CBAK Energy Technology, Inc. (CBAT) 10-Year Financial Performance & Capital Metrics

CBAT • • Industrial / General

IndustrialsElectrical EquipmentBattery Materials & ComponentsLithium-ion Battery Manufacturing

AboutCBAK Energy Technology, Inc., together with its subsidiaries, develops, manufactures, and sells lithium batteries in Mainland China, the United States, Korea, Europe, and internationally. Its products are used in various applications, including electric vehicles, such as electric cars, electric buses, and hybrid electric cars and buses; light electric vehicles that include electric bicycles, electric motors, and sight-seeing cars; and electric tools, energy storage, uninterruptible power supply, and other high power applications, as well as cordless power tools. The company was formerly known as China BAK Battery, Inc. and changed its name to CBAK Energy Technology, Inc. in January 2017. CBAK Energy Technology, Inc. was incorporated in 1999 and is based in Dalian, China.Show more

Revenue $177M -13.6%
EBITDA $18M +482.3%
Net Income $12M +581.4%
EPS (Diluted) 0.13 +574.5%
Gross Margin 23.65% +52.4%
EBITDA Margin 10.17% +574.1%
Operating Margin 4.98% +240.3%
Net Margin 6.68% +657.3%
ROE 10.1% +590.3%
ROIC 4.58% +217.8%
Debt/Equity 0.25 -20.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 51.4%
✓Healthy 5Y average net margin of 19.5%
✓Trading at only 0.7x book value

✗Weaknesses

✗Weak 3Y average ROE of 0.3%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.68%

5Y51.41%

3Y49.68%

TTM-22.02%

Profit (Net Income) CAGR

10Y-10.99%

5Y-

3Y-42.33%

TTM-156.47%

EPS CAGR

10Y-26.92%

5Y-

3Y-42.95%

TTM-156.4%

ROCE

10Y Avg-21.19%

5Y Avg-6.73%

3Y Avg-2.3%

Latest7%

Peer Comparison

Lithium-ion Battery Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ULBIUltralife Corporation	117.21M	7.04	18.53	3.66%	0.92%	1.25%	12.55%	0.44
CBATCBAK Energy Technology, Inc.	77.12M	0.87	6.69	-13.61%	-4.03%	-5.5%	29.2%	0.25
ENREnergizer Holdings, Inc.	1.46B	21.24	6.40	2.28%	8.09%	140.67%	4.34%	20.79
XPONExpion360 Inc.	8.88M	0.92	-0.04	-5.96%	-21.76%	-22.74%		0.41
DFLIDragonfly Energy Holdings Corp.	46.38M	3.84	-0.65	-21.35%	-60.13%	-438.89%
TET1 Energy Inc	1.57B	7.41	-2.32		-243.61%	-351.25%		3.01
FLUXFlux Power Holdings, Inc.	32.44M	1.52	-3.80	9.22%	-10.05%
MVSTMicrovast Holdings, Inc.	974.7M	2.97	-4.87	23.87%	-34.01%	-42.22%		0.85

