# Byd (002594.SHE)

Canonical: https://gigainvestors.com/s/002594.SHE

Analysis as of: 2026-10-16T07:33:39.074Z. Financial observations: FY2002–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 82.24 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.37×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.05×

- FY2018: 0.03×

- FY2019: 0.02×

- FY2020: 0.05×

- FY2021: 0.02×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.1%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 17.5%

- Recent gross margin (lower of latest and 3-year median): 15.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.0%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.7%

- FY2017: 4.7%

- FY2018: 3.4%

- FY2019: 1.7%

- FY2020: 6.5%

- FY2021: 5.5%

- FY2022: 29.8%

- FY2023: 51.2%

- FY2024: 54.2%

- FY2025: 7.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.35×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 43B

- Net income, five-year total: CNY 123B

- Return on incremental invested capital: 4.7%

- Working capital / revenue, annual change: -5.1 pp

- Working capital / revenue, change between three-year averages: -35.4 pp

- Working capital / revenue, final three-year average: -3.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.91×

- FY2022: 0.97×

- FY2023: 0.81×

- FY2024: 0.95×

- FY2025: -1.17×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.7% vs 51.2%

- Per-share earnings: 0.47 to 3.58 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.0%

- Ordinary dilution, 5-year annual growth: 1.5%

- Market cap gain: CNY 760B

- Cumulative retained earnings: CNY 100B

- Diluted shares, 10-year annual growth: 2.0%

- Diluted shares, 5-year annual growth: 1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 28.9%

- Per-share value change: CNY 3.11

- Per-share value, starting three-year median: CNY 0.47

- Per-share value, ending three-year median: CNY 3.58

- Buybacks concentrated in cheaper years (correlation): -0.80

- Average buyback yield: 0.6%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 42B

- Cumulative net income, 10 years: CNY 140B

- ROIC, first three-year median: 4.7%

- ROIC, last three-year median: 51.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.64

- FY2017: CNY 0.47

- FY2018: CNY 0.32

- FY2019: CNY 0.18

- FY2020: CNY 0.50

- FY2021: CNY 0.35

- FY2022: CNY 1.91

- FY2023: CNY 3.44

- FY2024: CNY 4.61

- FY2025: CNY 3.58

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.33×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.8%

- FY2017: -1.4%

- FY2018: -5.0%

- FY2019: -6.7%

- FY2020: -20.5%

- FY2021: -21.1%

- FY2022: -25.2%

- FY2023: -20.6%

- FY2024: -11.9%

- FY2025: -3.0%

## Holders

## Price story

Down 34% since Mar 2025 · "BYD's quarterly profit slides fastest in six years as China sales falter" (finance.yahoo.com, Apr 2026) · sales +2.2%

Story as of 2026-10-16T09:59:57.047Z; price observation 2026-10-15.

- 2025-08-29: BYD's quarterly profit falls for first time in 3-1/2 years as price wars bite ([finance.yahoo.com](https://finance.yahoo.com/news/byds-quarterly-profit-falls-first-112613969.html))

- 2025-10-30: BYD profit falls as price war and weaker China demand weigh ([finance.yahoo.com](https://finance.yahoo.com/news/byd-profit-falls-price-war-142401751.html))

- 2026-03-30: BYD Signals It’s Confident Exports Will Beat 2026 Target By 15% ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/byd-signals-confident-exports-beat-054030074.html))

- 2026-05-02: BYD Faces China Sales Slump As Overseas Growth Reshapes Investor Debate ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/byd-faces-china-sales-slump-011444786.html))

- 2026-07-02: BYD (SEHK:1211) Plans Second European Plant As Exports Drive Global Sales Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/byd-sehk-1211-plans-second-100735326.html))

- 2026-08-28: BYD Q2 2026 earnings: exports lift profit as domestic sales fall ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/byd-q2-2026-earnings-exports-173027599.html))

