Stock

BYD Company Limited

1211.HK
40
Auto - Manufacturers · Consumer Cyclical
Price
HK$75.10
+2.20 (+3.02%)
Market Cap
HK$682.27B
Exchange
Hong Kong Stock Exchange
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
5/30
Growth
Weak
3/20
Cash Flow
Good
6/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Good
3/5

40 of 100 counted points = Winston Score 40.

Share count rising — dilution

+4.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.62B (2021) → 9.03B (2025)

§Winston Score History

The full picture

BYD is a Chinese company that makes electric vehicles (EVs), plug-in hybrids, and rechargeable batteries. It sells cars, buses, and trucks to everyday consumers and commercial fleets, mainly in China but increasingly around the world. BYD is one of the largest EV makers globally, competing directly with Tesla for the top spot in unit sales.

The company earns revenue by selling vehicles, batteries, and electronic components. It manufactures most of its key parts in-house, including batteries and semiconductors, which gives it strong cost control compared to rivals. BYD operates factories in China, Southeast Asia, and is expanding into Europe and Latin America, making it one of the biggest automakers by market capitalization. Its main growth driver is international expansion into new markets, though rising trade barriers and tariffs in Europe and North America pose a meaningful risk to that strategy.

Score breakdown

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Quality

Profit per sale
Gross Margin
17.3%
Thin — 17.3% gross margin
Profit after running costs
Operating Margin
4.6%
Thin — 4.6% operating margin
Return on the money invested
ROCE
4.4%
Weak — 4.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-11.9%
Shrinking sales (-11.9% YoY)
Profit growth
EPS YoY
-36.0%
Earnings shrinking (-36.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
228%
Turns 228% of profit into real cash
Spare cash per sale
FCF Margin
-7.7%
Burning cash (-7.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.82
Moderate — manageable debt (0.82)
Covers its interest
Interest Cover
5.52x
Adequate interest coverage (5.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
24.4x
Growth-priced — P/E 24.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+11.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (24.4 → 12.5)

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Dividends

Dividend
Dividend Yield
0.50%
Small dividend — 0.50% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+1788.3%
Dividend growing fast (1788.3% YoY)

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