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BYD Company Limited

BYDDY
43
Auto - Manufacturers · Consumer Cyclical
Price
$11.78
+0.16 (+1.38%)
Market Cap
$107.02B
Exchange
Other OTC
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Weak
Growth
Weak
Cash Flow
Good
Stability
Strong
Valuation
Strong
Dividends
Good

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 cars, plug-in hybrid vehicles, and rechargeable batteries. It sells cars directly to consumers in China and increasingly in Europe, Southeast Asia, and Latin America. BYD is one of the largest electric vehicle manufacturers in the world and also makes batteries for other automakers and electronics companies.

The company earns money by selling vehicles, batteries, and energy storage systems. Most of its revenue comes from China, where it benefits from strong government support for electric vehicles and a massive home market. BYD's main competitive advantage is that it makes many of its own key components, including batteries, which helps control costs. The biggest risks it faces are slowing EV demand growth, intense price competition in China, and trade barriers in Europe and other markets that could limit its international expansion.

Score breakdown

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Quality

Profit per sale
Gross Margin
18.8%
Thin — 18.8% gross margin
Profit after running costs
Operating Margin
4.8%
Thin — 4.8% operating margin
Return on the money invested
ROCE
7.9%
Weak — 7.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-4.9%
Shrinking sales (-4.9% YoY)
Profit growth
EPS YoY
-41.9%
Earnings shrinking (-41.9% 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
194%
Turns 194% of profit into real cash
Spare cash per sale
FCF Margin
-11.2%
Burning cash (-11.2%)

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
0.53
Conservative — low debt load (0.53)
Covers its interest
Interest Cover
10.38x
Comfortably covers interest (10.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
29.9x
Growth-priced — P/E 29.9

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

Cheaper or dearer next year
P/E vs Forward
+16.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (29.9 → 13.2)

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Dividends

Dividend
Dividend Yield
0.40%
Small dividend — 0.40% yield

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

Dividend record
Dividend Growth
+1386.7%
Dividend growing fast (1386.7% YoY)

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