U Power Limited (UCAR) 10-Year Financial Performance & Capital Metrics

UCAR • • Industrial / General

Consumer CyclicalAuto DealershipsSpecialty Vehicle RetailersNew Energy Vehicle Retailers

AboutU Power Limited develops, manufactures, and sells new energy vehicles and battery swapping stations in the People's Republic of China. It also offers battery swapping and sourcing services. The company was founded in 2013 and is based in Shanghai, the People's Republic of China.Show more

Revenue $44M +124.1%
EBITDA -$49M -73.2%
Net Income -$48M -147.8%
EPS (Diluted) -16.79 -7.9%
Gross Margin 23.62% -61.6%
EBITDA Margin -111.72% +22.7%
Operating Margin -130.93% +29.9%
Net Margin -108.2% -10.6%
ROE -14.4% -104.6%
ROIC -12.12% -36.6%
Debt/Equity 0.10 -23.0%
Interest Coverage -41.36 -108.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Weak momentum: RS Rating 8 (bottom 8%)
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y76.83%

TTM409.48%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM3.07%

EPS CAGR

10Y-

5Y-

3Y-

TTM65.2%

ROCE

10Y Avg-14.65%

5Y Avg-14.65%

3Y Avg-17.43%

Latest-16.98%

Peer Comparison

New Energy Vehicle Retailers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UCARU Power Limited	6.91M	1.50	-0.09	124.09%	-105.31%	-20.95%		0.10
JZXNJiuzi Holdings, Inc.	2.51M	1.80	-0.13	-34.83%	-197.61%	-6.61%		0.59

