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) Piotroski F-score
China Automotive Systems, Inc.'s Piotroski F-score for fiscal 2024 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, down from 8 in fiscal 2023.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2024 | 5 | (3.00) |
| FY2023 | 8 | 0.00 |
| FY2022 | 8 | (1.00) |
| FY2021 | 9 | 5.00 |
| FY2020 | 4 | (3.00) |
| FY2019 | 7 | 1.00 |
| FY2018 | 6 | 2.00 |
| FY2017 | 4 | (1.00) |
| FY2016 | 5 | — |
How fiscal 2024’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 3.71% | 5.09% | Pass | 1 |
| Positive operating cash flow | 9.78m | 19.91m | Pass | 1 |
| Rising return on assets | 3.71% | 5.09% | Fail | 0 |
| Cash flow above net income | (20.20m) | (17.75m) | Fail | 0 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 1.32 | 1.47 | Fail | 0 |
| No new shares issued | 30,185,000 | 30,186,000 | Pass | 1 |
| Rising gross margin | 16.77% | 18.00% | Fail | 0 |
| Rising asset turnover | 0.81 | 0.78 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| MPAA Motorcar Parts of America, Inc. compare | 7 |
| STRT Strattec Security Corporation compare | 7 |
| HLLY Holley Inc. compare | 7 |
| CVGI Commercial Vehicle Group, Inc. compare | 6 |
| MVST Microvast Holdings, Inc. compare | 5 |
| CAAS China Automotive Systems, Inc. | 5 |
| INVZ Innoviz Technologies Ltd. compare | 5 |
| SRI Stoneridge, Inc. compare | 4 |
| PRTS CarParts.com, Inc. compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover