MeritValue

CBAK Energy Technology, Inc.

CBATdata completeness 100%18 fiscal years on file
The thesis, from the filings

CBAK Energy Technology, Inc. earns about 6% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$52.7M1$248.7M2$204.4M3$176.6M4$195.2M4
Net income$61.5M5−$9.45M6−$2.45M7$11.8M8−$9.38M8
Operating cash flow−$4.27M9$15.1M10$46.5M11$39.7M12$48.6M12
Capital expenditure$19.2M13$12.4M14$31.1M15$17.2M16$44.7M16
Free cash flow (derived)−$23.5M9$2.74M10$15.4M11$22.5M12$3.9M12
Total debt$8.81M17$14.9M17—$26.1M18$36.8M19
Cash & equivalents$7.36M20$6.52M21$4.64M22$6.72M23$8.3M23
Diluted shares87.9M88.9M89.3M90.2M89.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$12.63
your share of equity
Profit it earned you last year
−$1.05
Free cash flow it threw off
$0.44
Debt you’d be carrying
$4.12

10 shares is a claim on $12.63 of net worth that earned you −$1.05 and generated $0.44 of cash last year, against $4.12 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 40%FY22 -7%FY23 -4%FY24 7%FY25 -6%

It earned an average 6% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 317% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-029933 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-023050 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-024539 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-036952 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-029933 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-023050 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-024539 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-036952 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-029933 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-023050 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-024539 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-036952 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-029933 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-023050 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-024539 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-036952 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001213900-23-029933 (ShortTermBorrowings)
  18. 10-K · period ending 2024-12-31 · accession 0001213900-26-036952 (ShortTermBorrowings)
  19. 10-K · period ending 2025-12-31 · accession 0001213900-26-036952 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001213900-23-029933 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001213900-24-023050 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001213900-25-024539 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001213900-26-036952 (CashAndCashEquivalentsAtCarryingValue)