Revenue rebounded from a 2.0% year-over-year decline in Q1 2024 to $229.2M in Q4 2025, but operating income of $25.8M on $53.0M gross profit indicates that operating expenses absorbed a meaningful share of incremental gains.
China Automotive Systems, Inc. (CAAS) annual income statement — 26-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 834.86M | 765.74M | 650.93M | 576.35M | 529.55M | 497.99M | 417.64M | 431.43M | 496.16M | 499.06M | 462.05M | 443.53M | 466.77M | 415.16M | 336M | 347.97M | 345.93M | 255.6M | 163.18M | 133.6M | 95.77M | 63.57M | 58.19M | 55.33M | 0 | 13.5K | 0 |
| Revenue Growth % | 19.9% | 17.64% | 12.94% | 8.84% | 6.34% | 19.24% | -3.2% | -13.05% | -0.58% | 8.01% | 4.17% | -4.98% | 12.43% | 23.56% | -3.44% | 0.59% | 35.34% | 56.64% | 22.14% | 39.5% | 50.64% | 9.26% | 5.17% | - | -100% | - | - |
| Cost of Goods Sold | 660.02M | 620.27M | 541.75M | 472.6M | 446.16M | 425.91M | 362.3M | 369.41M | 430.75M | 414.43M | 381.13M | 363.99M | 379.3M | 338.53M | 275.25M | 279.88M | 265.62M | 182.93M | 115.92M | 88.27M | 62.86M | 41.11M | 35.04M | 30.4M | 0 | 0 | 0 |
| COGS % of Revenue | - | 81% | 83.23% | 82% | 84.25% | 85.53% | 86.75% | 85.63% | 86.82% | 83.04% | 82.49% | 82.07% | 81.26% | 81.54% | 81.92% | 80.43% | 76.79% | 71.57% | 71.04% | 66.07% | 65.64% | 64.66% | 60.22% | 54.95% | - | - | - |
| Gross Profit | 174.84M | 145.46M | 109.18M | 103.75M | 83.39M | 72.08M | 55.34M | 62.02M | 65.41M | 84.63M | 80.92M | 79.55M | 87.47M | 76.63M | 60.75M | 68.1M | 80.3M | 72.67M | 47.26M | 45.32M | 32.91M | 22.47M | 23.14M | 24.93M | 0 | 13.5K | 0 |
| Gross Margin % | 20.94% | 19% | 16.77% | 18% | 15.75% | 14.47% | 13.25% | 14.37% | 13.18% | 16.96% | 17.51% | 17.93% | 18.74% | 18.46% | 18.08% | 19.57% | 23.21% | 28.43% | 28.96% | 33.93% | 34.36% | 35.34% | 39.78% | 45.05% | - | 100% | - |
| Gross Profit Growth % | - | 33.23% | 5.24% | 24.41% | 15.7% | 30.25% | -10.76% | -5.19% | -22.71% | 4.59% | 1.72% | -9.06% | 14.15% | 26.14% | -10.79% | -15.2% | 10.51% | 53.77% | 4.27% | 37.72% | 46.48% | -2.92% | -7.15% | - | -100% | - | - |
| Operating Expenses | 93.61M | 85.93M | 68.93M | 64.51M | 75.44M | 66.56M | 63.49M | 55.83M | 68.32M | 65.36M | 57.9M | 49.9M | 43.04M | 39.91M | 32.95M | 36.2M | 27.38M | 35.84M | 30.34M | 24.06M | 20.15M | 14.44M | 12.37M | 14.14M | 9.92M | 9.13K | 5.94K |
| OpEx % of Revenue | - | 11.22% | 10.59% | 11.19% | 14.25% | 13.37% | 15.2% | 12.94% | 13.77% | 13.1% | 12.53% | 11.25% | 9.22% | 9.61% | 9.81% | 10.4% | 7.92% | 14.02% | 18.59% | 18.01% | 21.04% | 22.72% | 21.27% | 25.56% | - | 67.62% | - |