Profit & Loss

	Sep 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.9M	8.37M	58.38M	24.43M	22.19M	37.57M	52.67M	248.73M	204.44M	176.61M
Revenue Growth %	-0.89%	-0.4%	5.97%	-0.58%	-0.09%	0.69%	0.4%	3.72%	-0.18%	-0.14%
Cost of Goods Sold+	12.95M	10.42M	68.57M	27.73M	21.57M	34.85M	47.56M	230.63M	172.71M	134.84M
COGS % of Revenue	0.93%	1.24%	1.17%	1.14%	0.97%	0.93%	0.9%	0.93%	0.84%	0.76%
Gross Profit+	949.86K	-2.05M	-10.2M	-3.3M	622.53K	2.71M	5.11M	18.1M	31.72M	41.78M
Gross Margin %	0.07%	-0.24%	-0.17%	-0.14%	0.03%	0.07%	0.1%	0.07%	0.16%	0.24%
Gross Profit Growth %	-0.9%	-3.15%	-3.98%	0.68%	1.19%	3.36%	0.88%	2.54%	0.75%	0.32%
Operating Expenses+	-18.5M	10.21M	10.01M	9.22M	10.71M	11.19M	16.82M	29.6M	38.98M	32.99M
OpEx % of Revenue	-1.33%	1.22%	0.17%	0.38%	0.48%	0.3%	0.32%	0.12%	0.19%	0.19%
Selling, General & Admin	3.47M	8.59M	7.55M	6.58M	5.43M	4.45M	12.33M	11.75M	18.69M	19.15M
SG&A % of Revenue	0.25%	1.03%	0.13%	0.27%	0.24%	0.12%	0.23%	0.05%	0.09%	0.11%
Research & Development	1M	1.57M	1.74M	2.48M	1.91M	1.68M	5.27M	10.64M	11.93M	13.01M
R&D % of Revenue	0.07%	0.19%	0.03%	0.1%	0.09%	0.04%	0.1%	0.04%	0.06%	0.07%
Other Operating Expenses	-91.22K	0	725.38K	162.49K	3.37M	5.07M	-780.39K	7.22M	8.36M	831.4K
Operating Income+	-3.65M	-12.26M	-20.21M	-13.44M	-10.09M	-8.48M	-11.71M	-11.5M	-7.25M	8.79M
Operating Margin %	-0.26%	-1.46%	-0.35%	-0.55%	-0.45%	-0.23%	-0.22%	-0.05%	-0.04%	0.05%
Operating Income Growth %	0.66%	-2.36%	-0.65%	0.33%	0.25%	0.16%	-0.38%	0.02%	0.37%	2.21%
EBITDA+	-3.14M	-10.94M	-18.47M	-10.82M	-7.34M	-5.78M	-7.66M	-2.95M	3.08M	17.96M
EBITDA Margin %	-0.23%	-1.31%	-0.32%	-0.44%	-0.33%	-0.15%	-0.15%	-0.01%	0.02%	0.1%
EBITDA Growth %	-0.32%	-2.48%	-0.69%	0.41%	0.32%	0.21%	-0.32%	0.62%	2.05%	4.82%
D&A (Non-Cash Add-back)	508.94K	1.32M	1.74M	2.62M	2.75M	2.7M	4.06M	8.56M	10.34M	9.17M
EBIT	19.45M	-12.26M	-21.22M	-1.12M	-9.47M	-6.45M	-12.49M	-4.29M	1.1M	9.62M
Net Interest Income+	0	-134.67K	-245.01K	-834.39K	-1.38M	-1.4M	784.88K	491.06K	432.9K	1.28M
Interest Income	0	0	0	0	0	0	784.88K	491.06K	432.9K	1.28M
Interest Expense	0	134.67K	245.01K	834.39K	1.38M	1.4M	0	0	0	0
Other Income/Expense	23.01M	143.51K	-1.26M	10.56M	-764.74K	632.74K	65.54M	-1.05M	1.2M	2.36M
Pretax Income+	19.36M	-12.11M	-21.47M	-1.96M	-10.85M	-7.85M	53.83M	-12.56M	-6.05M	11.14M
Pretax Margin %	1.39%	-1.45%	-0.37%	-0.08%	-0.49%	-0.21%	1.02%	-0.05%	-0.03%	0.06%
Income Tax+	5.32M	600.51K	0	-14.3K	0	0	-7.73M	-1.23M	2.49M	1.56M
Effective Tax Rate %	0.82%	1.05%	1%	0.99%	0.99%	0.99%	1.14%	0.75%	0.4%	1.06%
Net Income+	15.87M	-12.71M	-21.47M	-1.94M	-10.77M	-7.81M	61.49M	-9.45M	-2.45M	11.79M
Net Margin %	1.14%	-1.52%	-0.37%	-0.08%	-0.49%	-0.21%	1.17%	-0.04%	-0.01%	0.07%
Net Income Growth %	-0.58%	-1.8%	-0.69%	0.91%	-4.54%	0.27%	8.88%	-1.15%	0.74%	5.81%
Net Income (Continuing)	14.04M	-12.71M	-21.47M	-1.96M	-10.85M	-7.85M	61.56M	-11.33M	-8.54M	9.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	11.98K	52.78K	7.74K	7.59M	6.88M	634.04K	-1.61M
EPS (Diluted)+	1.23	-0.71	-0.92	-0.07	-0.28	-0.13	0.70	-0.11	-0.03	0.13
EPS Growth %	-0.59%	-1.58%	-0.3%	0.92%	-2.83%	0.54%	6.38%	-1.16%	0.75%	5.74%
EPS (Basic)	1.25	-0.71	-0.92	-0.07	-0.28	-0.13	0.70	-0.11	-0.03	0.13
Diluted Shares Outstanding	12.88M	17.79M	23.24M	26.6M	38.97M	61.99M	87.88M	88.93M	89.25M	90.16M
Basic Shares Outstanding	12.72M	17.79M	23.24M	26.6M	38.97M	61.99M	87.61M	88.93M	89.25M	89.93M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	19.57M	32.34M	85.24M	56.37M	28.49M	63.17M	122.84M	125.71M	128.42M	141.4M
Cash & Short-Term Investments	6.76M	1.95M	1.64M	449.67K	1.68M	11.7M	8.15M	6.52M	4.64M	10.96M
Cash Only	6.76M	1.95M	1.64M	449.67K	1.61M	11.68M	7.36M	6.52M	4.64M	6.72M
