ECARX Holdings, Inc.
ECX Consumer Cyclical Auto Parts
ECARX Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $847.9 million, up 9.89% from fiscal 2024. In the quarter to June 2026, revenue grew 44.7%, EPS grew 76.9%, free cash flow grew 46.1% and total debt rose 98.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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ECARX Holdings, Inc. (ECX) Piotroski F-score
ECARX Holdings, 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 4 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (1.00) |
| FY2024 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (11.22%) | (23.27%) | Fail | 0 |
| Positive operating cash flow | (94.39m) | (59.98m) | Fail | 0 |
| Rising return on assets | (11.22%) | (23.27%) | Pass | 1 |
| Cash flow above net income | (28.35m) | 69.79m | Fail | 0 |
| Falling long-term leverage | 0.11 | 0.00 | Fail | 0 |
| Rising current ratio | 0.59 | 0.55 | Pass | 1 |
| No new shares issued | 338,660,000 | 336,642,000 | Fail | 0 |
| Rising gross margin | 19.02% | 20.75% | Fail | 0 |
| Rising asset turnover | 1.44 | 1.38 | Pass | 1 |
| 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 |
|---|---|
| MPAA Motorcar Parts of America, Inc. compare | 7 |
| STRT Strattec Security Corporation compare | 7 |
| HLLY Holley Inc. compare | 7 |
| MNRO Monro Muffler Brake, Inc. compare | 7 |
| CPS Cooper-Standard Holdings Inc. compare | 6 |
| SLDP Solid Power, Inc. compare | 5 |
| MVST Microvast Holdings, Inc. compare | 5 |
| ECX ECARX Holdings, Inc. | 3 |
| SES SES AI Corporation compare | — |
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