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.46M	8.01M	7.8M	19.76M	44.29M
Revenue Growth %	-	4.47%	-0.03%	1.54%	1.24%
Cost of Goods Sold+	0	5.14M	5.14M	7.59M	33.83M
COGS % of Revenue	-	0.64%	0.66%	0.38%	0.76%
Gross Profit+	1.46M	2.87M	2.66M	12.17M	10.46M
Gross Margin %	1%	0.36%	0.34%	0.62%	0.24%
Gross Profit Growth %	-	0.96%	-0.07%	3.58%	-0.14%
Operating Expenses+	17.48M	47.82M	58.91M	49.08M	68.45M
OpEx % of Revenue	11.94%	5.97%	7.56%	2.48%	1.55%
Selling, General & Admin	17.08M	42.45M	39.76M	43.7M	49.7M
SG&A % of Revenue	11.66%	5.3%	5.1%	2.21%	1.12%
Research & Development	111K	5.37M	9.35M	2.18M	2.98M
R&D % of Revenue	0.08%	0.67%	1.2%	0.11%	0.07%
Other Operating Expenses	9.58M	0	-698K	3.19M	15.77M
Operating Income+	-16.01M	-44.95M	-56.25M	-36.9M	-57.99M
Operating Margin %	-10.94%	-5.61%	-7.22%	-1.87%	-1.31%
Operating Income Growth %	-	-1.81%	-0.25%	0.34%	-0.57%
EBITDA+	-14.61M	-39.73M	-48.55M	-28.58M	-49.48M
EBITDA Margin %	-9.98%	-4.96%	-6.23%	-1.45%	-1.12%
EBITDA Growth %	-	-1.72%	-0.22%	0.41%	-0.73%
D&A (Non-Cash Add-back)	1.41M	5.22M	7.7M	8.33M	8.51M
EBIT	-6M	-45.79M	-56.9M	-20.99M	-54.96M
Net Interest Income+	-96K	-259K	-715K	-1.3M	-660K
Interest Income	436K	437K	49K	562K	742K
Interest Expense	532K	696K	764K	1.86M	1.4M
Other Income/Expense	9.48M	-1.53M	-1.41M	14.05M	1.63M
Pretax Income+	-6.53M	-46.48M	-57.66M	-22.85M	-56.36M
Pretax Margin %	-4.46%	-5.8%	-7.4%	-1.16%	-1.27%
Income Tax+	0	2.58M	5K	2.61M	0
Effective Tax Rate %	0.84%	0.89%	0.8%	0.85%	0.85%
Net Income+	-5.51M	-41.4M	-45.92M	-19.34M	-47.92M
Net Margin %	-3.76%	-5.17%	-5.89%	-0.98%	-1.08%
Net Income Growth %	-	-6.51%	-0.11%	0.58%	-1.48%
Net Income (Continuing)	-6.53M	-49.06M	-57.67M	-25.47M	-56.36M
Discontinued Operations	0	0	0	0	0
Minority Interest	50.88M	45.82M	39.08M	37.95M	29.51M
EPS (Diluted)+	-11.02	-82.80	-91.84	-15.56	-16.79
EPS Growth %	-	-6.51%	-0.11%	0.83%	-0.08%
EPS (Basic)	-11.02	-82.80	-91.84	-15.56	-16.79
Diluted Shares Outstanding	500K	500K	500K	1.24M	2.85M
Basic Shares Outstanding	500K	500K	500K	1.24M	2.85M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	135.33M	128.3M	54.01M	163.2M	105.08M
Cash & Short-Term Investments	121.43M	14.79M	4.88M	3.75M	23.43M
Cash Only	121.43M	14.79M	4.88M	1.93M	23.43M
Short-Term Investments	0	0	0	1.83M	0
Accounts Receivable	12K	193K	1.74M	43.86M	55.06M
Days Sales Outstanding	2.99	8.79	81.32	810.04	453.76
Inventory	197K	13.45M	5.46M	5.44M	9.87M
Days Inventory Outstanding	-	955.45	387.74	261.49	106.52
Other Current Assets	12.88M	98.97M	40.84M	32.52M	1.94M
Total Non-Current Assets+	193.38M	225.37M	227.84M	265.79M	280.64M
Property, Plant & Equipment	5.49M	35.76M	35.53M	33.42M	24.86M
Fixed Asset Turnover	0.27x	0.22x	0.22x	0.59x	1.78x
Goodwill	0	0	0	0	0
Intangible Assets	46K	608K	286K	201K	132K
Long-Term Investments	120M	110M	111.81M	123.37M	134.11M
Other Non-Current Assets	95K	189K	30K	108.8M	121.53M
Total Assets+	328.71M	353.67M	281.85M	428.99M	385.71M
Asset Turnover	0.00x	0.02x	0.03x	0.05x	0.11x
Asset Growth %	-	0.08%	-0.2%	0.52%	-0.1%
Total Current Liabilities+	29.31M	76.82M	59.15M	74.88M	56.9M
Accounts Payable	1.31M	9.8M	11.13M	10.23M	14.31M
Days Payables Outstanding	-	696.18	790.82	491.88	154.38
Short-Term Debt	16M	3.35M	19.6M	37.52M	22.76M
Deferred Revenue (Current)	1000K	1000K	1000K	0	1000K
Other Current Liabilities	9.6M	57.14M	13.31M	17.53M	2.74M
Current Ratio	4.62x	1.67x	0.91x	2.18x	1.85x
Quick Ratio	4.61x	1.50x	0.82x	2.11x	1.67x
Cash Conversion Cycle	-	268.07	-321.76	579.66	405.9
Total Non-Current Liabilities+	9.32M	19.16M	17.69M	9.49M	7.84M
Long-Term Debt	7M	15.5M	10M	0	3.7M
Capital Lease Obligations	2.32M	3.67M	4.79M	5.98M	4.14M
Deferred Tax Liabilities	0	0	0	0	0
Other Non-Current Liabilities	0	0	2.9M	3.51M	0
Total Liabilities	38.63M	95.99M	76.84M	84.37M	64.73M
Total Debt+	26.81M	26.83M	36.09M	45.25M	32.44M
Net Debt	-94.62M	12.04M	31.21M	43.32M	9M
Debt / Equity	0.09x	0.10x	0.18x	0.13x	0.10x
Debt / EBITDA	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-
Interest Coverage	-30.10x	-64.58x	-73.62x	-19.84x	-41.36x
Total Equity+	290.08M	257.68M	205.01M	344.62M	320.98M
Equity Growth %	-	-0.11%	-0.2%	0.68%	-0.07%
Book Value per Share	580.15	515.36	410.03	277.22	112.44
Total Shareholders' Equity	239.19M	211.86M	165.94M	306.67M	291.47M
Common Stock	0	0	0	0	0
Retained Earnings	-66.52M	-107.92M	-153.84M	-173.18M	-221.1M
Treasury Stock	0	0	0	0	0
Accumulated OCI	0	0	0	446K	0
Minority Interest	50.88M	45.82M	39.08M	37.95M	29.51M

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-22.39M	-82.23M	-12.89M	-65.44M	-73.17M
Operating CF Margin %	-15.3%	-10.27%	-1.65%	-3.31%	-1.65%
Operating CF Growth %	-	-2.67%	0.84%	-4.08%	-0.12%
Net Income	-6.53M	-49.06M	-57.67M	-19.34M	-56.36M
Depreciation & Amortization	786K	1.77M	7.7M	8.33M	8.51M
Stock-Based Compensation	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Other Non-Cash Items	620K	3.45M	11.77M	-2.84M	15.98M
Working Capital Changes	-17.27M	-38.39M	25.3M	-51.59M	-41.3M
Change in Receivables	379K	-181K	-1.42M	-14.17M	2.3M
Change in Inventory	209K	-13.25M	7.81M	107K	-4.35M
Change in Payables	165K	8.49M	1.33M	-899K	4.08M
Cash from Investing+	-133.14M	-14.76M	-11.39M	-84.08M	49.09M
Capital Expenditures	-1.33M	-11M	-7.8M	-881K	-10K
CapEx % of Revenue	0.91%	1.37%	1%	0.04%	0%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	-131.81M	-3.76M	-3.59M	-78.85M	16.86M
Cash from Financing+	275.62M	-4M	4.5M	179.4M	12.96M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	0	999K	5M	5M	0
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	-23.73M	-93.22M	-20.69M	-66.32M	-73.18M
FCF Margin %	-16.21%	-11.64%	-2.65%	-3.36%	-1.65%
FCF Growth %	-	-2.93%	0.78%	-2.21%	-0.1%
FCF per Share	-47.45	-186.45	-41.38	-53.35	-25.64
FCF Conversion (FCF/Net Income)	4.06x	1.99x	0.28x	3.38x	1.53x
Interest Paid	0	0	0	0	0
Taxes Paid	0	0	0	0	0

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-1.9%	-15.12%	-19.85%	-7.04%	-14.4%
Return on Invested Capital (ROIC)	-	-14.49%	-16.68%	-8.87%	-12.12%
Gross Margin	100%	35.87%	34.11%	61.59%	23.62%
Net Margin	-376.37%	-516.84%	-589.03%	-97.84%	-108.2%
Debt / Equity	0.09x	0.10x	0.18x	0.13x	0.10x
Interest Coverage	-30.10x	-64.58x	-73.62x	-19.84x	-41.36x
FCF Conversion	4.06x	1.99x	0.28x	3.38x	1.53x
Revenue Growth	-	447.13%	-2.67%	153.51%	124.09%

Revenue by Segment

	2022	2023	2024
Product	3.06M	17.06M	41.82M
Product Growth	-	457.40%	145.10%
Service	4.43M	1.51M	63K
Service Growth	-	-65.83%	-95.84%

Frequently Asked Questions

Growth & Financials

U Power Limited (UCAR) reported $63.9M in revenue for fiscal year 2024. This represents a 4262% increase from $1.5M in 2020.

U Power Limited (UCAR) grew revenue by 124.1% over the past year. This is strong growth.

U Power Limited (UCAR) reported a net loss of $67.2M for fiscal year 2024.

Dividend & Returns

U Power Limited (UCAR) has a return on equity (ROE) of -14.4%. Negative ROE indicates the company is unprofitable.

U Power Limited (UCAR) had negative free cash flow of $79.7M in fiscal year 2024, likely due to heavy capital investments.

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