| Selling, General & Admin | 49.76M | 45.51M | 40.61M | 35.01M | 34.35M | 35.31M | 31.14M | 31.89M | 38.71M | 34.59M | 29.75M | 28.13M | 28.3M | 23.7M | 19.49M | 26.2M | 19.39M | 30.33M | 22.97M | 18.7M | 15.58M | 10.83M | 10.01M | 11.76M | 9.92M | 9.13K | 5.94K |
| SG&A % of Revenue | - | 5.94% | 6.24% | 6.07% | 6.49% | 7.09% | 7.46% | 7.39% | 7.8% | 6.93% | 6.44% | 6.34% | 6.06% | 5.71% | 5.8% | 7.53% | 5.61% | 11.86% | 14.07% | 14% | 16.27% | 17.04% | 17.2% | 21.25% | - | 67.62% | - |
| Research & Development | 49.03M | 45.06M | 27.65M | 29.18M | 36.11M | 28.23M | 25.72M | 27.99M | 33.55M | 33.54M | 27.71M | 22.34M | 22.97M | 20.89M | 14.89M | 10.01M | 7.99M | 2.56M | 2.26M | 1.67M | 1.07M | 966.78K | 1.52M | 1.02M | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.88% | 4.25% | 5.06% | 6.82% | 5.67% | 6.16% | 6.49% | 6.76% | 6.72% | 6% | 5.04% | 4.92% | 5.03% | 4.43% | 2.88% | 2.31% | 1% | 1.38% | 1.25% | 1.11% | 1.52% | 2.61% | 1.84% | - | - | - |
| Other Operating Expenses | -3M | -4.64M | 674K | 313K | 4.98M | 3.02M | 6.63M | -4.05M | 1.17M | 678K | 0 | 844K | 1.02M | 1.1M | 461K | 0 | 0 | 2.96M | 5.11M | 3.69M | 3.5M | 2.65M | 848.01K | 1.37M | 0 | 0 | 0 |
| Operating Income | 81.23M | 59.53M | 40.26M | 39.24M | 7.95M | 5.52M | -8.15M | 6.19M | -2.91M | 19.27M | 23.02M | 29.65M | 44.43M | 36.72M | 27.8M | 33.38M | 54.05M | 37.66M | 16.92M | 21.27M | 12.76M | 8.02M | 10.77M | 10.79M | -9.92M | 4.37K | -5.94K |
| Operating Margin % | 9.73% | 7.77% | 6.18% | 6.81% | 1.5% | 1.11% | -1.95% | 1.43% | -0.59% | 3.86% | 4.98% | 6.69% | 9.52% | 8.84% | 8.27% | 9.59% | 15.62% | 14.74% | 10.37% | 15.92% | 13.33% | 12.62% | 18.51% | 19.5% | - | 32.38% | - |
| Operating Income Growth % | - | 47.88% | 2.57% | 393.59% | 44.09% | 167.71% | -231.73% | 312.72% | -115.09% | -16.28% | -22.38% | -33.26% | 21.01% | 32.09% | -16.72% | -38.24% | 43.5% | 122.56% | -20.42% | 66.6% | 59.1% | -25.5% | -0.16% | 208.78% | - | 173.52% | - |
| EBITDA | 95.07M | 73.79M | 60.48M | 57.95M | 33.12M | 32.63M | 13.91M | 24.04M | 13.91M | 34.63M | 36.94M | 44.92M | 59.95M | 51.3M | 41.71M | 46.88M | 63.55M | 46.35M | 26.85M | 28.62M | 19.24M | 12.93M | 12.78M | 12.15M | -9.92M | 4.37K | -5.94K |
| EBITDA Margin % | 11.39% | 9.64% | 9.29% | 10.06% | 6.26% | 6.55% | 3.33% | 5.57% | 2.8% | 6.94% | 8% | 10.13% | 12.84% | 12.36% | 12.41% | 13.47% | 18.37% | 18.13% | 16.45% | 21.42% | 20.09% | 20.34% | 21.96% | 21.97% | - | 32.38% | - |
| EBITDA Growth % | 58.33% | 22.01% | 4.36% | 74.96% | 1.51% | 134.62% | -42.14% | 72.84% | -59.84% | -6.26% | -17.77% | -25.07% | 16.86% | 23.01% | -11.03% | -26.23% | 37.1% | 72.63% | -6.17% | 48.72% | 48.79% | 1.22% | 5.11% | 222.57% | - | 173.52% | - |
