Side by sideCATL (3750.HK) and BYD (1211.HK)Memos of October 12, 2026 and October 14, 2026
CATL vs BYD stock: the numbers side by side (October 2026)
How do CATL and BYD compare?
| CATL 3750.HK | BYD 1211.HK | |
|---|---|---|
| Revenue growth | 17.0%2025 | 3.5%2025 |
| Operating margin | 21.1%2025 | 5.0%2025 |
| Free cash flow | 87,968.954RMB millions · 2025 | -101,980.807RMB millions, without BYD Auto Finance Company Limited · 2025 |
| Free cash flow yield | 4.5%Today (Oct 12, 2026) | -17.9%Today (Oct 13, 2026) |
| Dividend yield | 0.8%Today (Oct 12, 2026) | 0.6%Today (Oct 13, 2026) |
| P/E, next 12 months | 20.4xToday (Oct 12, 2026) | 11.2xToday (Oct 13, 2026) |
| Weighted price forecast, about 1 year | 530.71 (+8 %)October 2027 | 97.03 (+33 %)October 2027 |
| Weighted price forecast, about 3 years | 677.50 (+40 %)October 2029 | 156.72 (+117 %)October 2029 |
Who leads on what?
| Leads | The lead is | |
|---|---|---|
| Revenue growth | CATL | The higher figure |
| Operating margin | CATL | The higher figure |
| Free cash flow | — | The higher figure |
| Free cash flow yield | CATL | The higher figure |
| Dividend yield | CATL | The higher figure |
| P/E, next 12 months | BYD | The lower figure |
| Weighted price forecast, about 1 year | BYD | The higher weighted return |
| Weighted price forecast, about 3 years | BYD | The higher weighted return |
What does each company do?
CATL makes and sells rechargeable batteries and related systems to automakers, storage buyers and industrial customers.
CATL (3750.HK), from our memo of October 12, 2026 · CATL stock forecast
BYD sells battery electric and plug-in hybrid cars—cars with rechargeable batteries and fuel engines—to households, fleets and leasing companies.
BYD (1211.HK), from our memo of October 14, 2026 · BYD stock forecast