Saturday 17 October 2026 Export CBAT’s income statement to Excel — free account

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.

1.03 0.11 −9.65%

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Market cap: $101.1M
P/E: 0.0×
Fwd P/E: −6.6×
Dividend yield: —
F-score: 3/9
Altman Z: −0.32
Beneish M: −2.33
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 17.89%

Capital & Financial Ratios $m

Market Cap 101.06

Revenue 229.87

Net Income (17.86)

Free Cash Flow 36.86

Net Debt (90.85)

Current Ratio 0.65

Debt/Equity 0.08

P/E ratio 0.00

Fwd P/E (6.55)

P/S ratio 0.40

P/B ratio 0.90

Past 5Y EPS Growth —

This Y EPS Growth (20.00%)

Next Y EPS Growth 300.00%

Next Y revenue growth 80.70%

Next 5Y EPS Growth 30.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 16.73%

10-year low 10-year high

P/B against its own 10 years 41.18%

10-year low 10-year high

EV/Sales against its own 10 years 0.65%

10-year low 10-year high

EV/FCF against its own 10 years 1.75%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2020	Powerpack
2019	Powerpack
2018	Powerpack

special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	1.20	1.20	0.23	0.32	0.36	1.44	0.92	0.74	0.77	0.57	Analyst estimates 2026–2028 Powerpack
	High	3.33	2.35	1.75	1.23	11.40	9.59	1.70	1.44	2.08	1.25
People
People	Employees	631	587	610	374	537	1,054	1,063	1,456	1,463	1,739
	Revenue/emp, $m	0.02	0.10	0.04	0.06	0.07	0.05	0.23	0.14	0.12	0.11
Income, $m
Income, $m	Revenue	10	58	24	22	38	53	249	204	177	195
	Gross margin, %	(16.69)	(17.47)	(13.50)	2.80	7.22	9.70	7.28	15.52	23.65	9.44
	EBT	(12)	(21)	(2)	(11)	(8)	54	(13)	(6)	11	(11)
	EBT margin, %	(115.53)	(36.77)	(8.01)	(48.90)	(20.89)	102.20	(5.05)	(2.96)	6.31	(5.71)
	Net income	0	(21)	(2)	(11)	(8)	62	(11)	(9)	10	(11)
	Depreciation	1	2	2	3	3	4	8	10	9	11
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
	Earnings	(0.71)	(0.92)	(0.07)	(0.28)	(0.10)	0.70	(0.11)	(0.03)	0.13	(0.10)
	Cash flow	(0.78)	0.27	0.33	(0.54)	(0.08)	(0.05)	0.17	0.52	0.44	0.54
	Capex	(0.33)	(0.52)	(0.28)	(0.06)	(0.09)	(0.22)	(0.14)	(0.35)	(0.19)	(0.50)
	Free cash flow	(1.11)	(0.25)	0.05	(0.61)	(0.17)	(0.27)	0.03	0.17	0.25	0.05
	Book value	0.00	0.09	0.01	0.35	0.85	1.61	1.40	1.27	1.34	1.23
	Shares, m	18	23	27	39	62	88	89	89	90	89
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	2.19	0.00	0.00	7.23	0.00
	P/S	3.76	0.61	0.41	2.02	8.35	2.59	0.35	0.46	0.48	0.38
	P/B	2.58	16.19	30.88	3.28	5.99	0.97	0.70	0.83	0.70	0.68
	EV/Sales	4.55	0.76	0.68	2.87	8.41	2.37	0.26	0.24	0.19	0.09
	EV/FCF	(2.33)	(7.12)	16.47	(2.65)	(28.24)	(5.23)	24.30	3.27	1.51	5.88
Cash, $m
Cash, $m	Operating cash flow	(14)	6	9	(21)	(5)	(4)	15	47	40	49
	Capex	(6)	(12)	(7)	(2)	(6)	(19)	(12)	(31)	(17)	(45)
	Free cash flow	(20)	(6)	1	(24)	(11)	(23)	3	15	23	4
Balance, $m
Balance, $m	Working capital	(18)	(32)	(37)	(31)	(11)	10	14	(32)	(30)	(119)
	Total debt	18	19	24	26	14	1	1	—	—	4
	Net debt	14	9	7	19	(7)	(26)	(37)	(59)	(65)	(72)
	Shareholders’ equity	13	2	0	14	52	141	124	113	120	109
Returns, %
Returns, %	ROA	0.00	(17.51)	(1.38)	(9.65)	(6.55)	30.33	(3.73)	(0.93)	4.04	(2.57)
	ROIC	0.00	(121.02)	(121.53)	(19.33)	(11.65)	(6.39)	(8.26)	(8.30)	9.98	(30.39)
	ROE	0.00	(288.67)	(154.04)	(153.98)	(23.63)	63.62	(7.12)	(2.06)	10.10	(8.17)

Negative figures in brackets.

All 10 years →

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

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ESP Espey Mfg. & Electronics Corp.	$171.0M	13.8×	15.4×	+40.39% (above 0%: growing)	+7.27% (above 0%: growing)	−199.91% (below 0%: shrinking)	34.33%	25.79%	Compare
NEOV NeoVolta, Inc.	$143.4M	— (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.	$136.8M	— (loss-making)	— (loss-making)	+9.58% (above 0%: growing)	n/m	−56.37% (below 0%: shrinking)	28.86%	(27.98%)	Compare
ULBI Ultralife Corporation	$101.8M	— (loss-making)	8.0×	−1.27% (below 0%: shrinking)	+200.00% (above 0%: growing)	−84.80% (below 0%: shrinking)	28.92%	7.17%	Compare
CBAT China BAK Battery, Inc.	$101.1M	— (loss-making)	— (loss-making)	+99.26% (above 0%: growing)	n/m	+147.06% (above 0%: growing)	1.49%	(13.93%)
OESX Orion Energy Systems, Inc.	$95.1M	— (loss-making)	20.0×	+31.51% (above 0%: growing)	n/m	+336.14% (above 0%: growing)	34.62%	8.20%	Compare
RFIL RF Industries, Ltd.	$79.4M	31.2×	50.1×	+21.07% (above 0%: growing)	+225.00% (above 0%: growing)	+453.33% (above 0%: growing)	35.63%	7.34%	Compare
TGEN Tecogen Inc.	$67.9M	— (loss-making)	— (loss-making)	−21.23% (below 0%: shrinking)	n/m	+11.86% (above 0%: growing)	37.83%	(37.42%)	Compare
NVX NOVONIX Limited Sponsored ADR	$54.4M	— (loss-making)	— (loss-making)	+76.13% (above 0%: growing)	n/m	−1.34% (below 0%: shrinking)	(431.26%)	0.00%	Compare
Median of peers	$98.5M	—	17.7×	+15.33%	+200.00%	−28.85%	31.63%	3.59%

All 52 Electrical Equipment & Parts stocks →

China BAK Battery, Inc. (CBAT) key facts

Strength: China BAK Battery, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $195.2 million, up 10.5% from fiscal 2024.
China BAK Battery, Inc. (CBAT) is an Electrical Equipment & Parts company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, CBAT traded at $1.03, a market capitalization of $101.1 million.
Return on equity was −8.17% and debt-to-equity 0.08.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −0.32 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Sep 28, 2026.