| D&A (Non-Cash Add-back) | 13.84M | 14.26M | 20.22M | 18.71M | 25.17M | 27.11M | 22.06M | 17.85M | 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 |
| EBIT | 78.5M | 63.1M | 45.94M | 49.26M | 24.49M | 9.84M | -10.61M | 5.55M | 427K | 22.61M | 26.17M | 33.38M | 47.87M | 39.81M | 30.17M | 56.07M | 74.92M | -10.12M | 16.19M | 21.27M | 12.76M | 8.38M | 11.56M | 11.03M | 0 | 0 | 0 |
| Net Interest Income | -1M | -107K | 550K | 290K | -203K | -195K | 409K | -816K | -1.22M | 1.21M | 815K | 1.49M | 588K | 1.27M | -1.66M | -3.4M | -2.92M | -3.81M | -1.24M | -566.99K | -832.84K | 0 | -730.96K | -344.72K | 0 | 0 | 0 |
| Interest Income | 639K | 1.59M | 2.36M | 1.52M | 1.25M | 1.24M | 2.28M | 2.22M | 2.27M | 3.44M | 2.08M | 3.42M | 2.96M | 2.84M | 1.42M | 726.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.64M | 1.7M | 1.81M | 1.23M | 1.45M | 1.44M | 1.87M | 3.42M | 3.5M | 2.23M | 1.26M | 1.93M | 2.37M | 1.57M | 3.08M | 3.98M | 2.92M | 3.81M | 1.24M | 566.99K | 832.84K | 0 | 730.96K | 344.72K | 0 | 0 | 0 |
| Other Income/Expense | 85K | 3.96M | 3.54M | 8.99M | 17.47M | 9.21M | 41K | 2.79M | 407K | 1.1M | 1.89M | 2.4M | 1.65M | 1.52M | -743K | 21M | 17.35M | -1 | 769.11K | -528.52K | -738.59K | -655.37K | 920.6K | 199.25K | 9.91M | 0 | 0 |
| Pretax Income | 81.32M | 63.49M | 43.79M | 48.23M | 25.43M | 14.73M | -8.11M | 8.97M | -2.5M | 20.38M | 24.9M | 32.05M | 46.08M | 38.24M | 27.05M | 52.1M | 71.4M | 36.4M | 17.69M | 20.74M | 12.03M | 7.37M | 11.69M | 10.98M | -9.92K | 0 | 0 |
| Pretax Margin % | 9.74% | 8.29% | 6.73% | 8.37% | 4.8% | 2.96% | -1.94% | 2.08% | -0.5% | 4.08% | 5.39% | 7.23% | 9.87% | 9.21% | 8.05% | 14.97% | 20.64% | 14.24% | 10.84% | 15.52% | 12.56% | 11.59% | 20.09% | 19.84% | - | - | - |
| Income Tax | 14.5M | 11.58M | 5.89M | 5.14M | 3.08M | 4M | 2.16M | 586K | -1.47M | 41.63M | 2.48M | 4.49M | 6.79M | 5.48M | 4.39M | 4.35M | 8.48M | 5.11M | 185.88K | 2.23M | 1.67M | 1.37M | 618.4K | 1.75M | 9.91M | -2.19K | 2.97K |
| Effective Tax Rate % | 17.83% | 18.23% | 13.45% | 10.65% | 12.12% | 27.18% | -26.68% | 6.53% | 58.58% | 204.33% | 9.97% | 14.01% | 14.72% | 14.34% | 16.23% | 8.36% | 11.88% | 14.04% | 1.05% | 10.76% | 13.88% | 18.62% | 5.29% | 15.95% | -99900% | - | - |
| Net Income | 57.41M | 42.84M | 29.98M | 37.66M | 21.18M | 11.05M | -4.98M | 9.96M | 2.38M | -19.35M | 22.51M | 27.39M | 33.54M | 26.79M | 20.74M | 40.79M | 51.74M | 23.41M | 12.44M | 8.86M | 4.81M | 3.32M | 6.87M | 3.87M | -9.92M | 2.19K | -2.97K |
| Net Margin % | 6.88% | 5.59% | 4.61% | 6.53% | 4% | 2.22% | -1.19% | 2.31% | 0.48% | -3.88% | 4.87% | 6.17% | 7.19% | 6.45% | 6.17% | 11.72% | 14.96% | 9.16% | 7.62% | 6.63% | 5.02% | 5.22% | 11.8% | 7% | - | 16.19% | - |
| Net Income Growth % | 95.83% | 42.89% | -20.39% | 77.79% | 91.68% | 321.89% | -149.99% | 319.1% | 112.29% | -185.94% | -17.81% | -18.35% | 25.21% | 29.15% | -49.15% | -21.16% | 120.97% | 88.29% | 40.35% | 84.13% | 45.13% | -51.72% | 77.39% | 139.04% | - | 173.52% | - |
| Net Income (Continuing) | 66.82M | 51.91M | 37.9M | 43.1M | 22.34M | 10.73M | -10.27M | 8.38M | -1.04M | -21.26M | 22.42M | 27.56M | 39.3M | 32.76M | 22.66M | 47.75M | 62.92M | -18.65M | 17.51M | 8.86M | 10.36M | 6M | 11.07M | 4M | -9.92M | 2.19K | -2.97K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 171K | -1.88M | 0 | 0 | 0 | 0 | 0 | 0 | -4.18M | 0 | 0 | 0 | 0 |
| Minority Interest | 53.3M | 49.36M | 40.22M | 23.96M | 15.76M | 16.41M | 16.69M | 20.16M | 18.95M | 6.68M | 5.41M | 8.25M | 8.91M | 45.07M | 38.85M | 43.03M | 35.97M | 27.17M | 23.22M | 23.17M | 23.11M | 21.75M | 17.57M | 18.69M | 0 | 0 | 0 |
| EPS (Diluted) | 1.90 | 1.42 | 0.99 | 1.25 | 0.69 | 0.14 | -0.46 | 0.22 | 0.08 | -0.61 | 0.70 | 0.85 | 1.15 | 0.95 | 0.70 | 0.69 | 1.10 | -0.98 | 0.46 | 0.37 | 0.21 | 0.15 | 0.30 | 0.18 | -0.47 | 0.10 | -0.00 |
| EPS Growth % | 96.91% | 43.43% | -20.8% | 81.16% | 392.86% | 130.43% | -309.09% | 192.94% | 112.31% | -187.14% | -17.65% | -26.09% | 21.05% | 35.71% | 1.45% | -37.27% | 212.24% | -313.04% | 24.32% | 76.19% | 40% | -50% | 66.67% | 138.3% | -570% | - | - |
| EPS (Basic) | - | 1.42 | 0.99 | 1.25 | 0.69 | 0.14 | -0.46 | 0.22 | 0.08 | -0.61 | 0.70 | 0.85 | 1.15 | 0.96 | 0.70 | 1.30 | 1.65 | -0.98 | 0.48 | 0.37 | 0.21 | 0.15 | 0.30 | 0.18 | -0.47 | 0.10 | -0.00 |
| Diluted Shares Outstanding | 30.17M | 30.17M | 30.18M | 30.19M | 30.64M | 30.86M | 31.08M | 31.46M | 31.65M | 31.65M | 31.96M | 32.13M | 29.08M | 28.06M | 28.22M | 31.51M | 31.57M | 26.99M | 29.67M | 23.96M | 23.21M | 22.59M | 22.58M | 22.08M | 20.91M | 20M | 18.5M |
| Basic Shares Outstanding | 30.17M | 30.17M | 30.18M | 30.19M | 30.64M | 30.85M | 31.08M | 31.46M | 31.64M | 31.64M | 31.95M | 32.12M | 29.06M | 28.04M | 28.21M | 27.93M | 27.1M | 26.99M | 25.71M | 23.95M | 23.2M | 22.57M | 22.57M | 21.77M | 20.91M | 20M | 18.5M |
| Dividend Payout Ratio | - | 5.11% | 74.83% | - | - | - | - | - | - | - | 2.42% | 0.92% | 12.79% | 0.25% | - | - | 6.99% | 17.84% | 49.85% | - | - | - | 65.08% | 68.37% | - | - | - |
Quick answers to the most common questions about buying CAAS stock.
