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. In the quarter to March 2026, revenue grew 99.3%, EPS fell 400.0%, free cash flow grew 147.1% and total debt rose 87.6%, each against the same quarter a year earlier.
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China BAK Battery, Inc. (CBAT) Piotroski F-score
China BAK Battery, Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 7 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (4.00) |
| FY2024 | 7 | 2.00 |
| FY2023 | 5 | 0.00 |
| FY2022 | 5 | 0.00 |
| FY2021 | 5 | (1.00) |
| FY2020 | 6 | 3.00 |
| FY2019 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (2.57%) | 4.04% | Fail | 0 |
| Positive operating cash flow | 48.55m | 39.70m | Pass | 1 |
| Rising return on assets | (2.57%) | 4.04% | Fail | 0 |
| Cash flow above net income | 57.93m | 27.91m | Pass | 1 |
| Falling long-term leverage | 0.01 | 0.00 | Fail | 0 |
| Rising current ratio | 0.60 | 0.82 | Fail | 0 |
| No new shares issued | 89,247,000 | 89,928,000 | Pass | 1 |
| Rising gross margin | 9.44% | 23.65% | Fail | 0 |
| Rising asset turnover | 0.54 | 0.61 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
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 |
|---|---|
| RFIL RF Industries, Ltd. compare | 8 |
| OESX Orion Energy Systems, Inc. compare | 6 |
| ESP Espey Mfg. & Electronics Corp. compare | 5 |
| ULBI Ultralife Corporation compare | 4 |
| NEOV NeoVolta, Inc. compare | 4 |
| SKYX SKYX Platforms Corp. compare | 3 |
| CBAT China BAK Battery, Inc. | 3 |
| TGEN Tecogen Inc. compare | 2 |
| NVX NOVONIX Limited Sponsored ADR compare | 2 |
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