One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
U Power Limited
UCAR · NCM · Consumer Cyclical · Auto & Truck Dealerships
Current price
$4.44
52-week range
$3.50 - $438.00
Market cap
$7.88M
Balance sheet
Distressed
-309.93x Concerning
Net debt $30.88K. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
1 Risk
0 rewards · 1 risks
View details ↓What this company does
U Power Limited
U Power Limited builds and sells electric vehicles in China, but with a twist: instead of waiting for a car to charge, drivers use its stations to quickly swap a dead battery for a full one. This means the company makes money from both the initial vehicle sale and from the ongoing battery-swapping service. This matters because it's designed to create recurring revenue (income that is regular and predictable), rather than relying only on one-time sales.
How the company got here
U Power was founded in 2013, starting out by helping car dealers and individuals in smaller Chinese cities find and buy vehicles. The company acted as a middleman, connecting wholesalers with buyers and earning a commission (a fee for arranging the sale). In 2020, management saw a bigger opportunity in the growing electric vehicle (EV) market and shifted the company's focus. They began developing their own technology for swapping out EV batteries, a system designed to be faster than traditional charging. This new direction led to the company evolving from a simple vehicle broker to a technology-focused firm centered on energy solutions for electric transportation.
What it actually does
U Power provides solutions for electric vehicles, centered around the idea of swapping batteries instead of plugging them in to charge. Imagine a gas station, but instead of filling a tank, a robot swaps your car's depleted battery for a fully charged one in minutes. The company develops and sells these battery-swapping stations, as well as the technology that makes them work. They also offer services related to this, like helping companies source (find and purchase) EVs that are compatible with their swapping stations. Their goal is to make owning and operating electric vehicles, especially for commercial fleets like taxis and trucks, more efficient and affordable.
Battery-Swapping Stations
This is the company's largest business segment, making up the majority of its sales. U Power designs, manufactures, and sells the physical stations where EV batteries are automatically swapped. Customers, such as gas station operators or companies with large fleets of electric vehicles, buy these stations to offer a quick battery-change service. The company has developed its own proprietary technology called UOTTA™, which is the system that manages the swapping process. This part of the business generates revenue (the total amount of money a company brings in from sales) directly from the sale of this hardware.
Battery-Swapping Services
Beyond just selling the stations, U Power also operates them and charges for their use. Think of this like a subscription service for EV drivers or fleet managers who pay to access the network of swapping stations. This creates a recurring revenue stream, meaning the company earns money on an ongoing basis, not just a one-time sale. This segment is currently a smaller part of the company's overall business but is growing as more vehicles use their technology.
Sourcing Services
This business line connects back to the company's origins, but with a new focus on electric vehicles. U Power acts as a broker to help its customers, particularly commercial fleet operators, buy EVs that are compatible with its battery-swapping technology. The company earns a commission for arranging these vehicle sales. This service helps expand the ecosystem of vehicles that can use its battery-swapping stations, which in turn drives demand for its other services.
What management is betting on now
The company is focused on expanding its battery-swapping network internationally, establishing partnerships in markets like Southeast Asia, Europe, and South America. Management is also betting heavily on artificial intelligence (AI) to make its energy solutions smarter. They are evolving beyond just battery-swapping to build a broader 'smart energy ecosystem,' which includes energy storage solutions and even hydrogen fuel cell technology for things like data centers. The strategy is to transform from a hardware provider into a comprehensive, AI-driven energy solutions company for transportation and beyond.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-10.03M
FY2025 Q4
$-10.01M
Revenue
$5.85M
Net income
$-9.78M
Diluted EPS
-2.14
Operating cash flow
$-9.94M
Free cash flow
$-10.01M
Fetching…
Sources
Revenue
$6.07M
Net income
$-6.57M
Diluted EPS
-2.30
Operating cash flow
$-10.03M
Free cash flow
$-10.03M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $4.44
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $30,878. Interest coverage -309.9x.
Net debt
$30.88K
Interest coverage
-309.93x
U Power Limited's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
UCAR
BASELINE
U Power Limited
Total debt $3.69M Interest coverage -309.93x This is the baseline the peer rows are being compared against.
Total debt $500.23K Interest coverage -12.41x Neither company has much profit cushion over interest right now.
Total debt $105.00K Interest coverage -4,513.14x Neither company has much profit cushion over interest right now.
Total debt $14.50M Interest coverage -38.55x Neither company has much profit cushion over interest right now.
Total debt $671.25M Interest coverage -0.24x Neither company has much profit cushion over interest right now.
What you should know
The case for and against UCAR
0 Rewards
1 Risk
Rewards
Risks
-
Return on equity was -26.4% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
—
P/B
0.06x
P/S
0.19x
EV/EBITDA
-0.32x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
36.3%
Operating margin
-174.4%
Net margin
-167.1%
ROE
-26.4%
ROA
-9.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.09x
Current ratio
1.80x
Quick ratio
1.23x
Total debt
$3.69M
Total cash
$3.66M
Growth
How the business has been compounding
Revenue TTM
$15.83M
Revenue 5Y CAGR
73.0%
EPS TTM
-448.48
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-31.05M
Free CF TTM
$-10.01M
FCF margin
-63.2%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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