Despite a 162.1% revenue surge in 2025Q4, the company continues to struggle with profitability, evidenced by a thin 2.1% operating margin that suggests high fixed costs remain a structural headwind.
| Metric | 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 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 23.99B | 19.13B | 18.05B | 16.03B | 21.27B | 20.58B | 18.02B | 16.26B | 16.2B | 13.64B | 13.73B | 16.44B | 15.9B | 13.45B | 15.44B | 16.44B | 13.14B | 10.38B | 10.21B | 7.87B | 5.83B | 5.58B | 4.57B | 3.51B | 1.78B | 1.41B | 1.27B | 1.17B | 941.39M | 1.21B |
| Revenue Growth % | 25.38% | 6.02% | 12.57% | -24.62% | 3.33% | 14.24% | 10.78% | 0.4% | 18.72% | -0.66% | -16.44% | 3.36% | 18.24% | -12.92% | -6.04% | 25.05% | 26.58% | 1.66% | 29.83% | 34.9% | 4.45% | 22.15% | 30.08% | 97% | 26.26% | 11.22% | 8.35% | 24.53% | -22.14% | - |
| Cost of Goods Sold | 20.03B | 16.32B | 15.12B | 13.51B | 18.5B | 17.39B | 14.9B | 13.14B | 12.82B | 10.67B | 10.94B | 13.13B | 12.64B | 10.57B | 12B | 12.42B | 10.6B | 8.56B | 8.14B | 6.42B | 4.53B | 4.01B | 3.19B | 2.37B | 1.18B | 958.84M | 700.87M | 639.13M | 538.17M | 712.83M |
| COGS % of Revenue | 83.51% | 85.27% | 83.8% | 84.31% | 87% | 84.48% | 82.72% | 80.8% | 79.15% | 78.19% | 79.64% | 79.91% | 79.47% | 78.59% | 77.71% | 75.55% | 80.67% | 82.45% | 79.65% | 81.62% | 77.66% | 71.78% | 69.86% | 67.49% | 66.36% | 67.87% | 55.18% | 54.52% | 57.17% | 58.96% |
| Gross Profit | 3.96B | 2.82B | 2.92B | 2.19B | 2.77B | 3.19B | 3.11B | 3.12B | 3.38B | 2.98B | 2.8B | 3.3B | 3.26B | 2.88B | 3.44B | 4.02B | 2.54B | 1.82B | 2.08B | 1.45B | 1.3B | 1.58B | 1.38B | 1.14B | 600.03M | 453.86M | 569.28M | 533.16M | 403.22M | 496.24M |
| Gross Margin % | 16.49% | 14.73% | 16.2% | 13.66% | 13% | 15.52% | 17.28% | 19.2% | 20.85% | 21.81% | 20.36% | 20.09% | 20.53% | 21.41% | 22.29% | 24.45% | 19.33% | 17.55% | 20.35% | 18.38% | 22.34% | 28.22% | 30.14% | 32.51% | 33.64% | 32.13% | 44.82% | 45.48% | 42.83% | 41.04% |
| Gross Profit Growth % | 40.39% | -3.59% | 33.48% | -20.8% | -13.41% | 2.59% | -0.3% | -7.54% | 13.48% | 6.41% | -15.3% | 1.12% | 13.37% | -16.34% | -14.35% | 58.15% | 39.44% | -12.32% | 43.73% | 10.99% | -17.3% | 14.38% | 20.6% | 90.35% | 32.2% | -20.27% | 6.77% | 32.23% | -18.75% | - |
| Operating Expenses | 3.33B | 2.22B | 2.31B | 1.67B | 2.09B | 2.01B | 2.18B | 2.02B | 1.92B | 2.08B | 2.04B | 2.03B | 2.08B | 1.94B | 1.92B | 2.06B | 1.77B | 1.22B | 1.18B | 1.1B | 1.13B | 795.44M | 655.87M | 501.75M | 304.86M | 363.77M | 454.67M | 442.92M | 472.77M | 521.97M |
| OpEx % of Revenue | 13.88% | 11.61% | 12.82% | 10.42% | 9.85% | 9.75% | 12.09% | 12.41% | 11.83% | 15.21% | 14.86% | 12.36% | 13.11% | 14.46% | 12.43% | 12.54% | 13.43% | 11.74% | 11.54% | 13.98% | 19.45% | 14.25% | 14.35% | 14.28% | 17.09% | 25.75% | 35.8% | 37.78% | 50.22% | 43.17% |
| Selling, General & Admin | 2.01B | 1.81B | 1.87B | 1.15B | 1.56B | 1.76B | 1.81B | 1.55B | 1.51B | 1.49B | 1.46B | 1.54B | 1.55B | 1.48B | 1.65B | 1.84B | 1.47B | 1.04B | 1.02B | 911.53M | 1.01B | 658.44M | 561.26M | 426.21M | 243.27M | 346.92M | 309.95M | 293.07M | 290.61M | 360.15M |
