Kaixin Auto Holdings(KXIN)Earnings, Financials & Key Ratios
KXIN•NASDAQ
Price updated Jun 19, 2026
AboutKaixin Auto Holdings primarily engages in the sale of domestic and imported automobiles in the People's Republic of China. It focuses on automobiles brands, such as Audi, BMW, Mercedes-Benz, Land Rover, Bentley, Rolls-Royce, and Porsche. As of December 31, 2021, the company had 14 used car dealerships covering 14 cities in 12 provinces in China. It also provides financing channels to customers and other in-network dealers through partnerships with financial institutions. Kaixin Auto Holdings is headquartered in Beijing, the People's Republic of China.Show more
- Revenue$0-100.0%
- EBITDA-$15M+17.9%
- Net Income-$41M+23.5%
- EPS (Diluted)-45.91+67.3%
- ROE-102.31%+2.2%
KXIN Key Insights
Kaixin Auto Holdings (KXIN) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Trading at only 0.3x book value
✗Weaknesses
- ✗Weak Piotroski F-Score: 3/9
- ✗Weak momentum: RS Rating 3 (bottom 3%)
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Shares diluted 100.0% in last year
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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KXIN Price & Volume
Kaixin Auto Holdings (KXIN) stock price & volume — 10-year historical chart
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KXIN Growth Metrics
Kaixin Auto Holdings (KXIN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-99.57%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-89.52%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM60.98%
Return on Capital
10 Years-126.65%
5 Years-196.53%
3 Years-86.62%
Last Year-44.51%
KXIN Peer Comparison
Kaixin Auto Holdings (KXIN) competitors in Specialty Vehicle Dealers and Finance — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 CANG | 120.56M | 0.31 | -0.19 | 498.08% | -91.96% | -60.5% | 1.41 | |
 UXIN | 422.1M | 1.92 | -10.30 | 55.87% | -12.41% | -213.51% | 15.49 | |
 KMX | 7.61B | 53.66 | 31.94 | -1.79% | 0.84% | 3.67% | 3.02 | |
 AN | 6.48B | 188.74 | 11.08 | 3.24% | 2.47% | 28.44% | 4.35 | |
 PAG | 11.52B | 175.20 | 12.40 | -0.18% | 2.89% | 16.37% | 1.58 | |
 LAD | 6.72B | 294.85 | 9.12 | 4% | 1.88% | 10.59% | 2.22 | |
 SAH | 2.74B | 80.73 | 23.61 | 6.53% | 0.78% | 11.15% | 3.96 | |
 ABG | 3.8B | 197.05 | 7.84 | 4.71% | 2.27% | 14.14% | 1.63 |
Compare KXIN vs Peers
Kaixin Auto Holdings (KXIN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
KXIN Income Statement
Kaixin Auto Holdings (KXIN) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 0 | 431.4M | 334.7M | 1.21M | 253.84M | 82.84M | 31.54M | 0 | 95K |
Revenue Growth % | - | - | -22.42% | -99.64% | 20930.65% | -67.37% | -61.93% | -100% | -99.57% |
Cost of Goods Sold | 85.81K | 413.97M | 340.17M | 1.21M | 248.58M | 82.19M | 31.19M | 3.94M | 2.08M |
COGS % of Revenue | - | 95.96% | 101.64% | 100% | 97.93% | 99.22% | 98.92% | - | - |
Gross Profit | -85.81K▲ 0% | 17.43M▲ 20416.8% | -5.48M▼ 131.4% | 1M▲ 118.3% | 5.26M▲ 425.7% | 646K▼ 87.7% | 342K▼ 47.1% | -3.94M▼ 1252.6% | -1.94M▲ 0% |
Gross Margin % | - | 4.04% | -1.64% | 82.85% | 2.07% | 0.78% | 1.08% | - | -2039.47% |
