# China Yuchai International (CYD.US)

Canonical: https://gigainvestors.com/s/CYD

Analysis as of: 2026-10-16T07:27:52.783Z. Financial observations: FY1996–FY2025.

Listing currency: USD. 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: $26.35 per share; close as of 2026-10-15.

Estimated value: low $54.09 per share, central $57.36 per share, high $61.71 per share. Buy at or below the central value $57.36 per share. Valuation as of 2026-10-16T07:27:52.783Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.48×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.11×

- FY2018: 0.08×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.03×

### moat: fail

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

- ROIC, median of available years: 15.1%

- ROIC, second-lowest year: 8.1%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 16.3%

- Recent gross margin (lower of latest and 3-year median): 16.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 9.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.9%

- FY2017: 38.8%

- FY2018: 25.2%

- FY2019: 21.1%

- FY2020: 19.2%

- FY2021: 10.4%

- FY2022: 6.9%

- FY2023: 8.1%

- FY2024: 9.1%

- FY2025: 12.3%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.22×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 2.0B

- Net income, five-year total: CNY 1.6B

- Return on incremental invested capital: -3.8%

- Working capital / revenue, annual change: 1.5 pp

- Working capital / revenue, change between three-year averages: 10.2 pp

- Working capital / revenue, final three-year average: 45.7%

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

- FY2021: 0.54×

- FY2022: 1.08×

- FY2023: 2.01×

- FY2024: 1.34×

- FY2025: 1.12×

### 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: 25.2% vs 9.1%

- Per-share earnings: 12.89 to 8.21 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: CNY 5.2B

- Cumulative retained earnings: CNY 1.3B

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.5%

- Per-share value change: CNY -4.67

- Per-share value, starting three-year median: CNY 12.89

- Per-share value, ending three-year median: CNY 8.21

- Average buyback yield: 11.4%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.7B

- Cumulative net income, 10 years: CNY 4.9B

- ROIC, first three-year median: 25.2%

- ROIC, last three-year median: 9.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 12.89

- FY2017: CNY 23.40

- FY2018: CNY 17.02

- FY2019: CNY 14.81

- FY2020: CNY 13.43

- FY2021: CNY 6.67

- FY2022: CNY 5.35

- FY2023: CNY 6.99

- FY2024: CNY 8.21

- FY2025: CNY 13.93

### accounting: pass

- Sloan accruals: -6.9%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.5%

- FY2017: -2.2%

- FY2018: 0.1%

- FY2019: -4.1%

- FY2020: -3.3%

- FY2021: -0.9%

- FY2022: 1.4%

- FY2023: -3.7%

- FY2024: -1.7%

- FY2025: -6.9%

## Holders

- [Francis Chou](https://gigainvestors.com/ca): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 54% since May 2026 · sales +25.4%

Story as of 2026-10-16T09:58:36.257Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +25.4%; source https://www.sec.gov/Archives/edgar/data/932695/000119312526191559/ck0000932695-20251231.htm; observed 2026-04-29.

- FY2016: CNY 14B 

- FY2017: CNY 16B 

- FY2018: CNY 16B 

- FY2019: CNY 18B 

- FY2020: CNY 21B 

- FY2021: CNY 21B 

- FY2022: CNY 16B 

- FY2023: CNY 18B 

- FY2024: CNY 19B 

- FY2025: CNY 24B 

### Gross margin · FY2025

gross margin 16.5%; source https://www.sec.gov/Archives/edgar/data/932695/000119312526191559/ck0000932695-20251231.htm; observed 2026-04-29.

- FY2016: 21.8% 

- FY2017: 20.8% 

- FY2018: 19.2% 

- FY2019: 17.3% 

- FY2020: 15.5% 

- FY2021: 13.0% 

- FY2022: 13.7% 

- FY2023: 16.2% 

- FY2024: 14.7% 

- FY2025: 16.5% 

## Owner memo

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

### How it makes money

Operates in auto manufacturers; annual sales are CNY 24 billion.

