China Automotive Systems (CAAS) financial statements
China Automotive Systems reported revenue of $766M in fiscal 2025, up 15.3% a year over 2 years.
Net income was $43M and the operating margin 7.0%, against 6.8% in 2023.
Free cash flow was $74M, and the company returned $2M in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from China Automotive Systems's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $576M | $651M | $766M |
| Cost of revenue | $473M | $542M | $620M |
| Gross profit | $104M | $109M | $145M |
| Research and development | $29M | $28M | $45M |
| Selling, general and admin | $26M | $28M | $30M |
| Operating income | $39M | $40M | $54M |
| Interest expense | $1M | $2M | $2M |
| Pre-tax income | $48M | $44M | $61M |
| Income tax | $5M | $6M | $12M |
| Net income | $38M | $30M | $43M |
| EPS (diluted) | $1.25 | $0.99 | $1.42 |
| Diluted shares | 30M | 30M | 30M |
| Gross margin | 18.0% | 16.8% | 19.0% |
| Operating margin | 6.8% | 6.2% | 7.0% |
| Net margin | 6.5% | 4.6% | 5.6% |
Balance sheet
Fiscal years, from China Automotive Systems's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $155M | $85M | $178M |
| Inventory | — | $113M | $124M |
| Total current assets | — | $603M | $738M |
| Property, plant and equipment | — | $104M | $134M |
| Total assets | — | $851M | $1.0B |
| Total current liabilities | — | $456M | $541M |
| Total liabilities | — | $461M | $551M |
| Shareholders' equity | $344M | $350M | $401M |
| Net debt | -$155M | -$56M | -$61M |
Cash flow
Fiscal years, from China Automotive Systems's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $20M | $10M | $112M |
| Capital spending | $18M | $44M | $37M |
| Free cash flow | $2M | -$34M | $74M |
| Dividends paid | — | $22M | $2M |
| Share buybacks (net) | — | -$68,000 | — |
| Free cash flow margin | 0.3% | -5.2% | 9.7% |
| Dividends per share | — | $0.74 | $0.07 |
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Open CAAS in InvestinglyQuestions
What was China Automotive Systems's revenue in 2025?
$766M in fiscal 2025, from its 10-K filing.
How much free cash flow does China Automotive Systems generate?
$74M in fiscal 2025 (operating cash flow minus capital spending).
From China Automotive Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.