Gross Profit Growth % | - | 20416.76% | -131.42% | 118.26% | 425.7% | -87.71% | -47.06% | -1252.63% | - |
Operating Expenses | 85.81K | 51.51M | 53.87M | 276K | 187.87M | 48.59M | 21.33M | 15.2M | 28.89M |
OpEx % of Revenue | - | 11.94% | 16.09% | 22.87% | 74.01% | 58.65% | 67.63% | - | - |
Selling, General & Admin | 85.81K | 47.09M | 322K | 276K | 44.22M | 48.59M | 21.33M | 19.14M | 33.28M |
SG&A % of Revenue | - | 10.92% | 0.1% | 22.87% | 17.42% | 58.65% | 67.63% | - | - |
Research & Development | 0 | 4.42M | 3.36M | 757K | 0 | 0 | 0 | 0 | 0 |
R&D % of Revenue | - | 1.02% | 1% | 62.72% | - | - | - | - | - |
Other Operating Expenses | 0 | 0 | 50.19M | -757K | 143.66M | 0 | 0 | -3.94M | -1000K |
Operating Income | -85.81K▲ 0% | -34.08M▼ 39611.7% | -136K▲ 99.6% | -276K▼ 102.9% | -182.61M▼ 66064.1% | -70.86M▲ 61.2% | -20.98M▲ 70.4% | -19.14M▲ 8.8% | -28.79M▲ 0% |
Operating Margin % | - | -7.9% | -0.04% | -22.87% | -71.94% | -85.54% | -66.54% | - | -30305.26% |
Operating Income Growth % | - | -39611.68% | 99.6% | -102.94% | -66064.13% | 61.2% | 70.39% | 8.78% | - |
EBITDA | 337.25K | -83.65M | 32K | -271K | -181.83M | -69.18M | -18.5M | -15.2M | -23.72M |
EBITDA Margin % | - | -19.39% | 0.01% | -22.45% | -71.63% | -83.51% | -58.67% | - | -24964.21% |
EBITDA Growth % | - | -24904.74% | 100.04% | -946.88% | -66994.46% | 61.95% | 73.25% | 17.85% | 4.63% |
D&A (Non-Cash Add-back) | 0 | 0 | 168K | 5K | 787K | 1.68M | 2.48M | 3.94M | 5.07M |
EBIT | 337.25K | -83.81M | -136K | -165K | -196.41M | -83.51M | -53.26M | -41.57M | -28.79M |
Net Interest Income | 0 | -3.69M | -3.99M | -1K | -245K | -1.03M | -525K | -342K | -325.5K |
Interest Income | 423.06K | 575K | 69K | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Expense | 423.06K | 4.26M | 4.06M | 1K | 245K | 1.03M | 525K | 342K | 325.5K |
Other Income/Expense | 423.06K | -54M | 0 | 110K | -14.04M | -36.61M | -32.8M | -22.77M | -34.29M |
Pretax Income | 337.25K▲ 0% | -88.08M▼ 26215.9% | -70.99M▲ 19.4% | -166K▲ 99.8% | -196.66M▼ 118368.1% | -84.55M▲ 57.0% | -53.78M▲ 36.4% | -41.91M▲ 22.1% | -63.08M▲ 0% |
Pretax Margin % | - | -20.42% | -21.21% | -13.75% | -77.47% | -102.06% | -170.55% | - | -66404.74% |
Income Tax | 0 | 862K | -1.92M | 0 | -729K | 74K | -228K | -931K | 86.5K |
Effective Tax Rate % | 0% | -0.98% | 2.7% | 0% | 0.37% | -0.09% | 0.42% | 2.22% | -0.14% |
Net Income | 337.25K▲ 0% | -88.62M▼ 26377.5% | -110K▲ 99.9% | -166K▼ 50.9% | -196.58M▼ 118321.1% | -84.71M▲ 56.9% | -53.56M▲ 36.8% | -40.97M▲ 23.5% | -66.02M▲ 0% |
Net Margin % | - | -20.54% | -0.03% | -13.75% | -77.44% | -102.25% | -169.85% | - | -69494.21% |
Net Income Growth % | - | -26377.54% | 99.88% | -50.91% | -118321.08% | 56.91% | 36.77% | 23.51% | -89.52% |
Net Income (Continuing) | 337.25K | -88.94M | -69.07M | -166K | -195.93M | -84.62M | -53.55M | -40.98M | -63.17M |
Discontinued Operations | 0 | -594K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 32.41M | 7.1M | 0 | 8.42M | 4.19M | 3.43M | 1K | 0 |