### Sales · FY2024–2025

sales +2.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 103B 

- FY2017: CNY 106B 

- FY2018: CNY 130B 

- FY2019: CNY 128B 

- FY2020: CNY 157B 

- FY2021: CNY 216B 

- FY2022: CNY 424B 

- FY2023: CNY 602B 

- FY2024: CNY 777B 

- FY2025: CNY 794B 

### Gross margin · FY2025

gross margin 15%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 20.0% 

- FY2017: 18.8% 

- FY2018: 16.2% 

- FY2019: 16.2% 

- FY2020: 19.1% 

- FY2021: 12.7% 

- FY2022: 16.8% 

- FY2023: 18.2% 

- FY2024: 19.1% 

- FY2025: 15.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto manufacturers; annual sales are CNY 794 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2025: revenue 794017678000; grossProfit 119445897000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002594.SHE: BYD Company Limited, together with its subsidiaries, engages in automobiles and batteries business in the People's Republic of China, Hong Kong, Macau, Taiwan, and internationally. It operates in two segments, Mobile Handset Components, Assembly Service and Other Products; and Automobiles and Related Products and Other Products. The Mobile Handset Components, Assembly Service and Other Products segment manufactures and sells mobile handset components, such as housings and electronic components, and provides assembly services. Its Automobiles and Related Products and Other Products segment is involved in the manufacturing and sale of automobiles, and auto-related molds and components; provision of automobile leasing and after sales services, automobile power batteries, lithium-ion batteries, photovoltaic, and iron battery products; and rail transport and related business. The company develops urban rail transportation business. BYD Company Limited was founded in 1994 and is headquartered in Shenzhen, China.

### Why customers stay

Margins ranged from 15% to 19.1% during 2023–25; it earns 6.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2023: grossProfit / revenue = 18.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2024: grossProfit / revenue = 19.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2025: grossProfit / revenue = 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); 10-year return on capital observations [[2016,0.05690376359315124],[2017,0.046611113079278454],[2018,0.033961953861037585],[2019,0.017439708740561933],[2020,0.06541772064351774],[2021,0.05471762750002418],[2022,0.29824031355539066],[2023,0.5118203531284012],[2024,0.5415341670585591],[2025,0.07659399022174178]]; median 0.061160742118334485. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2016: growth capex 6025881000; upkeep 7027569000; owner earnings 5052154000. Growth capex / owner earnings = 1.1927350195579944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2018: growth capex 8441840000; upkeep 9400550000; owner earnings 2780194000. Growth capex / owner earnings = 3.036421199383928.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2020: growth capex 0; upkeep 11774094000; owner earnings 4778058000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2021: growth capex 23535439000; upkeep 13808170000; owner earnings 2762129800. Growth capex / owner earnings = 8.520757786256098.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2022: growth capex 77752670000; upkeep 19704192000; owner earnings 16098993200. Growth capex / owner earnings = 4.829660403856808.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2023: growth capex 76115772946.0745; upkeep 45977736053.92551; owner earnings 24185711746.074493. Growth capex / owner earnings = 3.147138018728293.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); FY2024: growth capex 34923960000; upkeep 62435808000; owner earnings 38279152600. Growth capex / owner earnings = 0.9123493501786661.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); Dividend observations: [[2016,3156943000],[2017,3148083000],[2018,3917688000],[2019,556541000],[2020,163689000],[2021,423449000],[2022,1553388000],[2023,3974320000],[2024,9636015000],[2025,14508500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 59% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002594.SHE SharesStats.PercentInsiders = 59.006 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:39.074Z); Closing price 82.24 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 87.09479915223766; price multiple 0.9442584494195606. FY2025 cash earnings/share -4.198030786520161. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 18.72 per share