| SG&A % of Revenue | 8.4% | 9.47% | 10.37% | 7.2% | 7.34% | 8.55% | 10.02% | 9.56% | 9.29% | 10.9% | 10.65% | 9.36% | 9.75% | 10.97% | 10.68% | 11.2% | 11.17% | 10.03% | 9.96% | 11.59% | 17.37% | 11.79% | 12.28% | 12.13% | 13.64% | 24.56% | 24.4% | 25% | 30.87% | 29.79% |
| Research & Development | 1.31B | 984.66M | 876.58M | 836.44M | 848.81M | 626.48M | 492.2M | 447.67M | 648.18M | 588.01M | 533.65M | 554.59M | 468.61M | 373.73M | 328.14M | 324.12M | 297.26M | 177.37M | 163.68M | 190.59M | 123.93M | 136.99M | 94.61M | 75.55M | 44.73M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 5.48% | 5.15% | 4.86% | 5.22% | 3.99% | 3.04% | 2.73% | 2.75% | 4% | 4.31% | 3.89% | 3.37% | 2.95% | 2.78% | 2.12% | 1.97% | 2.26% | 1.71% | 1.6% | 2.42% | 2.13% | 2.45% | 2.07% | 2.15% | 2.51% | - | - | - | - | - |
| Other Operating Expenses | 0 | -575.66M | -434.42M | -319.48M | -316.19M | -378.95M | -120.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.58B | 1.74B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 260.13M | 363.77M | 454.67M | 442.92M | 472.77M | 521.97M |
| Operating Income | 627.37M | 596.97M | 609.45M | 519.29M | 663.53M | 1.18B | 1.15B | 1.28B | 1.72B | 967.17M | 805.18M | 1.29B | 1.39B | 1.15B | 1.52B | 1.96B | 775.97M | 603.91M | 899.49M | 346.14M | 168.76M | 780.08M | 721.53M | 640.42M | 295.17M | 90.1M | 114.6M | 90.24M | -69.55M | -25.73M |
| Operating Margin % | 2.62% | 3.12% | 3.38% | 3.24% | 3.12% | 5.74% | 6.36% | 7.89% | 10.59% | 7.09% | 5.86% | 7.86% | 8.77% | 8.59% | 9.86% | 11.91% | 5.9% | 5.82% | 8.81% | 4.4% | 2.89% | 13.97% | 15.79% | 18.23% | 16.55% | 6.38% | 9.02% | 7.7% | -7.39% | -2.13% |
| Operating Income Growth % | 5.09% | -2.05% | 17.36% | -21.74% | -43.86% | 3.13% | -10.64% | -25.24% | 77.39% | 20.12% | -37.71% | -7.31% | 20.77% | -24.13% | -22.27% | 152.35% | 28.49% | -32.86% | 159.86% | 105.11% | -78.37% | 8.11% | 12.67% | 116.96% | 227.61% | -21.38% | 27% | 229.75% | -170.35% | - |
| EBITDA | 1.34B | 1.26B | 1.27B | 1.14B | 1.24B | 1.68B | 1.61B | 1.7B | 2.15B | 1.43B | 1.26B | 1.71B | 1.77B | 1.49B | 1.82B | 2.23B | 1.06B | 870.53M | 1.14B | 508.55M | 308.54M | 912.91M | 847.07M | 759.3M | 425.73M | 232.76M | 259.33M | 240.09M | 112.6M | 136.09M |
| EBITDA Margin % | 5.58% | 6.59% | 7.06% | 7.14% | 5.82% | 8.15% | 8.94% | 10.48% | 13.26% | 10.5% | 9.18% | 10.41% | 11.14% | 11.08% | 11.81% | 13.59% | 8.07% | 8.38% | 11.14% | 6.46% | 5.29% | 16.35% | 18.53% | 21.61% | 23.87% | 16.48% | 20.42% | 20.48% | 11.96% | 11.26% |
| EBITDA Growth % | 6.21% | -1.03% | 11.41% | -7.53% | -26.21% | 4.05% | -5.42% | -20.66% | 49.91% | 13.58% | -26.3% | -3.41% | 18.9% | -18.29% | -18.35% | 110.44% | 21.91% | -23.52% | 123.81% | 64.82% | -66.2% | 7.77% | 11.56% | 78.35% | 82.91% | -10.24% | 8.01% | 113.22% | -17.26% | - |
| D&A (Non-Cash Add-back) | 712.37M | 664.37M | 665.07M | 624.69M | 573.6M | 494.61M | 465.21M | 421.16M | 431.81M | 465.34M | 456M | 418.68M | 377.11M | 335.34M | 301.56M | 275.14M | 285.31M | 266.62M | 238.68M | 162.41M | 139.78M | 132.82M | 125.54M | 118.88M | 130.56M | 142.66M | 144.73M | 149.85M | 182.15M | 161.82M |
| EBIT | 1.2B | 507.93M | 666.94M | 485.63M | 563.5M | 1.12B | 1.16B | 1.29B | 1.61B | 971.36M | 799.13M | 1.35B | 1.26B | 1.04B | 1.45B | 1.89B | 1.04B | 632.15M | 899.49M | 346.14M | 168.76M | 780.08M | 721.53M | 640.42M | 295.17M | 90.1M | 114.6M | 90.62M | -69.55M | -25.73M |
