China A-share · SZSE · 300750
CATL (300750) stock analysis: valuation and financials
电气机械和器材制造业
¥280.12 -3.1% Price as of Oct 14, 2026
Scale-cost leader in batteries: FY2025 revenue CNY423.7B, net margin 17.0%, net cash CNY294.5B, 15.25x PE — cheap if ~11% revenue growth and 20% FCF margin hold.
- Market cap
- ¥1.3T
- P/E
- 15.2x
- EV/Sales
- 1.9x
- FCF yield
- 6.8%
- 52-week range
- ¥280.12 – ¥458.34
Research as of Oct 14, 2026
Business quality scorecard
- Growth66
- Profitability56
- Cash flow84
- Balance sheet88
- Capital allocation84
- Innovation49
- Valuation91
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Automakers, grid and storage buyers pay for lithium-ion battery systems, cells and packs; power battery systems are the profit engine at 74.7% of FY2025 revenue (CNY316.5B) with group operating margin of 21.1% and net margin of 17.0%.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥130.4B | ¥328.6B | ¥400.9B | ¥362.0B | ¥423.7B |
| Revenue growth | +159.1% | +152.1% | +22.0% | -9.7% | +17.0% |
| Gross margin | 26.3% | 20.3% | 19.2% | 24.4% | 26.3% |
| Operating margin | 15.2% | 11.2% | 13.4% | 17.7% | 21.1% |
| Net income | ¥15.9B | ¥30.7B | ¥44.1B | ¥50.7B | ¥72.2B |
| Free cash flow | -¥859.8M | ¥13.0B | ¥59.2B | ¥65.8B | ¥90.9B |
| FCF margin | -0.7% | 4.0% | 14.8% | 18.2% | 21.4% |
Amounts in CNY · What is free cash flow?
Margins FY2025 gross margin 26.3% vs 24.4% in FY2024, operating margin 21.1% vs 17.7%. TTM gross 25.5% (+1.8pp) and operating 20.4% (+3.4pp). The gain is cost-led: cost of revenue +14.2% against revenue +17.0%. Q2 FY2026 gross margin slipped to 23.2% from 28.2% in Q4 FY2025.
- Cash flow HealthyFY2025 operating cash flow CNY 133.2B against net income CNY 72.2B, a 1.93x cash conversion; TTM OCF CNY 134.7B vs net income CNY 85.0B (1.58x). OCF has exceeded net income in every year from FY2020 to FY2025.
- Debt LowNet cash position of CNY 294.5B at FY2025: total debt CNY 116.9B against cash CNY 333.5B, with a further CNY 59.0B in short-term investments. Net debt/EBITDA is -2.53x.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥440.2B
- Total debt
- ¥145.7B
- Net cash
- ¥294.5B
- Interest coverage
- 41.4x
- Current ratio
- 1.6x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management StrongFounder-led since 2011 with an unchanged top team; execution delivered 3y revenue CAGR 8.8% and 5y 53.1%, with net margin up to 17.0% in FY2025.
Valuation range
Implied value per share · Price when researched: ¥280.12
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
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