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China BAK Battery, Inc.

CBAT Industrials Electrical Equipment & Parts

China BAK Battery, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $195.2 million, up 10.5% from fiscal 2024.

Revenue
+99.3%
EPS
−400.0%
Free cash flow
+147.1%
Total debt
+87.6%

Quarter to March 2026, against a year earlier

1.03 0.08 −7.21%
Market cap
$90.4M
P/E
0.0×
Fwd P/E
−9.3×
Dividend yield
—
F-score
3/9
Altman Z
−0.32
Beneish M
−2.33
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 17.89%

Capital & Financial Ratios $m

Size
Market Cap 90.42
Revenue ttm 229.87
Net income ttm (17.86)
Free cash flow ttm 36.86
Net debt Q (90.85)
Valuation
P/E 0.00
Forward P/E (9.25) (negative: loss-making)
Price / sales 0.40
Forward P/S Powerpack
Price / FCF 2.57
Price / book 0.90
Financial health
Current ratio Q 0.65 (below 1: weak)
Debt / equity Q 0.08 (at or below 0.5: strong)
Interest coverage Q (23.31)
Growth
Revenue growth Q +99.26% (above 0%: growing)
Operating income growth Q −238.71% (below 0%: shrinking)
EPS, this year −20.00% (below 0%: weak)
EPS, next year A +300.00% (at or above 15%: strong)
Revenue, next year A +80.70% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +30.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.1×, against a ten-year median of 0.7×; over the ten years it ranged from −0.1× in 2026 to 20.4× in 2020.
P/S against its own 10 years 17.02%
10-year low 10-year high
P/B against its own 10 years 41.35%
10-year low 10-year high
EV/Sales against its own 10 years 0.84%
10-year low 10-year high
EV/FCF against its own 10 years 2.24%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 59 65 76 99
Receivables 29 34 39 47
Inventory 33 23 51 76
Other — — — —
128 141 181 238
2023 2024 2025 Q'26
Payables 82 85 153 203
ST’ Debt — — — —
Other 0 0 0 0
160 172 300 368

Compound Annual Growth %

10y 5y 3y
Sales 30.24% 39.04% (7.76%)
Cash Flow 0.00% 0.00% 47.55%
Earnings 0.00% 0.00% 0.00%
Book Value 21.92% 15.87% (4.16%)

Earnings Trends EPS, adjusted, against the consensus

Mar 2026 Estimate −0.05 Actual −0.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Jun 2025 −0.04 −0.03 Beat by 0.01
Sep 2025 −0.04 0.03 Beat by 0.07
Dec 2025 −0.03 −0.08 Miss by 0.05
Mar 2026 −0.05 −0.10 Miss by 0.05
Sep 2026 0.00 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.10) — — — —
’25 (0.02) (0.03) 0.03 (0.08) (0.10)
’24 0.11 0.07 0.00 (0.05) 0.13
’23 (0.02) (0.03) 0.07 (0.06) (0.03)
’22 0.01 0.00 0.00 (0.12) (0.11)
’21 0.35 0.03 0.23 0.10 0.70
’20 (0.04) (0.02) 0.00 (0.06) (0.10)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 70 — — — —
’25 35 41 61 59 195
’24 59 48 45 25 177
’23 42 42 63 56 204
’22 80 56 58 54 249
’21 9 6 10 28 53
’20 7 5 11 15 38
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 22 — — — —
’25 (10) 14 15 30 49
’24 7 3 20 10 40
’23 10 6 5 26 47
’22 5 12 (1) (2) 15
’21 1 (3) (5) 3 (4)
’20 1 1 3 (10) (5)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 11 — — — —
’25 (22) 4 6 16 4
’24 0 3 17 4 23
’23 2 (6) 0 20 15
’22 2 9 (4) (4) 3
’22 — — — — 15
’21 (5) (11) (9) 1 (23)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Mar ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10 58 24 22 38 53 249 204 177 195 230 +38.6% 353 465 — +54.3%
Gross margin, % (16.69) (17.47) (13.50) 2.80 7.22 9.70 7.28 15.52 23.65 9.44 6.38 +26.1 pt
EBT (12) (21) (2) (11) (8) 54 (13) (6) 11 (11) (18) (0.8%)
EBT margin, % (115.53) (36.77) (8.01) (48.90) (20.89) 102.20 (5.05) (2.96) 6.31 (5.71) (7.85) +109.8 pt
Net income 0 (21) (2) (11) (8) 62 (11) (9) 10 (11) (18) n/m
Per share, $
Per share, $ Revenue 0.58 2.51 0.92 0.57 0.61 0.60 2.80 2.29 1.96 2.19 2.58 +15.8%
Earnings (0.71) (0.92) (0.07) (0.28) (0.10) 0.70 (0.11) (0.03) 0.13 (0.10) (0.18) (19.6%)
Cash flow (0.78) 0.27 0.33 (0.54) (0.08) (0.05) 0.17 0.52 0.44 0.54 0.90 n/m
Capex (0.33) (0.52) (0.28) (0.06) (0.09) (0.22) (0.14) (0.35) (0.19) (0.50) (0.49) +4.6%
Free cash flow (1.11) (0.25) 0.05 (0.61) (0.17) (0.27) 0.03 0.17 0.25 0.05 0.41 n/m
Book value 0.00 0.09 0.01 0.35 0.85 1.61 1.40 1.27 1.34 1.23 1.15 n/m
Shares, m 18 23 27 39 62 88 89 89 90 89 89 +19.6%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 2.19 0.00 0.00 7.23 0.00 0.00 0.9
P/S 3.76 0.61 0.41 2.02 8.35 2.59 0.35 0.46 0.48 0.38 0.40 1.9
P/B 2.58 16.19 30.88 3.28 5.99 0.97 0.70 0.83 0.70 0.68 0.90 6.3
EV/Sales 4.55 0.76 0.68 2.87 8.41 2.37 0.26 0.24 0.19 0.09 0.06 2.0
EV/FCF (2.33) (7.12) 16.47 (2.65) (28.24) (5.23) 24.30 3.27 1.51 5.88 0.41 0.6
Cash, $m
Cash, $m Operating cash flow (14) 6 9 (21) (5) (4) 15 47 40 49 80 n/m
Capex (6) (12) (7) (2) (6) (19) (12) (31) (17) (45) (44) +25.1%
Free cash flow (20) (6) 1 (24) (11) (23) 3 15 23 4 37 n/m
Balance, $m
Balance, $m Working capital (18) (32) (37) (31) (11) 10 14 (32) (30) (119) (130) +23.0%
Net debt 14 9 7 19 (7) (26) (37) (59) (65) (72) (91) n/m
Shareholders’ equity 13 2 0 14 52 141 124 113 120 109 102 +27.1%
Returns, %
Returns, % ROA 0.00 (17.51) (1.38) (9.65) (6.55) 30.33 (3.73) (0.93) 4.04 (2.57) (4.26) (2.6) pt
ROIC 0.00 (121.02) (121.53) (19.33) (11.65) (6.39) (8.26) (8.30) 9.98 (30.39) (139.05) (30.4) pt
ROE 0.00 (288.67) (154.04) (153.98) (23.63) 63.62 (7.12) (2.06) 10.10 (8.17) (15.47) (8.2) pt
People
People Employees 631 587 610 374 537 1,054 1,063 1,456 1,463 1,739 — +11.9%
Revenue/emp, $m 0.02 0.10 0.04 0.06 0.07 0.05 0.23 0.14 0.12 0.11 — +23.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Mar 2026 · fundamentals updated 28 Sep 2026