- 2016-11: CNY 18.44 per share

- 2016-12: CNY 16.56 per share

- 2017-01: CNY 16.23 per share

- 2017-02: CNY 16.70 per share

- 2017-03: CNY 16.01 per share

- 2017-04: CNY 17.29 per share

- 2017-05: CNY 16.62 per share

- 2017-06: CNY 16.65 per share

- 2017-07: CNY 16.33 per share

- 2017-08: CNY 16.16 per share

- 2017-09: CNY 22.77 per share

- 2017-10: CNY 21.00 per share

- 2017-11: CNY 20.74 per share

- 2017-12: CNY 21.68 per share

- 2018-01: CNY 21.01 per share

- 2018-02: CNY 21.17 per share

- 2018-03: CNY 18.77 per share

- 2018-04: CNY 17.65 per share

- 2018-05: CNY 17.05 per share

- 2018-06: CNY 15.89 per share

- 2018-07: CNY 14.08 per share

- 2018-08: CNY 14.82 per share

- 2018-09: CNY 16.37 per share

- 2018-10: CNY 15.60 per share

- 2018-11: CNY 19.00 per share

- 2018-12: CNY 17.00 per share

- 2019-01: CNY 15.47 per share

- 2019-02: CNY 18.17 per share

- 2019-03: CNY 17.83 per share

- 2019-04: CNY 18.45 per share

- 2019-05: CNY 16.08 per share

- 2019-06: CNY 16.91 per share

- 2019-07: CNY 18.65 per share

- 2019-08: CNY 16.48 per share

- 2019-09: CNY 16.26 per share

- 2019-10: CNY 14.28 per share

- 2019-11: CNY 14.46 per share

- 2019-12: CNY 15.89 per share

- 2020-01: CNY 19.94 per share

- 2020-02: CNY 21.79 per share

- 2020-03: CNY 19.99 per share

- 2020-04: CNY 19.99 per share

- 2020-05: CNY 19.13 per share

- 2020-06: CNY 23.94 per share

- 2020-07: CNY 28.46 per share

- 2020-08: CNY 28.37 per share

- 2020-09: CNY 38.73 per share

- 2020-10: CNY 53.27 per share

- 2020-11: CNY 57.38 per share

- 2020-12: CNY 64.77 per share

- 2021-01: CNY 82.33 per share

- 2021-02: CNY 65.76 per share

- 2021-03: CNY 54.84 per share

- 2021-04: CNY 52.86 per share

- 2021-05: CNY 59.57 per share

- 2021-06: CNY 83.67 per share

- 2021-07: CNY 88.24 per share

- 2021-08: CNY 92.33 per share

- 2021-09: CNY 83.17 per share

- 2021-10: CNY 103.77 per share

- 2021-11: CNY 101.57 per share

- 2021-12: CNY 89.37 per share

- 2022-01: CNY 75.60 per share

- 2022-02: CNY 83.20 per share

- 2022-03: CNY 76.60 per share

- 2022-04: CNY 81.00 per share

- 2022-05: CNY 98.64 per share

- 2022-06: CNY 111.16 per share

- 2022-07: CNY 106.79 per share

- 2022-08: CNY 95.99 per share

- 2022-09: CNY 84.00 per share

- 2022-10: CNY 82.22 per share

- 2022-11: CNY 86.51 per share

- 2022-12: CNY 85.66 per share

- 2023-01: CNY 95.27 per share

- 2023-02: CNY 86.93 per share

- 2023-03: CNY 85.34 per share

- 2023-04: CNY 85.29 per share

- 2023-05: CNY 84.55 per share

- 2023-06: CNY 86.09 per share

- 2023-07: CNY 90.67 per share

- 2023-08: CNY 83.13 per share

- 2023-09: CNY 78.90 per share

- 2023-10: CNY 79.51 per share

- 2023-11: CNY 66.38 per share

- 2023-12: CNY 66.00 per share

- 2024-01: CNY 56.91 per share

- 2024-02: CNY 63.73 per share

- 2024-03: CNY 67.69 per share

- 2024-04: CNY 72.83 per share

- 2024-05: CNY 76.34 per share

- 2024-06: CNY 83.42 per share

- 2024-07: CNY 82.35 per share

- 2024-08: CNY 83.14 per share

- 2024-09: CNY 102.44 per share

- 2024-10: CNY 97.73 per share

- 2024-11: CNY 91.61 per share

- 2024-12: CNY 94.22 per share

- 2025-01: CNY 91.50 per share

- 2025-02: CNY 120.61 per share

- 2025-03: CNY 124.97 per share

- 2025-04: CNY 117.70 per share

- 2025-05: CNY 117.43 per share

- 2025-06: CNY 110.64 per share

- 2025-07: CNY 105.24 per share

- 2025-08: CNY 114.06 per share

- 2025-09: CNY 109.21 per share

- 2025-10: CNY 100.79 per share

- 2025-11: CNY 95.17 per share

- 2025-12: CNY 97.72 per share

- 2026-01: CNY 90.89 per share

- 2026-02: CNY 89.32 per share

- 2026-03: CNY 105.25 per share

- 2026-04: CNY 102.98 per share

- 2026-05: CNY 96.18 per share

- 2026-06: CNY 79.70 per share

- 2026-07: CNY 95.77 per share

- 2026-08: CNY 88.20 per share

- 2026-09: CNY 83.31 per share

- 2026-10: CNY 82.18 per share

## Annual estimated value (CNY per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations