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Financial statementsCHINA YUCHAI INTERNATIONAL LTD financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data CHINA YUCHAI INTERNATIONAL LTD files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,563 | 2,431 | 2,543 | 3,180 | 3,364 | 2,306 | 2,540 | 2,667 |
| Cost of revenue | 2,008 | 1,969 | 2,104 | 2,687 | 2,897 | 1,928 | 2,130 | 2,274 |
| Gross profit | 555 | 462 | 438 | 493 | 467 | 378 | 410 | 393 |
| Research and development | 96.1 | 66.9 | 69.5 | 96.8 | 134 | 120 | 123 | 137 |
| Selling, general and administrative | 287 | 232 | 255 | 272 | 278 | 232 | 264 | 253 |
| Operating income | 271 | 192 | 162 | 183 | 105 | 74.7 | 85.8 | 83.2 |
| Interest expense | 15.9 | 16.9 | 18.6 | 23.4 | 18.3 | 13.7 | 14.1 | 10.9 |
| Interest income | 16.7 | 22 | 25 | 25.8 | 20.9 | 19 | 21.7 | 18.6 |
| Pre-tax income | 257 | 177 | 146 | 150 | 71.4 | 56.8 | 80.4 | 86.5 |
| Income tax | 34.8 | 30.9 | 24.4 | 29.8 | 6.93 | 8.5 | 20.9 | 18 |
| Net income to minority interests | 71.3 | 41.7 | 36.1 | 35.6 | 21.4 | 16.8 | 19.3 | 23.5 |
| Net income | 151 | 104 | 85.4 | 84.8 | 43.1 | 31.4 | 40.2 | 45 |
| EBITDA | 341 | 257 | 227 | 259 | 196 | 165 | 179 | 183 |
| EPS, basic | 3.70 | 2.54 | 2.09 | 2.08 | 1.06 | 0.77 | 0.98 | 1.14 |
| EPS, diluted | 3.70 | 2.54 | 2.09 | 2.08 | 1.06 | 0.77 | 0.98 | 1.14 |
Balance sheet
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 806 | 785 | 889 | 930 | 689 | 627 | 773 | 825 |
| Receivables | 1,164 | 1,156 | 1,307 | 1,192 | 1,052 | 1,191 | 1,313 | |
| Inventory | 406 | 376 | 399 | 691 | 824 | 710 | 654 | 649 |
| Total current assets | 2,529 | 2,455 | 2,453 | 2,976 | 2,845 | 2,459 | 2,698 | 2,861 |
| Property, plant and equipment | 604 | 562 | 594 | 658 | 664 | 575 | 500 | 476 |
| Lease right-of-use assets | 69 | 65.7 | 55.2 | 48.5 | 47.7 | 41.6 | 42.1 | |
| Goodwill | 31.8 | 31.8 | ||||||
| Intangible assets | 1.6 | 30.8 | 135 | 229 | 278 | 270 | 275 | 268 |
| Total assets | 3,320 | 3,237 | 3,367 | 4,063 | 3,970 | 3,472 | 3,626 | 3,770 |
| Accounts payable | 1,180 | 1,051 | 1,195 | 1,562 | 1,525 | 1,171 | 1,299 | 1,435 |
| Short-term debt | 253 | 299 | 290 | 267 | 333 | 308 | 260 | 261 |
| Total current liabilities | 1,486 | 1,429 | 1,582 | 2,017 | 1,999 | 1,614 | 1,698 | 1,844 |
| Lease liabilities | 4.43 | 2.63 | 2.12 | 4.06 | 2.25 | 4.22 | ||
| Total liabilities | 1,586 | 1,571 | 1,733 | 2,234 | 2,133 | 1,770 | 1,912 | 2,056 |
| Total debt | 509 | 460 | 617 | 946 | 1,066 | 852 | 848 | 930 |
| Retained earnings | 949 | 911 | 911 | 1,044 | 1,041 | 958 | 960 | 973 |
| Shareholders' equity | 1,319 | 1,255 | 1,237 | 1,393 | 1,401 | 1,296 | 1,299 | 1,278 |
| Minority interests | 416 | 411 | 396 | 435 | 436 | 407 | 415 | 437 |
| Total equity | 1,735 | 1,666 | 1,633 | 1,828 | 1,837 | 1,702 | 1,714 | 1,715 |
| Total liabilities and equity | 3,320 | 3,237 | 3,367 | 4,063 | 3,970 | 3,472 | 3,626 | 3,770 |
Cash flow statement
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 222 | 146 | 121 | 120 | 64.5 | 48.3 | 59.5 | 68.5 |
| Depreciation and amortization | 70.2 | 64.9 | 65.7 | 76.4 | 90.7 | 89.9 | 93.6 | 99.6 |
| Cash from operations | 216 | 100 | 223 | 219 | 79.8 | -17.2 | 173 | 109 |
| Capital expenditures | -45.7 | -60.9 | -106 | -90.3 | -90.5 | -62 | -33.5 | -50.2 |
| Cash from investing | 20 | -12 | -114 | -121 | -117 | -19.1 | -15.9 | 15.8 |
| Debt issued | 287 | 299 | 288 | 345 | 307 | 295 | 456 | 282 |
| Debt repaid | -174 | -241 | -282 | -318 | -311 | -275 | -428 | -286 |
| Cash from financing | 44.4 | -67.2 | -83.2 | -71.4 | -133 | -20.2 | -4.75 | -73.4 |
| Exchange rate effect | -6.51 | 4.26 | 1.45 | -6.71 | -2.62 | 8.07 | 1.95 | 0.79 |
| Free cash flow | 171 | 39.3 | 118 | 128 | -10.7 | -79.2 | 139 | 58.4 |
| Income taxes paid | 32.1 | 28.5 | 32.9 | 36.3 | 27 | 3.02 | 15.5 | 15.8 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 14.7% | Gross profit / revenue. |
| Operating margin | 3.1% | Operating income / revenue. |
| EBITDA margin | 6.9% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 3.2% | Pre-tax income / revenue. |
| Net margin | 1.7% | Net income / revenue. |
| FCF margin | 2.2% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 4.1% | Cash from operations / revenue. |
| Effective tax rate | 20.8% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 3.5% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.2% | Net income / average total assets. |
| Return on invested capital (ROIC) | 4.8% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 5.1% | Research and development expense / revenue. |
| SG&A / revenue | 9.5% | Selling, general and administrative expense / revenue. |
| Capex / revenue | 1.9% | Capital expenditures / revenue. |