- Source: https://www.sec.gov/Archives/edgar/data/932695/000119312526191559/ck0000932695-20251231.htm (filed 2026-04-29); FY2025: revenue 23989866156; grossProfit 3956824636; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CYD.US: China Yuchai International Limited manufactures, assembles, and sells diesel and natural gas engines for trucks, buses, pickups, construction and agricultural equipment, and marine and power generation applications. It operates through two segments: Yuchai and HLGE. The Yuchai segment manufactures on- and off-road powertrain solutions and applications. The HLGE is engaged in hospitality and property development activities. The company provides diesel engines comprising 4- and 6-cylinder diesel engines, high-horsepower marine and power generator engines; natural gas engines, hydrogen combustion engines, methanol combustion engines, diesel power generators, power generator sets, engine components and parts, diesel engine parts, and remanufacturing services; as well as plug in hybrid engines, range extenders, power generation powertrains, hybrid powertrains, electric drive axle powertrain, and fuel cell systems. It also offers repair, maintenance, training and skills-enhancement training. It distributes its engines directly to auto original equipment manufacturers, agents, and retailers in the People's Republic of China and internationally. The company was founded in 1951 and is based in Singapore.

### Why customers stay

Margins ranged from 14.7% to 16.5% during 2023–25; it earns 15.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 16.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 14.7%.

- Source: https://www.sec.gov/Archives/edgar/data/932695/000119312526191559/ck0000932695-20251231.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.17927988142211512],[2017,0.3883842626217595],[2018,0.2524911414355008],[2019,0.2110942971433943],[2020,0.19229347461418783],[2021,0.10431439686023475],[2022,0.06905913022634316],[2023,0.08066020838727289],[2024,0.09076647042898166],[2025,0.12338384098692223]]; median 0.1513318612045187. 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 2026-04-29); FY2016: growth capex 0; upkeep 351472000; owner earnings 629606000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 0; upkeep 289472000; owner earnings 1096265000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 0; upkeep 407747000; owner earnings 708680000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 470318119.90682125; upkeep 793707880.0931787; owner earnings 276415119.90682125. Growth capex / owner earnings = 1.7014920170262906.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 590216000; upkeep 494607000; owner earnings 548903000. Growth capex / owner earnings = 1.0752646642485102.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 159278571.43459344; upkeep 700248428.5654066; owner earnings 146020571.43459344. Growth capex / owner earnings = 1.0907954260810342.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 0; upkeep 597249000; owner earnings 236451763.6067342. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 0; upkeep 237842000; owner earnings 573984656.5308285. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 0; upkeep 545236000; owner earnings 434471534.8292397. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/932695/000119312526191559/ck0000932695-20251231.htm (filed 2026-04-29); FY2025: growth capex 0; upkeep 651338000; owner earnings 583777895. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,118193000],[2017,235947000],[2018,597459000],[2019,238758000],[2020,245871000],[2021,448712000],[2022,109684000],[2023,80238000],[2024,101647000],[2025,142852000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 68.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CYD.US SharesStats.PercentInsiders = 68.88 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Closing price 26.35 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 639.4177283085854; price multiple 0.27575861390836254. FY2025 cash earnings/share 15.559817342470208. Closing-price date 2026-10-15.