EPS (Diluted) | 0.13▲ 0% | 0.09▼ 30.8% | -0.02▼ 125.0% | -2.02▼ 8877.8% | -1546.20▼ 76444.6% | -380.86▲ 75.4% | -140.44▲ 63.1% | -45.91▲ 67.3% | -5.31▲ 0% |
EPS Growth % | - | -30.77% | -125% | -8877.78% | -76444.55% | 75.37% | 63.13% | 67.31% | 60.98% |
EPS (Basic) | 0.13 | -40.40 | -0.02 | -2.02 | -1546.20 | -380.86 | -140.44 | -45.91 | - |
Diluted Shares Outstanding | 2.63M | 26.32M | 82.26K | 82.26K | 127.13K | 222.41K | 381.39K | 892.49K | 12.43M |
Basic Shares Outstanding | 2.63M | 2.19M | 82.26K | 82.26K | 127.13K | 222.32K | 381.39K | 892.49K | 12.43M |
Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
KXIN Balance Sheet
Kaixin Auto Holdings (KXIN) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|
Total Current Assets | 224.5K | 115.4M | 51.98M | 1.75M | 58.94M | 42.3M | 4.2M | 2.97M | 1.1M |
Cash & Short-Term Investments | 165.41K | 7.95M | 3.19M | 607K | 5.26M | 7.1M | 2.08M | 2.39M | 552K |
Cash Only | 165.41K | 7.95M | 3.19M | 607K | 5.26M | 7.1M | 2.08M | 2.39M | 552K |
Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts Receivable | 0 | 0 | 219K | 734K | 19.79M | 8.85M | 1.46M | 0 | 0 |
Days Sales Outstanding | - | - | 0.24 | 221.96 | 28.46 | 38.98 | 16.84 | - | - |
Inventory | 0 | 57.95M | 20.99M | 0 | 404K | 31K | 65K | 29K | 30K |
Days Inventory Outstanding | - | 51.09 | 22.52 | - | 0.59 | 0.14 | 0.76 | 2.69 | 5.18 |
Other Current Assets | 0 | 0 | 1.08M | 0 | 1.36M | 28.14M | 597K | 557K | 516K |
Total Non-Current Assets | 206.79M | 75.83M | 2.4M | 4.84M | 15.22M | 13.38M | 81.33M | 21.67M | 19.68M |
Property, Plant & Equipment | 0 | 813K | 2.4M | 119K | 583K | 477K | 792K | 565K | 466K |
Fixed Asset Turnover | - | 530.63x | 139.17x | 10.14x | 435.40x | 173.67x | 39.82x | - | 0.18x |
Goodwill | 0 | 75.02M | 0 | 0 | 0 | 0 | 38.2M | 0 | 0 |
Intangible Assets | 0 | 0 | 0 | 293K | 14.64M | 12.9M | 24.44M | 20.71M | 18.85M |
Long-Term Investments | 0 | 0 | 899K | 4.44M | 0 | 0 | 17.9M | 393K | 1.5M |
Other Non-Current Assets | 206.79M | 0 | -899K | 4.43M | 0 | 0 | 0 | 0 | 0 |
Total Assets | 207.01M▲ 0% | 191.23M▼ 7.6% | 54.39M▼ 71.6% | 6.59M▼ 87.9% | 74.16M▲ 1024.8% | 55.68M▼ 24.9% | 85.53M▲ 53.6% | 24.64M▼ 71.2% | 20.77M▲ 0% |
Asset Turnover | - | 2.26x | 6.15x | 0.18x | 3.42x | 1.49x | 0.37x | - | 0.00x |
Asset Growth % | - | -7.62% | -71.56% | -87.88% | 1024.83% | -24.92% | 53.61% | -71.19% | -199.24% |
Total Current Liabilities | 19.86K | 167.21M | 51.05M | 430K | 29.38M | 19.87M | 15.12M | 9.05M | 7.58M |
Accounts Payable | 15.57K | 4.97M | 4.12M | 0 | 295K | 1.64M | 94K | 0 | 0 |
Days Payables Outstanding | 66.23 | 4.39 | 4.42 | - | 0.43 | 7.27 | 1.1 | - | - |
Short-Term Debt | 0 | 0 | 16.63M | 15.26M | 6.28M | 9.3M | 2.6M | 840K | 118K |
Deferred Revenue (Current) | 0 | 4.08M | 1.68M | 410K | 553K | -1.64M | 0 | 77K | 87K |
Other Current Liabilities | 4.29K | 149.95M | 21.04M | -15.25M | 19.48M | 7.63M | 10.87M | 2.7M | -96K |
Current Ratio | 11.30x | 0.69x | 1.02x | 4.08x | 2.01x | 2.13x | 0.28x | 0.33x | 0.14x |
Quick Ratio | 11.30x | 0.34x | 0.61x | 4.08x | 1.99x | 2.13x | 0.27x | 0.33x | 0.14x |
Cash Conversion Cycle | - | - | 18.34 | - | 28.62 | 31.85 | 16.5 | - | 5.18 |
