%	0.02%	-	-	-	-	-	-	-	0.75%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	476.06M	485.9M	532.6M	495.43M	441.17M	475.66M	501.38M	520.72M	564.08M	602.64M
Cash & Short-Term Investments	90.89M	61.57M	94.14M	103.89M	82.54M	107.39M	133.45M	134.08M	125.74M	84.52M
Cash Only	69.68M	31.09M	64.56M	86.35M	76.71M	97.25M	131.69M	121.22M	114.66M	56.96M
Short-Term Investments	21.21M	30.48M	29.59M	17.54M	5.83M	10.14M	1.76M	12.86M	11.08M	27.56M
Accounts Receivable	276.31M	306.71M	294.07M	256.34M	233M	234.14M	210.34M	224.32M	269.41M	345.7M
Days Sales Outstanding	227.39	242.29	215.08	188.58	197.13	204.63	154.16	154.62	170.61	193.85
Inventory	65.57M	68.05M	79.22M	88.02M	82.93M	88.33M	116.49M	112.24M	112.39M	112.56M
Days Inventory Outstanding	65.75	65.17	69.77	74.59	81.94	88.98	99.83	91.82	86.8	75.83
Other Current Assets	42.74M	41M	44.33M	45.89M	41.54M	45.28M	40.5M	48.64M	52.55M	59.85M
Total Non-Current Assets+	131.64M	145.79M	184.77M	195.07M	218.8M	231.9M	215.38M	193.63M	202.37M	247.94M
Property, Plant & Equipment	56.82M	73.54M	77.78M	144.71M	149.28M	148.16M	130.95M	115.3M	110.95M	103.91M
Fixed Asset Turnover	7.81x	6.28x	6.42x	3.43x	2.89x	2.82x	3.80x	4.59x	5.19x	6.26x
Goodwill	608K	0	0	0	0	0	0	0	0	0
Intangible Assets	54.18M	48.06M	63.83M	605K	11.7M	12.5M	12.54M	10.83M	13.1M	3.42M
Long-Term Investments	6.15M	16.43M	27.6M	32.62M	39.64M	49.77M	36.97M	59.81M	68.82M	104.39M
Other Non-Current Assets	8.98M	3.12M	2.19M	1.8M	2.89M	7.63M	24.8M	46K	598K	21.47M
Total Assets+	607.7M	631.7M	717.37M	690.5M	659.96M	707.56M	716.76M	714.35M	766.44M	850.58M
Asset Turnover	0.73x	0.73x	0.70x	0.72x	0.65x	0.59x	0.69x	0.74x	0.75x	0.77x
Asset Growth %	-0.03%	0.04%	0.14%	-0.04%	-0.04%	0.07%	0.01%	-0%	0.07%	0.11%
Total Current Liabilities+	298.21M	324.86M	373.46M	341.3M	303.77M	354.48M	351.82M	364.19M	383.74M	456.48M
Accounts Payable	133.12M	144.86M	156.37M	129.09M	116.74M	145.08M	146.06M	150.58M	160.55M	197.05M
Days Payables Outstanding	133.49	138.73	137.72	109.38	115.34	146.16	125.17	123.19	124	132.76
Short-Term Debt	111.28M	119.76M	156.56M	60.95M	116.56M	44.24M	129.59M	45.67M	141.03M	168.33M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	27.92M	44.86M	44.46M	115.4M	36.07M	116.39M	36.57M	116.97M	30.44M	54.99M
Current Ratio	1.60x	1.50x	1.43x	1.45x	1.45x	1.34x	1.43x	1.43x	1.47x	1.32x
Quick Ratio	1.38x	1.29x	1.21x	1.19x	1.18x	1.09x	1.09x	1.12x	1.18x	1.07x
Cash Conversion Cycle	159.65	168.74	147.13	153.78	163.73	147.45	128.83	123.25	133.42	136.92
Total Non-Current Liabilities+	2.19M	947K	37.78M	44.37M	46.82M	33.16M	27.5M	22.74M	14.28M	4.31M
Long-Term Debt	0	608K	306K	291K	7.17M	0	0	528K	1.22M	145K
Capital Lease Obligations	0	0	0	0	271K	149K	22K	255K	52K	0
Deferred Tax Liabilities	266K	4.64M	4.39M	4.2M	4.25M	4.28M	4.38M	4.01M	3.94M	3.88M
Other Non-Current Liabilities	0	0	33.08M	39.88M	35.13M	28.73M	23.1M	17.95M	9.06M	278K
Total Liabilities	300.4M	325.81M	411.24M	385.67M	350.59M	387.64M	379.32M	386.94M	398.02M	460.79M
Total Debt+	111.28M	120.37M	156.87M	61.24M	124.12M	44.51M	129.74M	46.68M	142.51M	168.52M
Net Debt	41.6M	89.28M	92.31M	-25.1M	47.41M	-52.74M	-1.96M	-74.54M	27.85M	111.56M
Debt / Equity	0.36x	0.39x	0.51x	0.20x	0.40x	0.14x	0.38x	0.14x	0.39x	0.43x
Debt / EBITDA	2.48x	3.26x	4.62x	4.41x	5.16x	3.20x	3.98x	1.41x	2.46x	2.79x
Net Debt / EBITDA	0.93x	2.42x	2.72x	-1.81x	1.97x	-3.79x	-0.06x	-2.25x	0.48x	1.84x
Interest Coverage	15.36x	18.19x	8.63x	-0.83x	1.81x	-4.36x	3.84x	5.48x	31.80x	22.20x
Total Equity+	307.3M	305.89M	306.13M	304.83M	309.37M	319.92M	337.44M	327.42M	368.42M	389.79M
Equity Growth %	0.03%	-0%	0%	-0%	0.01%	0.03%	0.05%	-0.03%	0.13%	0.06%
Book Value per Share	9.56	9.57	9.67	9.63	9.83	10.29	10.94	10.69	12.20	12.91
Total Shareholders' Equity	299.04M	300.48M	299.45M	285.88M	289.21M	303.22M	321.03M	311.65M	344.46M	349.57M
Common Stock	3K	3K	3K	3K	3K	3K	3K	3K	3K	3K
Retained Earnings	206.62M	228.96M	209.46M	211.44M	221.24M	215.49M	226.36M	247.17M	284.83M	290.27M
Treasury Stock	-1M	-2.91M	-2.91M	-2.95M	-4.26M	-5.26M	-5.26M	-7.7M	-7.7M	-7.76M
Accumulated OCI	28.79M	9.66M	28.49M	12.96M	7.8M	28.72M	36.2M	8.44M	3.59M	-2.6M
Minority Interest	8.25M	5.41M	6.68M	18.95M	20.16M	16.69M	16.41M	15.76M	23.96M	40.22M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	39.27M	11.82M	50.15M	12.53M	30.29M	57.43M	28.27M	48.02M	19.91M	9.78M
Operating CF Margin %	0.09%	0.03%	0.1%	0.03%	0.07%	0.14%	0.06%	0.09%	0.03%	0.02%
Operating CF Growth %	-0.14%	-0.7%	3.24%	-0.75%	1.42%	0.9%	-0.51%	0.7%	-0.59%	-0.51%
Net Income	27.9M	22.98M	-18.64M	79K	8.38M	-10.27M	10.73M	22.34M	37.66M	37.9M
Depreciation & Amortization	15.27M	13.93M	15.36M	16.82M	17.84M	22.06M	27.11M	25.17M	18.71M	20.22M
Stock-Based Compensation	105K	137K	100K	23K	0	0	88K	0	0	0
Deferred Taxes	-655K	-1.63M	4.14M	-2.5M	16K	2.21M	4.02M	1.24M	-1.32M	-6.04M
Other Non-Cash Items	2.1M	1.91M	1.2M	5.57M	-2.48M	287K	-4.46M	4.75M	7.79M	1.57M
Working Capital Changes	-5.45M	-25.5M	48M	-7.46M	6.54M	40.87M	-9.22M	-5.49M	-42.94M	-43.88M
Change in Receivables	4.62M	-44.07M	23.23M	33.23M	24.12M	13.64M	18.4M	-36.94M	-51.26M	-77.55M
Change in Inventory	-7.63M	-15.44M	-12.16M	-17.85M	3.99M	-109K	-25.68M	-5.37M	-1.65M	-1.79M
Change in Payables	-2.58M	35.45M	2.53M	-22.49M	-22.14M	27.25M	-2.8M	27.27M	22.02M	40.39M
Cash from Investing+	-32.27M	-52.23M	-47.31M	2.45M	-27.32M	-23.76M	2.96M	-32.74M	-28.64M	-77.93M
Capital Expenditures	-42.68M	-39.75M	-27.3M	-25.95M	-35.9M	-16.57M	-9.9M	-20.48M	-18.23M	-44.46M
CapEx % of Revenue	0.1%	0.09%	0.05%	0.05%	0.08%	0.04%	0.02%	0.04%	0.03%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-442K	3.67M	-16.02M	23.11M	4.96M	1.51M	133K	1.66M	-655K	-15.5M
Cash from Financing+	-1.77M	4.42M	28.46M	10.12M	-10.74M	-19.83M	-3.12M	-1.58M	6.8M	17.36M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-252K	-544K	0	0	0	-88K	0	0	0	-22.43M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.12M	-464K	-623K	15.18M	3.21M	641K	-1.07M	0	3.46M	15.5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-3.41M	-27.92M	22.86M	-13.43M	-5.61M	40.86M	18.37M	27.54M	-1.77M	-34.68M
FCF Margin %	-0.01%	-0.06%	0.05%	-0.03%	-0.01%	0.1%	0.04%	0.05%	-0%	-0.05%
FCF Growth %	-1.13%	-7.19%	1.82%	-1.59%	0.58%	8.29%	-0.55%	0.5%	-1.06%	-18.55%
FCF per Share	-0.11	-0.87	0.72	-0.42	-0.18	1.31	0.60	0.90	-0.06	-1.15
FCF Conversion (FCF/Net Income)	1.43x	0.53x	-2.59x	5.27x	3.04x	-11.53x	2.56x	2.27x	0.53x	0.33x
Interest Paid	1.56M	720K	654K	3.85M	3.39M	2.75M	1.84M	1.49M	1.15M	1.79M
Taxes Paid	8.07M	1.84M	4.64M	3.72M	4.61M	3.23M	3.4M	4.04M	7.96M	18.51M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.05%	7.34%	-6.32%	0.78%	3.24%	-1.58%	3.36%	6.37%	10.82%	7.91%
Return on Invested Capital (ROIC)	6.32%	4.64%	3.64%	-0.64%	1.46%	-1.96%	1.37%	2.03%	9.07%	6.73%
Gross Margin	17.93%	17.51%	16.96%	13.18%	14.37%	13.25%	14.47%	15.75%	18%	16.77%
Net Margin	6.17%	4.87%	-3.88%	0.48%	2.31%	-1.19%	2.22%	4%	6.53%	4.61%
Debt / Equity	0.36x	0.39x	0.51x	0.20x	0.40x	0.14x	0.38x	0.14x	0.39x	0.43x
Interest Coverage	15.36x	18.19x	8.63x	-0.83x	1.81x	-4.36x	3.84x	5.48x	31.80x	22.20x
FCF Conversion	1.43x	0.53x	-2.59x	5.27x	3.04x	-11.53x	2.56x	2.27x	0.53x	0.33x
Revenue Growth	-4.98%	4.17%	8.01%	-0.58%	-13.05%	-3.2%	19.24%	6.34%	8.84%	12.94%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Other Operating	-	-	-	-	-	138.52M
Other Operating Growth	-	-	-	-	-	-