For fiscal year 2025, China Automotive Systems, Inc. (CAAS) reported total revenue of $765.7M.
China Automotive Systems, Inc. (CAAS) is profitable, generating $42.8M in net income for the fiscal year ending 2025 with a net profit margin of 5.6%.
China Automotive Systems, Inc. (CAAS) reported an operating income of $59.5M, resulting in an operating profit margin of 7.8%. This margin reflects the operational efficiency of the business before interest and taxes.
China Automotive Systems, Inc. (CAAS) generated $145.5M in gross profit for the year, representing a gross profit margin of 19.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility amid revenue swings
Metrics are mathematically derived from official filings.
Revenue Rebounded Sharply After Early 2024 Dip
According to reported quarterly figures, CAAS revenue fell 2.0% year over year in Q1 2024 before expanding through 2025, reaching $229.2M in Q4 2025 on growth of roughly 15% to 20% per quarter that appears to have been driven by a recovering volume base in the Chinese auto parts market.
The trajectory shows a clear inflection from negative growth in early 2024 to sustained double-digit expansion across most quarters of 2025 and into 2026. Growth appears to be a combination of volume recovery and pricing, though the split is not disclosed in the supplied data, which limits assessment of durability. Investors should monitor whether the Q1 and Q2 2026 flat sequential revenue at $206.2M signals a plateau or simply seasonal normalization.
Gross Margin Oscillates Between Fifteen and Twenty-Three Percent
Based on reported figures, CAAS gross margin ranged from 15.6% in Q4 2024 to 23.1% in Q4 2025, a swing of more than seven percentage points that suggests material sensitivity to input costs and product mix rather than a stable pricing position.
The wide band in gross margin points to limited pricing power relative to peers, since Dorman posts 41.1% and Aptiv 19.1% on comparable auto-parts cost structures. The recent expansion toward 21.5% to 23.1% in late 2025 and early 2026 may reflect improved mix or cost absorption, but the reported data cannot confirm which. Cyclicality in auto supply chains suggests the current level may not persist without continued volume support.
Operating Income Lags Gross Profit Growth
As reported in the income statement, CAAS gross profit rose from $24.1M in Q1 2024 to $53.0M in Q4 2025, while operating income moved from $9.7M to $25.8M, indicating that operating expenses absorbed a meaningful share of incremental gross profit.
Operating margin improved from 6.9% to a peak of 11.2% but remains thin compared with Dorman's 16.8%, implying limited operating leverage. R&D spending spiked to $17.8M in Q4 2025 from $5.3M in Q1 2024, which may reflect investment in product development but also compresses near-term margins. Whether this spending translates into durable share gains is a question the supplied data cannot answer.
EPS Growth Flattered by Low Prior Base
According to reported EPS, CAAS diluted EPS moved from $0.24 in Q1 2025 to $0.61 in Q4 2025, with year-over-year EPS growth reaching 104.2% in Q1 2026, though much of this reflects a depressed 2025 base rather than sustained earnings acceleration.
Net margin of 7.1% in Q2 2026 is well above the 3.4% to 5.9% range seen across 2024, but the quarterly net income series has been uneven, with Q3 2025 net income of $9.7M falling well below Q4 2025's $18.4M. Stock-based compensation is reported as zero across all periods, so dilution-related earnings distortions appear absent from the data. Investors may wish to examine the tax and non-operating line items, which are not included in the supplied dataset, before relying on the EPS trend.
Peer Margin Gap Raises Sustainability Questions
Based on peer comparison data, CAAS operating margin of roughly 10.5% in Q2 2026 trails Dorman's 16.8% and Motorcar Parts' 7.2%, and the most recent quarters may reflect a cyclical high rather than a new structural baseline.
A bearish reading would argue that the 2025 and early 2026 margin recovery reflects temporary volume tailwinds and that gross margin reverting toward the 15% to 17% range seen in 2024 would compress operating income sharply given the fixed SG&A base of roughly $10M to $13M per quarter. Revenue has been flat at $206.2M across the last two reported quarters, which could signal the start of a growth slowdown. Without disclosed detail on customer concentration or pricing contracts, this downside scenario cannot be ruled out from the supplied figures alone.