Total Non-Current Liabilities | 201.99M | 93.74M | 810K | 26K | 6.7M | 311K | 3.5M | 2.42M | 2.08M |
Long-Term Debt | 0 | 0 | 0 | 0 | 4.02M | 0 | 0 | 0 | 0 |
Capital Lease Obligations | 0 | 0 | 810K | 0 | 431K | 311K | 238K | 90K | 244K |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 3.26M | 2.33M | 4.39M |
Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 2.25M | 0 | 0 | 0 | 0 |
Total Liabilities | 19.86K | 260.95M | 51.86M | 430K | 36.08M | 20.18M | 18.62M | 11.47M | 9.67M |
Total Debt | 0 | 500K | 19.23M | 15.32M | 10.81M | 9.73M | 2.97M | 1.07M | 150K |
Net Debt | -165.41K | -7.45M | 16.04M | 12.16M | 5.55M | 2.63M | 882K | -1.32M | -402K |
Debt / Equity | - | - | 7.60x | 2.49x | 0.28x | 0.27x | 0.04x | 0.08x | 0.01x |
Debt / EBITDA | - | - | 600.78x | - | - | - | - | - | -0.01x |
Net Debt / EBITDA | -0.49x | - | 501.09x | - | - | - | - | - | 0.02x |
Interest Coverage | -0.20x | -8.00x | -0.03x | -276.00x | -745.36x | -68.53x | -39.97x | -55.97x | -88.45x |
Total Equity | 206.99M▲ 0% | -37.31M▼ 118.0% | 2.53M▲ 106.8% | 6.16M▲ 143.5% | 38.08M▲ 517.9% | 35.5M▼ 6.8% | 66.92M▲ 88.5% | 13.17M▼ 80.3% | 11.11M▲ 0% |
Equity Growth % | - | -118.03% | 106.78% | 143.5% | 517.86% | -6.76% | 88.48% | -80.31% | -228.02% |
Book Value per Share | 78.64 | -1.42 | 30.77 | 74.92 | 299.53 | 159.63 | 175.45 | 14.76 | 0.89 |
Total Shareholders' Equity | 206.99M | -69.72M | -4.57M | 6.16M | 29.66M | 31.32M | 63.48M | 13.17M | 11.11M |
Common Stock | 201.99M | 204.25M | 5K | 4K | 8K | 11K | 37K | 297K | 560K |
Retained Earnings | 327.75K | 2.59M | -192.19M | -1.72M | -198.3M | -283.01M | -336.57M | -377.54M | -385.95M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | -201.99M | 1M | 1.16M | 250K | 645K | 1.48M | 898K | 1.97M | 1.97M |
Minority Interest | 0 | 32.41M | 7.1M | 0 | 8.42M | 4.19M | 3.43M | 1K | 0 |
KXIN Cash Flow Statement
Kaixin Auto Holdings (KXIN) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | -124.91K | -9.75M | 160K | -1.14M | -2.1M | -2.39M | -2.11M | -3.02M | -3.8M |
Operating CF Margin % | - | -2.26% | 0.05% | -94.03% | -0.83% | -2.89% | -6.68% | - | - |
Operating CF Growth % | - | -7705.13% | 101.64% | -809.38% | -85.29% | -13.84% | 11.95% | -43.26% | -328.28% |
Net Income | 337.25K | -88.62M | -110K | -166K | -196.58M | -84.71M | -53.56M | -40.97M | -66.02M |
Depreciation & Amortization | 0 | 161K | 3K | 5K | 5M | 24.6M | 25.74M | 3.94M | 3.94M |
Stock-Based Compensation | 0 | 0 | 0 | 0 | 41.59M | 39.31M | 11.97M | 10.86M | 15.11M |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | -422.92K | 75.02M | -370K | 240K | 152.8M | 15.79M | 12.06M | 22.79M | 20.38M |
Working Capital Changes | -39.24K | 3.69M | 637K | -1.21M | -4.92M | 2.61M | 1.68M | 364K | 780K |
Change in Receivables | 0 | -227K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Inventory | 0 | 30.15M | 44K | 0 | -404K | 373K | -35K | 35K | 35K |
Change in Payables | 15.57K | -2.43M | 0 | 0 | 0 | 0 | 0 | -93K | 0 |
Cash from Investing | -206.36M | 109.86M | 0 | -290K | 4.27M | -156K | -3.13M | -26K | -40.5K |
