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Vertically integrated Chinese EV and battery maker, the world's largest new-energy-vehicle seller, also making batteries, electronics and buses.
Vertically integrated Chinese EV and battery maker, the world's largest new-energy-vehicle seller, also making batteries, electronics and buses.
Stopped making petrol-only cars in 2022 and sells plug-in hybrids and battery cars through dealers under several brands, using in-house batteries, chips and parts to keep costs low. It also makes phone and electronics components through BYD Electronic. Exports are the growth line, with factories built or being built in Brazil, Hungary and Thailand.
In one line: A vertically integrated hybrid of Tesla and Panasonic's battery business.
Moat: wide (scale, cost advantage, process know-how). Deep in-house vertical integration across batteries, semiconductors and vehicle assembly drives a structural cost advantage.
Headquarters: Shenzhen, China · Founded: 1995 · Employees: 869,622
Size BYD (002594.SZ) is a China Industrials company (Electrical Products) with a market value of $96.6B, the 21st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥85.23 on 6 Nov 2026.
Performance Over six months the shares fell 17.2%, against -26.1% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 19 in its peer set.
Growth Revenue fell 4.4% over the last twelve months (peer median +13.4%); the operating margin is 3.9% (peer median 12.5%).
Valuation It trades at 21.2× forward earnings against a peer median of 21.7× (7th cheapest of 18).
Capital Return on invested capital runs 12.0 points above its cost of capital (5.3% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥804B | CN¥794B | CN¥766B | CN¥594B | CN¥418B |
| Revenue growth | — | +4% | +29% | +42% | — |
| Gross profit | CN¥198B | CN¥119B | CN¥129B | CN¥108B | CN¥63.1B |
| EBITDA | n/a | CN¥103B | CN¥103B | CN¥72.9B | CN¥39.7B |
| Net income | CN¥31.6B | CN¥32.3B | CN¥40.3B | CN¥30.1B | CN¥16.6B |
| Free cash flow | -CN¥56.5B | -CN¥97.3B | CN¥36.6B | CN¥47.8B | CN¥43.5B |
| Capital expenditure | CN¥129B | CN¥157B | CN¥97.4B | CN¥122B | CN¥97.5B |
| Total debt | CN¥202B | CN¥165B | CN¥57.7B | CN¥50.9B | CN¥28.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BYD 002594.SZ | $96.6B | -17% | -4% | 4% | 21.2× | n/a |
| Tesla TSLA | $1.42T | -16% | +8% | 4% | 176.4× | n/a |
| Contemporary Amperex Technology 300750.SZ | $179B | -42% | +51% | 14% | 13.0× | 1.6% |
| Geely Auto 0175.HK | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% |
| Great Wall Motor 2333.HK | $15.7B | -48% | +13% | 2% | 5.9× | -5.1% |
| NIO NIO | $7.97B | -42% | +70% | -4% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002594.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | -15.3% | 3rd highest of 19 |
| 6-month return | -17.2% | -26.1% | 8th highest of 19 |
| Distance from 52-week high | -23.8% | -35.3% | 3rd highest of 19 |
| Revenue growth (TTM) | -4.4% | +13.4% | 2nd lowest of 19 |
| Operating margin | 3.9% | 12.5% | 3rd lowest of 19 |
| Forward P/E | 21.2× | 21.7× | 7th cheapest of 18 |
| ROIC minus cost of capital | +12.0 pp | +4.3 pp | 6th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BYD 002594.SZ | China | $96.6B | -17% | -4% | 4% | 21.2× | n/a | n/a |
| Siemens Energy ENR.DE | Germany | $111B | -33% | +9% | 9% | 26.4× | 17.3% | +7.3% |
| Eaton ETN | United States | $133B | -15% | +20% | 19% | 21.4× | 19.1% | +9.0% |
| ABB ABBN.SW | Switzerland | $147B | -17% | +1% | 18% | 24.5× | 4.3% | +2.3% |
| Mitsubishi Heavy Industries 7011.T | Japan | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% | +6.1% |
| Schneider Electric SU.PA | France | $151B | -16% | +7% | 18% | 22.2× | 18.0% | +9.8% |
| Mitsubishi Electric 6503.T | Japan | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% | +7.1% |
| LG Energy Solution 373220.KS | South Korea | $58.2B | -27% | +25% | 1% | n/a | n/a | n/a |
| Ametek AME | United States | $52.4B | -1% | +14% | 27% | 24.8× | 18.5% | +10.3% |
| Contemporary Amperex Technology 300750.SZ | China | $179B | -42% | +51% | 14% | 13.0× | 1.6% | +53.1% |
| GE Vernova GEV | United States | $205B | -26% | +17% | 7% | 32.2× | 24.9% | +16.8% |
| Rockwell Automation ROK | United States | $41.7B | -17% | +11% | 14% | 25.0× | 27.2% | +5.7% |
| Prysmian PRY.MI | Italy | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% | +14.4% |
| Fujikura 5803.T | Japan | $33.0B | -50% | +28% | 19% | 14.3× | 28.9% | +12.9% |
| Vestas Wind Systems A/S VWS.CO | Denmark | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% | +4.9% |
| NARI Technology 600406.SS | China | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% | +11.4% |
| Samsung Sdi 006400.KS | South Korea | $26.8B | -33% | +21% | 0% | 45.9× | n/a | n/a |
| Shengyi Technology 600183.SS | China | $25.7B | -8% | +56% | 22% | 20.3× | 20.5% | +14.1% |
| Sungrow Power Supply 300274.SZ | China | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% | +35.8% |