| Net Interest Income | 37.76M | 55.66M | 53.95M | 40.98M | 20.46M | 19.84M | 45.47M | 34.16M | 4.98M | -22.7M | -75.04M | -110.85M | -82.27M | -113.33M | -103.02M | -68.73M | -77.49M | -150.41M | -75.93M | -79.99M | -48.8M | -28.47M | -20.04M | -25.15M | -20.23M | -21.6M | 0 | -61.26M | 0 | -63.07M |
| Interest Income | 97.85M | 129.7M | 92.49M | 131.88M | 132.08M | 166.97M | 98.58M | 77.72M | 54.06M | 4.14M | 70.02M | 68.82M | 18.26M | 21.56M | 46.29M | 58.81M | 0 | 0 | 57.94M | 53.58M | 21.76M | 3.29M | 3.58M | 0 | 9.56M | 6.25M | 0 | 0 | 0 | 0 |
| Interest Expense | 60.08M | 74.04M | 38.53M | 90.91M | 111.79M | 147.29M | 131.8M | 113.09M | 100.44M | 79.68M | 116.35M | 156.67M | 161.21M | 213.02M | 156.17M | 130.45M | 77.54M | 146.97M | 133.87M | 133.56M | 70.55M | 31.75M | 23.63M | 25.15M | 29.79M | 27.85M | 0 | 61.26M | 0 | 63.07M |
| Other Income/Expense | 481.75M | 23.57M | -38.1M | -124.56M | -211.82M | -210.14M | -112.76M | -101.45M | -90.39M | -83.3M | -119.04M | -91.23M | -240.3M | -163.35M | -235.81M | -135.54M | 112.41M | -122.17M | -374.02M | -193.19M | -51.47M | -26.08M | -24.5M | -144.66M | -108.34M | -42.4M | -59.69M | -80.69M | -375.89M | -53.11M |
| Pretax Income | 1.11B | 620.54M | 571.35M | 394.73M | 451.71M | 971.86M | 1.03B | 1.18B | 1.63B | 883.88M | 686.14M | 1.2B | 1.15B | 904.87M | 1.29B | 1.81B | 763.98M | 463.62M | 837.88M | 231.23M | 117.29M | 754.01M | 697.03M | 495.76M | 186.84M | 47.69M | 54.91M | 9.93M | -445.44M | -78.83M |
| Pretax Margin % | 4.62% | 3.24% | 3.17% | 2.46% | 2.12% | 4.72% | 5.74% | 7.26% | 10.03% | 6.48% | 5% | 7.31% | 7.26% | 6.73% | 8.33% | 11.04% | 5.81% | 4.46% | 8.2% | 2.94% | 2.01% | 13.5% | 15.25% | 14.11% | 10.48% | 3.38% | 4.32% | 0.85% | -47.32% | -6.52% |
| Income Tax | 320.7M | 128.8M | 148.5M | 59.06M | 43.82M | 192.54M | 172.62M | 206.67M | 220.17M | 160.27M | 176.82M | 179.64M | 222.15M | 139.96M | 224.62M | 327.84M | 147.78M | 110.53M | 73.23M | 34.64M | 20.89M | 105.19M | 112.95M | 83.25M | -63.59M | 10.66M | 11.22M | 4.14M | 4.97M | -7.47M |
| Effective Tax Rate % | 28.91% | 20.76% | 25.99% | 14.96% | 9.7% | 19.81% | 16.71% | 17.5% | 13.55% | 18.13% | 25.77% | 14.95% | 19.25% | 15.47% | 17.46% | 18.07% | 19.34% | 23.84% | 8.74% | 14.98% | 17.81% | 13.95% | 16.2% | 16.79% | -34.04% | 22.36% | 20.43% | 41.67% | -1.12% | 9.47% |
| Net Income | 522.75M | 323.06M | 285.52M | 218.58M | 272.67M | 548.9M | 604.91M | 695.27M | 953.92M | 515.74M | 341.11M | 730.28M | 692.61M | 563.95M | 791.79M | 1.13B | 627.98M | 252.45M | 561.64M | 126.51M | 68.51M | 491.49M | 438.26M | 412.51M | 250.43M | 37.03M | 43.69M | 5.8M | -450.41M | -71.37M |
| Net Margin % | 2.18% | 1.69% | 1.58% | 1.36% | 1.28% | 2.67% | 3.36% | 4.28% | 5.89% | 3.78% | 2.48% | 4.44% | 4.36% | 4.19% | 5.13% | 6.88% | 4.78% | 2.43% | 5.5% | 1.61% | 1.17% | 8.8% | 9.59% | 11.74% | 14.04% | 2.62% | 3.44% | 0.49% | -47.85% | -5.9% |
| Net Income Growth % | 61.81% | 13.15% | 30.62% | -19.84% | -50.32% | -9.26% | -13% | -27.12% | 84.96% | 51.19% | -53.29% | 5.44% | 22.81% | -28.78% | -29.94% | 79.96% | 148.75% | -55.05% | 343.94% | 84.66% | -86.06% | 12.15% | 6.24% | 64.72% | 576.29% | -15.25% | 653.93% | 101.29% | -531.13% | - |
| Net Income (Continuing) | 788.42M | 491.74M | 422.86M | 335.66M | 407.89M | 779.33M | 860.7M | 974.4M | 1.32B | 735.96M | 509.32M | 1.02B | 939.97M | 771.34M | 1.07B | 1.44B | 819.45M | 371.22M | 561.64M | 126.51M | 68.51M | 491.49M | 438.26M | 412.51M | 250.43M | 37.03M | 43.69M | 5.8M | -450.41M | -71.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.31B | 3.13B | 2.95B | 2.83B | 2.76B | 2.82B | 2.81B | 2.75B | 2.63B | 2.32B | 2.19B | 2.16B | 2.04B | 1.87B | 1.81B | 1.69B | 1.36B | 974.05M | 908.01M | 788.15M | 685.8M | 724.45M | 544.62M | 487.58M | 420.62M | 359.85M | 354.87M | 358.48M | 351.06M | 483.8M |
| EPS (Diluted) | 13.92 | 8.21 | 6.99 | 5.35 | 6.67 | 13.43 | 14.81 | 17.02 | 21.80 | 13.12 | 8.81 | 19.36 | 18.79 | 15.22 | 21.96 | 29.98 | 16.85 | 7.35 | 14.10 | 2.99 | 1.88 | 13.90 | 12.40 | 11.67 | 7.12 | 1.07 | 1.24 | 0.17 | -12.75 | -2.16 |
| EPS Growth % | 69.55% | 17.45% | 30.65% | -19.79% | -50.34% | -9.32% | -12.98% | -21.93% | 66.16% | 48.92% | -54.49% | 3.03% | 23.46% | -30.69% | -26.75% | 77.92% | 129.25% | -47.87% | 371.57% | 59.04% | -86.47% | 12.1% | 6.26% | 63.9% | 565.42% | -13.71% | 629.41% | 101.33% | -490.28% | - |
| EPS (Basic) | 13.92 | 8.21 | 6.99 | 5.35 | 6.67 | 13.43 | 14.81 | 17.02 | 21.80 | 13.12 | 8.81 | 19.36 | 18.79 | 15.22 | 21.96 | 29.98 | 16.85 | 7.35 | 14.10 | 2.99 | 1.88 | 13.90 | 12.40 | 11.67 | 7.12 | 1.07 | 1.24 | 0.17 | -12.75 | -2.16 |
| Diluted Shares Outstanding | 37.52M | 39.33M | 40.86M | 40.86M | 40.86M | 40.86M | 40.86M | 40.86M | 40.76M | 40.02M | 38.71M | 37.72M | 37.27M | 37.27M | 37.27M | 37.27M | 37.27M | 37.27M | 37.27M | 37.27M | 36.46M | 35.4M | 35.34M | 35.34M | 35.34M | 35.34M | 35.34M | 35M | 35.32M | 33.08M |
| Basic Shares Outstanding | 37.52M | 39.35M | 40.86M | 40.86M | 40.88M | 40.87M | 40.86M | 40.86M | 40.77M | 40.03M | 38.72M | 37.72M | 37.28M | 37.28M | 37.27M | 37.27M | 37.27M | 37.27M | 37.27M | 37.27M | 36.46M | 35.34M | 35.34M | 35.34M | 35.34M | 35.34M | 35.34M | 35M | 35.32M | 33.08M |
| Dividend Payout Ratio | 27.33% | 31.46% | 28.1% | 50.18% | 164.56% | 44.79% | 39.47% | 85.93% | 24.73% | 22.92% | 41.63% | 21.7% | 27.84% | 20.86% | 46.18% | 5.58% | - | 4.01% | - | 26.03% | 175.65% | 1.73% | 159.1% | 29.42% | 10.08% | 68.07% | - | - | - | - |
Cyclical demand and electrification
According to recent financial disclosures, CYD achieved a significant revenue expansion of 162.1% year-over-year in 2025Q4, marking a sharp departure from the stagnant growth observed throughout 2024, which warrants further investigation into whether this represents a sustainable market share gain or a temporary inventory replenishment cycle.
The dramatic top-line acceleration suggests a potential alignment with government-led equipment replacement subsidies, yet the lack of consistent growth in prior periods indicates high sensitivity to domestic infrastructure spending. Investors should monitor whether this momentum can be sustained as the initial impact of policy-driven demand begins to normalize.
As reported in the latest income statement, the company's operating margin remains thin at 2.1% despite the substantial revenue growth, suggesting that CYD struggles to translate top-line gains into meaningful profitability due to the competitive nature of the Chinese commercial vehicle powertrain market and high fixed costs.
The gross margin improvement to 18.9% in 2025Q4 may indicate a shift toward higher-value product mixes, such as LNG engines, but this is largely offset by elevated R&D and SG&A expenses. This persistent margin pressure implies that the company lacks significant pricing power against vertically integrated OEMs.
Based on the provided quarterly data, operating income has failed to scale proportionally with revenue, as evidenced by the 2.1% operating margin in 2025Q4, which suggests that the company's cost structure is heavily weighted toward fixed operational requirements that do not diminish during periods of lower volume.
The inability to achieve meaningful operating leverage indicates that R&D investments for emission compliance and manufacturing overheads are absorbing the majority of incremental gross profit. This warrants caution, as it suggests that profitability is highly vulnerable to any future contraction in top-line demand.
Analysis of the income statement reveals that net income remains significantly lower than operating income, a discrepancy likely driven by the holding company structure where a substantial portion of earnings is attributable to non-controlling interests within the primary operating subsidiary, Guangxi Yuchai Machinery Company Limited.
The presence of non-controlling interests complicates the assessment of true shareholder value, as the parent company's net income does not fully reflect the operational performance of the core engine business. Investors should be wary of relying on headline EPS figures without adjusting for these structural leakages.
While the company has demonstrated resilience in the diesel segment, the rapid shift toward New Energy Vehicles in China poses a fundamental threat to CYD's core business model, as traditional mechanical advantages in engine manufacturing may become increasingly irrelevant in an electrified commercial vehicle landscape.
The market's skepticism, reflected in the valuation, may be justified if the company fails to successfully pivot its R&D toward electric drive axles and fuel cells at scale. The current reliance on legacy diesel and gas engines creates a long-term risk of structural obsolescence that could outweigh short-term cyclical recoveries.
Quick answers to the most common questions about buying CYD stock.
For fiscal year 2025, China Yuchai International Limited (CYD) reported total revenue of $23.99B. This represents a 1884.1% increase compared to $1.21B in 1996.
China Yuchai International Limited (CYD) is profitable, generating $522.7M in net income for the fiscal year ending 2025 with a net profit margin of 2.2%.
China Yuchai International Limited (CYD) reported an operating income of $627.4M, resulting in an operating profit margin of 2.6%. This margin reflects the operational efficiency of the business before interest and taxes.
China Yuchai International Limited (CYD) generated $3.96B in gross profit for the year, representing a gross profit margin of 16.5%. This demonstrates the company's core pricing power and production efficiency.