Capital Expenditures | 0 | -764K | 0 | 0 | 0 | -59K | -396K | -18K | -18K |
CapEx % of Revenue | - | 0.18% | - | - | - | 0.07% | 1.26% | - | 18.95% |
Acquisitions | 0 | 923K | 0 | 0 | 4.3M | 0 | 2K | -8K | 0 |
Investments | - | - | - | - | - | - | - | - | - |
Other Investing | 0 | 109.7M | 0 | -290K | -32K | -97K | -2.74M | 0 | -22.5K |
Cash from Financing | 206.65M | -149.51M | -318K | 2.13M | 2M | 5.41M | 1.01M | 4.51M | 3.98M |
Debt Issued (Net) | 0 | -35.86M | 405K | 0 | 2M | 2M | -50K | 286K | -356K |
Equity Issued (Net) | 31.14K | 0 | 0 | -1000K | 0 | 0 | 0 | 1000K | 0 |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | -5.96M | 0 | 0 | 0 | 0 | 0 |
Other Financing | 206.62M | -113.65M | -723K | 8.1M | 0 | 3.41M | 1.06M | 0 | 4.33M |
Net Change in Cash | 206.95M▲ 0% | -193.18M▼ 193.3% | 4K▲ 100.0% | 603K▲ 14975.0% | 4.66M▲ 672.1% | 1.84M▼ 60.5% | -5.02M▼ 372.8% | 303K▲ 106.0% | -2.46M▲ 0% |
Free Cash Flow | -124.9K▲ 0% | -10.51M▼ 8317.1% | 160K▲ 101.5% | -1.14M▼ 809.4% | -2.1M▼ 85.3% | -2.45M▼ 16.6% | -2.5M▼ 2.1% | -3.04M▼ 21.3% | -3.08M▲ 0% |
FCF Margin % | - | -2.44% | 0.05% | -94.03% | -0.83% | -2.96% | -7.94% | - | -3240% |
FCF Growth % | - | -8317.13% | 101.52% | -809.38% | -85.29% | -16.64% | -2.08% | -21.33% | -14.42% |
FCF per Share | -0.05 | -0.40 | 1.95 | -13.80 | -16.54 | -11.03 | -6.57 | -3.40 | -0.25 |
FCF Conversion (FCF/Net Income) | -0.37x | 0.11x | -1.45x | 6.84x | 0.01x | 0.03x | 0.04x | 0.07x | 0.05x |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Taxes Paid | 0 | 0 | 254K | 0 | 0 | 26K | 0 | 0 | 0 |
KXIN Key Ratios
Kaixin Auto Holdings (KXIN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | -104.46% | -4.35% | -3.82% | -888.65% | -230.24% | -104.59% | -102.31% | -594.45% |
Return on Invested Capital (ROIC) | -31.54% | -0.55% | -1.05% | -424.62% | -129.99% | -29.71% | -36.04% | -191.41% |
Gross Margin | 4.04% | -1.64% | 82.85% | 2.07% | 0.78% | 1.08% | - | -2039.47% |
Net Margin | -20.54% | -0.03% | -13.75% | -77.44% | -102.25% | -169.85% | - | -69494.21% |
Debt / Equity | - | 7.60x | 2.49x | 0.28x | 0.27x | 0.04x | 0.08x | 0.01x |
Interest Coverage | -8.00x | -0.03x | -276.00x | -745.36x | -68.53x | -39.97x | -55.97x | -88.45x |
FCF Conversion | 0.11x | -1.45x | 6.84x | 0.01x | 0.03x | 0.04x | 0.07x | 0.05x |
Revenue Growth | - | -22.42% | -99.64% | 20930.65% | -67.37% | -61.93% | -100% | -99.57% |
Related:KXIN Dividend History·KXIN Revenue History·KXIN Price History·KXIN P/E History·KXIN Financial Ratios·KXIN Institutional Holders
KXIN Frequently Asked Questions
Kaixin Auto Holdings (KXIN) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Kaixin Auto Holdings (KXIN) reported $0.1M in revenue for fiscal year 2024.
Kaixin Auto Holdings (KXIN) saw revenue decline by 100.0% over the past year.
Kaixin Auto Holdings (KXIN) reported a net loss of $66.0M for fiscal year 2024.
Dividend & Returns
Kaixin Auto Holdings (KXIN) has a return on equity (ROE) of -102.3%. Negative ROE indicates the company is unprofitable.
Kaixin Auto Holdings (KXIN) had negative free cash flow of $3.1M in fiscal year 2024, likely due to heavy capital investments.