CYDChina Yuchai International Limited
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (3.5×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 6% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CYD?
China Yuchai International Limited earns 24% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 15 points above what the capital costs: growth creates value
- Operating margin
- 4.4%
Operating margin · Auto Manufacturers median −3.6% · fiscal year to FY2025
- Cash conversion
- 3.50×
Cash conversion · 1.65× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −4.6%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 5.7% |
| FY2021 | 3.1% |
| FY2022 | 3.2% |
| FY2023 | 3.4% |
| FY2024 | 3.1% |
| FY2025 | 4.4% |
Details›
- Gross marginfiscal year to FY2025
- 16%
- Operating marginfiscal year to FY2025
- 4.4%
- Net marginfiscal year to FY2025
- 2.2%
- Free cash flow margin
- 9.1%
- R&D as % of revenue
- 5.5%
- Revenue, trailing twelve months
- $24.7B
- Free cash flow, trailing twelve months
- $2.24B
- Net income, trailing twelve months
- $537M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 24%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from CYD and who it buys from, as the companies report it.
- Top five customers36%
Combined share of revenue · FY2025 20-F
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; CYD’s own figures are from its FY2025 20-F. Smaller customers and suppliers go unreported.
Auto Manufacturers
The closest names by size in the same industry