Short-Term Investments	0	0	0	0	63.18K	17.39K	790.52K	0	0	4.24M
Accounts Receivable	7.17M	8.61M	63.54M	15.61M	7.95M	29.81M	60.02M	37.88M	33.98M	44.87M
Days Sales Outstanding	188.23	375.61	397.26	233.2	130.78	289.61	415.93	55.59	60.66	92.73
Inventory	3.06M	16.54M	9.83M	9.62M	8.67M	5.25M	30.13M	49.45M	33.41M	22.85M
Days Inventory Outstanding	86.15	579.64	52.34	126.65	146.64	55.01	231.26	78.25	70.61	61.86
Other Current Assets	1.56M	4.28M	9.1M	5.56M	9.88M	15.88M	19M	30.84M	54.18M	54.06M
Total Non-Current Assets+	43.8M	60.97M	67.89M	71.21M	67.09M	79.6M	139.78M	118.33M	152.73M	160.82M
Property, Plant & Equipment	35.31M	53.06M	59.99M	63.91M	67.08M	78.73M	119.35M	101.22M	130.51M	131.25M
Fixed Asset Turnover	0.39x	0.16x	0.97x	0.38x	0.33x	0.48x	0.44x	2.46x	1.57x	1.35x
Goodwill	0	0	0	0	0	0	1.65M	0	0	0
Intangible Assets	8.48M	22.89K	20.05K	7.3M	15.18K	11.81K	15.76M	13.67M	12.55M	11.46M
Long-Term Investments	-21.49B	0	0	0	0	0	1.55M	945.24K	9.67M	18.11M
Other Non-Current Assets	21.45B	7.89M	7.87M	0	0	850.41K	62.94K	0	0	0
Total Assets+	63.37M	93.31M	153.13M	127.58M	95.58M	142.77M	262.62M	244.03M	281.16M	302.22M
Asset Turnover	0.22x	0.09x	0.38x	0.19x	0.23x	0.26x	0.20x	1.02x	0.73x	0.58x
Asset Growth %	0.44%	0.47%	0.64%	-0.17%	-0.25%	0.49%	0.84%	-0.07%	0.15%	0.07%
Total Current Liabilities+	34.54M	47.58M	116.92M	92.95M	59M	73.71M	112.77M	111.93M	160.5M	171.7M
Accounts Payable	4.91M	8.31M	65.62M	23.13M	16.56M	28.98M	40.35M	32.52M	26.76M	26.32M
Days Payables Outstanding	138.36	291.18	349.27	304.49	280.12	303.49	309.69	51.46	56.56	71.24
Short-Term Debt	12.77M	5.89M	14.64M	17.81M	26.77M	14.99M	13.49M	15.6M	32.93M	26.42M
Deferred Revenue (Current)	441.52K	123K	270.92K	335.89K	0	0	1000K	1000K	1000K	1000K
Other Current Liabilities	14.76M	21.65M	116.99K	15.87M	13.07M	25.61M	5.97M	162.22K	23.87K	23.43K
Current Ratio	0.57x	0.68x	0.73x	0.61x	0.48x	0.86x	1.09x	1.12x	0.80x	0.82x
Quick Ratio	0.48x	0.33x	0.65x	0.50x	0.34x	0.79x	0.82x	0.68x	0.59x	0.69x
Cash Conversion Cycle	136.02	664.08	100.32	55.36	-2.7	41.12	337.5	82.38	74.72	83.35
Total Non-Current Liabilities+	7.16M	30.64M	34.02M	34.31M	22.93M	16.65M	8.97M	7.72M	7.2M	10.45M
Long-Term Debt	0	18.26M	19.49M	20.61M	9.52M	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	876.32K	607.22K	475.3K	2.45M
Deferred Tax Liabilities	142.65K	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	12.38M	14.53M	9.38M	13.41M	16.65M	1.9M	1.54M	522.57K	420.69K
Total Liabilities	41.7M	78.22M	150.94M	127.26M	81.93M	90.36M	121.73M	119.65M	167.7M	182.15M
Total Debt+	12.77M	24.9M	34.13M	38.42M	36.29M	14.99M	15.17M	17.62M	35.74M	30.14M
Net Debt	6.01M	22.94M	32.48M	37.97M	34.68M	3.31M	7.81M	11.1M	31.1M	23.42M
Debt / Equity	0.59x	1.65x	15.54x	117.39x	2.66x	0.29x	0.11x	0.14x	0.31x	0.25x
Debt / EBITDA	-	-	-	-	-	-	-	-	11.59x	1.68x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	10.08x	1.30x
Interest Coverage	-	-91.01x	-82.47x	-16.11x	-7.28x	-6.06x	-	-	-	-
Total Equity+	21.67M	15.09M	2.2M	327.3K	13.66M	52.41M	140.88M	124.38M	113.46M	120.07M
Equity Growth %	6%	-0.3%	-0.85%	-0.85%	40.73%	2.84%	1.69%	-0.12%	-0.09%	0.06%
Book Value per Share	1.68	0.85	0.09	0.01	0.35	0.85	1.60	1.40	1.27	1.33
Total Shareholders' Equity	21.67M	15.09M	2.2M	315.32K	13.61M	52.4M	133.29M	117.5M	112.82M	121.67M
Common Stock	12.86K	19.69K	26.37K	26.79K	53.22K	79.31K	88.85K	89.14K	90.06K	90.08K
Retained Earnings	-125.92M	-139.8M	-163.47M	-165.41M	-174.95M	-182.75M	-122.5M	-131.95M	-134.4M	-122.61M
Treasury Stock	-4.07M	-4.07M	-4.07M	-4.07M	-4.07M	-4.07M	-4.07M	-4.07M	-4.07M	-4.07M
Accumulated OCI	-492.86K	-167.84K	-110.02K	-268.43K	-1.74M	-239.61K	3.72M	-6.92M	-10.37M	-13.69M
Minority Interest	0	0	0	11.98K	52.78K	7.74K	7.59M	6.88M	634.04K	-1.61M