Revenue by Geography

	2019	2020	2021	2022	2023	2024
China	-	-	324.98M	331.59M	374.93M	443.87M
China Growth	-	-	-	2.03%	13.07%	18.39%
UNITED STATES	-	-	-	135.15M	111.46M	107.88M
UNITED STATES Growth	-	-	-	-	-17.53%	-3.21%
Other Foreign Countries	6.41M	8.01M	38.35M	62.81M	89.97M	99.19M
Other Foreign Countries Growth	-	25.03%	378.92%	63.78%	43.23%	10.25%
U.S	-	-	134.66M	-	-	-
U.S Growth	-	-	-	-	-	-
C	309.21M	294.74M	-	-	-	-
C Growth	-	-4.68%	-	-	-	-
U	115.81M	114.89M	-	-	-	-
U Growth	-	-0.80%	-	-	-	-

Frequently Asked Questions

Valuation & Price

China Automotive Systems, Inc. (CAAS) has a price-to-earnings (P/E) ratio of 4.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

China Automotive Systems, Inc. (CAAS) reported $696.3M in revenue for fiscal year 2024. This represents a 100% increase from $348.0M in 2011.

China Automotive Systems, Inc. (CAAS) grew revenue by 12.9% over the past year. This is steady growth.

Yes, China Automotive Systems, Inc. (CAAS) is profitable, generating $29.3M in net income for fiscal year 2024 (4.6% net margin).

Dividend & Returns

Yes, China Automotive Systems, Inc. (CAAS) pays a dividend with a yield of 15.91%. This makes it attractive for income-focused investors.

China Automotive Systems, Inc. (CAAS) has a return on equity (ROE) of 7.9%. This is below average, suggesting room for improvement.

China Automotive Systems, Inc. (CAAS) had negative free cash flow of $2.9M in fiscal year 2024, likely due to heavy capital investments.

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