Cash flow generation remains highly erratic, evidenced by an OCF/NI ratio that swung from -0.75 in 2024Q4 to 4.06 in 2025Q2, reflecting significant volatility in working capital management.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 49.73M | 111.63M | 9.78M | 19.91M | 48.02M | 28.27M | 57.43M | 30.29M | 12.53M | 50.15M | 11.82M | 39.27M | 45.7M | 12.88M | 16.21M | 34.06M | 38.55M | 34.96M | 16.37M | 11.32M | 7.97M | 13.39M | 21.31M | 4.26M | -8.81M | 2.19K | -2.97K |
| Operating CF Margin % | - | 14.58% | 1.5% | 3.45% | 9.07% | 5.68% | 13.75% | 7.02% | 2.52% | 10.05% | 2.56% | 8.85% | 9.79% | 3.1% | 4.82% | 9.79% | 11.14% | 13.68% | 10.03% | 8.48% | 8.32% | 21.07% | 36.63% | 7.69% | - | 16.19% | - |
| Operating CF Growth % | 2315.21% | 1041.9% | -50.89% | -58.55% | 69.87% | -50.77% | 89.56% | 141.85% | -75.02% | 324.13% | -69.89% | -14.06% | 254.9% | -20.56% | -52.41% | -11.64% | 10.29% | 113.49% | 44.59% | 42.1% | -40.5% | -37.16% | 400.81% | 148.29% | -403440.96% | 173.52% | - |
| Net Income | 29.32M | 51.91M | 37.9M | 37.66M | 22.34M | 10.73M | -10.27M | 8.38M | 79K | -18.64M | 22.98M | 27.9M | 39.59M | 33.06M | 25.49M | 47.9M | 62.92M | 31.29M | 12.44M | 8.86M | 4.81M | 3.32M | 6.89M | 3.87M | -9.92M | 2.19K | -2.97K |
| Depreciation & Amortization | 18.62M | 14.26M | 20.22M | 18.71M | 25.17M | 27.11M | 22.06M | 17.84M | 16.82M | 15.36M | 13.93M | 15.27M | 15.52M | 14.59M | 13.91M | 13.5M | 9.5M | 8.68M | 9.92M | 7.35M | 6.48M | 4.91M | 2.01M | 1.37M | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 88K | 0 | 0 | 23K | 100K | 137K | 105K | 193K | 194K | 76K | 100.58K | 595.4K | 446.68K | 345.43K | 153.68K | 0 | 55.13K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -6.04M | -1.44M | -6.04M | -1.32M | 1.24M | 4.02M | 2.21M | 16K | -2.5M | 4.14M | -1.63M | -655K | -1.68M | -1.47M | -1.56M | -914.89K | 620.88K | -1.17M | -974.38K | -1.32M | 0 | -55.13K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.49M | -1.08M | 1.57M | 7.79M | 4.75M | -4.46M | 287K | -2.48M | 5.57M | 1.2M | 1.91M | 2.1M | -3.73M | -2.16M | -3.59M | -22.69M | -21.41M | 783.69K | 5.53M | 8.86M | 6.68M | 3.41M | 2.71M | 8.52M | 0 | 0 | 0 |
| Working Capital Changes | -3.32M | 47.99M | -43.88M | -42.94M | -5.49M | -9.22M | 40.87M | 6.54M | -7.46M | 48M | -25.5M | -5.45M | -4.2M | -31.34M | -18.12M | -3.84M | -13.67M | -5.08M | -10.89M | -12.58M | -9.99M | 1.77M | 9.71M | -9.5M | 1.1M | 0 | 0 |
| Change in Receivables | 38.09M | -10.13M | -77.55M | -51.26M | -36.94M | 18.4M | 13.64M | 24.12M | 33.23M | 23.23M | -44.07M | 4.62M | -6.38M | -43.31M | -19.15M | -6.41M | 0 | 0 | -14.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -9.55M | -9.16M | -1.79M | -1.65M | -5.37M | -25.68M | -109K | 3.99M | -17.85M | -12.16M | -15.44M | -7.63M | -10.16M | -8.72M | 229K | -12.46M | -8.68M | -817.83K | -4.96M | -3.45M | -2.53M | -100.14K | -2.88M | -1.03M | 0 | 0 | 0 |
| Change in Payables | -1.4M | 50.07M | 40.39M | 22.02M | 27.27M | -2.8M | 27.25M | -22.14M | -22.49M | 2.53M | 35.45M | -2.58M | 11.94M | 26.6M | 7.75M | 15.01M | 36.82M | 8.32M | 8.32M | 7.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -60M | -31.49M | -77.93M | -28.64M | -32.74M | 2.96M | -23.76M | -27.32M | 2.45M | -47.31M | -52.23M | -32.27M | -21.79M | -43.06M | -6.29M | -14.04M | -32.6M | -17.34M | -22.36M | -13.16M | -1.22M | -12.01M | -18.23M | -9.2M | 0 | 0 | 0 |
| Capital Expenditures | -52.12M | -37.19M | -44.46M | -18.23M | -20.48M | -9.9M | -16.57M | -35.9M | -25.95M | -27.3M | -39.75M | -42.68M | -19.41M | -14.87M | -19.08M | -15.18M | -28.19M | -17.82M | -12.37M | -14.27M | -7.55M | -11.09M | -17.81M | -8.84M | 0 | 0 | 0 |
| CapEx % of Revenue | 7.49% | 4.86% | 6.83% | 3.16% | 3.87% | 1.99% | 3.97% | 8.32% | 5.23% | 5.47% | 8.6% | 9.62% | 4.16% | 3.58% | 5.68% | 4.36% | 8.15% | 6.97% | 7.58% | 10.68% | 7.89% | 17.44% | 30.61% | 15.98% | - | - | - |
| Acquisitions | 17.37M | -1.12M | 36.01M | -7.73M | -12.8M | -13.76M | -5.36M | -8.58M | -5.96M | -7.63M | -8.6M | -249K | -2.98M | 6.19M | 7.47M | 0 | 0 | 0 | -10M | 0 | 0 | 0 | 0 | -328.23K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -171.39K | -2.98M | -15.5M | -655K | 1.66M | 133K | 1.51M | 4.96M | 23.11M | -16.02M | 3.67M | -442K | 7M | 788K | 5.32M | 574.77K | -1.31M | 487.28K | 14.87K | 1.11M | 6.33M | -925.37K | 207.51K | -1.22M | 0 | 0 | 0 |
| Cash from Financing | 357K | 11.45M | 17.36M | 6.8M | -1.58M | -3.12M | -19.83M | -10.74M | 10.12M | 28.46M | 4.42M | -1.77M | -9.12M | -5.81M | 4.63M | 871.94K | -1.39M | -11.29M | 21.98M | -7.43M | 7.47M | -169.76K | -2.7M | 10.05M | 0 | 0 | 6.3K |
| Debt Issued (Net) | 24.62M | 13.84M | 24.36M | 3.34M | 851K | -2.04M | -17.4M | -12.64M | -4.76M | 29.08M | 7.34M | -402K | 4.42M | -4.34M | 8.42M | 3.18M | 1.42M | -7.53M | 27.43M | -2.18M | 0 | 1.2M | 3.98M | 5.77M | 0 | 0 | 0 |
| Equity Issued (Net) | -68.07K | 0 | -68K | 0 | -2.43M | 0 | -2.99M | -1.31M | -300K | 0 | -1.91M | 0 | 0 | 0 | -1M | 517.93K | 0 | 0 | 0 | 1.15M | 10.37M | 0 | 0 | 159K | 0 | 0 | 6 |
| Dividends Paid | -24.21M | -2.19M | -22.43M | 0 | 0 | 0 | -88K | 0 | 0 | 0 | -544K | -252K | -4.29M | -66K | 0 | 0 | -3.61M | -4.18M | -6.2M | -6.31M | 0 | -1.2M | -4.47M | -2.65M | 0 | 0 | 0 |
| Share Repurchases | -68.07K | 0 | -68K | 0 | -2.43M | 0 | -2.99M | -1.31M | -300K | 0 | -1.91M | 0 | 0 | 0 | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 11.13K | -199K | 15.5M | 3.46M | 0 | -1.07M | 641K | 3.21M | 15.18M | -623K | -464K | -1.12M | -9.25M | -1.4M | -2.79M | -2.82M | 799.39K | 420.24K | 748.14K | -6.39M | -2.9M | -1.37M | -2.21M | 6.77M | 52K | 0 | 6.29K |
| Net Change in Cash | -9.42M | 92.46M | -53.37M | -3.76M | -548K | 31.44M | 21.66M | -9.57M | 19.88M | 33.47M | -38.58M | 1.17M | 14.53M | -33.67M | 14.69M | 23.54M | 5.94M | 6.37M | 17.63M | -7.93M | 15.04M | 1.21M | 381.74K | 5.11M | -8.8M | 2.19K | 3.33K |
| Free Cash Flow | -2.94M | 71.3M | -34.68M | -1.77M | 27.54M | 18.37M | 40.86M | -5.61M | -13.43M | 22.86M | -27.92M | -3.41M | 26.28M | -2M | -2.87M | 18.88M | 10.36M | 17.13M | 4M | -2.95M | 415.31K | 2.31M | 3.5M | -4.59M | -8.81M | 2.19K | -2.97K |
| FCF Margin % | -0.42% | 9.31% | -5.33% | -0.31% | 5.2% | 3.69% | 9.78% | -1.3% | -2.71% | 4.58% | -6.04% | -0.77% | 5.63% | -0.48% | -0.85% | 5.43% | 3% | 6.7% | 2.45% | -2.21% | 0.43% | 3.63% | 6.02% | -8.29% | - | 16.19% | - |
| FCF Growth % | -161.42% | 305.56% | -1855.13% | -106.44% | 49.92% | -55.04% | 828.73% | 58.24% | -158.75% | 181.86% | -719.28% | -112.97% | 1417.44% | 30.49% | -115.2% | 82.22% | -39.52% | 328.01% | 235.89% | -809.29% | -81.99% | -34.17% | 176.34% | 47.95% | -403440.96% | 173.52% | - |
| FCF per Share | -0.10 | 2.36 | -1.15 | -0.06 | 0.90 | 0.60 | 1.31 | -0.18 | -0.42 | 0.72 | -0.87 | -0.11 | 0.90 | -0.07 | -0.10 | 0.60 | 0.33 | 0.63 | 0.13 | -0.12 | 0.02 | 0.10 | 0.16 | -0.21 | -0.42 | 0.00 | -0.00 |
| FCF Conversion (FCF/Net Income) | -0.10x | 2.61x | 0.33x | 0.53x | 2.27x | 2.56x | -11.53x | 3.04x | 5.27x | -2.59x | 0.53x | 1.43x | 1.36x | 0.48x | 0.78x | 0.84x | 0.75x | 1.49x | 1.32x | 1.28x | 1.66x | 4.04x | 3.10x | 1.10x | 0.89x | 1.00x | 1.00x |
| Interest Paid | 0 | 1.7M | 1.79M | 1.15M | 1.49M | 1.84M | 2.75M | 3.39M | 3.85M | 654K | 720K | 1.56M | 1.21M | 1.29M | 10.87M | 1.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 20.45M | 18.51M | 7.96M | 4.04M | 3.4M | 3.23M | 4.61M | 3.72M | 4.64M | 1.84M | 8.07M | 5.88M | 6.04M | 5.77M | 8.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Working Capital Volatility
As reported in financial statements, CAAS exhibits significant volatility in cash conversion, with the OCF/NI ratio swinging from a low of -0.75 in 2024Q4 to a high of 4.06 in 2025Q2, indicating that reported net income is frequently decoupled from actual cash generation capabilities.
The wide variance in the relationship between net income and operating cash flow suggests that accounting earnings are heavily influenced by non-cash accruals and timing differences in OEM payments. Investors should monitor whether this inconsistency reflects structural difficulties in collecting receivables or simply the lumpy nature of automotive supply chain settlements.
Based on CAAS's reported figures, free cash flow margins have remained highly erratic, oscillating between a negative 17.3% in 2024Q4 and a positive 12.9% in 2025Q2, which highlights the company's struggle to maintain consistent cash generation despite its ongoing revenue expansion efforts.
The inability to sustain positive free cash flow suggests that the company's capital-intensive transition toward electronic power steering systems requires significant, unpredictable cash outflows. This trajectory implies that shareholders may face continued periods of cash burn as the firm balances growth investments against cyclical demand fluctuations.
According to recent SEC filings, working capital changes have been a primary driver of cash flow volatility, with a notable $16.6 million inflow in 2025Q2 contrasting sharply with the $18.1 million outflow observed in 2024Q4, reflecting the cyclical nature of inventory and receivables management.
The significant swings in working capital suggest that CAAS is highly susceptible to the payment cycles of its large OEM customers. This dynamic appears to force the company to absorb the impact of production delays or inventory build-ups, which complicates the predictability of its quarterly cash position.
As indicated by the provided data, CAAS has maintained a capital expenditure to revenue ratio that peaked at 13.5% in 2024Q4, suggesting that the firm is currently in a phase of elevated investment to support its technological pivot toward advanced steering systems.
The elevated capex levels relative to historical norms imply that the company is prioritizing long-term competitiveness over short-term cash preservation. Analysts should investigate whether these investments are effectively replacing aging machinery or if they represent a permanent increase in the capital intensity required to remain relevant.
Quick answers to the most common questions about buying CAAS stock.
China Automotive Systems, Inc. (CAAS) generated $111.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
China Automotive Systems, Inc. (CAAS) generated $71.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
China Automotive Systems, Inc. (CAAS) spent $37.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, China Automotive Systems, Inc. (CAAS) returned $2.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.