| D&A / revenue | 3.7% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 5.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -7.4% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 1.0% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -4.3% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -5.6% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | -2.2% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -3.0% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -7.4% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | -12.4% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 1.9% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | -2.2% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | -4.3% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 12.0% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 1.5% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | -12.0% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 16.3% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 2.5% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | -11.4% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -37.1% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 10.8% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -13.4% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -58.0% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 5y | -13.1% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -1.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -3.0% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 0.6% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 4.0% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -1.7% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 2.3% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.55x | Current assets / current liabilities. |
| Quick ratio | 1.16x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.45x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.73x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 24.7% | Total debt / total assets. |
| Liabilities / assets | 54.5% | Total liabilities / total assets. |
| Net debt | $105.8M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 0.58x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 7.66x | Operating income / interest expense. |
| Working capital | $1.02B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 7.1% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $1.01B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.72x | Revenue / average total assets. |
| Fixed asset turnover | 5.46x | Revenue / average property, plant and equipment. |
| Inventory turnover | 3.49x | Cost of revenue / average inventory. |
| Days inventory | 105 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 2.13x | Revenue / average receivables. |
| Days sales outstanding | 171 days | 365 x average receivables / revenue. |
| Days payables | 219 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 56 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 129.8% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 46.2% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $1.14 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| EPS, basic | $1.14 | Net income per basic share, as reported (split-adjusted). |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $1.24B | Share price x shares outstanding. |
| Enterprise value | $1.35B | Market cap + total debt - cash - short-term investments. |
| P/E | 27.5x | Market cap / net income. Only when net income is positive. |
| P/S | 0.46x | Market cap / revenue. |
| P/B | 0.97x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.23x | Market cap / tangible book value, when positive. |
| P/FCF | 21.2x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 11.4x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.50x | Enterprise value / revenue. |
| EV/EBIT | 16.2x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 7.36x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 23.0x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 4.7% | Free cash flow / market cap. |
| Earnings yield | 3.6% | Net income / market cap (the inverse of P/E). |
| PEG | 11.2x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was CHINA YUCHAI INTERNATIONAL LTD's revenue in fiscal 2024?
CHINA YUCHAI INTERNATIONAL LTD reported revenue of $2.67B for fiscal 2024, 5% higher than the year before.
Was CHINA YUCHAI INTERNATIONAL LTD profitable in fiscal 2024?
Yes. Net income was $45.0M, a net margin of 1.7%.
How much free cash flow did CHINA YUCHAI INTERNATIONAL LTD generate in fiscal 2024?
Cash from operations of $108.6M minus capital expenditures of $50.2M left free cash flow of $58.4M.