China A-share · SZSE · 002594
BYD (002594) stock analysis: valuation and financials
汽车制造业
¥81.44 -0.9% Price as of Oct 14, 2026
Scale NEV leader with net cash but an eroding moat: revenue +3.5%, gross margin 17.7%, FCF -CNY97.7B, ROIC 15.1%, 46.3% dilution CAGR; 6.1x EV/EBITDA already prices a full recovery.
- Market cap
- ¥742.5B
- P/E
- 25.2x
- EV/Sales
- 0.9x
- FCF yield
- -7.6%
- 52-week range
- ¥77.91 – ¥107.23
Research as of Oct 14, 2026
Business quality scorecard
- Growth40
- Profitability21
- Cash flow50
- Balance sheet57
- Capital allocation17
- Innovation35
- Valuation35
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
NEV buyers, overseas distributors and smartphone OEMs pay for vehicles, batteries and handset components/assembly; the automotive & related segment (80.7% of FY2025 revenue, CNY648.6B, +5.1% yoy) is the profit engine, with overseas sales (+40.1% yoy) driving growth.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥216.1B | ¥424.1B | ¥602.3B | ¥777.1B | ¥804.0B |
| Revenue growth | +38.0% | +96.2% | +42.0% | +29.0% | +3.5% |
| Gross margin | 13.0% | 17.0% | 18.6% | 19.4% | 17.7% |
| Operating margin | 2.1% | 5.1% | 6.3% | 6.5% | 5.0% |
| Net income | ¥3.0B | ¥16.6B | ¥30.0B | ¥40.3B | ¥32.6B |
| Free cash flow | ¥28.1B | ¥43.4B | ¥47.6B | ¥36.1B | -¥97.7B |
| FCF margin | 13.0% | 10.2% | 7.9% | 4.6% | -12.1% |
Amounts in CNY · What is free cash flow?
Margins FY2025 gross margin 17.74% vs 19.44% FY2024, operating 5.00% vs 6.50%; TTM 18.11%/4.66%. Cause: China price war - revenue +3.5% vs cost of revenue +5.6%. Gross margin bottomed at 16.27% (Q2 FY2025) and recovered to 18.88% (Q2 FY2026).
- Cash flow WatchOperating cash flow FY2025 CNY 59.1B versus net income CNY 32.6B (1.8x), and positive every quarter including CNY 34.5B in Q2 FY2026; DATA cash conversion 3.52x. Earnings are cash-backed, so the weakness is not earnings quality.
- Debt LowNet cash position: net debt -CNY 11.4B, net debt/EBITDA -0.09x, interest coverage 10.36x on TTM interest expense of CNY 3.5B. Leverage level is net cash.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥128.7B
- Total debt
- ¥117.3B
- Net cash
- ¥11.4B
- Interest coverage
- 10.4x
- Current ratio
- 0.9x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateAlignment is real: founder-chairman holds 16.90% and has led the company since 1995; no dual-class voting separates control from economic ownership.
Valuation range
Implied value per share · Price when researched: ¥81.44
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.