China Automotive Systems, Inc.
CAAS Consumer Cyclical Auto Parts
China Automotive Systems, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $650.9 million, up 12.9% from fiscal 2023. In the quarter to June 2025, revenue grew 11.1%, EPS grew 4.17% and free cash flow grew 443.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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China Automotive Systems, Inc. (CAAS) Altman Z-score
China Automotive Systems, Inc.'s Altman Z-score for fiscal 2024 is 1.79, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | 1.79 | (0.11) |
| FY2023 | 1.89 | 0.07 |
| FY2022 | 1.82 | 0.26 |
| FY2021 | 1.57 | 0.06 |
| FY2020 | 1.51 | (0.09) |
| FY2019 | 1.60 | 0.05 |
| FY2018 | 1.54 | (0.16) |
| FY2017 | 1.70 | (0.29) |
| FY2016 | 1.99 | (0.05) |
| FY2015 | 2.04 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.21 | |
| Retained earnings / total assets | 0.36 | — | 0.50 | |
| EBIT / total assets | 0.05 | — | 0.16 | |
| Market value of equity / total liabilities | 0.27 | — | 0.16 | |
| Sales / total assets | 0.77 | — | 0.77 | |
| Altman Z-score | Distress zone | 1.79 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.49 | ||
Z and Z″ put China Automotive Systems, Inc. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| STRT Strattec Security Corporation compare | 5.0× |
| SRI Stoneridge, Inc. compare | 2.2× |
| CVGI Commercial Vehicle Group, Inc. compare | 1.9× |
| CAAS China Automotive Systems, Inc. | 1.8× |
| HLLY Holley Inc. compare | 1.5× |
| MPAA Motorcar Parts of America, Inc. compare | 1.4× |
| PRTS CarParts.com, Inc. compare | 0.5× |
| MVST Microvast Holdings, Inc. compare | −0.2× |
| INVZ Innoviz Technologies Ltd. compare | −7.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets