ECARX Holdings
ECX on Nasdaq. Computer integrated systems design. Market value $327m.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-37.41 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$0.84 a share, 7% above its 1-year low
Over the past year the price has ranged from $0.79 to $2.70.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | $516m | $662m | $772m | $848m |
| Operating margin | ||||
| Operating margin | -41.2% | -19.6% | -15.9% | -6.5% |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.24bn | 0.34bn | 0.34bn | 0.34bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)1 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 18.0% a year
- Buying back its own sharesNo, 42% more shares since 2022
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 30 March 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
None of the long-term investors we follow own it. 39 funds in all.
Largest holders overall
- Susquehanna International Group, LLP$7m
- Legal & General Group$3mAdded
- Tudor Investment Corp ET AL$3m
- Renaissance Technologies$3mAdded
- Mitsubishi UFJ Asset Management$2mAdded
- UBS Group AG$926,337Added
- Barclays$894,361Added
- Marshall Wace, LLP$686,720Cut
- State Street$346,493Cut
- Concentric Capital Strategies, LP$336,649Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Eric Li (Li Shufu)Insider or founderat least 53.5%(filed with 3 related holders)Since 16 January 2026
What they said
The information set forth in Item 3 is hereby incorporated by reference in its entirety. Except as set forth herein, the Reporting Persons do not have any present plans or proposals which relate to or would result in any of the transactions of this Item 4.
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Eric Li (Li Shufu) Insider or founder | at least 53.5% (filed with 3 related holders) | 16 January 2026 | What they saidThe information set forth in Item 3 is hereby incorporated by reference in its entirety. Except as set forth herein, the Reporting Persons do not have any present plans or proposals which relate to or would result in any of the transactions of this Item 4. Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
We have no insider filings for this company yet.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
ECARX Holdings doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.