China BAK Battery, Inc. vs peers in Electrical Equipment & Parts (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LTBR Lightbridge Corporation $154.7M — (loss-making) — (loss-making) −97.32% (below 0%: shrinking) n/m −52.58% (below 0%: shrinking) 22.12% 0.00% Compare
ESP Espey Mfg. & Electronics Corp. $139.5M 11.5× 14.9× +40.39% (above 0%: growing) +7.27% (above 0%: growing) −199.91% (below 0%: shrinking) 34.33% 25.79% Compare
NEOV NeoVolta, Inc. $124.5M — (loss-making) — (loss-making) −99.72% (below 0%: shrinking) n/m −1,293.55% (below 0%: shrinking) (8,440.00%) (75,445.93%) Compare
SKYX SKYX Platforms Corp. $94.0M — (loss-making) — (loss-making) +9.58% (above 0%: growing) n/m −56.37% (below 0%: shrinking) 28.86% (27.98%) Compare
CBAT China BAK Battery, Inc. $90.4M — (loss-making) — (loss-making) +99.26% (above 0%: growing) n/m +147.06% (above 0%: growing) 1.49% (13.93%)
RFIL RF Industries, Ltd. $71.1M 29.3× 22.6× +21.07% (above 0%: growing) +225.00% (above 0%: growing) +453.33% (above 0%: growing) 35.63% 7.34% Compare
WBX Wallbox N.V. $66.4M — — — n/m +6,958.18% (above 0%: growing) 39.84% (47.80%) Compare
NMAD Nomad Power Solutions, Inc. $56.2M — (loss-making) — — n/m −230.63% (below 0%: shrinking) — 0.00% Compare
OESX Orion Energy Systems, Inc. $55.4M — (loss-making) 23.6× +8.90% (above 0%: growing) n/m −319.53% (below 0%: shrinking) 28.68% (3.38%) Compare
Median of peers $82.5M — 22.6× +9.24% — −128.14% 28.86% (1.69%)

All 55 Electrical Equipment & Parts stocks →

China BAK Battery, Inc. (CBAT) Latest News

4 Nov

Impact 3 · · Zacks Small Cap Research

14 Oct

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5 Oct

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24 Sep

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25 Jun

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19 May

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13 Apr

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31 Mar

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30 Mar

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Impact 3 · · Zacks Small Cap Research

5 Feb

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.
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26 Jan

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stockrow.com/CBAT · Data as of Sep 28, 2026 · For information only; not investment advice. · © 2026 stockrow.com