ECARX Holdings, Inc. (ECX) 10-Year Financial Performance & Capital Metrics

ECX • • Industrial / General

Consumer CyclicalAuto Parts & EquipmentElectrical & Electronic SystemsVehicle Electronics & Control Units

AboutECARX Holdings, Inc. engages in the design, development, and delivery of vehicle technology. Its products include infotainment head units, digital cockpits, vehicle chip-set, operating system and software stack. The company was founded in 2017 and is based in Shanghai, China with an additional office in Europe.Show more

Revenue $5.56B +18.3%
EBITDA -$95M +15.3%
Net Income -$128M +3.7%
EPS (Diluted) -2.81 -0.7%
Gross Margin 2.84% -25.6%
EBITDA Margin -1.7% +28.4%
Operating Margin -2.17% +21.1%
Net Margin -2.3% +18.7%
ROE -
ROIC -53.82% -157.1%
Debt/Equity -
Interest Coverage -0.90 +44.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y26.02%

TTM0.56%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM65.29%

EPS CAGR

10Y-

5Y-

3Y-

TTM55.31%

ROCE

10Y Avg-59.91%

5Y Avg-59.91%

3Y Avg-44.56%

Latest-53.82%

Peer Comparison

Vehicle Electronics & Control Units

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GNTXGentex Corporation	5.25B	24.00	13.64	0.61%	15.61%	15.2%	6.73%	0.00
APTVAptiv PLC	17.85B	82.61	11.87	-1.69%	1.46%	3.08%	9.05%	0.98
VCVisteon Corporation	2.66B	97.54	9.93	-2.23%	8.22%	19.78%	10.9%	0.33
ECXECARX Holdings, Inc.	578.06M	1.86	-0.66	18.33%	-4.06%
MKDWMKDWELL Tech Inc.	9.82M	0.17	-1.11	-45.54%	-125.96%
SRIStoneridge, Inc.	169.22M	6.04	-10.07	-6.92%	-3.66%	-12.75%	13.85%	0.85

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.24B	2.78B	3.56B	4.7B	5.56B
Revenue Growth %	-	0.24%	0.28%	0.32%	0.18%
Cost of Goods Sold+	1.69B	307.81M	372.23M	483.45M	603.7M
COGS % of Revenue	0.75%	0.11%	0.1%	0.1%	0.11%
Gross Profit+	551.39M	128.18M	144.06M	179.54M	158.11M
Gross Margin %	0.25%	0.05%	0.04%	0.04%	0.03%
Gross Profit Growth %	-	-0.77%	0.12%	0.25%	-0.12%
Operating Expenses+	981.87M	285.1M	380.05M	309.01M	278.96M
OpEx % of Revenue	0.44%	0.1%	0.11%	0.07%	0.05%
Selling, General & Admin	275.65M	95.37M	189.9M	131.4M	106.46M
SG&A % of Revenue	0.12%	0.03%	0.05%	0.03%	0.02%
Research & Development	706.02M	189.76M	193.18M	178.36M	172.56M
R&D % of Revenue	0.32%	0.07%	0.05%	0.04%	0.03%
Other Operating Expenses	200K	-32.48K	-3.03M	-751.49K	-63.56K
Operating Income+	-430.48M	-156.91M	-236M	-129.47M	-120.85M
Operating Margin %	-0.19%	-0.06%	-0.07%	-0.03%	-0.02%
Operating Income Growth %	-	0.64%	-0.5%	0.45%	0.07%
EBITDA+	-371.52M	-146.69M	-219.11M	-111.88M	-94.78M
EBITDA Margin %	-0.17%	-0.05%	-0.06%	-0.02%	-0.02%
EBITDA Growth %	-	0.61%	-0.49%	0.49%	0.15%
D&A (Non-Cash Add-back)	58.96M	10.22M	16.89M	17.58M	26.07M
EBIT	-380.65M	-162.9M	-222.27M	-132.58M	-117.07M
Net Interest Income+	-30.65M	-117.93M	-30.72M	-48.81M	-111.58M
Interest Income	28.48M	13.65M	13.82M	30.5M	22.18M
Interest Expense	59.13M	131.59M	44.54M	79.31M	133.76M
Other Income/Expense	-9.29M	-26.63M	7.27M	-14.3M	-14.54M
Pretax Income+	-439.78M	-183.54M	-228.73M	-143.77M	-135.39M
Pretax Margin %	-0.2%	-0.07%	-0.06%	-0.03%	-0.02%
Income Tax+	228K	1.08M	4.21M	-513.92K	203.01K
Effective Tax Rate %	1%	1%	0.99%	0.92%	0.94%
Net Income+	-439.66M	-184.18M	-226.71M	-132.68M	-127.71M
Net Margin %	-0.2%	-0.07%	-0.06%	-0.03%	-0.02%
Net Income Growth %	-	0.58%	-0.23%	0.41%	0.04%
Net Income (Continuing)	-440M	-184.62M	-232.94M	-143.26M	-135.6M
Discontinued Operations	0	0	0	0	0
Minority Interest	11.51M	3.89M	161.94M	86.95M	14.77M
EPS (Diluted)+	0.00	1.97	-8.16	-2.79	-2.81
EPS Growth %	-	-	-5.14%	0.66%	-0.01%
EPS (Basic)	0.00	1.97	-8.16	-2.79	-2.81
Diluted Shares Outstanding	37.52M	37.5M	239.3M	337.41M	336.64M
Basic Shares Outstanding	37.52M	37.5M	239.3M	337.41M	336.64M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.43B	385.41M	3.85B	3.29B	2.83B
Cash & Short-Term Investments	729.94M	137.74M	860.47M	699.02M	454.56M
Cash Only	729.94M	137.74M	860.47M	561.15M	324.04M
Short-Term Investments	0	0	0	137.88M	130.53M
Accounts Receivable	993.21M	160.29M	1.43B	1.91B	1.61B
Days Sales Outstanding	161.76	21.05	146.81	148.59	105.78
Inventory	233.86M	35.04M	182.57M	160.78M	233.94M
Days Inventory Outstanding	50.52	41.55	179.03	121.39	141.44
Other Current Assets	470.69M	24.08M	1.38B	214.89M	531.07M
Total Non-Current Assets+	150.39M	236.91M	877.7M	978.9M	939.8M
Property, Plant & Equipment	106.08M	16.18M	239.26M	245.99M	292.95M
Fixed Asset Turnover	21.13x	171.72x	14.89x	19.11x	18.98x
Goodwill	0	0	0	0	25.73M
Intangible Assets	30.04M	4.87M	44.86M	179.34M	309.78M
Long-Term Investments	2.65M	212.43M	353.86M	300.99M	15.84M
Other Non-Current Assets	11.61M	3.43M	239.72M	252.59M	295.51M
Total Assets+	2.58B	622.32M	4.73B	4.27B	3.77B
Asset Turnover	0.87x	4.47x	0.75x	1.10x	1.47x
Asset Growth %	-	-0.76%	6.6%	-0.1%	-0.12%
Total Current Liabilities+	3.27B	474.21M	3.93B	4.22B	5.13B
Accounts Payable	1.34B	119.47M	1.86B	2.1B	2.27B
Days Payables Outstanding	289.26	141.66	1.82K	1.58K	1.37K
Short-Term Debt	326M	166.19M	870M	1.21B	1.83B
Deferred Revenue (Current)	0	1000K	0	1000K	0
Other Current Liabilities	1.44B	6.32M	821.7M	41.92M	725.11M
Current Ratio	0.74x	0.81x	0.98x	0.78x	0.55x
Quick Ratio	0.67x	0.74x	0.93x	0.74x	0.51x
Cash Conversion Cycle	-76.97	-79.07	-1.49K	-1.31K	-1.13K
Total Non-Current Liabilities+	1.14B	787.92M	838.05M	886.62M	390.8M
Long-Term Debt	775.39M	0	439.87M	455.7M	0
Capital Lease Obligations	0	0	68.77M	107.61M	121.42M
Deferred Tax Liabilities	0	0	0	0	0
Other Non-Current Liabilities	366.67M	713.7M	329.41M	323.32M	269.38M
Total Liabilities	4.41B	1.26B	4.77B	5.1B	5.52B
Total Debt+	1.1B	166.19M	1.41B	1.81B	1.99B
Net Debt	371.45M	28.45M	549.27M	1.25B	1.67B
Debt / Equity	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-
Interest Coverage	-7.28x	-1.19x	-5.30x	-1.63x	-0.90x
Total Equity+	-1.83B	-639.81M	-34.46M	-834.46M	-1.74B
Equity Growth %	-	0.65%	0.95%	-23.22%	-1.09%
Book Value per Share	-48.82	-17.06	-0.14	-2.47	-5.18
Total Shareholders' Equity	-1.84B	-643.7M	-196.4M	-921.41M	-1.76B
Common Stock	7K	1.1K	10K	10K	11K
Retained Earnings	-2.24B	-644.65M	-5.73B	-6.67B	-7.6B
Treasury Stock	0	0	0	0	-7.43M
Accumulated OCI	1.5M	948.84K	-385.89M	-344.73M	-363.5M
Minority Interest	11.51M	3.89M	161.94M	86.95M	14.77M

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	0	-872.33M	-461.34M	-1.24B	-430.28M
Operating CF Margin %	-	-0.31%	-0.13%	-0.26%	-0.08%
Operating CF Growth %	-	-	0.47%	-1.7%	0.65%
Net Income	-8.93K	-1.19B	-1.56B	-1.02B	-932.32M
Depreciation & Amortization	0	65.01M	74.56M	124.64M	150.34M
Stock-Based Compensation	0	179.93M	725.65M	174.03M	127.23M
Deferred Taxes	0	145.05M	0	0	0
Other Non-Cash Items	0	99.92M	693.42M	88.02M	-172.66M
Working Capital Changes	8.93K	-176.81M	-390.8M	-614.91M	397.13M
Change in Receivables	0	-141.34M	-307.14M	-585.55M	281.41M
Change in Inventory	0	-105.56M	5.34M	11.15M	-72.77M
Change in Payables	0	-199.44M	0	359.8M	0
Cash from Investing+	0	-1.39B	-313.04M	592.08M	-59.91M
Capital Expenditures	0	-78.86M	-157.29M	-62.19M	-114.65M
CapEx % of Revenue	-	0.03%	0.04%	0.01%	0.02%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	0	41.5M	-155.75M	2.16M	111.3M
Cash from Financing+	0	2.19B	657.77M	296.83M	261.64M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	0	-740.1M	130.49M	-33.17M	283.54M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	0	-951.19M	-618.62M	-1.31B	-544.93M
FCF Margin %	-	-0.34%	-0.17%	-0.28%	-0.1%
FCF Growth %	-	-	0.35%	-1.11%	0.58%
FCF per Share	-	-25.37	-2.59	-3.87	-1.62
FCF Conversion (FCF/Net Income)	-	4.74x	2.03x	9.37x	3.37x
Interest Paid	0	28.98M	28.91M	63.86M	112.13M
Taxes Paid	0	1.97M	0	280.03K	0

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Invested Capital (ROIC)	-	-	-34.38%	-20.94%	-53.82%
Gross Margin	24.6%	4.61%	4.04%	3.82%	2.84%
Net Margin	-19.62%	-6.63%	-6.36%	-2.82%	-2.3%
Interest Coverage	-7.28x	-1.19x	-5.30x	-1.63x	-0.90x
FCF Conversion	-	4.74x	2.03x	9.37x	3.37x
Revenue Growth	-	24.01%	28.17%	31.94%	18.33%

Revenue by Segment

	2022	2023	2024
Product	2.43B	3.31B	4.41B
Product Growth	-	36.04%	33.04%
Service	718.42M	909.81M	849.8M
Service Growth	-	26.64%	-6.60%
License	404.47M	444.83M	305.99M
License Growth	-	9.98%	-31.21%
Service, Other	36.92M	42.62M	37.8M
Service, Other Growth	-	15.45%	-11.30%

Frequently Asked Questions

Growth & Financials

ECARX Holdings, Inc. (ECX) reported $5.68B in revenue for fiscal year 2024. This represents a 153% increase from $2.24B in 2020.

ECARX Holdings, Inc. (ECX) grew revenue by 18.3% over the past year. This is strong growth.

ECARX Holdings, Inc. (ECX) reported a net loss of $230.8M for fiscal year 2024.

Dividend & Returns

ECARX Holdings, Inc. (ECX) had negative free cash flow of $544.9M in fiscal year 2024, likely due to heavy capital investments.

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