Cash Flow

	Sep 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-2.04M	-18.88M	6.22M	8.73M	-21.22M	-5.1M	-4.27M	15.11M	46.51M	39.7M
Operating CF Margin %	-0.15%	-2.26%	0.11%	0.36%	-0.96%	-0.14%	-0.08%	0.06%	0.23%	0.22%
Operating CF Growth %	0.93%	-8.27%	1.33%	0.4%	-3.43%	0.76%	0.16%	4.54%	2.08%	-0.15%
Net Income	14.04M	-12.71M	-21.47M	-1.96M	-10.85M	-7.85M	61.56M	-11.33M	-8.54M	9.59M
Depreciation & Amortization	508.94K	1.07M	1.59M	2.47M	2.75M	2.7M	4.06M	8.56M	10.34M	9.17M
Stock-Based Compensation	750.17K	1.43M	759.29K	221.18K	770.11K	803.93K	1.05M	64.19K	1.23M	376.65K
Deferred Taxes	101.62K	-168.86K	0	0	0	0	0	0	0	0
Other Non-Cash Items	-22.95M	3.72M	7.56M	-10.89M	4.42M	4.47M	-62.4M	7.63M	14.7M	5.54M
Working Capital Changes	5.51M	-12.21M	17.78M	18.88M	-18.31M	-5.22M	-8.54M	10.19M	28.79M	15.03M
Change in Receivables	-5.15M	-2.45M	-53.55B	33.72M	10.31M	-20.77M	18.71M	21.02M	-2.8M	-4.83M
Change in Inventory	-107.51K	-14.39M	2.32M	-475.66K	11.04K	2.31M	-11.81M	-23.98M	11.21M	6.3M
Change in Payables	5.02M	-2M	47.15M	-9.76M	-30.53M	11.09M	-1.81M	7.56M	16.79M	4.65M
Cash from Investing+	-5.5M	-5.46M	-16.42M	-7.33M	-2.42M	-5.71M	-38.08M	-7.93M	-42.31M	-23.43M
Capital Expenditures	-12.88M	-3M	-12.05M	-7.36M	-2.45M	-5.71M	-19.21M	-12.37M	-31.14M	-17.19M
CapEx % of Revenue	0.93%	0.36%	0.21%	0.3%	0.11%	0.15%	0.36%	0.05%	0.15%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	7.38M	-2.46M	-4.37M	31.59K	32.72K	0	0	282.16K	1.14K	2.57M
Cash from Financing+	13.34M	24.92M	11.41M	6.4M	13.55M	25.83M	48.27M	5.61M	18.62M	-11.69M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	9.85M	5.52M	2.07M	26.82K	-839.24K	0	0	1.49M	0	-4.3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-14.92M	-21.88M	-5.83M	1.37M	-23.68M	-10.81M	-23.48M	2.74M	15.37M	22.52M
FCF Margin %	-1.07%	-2.61%	-0.1%	0.06%	-1.07%	-0.29%	-0.45%	0.01%	0.08%	0.13%
FCF Growth %	0.69%	-0.47%	0.73%	1.23%	-18.31%	0.54%	-1.17%	1.12%	4.6%	0.47%
FCF per Share	-1.16	-1.23	-0.25	0.05	-0.61	-0.17	-0.27	0.03	0.17	0.25
FCF Conversion (FCF/Net Income)	-0.13x	1.48x	-0.29x	-4.49x	1.97x	0.65x	-0.07x	-1.60x	-18.99x	3.37x
Interest Paid	0	0	0	0	1.38M	989.53K	177.54K	571.12K	181.61K	408.03K
Taxes Paid	0	459.26K	0	0	0	0	3.05K	59.51K	0	2.19M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	183.16%	-69.17%	-248.38%	-154.04%	-153.98%	-23.63%	63.62%	-7.12%	-2.06%	10.1%
Return on Invested Capital (ROIC)	-16.69%	-27.98%	-41.68%	-27.62%	-17.47%	-12.22%	-8.59%	-6.07%	-3.88%	4.58%
Gross Margin	6.83%	-24.45%	-17.47%	-13.5%	2.8%	7.22%	9.7%	7.28%	15.52%	23.65%
Net Margin	114.16%	-151.91%	-36.77%	-7.95%	-48.51%	-20.78%	116.74%	-3.8%	-1.2%	6.68%
Debt / Equity	0.59x	1.65x	15.54x	117.39x	2.66x	0.29x	0.11x	0.14x	0.31x	0.25x
Interest Coverage	-	-91.01x	-82.47x	-16.11x	-7.28x	-6.06x	-	-	-	-
FCF Conversion	-0.13x	1.48x	-0.29x	-4.49x	1.97x	0.65x	-0.07x	-1.60x	-18.99x	3.37x
Revenue Growth	-88.7%	-39.81%	597.49%	-58.14%	-9.16%	69.26%	40.21%	372.24%	-17.81%	-13.61%

Revenue by Segment

	2021	2022	2023	2024
TotalHighPowerLithiumBatteriesUsedMember	34.8M	-	-	-
TotalHighPowerLithiumBatteriesUsedMember Growth	-	-	-	-
UninterruptableSuppliesMember	33.31M	-	-	-
UninterruptableSuppliesMember Growth	-	-	-	-
PrecursorMember	9.14M	-	-	-
PrecursorMember Growth	-	-	-	-
CathodeMember	8.73M	-	-	-
CathodeMember Growth	-	-	-	-
LightElectricVehiclesMember	733.38K	-	-	-
LightElectricVehiclesMember Growth	-	-	-	-
TradingOfRawMaterialsUsedInLithiumBatteriesMember	519.8K	-	-	-
TradingOfRawMaterialsUsedInLithiumBatteriesMember Growth	-	-	-	-
ElectricVehiclesMember	243.84K	-	-	-
ElectricVehiclesMember Growth	-	-	-	-

Revenue by Geography

	2021	2022	2023	2024
CHINA	-	-	119.31M	98.93M
CHINA Growth	-	-	-	-17.08%
Europe	-	50.38M	78.58M	65.75M
Europe Growth	-	-	55.97%	-16.33%
UNITED STATES	-	36.52K	5.22K	-
UNITED STATES Growth	-	-	-85.72%	-
Other Geographic Areas Member	-	196.31K	-	-
Other Geographic Areas Member Growth	-	-	-	-

Frequently Asked Questions

Valuation & Price

CBAK Energy Technology, Inc. (CBAT) has a price-to-earnings (P/E) ratio of 6.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

CBAK Energy Technology, Inc. (CBAT) reported $161.8M in revenue for fiscal year 2024. This represents a 26% decrease from $219.0M in 2011.

CBAK Energy Technology, Inc. (CBAT) saw revenue decline by 13.6% over the past year.

CBAK Energy Technology, Inc. (CBAT) reported a net loss of $6.5M for fiscal year 2024.

Dividend & Returns

CBAK Energy Technology, Inc. (CBAT) has a return on equity (ROE) of 10.1%. This is reasonable for most industries.

CBAK Energy Technology, Inc. (CBAT) had negative free cash flow of $8.2M in fiscal year 2024, likely due to heavy capital investments.

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