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) Beneish M-score
China Automotive Systems, Inc.'s Beneish M-score for fiscal 2024 is −1.96; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2024 | −1.96 | 0.18 |
| FY2023 | −2.15 | 0.50 |
| FY2022 | −2.65 | 0.06 |
| FY2021 | −2.71 | 0.21 |
| FY2020 | −2.92 | (0.22) |
| FY2019 | −2.69 | (0.28) |
| FY2018 | −2.41 | 0.53 |
| FY2017 | −2.94 | (0.69) |
| FY2016 | −2.25 | (0.05) |
| FY2015 | −2.20 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 1.07 | — | 0.57 | |
| Asset quality index | 1.29 | — | 0.52 | |
| Sales growth index | 1.13 | — | 1.01 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | 0.03 | — | 0.15 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Elevated | −1.96 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SRI Stoneridge, Inc. compare | −3.8× |
| CVGI Commercial Vehicle Group, Inc. compare | −3.4× |
| STRT Strattec Security Corporation compare | −2.9× |
| PRTS CarParts.com, Inc. compare | −2.9× |
| INVZ Innoviz Technologies Ltd. compare | −2.8× |
| MVST Microvast Holdings, Inc. compare | −2.6× |
| MPAA Motorcar Parts of America, Inc. compare | −2.4× |
| HLLY Holley Inc. compare | −2.0× |
| CAAS China Automotive Systems, Inc. | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI