China Automotive Systems, Inc. key statistics and ratios

In fiscal 2025, China Automotive Systems, Inc. had return on equity of 11.4%, an operating margin of 7.0%, debt equal to 21.7% of equity and a current ratio of 1.36. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

China Automotive Systems, Inc.: financial ratios, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	18.0%	16.8%	19.0%
Operating margin	6.8%	6.2%	7.0%
Net margin	6.5%	4.6%	5.6%
Free-cash-flow margin	0.3%	−5.2%	9.7%
Return on equity	10.9%	8.6%	11.4%
Return on assets	—	3.5%	4.6%
Asset turnover	—	0.77	0.83
Current ratio	—	1.32	1.36
Debt to equity	0.0%	20.8%	21.7%
Interest cover (operating income ÷ interest)	38.4x	22.2x	31.5x
Effective tax rate	10.6%	13.4%	18.9%
R&D as % of revenue	5.1%	4.2%	5.9%
SG&A as % of revenue	4.4%	4.3%	3.9%
Capital spending as % of revenue	3.2%	6.7%	4.9%
Free cash flow ÷ net income	4.4%	−113.0%	173.8%
Dividends ÷ net income	—	74.8%	5.1%
Dividends and buybacks ÷ free cash flow	—	—	2.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 3 checks passed · December 31, 2025

What it owns · $1.0bn

Short-term assets $738mLonger-term assets $264m

What it owes, and who funded it · $952m

Short-term liabilities $541mLonger-term liabilities $10mShareholders' equity $401m

Short-term assets cover short-term liabilities $738m of assets due within a year against $541m of liabilities due within a year.
Short-term assets cover long-term liabilities $738m short-term assets against $10m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $54m against $2m of interest.

From China Automotive Systems, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from China Automotive Systems, Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to China Automotive Systems, Inc.