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

- 2016-10: $11.14 per share

- 2016-11: $12.49 per share

- 2016-12: $13.81 per share

- 2017-01: $13.91 per share

- 2017-02: $15.97 per share

- 2017-03: $18.51 per share

- 2017-04: $19.40 per share

- 2017-05: $18.22 per share

- 2017-06: $18.21 per share

- 2017-07: $22.58 per share

- 2017-08: $18.34 per share

- 2017-09: $22.26 per share

- 2017-10: $22.30 per share

- 2017-11: $26.25 per share

- 2017-12: $24.00 per share

- 2018-01: $26.50 per share

- 2018-02: $22.41 per share

- 2018-03: $21.17 per share

- 2018-04: $20.81 per share

- 2018-05: $23.05 per share

- 2018-06: $21.70 per share

- 2018-07: $19.96 per share

- 2018-08: $20.11 per share

- 2018-09: $17.27 per share

- 2018-10: $14.41 per share

- 2018-11: $14.05 per share

- 2018-12: $12.44 per share

- 2019-01: $16.83 per share

- 2019-02: $19.23 per share

- 2019-03: $15.85 per share

- 2019-04: $16.65 per share

- 2019-05: $13.91 per share

- 2019-06: $14.99 per share

- 2019-07: $13.64 per share

- 2019-08: $12.96 per share

- 2019-09: $12.95 per share

- 2019-10: $13.85 per share

- 2019-11: $13.45 per share

- 2019-12: $13.33 per share

- 2020-01: $12.92 per share

- 2020-02: $12.42 per share

- 2020-03: $10.76 per share

- 2020-04: $12.35 per share

- 2020-05: $12.36 per share

- 2020-06: $14.38 per share

- 2020-07: $13.22 per share

- 2020-08: $16.24 per share

- 2020-09: $18.00 per share

- 2020-10: $17.43 per share

- 2020-11: $16.84 per share

- 2020-12: $16.34 per share

- 2021-01: $15.97 per share

- 2021-02: $15.74 per share

- 2021-03: $15.48 per share

- 2021-04: $15.97 per share

- 2021-05: $15.98 per share

- 2021-06: $16.04 per share

- 2021-07: $14.65 per share

- 2021-08: $14.25 per share

- 2021-09: $13.59 per share

- 2021-10: $13.18 per share

- 2021-11: $11.85 per share

- 2021-12: $14.92 per share

- 2022-01: $13.77 per share

- 2022-02: $12.37 per share

- 2022-03: $11.65 per share

- 2022-04: $10.57 per share

- 2022-05: $10.50 per share

- 2022-06: $8.82 per share

- 2022-07: $8.79 per share

- 2022-08: $8.33 per share

- 2022-09: $7.29 per share

- 2022-10: $7.13 per share

- 2022-11: $7.50 per share

- 2022-12: $7.08 per share

- 2023-01: $9.14 per share

- 2023-02: $8.13 per share

- 2023-03: $7.89 per share

- 2023-04: $7.72 per share

- 2023-05: $7.99 per share

- 2023-06: $10.50 per share

- 2023-07: $10.61 per share

- 2023-08: $11.35 per share

- 2023-09: $10.10 per share

- 2023-10: $8.26 per share

- 2023-11: $9.11 per share

- 2023-12: $8.38 per share

- 2024-01: $8.67 per share

- 2024-02: $8.54 per share

- 2024-03: $8.53 per share

- 2024-04: $8.38 per share

- 2024-05: $8.38 per share

- 2024-06: $9.10 per share

- 2024-07: $9.31 per share

- 2024-08: $11.00 per share

- 2024-09: $12.68 per share

- 2024-10: $11.38 per share

- 2024-11: $9.29 per share

- 2024-12: $9.53 per share

- 2025-01: $10.95 per share

- 2025-02: $19.12 per share

- 2025-03: $16.99 per share

- 2025-04: $15.17 per share

- 2025-05: $17.13 per share

- 2025-06: $23.91 per share

- 2025-07: $22.80 per share

- 2025-08: $33.39 per share

- 2025-09: $41.37 per share

- 2025-10: $37.08 per share

- 2025-11: $35.76 per share

- 2025-12: $35.50 per share

- 2026-01: $45.38 per share

- 2026-02: $50.28 per share

- 2026-03: $38.50 per share

- 2026-04: $41.21 per share

- 2026-05: $56.72 per share

- 2026-06: $47.41 per share

- 2026-07: $47.16 per share

- 2026-08: $38.34 per share

- 2026-09: $31.03 per share

- 2026-10: $26.35 per share

## Annual estimated value (USD per share)

- FY2016: low $35.10 per share, central $38.01 per share, high $41.88 per share

- FY2017: low $48.82 per share, central $52.71 per share, high $57.90 per share

- FY2018: low $50.90 per share, central $57.33 per share, high $63.37 per share

- FY2019: low $52.45 per share, central $56.77 per share, high $62.54 per share

- FY2020: low $56.81 per share, central $61.76 per share, high $68.34 per share

- FY2021: low $39.94 per share, central $43.07 per share, high $47.23 per share

- FY2022: low $20.51 per share, central $21.86 per share, high $23.67 per share

- FY2023: low $25.02 per share, central $26.55 per share, high $28.58 per share

- FY2024: low $32.85 per share, central $35.34 per share, high $38.65 per share

- FY2025: low $45.53 per share, central $48.80 per share, high $53.15 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

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/932695/000119312526191559/ck0000932695-20251231.htm); period 2025-12-31, filed 2026-04-29.

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.