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)
BYD Company Limited, together with its subsidiaries, engages in automobiles and batteries business in the People’s Republic of China, Hong Kong, Macau, Taiwan, and internationally. It operates in two segments, Mobile Handset Components, Assembly Service and Other Products; and Automobiles and Related Products and Other Products. The Mobile Handset Components, Assembly Service and Other Products segment manufactures and sells mobile handset components, such as housings and electronic components, and provides assembly services. Its Automobiles and Related Products and Other Products segment is involved in the manufacturing and sale of automobiles, and auto-related molds and components; provision of automobile leasing and after sales services, automobile power batteries, lithium-ion batteries, photovoltaic, and iron battery products; and rail transport and related business. The company develops urban rail transportation business. BYD Company Limited was founded in 1994 and is headquartered in Shenzhen, China.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-3.6% YoY
YoY Growth Rate
Revenue declining
+25.0% YoY
YoY Growth Rate
EPS growth accelerating
¥51.5B/ year
→ Flat (-3% vs prior year)
6.7% of revenue
1.7x the sector average (4%)
Steady R&D investment year-over-year
Cash flow positive
¥203.4B cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Company generates more cash than it spends — no dilution risk from fundraising
BYD Company Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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Free cash flow is negative. They are burning cash, not generating it.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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P/E above the market average. People are paying up for expected growth.
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Modest yield. The bulk of any return needs to come from price appreciation.
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