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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%
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 (below 1: weak)
Debt/Equity 0.08 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (6.55) (negative: loss-making)
P/S ratio 0.40
P/B ratio 0.90
Past 5Y EPS Growth —
This Y EPS Growth (20.00%) (below 0%: weak)
Next Y EPS Growth 300.00% (at or above 15%: strong)
Next Y revenue growth 80.70% (at or above 10%: strong)
Next 5Y EPS Growth 30.00% (at or above 15%: strong)

Green and red mark values outside typical ranges. 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

China BAK Battery, Inc. (CBAT) Latest News

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